I told EVERYONE HERE to buy it at 3 grand. I was laughed at.
I just sold and made huge gains.
Stop scoffing at crypto, elders. Get in before it is too late.
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I told EVERYONE HERE to buy it at 3 grand. I was laughed at.
I just sold and made huge gains.
Stop scoffing at crypto, elders. Get in before it is too late.
|by Anonymous||reply 80||01/12/2021|
|by Anonymous||reply 1||01/04/2021|
|by Anonymous||reply 2||01/04/2021|
If someone could, finally, explain it to me so I can understand it, I might be interested. I am not a stupid man, but I have yet to grasp cryptocurrency.
|by Anonymous||reply 3||01/04/2021|
An alternative to the Bitcoin shill who so often shills here...
|by Anonymous||reply 4||01/04/2021|
Nope, not a shill, R4. My father bought me a load of it when it was less than a dollar. I am a huge believer in decentralized finances. It IS the future. Try reading about it.
If ppl listened to me last year, or year before...........(as many of my friends have and are now MILLIONAIRES), you would have a lot of money.
It is astonishing, the density of some here...............
|by Anonymous||reply 5||01/04/2021|
Basically nothing to back it up but it's reputation. At least the dollar is backed by the federal reserve. Could drop to $ 0.00 tomorrow if it loses it's "cool" factor. Made some people very rich, but buy at own risk.
|by Anonymous||reply 6||01/04/2021|
Please go to Google and find the thread where you told everyone here to buy at $3K, OP. Then provide the link in this thread.
|by Anonymous||reply 7||01/04/2021|
R3, in a nutshell, it is digital currency that is NOT infinite (like money). There are only 18 million in circulation. Only 21 million can be mined. NO more. Takes a lot of computations for a mined coin. The reason why so many financial corps are now investing is because they see how viable it will be. It is still in its kind of infancy, but everyday it becomes less so.
It is a blockchain, which is not that easy to explain. But, understand it to mean that it needs no middleman, and it is immutable. Banks already using blockchain.
It is most definitely the future.
Read about it, and you will see the genius in it.
|by Anonymous||reply 8||01/04/2021|
R5/OP says he's not a shill yet heads this thread with:
"I told EVERYONE HERE to buy it at 3 grand. I was laughed at."
You will be laughed at again when the bubble bursts.
|by Anonymous||reply 9||01/04/2021|
That is your job, R7. I frankly don't care if I am believed.
Anyone can research it by using my name here.
|by Anonymous||reply 10||01/04/2021|
[quote] I told EVERYONE HERE to buy it at 3 grand. I was laughed at.
The bitcon wasn't really the problem OP. Most of us normal people can't pony up 3k, we are barely getting by and paying rent.
I do remember someone here telling others to buy Bitcon.
|by Anonymous||reply 11||01/04/2021|
Fine with me that you think that way.
|by Anonymous||reply 12||01/04/2021|
R10 If you don't care, why do you keep posting?
|by Anonymous||reply 13||01/04/2021|
R13, I said fine by me if you think that way.
I am posting for those that are forward thinking and want to be semi early adopters.
For the others, like you, that is fine too. There were plenty of ppl that thought Amazon, Apple, Google, etc were ridiculous investments too.
By the way, BTC has proven time and time again to be a great investment. Those that are stuck in old timey thinking will do as they do. Whatever lol.
|by Anonymous||reply 14||01/04/2021|
Bitcoin is a very volatile investment but I put 15K into it exactly 60 days ago and have doubled my money. It is not the investment for widows and orphans but people post all the time here about financial insecurity and worry about retirement. It is not a terrible idea to put some money into bitcoin and weather the ups and downs for awhile.
|by Anonymous||reply 15||01/04/2021|
And, R15, one can just hodl and wait a few years. The volatility will be far less in the future. Good for you. Glad you are in on it. The future is cryptocurrency and blockchain.
|by Anonymous||reply 16||01/04/2021|
Once again most of us live paycheck to paycheck, all this talk about investing money is so out of touch, maybe that's why people laughed at the idea. I'd invest in Bitcoin if I could, but every month I'm left with almost nothing after paying all my bills + food and essential care. This January, exceptionally I'm currently with $78.37 at my account, I have $1,645 saved for emergencies plus a Mac computer my company gave me that I could sell 😬
|by Anonymous||reply 17||01/04/2021|
OK how do I do it?
|by Anonymous||reply 18||01/04/2021|
I prefer Ethereum and ADA Cardano. They are solid have way more room to run. BTC is $34k per coin that’s crazy.
|by Anonymous||reply 19||01/04/2021|
R18, you have to sign up through Coinbase or Gemini. Those are the best exchanges. W BTC, you do not have to buy an ENTIRE coin. You can spend 10 dollars or any amount.
