• Welcome to TechPowerUp Forums, Guest! Please check out our forum guidelines for info related to our community.

We Need a Lost Cryptocurrency Crawler: 4 Million Bitcoins Lost in the Ether

Raevenlord

News Editor
Staff member
Joined
Aug 12, 2016
Messages
2,901 (2.26/day)
Location
Portugal
System Name The Ryzening
Processor Ryzen 7 1700 @ 3.7 GHz
Motherboard MSI X370 Gaming Pro Carbon
Cooling Arctic Cooling Liquid Freezer 120
Memory 16 GB G.Skill Trident Z F4-3200 (2x 8 GB)
Video Card(s) TPU's Awesome MSI GTX 1070 Gaming X
Storage Boot: Crucial MX100 128GB; Gaming: Crucial MX 300 525GB; Storage: Samsung 1TB HDD, Toshiba 2TB HDD
Display(s) LG 29UM68P (21:9 2560x1080 FreeSync Ultrawide)
Case NOX Hummer MC Black
Audio Device(s) ASUS Xonar DX
Power Supply Seasonic M12II Evo 620W 80+
Mouse Cooler Master Masterkeys Lite L
Keyboard Cooler Master Masterkeys Lite L
Software Windows 10 x64
Cryptocurrencies as they currently are implemented are one of the most divisive subjects among the tech and economic communities in recent years. No, really; it's reached a kind of "Hayek vs Keynes" level of argument in the later. But one thing can't be denied: some early adopters of the technology have cashed in thoroughly and profoundly on the leading cryptocurrencies. The fact that Bitcoin has appreciated some 340% in the last six months (around $7,300 value increase in a single coin of the cryptocurrency) means many people more will see unbelievable surges in their net worth. Today, a single Bitcoin is trading for around $9,530 - and this is a cryptocurrency that, in its infancy, was being used to trade at rates of thousands of Bitcoin per pizza.

However, as with every currency, there's inevitable losses; paper money has seen its fair share of that, and galleons and caravels filled with gold up to the mast used to sink in oceans all around the world. But cryptocurrency is a digital currency; it's impossible for it to deteriorate away, to be lost with your wallet, or any other exceedingly sad case of lost value. Right? Well, not so; it's encryption algorithm ensures that for users to be able to access the contents of their digital wallets, they have to know the password. And many passwords have been lost and forgotten. Some users have even thrown away HDDs with wallets containing thousands of Bitcoin, and some have even lost their hardware wallets.





A new study by blockchain analysts Chainalisys says that the amount of Bitcoins actually lost in the system is of around 3.79M coins - which today, would amount to around $20B lost, somewhere in random bits and bytes across the world. Remember that the total, finite supply of Bitcoin stands at 21M Bitcoins - this means around 20% of the total possible circulating value of this currency is already lost. Whether or not this amount of lost Bitcoin is already represented in the overall Bitcoin pricing remains to be seen (remember that lower supply usually translates to higher demand and correspondingly higher value).



View at TechPowerUp Main Site
 

Ahhzz

Moderator
Staff member
Joined
Feb 27, 2008
Messages
6,019 (1.38/day)
System Name Ironic
Processor Intel 2500k 4.4Ghz
Motherboard ASROCK|Z68 PROFESSIONAL Gen 3
Cooling Corsair H60
Memory 32GB GSkill Ripjaw X 1866
Video Card(s) Sapphire R9 290 Vapor-X 4Gb
Storage Samsung 860 EVO 1Tb/WD BLACK SN750 500GB NVMe
Display(s) 22" Dell Wide/ 22" Acer wide/24" Asus
Case Antec Lanboy Air Black & Blue
Audio Device(s) SB Audigy 7.1
Power Supply Corsair Enthusiast TX750
Mouse Logitech G502 Proteus Spectrum
Keyboard Corsair Vengeance K90
Software Win 7 Ult 64 bit
Joined
May 18, 2009
Messages
1,180 (0.30/day)
Location
MN
System Name Personal / HTPC
Processor i5-4670k @ 4.4 / i5-4460
Motherboard ASUS z97-AR /ASRock Z87 Extreme4
Cooling Corsair H100i / stock HSF
Memory 16GB DDR3 1600 / 8GB DDR3 1600
Video Card(s) Zotac GTX 980Ti AMP! Omega / Zotac GTX 980Ti AMP! Omega
Storage 250 GB Crucial SSD MX200, 1TB & 500GB Western Digital / 2x 4TB WD Red
Display(s) 3x 24" Asus Ve248H LED (5760x1080) / 50" LCD TV
Case CoolerMaster XB Evo / CM HAF XB Evo
Power Supply 850W SeaSonic X Series / 750W SeaSonic X Series
Mouse Logitech G502
Keyboard Microsoft Natural Elite Keyboard
Software Windows 7 Home 64 / Windows 10 Home 64
I do have a question. what happens when all of the coins are "mined"?
You win the internet and it shuts off.....


Well, probably not, but wouldn't that be a surprise?
 
Joined
Dec 14, 2013
Messages
1,335 (0.59/day)
Location
Alabama
Processor Ryzen 2700X
Motherboard X470 Tachi Ultimate
Cooling Scythe Big Shuriken 3
Memory C.R.S.
Video Card(s) Radeon VII
Software Win 7
Benchmark Scores Never high enough
I do have a question. what happens when all of the coins are "mined"?
Once it's all been mined you then grab a large plastic bucket and hold it under the front of your PC, start the mining program and then press the eject button on your CD/DVD/BR drive - If you're the 151,183,487,833,348,751,947,821,454th tray eject request, the tray will open and ALL of those coins will come out.
Just make sure you use a large enough bucket to catch 'em all.
 
