19CZX2Au1CCbFug3HjjtevywLSRXCm1AZf (7124) ·
I am looking forward to the discussion on what to do with all the lost Bitcoins. I am for a average life span (80years?) threshold to move them before they are automatically redistributed as mining rewards. Both deflations and inflation is bad. Agree?
Replies
12tDncQvFZaZzqanupmtXpDUm42Wd4Cn4W (4721) ·
Just because you pass away doesn’t mean the coins are lost
19CZX2Au1CCbFug3HjjtevywLSRXCm1AZf (7124) ·
I didnt say that. Do you recognize that there ever will be an negative impact of losing coins? In-/deflation is the change in EXPECTED money supply. Deflation incentives holding which would lessens the value anyway, right?
12tDncQvFZaZzqanupmtXpDUm42Wd4Cn4W (4721) ·
What negative impacts are the to loosing coins? Wouldn’t it make the rest of the coins more valuable
19CZX2Au1CCbFug3HjjtevywLSRXCm1AZf (7124) ·
Yes, and that’s what I mean is the problem! Because someone has to pay that appreciation! Huow is that done “fair/fairer”? Do you want to incentivize holding or using/personal responsibility?
12tDncQvFZaZzqanupmtXpDUm42Wd4Cn4W (4721) ·
It's done by people willingly paying more for coins, or not, it's up to individuals. Determining when coins are lost is unclear. I generally believe they ought not to move without valid scripts. You could build a system you're imagining using script
1JQS2GuJbdf9zcbHyz3pTKKBNJ8trp4pWV (2782) ·
No
19CZX2Au1CCbFug3HjjtevywLSRXCm1AZf (7124) ·
There is a cost to losing coins and it will be payed some how. Right now we all just hope it’s payed by no coiners...
19CZX2Au1CCbFug3HjjtevywLSRXCm1AZf (7124) ·
So you, as most, prefer deflation. Understandable due to the common understanding of the global economic circumstances. Im not so sure that’s for the better. However, lucky me being in on it “early”...
19CZX2Au1CCbFug3HjjtevywLSRXCm1AZf (7124) ·
Maybe the value appreciation due to deflation by loss of coins is cancelled symmetrically by the value depreciation due to loss of usage...
1JQS2GuJbdf9zcbHyz3pTKKBNJ8trp4pWV (2782) ·
You are taught that deflation is bad for the economy because it is bad for an economy running on a debt based monetary system.
19CZX2Au1CCbFug3HjjtevywLSRXCm1AZf (7124) ·
One part of the problem is that either way it will have quite profound implications. It’ one of issues central banks has today that probably will be better in the future with Bitcoin but impossible to get 100% right.
19CZX2Au1CCbFug3HjjtevywLSRXCm1AZf (7124) ·
No, this is real economics. Bitcoin doesn’t affect the debt based monetary system as you think. It’s rather you who think inflation is so bad that you want deflation where I claim that both are equally bad.
1EV7piyYb5QjfBtX8AMr24Lg51aRVwsX3N (75) ·
This is already the case as SHA256 will eventually be weak enough (many years from now) that addresses with lost coins will be able to be mined by mining companies back into circulation
19CZX2Au1CCbFug3HjjtevywLSRXCm1AZf (7124) ·
That’s a new take, wouldn’t that imply bigger issues with the whole system than the tilt of inflation/deflation? Are there any sources this could actually happen?
1EV7piyYb5QjfBtX8AMr24Lg51aRVwsX3N (75) ·
Craig has spoken on it, see https://craigwright.net/blog/bitcoin-blockchain-tech/fixing-op_fals/ for instance
19CZX2Au1CCbFug3HjjtevywLSRXCm1AZf (7124) ·
Thx a bunch!
Even though I don’t see any support for your thesis on sha256 in it?
However, it seem to support my initial point but lacking all details on how to handle lost coins, right?
1EV7piyYb5QjfBtX8AMr24Lg51aRVwsX3N (75) ·
Yeah what he's saying is that given enough time the hashing algorithm for old coins will be weak enough that it will be feasible to mine for them
19CZX2Au1CCbFug3HjjtevywLSRXCm1AZf (7124) ·
That must mean an eternity longer than my initial proposition of 80 years? I dont understand how that would work. I mean if it where dependent on the difficulty which is adjusting we should be able to remine early blocks already, right? Care to elaborate?
1EV7piyYb5QjfBtX8AMr24Lg51aRVwsX3N (75) ·
80 years is a long time in terms of computation improvements so it could very well be feasible by then, but someone would have to run the numbers on that. It's not the blocks that get mined it's the private keys of the outputs
19CZX2Au1CCbFug3HjjtevywLSRXCm1AZf (7124) ·
Sorry, I’m just not there yet. Do you mean like brute force private keys? Aren’t they the same throughout time? Or do you mean that since they (probably) stay in the same place there could be enough time to actually do it?
1EV7piyYb5QjfBtX8AMr24Lg51aRVwsX3N (75) ·
Yes old addresses have a private key and since they are lost they don't move. So you can brute force the key
19CZX2Au1CCbFug3HjjtevywLSRXCm1AZf (7124) ·
Almost there... But when the first private key is brute forced the algorithm would be requested to be changed by the market->consensus HF->either there would be a threshold established or you would need to move your coins to not risk being brute forced?
1EV7piyYb5QjfBtX8AMr24Lg51aRVwsX3N (75) ·
Yes wallets and financial institutions will manage this and switch to the more secure algorithm and move coins automatically into secure addresses. So the only coins that have the weak algorithm will be the lost ones.
19CZX2Au1CCbFug3HjjtevywLSRXCm1AZf (7124) ·
Ok, I think I get it. Again, thx a bunch, to learn somethying is what you hope for when starting a discussion!
/Pay @175 $1
1EV7piyYb5QjfBtX8AMr24Lg51aRVwsX3N (75) ·
Thank you!!
1JQS2GuJbdf9zcbHyz3pTKKBNJ8trp4pWV (2782) ·
You’re putting words in my mouth, I meant what I said and nothing more