There are other cryptos that you can invest in as well.
Ethereum is a good one, so is Litecoin. Other alts too....
|by Anonymous||reply 20||01/04/2021|
R18 download Coinbase app, add money, buy coins. Just like stock trading apps.
|by Anonymous||reply 21||01/04/2021|
I agree, R19. But, one can buy a small piece of BTC. In 10 years, that may be worth a lot.
But, Yes. Cardano, or any other alt coin with good fundamentals are great.
|by Anonymous||reply 22||01/04/2021|
Theta is a great investment. They are basically competing w YouTube. Thetafuel too.
There are some GREAT alts out there.
|by Anonymous||reply 23||01/04/2021|
Open a PAY Pal account and buy $20 woth of bitcoin at a time. Maybe even less, So just do that when you can. I think that's a decent way to start. Be aware that its very volatile and think about holding it for the future.
|by Anonymous||reply 24||01/04/2021|
R6, the fact that the fed "backs up" money does not sweeten the pot.
Bitcoin is backed by a public blockchain ledger that contains proof of all the transactions on the network. It is immutable and backed up by real data, and has to be approved by many many data chains. Bitcoin is limited in its supply, making it rare, just like precious metals like gold. The erroneously conceived idea that Bitcoin has no value just because it is not backed by anything physical is very old fashioned. Block chain is really the ONLY way to trust transactions. This will be proven soon.
We will probably be voting by blockchain in the future.
|by Anonymous||reply 25||01/04/2021|
Ten out of the twenty four posts on this thread are by the OP
BUT HE'S NOT SHILLING
|by Anonymous||reply 26||01/04/2021|
Yes, R26. I have the day off, and I am enjoying this post. Sue me.
I love crypto. So, not shilling.
You dont get it, thats fine.
Why are you even here then?
|by Anonymous||reply 27||01/04/2021|
I agree OP.
And... Fuck off, R26 hall monitor Cunt. Are you trying to protect the datalounge hard drives from the memory being overloaded by one more thread. I hate douches like you on here, who “protect” the site from threads that don’t like, like we’re trespassing on real estate. Go fuck your father!
|by Anonymous||reply 28||01/04/2021|
Like everything else, you get it at the Supermarket. It’s so awe inspiring! I was shopping for the 1,407 ingredients it takes to make paella, when I saw this!!! I almost forgot to pick up some Spanish sausage.
|by Anonymous||reply 29||01/04/2021|
Just signed up.
|by Anonymous||reply 30||01/04/2021|
Cool, R30. Best thing to do now is research the different coins. There is a guy on twitter/youtube. Digitial dave (Crazy4Cryptos) he is a wealth of information too.
|by Anonymous||reply 31||01/04/2021|
in 2010, I mined 2964 bitties...........then the mining got too hard for my computers to do effectively..........decided not to buy specialized processors as they were phenomenally expensive.............kind of forgot about them for many years........then they hit 3000..........and I transferred them to a Trezor.........glad I did because the hard drive they were on crashed about a year later............I figure the total cost of the 12 computers I had running.....plus the electricity to run them cost me about $.07 per bitcoin...........I think I made a sufficiently large profit to keep me interested in the project.......
|by Anonymous||reply 32||01/04/2021|
So the first step is getting Coinbase app? Should I invest $20? I'm an investing dummy, but interested.
|by Anonymous||reply 33||01/04/2021|
R33 do at least a $100-200 and buy Ethereum or ADA
|by Anonymous||reply 34||01/04/2021|
Yes, R33. And like someone upthread said, you can get it on paypal too. I believe on the cash app as well.