Joined
Oct 30, 2008
Messages
1,738 (0.42/day)
Processor 5930K
Motherboard MSI X99 SLI
Cooling WATER
Memory 16GB DDR4 2132
Video Card(s) EVGAY 1080 nilla
Storage SEVERAL SSD"S
Display(s) Catleap/Yamakasi 2560X1440
Case D Frame MINI drilled out
Audio Device(s) onboard
Power Supply Corsair TX750
Mouse DEATH ADDER
Keyboard Razer Black Widow Tournament
Software W10HB
Benchmark Scores PhIlLyChEeSeStEaK
LOL @ you win the internet and it shuts off! :laugh:
 
Joined
Mar 24, 2017
Messages
123 (0.12/day)
Location
Italy
I do have a question. what happens when all of the coins are "mined"?
Seriously though, when there will be nothing left to mine, they will charge a fraction of a bitcoin for every transaction to pay the verificator(miner) of that transaction.
So to pay a bitcoin you need to pay 1.0005BTC.
Exactly how banks do it today.
Probably, they will eventually grow the block size to 32Mb and then we'll have a new bank circuit run by exactly the same people ho run visa today.
 

W1zzard

Administrator
Staff member
Joined
May 14, 2004
Messages
20,094 (3.49/day)
Processor Core i7-4790K
Memory 16 GB
Video Card(s) GTX 1080
Display(s) 30" 2560x1600 + 19" 1280x1024
Software Windows 7
Seriously though, when there will be nothing left to mine, they will charge a fraction of a bitcoin for every transaction to pay the verificator(miner) of that transaction.
So to pay a bitcoin you need to pay 1.0005BTC.
Exactly how banks do it today.
Probably, they will eventually grow the block size to 32Mb and then we'll have a new bank circuit run by exactly the same people ho run visa today.
That's exactly what I expect to happen too, and this is when things will get interesting.

Btw, fun fact, the power consumption to verify a single transaction is around $25 due to electricity consumption for mining.
 
Joined
Mar 24, 2017
Messages
123 (0.12/day)
Location
Italy
Btw, fun fact, the power consumption to verify a single transaction is around $25 due to electricity consumption for mining.
If someone in here has a significant amount of BTC in their wallet, I suggest to buy real goods or services with that.
The blockchain as a verification technology is something we could use in day to day transactions, but I think that assigning a value to it's constituents is not going to be sustainable in the long run.
The blockchain is a tool and our first craft with it (BTC) is not the best ever seen, really.
 

ppn

Joined
Aug 18, 2015
Messages
611 (0.37/day)
Just because people are buying it it doesnt mean it is worth something. And besides how do we know that they are not rigging it and selling it among themselves, a select group of people and the rest are just being dragged along with it at current prices. and the asking price for conversion. is 12.5 euros.... the same as forex people are just playing with you..
 

Hedgemon

New Member
Joined
Jan 9, 2017
Messages
8 (0.01/day)
Just because people are buying it it doesnt mean it is worth something. And besides how do we know that they are not rigging it and selling it among themselves, a select group of people and the rest are just being dragged along with it at current prices. and the asking price for conversion. is 12.5 euros.... the same as forex people are just playing with you..
Hi, You must be new to currencies and the internet.
Here is a quick guide on why any currency is worth anything, bitcoin in particular.
https://www.investopedia.com/ask/answers/100314/why-do-bitcoins-have-value.asp

Thanks! :)
 
Joined
Aug 27, 2007
Messages
191 (0.04/day)
With Bitcoin there will only be 21,000,000 coin ever mined! There are Altcoins like Eth, Zcash etc.
 
Joined
Aug 20, 2007
Messages
12,490 (2.74/day)
System Name Pioneer
Processor Intel i9 9900k
Motherboard ASRock Z390 Taichi
Cooling Noctua NH-D15 + A whole lotta Sunon and Corsair Maglev blower fans...
Memory G.SKILL TridentZ Series 32GB (4 x 8GB) DDR4-3200 @ 13-13-13-33-2T
Video Card(s) AMD RX 5700 XT (XFX THICC Ultra III)
Storage Mushkin Pilot-E 2TB NVMe SSD w/ EKWB M.2 Heatsink
Display(s) 32" LG 32GK850F-B 144Hz Freesync 2 Display
Case Thermaltake Core X31
Audio Device(s) VGA HDMI->Panasonic SC-HTB20/Schiit Modi MB/Asgard 2 DAC/Amp to AKG Pro K7712 Headphones
Power Supply SeaSonic Prime 750W 80Plus Titanium
Mouse ROCCAT Kone EMP
Keyboard WASD CODE 104-Key w/ Cherry MX Green Keyswitches, Doubleshot Vortex PBT White Transluscent Keycaps
Software Windows 10 Enterprise (yes, it's legit.)
I do have a question. what happens when all of the coins are "mined"?
To seriously answer your question, bitcoins theory is that transaction fees become the new block reward.

This is plausable, but it makes spending bitcoin insanely expensive. We are already seeing this problem with like dollar high or more transaction fees.

Bitcoin as it stands is a dying beast. There is future in it's ideas however.

Just because people are buying it it doesnt mean it is worth something.
Actually, it does, if only for the present.
 
Top