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On a related note, I wonder how much value is orphaned due to lost keys. If people forget their passwords, they can forget their keys/passphrases. Myself, I j

On a related note, I wonder how much value is orphaned due to lost keys. If people forget their passwords, they can forget their keys/passphrases. Myself, I just had a hard drive failure. Of course, I have backups, but how many non tech savvy people are diligent about backups? Considering the total amount of bitcoins is limited by design, this will eventually be a problem. I really dont think bitcoin is a viable currency for mainstream use.

rjbwork 9y ago
I had about 100 bitcoins mined in the extreme early days and weeks, but I wasn't really a believer and just did it to see what it was about, and never thought it would be worth money per se. Wish I had kept the details, but it's nearing a decade ago, and that harddrive is long gone, unfortunately.
- narribbi 9y ago
  I still have them! ;-)
dTal 9y ago
Value? None. Bitcoins are entirely fiat, so for every coin that is lost, the exchange rate should compensate to reflect the new supply. It only really starts to become a problem when 1 Satoshi (smallest subdivisible unit) represents more value than we'd like. At the minute the exchange rate is Satoshi = USD $0.0000145925, so there's a few orders of magnitude headroom there. I agree though that Bitcoin is not a viable mainstream currency.
narribbi 9y ago
> I really dont think bitcoin is a viable currency for mainstream use. Bitcoin is not a replacement for paper money, but for digital money. Only in developed countries, digital money is in mainstream use. Outside, the majority of people are "unbanked". The problem with digital dollars is that government and banks can create them out of the fricking blue. They effectively do that -- all the time actually -- while in the process debasing and devaluing the dollars that you are holding. I got many of my bitcoins a few years ago at $250/btc. Now they are almost $1500/btc. I think that bitcoin is a very viable digital currency. Seriously, I am not willing to exchange them for liberally-printed digital dollars.

rjbwork 9y ago

I had about 100 bitcoins mined in the extreme early days and weeks, but I wasn't really a believer and just did it to see what it was about, and never thought it would be worth money per se. Wish I had kept the details, but it's nearing a decade ago, and that harddrive is long gone, unfortunately.

narribbi 9y ago
I still have them! ;-)

dTal 9y ago

Value? None. Bitcoins are entirely fiat, so for every coin that is lost, the exchange rate should compensate to reflect the new supply. It only really starts to become a problem when 1 Satoshi (smallest subdivisible unit) represents more value than we'd like. At the minute the exchange rate is Satoshi = USD $0.0000145925, so there's a few orders of magnitude headroom there. I agree though that Bitcoin is not a viable mainstream currency.

narribbi 9y ago

> I really dont think bitcoin is a viable currency for mainstream use. Bitcoin is not a replacement for paper money, but for digital money. Only in developed countries, digital money is in mainstream use. Outside, the majority of people are "unbanked". The problem with digital dollars is that government and banks can create them out of the fricking blue. They effectively do that -- all the time actually -- while in the process debasing and devaluing the dollars that you are holding. I got many of my bitcoins a few years ago at $250/btc. Now they are almost $1500/btc. I think that bitcoin is a very viable digital currency. Seriously, I am not willing to exchange them for liberally-printed digital dollars.