A German programmer has 2 chances to guess his IronKey password or he’ll lose $280m in Bitcoin

Yeah, like a patch on a fracture. Does not help much. As long as those crypto trading sites are infested by hackers there is no way this catches on big time. This is pure speculation and nothing else. A highly dangerous game for anyone with more than 0.5% invested.

Pekelo said:
That is a funny way to spell fraud.

Well, I can actually see their points:

1. If it is a hack, the daily limit slows it down, so if the original owner notices it early enough, the loss is caped. Basically it is a hackbump.

2. If they practice fractional reserve banking the capital outflow is limited, they have more time to think of something.
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DiceAreCast said:
Gold melts but does not disappear. Gold can be stored with dozens of worldwide renowned custodians. With your crypto wallet you completely exposed to hackers each time you want to do ANYTHING with your coins and need to move them out of your wallet.
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Yes, and of course everyone who sees your the shiny metal like firefighters won't think nothing of it.

If you shift to custodial services argument, then you'll have to educate yourself on crypto, can't do it for you. Suffice it to say, you can look at Fidelity or Gemini for that amount of bitcoins where they have insurance coverage against hacks and all as part of their service.

I sent you 5 listed points of DIY steps, but maybe you didn't read it and you can switch it up to Disaster Recovery as a Service if you want to have it professionally. Google it. They host banks so they are used to handling high value digital assets
 
You're either at the mercy of your cold storage device/pswd or you sit at a regulated exchange (cbase) and raped yearly by the IRS. The dude owns a couple of Picassos and a Pollock and didn't think to use a low-level password? People put more thought into their gmail accounts.
 
The moment you move it out of your wallet, you are exposed to theft and hackers. The websites that handle transactions are poorly designed, written, and safeguarded.

johnarb said:
Yes, and of course everyone who sees your the shiny metal like firefighters won't think nothing of it.

If you shift to custodial services argument, then you'll have to educate yourself on crypto, can't do it for you. Suffice it to say, you can look at Fidelity or Gemini for that amount of bitcoins where they have insurance coverage against hacks and all as part of their service.

I sent you 5 listed points of DIY steps, but maybe you didn't read it and you can switch it up to Disaster Recovery as a Service if you want to have it professionally. Google it. They host banks so they are used to handling high value digital assets
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johnarb said:
I don't have $200M in bitcoin, but just a couple of things need to be separated, there is no urgency like sky is falling end of the world to cash out $200M in 1 day, unless you thought it would crash any minute now to $0 in which case, how did you invest so much in something you did not believe in?

If I had $200M in bitcoin, I would contact several exchanges prior to transferring bitcoins to them and selling. There are OTC services as well, I'm sure you'd get champagne services from the likes of Gemini, Kraken, Circle, Fidelity, Bitstamp, etc, but they may question how you acquired so much so if your coins are dormant for 10 years on the original addresses, you won't have to prove much, since at that time, they were worth very little $ and they'll know that you're not involved in funny business like money laundering, if you paid $10,000 for $200M worth of bitcoins.

Personally, if I was him, I'd cash out 1000 bitcoins, and still hodl the rest, what would I need with $200M worth of fiat? then I'd have to invest it in a something like MSTR senior convertible notes who will give me sh*t interest and then spend the money to buy bitcoins or waste on company parties and yachts or some sh*t like that :D

There's no more fraud in bitcoin than in other cash investments as people are suggesting on this thread, there's plenty of liquidity for $200M in the market, you just gotta have that much legit bitcoins to begin with.
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you did not really answer my question. How can anyone withdraw 1 million without making 50 or even 100 transactions over 2-3
Months since place like coinbase puts daily max limits?

thanks
 
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RedDuke said:
you did not really answer my question. How can anyone withdraw 1 million without making 50 or even 100 transactions over 2-3
Months since place like coinbase puts daily max limits?

thanks
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I answered you on a different post, perhaps you missed it.

I will update you of any limits when I sell, possibly starting next week, $150K worth of cryptos at Coinbase.

As I mentioned on bitcoin price thread, my plan is to sell $25K, withdraw, $50K, withdraw, so forth. It's my cryptos exchange risk management SoP.

I cannot and will not change that for ET cred points. Sorry.
 
2 chances left huh?

I'd find the world's best hypnotherapist and pay his/her price. At least give it one try.

Regarding safely storing gold lol.... as someone pointed out here.. it melts easily.

Ya'll are dummies.

If I had decent amount I needed to hide, (which obviously I don't or I wouldn't write this)... I'd melt it down and make a large size flower pot out of a mold cast from an old ugly old flower pot, prime the bitch, spray paint it in some gaudy looking color, fill it with potting soil, and leave it out on the back deck where clovers etc will set in like weeds and make it look all the more worthless looking.

When was the last time any of you read about an ugly 10 gallon flower pot (that weighs a friggin ton) getting stolen off someone's deck?

Gold's easy to hide.
It's called hiding in plain sight.
 
johnarb said:
I answered you on a different post, perhaps you missed it.

I will update you of any limits when I sell, possibly starting next week, $150K worth of cryptos at Coinbase.

As I mentioned on bitcoin price thread, my plan is to sell $25K, withdraw, $50K, withdraw, so forth. It's my cryptos exchange risk management SoP.

I cannot and will not change that for ET cred points. Sorry.
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Would appreciate if you post here what max they will allow you. Enjoy the winnings !!!!!
 
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