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From: Radoslaw Biernacki <radoslaw.biernacki@gmail.com>
Date: Mon, 11 Dec 2017 19:13:26 +0100
Message-ID: <CADp3C4vfL8yE4C8T5nU_qpOOLkDP+eMwM_pXmbdB0Nj0vbJHUg@mail.gmail.com>
To: Teweldemedhin Aberra <teweldemat@gmail.com>,
Bitcoin Protocol Discussion <bitcoin-dev@lists.linuxfoundation.org>
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Subject: Re: [bitcoin-dev] BIP - Dead Man's Switch
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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/
>
>
>
> <https://www.avast.com/sig-email?utm_medium=email&utm_source=link&utm_campaign=sig-email&utm_content=webmail&utm_term=icon> Virus-free.
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>
> _______________________________________________
> bitcoin-dev mailing list
> bitcoin-dev@lists.linuxfoundation.org
> https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev
>
>
--001a1135302edcb16c0560147e15
Content-Type: text/html; charset="UTF-8"
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<div dir=3D"ltr">Aside from that such change would require a hard fork it a=
lso violates one of basic rules of bitcoin, which has long term consequence=
s for miners and for whole Bitcoin economy. In short, after altering the su=
pply limit it would not be "bitcoin" anymore.<br></div><div class=
=3D"gmail_extra"><br><div class=3D"gmail_quote">On Mon, Dec 11, 2017 at 6:3=
0 PM, Teweldemedhin Aberra via bitcoin-dev <span dir=3D"ltr"><<a href=3D=
"mailto:bitcoin-dev@lists.linuxfoundation.org" target=3D"_blank">bitcoin-de=
v@lists.linuxfoundation.org</a>></span> wrote:<br><blockquote class=3D"g=
mail_quote" style=3D"margin:0 0 0 .8ex;border-left:1px #ccc solid;padding-l=
eft:1ex"><div dir=3D"ltr"><span id=3D"m_-612306741899295358gmail-docs-inter=
nal-guid-fd2261ae-46a0-8c9a-b9ce-84c93fc1115a"><p dir=3D"ltr" style=3D"line=
-height:1.38;margin-top:0pt;margin-bottom:3pt"><span style=3D"background-co=
lor:transparent;color:rgb(0,0,0);font-family:Arial;font-size:11pt;white-spa=
ce:pre-wrap">It is estimated that about 4 million of the about 16.4 Bitcoin=
s 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 mill=
ion 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 fro=
m circulation, while the number of Bitcoin that will ever be mined is cappe=
d at 21 million. This means the total number of Bitcoins that are in circul=
ation will eventually become zero, bringing the network to an end.</span><b=
r></p><p dir=3D"ltr" style=3D"line-height:1.38;margin-top:10pt;margin-botto=
m:0pt"><span style=3D"font-size:11pt;font-family:Arial;color:rgb(0,0,0);bac=
kground-color:transparent;vertical-align:baseline;white-space:pre-wrap">The=
solution this BIP proposes is to implementing a dead man's switch to B=
itcoin addresses. The dead man's switch causes the Bitcoins assigned to=
dormant addresses to automatically expire. A Bitcoin address is deemed dor=
mant if it is not used in transactions for some fixed length of time, say t=
en years.</span></p><p dir=3D"ltr" style=3D"line-height:1.38;margin-top:10p=
t;margin-bottom:0pt"><span style=3D"font-size:11pt;font-family:Arial;color:=
rgb(0,0,0);background-color:transparent;vertical-align:baseline;white-space=
:pre-wrap">The calculation of the miner's reward should take into accou=
nt the Bitcoins that has expired. This means there is a possibility that mi=
ner's reward can increase if sufficient number of Bitcoins expire.</spa=
n></p><br><p dir=3D"ltr" style=3D"line-height:1.38;margin-top:10pt;margin-b=
ottom:0pt"><span style=3D"font-size:11pt;font-family:Arial;color:rgb(0,0,0)=
;background-color:transparent;vertical-align:baseline;white-space:pre-wrap"=
>Ref: </span></p><p dir=3D"ltr" style=3D"line-height:1.38;margin-top:10pt;m=
argin-bottom:0pt"><span style=3D"font-size:11pt;font-family:Arial;color:rgb=
(0,0,0);background-color:transparent;vertical-align:baseline;white-space:pr=
e-wrap"><a href=3D"http://fortune.com/2017/11/25/lost-bitcoins/" target=3D"=
_blank">http://fortune.com/2017/11/25/<wbr>lost-bitcoins/</a></span></p><di=
v><span style=3D"font-size:11pt;font-family:Arial;color:rgb(0,0,0);backgrou=
nd-color:transparent;vertical-align:baseline;white-space:pre-wrap"><br></sp=
an></div></span></div><div id=3D"m_-612306741899295358DAB4FAD8-2DD7-40BB-A1=
B8-4E2AA1F9FDF2"><br>
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bitcoin-dev mailing list<br>
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