Man Lost $127 Million Worth Of Bitcoin And City Wont Let Him Look
He wants to try, regardless, but the Newport City Council won't allow it. In an interview with tech website Wired , a council spokesperson said their offices have been "contacted in the past about the possibility of retrieving a piece of IT hardware said to contain bitcoins," but digging up, storing and treating the waste could cause a "huge environmental impact on the surrounding area." The landfill reportedly contains about 350,000 tons of waste and 50,000 more tons are added every year. "It is likely that the hardware would have suffered significant galvanic corrosion due to the presence of landfill leachates and gases," officials pointed out. Even if the drive is recovered, it may not work after being exposed to weighty and possibly toxic waste for so long. Plus, the operation, which could require specialty-construction vehicles, might cost millions. And while Howells has the "financial backing in place" to fund such an effort, according to Wired, he needs permission: The landfill is not open to the public and trespassing would be considered a criminal offense. Cloud-based services now help prevent physically losing hardware where bitcoins are stored, but there are still a few reasons to be wary of cryptocurrencies: Some experts fear it could be outlawed , note it's hard to value accurately and say buying it is more gambling than investing. Still, many believe the positives outweigh the negatives. Even Howells still tracks bitcoin's price, he tells Wired, "but that's not because I'm obsessed with the price because of my lost coins. I have multiple tickers running with prices in different fiat currencies," not just in bitcoin. And if Howells does recover his bitcoins, he'll probably cash some in. "Who knows for sure?" he says. "I probably would have sold 30 or 40 pe Continue reading >>
How I Lost 95 Bitcoin : Bitcoin
Do not use URL shortening services: always submit the real link. Begging/asking for bitcoins is absolutely not allowed, no matter how badly you need the bitcoins. Only requests for donations to large, recognized charities are allowed, and only if there is good reason to believe that the person accepting bitcoins on behalf of the charity is trustworthy. News articles that do not contain the word "Bitcoin" are usually off-topic. This subreddit is not about general financial news. Submissions that are mostly about some other cryptocurrency belong elsewhere. For example, /r/CryptoCurrency is a good place to discuss all cryptocurrencies. Promotion of client software which attempts to alter the Bitcoin protocol without overwhelming consensus is not permitted. Trades should usually not be advertised here. For example, submissions like "Buying 100 BTC" or "Selling my computer for bitcoins" do not belong here. /r/Bitcoin is primarily for news and discussion. Please avoid repetition /r/bitcoin is a subreddit devoted to new information and discussion about Bitcoin and its ecosystem. New merchants are welcome to announce their services for Bitcoin, but after those have been announced they are no longer news and should not be re-posted. Aside from new merchant announcements, those interested in advertising to our audience should consider Reddit's self-serve advertising system . Do not post your Bitcoin address unless someone explicitly asks you to. Be aware that Twitter, etc. is full of impersonation. Continue reading >>
Is It Possible To Find Lost Bitcoins?
