Rather than go off topic in the Safecoin divisibility thread. I figured we could start a new thread concerning some questions that have come up about what happens when a safecoin is “lost”. A few past comments are copied below:
I like the idea of having the network “resurrect” safecoins so that they can never be permanently destroyed. This would work by having a timeout period. If a safecoin has not changed hands for let’s say 7 years then it gets returned to the network. All someone would need to do to keep them fresh is move them or spend them. I think a way to view this is the same as lost treasure. Someone forgets about a pile of coins they buried in their back yard, years later you buy the house and find them when you are planting the garden…"
That sounds super dangerous
Wake up one day and all your life savings are gone.
Also kinda sounds like inflation which I am totally against Global population needs a strong, reliable, deflationary currency so they can stop being so poor around the world. That’s one of my life goals, to help support efforts to make that happen."
“It’s not much different than if you lost your paper bitcoin wallet, accept that the coins would go back into circulation after enough time had passed to be sure that they were in fact abandoned. It’s not inflationary because the total number of safecoin is fixed from the start, if you don’t have resurrection then coins can be burned and the supply would decrease over time. This is just a brainstorm…”
“Yeah IDK it’s just not really doing it for me but thanks for adding ideas! Let’s keep em coming ”
“Just to clarify, you have no problem with safecoins dissappearing over time?
What happens if 50% of the safecoins get burnt? Hypothetically the remaining coins would double in value, but now you’ve lost half of the “fuel” to run the system. It just makes paying for little things more difficult…”
The SAFE netowrk does not know time. So this cannot be done.
Also its is rude at best to take coins that someone is “saving” up for a big purchase in time. Like buying a house or something. Then find their coins are disappearing because they were saving them. And at worse it is considered thief. No no and no again to this idea.
@whiteoutmashups, I’d say like BTC which has a significant amount of their coins lost or unusable is surviving very well. SAFEcoin has 4 billion coins and even if 20% are lost the network will operate as if they were not lost. Only if billions of coins are lost is this an issue."
Definitely 100x less of a problem with that then anyone losing their money if they forget to shuffle it around
I don’t like this. I played with similar idea. Could be used for smallest coin with denominations. Then no real damage. But I don’t like it because people don’t like it. Interesting, but no go for me.”
If I lost some money and it landed on the street, sooner or later after some time has passed it will be “found” by someone else and put back into circulation somehow. How often are material objects / tangible assets lost “forever” in the real world. It happens, but not very often, and people often devote themselves to rediscovering them (ie. dinosaurs, the titanic, spanish galleon treasures) I’m surprised to hear that the SAFE network has no notion of time… interesting. The idea wasn’t about adding rude features. Superficially, it makes sense that if a coin was truly abandoned property, it might be good to have a way to rediscover/reclaim/resurrect it and put it back into circulation…
How one can tell the difference between long-term savers and coins that have been abandoned/burned is a totally different issue… "
EDIT: Related Posts in hindsight…
What if safecoin or maidsafecoin gets lost in the void?
SafeCoin Loss Protection 2.0
Most wanted and unwanted features