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From: Nick Pudar <nick@pudar.com>
To: "bitcoin-dev@lists.linuxfoundation.org"
<bitcoin-dev@lists.linuxfoundation.org>, Teweldemedhin Aberra
<teweldemat@gmail.com>
Thread-Topic: [bitcoin-dev] BIP - Dead Man's Switch
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Subject: Re: [bitcoin-dev] BIP - Dead Man's Switch
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--_000_DM5PR12MB117879D6648A97D6393F401AC8370DM5PR12MB1178namp_
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This topic has come up several times in recent years. While it is well inte=
ntioned, 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 fun=
ds around in order to not get nullified. In that process, it introduces mul=
tiple 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 addr=
esses. 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 elimi=
nating 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 milli=
on. This means the total number of Bitcoins that are in circulation will ev=
entually become zero, bringing the network to an end.
The solution this BIP proposes is to implementing a dead man's switch to Bi=
tcoin addresses. The dead man's switch causes the Bitcoins assigned to dorm=
ant 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 ye=
ars.
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 ca=
n increase if sufficient number of Bitcoins expire.
Ref:
http://fortune.com/2017/11/25/lost-bitcoins/
Virus-free.
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<meta http-equiv=3D"Content-Type" content=3D"text/html; charset=3Dus-ascii"=
>
</head>
<body>
<div dir=3D"auto" style=3D"direction: ltr; margin: 0; padding: 0; font-fami=
ly: sans-serif; font-size: 11pt; color: black; ">
This topic has come up several times in recent years. While it is well inte=
ntioned, 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 fun=
ds around in order to not get nullified.
In that process, it introduces multiple opportunities for errors. Cold sto=
rage should be able to stay cold. I personally would be apprehensive about =
implementing this kind of a system.<br>
<br>
</div>
<div dir=3D"auto" style=3D"direction: ltr; margin: 0; padding: 0; font-fami=
ly: sans-serif; font-size: 11pt; color: black; ">
<div dir=3D"auto" style=3D"direction: ltr; margin: 0; padding: 0; font-fami=
ly: sans-serif; font-size: 11pt; color: black; ">
...via Android</div>
<br>
<br>
<br>
</div>
<div dir=3D"auto" style=3D"direction: ltr; margin: 0; padding: 0; font-fami=
ly: sans-serif; font-size: 11pt; color: black; ">
From: Teweldemedhin Aberra via bitcoin-dev<br>
</div>
<div dir=3D"auto" style=3D"direction: ltr; margin: 0; padding: 0; font-fami=
ly: sans-serif; font-size: 11pt; color: black; ">
Sent: Monday, December 11, 1:04 PM<br>
</div>
<div dir=3D"auto" style=3D"direction: ltr; margin: 0; padding: 0; font-fami=
ly: sans-serif; font-size: 11pt; color: black; ">
Subject: [bitcoin-dev] BIP - Dead Man's Switch<br>
</div>
<div dir=3D"auto" style=3D"direction: ltr; margin: 0; padding: 0; font-fami=
ly: sans-serif; font-size: 11pt; color: black; ">
To: bitcoin-dev@lists.linuxfoundation.org<br>
<br>
<br>
</div>
<div dir=3D"auto" style=3D"direction: ltr; margin: 0; padding: 0; font-fami=
ly: sans-serif; font-size: 11pt; color: black; ">
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 addr=
esses. 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 ca=
use these losses of Bitcoin from circulation, while the number of Bitcoin t=
hat 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.<br>
</div>
<div dir=3D"auto" style=3D"direction: ltr; margin: 0; padding: 0; font-fami=
ly: sans-serif; font-size: 11pt; color: black; ">
The solution this BIP proposes is to implementing a dead man's switch to Bi=
tcoin addresses. The dead man's switch causes the Bitcoins assigned to dorm=
ant 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.<br>
</div>
<div dir=3D"auto" style=3D"direction: ltr; margin: 0; padding: 0; font-fami=
ly: sans-serif; font-size: 11pt; color: black; ">
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 ca=
n increase if sufficient number of Bitcoins expire.<br>
<br>
</div>
<div dir=3D"auto" style=3D"direction: ltr; margin: 0; padding: 0; font-fami=
ly: sans-serif; font-size: 11pt; color: black; ">
Ref: <br>
</div>
<div dir=3D"auto" style=3D"direction: ltr; margin: 0; padding: 0; font-fami=
ly: sans-serif; font-size: 11pt; color: black; ">
<a href=3D"http://fortune.com/2017/11/25/lost-bitcoins/">http://fortune.com=
/2017/11/25/lost-bitcoins/</a><br>
<br>
<br>
</div>
<div dir=3D"auto" style=3D"direction: ltr; margin: 0; padding: 0; font-fami=
ly: sans-serif; font-size: 11pt; color: black; ">
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