Only invest what you can afford. 20 bucks is a great start. Also, look at other alt coins. Youtube has some information. Crazy4Cryptos on twitter and youtube also.
And, remember-------they are very volatile. As a beginner, the best thing to do is to buy and hold...........
|by Anonymous||reply 35||01/04/2021|
I think there were a few threads when it was around 6k. I posted in it. I even bought a ledger wallet but I never used it. But I heard ledger was hacked.
Do you use a hard wallet OP? I'm also interested in other cryptos besides bitcoin
|by Anonymous||reply 36||01/04/2021|
R36, I do have a ledger, but I stopped using it. Only because it was a PIA. I use "Atomic Wallet", which is a great wallet. You can also use it as an exchange and to stake (I stake Zilliqa, which is an awesome alt). Ledger itself was not hacked. Hackers stole email addresses throught its marketing side. No funds were taken. There are some great wallets you can put on your phone. Atomic, Exodus, trust......
There are great alt coins. Ziliqa is great, Theta (its like 2.00 but will see huge gains. its got great fundamentals), Thetafuel, Digitbyte, ADA,. Holochain is my own personal favorite, but it may or may not be a good one to invest in. Only because it is SUPER cheap right now, but who knows, may go nowhere. I think it will, but thats just me.
|by Anonymous||reply 37||01/04/2021|
Pardon typos above.
|by Anonymous||reply 38||01/04/2021|
ALSO--NEVER EVER EVER buy a used ledger. EVER.
|by Anonymous||reply 39||01/04/2021|
Thank you OP for the info!
|by Anonymous||reply 40||01/04/2021|
I hope you make HUGE gains in the future!!!
|by Anonymous||reply 41||01/04/2021|
Where do you buy Holochain?
|by Anonymous||reply 42||01/04/2021|
What about Zil R34?
|by Anonymous||reply 43||01/04/2021|
R42, I actually bought it through the exchange on my wallet (Atomic, which can be downloaded on apple phone), but it is also sold on Bitrue, an exchange.
|by Anonymous||reply 44||01/04/2021|
Where do you buy theta? Also any thoughts on dogecoin it’s on Robinhood and the millennials are snapping it up.
|by Anonymous||reply 45||01/04/2021|
OP, do you use a separate email for your bitcoin related accounts? i'm don't want to use the same email I use for my regular banking etc. In case there is hacking etc.
I'm gonna check out all your suggestions and recommendations.
|by Anonymous||reply 46||01/04/2021|
R46, I think Binance sells dogecoin. Yes, it seems to move, but it speculative only. In other words, I do not think it is a project with utility/fundamentals.
|by Anonymous||reply 47||01/04/2021|
Oops, I screwed up post numbers.
I use the same email, R46. I have bought from a bunch of different exchanges. But, you can use different ones...just dont lose track.
Keep your coins off of the exchange, using a wallet.
R45, Theta is a bit more complicated. Not so much, but maybe for a newbie. You have to buy Ethereum and then use an exchange like "simpleswap" or "changenow". Remember if you use them, it takes awhile for the exchange to get the coins in your wallet. Make sure to read how to use the exchange........
|by Anonymous||reply 48||01/04/2021|
Advanced users seem to be concerned about being on the “exchange”, what’s the risk? VS. a wallet
Also, what do you think about eToro?
|by Anonymous||reply 49||01/04/2021|
OP you’re a fucking dork and likely a gay incel dork at that.
Bitcoin is fucking pointless bullshit except as short term investment play. It’s not going anywhere as an actual currency.
This is a currency where, for any given transaction, every single actor who touches your funds is taking a cut. You buy coins on Coinbase, they skim 5% off the top. You use your coins at a Bitcoin casino, their payment processor takes another cut. You send your winnings back to Coinbase, they will take your coins for free, but to get them out you have to convert to cash (FEE) and to get your cash to your bank account you have to do a transfer through Coinbase (FEE).
And all of these places are running massive arbitrage scams to boot. Which means when you send 0.05 BTC from one place to another, you almost never see 0.05 BTC on the other side. It’s always like 0.047 or whatever.
You’re a goddamn sucker and I don’t care how much you made in the last month.
