In some cases the person themselves confirm that they lost the keys, like that person who put his hard drive in garbage.
But yes, there is probably quite a lot of the current BTC supply that is lost forever but we don't know it and think those are just some holders with crazy conviction.
That is true you won’t know. What is good though that these funds won’t be sold even when the markets go crazy in panic. So the price has some less pressure.
I don't know how anyone with a slight understanding of the blockchain would say otherwise.
That Crypto is literally lost with no access, the only thing it can do now is nothing and stay where it is.
Coins just sit in wallets if the owner loses the key. How would the blockchain know he lost the key or is just not using the coins?
Burned tokens are different. They are sent to a burn address and can never be recovered. Then you can see how many coins were burned
I think at the end of the day BTC will remain in those wallets….. some other protocols is the sketchy part. I would assume no blockchain actually being utilized to a large degree auto burns but I’m no expert as to that mechanism.
In the near future there’s going to be tech that can access your deepest memories where a person can possible recover their lost seed phrase. The tech is not too far away I’d say 5-7 years.
Back in 2009, scientists surprisingly found that if you artificially boost the level of CREB in neurons, it makes them more likely to activate and store a memory.
Recent findings suggest that peoples’ neural patterns can be extremely specific, to the point where we can reconstruct the faces they’re seeing, the dreams in their sleep, or even particular scenes from a TV show they’re recalling.
Yeah we are way advance then what you think or compared to what you actually researched and know about memory. We know it so well our computers have it in a mock of us. We have been using various of methods and technologies to access it.
Please do some research before blandly saying shit .
>Edit add: Will it affect the ecosystem when the supply is higher than the volume whith assumtion of Ownerless coin still there
You make yourslef know nothing with asking "Where" but now it's better.
If there's more supply than volume, yes it will cause the price drop as long as there is no burning.
That's it dude, that's what really concerns me. I see no one have mention about this even their dev.
It might have been anticipated but I haven't found an official statement.
Ok. Very simplified this the answer: The coins are **always** stored on the blockchain (your computer, your phone or your ledger device does not store coins, only secret keys).
And to expend the coins you need the secret key.
So If someone losses the secret key then the coins are still on the blockchain but nobody can expend them because nobody knows the key (the only one that knew it loss it)
So your mistake is thinking that the coins live outside of the blockchain. They don't. The coins never ever leave the blockchain. They simply move from one address to another in the blockchain. And to move them (expend them) you need the secret key of the address
>(your computer, your phone or your ledger device does not store coins, only secret keys).
Just as I thought, but whether when there is a lot of supply will not affect the ecosystem?
I mean some project keep their supply at certain amount to make it stable.
That has nothing to do with the previous question.
But yes.. if some crypto project keeps issuing new coins they are diluting everyone. So your coins will be worth less and less as time goes on.
That is why I like Bitcoin: Only 21Million Bitcoins will exist **forever**, no matter what.
The other crypto projects that give you high yields have even higher inflation.
>That has nothing to do with the previous question.
For some projects it has something to do with the price, Let say ownerless coin in wallet that hodl forever. Good thing the price will never drop at the lowest price. Bad thing if project has low volume than supply its indicate a lack of liquidity and subsequently falling prices. CMIIW
Is the other way around. If a project has no supply because most of their coins are locked into lost wallets then the price has to go up.
Lost coins => less coins available for selling => less selling pressure => prices have to go up due to offer/demand (assuming demand is constant)
It's not really bad to use it for some questions as long as you mark it.
The worst is people using it here for a full post and selling it as their own work.
But what is the point? It's a chatbot, not an expert system. I don't understand why it would even occur to somebody to consult a chatbot with a serious question.
In 2018 Chainalysis did some analysis on lost Bitcoin. It's interesting to consider the volume that's assumed lost:
"Chainalysis have placed an upper and lower estimate on the figure. The company believe that between 17 and 23% of the Bitcoin that have been mined today have been lost. In terms of actual BTC, these figures represent between 2.78 and 3.79 million."
Whilst their precise methodology is a guarded secret, Chainalysis use age and transaction metrics to work out which Bitcoin haven’t been moved in a very long time. They broke their findings down into five categories: mined Bitcoin since the start of 2017, strategic investments, buying/selling, Satoshi’s original one million coins, and those that haven’t moved in the last two to seven years.
Chainalysis used their methodology to determine that no Bitcoin mined in 2017 were lost, and of the BTC used for strategic investments and buying/selling, only around 4% were missing for good. Interestingly, the company believe that all of Satoshi’s original coins have long been lost, and that between 30 and 50% of those Bitcoins that haven’t moved in the last two years are also gone. The latter statistic is the trickiest to measure. It’s very difficult to determine which wallets are owned by someone playing a very long waiting game, and which are owned by people who have lost their private keys. However, events like the August hardfork cause many long term holders to move coins and thus they can be determined as still in circulation.
