Silk Road forums

Discussion => Off topic => Topic started by: markwest on May 19, 2012, 07:55 pm

Title: bitcoin question
Post by: markwest on May 19, 2012, 07:55 pm
if something happens to the person who owns bitcoins in a wallet, say they die or are otherwise detained (...) what happens to the bitcoins? are they eventually cycled back into the blockchain or whatever or do they just sit there effectively dead and pushing up the price of the live coins?
Title: Re: bitcoin question
Post by: wretched on May 19, 2012, 09:28 pm
they just sit there dead
Title: Re: bitcoin question
Post by: happyhippy on May 19, 2012, 09:50 pm
if something happens to the person who owns bitcoins in a wallet, say they die or are otherwise detained (...) what happens to the bitcoins? are they eventually cycled back into the blockchain or whatever or do they just sit there effectively dead and pushing up the price of the live coins?

if something happens to the person who owns dollars/pounds/euros in a wallet, say they die or are otherwise detained (...) what happens to the  dollars/pounds/euros? are they eventually cycled back into the bank  or whatever or do they just sit there effectively dead and pushing up the price of the dollars/pounds/euros?

Its the same thing.

Except with the Euros you're fucked either way .
Title: Re: bitcoin question
Post by: happyhippy on May 19, 2012, 10:01 pm
Bitcoin attrition through accidentally deleted wallets, forgotten passwords, etc., is something people worry about, but there's nothing in the design to prevent it.

With the greatest respect , money can be lost many ways from the wallet in your pocket . Look after your BTC in the same way as the stuff you get in your paypacket and you'll minimize any losses .