I think it is important to note that implementation of the currency is separate from its value. The system for trading ownership of bitcoins does not care for

I think it is important to note that implementation of the currency is separate from its value. The system for trading ownership of bitcoins does not care for the value of that ownership. The value we, outside of the system used for logistics of trade, place on the bitcoins is then affected by their scarcity. To the system, it doesn't matter if the scarcity is caused by loss or by hoarding. But this can affect our valuations.