Search content
Sort by
Showing 3 of 3 results by CocolinoFan
The 100 years can be changed to 200, 500 years, the time does not really matter.
I was thinking for the coins to be "free" to mine as a simple and elegant method of putting the bitcoins back into circulation; but if that's unfair to the bitcoin holders we can find another redistribution method.
True, lost coins are like a wallet or jewelry lost in the ocean. But, fiat can always print more and gold can be mined or found in set ocean. Bitcoins on the other hand, can be thoroughly lost forever.
Again, this is an approximation, but 4 million lost coins out of 21 million. That's like 20% of the total gold/fiat supply just vanishing forever.
But yes, this is not really the biggest problem for Bitcoin right now and a consensus change against Satoshi's view will never happen anyway.
I was thinking for the coins to be "free" to mine as a simple and elegant method of putting the bitcoins back into circulation; but if that's unfair to the bitcoin holders we can find another redistribution method.
True, lost coins are like a wallet or jewelry lost in the ocean. But, fiat can always print more and gold can be mined or found in set ocean. Bitcoins on the other hand, can be thoroughly lost forever.
Again, this is an approximation, but 4 million lost coins out of 21 million. That's like 20% of the total gold/fiat supply just vanishing forever.
But yes, this is not really the biggest problem for Bitcoin right now and a consensus change against Satoshi's view will never happen anyway.
I like the idea of only having 21 million bitcoins.
Bitcoins get lost all the time, lost private keys.
In time we will have fewer and fewer bitcoins, currently it is thought 3-4 million bitcoins are already lost. This makes me sad.
I propose a redistribution method:
>If an address did not have any activity in let's say the last 100 years the address is considered lost and the bitcoins are free to be mined in the next block.
To prevent losing your bitcoins you make sure to transfer them to a new address every 100 years (I am not aware of any other method of "proving" you still have access to an address).
P.S. This would be a change in the consensus mechanism, I know
P.S.S. I am aware of Satoshi's view on this "lost coins are a donation to everyone". Yes, but 4 million is a lot, do we want Bitcoin to still be used 1000 years from now? If this trend continues most if not all bitcoins would have been lost by then.
Bitcoins get lost all the time, lost private keys.
In time we will have fewer and fewer bitcoins, currently it is thought 3-4 million bitcoins are already lost. This makes me sad.
I propose a redistribution method:
>If an address did not have any activity in let's say the last 100 years the address is considered lost and the bitcoins are free to be mined in the next block.
To prevent losing your bitcoins you make sure to transfer them to a new address every 100 years (I am not aware of any other method of "proving" you still have access to an address).
P.S. This would be a change in the consensus mechanism, I know
P.S.S. I am aware of Satoshi's view on this "lost coins are a donation to everyone". Yes, but 4 million is a lot, do we want Bitcoin to still be used 1000 years from now? If this trend continues most if not all bitcoins would have been lost by then.