Crypto theory
parkway said, 1652492225
I had to read up on this bitcoin thing. as far as i understand, bitcoin is essentially a digital code or token acquired by solving computer puzzles. there are 21 million bit coins of which around 19 million have already been "mined" or "unlocked" so around 2 million remain. they were created by someone a while ago as an effort to introduce a new currency to the world.
Gothic Image said, 1652512143
Unfocussed Mike said
If anyone got in at the price and got out at £50,000 per BTC then well played. I'm happy for you.
I'll choose my own path.
20% of the BTC wealth of those who got in early is unrecoverable due to lost wallet passwords and other technical failures.
There are many, many people walking around who are effectively shadow multimillionaires in the crypto system; people who cannot ever sell.
There's apparently a healthy market in BTC recovery: https://www.bbc.com/news/technology-60318946
SteveDeansPhotography said, 1652514352
The dot-com and bitcoin graphs can't be described as identical but the double peak is certainly showing
SteveDeansPhotography said, 1652515600
Gothic Image he's just another psychological support layer that will get broken
parkway said, 1652516404
if you can hack wallets then funds are at risk. and if it's hacked too many times what happens to the bitcoin, does it get recirculated back into the mine. who would know. could it all crash to nothing and be lost.
Unfocussed Mike said, 1652518414
parkway bitcoin can definitely be stolen from wallets (by transferring it out). Whether it can then ever be spent by the thief is an open, complex question.
But bitcoin can also be lost, by destroying or corrupting a wallet that doesn’t have backups, or by losing the access keys. Lost bitcoin is unusable forever. 20% of all the Bitcoin already mined is lost, and much was lost very early on.
Unfocussed Mike said, 1652518878
Gothic Image well, it’s a market in cracking the password/encryption/storage of otherwise valid standalone wallets. If the wallet is gone, so is the money. Leading to the James Howells situation; he threw a computer into landfill and with it Bitcoin worth at one point more than $350 million.
He’s been searching the landfill by hand for eight years offering the local council 25% if they search for it. He’s really upset that they aren’t interested.
indemnity said, 1652519070
parkway said
if you can hack wallets then funds are at risk. and if it's hacked too many times what happens to the bitcoin, does it get recirculated back into the mine. who would know. could it all crash to nothing and be lost.
The original Bitcoin has a finite issue number, this creates a limited supply for this specifically. In the early days people bought, lost their access to it through fault of access for numerous reasons, loss of hard drive, access code, hard drive/flash, death you name it, that is still there but not accessible.
Then there's theft, this has also happened and in some cases in eye watering sums. Some trading platforms were hacked, others misappropriated under the guise of hacking, and when you consider the magnitude of value compared to its origins it patently clear there will be ever cunning attempts at fraud and deception/theft.
Some of these coin creations were by kids sat in their bedrooms, now sat in multi million pound houses, driving about in supercars and holidaying on yachts.
Crypto is so well established now that it would be similar to suggesting virtual gaming will suffer the same demise as the betamax/vhs video systems. I think it'll be around for quite a while.
I've followed this for a few years, and admit to not taking the plunge.
Any regrets? Not really because in the early days I didn't quite understand it, struggled to turn a computer on, and if honest not tech savvy today. Having watched this unfold I reckon those that bought have been fortunate, so have those that didn't if they had not bought in early or on a dip, or subsequently lost it due to lack of access.
So to sum up, those who have benefited either created, bought in early, stole it, or had more luck than skill considering the whole concept and how it has developed.
This is just how I personally view it, others will see it differently, or I've got it totally wrong. It's a few years since a similar threads were running, iirc I started one when the wheel fell off last time, it would be interesting to see what views have changed since.
Unfocussed Mike said, 1652519752
SteveDeansPhotography haha. I think he can prove to some extent that his bitcoin exists, hasn’t been used since etc., so he knows the value it reached after he chucked it.
I don’t think he can prove that it would be recoverable. But I think it’s rather hilarious that he’s only offering them 25% to look for it. Given that he won’t get it back any other way, in his shoes I would be offering everything short of the price of a one bedroom house in the area.
SteveDeansPhotography said, 1652520233
Unfocussed Mike how does he know it would be in landfill? Could have been pulled out any time to be recycled.
Get on with your life, sounds like he's gone insane, golum syndrome
Edited by SteveDeansPhotography
Unfocussed Mike said, 1652524022
Unfocussed Mike how does he know it would be in landfill? Could have been pulled out any time to be recycled.
Get on with your life, sounds like he's gone insane, golum syndrome
Yep. They won't help him look for the precious.
He's really going all out:
My favourite bit of this article is the council rep calling them "Bitcoins" (plural). That might enrage cryptobros even more than refusing to look.
SteveDeansPhotography said, 1652524997
Unfocussed Mike he's narrowed it down to 200m2 and up to 15 metres deep. Oh dear