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

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191 points aorloff | 1 comments | 04 Jul 25 18:41 UTC | HN request time: 0s | source
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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.

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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.
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1. andrewmcwatters ◴[04 Jul 25 20:23 UTC] No.44467592[source]▶
Bitcoin is the world's number one store of value for converting young, impressionable men's wages into thin air and moving those dollars to other people instead.

It's a compelling rival to multi-level marketing for women in that both prospects entice low-socioeconomic standing peoples into thinking they are building value instead of consuming it.