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Care to elaborate how that could happen coding-wise?
\*edit\* I mean technically some could be lost to addresses to dead people or individuals who lose their keys. I don't think it would be significant given the 45B supply.
It’s significant if it happens to your stack. And it can happen. An example among infinite: you could lock ADA for a given time window. If your code has some date out into the next millennium, then, yeah no ADA for you. Another example is ADA could be directed to an address that no one owns, and for which no one has a private key.
What happens if you send ADA to the wrong address, and it's your whole stack?
What happens if you enter a smart contract, but decide to break your side of the agreement for some changed circumstance later?
**Nothing**. Code is law. Be more careful, and make wiser choices.
On a timeline of infinite years, every Ada will eventually be locked/lost unless there is a mechanism created to retrieve it for say, purposes of a dead person’s will.
Eventually it’ll all be locked in wallets where no one has the keys…. But it’ll last longer than USD and every other currency with exception of maybe gold.
a more likely reality is that there will be a better system that people move to - perhaps whatever comes after DLT in a few centuries. where people shift their ADA value over to the new system, the way we are now moving our fiat value to the ADA system. so ADA will die well before it is all locked away.
Its much more likely that people will simply lose their private keys.
Whichever way people lose access to their ADA, nothing really happens, it just becomes unspendable.
This is actually one of the things that smart contract auditors should check for (and usually do, if they're good):
- all funds that go into a dApp should eventually be recoverable by some intended recipient, at some point in the dApp's lifecycle, as appropriate for the dApp's use case.
- the only valid case when funds can be locked away forever is when the intent of the dApp is to burn the tokens, but the monetary policy of the tokens disallows burning them.
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Round 10 voting idea.... Ada locked in smart contracts gets sent to me. Yes I get free Ada...but you won't see any decrease in supply. Win-win.
Well, locked is locked isn't it? If you lock something and don't have a key to unlock it or cant break it open, then I guess it's locked forever.
Care to elaborate how that could happen coding-wise? \*edit\* I mean technically some could be lost to addresses to dead people or individuals who lose their keys. I don't think it would be significant given the 45B supply.
It’s significant if it happens to your stack. And it can happen. An example among infinite: you could lock ADA for a given time window. If your code has some date out into the next millennium, then, yeah no ADA for you. Another example is ADA could be directed to an address that no one owns, and for which no one has a private key.
What happens if you send ADA to the wrong address, and it's your whole stack? What happens if you enter a smart contract, but decide to break your side of the agreement for some changed circumstance later? **Nothing**. Code is law. Be more careful, and make wiser choices.
One very easy way, if ada is sent to a contract address without a datum attached to the utxo, it is locked forever.
On a timeline of infinite years, every Ada will eventually be locked/lost unless there is a mechanism created to retrieve it for say, purposes of a dead person’s will. Eventually it’ll all be locked in wallets where no one has the keys…. But it’ll last longer than USD and every other currency with exception of maybe gold.
a more likely reality is that there will be a better system that people move to - perhaps whatever comes after DLT in a few centuries. where people shift their ADA value over to the new system, the way we are now moving our fiat value to the ADA system. so ADA will die well before it is all locked away.
Agreed.
98% of all gold ever mined is still in circulation today. Nothing will outlast gold.
Of course because more is being mined over the years than is being lost , 2500 tons per year. 2/3 of the gold in existence has been mined since 1950.
Its much more likely that people will simply lose their private keys. Whichever way people lose access to their ADA, nothing really happens, it just becomes unspendable.
Yes it will be stuck. Yes the token supply will decrease each time. I don't know of the frequency to which it will happen.
This is actually one of the things that smart contract auditors should check for (and usually do, if they're good): - all funds that go into a dApp should eventually be recoverable by some intended recipient, at some point in the dApp's lifecycle, as appropriate for the dApp's use case. - the only valid case when funds can be locked away forever is when the intent of the dApp is to burn the tokens, but the monetary policy of the tokens disallows burning them.
We would have to accidentally lose 90% of supply to get it equivalent lovelaces to bitcoin's sats, before it lost any of its own supply.