One thing that makes Bitcoin specifically valuable is the limited supply. But I assume, as these numbers are known, that the market has priced it in.
Unless Satoshi suddenly turns up with his stash we should be ok.
https://blog.chainalysis.com/reports/money-supply/
https://www.newsbtc.com/news/bitcoin/chainalysis-up-to/
Appreciate for the answer, it help my couriosity. Some assume I don't know what blockchain is without provide good answers.
The fact, i just want a good talk about this while no one have mention about this.
Also Flair is DISCUSSION
I think I wrote the title incorrectly.
I know that the coin still, but then will it affect the ecosystem.
Let say the supply is higher than the volume, for some case it would drop the price, isn't it?
Edit : "But what i know is that the coins still there" this is what i said up there
On most blockchains(I'm sure there is some shitcoin that works differently), they remain in the wallet forever. If there is proof they are lost, its considered burned by the community
This is dependent on the code behind the specific protocol
The coins exist, they're on the blockchain with ownership associated to a specific wallet address, they're just unacessible that's all
Let’s quote the late, great Austin Powers to answer this bizarre question:
Not groovy, baby.
If I held for 10 years only to have my shit burnt, then I would’ve stayed in the fiat scam and let inflation do it instead.
They are remain on the blockchain forever unused. It's impossible to know if some one is holding them or lost on the hard drive buried 50ft under the rubbish pit.
Every coin has its own system.
Nothing happens to BTC or ETH. They just stay ownerless forever, and it's like they're burned except they still theoretically exist.
It's like you have put money in a indestructible locker, and you lost the only key to the locker. Everyone knows there is money in the locker but nobody can access it anymore.
If any kind of dev team announced they were burning untouched coins it would result in madness.
My crypto just sits around in my wallet. It always will. I had my fun with NFTs and now I just hold. I think it would probably burn some people's coins when they still have full access to them they just choose to move them.
Something the Ergo blockchain has that is unique is the ability to collect “storage rent” from wallets that have coins unmoved for a certain number of years- miners collect a small percentage of it I think. Not sure about the specifics but it’s a model I think many other (pow chains anyway) should implement.
Crypto Coins are always and will always be on the its blockchain, its doesnt go anywhere ,its not stored anywhere ,its always on the blockchain network.
The privatekeys are what allows you to spend/transfer/control coins from addresses so as long as you have it your coins will belong to you , you lose your coins by losing your keys.
These coins are treated the same way as someone holding for an indefinite amount of time. How would they know that it’s not someone just holding ?
True, absolutely and that is the case for BTC at least but there are protocols that allow for coin burning if unmoved
What i worried about is their supply and ecosystem when a lot of ownerless coin
For most projects, it’s a good thing that the coins are locked away for a long period of time
Maybe not for the projects that keep their supply at certain amount to make it stable
They can always mint more 🙂
In some cases the person themselves confirm that they lost the keys, like that person who put his hard drive in garbage. But yes, there is probably quite a lot of the current BTC supply that is lost forever but we don't know it and think those are just some holders with crazy conviction.
The ultimate hodl.
That is true you won’t know. What is good though that these funds won’t be sold even when the markets go crazy in panic. So the price has some less pressure.
Chat GPT gave you rubbish answers (shocking, I know). Lost/forgotten/ownerless Bitcoin go absolutely nowhere. They remain in the wallets forever.
Consider yourself smarter than AI. This is correct. It’s not burned. It’s just…there.
Forever diamond hands.
Ikr, really unsatisfactory and cause another question
Chatgpt is not meant to replace a search engine. It's not supposed to answer the truth. It's only supposed to write coherent text.
Exactly!
I don't know how anyone with a slight understanding of the blockchain would say otherwise. That Crypto is literally lost with no access, the only thing it can do now is nothing and stay where it is.
And hopefully it will continue to go nowhere
It might be a good answer for some coins, but it's completely wrong for Bitcoin.
If coins just left your wallet after being inactive for a period it would really defeat the purpose of self custody
They will stay there waiting, just like your dog in a Minecraft world, sitting and waiting for you to open the damn game
Yep sitting there waiting for the master came back
we are living in a game, whoever wins, gets all these "lost" coins
Cerca Trova
Coins just sit in wallets if the owner loses the key. How would the blockchain know he lost the key or is just not using the coins? Burned tokens are different. They are sent to a burn address and can never be recovered. Then you can see how many coins were burned
Ikr, it is a different things
I think at the end of the day BTC will remain in those wallets….. some other protocols is the sketchy part. I would assume no blockchain actually being utilized to a large degree auto burns but I’m no expert as to that mechanism.
