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Also since a large number of coins are lost the 40% number understates the size of the whales. Estimates are that 20% of coins are simply lost for good.
by jjaredsimpson 9y ago
Also since a large number of coins are lost the 40% number understates the size of the whales. Estimates are that 20% of coins are simply lost for good.
- vibrio 9y agoThis is interesting but my understanding of blockchain is limited so: Aren't all transactions 'encoded' in the blockchain? If so why can't the coins be found? If not, what does the blockchain "record"?
- dcdanko 9y agoVery small transaction outputs can't be used in practice because they're less than the required transaction fee.
- drhayes9 9y agoIf the private keys corresponding to the coins are lost then the coins are, for all intents and purposes, lost. They can't be sold, moved around, etc.
- Spivak 9y agoThe coins are there but since the private key for the wallet that is assigned ownership of them is lost they're effectively gone. They could in theory be 'reclaimed' with a majority of mining power but it's hard to tell if coins are lost or their owners are just idle.
- Matt_Mickiewicz 9y agoUp to 25% lost for good according to this source: https://letstalkbitcoin.com/blog/post/rise-of-the-zombie-bitcoins https://letstalkbitcoin.com/blog/post/rise-of-the-zombie-bit... & https://seekingalpha.com/article/4082979-many-bitcoins-lost-forever https://seekingalpha.com/article/4082979-many-bitcoins-lost-... Also many wallets are simply unspendable due to transaction costs.