Now go out and get laid you fucking dork.
|by Anonymous||reply 50||01/04/2021|
R50 don’t you have a bowl of dogshit to eat and your mother’s cunt to fuck?
|by Anonymous||reply 51||01/04/2021|
R49- when you keep your coins on an exchange, they are basically in the hands of the exchange, and not yours. Hypothetically, if it goes down for good, or whatever happens...so do your coins. But, in a wallet, they are YOURS. A wallet does not really hold your coins. But, they keep track of them through blockchain. So, they are safe with you. Exchanges are safe enough, to be sure- but safer to keep yours in a wallet. Atomic, Trust, exodus, even coinbase has a wallet. All can be on your phone.
|by Anonymous||reply 52||01/04/2021|
R50, you sound sane.
|by Anonymous||reply 53||01/04/2021|
R50 sounds like a Boomer who’s confused by crypto and blockchain, so he’s angry because it threatens his 401k and the Great American Dollar 🇺🇸
|by Anonymous||reply 54||01/04/2021|
I think you hit the nail on the head, R54.
|by Anonymous||reply 55||01/04/2021|
And, sifting through the mire of wackiness, it is easy to see that R50 has no clue.
If a person bought 10 bitcoins anytime before today and held them, they would have made money.
Best to hold (or "hodl") if you want to make money long term. It CAN be used for short term investment too. However, BTC highs keep getting higher over the years. And, when there are no more to be mined---watch out. It will likely decrease soon. But, as long as one holds on to it, no matter. Dollar cost average in.
Its a great investment. History has already told that story.
|by Anonymous||reply 56||01/04/2021|
R50 Does it really need to be a currency? Or does it just need to be the point B between the point A of the US Dollar and the point C of whatever comes after a hyperinflation event?
|by Anonymous||reply 57||01/04/2021|
The Bitcoin hoopla reminds me of the Tulip Mania.
|by Anonymous||reply 58||01/04/2021|
What sold me on bitcoin was the recent NYT story. A eporter paid a restaurant 10 bitcoins to pay a $1000 bill 13 years ago.. She went back recently and the owner had kept the bitcoin now worth $200k. Today worth about 300K.
|by Anonymous||reply 59||01/04/2021|
I got some BTC, ETH and 1 ICO alt in 2017 as an "experimental, speculative" low-fund investment - waited almost 3 years - it kept plummeting and climbing a bit and stalling.
I got tired of the falling-knife rollercoaster and eventual long stagnation - I held on for nearly 3 years, after all - and sold back in mid-autumn at a small profit, betting that the ongoing Global Health Pandemic (and resulting rising unemployment & Economic crisis) and upcoming Winter Holiday Spending would have a detrimental effect on the crypto market. (People usually withdraw funds around the holiday season, to pay for family gifts, etc). My bet was on a short-term bear market, followed by a bull market when the economy recovers years later.
Boy, was my forecast wrong. Just as I exited - just a few months later, the boom & bull market kicked in. 2021, year of the freakin' Bull indeed.
Just my luck. Oh well. I made a bit of a low-level profit, but nothing life changing.
I wasn't willing to commit too much initial investment into such a speculative, high-volatility market. Crypto is still a market with too many unsophisticated first-time investors who react emotionally to every market move. When BTC is on the rise - people flock to invest. When it plummets - people panic and exit. While there are some HODLers who understand the foundational basics, most others see it as a pump & dump (which is what happened when BTC previously reached $18k in 2017 and then plummeted for a long time).
|by Anonymous||reply 60||01/04/2021|
R60 it’s like any invest, if it’s solid and you hold... you’ll make money.
|by Anonymous||reply 61||01/04/2021|
R61, sure, but it's also far more volatile & risky than a regular stock investment. And not even because of the crypto projects themselves - but because of the uncertain regulatory framework surrounding them.
The crypto market is much less regulated than the traditional stock market. So, for example, with ICOs - if the developers take the raised investment funds & scram, you get much less recourse to legal action & legal protections. (Luckily, I only invested in a credible ICO during the 2017 ICO boom, the team had a relatively long track-record of projects, but as a new crypto-investor I could have been easily fooled when I started out.)