Quote from: babar123 on July 24, 2017, 11:29:35 PM those bitcoin are like gift for everyone, they decrease the inflation and permits bitcoin to worth more, it is rather a good new that many bitcoin got burnt for the bitocin holders, would be nice to know how many but we will never know, its certainly much more than we all believe Yep, and with over 1 Million bitcoins hacked from Mt Gox and Bitfinex, that's about 5% of the coins right there. Then who's to say how many have been lost over the years from people who misplaced their keys...probably at least another 1 million coins. The 21 Mil coin availability is probably more like 15 million between the hacks, lost coins, and burnt coins. I know it's impossible to find lost bitcoins. If one loses access to his address and does not have the private key then those bitcoins will be out of circulation for good. But after reading this topic, I got another question. Wouldn't be important to know how many bitcoins were lost? No one could know for sure, but maybe they could have an estimate about it. Like if coins are stuck in an address for lots of years, and probably those addresses are associated with wallets that are no longer operational (like multibit classic, etc), wouldn't that mean that those coins are potencial lost? I don't even know if you can try to associate an address to a wallet, but you can probably check for coins that haven't been moved in a long time. The thing is, that since BTC is limited, being able to estimate how much BTC were lost, could have an impact on it's price. The lost bitcoins, that is, bitcoins, to which access for various reasons have been lost, remain encrypted in the block-chain block-chain. They can be extracted from there only by cheating them. Yes, it is very difficult, but not impossible. Continue reading >>
I Forgot My Pin: An Epic Tale Of Losing $30,000 In Bitcoin
I Forgot My PIN: An Epic Tale of Losing $30,000 in Bitcoin I Forgot My PIN: An Epic Tale of Losing $30,000 in Bitcoin The Trezor: January 4, 2016: 7.4 BTC = $3,000 In January 2016, I spent $3,000 to buy 7.4 bitcoins. At the time, it seemed an entirely worthwhile thing to do. I had recently started working as a research director at the Institute for the Futures Blockchain Futures Lab, and I wanted firsthand experience with bitcoin, a cryptocurrency that uses a blockchain to record transactions on its network. I had no way of knowing that this transaction would lead to a white-knuckle scramble to avoid losing a small fortune. My experiments with bitcoin were fascinating. It was surprisingly easy to buy stuff with the cryptocurrency. I used the airBitz app to buy Starbucks credit. I used Purse.io to buy a wireless security camera doorbell from Amazon. I used bitcoin at Meltdown Comics in Los Angeles to buy graphic novels. By November, bitcoins value had nearly doubled since January and was continuing to increase almost daily. My cryptocurrency stash was starting to turn into some real money. Id been keeping my bitcoin keys on a web-based wallet, but I wanted to move them to a more secure place. Many online bitcoin services retain their customers private bitcoin keys, which means the accounts are vulnerable to hackers and fraudsters (remember the time Mt. Gox lost 850,000 bitcoins from its customers accounts in 2014?) or governments (like the time BTC-e, a Russian bitcoin exchange, had its domain seized by US District Court for New Jersey in August, freezing the assets of its users). I interviewed a handful of bitcoin experts, and they all told me that that safest way to protect your cache was to use something called a hardware wallet. This little device is basically a glo Continue reading >>
Wallet Gone And Lost Recovery Phrase, How To Get Back My Bitcoins?
You may think of this from the reverse perspective. If there were such a way, someone who is not you would be able to get your bitcoins. Which is exactly how you do not want the system to be designed. Hence the answers given. void_ptr Dec 7 '17 at 20:59 Is that the only place anywhere you had your information stored? For example, the 12 words are usually created by a wallet program--do you still have that? chrylis Dec 7 '17 at 21:01 It is cheaper and faster to literally walk the entirety of the earth looking for your phone, vs. trying to take control of a wallet without the original private key. Bryan Boettcher Dec 7 '17 at 21:22 Do you have anything associated with the wallet at all? Anything that nobody else has? David Schwartz Dec 8 '17 at 19:10 Your bitcoins are lost forever, unless you have the key. Let this be a lesson learned to always write down your keys on paper. There are no ways to recover your bitcoins without the key. ... and then the paper is in a room at Fahrenheit 451... . Your answer should be "have multiple backup copies of your keyphrase stored in multiple physical locations" Carl Witthoft Dec 8 '17 at 16:21 @CarlWitthoft I'm sorry. for anyone who needs common sense, here: "have multiple backup copies of your keyphrase stored in multiple physical locations" Callerap Dec 8 '17 at 16:32 You need your 12 words to get it back. Just that. There is no other way. No bank, no insurance company and no helpdesk that you can turn to. No person or computer in the world is able to recover the same wallet without those 12 words. I hope you've written the words down somewhere. Here's where the relevant part of the answer for you ends concerning the particular wallet. Here comes more about those 12 words. Always write down the 12 words on paper and store it safely. Continue reading >>
Coinreport Dont Lose Your Bitcoin Wallet! Tips On How To Secure Your Bitcoins
