From: Radoslaw Biernacki <radoslaw.biernacki@gmail•com>
To: Teweldemedhin Aberra <teweldemat@gmail•com>,
Bitcoin Protocol Discussion
<bitcoin-dev@lists•linuxfoundation.org>
Subject: Re: [bitcoin-dev] BIP - Dead Man's Switch
Date: Mon, 11 Dec 2017 19:13:26 +0100 [thread overview]
Message-ID: <CADp3C4vfL8yE4C8T5nU_qpOOLkDP+eMwM_pXmbdB0Nj0vbJHUg@mail.gmail.com> (raw)
In-Reply-To: <CAEA=K3QiDtuHJNBLbZxaw6eSGhYWC5++vKJEX2Shxs7vb9bZ-A@mail.gmail.com>
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Aside from that such change would require a hard fork it also violates one
of basic rules of bitcoin, which has long term consequences for miners and
for whole Bitcoin economy. In short, after altering the supply limit it
would not be "bitcoin" anymore.
On Mon, Dec 11, 2017 at 6:30 PM, Teweldemedhin Aberra via bitcoin-dev <
bitcoin-dev@lists•linuxfoundation.org> wrote:
> It is estimated that about 4 million of the about 16.4 Bitcoins ever mined
> are lost forever because no one knows the private keys of some Bitcoin
> addresses. This effectively mean there are actually only 14.4 million
> Bitcoins in circulation even though 16.4 million are mined. There is no way
> of eliminating the human errors that cause these losses of Bitcoin from
> circulation, while the number of Bitcoin that will ever be mined is capped
> at 21 million. This means the total number of Bitcoins that are in
> circulation will eventually become zero, bringing the network to an end.
>
> The solution this BIP proposes is to implementing a dead man's switch to
> Bitcoin addresses. The dead man's switch causes the Bitcoins assigned to
> dormant addresses to automatically expire. A Bitcoin address is deemed
> dormant if it is not used in transactions for some fixed length of time,
> say ten years.
>
> The calculation of the miner's reward should take into account the
> Bitcoins that has expired. This means there is a possibility that miner's
> reward can increase if sufficient number of Bitcoins expire.
>
> Ref:
>
> http://fortune.com/2017/11/25/lost-bitcoins/
>
>
>
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> _______________________________________________
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> bitcoin-dev@lists•linuxfoundation.org
> https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev
>
>
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next prev parent reply other threads:[~2017-12-11 18:13 UTC|newest]
Thread overview: 9+ messages / expand[flat|nested] mbox.gz Atom feed top
2017-12-11 17:30 Teweldemedhin Aberra
2017-12-11 18:12 ` Douglas Roark
2017-12-11 18:12 ` Nick Pudar
2017-12-11 18:26 ` Pieter Wuille
2017-12-11 18:13 ` Radoslaw Biernacki [this message]
2017-12-11 18:28 ` Chris Riley
2017-12-11 18:34 ` Luke Dashjr
2017-12-12 1:10 ` Teweldemedhin Aberra
[not found] ` <CALC81COEqhkX04MyJ=hxGgapVTqSeSYXJJUgutxWp5GbZmSSmQ@mail.gmail.com>
[not found] ` <5a2f9240.0abddf0a.0333.1139@mx.google.com>
2017-12-12 14:02 ` Ricardo Filipe
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