Also, I first invested in BTC & ETH in 2017 but I first heard about it in 2015. The reason why I didn't invest in 2015 is that I was concerned that the Government Sector would clamp down on BTC and especially ETH. ETH was developed by a Russian software engineer and I read he even met with Russian state authorities to consult them about investing in crypto. So I was really concerned that U.S. authorities would put the lid on ETH, as a form of political pressure and sanctions.
And as for BTC - in the beginning it also wasn't obvious what stance the federal Securities and Exchange Commission (SEC) would take. SEC could have classed it as a security, not as merely a property investment. My forecast at the time was that centralised banks would see crypto as potentially dangerous competition. However, it later turned out that my bet was off - I underestimated corporate opportunism, the big mainstream movers and shakers on Wall St would themselves invest in BTC.
I was worried that if virtual payments in BTC became the payment of choice for various blacklisted orgs and even terrorist orgs - that certain exchanges (even big ones like Gemini) would get investigated, transactions could get frozen. Again, these concerns did not materialise. But who knew back then, it could have happened.
It's not just that BTC is volatile (and the investor base is very emotional and not yet fully sophisticated) - it's that the regulation around it was so uncertain. Now it seems it has become more mainstream (with big banks backing it), but in 2015 and even 2017 the regulatory framework could have gone either way.
|by Anonymous||reply 62||01/04/2021|
I wish I understood it all better. I met a guy on Maui a few years ago raving to me about cryptocurrency. He basically was just a Maui beach bum millionaire who managed his currency investments. He mentioned a few good ones to me, too, and I thought I wrote them down but I never found the paper I wrote it on. Anyway, he was all fired up just like the OP here is, and I believed him. I just didn't understand him. He was talking about having half of the passcode on one thumb drive in a safe deposit box in one location, and the other half of the passcode in another safety box in like, Europe or something crazy. It's a bit too rich for my blood. I'm a simple man. But I do wonder what I'm missing out on, if only I were a little more adventurous, or at least if all this shit clicked a little better in my brain.
At the end of the day, it all sounds like a bunch of manmade constructs and gobbledy gook. But no shade here. I'm sorta jealous.
|by Anonymous||reply 63||01/04/2021|
[QUOTE]At the end of the day, it all sounds like a bunch of manmade constructs and gobbledy gook. But no shade here. I'm sorta jealous.
That sums up my viewpoint as well. It’s hard to risk money in a “currency” that is not backed by trade, goods or an economy. The fact that no one knows who’s behind all this is another red flag for an average person like me. Do I really want to throw my money to some obscure, sociopathic nerd who’s created a fake currency based on a computer processing gibberish?
|by Anonymous||reply 64||01/04/2021|
Its hilarious that people here keep promoting the downsides.. Yes, one day any one of these volatile investments might go down. Just like any other investment. Nobody is saying you should cash out your 401k and bank it all on some new crypto (There are thousands of them now, i think). But as an investment, there are worse ways to park a few hundred or thousand dollars.
If i were investing in it, I'd probably just spread a few thousand over a few up and comers, wait, and see if any take off in the long term.
|by Anonymous||reply 65||01/04/2021|
It hit $40K today. I hope some people here took OP advice and bought some.
|by Anonymous||reply 66||01/07/2021|
i'm waiting for it to crash...
|by Anonymous||reply 67||01/07/2021|
|by Anonymous||reply 68||01/07/2021|
I bought Tesla three years ago. Evertime it doubled I sold and then was forced to buy it again as it hit new highs. Maybe its a bubble now but anyone who bought Tesla even just in the past year has done great.
Bitcoin is Tesla on steriods.
|by Anonymous||reply 69||01/07/2021|
Fine, OP, but would you buy BTC at $34K?
|by Anonymous||reply 70||01/07/2021|
(correction: $38K, which is where it is today)
|by Anonymous||reply 71||01/07/2021|
If you use a Crypto hard wallet MAKE SURE YOU WRITE DOWN THE SECURITY KEY AND PUT IT SOMEWHERE SAFE. I have the classic idiot's scenario - loaded about $5K in BTC and ETH on a trezor in 2016 or so, moved, and lost the paper with the security key. I'm sure it's around somewhere, but let's just say I'm in an enforced hodl pattern for the now.
