←back to thread

Sleeping beauty Bitcoin wallets wake up after 14 years to the tune of $2B

(www.marketwatch.com)
191 points aorloff | 3 comments | 04 Jul 25 18:41 UTC | HN request time: 0.632s | source
Show context
throw0101d ◴[04 Jul 25 19:49 UTC] No.44467342[source]▶
Personally I think that this can be considered on the "bug" side of Bitcoin's finite number coins: if, over time, they are lost, then there's a smaller quantity† of currency that is useable to actually do stuff with.

This can make the 'rate of deflation' that occurs worse:

* https://en.bitcoin.it/wiki/Deflationary_spiral

* https://isps.yale.edu/news/blog/2014/06/the-perils-of-bitcoi...

* https://crypto.bi/deflationary/

† I am aware of satoshis.

replies(8): >>44467392 #>>44467410 #>>44467413 #>>44467486 #>>44467668 #>>44467917 #>>44469713 #>>44469776 #
spankalee ◴[04 Jul 25 20:00 UTC] No.44467410[source]▶
This is one reason why Bitcoin isn't a good currency. Deflationary trends give holders a lot of incentive to keep holding and never spend.
replies(3): >>44467494 #>>44467592 #>>44468623 #
1. foogazi ◴[04 Jul 25 20:09 UTC] No.44467494[source]▶
You can buy a lot of pizzas with it now
replies(1): >>44467789 #
2. cmdli ◴[04 Jul 25 20:50 UTC] No.44467789[source]▶
You can't buy a single pizza with it now. Only by exchanging it for an actual, better currency
replies(1): >>44469805 #
3. mindcandy ◴[05 Jul 25 02:58 UTC] No.44469805[source]▶
You can buy a pizza from me with Bitcoin now.

I’m not a vendor or even a chef. But, anything is negotiable.