Gotten yourself a couple of bitcoins and trying to find a way to keep them safe? Just like a regular wallet, you have to take precaution with your bitcoin wallet since you dont want to lose your money. It may seem a bit difficult to protect a virtual wallet, but if done properly you can definitely secure it. The following guide will explain a few practices you can do to keep your virtual coins safe and sound. Keep Only a Small Amount of Bitcoins in Your Wallet In having a wallet, whether a virtual or physical one, you wouldnt want to have all of your money in it since if you lose your wallet you are broke. Therefore, it is advised that you store only a few coins on your phone or computer which will be your everyday spending money. The rest should be kept secure at another location. This is a web-based wallet that stores your private bitcoin key online. This means your coins are controlled by someone other than you. In addition, it can place great power into the hands of the organization that runs your online wallet because they have the private key. On the other side, having a web based wallet is a good for when you want to have access to your bitcoins anywhere at any time. Here are a couple of known online wallet sites: Blockchain , Coinbase , Strongcoin . Out of these three, Strongcoin is the only one that allows you to encrypt your private keys before sending them online, offering a bit more security. A basic, yet imperfective way to protect your coins is to encrypt your wallet. Encrypting means setting a very strong (at least 16 letter) password with capital letters, punctuation marks, numbers, etc. This helps against most robbing mishaps, however there are limitations: Hackers could use a software to log your keystrokeshence even if you have a super strong passwor Continue reading >>
What Happens In The Future When Most Bitcoins Are Lost In Limbo?
What happens in the future when most Bitcoins are lost in limbo? What will happen, lets say around 2100, when most of the bitcoins are lost in the limbo?. See, by then (year 2100) almost 20 million bitcoins would have been mined, but also more than half of the bitcoins would be lost in limbo (lost in hardware wallets or web wallets that were owned by people who died and didnt give their passwords, etc etc to someone else in time). Eventually most of the bitcoins will be lost in the limbo with no way of recovering them. What happens then?, will it dissapear or will they have to add more decimals to the few remaining bitcoins?. At least with Gold, if you die someone can recover/find the Gold (unless you bury it in a very remote place in the eath). But bitcoins can never be recovered if permanently lost. So, what will happen in the future when 90% or more of the bitcoins are permanently lost in the limbo?. Maybe the remaining bitcoins will become a very valuable "collector's item" or something? Quote from: GoldenOrder on November 20, 2017, 04:40:28 AM See, by then (year 2100) almost 20 million bitcoins would have been mined, but also more than half of the bitcoins would be lost in limbo (lost in hardware wallets or web wallets that were owned by people who died and didnt give their passwords, etc etc to someone else in time). Eventually most of the bitcoins will be lost in the limbo with no way of recovering them. What happens then?, will it dissapear or will they have to add more decimals to the few remaining bitcoins?. At least with Gold, if you die someone can recover/find the Gold (unless you bury it in a very remote place in the eath). But bitcoins can never be recovered if permanently lost. So, what will happen in the future when 90% or more of the bitcoins are perm Continue reading >>
Report: Almost 4 Million Bitcoins Could Be Lostforever
Report: almost 4 million Bitcoins could be lostforever Chainalysis , a New York-based company that specializes in blockchain analysis, has uncovered some surprising information about Bitcoin. Its research shows that close to 4 million BTCs, which have a value of over $30 billion, could have disappeared forever. As reported by Fortune , there are only 21 million Bitcoins that can be mined in total, but once theyve all been taken by the year 2040, the actual amount available to spend or trade will be much lower than that figure. Chainalysis high estimate puts the number of Bitcoins gone for good at 3.79 million, while the low estimate places it at 2.78 million. That means 17 percent to 23 percent of existing Bitcoins are lost. With the price of a single coin now over $9500, that represents a lot of money. While it wasnt keen to reveal the exact methods behind its findings, Chainalysis used age and transaction activity to determine which Bitcoins havent been moved for long periods of time. Most of these missing Bitcoins come under the Out of circulation category, which covers those coins mined in the technologys early days when they were almost worthlessthe person who threw away a hard drive with the key to 7500 Bitcoins is cited as an example of how people were less vigilant about keeping them back then. This segment also assumes that many coins mined 2-7 years ago and belonging to long-term investors called Holders are gone. Only 4 percent of Bitcoins used for strategic investments and buying/selling have been lost, while none of the coins mined this year have disappeared. Interestingly, the second-largest number of lost Bitcoins is in the Original Coins category. These belong to the cryptocurrencys creator, known only by the pseudonym Satoshi. Wallets associated with t Continue reading >>
What Happens To Lost Bitcoins?
