Programmer has two password guesses left to save his $240 million of Bitcoin

terzaerian

Posts: 521   +678
Until Bitcoin stabilizes at a specific value, I'm not gambling buying.
Well in the meantime there are a few different varieties of stablecoins like Maker DAI, Tether, and USDC. With DAI and USDC in particular, Coinbase offers the option to earn interest for coins parked on the exchange.
 
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Gezzer

Posts: 116   +60
This is like saying the Euro only has value because currency exchanges have listings for it against the dollar. Bitcoin is valued against the dollar because it's a unit of measurement everyone (thinks) they're familiar with.

The headline "Bitcoin is now worth 40,000 Maker DAI" would confuse the normies, even though the value of the latter is *actually* stable and regulated in a way the dollar isn't.

I favor valuing Bitcoin in Troy ounces of gold, which right now is somewhere in the region of 1 BTC : 20 Troy ounces.
Dude?!? Did you actually read my post?
It has nothing to do with a currency being listed on a currency exchange. Every currency on the exchange can be exchanged for either a different currency, or goods and services because it has the backing of an economic institution, like a banking system or a government. And anyone using the currency trusts that those institutions will back the currency keeping it stable (somewhat).
Crypto doesn't have any institution other then it's trading houses and traders backing it up. It's more like a stock than a currency because of that. Until that changes crypto won't be a currency and for that reason can not be trusted to hold it's value over time, exactly like a stock. So as I said try paying for your groceries with a stock certificate and see how far you get...
 
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Dimitrios

Posts: 731   +568
And that's why I started out saying:

"Calling cryptocurrency is disingenuous".

It's not really "currency".

Until people are paid from their government in Crypto, people pay their taxes in Crypto, people pay each other/exchange goods and services in crypto... it's NOT a Currency.

Buying Bitcoin is no different than buying Dave & Buster's Tokens.

If I hold out a DIME...you would say it's worth "10 cents".

If I hold out a Quarter... you'd say it's worth "25 cents".

If I hold out a Gold Dollar you'd say it's worth "100 cents".

If I hold out a Bitcoin... what would you say?

Ain't nobody trading in Satoshis...
Well said.
 
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Scshadow

Posts: 634   +283
I've been thinking, would I rather be the man who threw his hard drive with bitcoin on it away and can't get access to excavate the landfill where over 100 Million in bitcoin is buried? Or would I rather be the guy with the bitcoin wallet that I've forgotten/lost the password to open it. I have to say I would rather be this guy. In two more guesses, he can work towards accepting fate and letting go. The other guy has to stay up late at night, every night, trying to figure out how to get to his drive. All the while wondering if the drive is still sealed. If he found it, would the data be recoverable?
 

Michiel

Posts: 57   +33
Except many central banks are flirting with NEGATIVE interest rates for savings accounts right now.

Fiat holders are fools.
Yes many people have their savings accounts at central banks šŸ˜…
But ok it's true negative interest rates are becoming a thing at regular banks, so far only for accounts over a certain amount that most regular people won't get to though.

 

Michiel

Posts: 57   +33
And that's why I started out saying:

"Calling cryptocurrency is disingenuous".

It's not really "currency".

Until people are paid from their government in Crypto, people pay their taxes in Crypto, people pay each other/exchange goods and services in crypto... it's NOT a Currency.

Buying Bitcoin is no different than buying Dave & Buster's Tokens.

If I hold out a DIME...you would say it's worth "10 cents".

If I hold out a Quarter... you'd say it's worth "25 cents".

If I hold out a Gold Dollar you'd say it's worth "100 cents".

If I hold out a Bitcoin... what would you say?
It's worth one bitcoin. That's about as meaningless or meaningful as saying a dollar is worth 100 cents. The important bit is what amount of goods or services can I exchange this unit of currency for.
 
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Freddie159

Posts: 77   +46
Did he already try the 10 most common passwords?
11111111111
PASSWORD
123456
QWERTY
ILOVEYOU
A crypto-coin wallet password is like 25 characters long and must use capital letters, small letters, punctuation marks etc etc.

Saying that I'm surprised he hasn't taken it someplace to have the drive cloned and then he can make unlimited tries on the clone until he gets it right. That's what the police do if they want to hack your phone or harddrive, they NEVER work on the original until they already know exactly how to access the whole thing. A company can make a clone of the usb stick and then use virtual clones to 'guess' the password.
 
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Freddie159

Posts: 77   +46
I've been thinking, would I rather be the man who threw his hard drive with bitcoin on it away and can't get access to excavate the landfill where over 100 Million in bitcoin is buried? Or would I rather be the guy with the bitcoin wallet that I've forgotten/lost the password to open it. I have to say I would rather be this guy. In two more guesses, he can work towards accepting fate and letting go. The other guy has to stay up late at night, every night, trying to figure out how to get to his drive. All the while wondering if the drive is still sealed. If he found it, would the data be recoverable?
They guy with the drive in the landfill offered the trash people 10% of the money on the drive if they could find it. They said it was too much trouble as it wasn't yesterday that it happened.
 
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NightAntilli

Posts: 446   +462
Whenever a bull market starts, these articles come out, to scare people from jumping in. They get afraid of losing their money because of articles like this. That way, the big financial institutions can easily invest before the price increases.

Near the end of the cycle, pretty much all articles become extremely positive. That's when the institutions are ready to sell their Bitcoin, so they try and get as may people on board to buy at the peak of the bubble.

It works the same in the stock market.
 
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NightAntilli

Posts: 446   +462
Cryptocurrency and Cash are both a failed system. To me bitcoin is the sped up version of how money works. See it inflate stupidly... see the cost to live/survive inflate stupidly. Another control out of control.
I don't think you understand what inflation is. Bitcoin is and has been doing the exact opposite of inflation.
 
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0dium

Posts: 167   +189
A crypto-coin wallet password is like 25 characters long and must use capital letters, small letters, punctuation marks etc etc.

Saying that I'm surprised he hasn't taken it someplace to have the drive cloned and then he can make unlimited tries on the clone until he gets it right. That's what the police do if they want to hack your phone or harddrive, they NEVER work on the original until they already know exactly how to access the whole thing. A company can make a clone of the usb stick and then use virtual clones to 'guess' the password.
But he lost a password to an Iron key. You can't get access to data in any form before entering the right password.
 

Gastec

Posts: 86   +39
I don't know if this is comparable to me saying that I am a very rich person because part of that robbed Inca and Aztec gold, now on the bottom of the Atlantic Ocean, is mine! But anyway, because Bitcoin became so valuable basically overnight, I would assume that mister Stefan Thomas, programmer, is now a millionaire(in other national currencies). Now that he's such a wealthy person he can do whatever he wants.