Also keep a Gemini account - unlike others, I don't mind entrusting a modest amount to a stable US based exchange. I just occasionally buy a small amnt of BTC, ETH and LTC, and watch it go up and down. Over time its value has more just about tripled.
|by Anonymous||reply 72||01/07/2021|
I don't think it'll crash, R67, but it will definitely drop at some point. That's a good time to buy in if you don't mind waiting. And then it'll eventually go up again. Just don't invest anything you need in the near term future.
|by Anonymous||reply 73||01/07/2021|
|by Anonymous||reply 74||01/11/2021|
Bitcoin and other virtual currencies plunged on Monday, wiping off $170 billion from the entire crypto market.
|by Anonymous||reply 75||01/11/2021|
For those of you paywalled:
Stefan Thomas, a German-born programmer living in San Francisco, has two guesses left to figure out a password that is worth, as of this week, about $220 million. The password will let him unlock a small hard drive, known as an IronKey, which contains the private keys to a digital wallet that holds 7,002 Bitcoin. While the price of Bitcoin dropped sharply on Monday, it is still up more than 50 percent from just a month ago when it passed its previous all-time high around $20,000.
The problem is that Mr. Thomas years ago lost the paper where he wrote down the password for his IronKey, which gives users 10 guesses before it seizes up and encrypts its contents forever. He has since tried eight of his most commonly used password formulations — to no avail. “I would just lay in bed and think about it,” Mr. Thomas said. “Then I would go to the computer with some new strategy, and it wouldn’t work, and I would be desperate again.”
Bitcoin, which has been on an extraordinary and volatile eight-month run, has made a lot of its holders very rich in a short period of time, even as the coronavirus pandemic has ravaged the world economy. But the cryptocurrency’s unusual nature has also meant that there are many people who are locked out of their Bitcoin fortunes as a result of lost or forgotten keys. They have been forced to watch, helpless, as the price has risen and fallen dramatically, unable to cash in on their digital wealth.
Of the existing 18.5 million Bitcoin, around 20 percent — currently worth around $140 billion — appear to be in lost or otherwise stranded wallets, according to the cryptocurrency data firm Chainalysis. Wallet Recovery Services, a business that helps find lost digital keys, said it has gotten 70 requests a day from people who want help recovering their riches, three times the number of a month ago. Bitcoin owners who are locked out of their wallets speak of endless days and nights of frustration as they have tried to access their fortunes. Many have owned the coins since Bitcoin’s early days a decade ago, when no one had confidence that the tokens would be worth anything.
“Through the years I would say I have spent hundreds of hours trying to get back into these wallets,” said Brad Yasar, an entrepreneur in Los Angeles who has a few desktop computers that contain thousands of Bitcoin he created, or mined, during the early days of the technology. While those Bitcoin are now worth hundreds of millions of dollars, he lost his passwords many years ago and has put the hard drives containing them in vacuum-sealed bags, out of sight. “I don’t want to be reminded every day that what I have now is a fraction of what I could have that I lost,” he said.
The dilemma is a stark reminder of Bitcoin’s unusual technological underpinnings, which set it apart from normal money and gives it some of its most vaunted — and riskiest — qualities. With traditional bank accounts and online wallets, banks like Wells Fargo and other financial companies like PayPal can provide people the passwords to their accounts or reset lost passwords.
|by Anonymous||reply 76||01/12/2021|
But Bitcoin has no company to provide or store passwords. The virtual currency’s creator, a shadowy figure known as Satoshi Nakamoto, has said that Bitcoin’s central idea was to allow anyone in the world to open a digital bank account and hold the money in a way that no government could prevent or regulate. This is made possible by the structure of Bitcoin, which is governed by a network of computers that agreed to follow software containing all the rules for the cryptocurrency. The software includes a complex algorithm that makes it possible to create an address, and associated private key, which is known only by the person who created the wallet. The software also allows the Bitcoin network to confirm the accuracy of the password to allow transactions, without seeing or knowing the password itself. In short, the system makes it possible for anyone to create a Bitcoin wallet without having to register with a financial institution or go through any sort of identity check.
That has made Bitcoin popular with criminals, who can use the money without revealing their identity. It has also attracted people in countries like China and Venezuela, where authoritarian governments are known for raiding or shutting down traditional bank accounts.