As we know, only 21 million bitcoins will ever exist. But what would happen if a person who possesses bitcoins dies, or perhaps never uses them? Are they considered to be taken out of the bitcoin circulation? Researchers have found that a full 64% of bitcoins have never been spent; the question is whether they still can be. According to a Bitcoins researcher, Greg Schvey , it is tough to tell apart lost bitcoins and those which are just being saved for a rainy day. However, the blockchain includes every transaction ever made using the currency. Whenever miners verify new transactions, what theyre actually doing is adding on new blocks onto the blockchain. So these unused bitcoins just sit on the blockchain until someone uses their private key to move them to another address. There are ways to analyze the blockchain and see how long bitcoins have been idle or unused or havent moved around for a period of time. However, there is no way of knowing whether they are permanently inaccessible or not. Bitcoins can be lost or misplaced because of various reasons including death, hardware failures or even plain carelessness. A programmer in Florida, Laszlo Hanyecz had supposedly bought two pizzas in 2010 for 10,000 Bitcoins. If he had done the same in 2017, the era of the Bitcoins zenith point, that particular pizza would have cost him at least $ 10 million. Use coupon FBE200 during signup & grab free bitcoin worth Rs200. However, such stories are not extremely surprising or uncommon back in those years; especially because no one had a clue about the cryptocurrencies value in the coming years. In 2013, there was another tale was a Welsh IT worker, James Howells who had lost almost 7,500 Bitcoins ! Apparently, he had accidentally thrown out an old hard disk which contained his pr Continue reading >>
Finding Your Lost Bitcoins
Finding Your Lost Bitcoins The digital currency bitcoin used to only be a big deal in small circles of libertarians, but has exploded over the last year. Some early investors are now trying to find bitcoins they lost. The digital currency bitcoin used to only be a big deal in small circles of libertarians, but has exploded over the last year. Some early investors are now trying to find bitcoins they lost. As the digital currency bitcoin has skyrocketed in value, many of the early adopters have become millionaires - only if, that is, they can find their bitcoins. Kenny Malone from our Planet Money team went on a virtual treasure hunt. KENNY MALONE, BYLINE: Syl Turner heard about bitcoin about 10 years ago, and he figured, what the heck, got a couple of coins and then saved them to what's known as a digital wallet on his hard drive. SYL TURNER: You know, at the time I didn't think bitcoin was worth anything so I didn't (laughter), back anything up. MALONE: To be fair, it wasn't worth anything at the time. Turner had digital pennies and then let them fall between the digital couch cushions. And a decade later, those pennies were worth $25,000. And so Turner is standing in his attic, staring at a waist-high layer of junk, looking for a 10-year-old hard drive. TURNER: Yeah. Yeah, we can start digging in. TURNER: All right. There's, like, a broken fog machine. MALONE: Some kind of table saw thing, paper shredder, Game Boy Advance. MALONE: Two TVs that are identical, Goldfish crackers box. While Turner rummages, we found an expert specifically in lost bitcoin. What do people actually say? Bitcoin? Bitcoins? JONATHAN LEVIN: You can have bitcoins, and bitcoin is, like, the currency unit. Jonathan Levin is co-founder of Chainalysis, a company that makes bitcoin analysis software Continue reading >>
3 Crazy Things People Are Doing To Recover Lost Bitcoin
As bitcoin tops the $15,000 mark, according to digital-currency website CoinDesk , finance experts are weighing in on whether or not to invest in the cryptocurrency. While some are calling it a total scam , others are advising that now's the time to buy . Regardless of which side you fall on, one thing is for sure: It would be unfortunate to misplace your bitcoin these days. Some unlucky people, however, have done just that. And they're not alone. In fact, around 2.78 million bitcoins have been lost since the cryptocurrency was created in 2009, according to Newsweek . That's almost $30 billion today. Here are three of the wildest things people are doing to recover their lost bitcoin: 1. One person has been trying to search a toxic landfill James Howell, an IT worker in the United Kingdom, began mining bitcoin on his personal laptop in 2009. The Telegraph