đ
Original date posted:2017-12-11
đ Original message:Aside from that such change would require a hard fork it also violates one
of basic rules of bitcoin, which has long term consequences for miners and
for whole Bitcoin economy. In short, after altering the supply limit it
would not be "bitcoin" anymore.
On Mon, Dec 11, 2017 at 6:30 PM, Teweldemedhin Aberra via bitcoin-dev <
bitcoin-dev at lists.linuxfoundation.org> wrote:
> It is estimated that about 4 million of the about 16.4 Bitcoins ever mined
> are lost forever because no one knows the private keys of some Bitcoin
> addresses. This effectively mean there are actually only 14.4 million
> Bitcoins in circulation even though 16.4 million are mined. There is no way
> of eliminating the human errors that cause these losses of Bitcoin from
> circulation, while the number of Bitcoin that will ever be mined is capped
> at 21 million. This means the total number of Bitcoins that are in
> circulation will eventually become zero, bringing the network to an end.
>
> The solution this BIP proposes is to implementing a dead man's switch to
> Bitcoin addresses. The dead man's switch causes the Bitcoins assigned to
> dormant addresses to automatically expire. A Bitcoin address is deemed
> dormant if it is not used in transactions for some fixed length of time,
> say ten years.
>
> The calculation of the miner's reward should take into account the
> Bitcoins that has expired. This means there is a possibility that miner's
> reward can increase if sufficient number of Bitcoins expire.
>
> Ref:
>
> http://fortune.com/2017/11/25/lost-bitcoins/
>
>
>
> <https://www.avast.com/sig-email?utm_medium=email&utm_source=link&utm_campaign=sig-email&utm_content=webmail&utm_term=icon>; Virus-free.
> www.avast.com
> <https://www.avast.com/sig-email?utm_medium=email&utm_source=link&utm_campaign=sig-email&utm_content=webmail&utm_term=link>;
> <#m_-612306741899295358_DAB4FAD8-2DD7-40BB-A1B8-4E2AA1F9FDF2>
>
> _______________________________________________
> bitcoin-dev mailing list
> bitcoin-dev at lists.linuxfoundation.org
> https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev
>
>
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Radoslaw Biernacki [ARCHIVE] /
npub1ktâŚ0g3g4
2023-06-07 18:08:36
in reply to nevent1qâŚ5c40
Author Public Key
npub1kt36cwpyty45gnpelz7ftaj8v8ngp7l74jgdvqv8w7868jwvue4sw0g3g4Seen on
wss://relay.noswhere.comPublished at
2023-06-07 18:08:36Event JSON
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Original date posted:2017-12-11\nđ Original message:Aside from that such change would require a hard fork it also violates one\nof basic rules of bitcoin, which has long term consequences for miners and\nfor whole Bitcoin economy. In short, after altering the supply limit it\nwould not be \"bitcoin\" anymore.\n\nOn Mon, Dec 11, 2017 at 6:30 PM, Teweldemedhin Aberra via bitcoin-dev \u003c\nbitcoin-dev at lists.linuxfoundation.org\u003e wrote:\n\n\u003e It is estimated that about 4 million of the about 16.4 Bitcoins ever mined\n\u003e are lost forever because no one knows the private keys of some Bitcoin\n\u003e addresses. This effectively mean there are actually only 14.4 million\n\u003e Bitcoins in circulation even though 16.4 million are mined. There is no way\n\u003e of eliminating the human errors that cause these losses of Bitcoin from\n\u003e circulation, while the number of Bitcoin that will ever be mined is capped\n\u003e at 21 million. This means the total number of Bitcoins that are in\n\u003e circulation will eventually become zero, bringing the network to an end.\n\u003e\n\u003e The solution this BIP proposes is to implementing a dead man's switch to\n\u003e Bitcoin addresses. The dead man's switch causes the Bitcoins assigned to\n\u003e dormant addresses to automatically expire. A Bitcoin address is deemed\n\u003e dormant if it is not used in transactions for some fixed length of time,\n\u003e say ten years.\n\u003e\n\u003e The calculation of the miner's reward should take into account the\n\u003e Bitcoins that has expired. This means there is a possibility that miner's\n\u003e reward can increase if sufficient number of Bitcoins expire.\n\u003e\n\u003e Ref:\n\u003e\n\u003e http://fortune.com/2017/11/25/lost-bitcoins/\n\u003e\n\u003e\n\u003e\n\u003e \u003chttps://www.avast.com/sig-email?utm_medium=email\u0026utm_source=link\u0026utm_campaign=sig-email\u0026utm_content=webmail\u0026utm_term=icon\u003e Virus-free.\n\u003e www.avast.com\n\u003e \u003chttps://www.avast.com/sig-email?utm_medium=email\u0026utm_source=link\u0026utm_campaign=sig-email\u0026utm_content=webmail\u0026utm_term=link\u003e\n\u003e \u003c#m_-612306741899295358_DAB4FAD8-2DD7-40BB-A1B8-4E2AA1F9FDF2\u003e\n\u003e\n\u003e _______________________________________________\n\u003e bitcoin-dev mailing list\n\u003e bitcoin-dev at lists.linuxfoundation.org\n\u003e https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev\n\u003e\n\u003e\n-------------- next part --------------\nAn HTML attachment was scrubbed...\nURL: \u003chttp://lists.linuxfoundation.org/pipermail/bitcoin-dev/attachments/20171211/82180950/attachment.html\u003e",
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