This is the earlier thread on the subject: https://www.elitetrader.com/et/threads/lost-passwords-lost-fortunes.354692/
A German programmer has 2 chances to guess his IronKey password or he’ll lose $280m in Bitcoin
- Thread starter themickey
- Start date
As of late is an understatement.
There is no chance he put any substantial amount of money on a line to start with. So the whole thing is just a lottery ticket for him. That he can't collect his winnings on.
I've read somewhere the other day that biggest % gain accounts at brokers typically belong to people who forgot they had them
It is one thing having this much in bitcoins and total
Another to cash out. Was shocked to learn that coin base puts daily cap onwires. Like 10k or something like this.
I can wire any amount from my futures broker for example.
is it like they everywhere ???? Just curious as I do not own any cryptos.
Another to cash out. Was shocked to learn that coin base puts daily cap onwires. Like 10k or something like this.
I can wire any amount from my futures broker for example.
is it like they everywhere ???? Just curious as I do not own any cryptos.
To use the same analogy, that person put the gold in when it was only 20K worth, so physically not much. Maybe Captain Morgan.
But I agree, digging a big hole and putting it in is way safer, at least you only need a shovel for getting it back.
So best way to secure your coins:
1. Print wallet address and PW.
2. Laminate them.
3. Dig a hole or 2 in your backyard.
4. Bury them, probably separately.
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220m invested in gold, worth around 70k a kilo works out to around 3 times 14 gallons volumetric. It can be stored easily and safeguarded with an ultimate failsafe that is only accessible to the owner. Holding the same in treasuries or properties is even simpler. Not sure what you are talking about. It would be incredibly stupid to safeguard 220m in bitcoin with a memorized password, only (a single accident and concussion and you might not remember the password for good). And storing the password somewhere where anyone can move the 220m in an instant is risky as well. You can talk about gambling and speculation but in terms of safety I can't think of a whole lot of other ways to store 220m more unsafe than in bitcoin.
What kind of idiot would have $220M in gold stored in a safe where he can simply call a safe cracker to open?
Think of all the headaches of owning so much gold for the past 10 years and the costs of security and imagine buying $220M worth of gold 10 years ago at a price of less than a yearly salary?
This thread further cements the fact that bitcoin is the next beanie babies.
I do not want to keep discussing this, but you're not entirely clear on the parameters of the comparison. We're talking about self-custody of $220M worth of value.
To be honest, as the value increased to $50M and higher, he should have transferred some to Gemini, Coinbase, and Fidelity or other custodial entities and transfer more as the value continued to increase, but he didn't and that's not what we're discussing here. Btw, he did ok according to the article even if he does not recover this.
You're hung up on password. You do not need a password for encryption, you can use other methods for encryption. You do not need to memorize a single word, if that's your choice.
What happens in a fire or some kind physical problems onsite to the gold storage? What if you have to move to a different city, state or country? How much does it cost to keep all the security around this storage? or to build it?
https://elitetrader.com/et/threads/lost-passwords-lost-fortunes.354692/#post-5295702
You saw a study by Fidelity. It is not surprising since US markets have been in a major bull run since 2008, a 13 year run.
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