From: Nick Pudar <nick@pudar•com>
To: "bitcoin-dev@lists•linuxfoundation.org"
<bitcoin-dev@lists•linuxfoundation.org>,
Teweldemedhin Aberra <teweldemat@gmail•com>
Subject: Re: [bitcoin-dev] BIP - Dead Man's Switch
Date: Mon, 11 Dec 2017 18:12:05 +0000 [thread overview]
Message-ID: <DM5PR12MB117879D6648A97D6393F401AC8370@DM5PR12MB1178.namprd12.prod.outlook.com> (raw)
In-Reply-To: <CAEA=K3QiDtuHJNBLbZxaw6eSGhYWC5++vKJEX2Shxs7vb9bZ-A@mail.gmail.com>
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This topic has come up several times in recent years. While it is well intentioned, it can have devastating outcomes for people that want to save long term. If such a system were implemented, it would force people to move funds around in order to not get nullified. In that process, it introduces multiple opportunities for errors. Cold storage should be able to stay cold. I personally would be apprehensive about implementing this kind of a system.
...via Android
From: Teweldemedhin Aberra via bitcoin-dev
Sent: Monday, December 11, 1:04 PM
Subject: [bitcoin-dev] BIP - Dead Man's Switch
To: bitcoin-dev@lists•linuxfoundation.org
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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next prev parent reply other threads:[~2017-12-11 18:12 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 [this message]
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
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