Topic: again a Bitcoin millionaire who forgot his password - page 4. (Read 922 times)
its not the private key and password that people under estimate before but its the bitcoin because if they only treat bitcoin as important as their emails , social media and other important apps they wont forget their bitcoin passwords and private keys . the guy must be involved in btc when btc is still in its early days but what makes me think is that there are already hardware wallets that time ? because i never heard private keys being talked about before and what sucks is that his hardwallet only gives him 10 chances , looks like a scam to me because if user fail to provide his password in the 10th atempt the owner of the wallet will confiscate the funds but why not he try to contact the wallet owner ? see if he can negotiate with his btc .
There's a huge tradeoff between storing your private key or seed in plaintext or in encrypted form. Encryption protects you from physical theft or seizure, while storing in plaintext prevents you from shooting yourself in the foot by losing your password and locking yourself out. I think physical thefts of Bitcoin are still so rare that for most people it's safer to store their coins unencrypted, if they use a cold storage setup of course. You can also encrypt most of your backups while leaving one unencrypted and storing in the most secure place that you have.
I just don't get it on how he lose his password to his IronKey because if you are holding those huge number of bitcoin then probably you might have some back up file or you have multiple copies of your ironkey in order for you to avoid losing and forgetting those passwords. Just think about it, if you have so many money then probably you will not put it in just a 1 wallet but also you will put it in other wallet.
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German-born programmer Stefan Thomas told the Times he forgot the password to IronKey, an secure flash drive has access to 7,002 Bitcoin - $220 million worth. IronKey gives users 10 guesses for their passwords before seizing its contents.
"I would just lay in bed and think about it," Thomas told the New York Times Nathaniel Popper. "Then I would go to the computer with some new strategy, and it wouldn't work, and I would be desperate again."
"I would just lay in bed and think about it," Thomas told the New York Times Nathaniel Popper. "Then I would go to the computer with some new strategy, and it wouldn't work, and I would be desperate again."
quite surprised by this news because his Bitcoin trapped in his hardware wallet is very much. Don't underestimate your private key and password, if you haven't prepared the best place (easy to remember and reach) to store your private key and password then do it right now..
https://markets.businessinsider.com/currencies/news/programmer-locked-out-220-million-in-bitcoin-forgotten-password-2021-1-1029961378
The $22 million dollars was a huge amount, and it's unfortunate to say that those millions will not be recovered anymore without those private key or passwords so those bitcoins will be locked forever in the Blockchain another story of neglect of an important thing like passwords and keys, its should be a lesson to everybody that holds and using cryptocurrencies.
Take a look at the history of some of our legends. Earlier here on the forum bitcoins were played very often. And I see that one account can have a lot of addresses. What do you think people were thinking at the time? Bitcoin was worth very little. Could anyone have guessed that Bitcoin could grow by such amounts in the future? Therefore, accusing someone of irresponsibility is simply stupid. This is the most common human factor.
If you just apply the concept of wealth to the case in which a guy lost his keys, we can say that big money is not his destiny. Since owning a lot of capital, this is also a test.
Another case is about how a guy recovered his bitcoins after 9 years.
https://www.reddit.com/r/Bitcoin/comments/ku0gzz/i_found_the_private_keys_to_my_127_bitcoins_i/
The rule applies here that he earned millions on absolutely empty actions. And since he was able to restore it all, it means he is ready for big money. It's simple.
If you just apply the concept of wealth to the case in which a guy lost his keys, we can say that big money is not his destiny. Since owning a lot of capital, this is also a test.
Another case is about how a guy recovered his bitcoins after 9 years.
https://www.reddit.com/r/Bitcoin/comments/ku0gzz/i_found_the_private_keys_to_my_127_bitcoins_i/
The rule applies here that he earned millions on absolutely empty actions. And since he was able to restore it all, it means he is ready for big money. It's simple.
At $200 million value, you'd think IronKey would want to step in and try to reverse engineer or hack their own product to help this dude... It's likely an older drive with many vulnerabilities ready to be discovered.
They wouldn't do that, the OP said that they will seize the contents after 10 failed attempts so it is on their interest that the dude fail from getting the password. Maybe if he tries to find a way, IronKey is not the Apple, someone might be able to do the job for a certain amount of money.
This is the reason why I really need to store my private keys in a very secretive place and I know that I can access thru it anytime I want. Don't underestimate the power of these words 
.
If I'm only in that situation, I don't know what to do. I'm thinking though if the company can help him though since it is his own keys and they don't have any access to it.
What we can do right now is to just learn from this kind of mistakes so that we will not have the same fate or will be in his situation.
This is confusing. How is it a donaton to everyone when the owner can not even get the bitcoin out of the stored device? If he fails to get his password and gain access to the coins it means they are lost forever. May be Satoshi spoke in parable there.
This phrase that Satoshi has shared is kinda sarcastic in a way but I'm thinking that you know what Satoshi means right .
.If I'm only in that situation, I don't know what to do. I'm thinking though if the company can help him though since it is his own keys and they don't have any access to it.
What we can do right now is to just learn from this kind of mistakes so that we will not have the same fate or will be in his situation.
Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone.
This is confusing. How is it a donaton to everyone when the owner can not even get the bitcoin out of the stored device? If he fails to get his password and gain access to the coins it means they are lost forever. May be Satoshi spoke in parable there.
. 
Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone.
This is confusing. How is it a donaton to everyone when the owner can not even get the bitcoin out of the stored device? If he fails to get his password and gain access to the coins it means they are lost forever. May be Satoshi spoke in parable there.
At $200 million value, you'd think IronKey would want to step in and try to reverse engineer or hack their own product to help this dude... It's likely an older drive with many vulnerabilities ready to be discovered.
