...and fortunately lost bitcoins are donation to everyone.
Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone.
Honestly, I'm lost with that. How can that be? Can you, or any other person, mind explaining that; since Satoshi isn't around any more?
Basic supply and demand!
Since there are fewer Bitcoins in circulation but the same demand, each Bitcoin will be worth more.
Why is that so hard to grasp?
And once someone find the private key of that called inaccessible address in any possible way, he can get access to the funds.
The moment someone "finds" the key of a burner address is the moment the whole ecosystem will be f* beyond recovery!
You're talking here about address collision, if something like this were to happen so early in Bitcoin's history, we've hit a dead end, and no amount of Saylor's memes would be able to patch the damage!
This is far away from the concept of burning coins. Sending an amount of bitcoin to inaccessible address doesn't mean burning that amount because it still belongs to the total supply of 21,000,000 bitcoins. And once someone find the private key of that called inaccessible address in any possible way, he can get access to the funds. Inaccessible doesn't mean addresses without private keys because this doesn't exist. It means to an address that we don't yet have access to its private key. No burning in bitcoin.
So if I create a new wallet with the intentions of burning a few sats, and I decide to do away with the Private keys, are those addresses still consider to be accessible or inaccessible?. Of course, I'm aware of the theory that talks about the possibility of getting the private keys of an address that doesn't have one, but how many newbies can easily get that concept?.
...i overheard someone saying bitcoin consumes lots of energy and its not that safe for the living environment.
Consuming energy already cannot be bad for the environment, it is already created and needs to be utilized which is beneficial for the environment. This is all propaganda created by the media which gets attention like all other anti bitcoin propaganda out there.
- Jay -
Let far all the propaganda about bitcoin being a harm for our environment because of the energy huge consumption to run nodes and perform mining. However there are other fields in our economy that waste more energy that can be exploited in other sectors, bitcoin is a really big consumter of energy of all kinds. We have to deal with this as fact and not just ignore it because it's used in propaganda against bitcoin.
For propaganda club, would you tell who consume more energy, bitcoin mining farms and production arms factories? This is your weak reason.
...bitcoin is a really big consumter of energy of all kinds. We have to deal with this as fact and not just ignore it because it's used in propaganda against bitcoin.
It is propaganda cause consuming energy does not mean it is problematic to the environment. It is correct that bitcoin mining is a big consumer of energy globally but this is beneficial cause it disposes of energy that needs to be put somewhere. The heat generated fro mining can be brought up as an environmental issue but that is not still at a scale be a problem.
- Jay -
I would always support the idea that it's a matter of wisdom with or without luck. Some people get their wealth by pure luck like inheritence or winning a huge amount in gambling, however they still need wisdom and enough maturity to keep a safe wealth. I can't tell how many people lost their winnings got by luck because they think the big amount won't vanish. And how many others built their wealth depending their skills.
It true that most of the times people tend not to be able to manage wealth that didn't come as through hard work just like you said through luck or as that of inherited wealth that is to say one can actually get real wealth through luck which is contrary to the concept of this topic while it takes enough wisdom to sustain such wealth, every wise man will always option to maximize every opportunity they have gotten either through luck, hard work and wisdom, every wealth must be recreational for it to be sustained over time.
I would always support the idea that it's a matter of wisdom with or without luck. Some people get their wealth by pure luck like inheritence or winning a huge amount in gambling, however they still need wisdom and enough maturity to keep a safe wealth. I can't tell how many people lost their winnings got by luck because they think the big amount won't vanish. And how many others built their wealth depending their skills.
You're right about that, real wealth come through wisdom even though some wealth is been inherited that's (luck) reason been that they didn't work for it, it is more like when you wake up in bed in the morning and just discover that breakfast has been served, if you are ask to explain the process it takes to make that breakfast you can't be able to explain that. So that's how inheritance is, of which wisdom is also required to enable you manage the assets very well because without having a wisdom you might just loss it all hoping that you will surely get it back just as you said about those gamblers who are lucky to win big and later Loss it back to gamble and that's simply because they lack wisdom, so wealth without wisdom is completely nothing.
I would always support the idea that it's a matter of wisdom with or without luck. Some people get their wealth by pure luck like inheritence or winning a huge amount in gambling, however they still need wisdom and enough maturity to keep a safe wealth. I can't tell how many people lost their winnings got by luck because they think the big amount won't vanish. And how many others built their wealth depending their skills.
It's like you are saying luck is optional, but wisdom is required because its essential, and I think you are right there.
Luck can be temporary but if you have great knowledge and wisdom, the effect is endless and is life-changing.
But if you can have both, life can be so wonderful and colorful. You don't have to select and prioritize one, but see to it that you're working for both.
I would always support the idea that it's a matter of wisdom with or without luck. Some people get their wealth by pure luck like inheritence or winning a huge amount in gambling, however they still need wisdom and enough maturity to keep a safe wealth. I can't tell how many people lost their winnings got by luck because they think the big amount won't vanish. And how many others built their wealth depending their skills.
I do agree with you because luck can make someone have money or wealthy but it's wisdom that will determine if the money will last for long. People have got some sudden money and loss it because they lack discipline and not mature enough to manage it while for others they do build theirs through skills and also patience,you will know the worth of the money and you will be very careful because you know what you went through before getting to that point. So at the end, luck might be your start point but with wisdom added you will make a better result.