Freicoin doesn't suffers the "lost wallets problem". Lost wallets are destroyed by demurrage and mined again. But as samuofm says, the divisibility of bitcoins can always be extended. One bitcoin could be enough.
Is anyone doing anything about the length of time it takes to download the Blockchain, mine's nearly 1Gb in size, how big wil it be in a few yrs time.
Bitcoins are currently divisible to eight decimal places (and could be extended beyond that). So there is no danger of coins being lost. When coins are lost, the value of the existing coins is increased naturally through the corresponding decrease in the current active supply of coins. In order words, the value of the coins will adjust based on how many exist and are accessible. Since they are not physical and can be infinitely divided, it doesn't matter how many actual coins exist.
I somewhat disagree with the economic analysis provided which states that Bitcoin is doomed to disappear due to loss of access to Bitcoins over time. No attention is paid to the fact that a single Bitcoin is infinitely divisible. Even if all but a single Bitcoin were lost or became inaccessible, that single Bitcoin would necessarily be extremely valuable but could be divided into enough fractional Bitcoins to sustain the entire economy itself.
About laundries - you can easily run one yourself as well if you own bitcoins on more than one address.
About loss of coins it seems to me that you don't take into account the fact that BTC are not integers but real numbers - if you loose 50% of BTC each year and are left with 1 BTC at some time, in one year there will still be 0.5 BTC left, then 0.25, then 0.125 etc.
One could say the last remaining Bitcoin equals 1000000000 Nanobitcoins and suddenly there are again lots of coins to be lost.
@Sukrim A self-operated laundry would fail, as these presenters have already shown that the public record can tie together transactions from multiple senders to the same address. I suppose you could avoid multi-sender transactions, but there would still be a public record of all of the individual transactions, and thus you'd need to be quite the mathematician to avoid detection.
The outlier in the transaction volumes is most likely at 50 BTC, not at 100 BTC - currently _all_ generated transactions are 50 BTC which must be a huge spike.
Simulations can be hacked. Just look at global warming scam.
phxfreddy 1 week ago
One question about the loss of coins .... can't you just back up your wallet?
WhatsReallyGoingOnUS 3 weeks ago
Comment removed
WhatsReallyGoingOnUS 3 weeks ago
Freicoin doesn't suffers the "lost wallets problem". Lost wallets are destroyed by demurrage and mined again. But as samuofm says, the divisibility of bitcoins can always be extended. One bitcoin could be enough.
timonViejo 1 month ago
Is anyone doing anything about the length of time it takes to download the Blockchain, mine's nearly 1Gb in size, how big wil it be in a few yrs time.
Free3dTitles 1 month ago
yep i have one!
hh1183 1 month ago
Bitcoins are currently divisible to eight decimal places (and could be extended beyond that). So there is no danger of coins being lost. When coins are lost, the value of the existing coins is increased naturally through the corresponding decrease in the current active supply of coins. In order words, the value of the coins will adjust based on how many exist and are accessible. Since they are not physical and can be infinitely divided, it doesn't matter how many actual coins exist.
samuofm 1 month ago 2
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I somewhat disagree with the economic analysis provided which states that Bitcoin is doomed to disappear due to loss of access to Bitcoins over time. No attention is paid to the fact that a single Bitcoin is infinitely divisible. Even if all but a single Bitcoin were lost or became inaccessible, that single Bitcoin would necessarily be extremely valuable but could be divided into enough fractional Bitcoins to sustain the entire economy itself.
dustindtrammell 1 month ago
Kann das jemand in deutsch synchronisieren? Ich denke das ist ein sehr wichtiges Thema.
xylomynoxz 1 month ago
when was this talk?
MarkOates2 1 month ago
About laundries - you can easily run one yourself as well if you own bitcoins on more than one address.
About loss of coins it seems to me that you don't take into account the fact that BTC are not integers but real numbers - if you loose 50% of BTC each year and are left with 1 BTC at some time, in one year there will still be 0.5 BTC left, then 0.25, then 0.125 etc.
One could say the last remaining Bitcoin equals 1000000000 Nanobitcoins and suddenly there are again lots of coins to be lost.
Sukrim 1 month ago
@Sukrim A self-operated laundry would fail, as these presenters have already shown that the public record can tie together transactions from multiple senders to the same address. I suppose you could avoid multi-sender transactions, but there would still be a public record of all of the individual transactions, and thus you'd need to be quite the mathematician to avoid detection.
CynthiaBlanchard 1 month ago
The outlier in the transaction volumes is most likely at 50 BTC, not at 100 BTC - currently _all_ generated transactions are 50 BTC which must be a huge spike.
Sukrim 1 month ago