They wouldn't do that, the OP said that they will seize the contents after 10 failed attempts so it is on their interest that the dude fail from getting the password. Maybe if he tries to find a way, IronKey is not the Apple, someone might be able to do the job for a certain amount of money.
It may be the most expensive key ever lost. That's why it is always repeated that keep your private keys safe. The biggest difference of a cryptocurrency wallet from a traditional electronic wallet is that it does not store your cryptocurrencies in one place. It provides access to records in different blockchains with your private keys.
I mean, how does he not write down the password of the human account. It is a pity, so what should I say? I guess I'd be crazy if it happened to me. I hope he finds his password, I have no other wishes.
Definitely sucks for the guy, if I was in his shoes, I would have literally drive myself crazy over regret. I mean, you invested into buying a physical wallet, due to safety concerns I guess, why wouldn't you make a backup of the private keys or something. We're talking about 7.000 BTC, now worth millions of dollars. 
Quote
German-born programmer Stefan Thomas told the Times he forgot the password to IronKey, an secure flash drive has access to 7,002 Bitcoin - $220 million worth. IronKey gives users 10 guesses for their passwords before seizing its contents.
"I would just lay in bed and think about it," Thomas told the New York Times Nathaniel Popper. "Then I would go to the computer with some new strategy, and it wouldn't work, and I would be desperate again."
"I would just lay in bed and think about it," Thomas told the New York Times Nathaniel Popper. "Then I would go to the computer with some new strategy, and it wouldn't work, and I would be desperate again."
quite surprised by this news because his Bitcoin trapped in his hardware wallet is very much. Don't underestimate your private key and password, if you haven't prepared the best place (easy to remember and reach) to store your private key and password then do it right now..
https://markets.businessinsider.com/currencies/news/programmer-locked-out-220-million-in-bitcoin-forgotten-password-2021-1-1029961378
Miners had been gathering too much time, effort and electricity to accumulate these Bitcoin volume and all of a sudden just because of laziness in securing the Private key ? now it will be Gone forever as we cannot bring back the lost bitcoin for lifetime,
Unless super computer mat discover how to crack each seeds and addresses .
Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone.
Quote
German-born programmer Stefan Thomas told the Times he forgot the password to IronKey, an secure flash drive has access to 7,002 Bitcoin - $220 million worth.
[GUIDE] How to Create a Strong/Secure Password
https://keepass.info/
https://pwsafe.org/
https://www.lastpass.com/
Some advice from Antonopoulos
Crypto Security: Passwords and Authentication - Livestream aantonop
Damn, I wonder how many peoples out there are in the same situation.
7K BTC, jesus.
7K BTC, jesus.
Such a huge amount that he might lost forever if he didnt remember his password, only two attempts left. He learned his lesson the hard way and probably regretting his actions of not backing up his password and keys. Well I hope he can still remember his password because the money involve is not a joke.
So before we store our coins in any wallet that we're going to use, make sure that you keep the necessary details to open and recover it incase something went wrong.
So before we store our coins in any wallet that we're going to use, make sure that you keep the necessary details to open and recover it incase something went wrong.
Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone.
Well... this is very much true. Bitcoin offers a lot of advantages to its users, but also comes with a few riders. If you don't know how to backup your coins, then you should not hold BTC. The problem is that many of these early investors purchased their coins when they were really cheap, and then forgot about them. Now with the prices having increased to five digits, they want to cash out. I still remember the story about a guy in the United Kingdom, who threw out the hard drive containing BTC15,000 in a rubbish dump, and then spent months looking for it.
Quote
German-born programmer Stefan Thomas told the Times he forgot the password to IronKey, an secure flash drive has access to 7,002 Bitcoin - $220 million worth. IronKey gives users 10 guesses for their passwords before seizing its contents.
"I would just lay in bed and think about it," Thomas told the New York Times Nathaniel Popper. "Then I would go to the computer with some new strategy, and it wouldn't work, and I would be desperate again."
"I would just lay in bed and think about it," Thomas told the New York Times Nathaniel Popper. "Then I would go to the computer with some new strategy, and it wouldn't work, and I would be desperate again."
quite surprised by this news because his Bitcoin trapped in his hardware wallet is very much. Don't underestimate your private key and password, if you haven't prepared the best place (easy to remember and reach) to store your private key and password then do it right now..
https://markets.businessinsider.com/currencies/news/programmer-locked-out-220-million-in-bitcoin-forgotten-password-2021-1-1029961378
It's such a fail! I think next time he'll remember that he needs to take his password and key seriously...But guys, be more careful! I absolutely agree with Olivia about being cautious about your private key and password (and other personal data) because such a little thing might create a big problem!!
Quote
German-born programmer Stefan Thomas told the Times he forgot the password to IronKey, an secure flash drive has access to 7,002 Bitcoin - $220 million worth. IronKey gives users 10 guesses for their passwords before seizing its contents.
"I would just lay in bed and think about it," Thomas told the New York Times Nathaniel Popper. "Then I would go to the computer with some new strategy, and it wouldn't work, and I would be desperate again."
"I would just lay in bed and think about it," Thomas told the New York Times Nathaniel Popper. "Then I would go to the computer with some new strategy, and it wouldn't work, and I would be desperate again."
quite surprised by this news because his Bitcoin trapped in his hardware wallet is very much. Don't underestimate your private key and password, if you haven't prepared the best place (easy to remember and reach) to store your private key and password then do it right now..
https://markets.businessinsider.com/currencies/news/programmer-locked-out-220-million-in-bitcoin-forgotten-password-2021-1-1029961378
It's such a fail! I think next time he'll remember that he needs to take his password and key seriously... Jump to: