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    Default Stupid cryptocurrency question - how are coins "lost?"

    So, I have not been keeping up on block chain and cryptocurrency, but it's all interesting.

    Here's the thing. Doesn't the block chain keep a record of all transactions? So if ExtraSlow buys one coin, and then loses the hard drive he was storing them on, isn't there a record of his purchase distributed out in the block chain? Shouldn't I be able to restore my purchased coin?
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    I'd be lying if I said I didn't disagree.
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    His name isn't NICEramos.

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    Quote Originally Posted by ExtraSlow View Post
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    So, I have not been keeping up on block chain and cryptocurrency, but it's all interesting.

    Here's the thing. Doesn't the block chain keep a record of all transactions? So if ExtraSlow buys one coin, and then loses the hard drive he was storing them on, isn't there a record of his purchase distributed out in the block chain? Shouldn't I be able to restore my purchased coin?
    Yes, all BTC transactions for eg. (and many other coins) are recorded, but there is no quick way to tie BTC wallet 98987fdsfds0sdflsdf to a unique IP without some good ISP data access. Thats why BTC is only considered semi-anonymous.

    Wallets need backups and with the transactions being recorded for all time, you can do this with a paper backup. Its a list of about a dozen unique words that translate into your wallet address. Most wallets support this.

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    Nope you need the private key which is a string of words. Without it you donít have any access to that wallet. Also if someone steals or finds out your private key they can take all your coins.

    Other fun ways to lose coins out there too. Lots of coins are lost forever:

    Rounding. Some exchanges wonít let you withdraw unless itís above a certain amount because of fees. So like on btce I have like 0.0023 btc that I canít get out.

    Then thereís lost wallets, people losing their private keys and canít be recovered

    Then thereís stolen coins that havenít moved in ages. Perhaps waiting to be moved or perhaps people got busted and the hardware seized

    Lastly thereís mistypes, if I send you coins but put in the wrong address and coins go to never never land.

    Basically coins canít be destroyed but they can fall into the couch and never be found again
    Nolan

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    Question for you BTC gurus:

    I use a comp for mining, and the wallet I use is Jaxx on android. So the miner has paid out few transactions, and I see the transactions on my jaxx wallet BUTT the end balance isn't correct. The transactions don't add up to the correct balance.

    I read their support pages and it says Jaxx shouldn't be use for mining.

    So question is: Am i essentially fcked and lost the BTC balances in the transactions? Or is there a way to reclaim them? =/

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    Quote Originally Posted by pheoxs View Post
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    Lastly there’s mistypes, if I send you coins but put in the wrong address and coins go to never never land.
    Not exactly true about the mistype, the only way this can happen is if you send BTC to a BCH wallet by mistake as the address is the same, however this is recoverable (Happened to me with an exchange)

    If you type in the wrong address it will say invalid and won't let you send the coins..
    Originally posted by beemerm3
    so if we only seen 5 % of the oceans why not drain them or somethin lol or can u even transfer water from one ocean to another??? think of all the stuff u'd find treasures n eerything.

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    I lost 5 Ether due to my own stupidity. I had five in a wallet on a PC I was using to mine, I thought I backed up the wallet and reinstalled windows. Plugged in the thumb drive to an other computer only to find a corrupted file. No worries at that time because Ether was trading at $6, today they trade at $380ish... I keep a close eye on the other 400 they must be backed up ten times on 20 computers in three countries.

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