But the structure of this system did not account for just how bad people can be at remembering and securing their passwords. “Even sophisticated investors have been completely incapable of doing any kind of management of private keys,” said Diogo Monica, the co-founder of a start-up called Anchorage, which helps companies handle cryptocurrency security. Mr. Monica started the company in 2017 after helping a hedge fund regain access to one of its Bitcoin wallets. Mr. Thomas, the programmer, said he was drawn to Bitcoin partly because it was outside the control of a country or company. In 2011, when he was living in Switzerland, he was given the 7,002 Bitcoins by an early Bitcoin fanatic as a reward for making an animated video, “What is Bitcoin?,” which introduced many people to the technology. That year, he lost the digital keys to the wallet holding the Bitcoin. Since then, as Bitcoin’s value has soared and fallen and he could not get his hands on the money, Mr. Thomas has soured on the idea that people should be their own bank and hold their own money.
“This whole idea of being your own bank — let me put it this way, ‘Do you make your own shoes?” he said. “The reason we have banks is that we don’t want to deal with all those things that banks do.” Other Bitcoin believers have also realized the difficulties of being their own bank. Some have outsourced the work of holding Bitcoin to start-ups and exchanges that secure the private keys to people’s stashes of the virtual currency.
Yet some of these services have had just as much trouble securing their keys. Many of the largest Bitcoin exchanges over the years — including the onetime well-known exchange, Mt. Gox — have lost private keys or had them stolen. Gabriel Abed, 34, an entrepreneur from Barbados, lost around 800 Bitcoins — now worth around $25 million — when a colleague reformatted a laptop that contained the private keys to a Bitcoin wallet in 2011. Mr. Abed said this did not dim his enthusiasm. Before Bitcoin, he said, he and his fellow islanders had not been able to access affordable digital financial products like the credit cards and bank accounts that are easily available to Americans. In Barbados, even getting a PayPal account was almost impossible, he said. The open nature of Bitcoin, he said, gave him full access to the digital financial world for the first time.
“The risk of being my own bank comes with the reward of being able to freely access my money and be a citizen of the world — that is worth it,” Mr. Abed said.
|by Anonymous||reply 77||01/12/2021|
For Mr. Abed and Mr. Thomas, any losses from mishandling the private keys have partly been assuaged by the enormous gains they have made on the Bitcoin they managed to hold onto. The 800 Bitcoin Mr. Abed lost in 2011 were only a fraction of the tokens he has since bought and sold, allowing him to recently buy a 100-acre plot of oceanfront land in Barbados for over $25 million. Mr. Thomas said he also managed to hold onto enough Bitcoin — and remember the passwords — to give him more riches than he knows what to do with. In 2012, he joined a cryptocurrency start-up, Ripple, that aimed to improve on Bitcoin. He was rewarded with Ripple’s own native currency, known as XRP, which rose in value. (Ripple has recently run into its legal troubles, in part because the founders had too much control over the creation and distribution of the XRP coins.)
As for his lost password and inaccessible Bitcoin, Mr. Thomas has put the IronKey in a secure facility — he won’t say where — in case cryptographers come up with new ways of cracking complex passwords. Keeping it far away helps him try not to think about it, he said.
“I got to a point where I said to myself, ‘Let it be in the past, just for your own mental health,’” he said.
|by Anonymous||reply 78||01/12/2021|
R5, Too expensive now. Yeah, I thought about it when your father bought. But I couldn't get past the "Dark Web nefarious purchases" thing; couldn't understand the "bitchain" concept; and it wasn't accepted as currency by any legit entity.
I am thankful I bought a few Amazon shares pre-2019.
|by Anonymous||reply 79||01/12/2021|
I have 2,000 pi coins. I'm rich
|by Anonymous||reply 80||01/12/2021|
Yes indeed, we too use "cookies." Don't you just LOVE clicking on these things on every single site you visit? I know we do! You can thank the EU parliament for making everyone in the world click on these pointless things while changing absolutely nothing. If you are interested you can take a look at our privacy/terms or if you just want to see the damn site without all this bureaucratic nonsense, click ACCEPT and we'll set a dreaded cookie to make it go away. Otherwise, you'll just have to find some other site for your pointless bitchery needs.
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