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Go read this New York Times story about losing $ 220 million in Bitcoin

Go read this New York Times story about losing $ 220 million in Bitcoin

There aren’t many good ways to lose $ 220 million, however this is The New York Times Article It highlights something particularly fatal – losing millions of dollars in bitcoin because you forgot your digital wallet password.

According to Stefan Thomas’s 7,002 Bitcoin (valued at approximately $ 220 million) reserved on an IronKey hard drive right NowNathaniel Popper. The problem is that he cannot remember the password, and it’s only two failed password attempts akin to losing them forever due to IronKey’s strict security protocols out there. The possibility of pushing someone to break the driveBut Thomas will have the time and money to make it happen.

It’s a mysterious comic script, and Popper’s story hits all of the cryptocurrency classics to help explain it. There is a mention of the volatile nature of Bitcoin’s value and the mysterious creator of the coin, but what the article amazingly illustrates is how common it is to lose Bitcoin in reality.

Two other characters are distinguished in Thomas’ Woe, but it is surprisingly common. Of the 18.5 million Bitcoins in existence today, nearly 20% (about $ 140 billion) are lost in inaccessible wallets, Popper writes.

There have been other high-value wallets that have been locked in the past, the contents of which range from 30 thousand dollars to me $ 300,000But Thomas’ story is a reminder of how persistent and costly this problem is among Bitcoin users. The secure and decentralized nature of Bitcoin is remarkable – until it conflicts with simple human oblivion.

You can read the full story Here Just how much appreciate Schadenfreude Bitcoin’s work continues to generate.

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