Teweldemedhin Aberra [ARCHIVE] / is on Nostr

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🗓️ Active from 2017-12-11 to 2017-12-12
💬 Posted a total of 2 messages
📚 Participated in the following categories: bitcoin-dev
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2023-06-07 18:08:37

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📅 Original date posted:2017-12-11
📝 Original message:Hi,
The only solution other than Dead Man's Switch to avoid gradual loss
Bitcoins in transaction is increasing the divisibiliy of Bitcoins. Then
Bitcoin values will need integer of more than 64 bits. Could that be done
with soft fork?
On Dec 11, 2017 9:42 PM, <bitcoin-dev-request at lists.linuxfoundation.org>
wrote:
> You can implement this already, but only for ~1 year expirations.
>
> IF <normal script> ELSE <1 year> CHECKSEQUENCEVERIFY ENDIF
>
> Perhaps it would make sense to propose a flag extending the range of
> relative
> lock-times so you can do several years?
>
> Luke
>
>
> On Monday 11 December 2017 5:30:37 PM Teweldemedhin Aberra via bitcoin-dev
> 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_
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2023-06-07 18:08:35

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📅 Original date posted:2017-12-11
📝 Original message: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/
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2023-06-07 18:08:35

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