Reading this title might be scary too! Losing bitcoin literally means losing bitcoin! There is no bank to promote and no higher authority to return your money. Lost bitcoins are out of your control forever, and you better not think about them anymore!
In its new article, the IBM Crypto website describes the story of people who stupidly lost a lot of bitcoins.
It’s best to never forget these two rules:
- Rule One: Keep your private keys (or recovery terms) safe.
- Rule Two: Never forget the first rule.
Good luck always, this time stupidity
There are many stories about lucky people getting rich with bitcoin. This article focuses on the least fortunate of those who have lost their money and bitcoins.
Mining computer is not in stock
You can’t dump your old computer where bitcoin is stored because your bitcoin value hasn’t gone up. But the person in our story did. It was about a year, when things were simpler, years before the explosion of bitcoin’s reputation. Syl Turner extracted two bitcoins when they were almost worthless. And then he temporarily moved his old computer to the attic.
Seven years later, when the Satoshi masterpiece gained tremendous value, this Atlanta software developer just remembered his bitcoins. But it was too late. The computer was apparently in pain and all its information was gone. Two bitcoins were easily lost.
Now that we’re talking about the least fortunate bitcoins, how can we forget about James Howells ? This is when bitcoin was priced at about $130 each, and it was then revealed that Howls had discarded 7500 bitcoins he had extracted in the year 2009. You might ask where he dumped? At the landfill!
Computer crashed and thousands of trouble
The title somehow tells the story. Someone, Dalton Mackey , bought 25 Bitcoins a day and stored them in his wallet, which was installed on his computer. Soon after he had completely forgotten the bitcoins, his system crashed and a new system was introduced. After a long jump, Bitcoin found out what he had done. He could be a rich man today.
He came, bought, forgot
We all have friends who lost their wallets in the passage, or left their cellphones in the shops! But what about a USB stick containing bitcoin private keys? Meet John. In the year 2012, a freshman student bought 10 bitcoins and stored the private key containing these bitcoins on flash memory. In short, when he left his purse, he lost all that money!
God’s wood has no sound
An Irish drug dealer, Clifton Collins, split something around 6000 Bitcoin between 12 new wallets, each containing 5 Bitcoin. He then wrote his private keys on a piece of paper and hid them in an aluminum can in his fishing bag.
Let’s go to the main story. Our story salesman was arrested for smuggling marijuana, and his homeowner discarded his belongings, including his fishing bag. It was a sad story of the loss of an Irish man’s bitcoins.
In the bright half of the story, he avoids losing his fortune, saying it was “punishing his own stupidity.”
Wired Magazine story
Mai Schotz, an employee of the renowned Wired Magazine, says:
We were stupid, but we weren’t the only stupid ones.
In year 2013, employees at the Wired Magazine office in San Francisco extracted 13 bitcoins using a mining machine developed by Butterfly Labs. But none of those bitcoins are available today. They have forgotten the private keys of the wallet and no one can remember this 64-character string.
A tough bitcoin critic who has never lost a bit
Peter Schiff, the pro-gold economist and big critic of Bitcoin, receives an honorary doctorate from this list. The gold pro himself forgot his wallet password and blamed Bitcoin. Schiff, the hard-pressed digital currency critic, had said on social media that his wallet was broken. He later tweeted that the problem was due to software updates and logging out of his account. Yes, the famous economist had not backed up his wallet recovery words.
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