It does, thats why it’s lost. You don’t have access to it because you don’t know where it is.
But same as with lost gold, you can start to try to find it. You can also do this with lost ADA, start to find the private Key.
Same with ADA, doesn’t affect others. Makes no difference for others if some ADA is lost, or someone just keeps his ADA in his wallet for 100 years.
Well, in the last instance the own country will take it if nobody else is left, do you want this for ADA?
Store of value.
What are you trying to achieve? If you want to give your kinds your funds after you past away, put your seed words into your will.
Why do you have to reuse a lost fund of ADA? It doesn’t hurt the system at all, the only thing that happens is that the value of the rest in the supplychain is rising. But only if all other ADA user of the world know that a specific value of ADA is lost forever. So, does this hurt anyone?
And i’am sure you can setup a smartcontract for your own wallet to do crazy things with it. But not a thing that should be implemented as a core function of a blockchain.
You have some, valid points, and I think, it can be fixed in the future with no any issues by using some treasury features.
For example, if a fund has not be moved fo long e.g. 10yrs or similar the it can be automatically reassigned to treasury and if somebody claim it (i.e. has the private key of the fund) after that the 10yrs locking time, then he/she even it would get the full refund from treasury, with no any question asked, as the treasury always would have enough fund for cover this situation. The reassignment to the treasury also applies to the funds of which keys’ have been lost, but the owners never can claim it back. Cos:
Your key, your money. Not your key, not your money.
AA
For the latter issue, there, definitely, will be some escrow (oops) and/or insurance companies.
Cos, if you lose your saved USA dollars what you keep it in your pillow, and one day, your house is burnt down to the ground, or just you lost your pocke wallet with 10K in ti, then you cannot blame others/circumstances to get your money back somehow. As it was your decision and/or risk assessment how you treated your money.
So, In general, this is just a technical question without any human intervention.
Thank you @valensny, at least some get it. I’m considering the future of the blockchain ecosystem for billions of users and for generations to come, real sustainable currency. The rest just love the fact that more lost funds means the higher the short term price.
IMO - There is still, and will always be, an ability to create a will and designate your executor and/or power of attorney. All the needed information can be contained within the will and sealed until opened with a lawyer after death. Once smart contracts are norm, sure, move to that, but during the interim, make a will and name an executor. It’s the same as any other assets attained in life you wish to ‘give’. And, if you don’t want [your kids], your benefactors to have to deal with inheritance tax, then it’s much easier and convenient they have the seed phrase, spending pw, etc. contained within the will. It’s also legal and binding.
The interest of using a blockchain bascially is not having to relay on third parties as attorneys or trust organisations. Also my thought goes beyond just your own coins going to your family. It has to be available within the blockchain ecosystem for the protocole to remain healthy. I might and many others might not live in a safe place like you do. Imagine i could die, my whole family could die and my attorney along with his firm could die with the necessary information due to a bomb or War… Just 1 example of many ways to lose funds forever. But the blockchain will need those funds to remain sustainable and healthy for generations to come, it’s not just about 'my" coins and family.
a simple option to burn if not active for ___+ years would suffice. Email alerts could send the users notices monthly with date of burn countdown. This would be activated in “advanced settings” or something. You get my point.
I totally agree with you Aryan. The crypto ecosystem should figure this out! Especially Cardano, because, working to improve the wealth of the unbanked goes together with a high risk of losing backups and backdoors tools we already have in the crypto ecosystem. Much improvement in this area is highly recommended.
Super idea. Aryan idea is not for individual purposes; it is for crypto-ecosystem purposes. Nobody knew few months ago that COVID-19 will exist. You have to be prepared at the highest level, what could happen you even don’t think of in today’s environment. Cardano or anyone else need a well thought paper on this.
I have designed a very simple system in Excel to encrypt the words of any seed by using a self-choosen date. When you don’t know the date it will be very hard to find the seed and you can show it to anybody. The excel sheet is free for usage and may be altered by anybody to make it even more private owned encryption.
Checkout the website: CryptoWalletProtect.com for more info. There is even an (outdated challenge) to solve the encrypted seed shown to open a wallet with 1000+ ADA in it (Delegated since Shelley). I am open to any comment or improvement. One suggestion is to engrave the encrypted seed on Stainless Steel instead of Brass because of improved melting temperature rate of Stainless steel
The idea is good with respect of the possibility implementation to make a schedule for postponed transactions. If someone is going to make a transfer, not all the funds, but a certain amount, for instance. It could be rather helpful indeed.
