Saw something in the news about a guy who has a million dollars worth of bitcoin but he lost his password. He has tried eight times to remember and put it in and has failed each time to get it right. He has two tries left before he loses it forever.
That sucks, thats why crypto people preach to get your crypto off exchanges. Not your keys, not your crypto. Ive actually lost about $800 due to errors myself unfortunately. (maleware hack and sending to the wrong address). Yeah he basically stored his bitcoin on a USB drive that required a password. The USB drive resets itself if he does the incorrect password 10 times. The crappy part for him is that he is going to have to live the rest of his life knowing that there are millions of dollars sitting there and he cant access them. It might be worth billions in a few years too depending on Bitcoins growth. If I was him, I would just try two more times, and just move on. He said he 100% will never remember the password, his only hope is if he could use something like neuralink technology and relive his entire life through his memories, and essentially go back into his memory to get the password. There is a chance in a few decades that this would be possible, but its still just highly unlikely he ever gets those Bitcoin back.
Here is another guy who threw his hard drive in a land fill. This video is from 8 years ago yet, he still has to live with this. He is now offering $70 million if anyone can dig it up and find it: At some point I believe they will dig it up, because if its worth billions, it just makes sense.
Not sure that I really believe this guy. If he has that much in BitCoin he would've been waiving the flag three years ago even if it's worth exponentially more now. Very suspect. Seems like media whore.
That video is from 2013, he has been waiving the flag the entire time. Unfortunately it wasn't worth it, because the likelihood of finding the drive is almost impossible. Also chances are it wouldn't work too. One day it will happen, but not yet.
If anyone has any questions about Bitcoin or Crypto, feel free to ask, Ive studied this market about 10 hours a day for the last 5 years, I can answer a lot of questions. Ive been getting asked so many questions by people I know lately due to the price increase which will continue throughout this year. If you dont hold any Bitcoin, the best thing anyone can do is get exposure, even if its just a few dollars worth. Once when you have something at stake, you will likely find your interest in it growing.
I know almost nothing about it. My question is is there an underlying asset Bitcoin is based on? What makes it go up or down in value in respect to other currencies? I read that every transaction is recorded and can be accessed by anybody. What is the value of that? I read this on wiki: "Bitcoin has been criticized for the amount of electricity consumed by mining. As of 2015, The Economist estimated that even if all miners used modern facilities, the combined electricity consumption would be 166.7 megawatts (1.46 terawatt-hours per year).[160] At the end of 2017, the global bitcoin mining activity was estimated to consume between one and four gigawatts of electricity.[228" What are they mining and is this the underlying asset the price of bitcoin is based on? https://en.wikipedia.org/wiki/Bitcoin
Technically Bitcoin does not have any underlying asset backing it in a physical form. Bitcoin does have the strength of the strongest computing network in the entire world that continues to grow larger every day. Essentially the security of the network is backed by individuals who use their computing power to secure the network. Yes every transaction is recorded on a public ledger, this is done in order to prove an audit which is done every 10 minutes. The reason is, there are only ever going to be 21 million Bitcoin, right now about 18.5 million are in circulation, the remaining coins will be mined over the next 120 years. The reason this is important is because unlike fiat currencies like the US Dollar, or even Gold, we know the supply of Bitcoin from now until the end of time. Its supply cannot be inflated or controlled, it is the most scarce asset in the history of the world. Yes the electricity consumption comes from the computers that are securing the network. The amount of electricity is a large amount, however this makes it extremely hard for anyone to interfere with the network. Its almost impossible, because even if a government wanted to take control of the network, the amount of computing power required, is probably not even able to be purchased from computer chip makers.
Litecoin is an older project. It will probably go up in price, maybe it will be used as a payment coin eventually. Not bad coin, but there is much better out there. I love Ethereum.
VISA is going integrate crypto into every bank: https://www.forbes.com/sites/billyb...-reach-network-of-70-million/?sh=58aa0354401c
Looks like Crazy Johns McAfee is back in the news. Who's surprised it's cryptocurrencies this time? John McAfee indicted on cryptocurrency fraud charges (cnbc.com)
I bumped this topic last year during the Covid drop down to $4000. Seems fitting to bump it again when Bitcoin just had another massive crash today down to $30,000.
How have you done with it overall? Looks like you got in super early. As much as I don’t really like crypto, I had to finally jump in on this last dip. Bought Eth at $2400
