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You don't. And unlike actual goods, when they are lost, they are lost forever.
by Duff 15y ago
You don't. And unlike actual goods, when they are lost, they are lost forever.
- rchowe 15y agoBut the market places a higher value on a single btc once they are "out of circulation" because money is scarcer, right? So the only person losing money is you.
- alanfalcon 15y agoHow can the market adjust in a vacuum of information?
- babblefrog 15y agoInformation is contained in transactions. That's how supply and demand determine prices in the real world.
- Duff 15y agoYup. That's a feature of currency systems that are pegged to a commodity. The difference is that instead of coconuts or gold, the scarce commodity is a bunch of random numbers. The are many problems with such systems, which is why the entire planet moved away from them starting about 100 years ago. Just like the initial users of BitCoin who are sitting on millions of the things are limiting the bitcoin supply in order to slowly sell them for real coin.
- erikabele 15y agoAh, and given there is a known limit on the future amount of Bitcoins in existence, the system may very well end up with no bitcoins at all if all are lost... right?
- creativeembassy 15y agoHighly unlikely. It's more likely that the value of bitcoins goes up slightly with each minute loss of bitcoins, and people start using them in smaller fractions.
- deleted 15y ago[deleted]
- rryan 15y agoThis is false. The block chain is a public record of every bitcoin in circulation.