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16125895 No.16125895 [Reply] [Original]

If there is no way to access coins from lost or dead wallets then doesn't that make Bitcoin a literal ponzi? Eventually all coins will be lost and the entire thing will collapse.

My solution: make coins have a time limit of X years; if they are not moved before that time they are considered dead and are burnt by the network and given back to miners as block rewards.

Good or bad idea? Discuss.

>> No.16125908

My solution: use the BTC to claim cheap Haircombs (COMB)

>> No.16125943

>>16125895
how many years? if it's less than a lifetime that's rarted. Like 100 years. Anyway if you want that check out BEAM, where the default wallet burns itself after 2 months and can be configured to any time

>> No.16125965

>>16125943
Yes something like 100 years. That means you would have deflation and price increase until 2110 where it would then taper off as dead coins are reintroduced. To secure your coins you would just need to move them to a new wallet or send them to the same.

>> No.16125979

>>16125895
>>16125908
>>16125965
permanently denied access to citadels for stupid ideas. now your kids will need to scavenge trash to survive. hope u are happy

>> No.16125994

>>16125895
Craig Wright-tier idea. He suggested something similar.

>> No.16125996
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16125996

>>16125895

>> No.16126681

>>16125996
Kek

>> No.16126748

just introduce a flag for an adresse that doesnt allow burning the coins
i honestly think one day in the future there will be a hard fork recovering lost coins.

>> No.16126760

>>16126748
>>16125895
No, recovering lost coins is stupid, if you still don't get it. Lost coins reduce the active supply and cause the price to go up. A good thing.

>> No.16126770

>>16126748
>i honestly think one day in the future there will be a hard fork recovering lost coins.

never in a million years. that would kill the immutability of bitcoin.

>> No.16127430

>>16125895
if btc are lost there are less in circulation making the rest worth more and the network to grew in hashrate making it more secure.

>> No.16127509

loose your keys, its the wallet owners fault.

what if people want to store paper wallets or some coins for a long time? How are they not 'lost'?

>> No.16127526
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16127526

Well how much gold is out there that you think got lost to time? It isn't a good idea because the amount of coins lost isn't going to be an ultimately big deal in the long term... A better alternative will rise up if necessary. But the economy will adjust, and there is also plenty of decimals to allow transactions of even just satoshis

>> No.16127666

21 million bitcoins but there are Two quadrillion one hundred trillion Satoshis
Don't worry about it Anon, because there will come a time where 200 Sats will buy you a cup of coffee.
In my projections Sats after full adoption of bitcoin world wide will have the value of the YEN in the 1980's

>> No.16128130

>>16125895
A single satoshi can be divided up infinitely. Just extend the decimal places in the bitcoin code. You could run an entire world economy on just a satoshi.

>> No.16128383

>>16127666
right now 5000 sat is a coffee, not too bad really

>> No.16128435

>>16127526
Literally none unless you launched some of your gold into space

Even then it's just in space

>> No.16128977

>>16125979
Based

>> No.16129090

>>16125895
satoshi said leave them alone!

>> No.16129095

>>16125943
you can't move your coins once every decade?

>> No.16129118

>>16125895
no, it would be a ponzi if they could access coins from dead/lost wallets.

if in x years there'd be only 1 bitcoin left, add a few decimal places to it, 1 satoshi becoming 100 minisatoshi's or whatever.

>> No.16129124

>>16125895
>If I drop my gold in the river doesn't that make gold a ponzi?

Fucking retarded.

>> No.16129139

>>16125895
The higher the price goes the less people will lose their coins though.

>> No.16129358

>>16129095
It's quite possible someone wouldn't be able to. should be based on average lifespan, if at all. Seems pretty stupid if a goal is banks and exchanges and payment processors. I doubt NSA/DOD wants satoshis coins destroyed either

>> No.16129695

>>16129358
>It's quite possible someone wouldn't be able to.
well that sounds awfully like the coins are lost anyhow.

>> No.16129752
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16129752

>>16129695

>> No.16129771

>>16129124
the gold isnt gone forever retard, its still in the river waiting to be found. unlike private keys which are impossible to naturally retrieve. the equivalent would be launching the gold into space.

>> No.16129783

>>16129118
you cant have a currency that is infinitely deflationary

>> No.16130798

I think it is a dumb test

>> No.16131422

>>16128435
Lol anon there is definitely gold out there that will NEVER enter the market again. Either burried underground when someone died, or lost at sea, or whatever. Nobody is about to die and not transfer their millions of dollars out of buttcoin

>> No.16131506

If we all die life is a literal ponzi

>> No.16131522

>>16131422
What are grave robbers

>> No.16132004

>>16128130
Bitcoin doesn't use decimal places in the code