From mboxrd@z Thu Jan 1 00:00:00 1970 Return-Path: Received: from smtp1.linuxfoundation.org (smtp1.linux-foundation.org [172.17.192.35]) by mail.linuxfoundation.org (Postfix) with ESMTPS id 1F2C6CFD for ; Mon, 11 Dec 2017 18:13:49 +0000 (UTC) X-Greylist: whitelisted by SQLgrey-1.7.6 Received: from mail-oi0-f50.google.com (mail-oi0-f50.google.com [209.85.218.50]) by smtp1.linuxfoundation.org (Postfix) with ESMTPS id 5B6FED0 for ; Mon, 11 Dec 2017 18:13:48 +0000 (UTC) Received: by mail-oi0-f50.google.com with SMTP id l6so12201621oih.11 for ; Mon, 11 Dec 2017 10:13:48 -0800 (PST) DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed; d=gmail.com; s=20161025; h=mime-version:in-reply-to:references:from:date:message-id:subject:to; bh=2P+erWphXiNHbXrPJAcdQMSQOIQX9ImdoOkgZ6UNkUA=; b=SmNSOmh4jiRXOZcLK/XxLZS5EQa4NPI12OLiR4uywjHLNvGyZ0RiqTL5FzXCwrNJpu bZpxrxSi+lBTlheH0YM1LV1RMA+zmMKdC7IThKExdE0N7SFg5ZnT4kRki8WFB3R9Ld/D uE1QdjDI+67Ux7Pk5fl/6QOuoTQoybczrfMcv9aCqkHi9MYTh1KU0tX2AC4rMAHMyx5g RTS66tiHnZduk/7cQoESEPD4K4sEUdY+ZIXxXQW80DcG1wokZSyQkpmjsAfeecJMWc0d YOAZhn809szYXdsxrkFbjYXke1jmHbgJh0zeMf8GmDc/KLn54SzjEU/24DJbm6KR+ZJI q07g== X-Google-DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed; d=1e100.net; s=20161025; h=x-gm-message-state:mime-version:in-reply-to:references:from:date :message-id:subject:to; bh=2P+erWphXiNHbXrPJAcdQMSQOIQX9ImdoOkgZ6UNkUA=; b=Z8psuCzwPO0dam6W7JgS7a/dANC3glN0oCOKUeVKJB+nibk0LI+H6gIu0/5KwyNhbG kSCOv3aTWSfYSIwNE96MItX73lFQClwQtuQyv4fivfj/lsalgFMaOea3eQS3i6ryFg/4 0vVXVdU82aBBWkh6ZBzTVc0p9PFPPLrep01nymt2QRKNrbTV1WDqW/zWAx41zegG/tEg jR4mFvnDR9VcVuIBuIOiExIq4LOxVD8o1uTm9xWSvov0RrmTNsCeDeNNRsb5PvFIvP4f xJoXDYPtkFloXeFs7s+S81T1MlYik8YNACzYMSg+sMMmQj4rfnSDRiax3zJxH3UcXIDs JswQ== X-Gm-Message-State: AKGB3mKRpr92SBxx/Wi8jXlbe/WxbgkPv7RBHJzK6crBu9rYaxcTHirL n4659seeFf2jOxrvGfnJreysNZW27TfMAh3s22k= X-Google-Smtp-Source: ACJfBos/8T9al430yJYmtjPVseDSBHxUMT//U0dfWeXvLUmTrJr8AJggYb0N6Evm+mF3iIfE7x12kilCrFj4EVA8YzY= X-Received: by 10.202.117.195 with SMTP id q186mr1087808oic.25.1513016027556; Mon, 11 Dec 2017 10:13:47 -0800 (PST) MIME-Version: 1.0 Received: by 10.74.18.143 with HTTP; Mon, 11 Dec 2017 10:13:26 -0800 (PST) In-Reply-To: References: From: Radoslaw Biernacki Date: Mon, 11 Dec 2017 19:13:26 +0100 Message-ID: To: Teweldemedhin Aberra , Bitcoin Protocol Discussion Content-Type: multipart/alternative; boundary="001a1135302edcb16c0560147e15" X-Spam-Status: No, score=-2.0 required=5.0 tests=BAYES_00,DKIM_SIGNED, DKIM_VALID, DKIM_VALID_AU, FREEMAIL_FROM, HTML_MESSAGE, RCVD_IN_DNSWL_NONE, T_REMOTE_IMAGE autolearn=ham version=3.3.1 X-Spam-Checker-Version: SpamAssassin 3.3.1 (2010-03-16) on smtp1.linux-foundation.org X-Mailman-Approved-At: Mon, 11 Dec 2017 18:23:14 +0000 Subject: Re: [bitcoin-dev] BIP - Dead Man's Switch X-BeenThere: bitcoin-dev@lists.linuxfoundation.org X-Mailman-Version: 2.1.12 Precedence: list List-Id: Bitcoin Protocol Discussion List-Unsubscribe: , List-Archive: List-Post: List-Help: List-Subscribe: , X-List-Received-Date: Mon, 11 Dec 2017 18:13:49 -0000 --001a1135302edcb16c0560147e15 Content-Type: text/plain; charset="UTF-8" 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/ > > > > Virus-free. > www.avast.com > > <#m_-612306741899295358_DAB4FAD8-2DD7-40BB-A1B8-4E2AA1F9FDF2> > > _______________________________________________ > 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" Content-Transfer-Encoding: quoted-printable
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.

On Mon, Dec 11, 2017 at 6:3= 0 PM, Teweldemedhin Aberra via bitcoin-dev <bitcoin-de= v@lists.linuxfoundation.org> wrote:

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.

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.

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.


Ref:

http://fortune.com/2017/11/25/lost-bitcoins/



3D"" Virus-free. www.avast.com

_______________________________________________
bitcoin-dev mailing list
bitcoin-dev@lists.= linuxfoundation.org
https://lists.linuxfoundation.org= /mailman/listinfo/bitcoin-dev


--001a1135302edcb16c0560147e15--