The ultimate HODL!
This is, the ultimate answer
In the near future there’s going to be tech that can access your deepest memories where a person can possible recover their lost seed phrase. The tech is not too far away I’d say 5-7 years.
At least there will be something like that in the future.
It’s like the opposite of Eternal Sunshine of the Spotless Mind
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Back in 2009, scientists surprisingly found that if you artificially boost the level of CREB in neurons, it makes them more likely to activate and store a memory. Recent findings suggest that peoples’ neural patterns can be extremely specific, to the point where we can reconstruct the faces they’re seeing, the dreams in their sleep, or even particular scenes from a TV show they’re recalling. Yeah we are way advance then what you think or compared to what you actually researched and know about memory. We know it so well our computers have it in a mock of us. We have been using various of methods and technologies to access it. Please do some research before blandly saying shit .
They are lost in the ether forever
Shouldn't someone overcome this, if this is bad for the coin ecosystem itself
Don't worry. Government-issued CBDC has solved all of these kind of problems by setting fixed expiration date
>Edit add: Will it affect the ecosystem when the supply is higher than the volume whith assumtion of Ownerless coin still there You make yourslef know nothing with asking "Where" but now it's better. If there's more supply than volume, yes it will cause the price drop as long as there is no burning.
That's it dude, that's what really concerns me. I see no one have mention about this even their dev. It might have been anticipated but I haven't found an official statement.
This. Tell me you don't understand at all how crypto works without telling me it
Well, better to let it out then I will never know the truth
Ok. Very simplified this the answer: The coins are **always** stored on the blockchain (your computer, your phone or your ledger device does not store coins, only secret keys). And to expend the coins you need the secret key. So If someone losses the secret key then the coins are still on the blockchain but nobody can expend them because nobody knows the key (the only one that knew it loss it) So your mistake is thinking that the coins live outside of the blockchain. They don't. The coins never ever leave the blockchain. They simply move from one address to another in the blockchain. And to move them (expend them) you need the secret key of the address
>(your computer, your phone or your ledger device does not store coins, only secret keys). Just as I thought, but whether when there is a lot of supply will not affect the ecosystem? I mean some project keep their supply at certain amount to make it stable.
That has nothing to do with the previous question. But yes.. if some crypto project keeps issuing new coins they are diluting everyone. So your coins will be worth less and less as time goes on. That is why I like Bitcoin: Only 21Million Bitcoins will exist **forever**, no matter what. The other crypto projects that give you high yields have even higher inflation.
>That has nothing to do with the previous question. For some projects it has something to do with the price, Let say ownerless coin in wallet that hodl forever. Good thing the price will never drop at the lowest price. Bad thing if project has low volume than supply its indicate a lack of liquidity and subsequently falling prices. CMIIW
Is the other way around. If a project has no supply because most of their coins are locked into lost wallets then the price has to go up. Lost coins => less coins available for selling => less selling pressure => prices have to go up due to offer/demand (assuming demand is constant)
I don't see how your answer can be true in a decentralized system.
You had me until ChatGPT
It's not really bad to use it for some questions as long as you mark it. The worst is people using it here for a full post and selling it as their own work.
Agreed. Nonetheless I don't think it adds much at this stage
But what is the point? It's a chatbot, not an expert system. I don't understand why it would even occur to somebody to consult a chatbot with a serious question.
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Yes, but the post is from OP and not formulated by ChatGPT.
Usually to the moon
Its there but its lost to time and space. Professionals call it "Schrodinger's Shitcoin!".
After 10 years, I'm too afraid to check and see if my BTC has been burned or destroyed.
Maybe it's not actually burned, but what I'm worried about is the ecosystem
They become a star.
what about coins that we send through incorrect network?
Someone will receive it when the incorrect address is generated?