reports that his computer broke in 2013 but he kept the hard drive in case bitcoin became valuable one day. It did. While cleaning his home that year, he mistakenly put the drive into a waste bin at his local landfill site in Newport, South Wales, where it got buried. Now, with bitcoin's value hovering just above $15,000, Howell's 7,500 lost bitcoins are worth more than $117 million (as of Thursday afternoon). The U.K. resident wants to try searching the landfill, which reportedly has 350,000 tons of waste, but the Newport City Council won't allow it. According to tech website Wired , the landfill is not open to the public and trespassing would be considered a criminal offense. And even if the drive were recovered, it likely would no longer work after being exposed to heavy and potentially toxic waste for so long. Many early Bitcoin investors are in a painful predicament. They can't remember the complex security codes Continue reading >>
Nearly 4 Million Bitcoins Have Been Lost Forever, Study Says
Nearly 4 million bitcoins have been lost forever, study says Jeff John Roberts and Nicolas Rapp, Fortune Bitcoin (virtual currency) coins placed on Dollar banknotes are seen in this illustration picture.Thomson Reuters Just as gold bars are lost at sea or $100 bills can burn, bitcoins can disappear from the Internet forever. When all 21 million bitcoins are mined by the year 2040, the actual amount available to trade or spend will be significantly lower. According to new research from Chainalysis , a digital forensics firm that studies the bitcoin blockchain, 3.79 million bitcoins are already gone for good based on a high estimateand 2.78 million based on a low one. Those numbers imply 17% to 23% of existing bitcoins, which are today worth around $8,500 each, are lost. While others have speculated about the number of lost bitcoins, the Chainalysis findings are significant because they rely on a detailed empirical analysis of the blockchain, where all bitcoin transactions are recorded. As the graphic above shows, Chainalysiss conclusions rely on segmenting the existing bitcoin supply based on age and transaction activity. For some segments, the company used statistical sampling to determine the amount lost. The segment "Mined Coins" reflects bitcoins mined in 2017 (which are presumed not to be lost), while "transactional" refers to those that have moved or spent in the last yearvery few of which are lost. Likewise, the category of "Strategic Investors," who have held their bitcoins for 1-2 years represent a very small share of the losses. Heres the data in another format, which shows how "Out of circulation" bitcoinsthose mined 2-7 years ago and belonging to long-time investors known as "hodlers"and those from the early days of bitcoin in 2009 and 2010 account for the v Continue reading >>
Here's How $30 Billion In Bitcoins Got Lost Forever
Cold Storage is one of the most interesting features of Bitcoin as it allows us to reserve cryptocurrency with extra precaution. It could be done using a USB drive, a paper wallet, an offline Bitcoin hardware wallet, etc. However, if you lose the access to such cold storage device, your digital currency gets lost. The above-mentioned scenario is one of few scenarios that involve missing of bitcoins. Studying the same, Chainalysis , via Fortune , has found out that about 3.79 million Bitcoins are out of circulation, according to a high estimation. This accounts for about $30 billion. As a result, when all 21 million Bitcoins will be mined by the year 2040, the total numbers available for trading would be significantly lower. The analysis made here depends on segmenting the existing bitcoin supply based on age and transaction activity. The company also used statistical sampling for some segments. In another table of the same data, which is shown above, the mined coins section reflects the ones mined in 2017; transactional section refers to those coins that were moved/spend last year. There is also a category of holder these are Bitcoins which might have the possibility of being hoarded as well. It would be safe to say that this loss of Bitcoin will occur in the future as well. However, this rate will decline significantly as theyre now so valuable. A big assumption in the study of Chainalysis deals with Bitcoins inventor, Satoshi Nakamoto. Wallets associated with Satoshi have been assumed to be lost. In case, in future, if this assumption turns out to be wrong, there would be a sudden increase in the number of Bitcoins in the market. Continue reading >>
What Happens To Lost Bitcoins?
