2013-11-27 Guardian: 7,500 Bitcoins thrown in bin - page 2.

superresistant

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Quote from: satosh007 on November 28, 2013, 09:59:36 AM

Quote from: qwerty555 on November 28, 2013, 01:47:29 AM

The question that arises is after 50 yrs will half the bitcoins be lost? and after 100?

that's definitely not a good prediction for the future of BTC as a currency, right?
any wise man insights or thoughts?

Any Bitcoin lost increase the value of all others. As long as I have my Bitcoin, it is a good thing.

In my opinion, most people that lost Bitcoin don't know yet that they lost it. They are mostly the very early adopters, they mined incredible amount of Bitcoin when it had no value and forgot about it. I think that 1/3 of Bitcoin are already lost.

hilariousandco

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Quote from: satosh007 on November 28, 2013, 09:59:36 AM

Quote from: qwerty555 on November 28, 2013, 01:47:29 AM

The question that arises is after 50 yrs will half the bitcoins be lost? and after 100?

that's definitely not a good prediction for the future of BTC as a currency, right?
any wise man insights or thoughts?

I imagine lost coins can only push up the value of the remaining coins.

satosh007

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Quote from: qwerty555 on November 28, 2013, 01:47:29 AM

The question that arises is after 50 yrs will half the bitcoins be lost? and after 100?

that's definitely not a good prediction for the future of BTC as a currency, right?
any wise man insights or thoughts?

hilariousandco

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Join the world-leading crypto sportsbook NOW!

Quote from: linuxnewbie on November 28, 2013, 09:28:05 AM

Quote from: Rotex on November 28, 2013, 03:33:30 AM

Utter noob question, but am I right in thinking that if I physically write down the incoming transaction addresses from my wallet and keep it somewhere safe, I am creating a genuine safeguard for my coinage in case of digital wipeout/theft of computer/throwing in trash etc?

NB Date sorted

You need to have the private key for each address. Electrum (electrum.org) makes it easier because it allows you to restore a wallet from 12 words (the seed). Besides securing the 12 words, make sure to either encrypt the wallet if you want to store it on your hard drive, or cut and paste it after every use to a more secure place such as an external drive. Personally, I just delete the wallet after every use because I know I can restore it from the seed. But you should only do this after making sure you can restore the wallet from the seed.

Thanks for this. I've been hearing good things about the electrum wallets.

superresistant

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Quote

Howells stopped mining after a week because his girlfriend complained that the laptop was getting too noisy and hot

Can't stop laughing Grin

linuxnewbie

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Quote from: Rotex on November 28, 2013, 03:33:30 AM

Utter noob question, but am I right in thinking that if I physically write down the incoming transaction addresses from my wallet and keep it somewhere safe, I am creating a genuine safeguard for my coinage in case of digital wipeout/theft of computer/throwing in trash etc?

NB Date sorted

You need to have the private key for each address. Electrum (electrum.org) makes it easier because it allows you to restore a wallet from 12 words (the seed). Besides securing the 12 words, make sure to either encrypt the wallet if you want to store it on your hard drive, or cut and paste it after every use to a more secure place such as an external drive. Personally, I just delete the wallet after every use because I know I can restore it from the seed. But you should only do this after making sure you can restore the wallet from the seed.

qwk

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Shitcoin Minimalist

Quote from: mistress_magpie on November 28, 2013, 08:55:41 AM

I would assume that it can't be decrypted without the cooperation of the original miner

Encryption was not built into the bitcoin client back then.
And if he didn't even think of making a backup, why bother with encryption?

So, most likely, it's unencrypted Grin

mistress_magpie

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I would assume that it can't be decrypted without the cooperation of the original miner

azw409

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The hard disk, if it is still readable, belongs to the council (or waste company) now. It's not like salvage where who-ever recovers it owns it.

I'm amazed that a week or two of mining produced 7,500 BTC back in 2009. I know a guy that was mining back then and, come to think of it, I haven't seen him around work for months - I bet he owns a Caribbean island now.

mistress_magpie

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There needs to be a waste company doing Bitcoin salvage. He should find, or found, such a company, and go halfsies on the proceeds of the recovery.