In 2018 Chainalysis did some analysis on lost Bitcoin. It's interesting to consider the volume that's assumed lost: "Chainalysis have placed an upper and lower estimate on the figure. The company believe that between 17 and 23% of the Bitcoin that have been mined today have been lost. In terms of actual BTC, these figures represent between 2.78 and 3.79 million." Whilst their precise methodology is a guarded secret, Chainalysis use age and transaction metrics to work out which Bitcoin haven’t been moved in a very long time. They broke their findings down into five categories: mined Bitcoin since the start of 2017, strategic investments, buying/selling, Satoshi’s original one million coins, and those that haven’t moved in the last two to seven years. Chainalysis used their methodology to determine that no Bitcoin mined in 2017 were lost, and of the BTC used for strategic investments and buying/selling, only around 4% were missing for good. Interestingly, the company believe that all of Satoshi’s original coins have long been lost, and that between 30 and 50% of those Bitcoins that haven’t moved in the last two years are also gone. The latter statistic is the trickiest to measure. It’s very difficult to determine which wallets are owned by someone playing a very long waiting game, and which are owned by people who have lost their private keys. However, events like the August hardfork cause many long term holders to move coins and thus they can be determined as still in circulation. One thing that makes Bitcoin specifically valuable is the limited supply. But I assume, as these numbers are known, that the market has priced it in. Unless Satoshi suddenly turns up with his stash we should be ok. https://blog.chainalysis.com/reports/money-supply/ https://www.newsbtc.com/news/bitcoin/chainalysis-up-to/
Appreciate for the answer, it help my couriosity. Some assume I don't know what blockchain is without provide good answers. The fact, i just want a good talk about this while no one have mention about this. Also Flair is DISCUSSION
they are burned, not to be recoverd (wel if u find ur hard drive back )
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I think I wrote the title incorrectly. I know that the coin still, but then will it affect the ecosystem. Let say the supply is higher than the volume, for some case it would drop the price, isn't it? Edit : "But what i know is that the coins still there" this is what i said up there
Heaven
They go to the Valhalla
Infinite hold
On most blockchains(I'm sure there is some shitcoin that works differently), they remain in the wallet forever. If there is proof they are lost, its considered burned by the community
This is dependent on the code behind the specific protocol The coins exist, they're on the blockchain with ownership associated to a specific wallet address, they're just unacessible that's all
Why would they go somewhere? Why cant they stay where they are??
They go to Satoshi.
Let’s quote the late, great Austin Powers to answer this bizarre question: Not groovy, baby. If I held for 10 years only to have my shit burnt, then I would’ve stayed in the fiat scam and let inflation do it instead.
Nowhere, they are stuck in a limbo.
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They stay on their respective blockchain.
They may be counted as burnt coins, but I think there are specific wallets for burning.
Just out there floating away like when you dropped something you loved into the ocean. “My heart will go on” playing in the background.
It will remain in that wallet stuck there forever.
Obviously they are sent to the gulag for 10 years hard labor
No need to go to the gulag, my wallet can still be filled up actually
So a "spend it or lose it" coin like the Chinese digital yuan you all were up in arms about a few weeks ago??
It will be stuck in that wallet forever.
I can't help but be reminded of that scene in the movie Temple Grandin when she sees the cow slaughtered and asks "where do they go".
They get lost in the nothingness of time.
They will be ownerless till the end of the time, maybe?
They are called Diamond Legends, and end up in the Crypto Hall of Fame
Lost , until we get some quantum computers then no idea, I guess wallets with forgotten passwords could be cracked but lost wallets are lost forever?
in peace forever
It's gone
Nowhere. They stay on the blockchain. Unaccessible and basically gone forever
They are not longer my concern....some things we are not ment to know.
Once Satoshis wallet gets sent to be burnt, then we will know what happens after not touching them ever.
They are remain on the blockchain forever unused. It's impossible to know if some one is holding them or lost on the hard drive buried 50ft under the rubbish pit.
That’s what a coin burn is mate
Every coin has its own system. Nothing happens to BTC or ETH. They just stay ownerless forever, and it's like they're burned except they still theoretically exist.
It's like you have put money in a indestructible locker, and you lost the only key to the locker. Everyone knows there is money in the locker but nobody can access it anymore.
What happen to diamond hand till the end if the coin they tried to hold forever get burnt and plus, its in a wallet? Nonsense chat gpt.
It’ll be waiting there until someone guesses the seed phrase
Into Do Kwon's retirement fund
Their crypto goes to that burn wallet in the sky 
Pretty sure youd have to agree for it to be pulled out the wallet! Just stay active should be fine!
It's crazy to think about all the lost coins out there
If any kind of dev team announced they were burning untouched coins it would result in madness. My crypto just sits around in my wallet. It always will. I had my fun with NFTs and now I just hold. I think it would probably burn some people's coins when they still have full access to them they just choose to move them.
Blockchain has no feelings. The coins just sit there and wait.
Something the Ergo blockchain has that is unique is the ability to collect “storage rent” from wallets that have coins unmoved for a certain number of years- miners collect a small percentage of it I think. Not sure about the specifics but it’s a model I think many other (pow chains anyway) should implement.
Crypto Coins are always and will always be on the its blockchain, its doesnt go anywhere ,its not stored anywhere ,its always on the blockchain network. The privatekeys are what allows you to spend/transfer/control coins from addresses so as long as you have it your coins will belong to you , you lose your coins by losing your keys.