James Howells of Wales is one of the Bitcoin communitys most tragic figures. Last June, Howells inadvertently tossed a hard drive containing 7,500 bitcoins , which he had mined back when they were worth very little. Now that a bitcoin is worth somewhere around $1000, that drive has an estimated worth of $7.5 million. But unfortunately for Howells, an IT worker, city workers say its too late for him to recover the drive from the dump. The sum at stake in Howells case brought him lots of attention, but hes certainly not the only person to lose track of his bitcoins. Outside of anecdotal evidence, however, theres really no way of knowing how many people have similar talesor how much theyve lost. See also: Bitcoin Black Friday Aims To Get People To Actually Spend Their Bitcoins According to the founder of Bitcoin Black Friday , only 78% of bitcoins in existence were being circulatedin 2012. Since its impossible to tell whether dormant coins are lost or simply being saved, the holiday aimed to get hoarded bitcoins back in circulation. Researchers found that a full 64% of bitcoins have never been spent ; the question is whether they stillcan be. According to Greg Schvey , a Bitcoin researcher, its hard to distinguish lost bitcoins from those people are just saving for a rainy day. There is, however, one big clue. It starts with theblock chain, a public ledger that includes every transaction ever made within the currency. When miners verify new transactions, what theyre really doing is appending new blocks onto the block chain. Each address has ownership of a certain number of coins, Schvey said. As long as we see any amount of coin come out of that address, we know that since the same person has access to all the bitcoins at that address, theyre not lost. Schvey cofounded Th Continue reading >>
Lost Forever: Where Do Bitcoins Go To Die, Andwhy?
Lost forever: Where Do Bitcoins Go to Die, andWhy? The volume of cryptocurrency market today is in the hundreds of billions of U.S. dollars, and bitcoins represent a large segment of this market, with some wallets holding thousands upon thousands of them. As a rule, various kinds of exchanges possess the most coins (for instance, Bitfinex has over 100,000 coins in its wallet ). Some individual users also have many bitcoins, but there are also users who own just a tenth, a hundredth, or a thousandth of one bitcoin. At any rate, there are hundreds of thousands, if not millions of wallets in the system. For example, representatives of Blockchain.info claim to have ten million users. Occasionally, a user may forget his or her access credentials. Sadly, people die in accidents or due to natural causes. Sometimes, they simply throw away data storage media with their cold storage wallets. In short, things happen, and bitcoins that have already been mined but then lost in one way or another, can no longer be used, even though they still count toward the well-known 21 million limit. So, how many cryptocoins have been lost forever? The total number of already mined bitcoins is over 16 million . Today, bitcoins join the dead coin category when their owners lose access to their wallets, become ill or die; there are several other important reasons. Because of the very high exchange rate of the bitcoin, few people join the system out of mere curiosity and then give up on that hobby after buying or mining for just a little while. Even a tenth or a hundredth of a bitcoin is worth real money that nobody would want to throw away. However, a few years back, when bitcoins were worth nearly nothing, many people started to mine them or buy them, but not seeing any serious potential in this Continue reading >>