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 E1999CEF for ; Mon, 11 Dec 2017 17:30:39 +0000 (UTC) X-Greylist: whitelisted by SQLgrey-1.7.6 Received: from mail-it0-f52.google.com (mail-it0-f52.google.com [209.85.214.52]) by smtp1.linuxfoundation.org (Postfix) with ESMTPS id 4F8FEF4 for ; Mon, 11 Dec 2017 17:30:39 +0000 (UTC) Received: by mail-it0-f52.google.com with SMTP id t1so17688947ite.5 for ; Mon, 11 Dec 2017 09:30:39 -0800 (PST) DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed; d=gmail.com; s=20161025; h=mime-version:from:date:message-id:subject:to; bh=4EKr6eg3I7HcetVZS4vhrAZ+BllaIDkJZAFainxNU8k=; b=l4Mcg47BpF69hJDVhz3Gu5KA4LhfqcBlw//ANAaLgtZL/nT9qZbLVZC1ZkCMq9AdMj a8YpMiZIC2YG71Er/qIwrWVUXiLB/LQvqNrwhXzREd/4PioVNBsa6+88XmXPKMNCOuHl mG3E4HS+YleUrtdbV0rHNdEhKChc096xYNtxFP6rrbfHJnRSCELwZbx59UWLHxa+WYsF SGgUCk3p+n9A0YyBuLJVMAq0zKeBk3I4aqUWEk079m/WXUPlx7WuUjJWQIwjNIKz61yA jShOjoCo4JTW9xSRIPg8UDUtAB4b8BLojjflnZczUr8itBiyzHzuuL/Xq8AanT6TL3zS b/Ug== X-Google-DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed; d=1e100.net; s=20161025; h=x-gm-message-state:mime-version:from:date:message-id:subject:to; bh=4EKr6eg3I7HcetVZS4vhrAZ+BllaIDkJZAFainxNU8k=; b=amkcr+4X4h94PDC3pEqAVPgl5togWIO+9JFx6QtfIb1x2OMVJzvp/KqjoktkvebAI+ wrCeQZThm6UEYN8T3GycNnh6PtI5Zx6gKaVzI8CUZ92yRPuEvrJSnK6bIuOHwVrNHUi2 ZrTorc7FNrDv0RsKliMqliEm0whmJcSDSvZyNhCa40CpRO1p1SHmunwI9bqsINQW8I5w +aJ3VVO9Q7vKlVYxJgkH90NBPnm58J+yvk2yyaug4u3olwTZ0ajG5e4Cuy4HczAIdHlC ggALO2IOkYdm2S4GOhd43mK/IUcDBGLi5+UPhIVzcQwDkRTcVr1vsnenxc0g6BX9re6L p5XQ== X-Gm-Message-State: AKGB3mIwK/aSszJka4/4mFZI0Dl475iJkUBvLiTCVBrtQ2aIarv1d8nO cUPk0oQrV+mJku+NQdDonARlAl1oYVUjQzNVAX4qPI/1 X-Google-Smtp-Source: ACJfBosTzKjoBnPjZwqyHg7f2Z7y8+cpOHNG/a1BplVMJ+e1v4ObwERKgoLj7cQf03aDiOXrVtwRN+qBNFgSfk2/acw= X-Received: by 10.107.63.8 with SMTP id m8mr1531249ioa.137.1513013438327; Mon, 11 Dec 2017 09:30:38 -0800 (PST) MIME-Version: 1.0 Received: by 10.107.148.69 with HTTP; Mon, 11 Dec 2017 09:30:37 -0800 (PST) From: Teweldemedhin Aberra Date: Mon, 11 Dec 2017 20:30:37 +0300 Message-ID: To: bitcoin-dev@lists.linuxfoundation.org Content-Type: multipart/alternative; boundary="94eb2c06aace883c40056013e496" 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 18:03:35 +0000 Subject: [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 17:30:40 -0000 --94eb2c06aace883c40056013e496 Content-Type: text/plain; charset="UTF-8" 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 <#DAB4FAD8-2DD7-40BB-A1B8-4E2AA1F9FDF2> --94eb2c06aace883c40056013e496 Content-Type: text/html; charset="UTF-8" Content-Transfer-Encoding: quoted-printable

It is estimated t= hat 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 effec= tively mean there are actually only 14.4 million Bitcoins in circulation ev= en 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 numbe= r of Bitcoin that will ever be mined is capped at 21 million. This means th= e total number of Bitcoins that are in circulation will eventually become z= ero, 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 automati= cally expire. A Bitcoin address is deemed dormant if it is not used in tran= sactions for some fixed length of time, say ten years.

The calculation of = the miner's reward should take into account the Bitcoins that has expir= ed. 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-bitc= oins/



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