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hoarded assets are still in effect "in circulation" imo, up to they point that they are irrevocably lost or destroyed.
as the hoarder could always change their mind, they could be inherited etc and placed into the market. most assets are not continually for sale.
ChasnotRobert-
I do get that technically there is a chance they can be sold if held by someone unless destroyed, but this sort of assumes that investors are pricing in some sensible fashion based on a knowledge of the total number of coins in existence - but I don't think any real element of bitcoin pricing is based on that kind of technical analysis. Most buyers will have no idea when this person dies + whether his coins are destroyed so I don't really believe that the knowledge it has happened will feed into pricing in any way which is close enough to ascertain...
I can see there might be a different position if the counterfactual was that they were all sold immediately (and that might depress prices)
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hoarded assets are still in effect "in circulation" imo, up to they point that they are irrevocably lost or destroyed.
as the hoarder could always change their mind, they could be inherited etc and placed into the market. most assets are not continually for sale.
This is correct. Everything that is not lost/destroyed is potentially for sale, at the right price, time, etc.
But the market doesn't have perfect info on what coins have been lost. Eg there is a chance that poor fucker can get his coins out of the rubbish tip, satoshi might not be dead but biding his time, etc, etc
andyfallsoff
frank9755
No agreed, but if someone has always held and boarded lots so they've never been in circulation and they're then cancelled / lost, the number in active circulation is the same isn't it?