Post
Topic
Board Development & Technical Discussion
Re: A proposed solution to adjust for lost Bitcoins: wallet 'heartbeats'
by
allten
on 09/04/2012, 05:58:38 UTC
This thread has been interesting and has been much food for thought.
I hope all the opposition doesn't drive away the owner of the OP from Bitcoin.
Ideas being discussed even though they may have a low probability taking root is healthy and shouldn't be feared.
The idea that changing Bitcoin will kill Bitcoin is a fallacy. Here's why, it takes a pretty significant majority (specifically miners) to
accept a change like this. I would have to say that miners care more about bitcoin than anyone else. If they believe in an idea enough to
help implement it then there's no way it would kill bitcoin because it already has the backing and support of those who make it work.

Here's my thoughts on the proposal:
    Bitcoin is too knew to seriously consider implementing a fix for a supposed problem that manifests itself over a very long period of time.
The fact that it is working now is a miracle. Until events transpire that causes all bitcoin user to reflect over something specific, gaining a majority will be extremely difficult unless you have a lot of clout.
I say be patient and who knows how the culture here will change in a decade.

Personally, I believe an idea similar to yours will be seriously considered as the block reward is pushed extremely low.
The success of changing from bitcoin rewards to transaction fees is still theoretical. I'm not saying it will not work, but it is theoretical and has been the topic of much discussion.
If it does not work as some envision it then solutions will be seriously sought after. These potentially lost bitcoins may be the source to drive the economic engine of bitcoin for another 100 years after the reward is gone without exceeding the hard coded limit of approximately 21 million bitcoins.

So, be patient. the time for your idea may come.