From: Teweldemedhin Aberra <teweldemat@gmail•com>
To: bitcoin-dev@lists•linuxfoundation.org
Subject: [bitcoin-dev] BIP - Dead Man's Switch
Date: Mon, 11 Dec 2017 20:30:37 +0300 [thread overview]
Message-ID: <CAEA=K3QiDtuHJNBLbZxaw6eSGhYWC5++vKJEX2Shxs7vb9bZ-A@mail.gmail.com> (raw)
[-- Attachment #1: Type: text/plain, Size: 1456 bytes --]
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/
<https://www.avast.com/sig-email?utm_medium=email&utm_source=link&utm_campaign=sig-email&utm_content=webmail&utm_term=icon>
Virus-free.
www.avast.com
<https://www.avast.com/sig-email?utm_medium=email&utm_source=link&utm_campaign=sig-email&utm_content=webmail&utm_term=link>
<#DAB4FAD8-2DD7-40BB-A1B8-4E2AA1F9FDF2>
[-- Attachment #2: Type: text/html, Size: 3508 bytes --]
next reply other threads:[~2017-12-11 17:30 UTC|newest]
Thread overview: 9+ messages / expand[flat|nested] mbox.gz Atom feed top
2017-12-11 17:30 Teweldemedhin Aberra [this message]
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
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
Reply instructions:
You may reply publicly to this message via plain-text email
using any one of the following methods:
* Save the following mbox file, import it into your mail client,
and reply-to-all from there: mbox
Avoid top-posting and favor interleaved quoting:
https://en.wikipedia.org/wiki/Posting_style#Interleaved_style
* Reply using the --to, --cc, and --in-reply-to
switches of git-send-email(1):
git send-email \
--in-reply-to='CAEA=K3QiDtuHJNBLbZxaw6eSGhYWC5++vKJEX2Shxs7vb9bZ-A@mail.gmail.com' \
--to=teweldemat@gmail$(echo .)com \
--cc=bitcoin-dev@lists$(echo .)linuxfoundation.org \
/path/to/YOUR_REPLY
https://kernel.org/pub/software/scm/git/docs/git-send-email.html
Be sure your reply has a Subject: header at the top and a blank line
before the message body.
This is a public inbox, see mirroring instructions
for how to clone and mirror all data and code used for this inbox