Man offers local government $71 million to help him find drive containing 7,500 Bitcoin

IksPiks

Posts: 8   +13
If I was in his place, I would be completely honest with myself. What I mean by this is that I would have sold the coins when they reached about $200 or not very likely in 2014 when they peaked at $1100...
So yeah, the loss would be most probably 1.5 million or at best 8.2 million.
 

Tommis

Posts: 11   +10
Bitcoin would plunge back to 2009 value if either of those two guys would find a way to get their wallet back šŸ˜ And if it would be forgotten password guy in another 10 years we'd be reading stories about two guys digging landfills šŸ˜†
 

kiwigraeme

Posts: 230   +205
If I was in his place, I would be completely honest with myself. What I mean by this is that I would have sold the coins when they reached about $200 or not very likely in 2014 when they peaked at $1100...
So yeah, the loss would be most probably 1.5 million or at best 8.2 million.
I was thinking about this - you would cash them out as needed - so he could of had more left - but sold them at $20 000 . It amazes me - people who accumulate lots of houses here- by the time they are 70 they have 20 - so when are they going to sell them and enjoy the good life - plus if going the managing themselves - who wants to be phone on Sunday night - with some tenent demanding you fix there washing machine right then - with triple call out fees . I decided yesterday to sell my business ( well basically land to developers to stick up apartments - after they demolish it ) - just had enough of government interference - just gave a young tourist a free bed - as they are short on money ( awaiting a limited working holiday visa ) anyway they helped me out for a few hours per week ( which I only gave to make them feel fine about it ) - Now I've got immigration screaming at me - demanding lots of info - going back - I've help lots of guests to NZ - I don't need this cr*p - screw them - I'll sell these 2 properties - invest in couple of more as cheap interest rates - and still have enough money left over to get to my govt $625/week pension in 9 years - and do lots of things with my free time - take my son on road trips , hiking , camping. So instead of being a earner of export dollars - I can now be a capitalist pig landlord .
 

terzaerian

Posts: 521   +678
And yet Newegg's PRICE is $91.76

Why is it $ instead of BTC?

Because they are selling you cheap manufactured goods for your BTC so they don't have to buy it or mine it.
As I've stated before, because $ are the unit of measurement most users and merchants know. It's like asking why the local news displays the temperature in Fahrenheit instead of Kelvin. And that's besides the point, which is to put to bed this dumb notion that you can only use Bitcoin for drugs on the dark web.

This is just a case I'm buying for my ghetto NAS. I have more than enough socketed away for a 3070 if they ever get back in stock.
 
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QuantumPhysics

Posts: 4,366   +4,663
As I've stated before, because $ are the unit of measurement most users and merchants know. It's like asking why the local news displays the temperature in Fahrenheit instead of Kelvin.

This is just a case I'm buying for my ghetto NAS. I have more than enough socketed away for a 3070 if they ever get back in stock.

WRONG...it's because Dollars are CURRENCY ...the accepted currency....the accepted regional/ local currency.

Bitcoin must be converted to the local currency first before the value can be assessed.

The only reason they are accepting Bitcoin is to collect Bitcoin because they themselves believe that they can use it as a hedge against inflation.

But no one knows what the global economy will be like in ___ years.
 

terzaerian

Posts: 521   +678
The only reason they are accepting Bitcoin is to collect Bitcoin because they themselves believe that they can use it as a hedge against inflation.

But no one knows what the global economy will be like in ___ years.
Considering the President-'Elect's' first order of business will be to make the Fed blow a 3 Trillion dollar load, not great :scream:
 

QuantumPhysics

Posts: 4,366   +4,663
Considering the President-'Elect's' first order of business will be to make the Fed blow a 3 Trillion dollar load, not great :scream:

Yeah, cause the almighty SEC, IRS and IMF is gonna just "let" ya'll get around the US Dollar.

Guess what:

When your Bitcoin value goes up, and the IRS taxes you and everyone else who contributed to your appreciation, you'll have effectively allowed the IRS to tax "the world".

And that's assuming you don't end up like XRP.
 

captaincranky

Posts: 16,344   +5,131
And here we are at post # 35. I didn't read them all, but it seems like this point hasn't been addressed firmly enough.

You know, they ship drives with silica gel and impact resistant packing for the simple reasons that they're fragile, and subject to corrosion.

So, after seven years of being buried under, (more than likely), tons of rat sh!t and sopping wet garbage, what are the odds of the drive even being able to spin up? Not to mention the read/write heads have probably rotted off by now.

I'd say the odds against the drive still working would be somewhere between Trump coughing up his tax returns voluntarily, or finding a completely intact dinosaur skeleton, no bones broken or missing.

Do any of you "probability prognosticators"out there in fantasy land wanna take at whack at this?
 
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CybaGirl

Posts: 43   +21
What kills me is throwing away a HDD.

I still have my first HDD from 1998 - a 20GB WD model in my Pavilion 8570c.

I transfer files from old HDD to new SSD but I never throw anything away unless it's completely destroyed.
I still have my first hard drive from my Amiga 2000 (which I still have) that contains my BBS I use to run back in the nineties. It's a Quantum Fireball SCSI and is a whopping 52GB LOL.