I have tweeted Jeremy Vine Show with such.

qwk

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Quote from: niothor on November 28, 2013, 07:55:06 AM

Quote from: qwk on November 28, 2013, 07:43:05 AM

Quote from: niothor on November 28, 2013, 07:26:51 AM

Quote from: qwk on November 28, 2013, 06:58:20 AM

SS Gairsoppa - shipwreck - £137 million in silver recovered

Well , silver doesn't get damaged by water. Data on hdd does.

True. One might have to estimate the probability of recovering the data and only get at it if there's a reasonable risk/opportunity ratio

Actually , isn't this the biggest prank one can think about it?
BTC to 10k , and have a earlier adopter , known for his bitcoin stash claiming he lost his usb drive with an unecrypted wallet in a garbage dump.
10's and 1000's of people foraging there ....

If this ever becomes a possibility because of rising value, such an enterprise would try and get him on board.

I seriously think this could become interesting in a few years Grin

DrahogErusiel

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Account was hacked and now reclaimed.

oops didnt see this post.bleah

PenAndPaper

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Quote from: maurya78 on November 28, 2013, 07:24:26 AM

Pretty tragic story actually

Impossible to imagine what that feels like!

Well i guess it was about time for some bad news after all those success stories of ppl realizing that they are millionairs because they remembered their lost forgotten wallet Cool

Rotex

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I've just listened to him on the radio and he sounds understandably depressed. Really feel for him. He's an IT engineer and had loads of old drives hanging about and just threw a load of old crap out. Jeremy Vine apologised to the audience for not alerting them to Bitcoin earlier. 'We missed it. We just missed it!'

BBC tech correspondent Rory Cellan-Jones was also on there telling his tale of losing the coins in his mobile wallet.

I thought is was a shame no-one contemplated that it's still relatively early days in the evolution of bitcoin and there's still potential for growth.

niothor

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in defi we trust

Quote from: qwk on November 28, 2013, 07:43:05 AM

Quote from: niothor on November 28, 2013, 07:26:51 AM

Quote from: qwk on November 28, 2013, 06:58:20 AM

SS Gairsoppa - shipwreck - £137 million in silver recovered

Well , silver doesn't get damaged by water. Data on hdd does.

True. One might have to estimate the probability of recovering the data and only get at it if there's a reasonable risk/opportunity ratio

Actually , isn't this the biggest prank one can think about it?
BTC to 10k , and have a earlier adopter , known for his bitcoin stash claiming he lost his usb drive with an unecrypted wallet in a garbage dump.
10's and 1000's of people foraging there ....

qwk

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Shitcoin Minimalist

Quote from: niothor on November 28, 2013, 07:26:51 AM

Quote from: qwk on November 28, 2013, 06:58:20 AM

SS Gairsoppa - shipwreck - £137 million in silver recovered

Well , silver doesn't get damaged by water. Data on hdd does.

True. One might have to estimate the probability of recovering the data and only get at it if there's a reasonable risk/opportunity ratio

niothor

hero member

Activity: 826

Merit: 501

in defi we trust

Quote from: qwk on November 28, 2013, 06:58:20 AM

SS Gairsoppa - shipwreck - £137 million in silver recovered

Well , silver doesn't get damaged by water. Data on hdd does.

maurya78

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Pretty tragic story actually

Impossible to imagine what that feels like!

qwk

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Shitcoin Minimalist

SS Gairsoppa - shipwreck - £137 million in silver recovered

qwk

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Shitcoin Minimalist

Quote from: TheButterZone on November 28, 2013, 02:05:31 AM

~4.6 million GBP

I'd probably shut down the landfill and hire excavators to get this HD back. How much does the landfill make per day anyway?

Well, treasure hunters do crazier things for a couple million bucks, so yes, someone will hire excavators sooner or later, almost no doubt about that.

Topic: 2013-11-27 Guardian: 7,500 Bitcoins thrown in bin - page 2. (Read 5615 times)