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(CNN)   When you drop your hard drive containing $9M in Bitcoins in the city dump, forget it man, cuz it's gone   (money.cnn.com) divider line 95
    More: Stupid, dumps  
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7338 clicks; posted to Main » on 02 Dec 2013 at 4:50 PM (19 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-12-02 01:33:09 PM
Whoops.  Who chucks out a hard drive without checking out what's on it or at least backing it up first?
 
2013-12-02 02:36:41 PM

brigid_fitch: Whoops. Who chucks out a hard drive without checking out what's on it or at least backing it up first?


Who chucks out a hard drive without at least trying to destroy everything contained on it?
 
2013-12-02 02:41:29 PM
This is what's going to kill BC over time.  I had .1 BC or so that I mined years ago, said "huh, this is stupid" and then immediately deleted the files.  Wonder how many other mined BC have been lost in a similar manner?
 
2013-12-02 03:34:48 PM
How long until the US or some other country has the people behind this Bitcoin thing extradited on charges of aiding money laundering? Isn't that what it's mostly used for anyway?
 
2013-12-02 04:12:12 PM
Bitcoins must be appreciating quickly since the value cited in the same story last week was $7M.
 
2013-12-02 04:17:11 PM

doyner: Bitcoins must be appreciating quickly since the value cited in the same story last week was $7M.


They are. They've gone from under $10 per bitcoin to over $1200 per bitcoin in less than a year.

But don't worry, it's not a bubble.
 
2013-12-02 04:29:08 PM
So... he's a virtual pauper now?
 
2013-12-02 04:51:56 PM
There are at least 40 other Bitcoin type currencies currently being tracked.

Yep, we've reached Beanie Baby status.
 
2013-12-02 04:52:34 PM
Something something Welsh something something ....
 
2013-12-02 04:52:44 PM
Re: $1200/bitcoin: is anyone actually paying that price? Can you actually buy $1200 worth of real world goods for one?

I'm still trying to figure out why this whole bitcoin thing isn't absolutely retarded.
 
2013-12-02 04:53:04 PM
Could have bought a sh*t load of TFD with that, well, that is if Fark accepted bitcoins, amirite?
 
2013-12-02 04:54:58 PM
Submitted 3 days ago // redlit in the turkey shuffle :(

"A fool and his money are soon parted, especially when that money is $7.5 million in bitcoins stored on a hard drive that was tossed into the trash"

Anyway, this guy FAILS HARD as an IT professional.

// I have files on my RAID that were originally created on a floppy (an actual 5 & 1/4 floppy) in the days before I owned my own computer. They've successfully made the jump fro media to media.

// ^ research notes in .txt format that I continue to add to
 
2013-12-02 04:55:03 PM

SVenus: There are at least 40 other Bitcoin type currencies currently being tracked.

Yep, we've reached Beanie Baby status.


I have the platypus. It's an original. Can't give it up. I wonder if BC miners will feel the same.
 
2013-12-02 04:55:47 PM

img2u.info

"Keep looking!"

 
2013-12-02 04:57:58 PM
Suppose you had a couple thousand Spergerrands that you had mined. Good luck trying to cash them out.
 
2013-12-02 04:58:20 PM
I always appreciate a Handey headline.
 
2013-12-02 04:59:23 PM

Jument: Re: $1200/bitcoin: is anyone actually paying that price?


Yes. That's why it's $1200.
 
2013-12-02 05:00:48 PM

SVenus: There are at least 40 other Bitcoin type currencies currently being tracked.

Yep, we've reached Beanie Baby status.


That made me choke and spit out my beer, bravo.
 
2013-12-02 05:01:47 PM

Butterfinger: SVenus: There are at least 40 other Bitcoin type currencies currently being tracked.

Yep, we've reached Beanie Baby status.

I have the platypus. It's an original. Can't give it up. I wonder if BC miners will feel the same.


http://coinmarketcap.com/

Isn't QuarkCoin so cute?? I will love him and squeeze him and call him George.
 
2013-12-02 05:02:13 PM
Wouldn't the bitcoins dig themselves out of the landfill?  If not, then that's the first thing I've heard of that bitcoins can't do.
 
2013-12-02 05:03:07 PM
Someone please correct me if I'm wrong (and I'm sure you will) but it appears to me the only "legitimate" reason to amass bitcoins would be to capitalize on human greed and stupidity.   Are there transactions that can't be accomplished more securely using pre-existing currency channels?
 
2013-12-02 05:05:10 PM

Jument: Re: $1200/bitcoin: is anyone actually paying that price? Can you actually buy $1200 worth of real world goods for one?

I'm still trying to figure out why this whole bitcoin thing isn't absolutely retarded.


Bitcoins:Egghead Internet-Savvy Libertarians::Gold:Paranoid Prepper Libertarians
 
2013-12-02 05:05:47 PM
The thing is, the hard drive might not even be at the waste site, it could have gone into recycling.

I knew a guy who worked at a recycling center next to a local waste dump. They would take home anything they thought was still working or usable. A worker could, in theory, have taken the drive home.

Here's a question - if someone did take the drive home, would the BCs belong to him/her or to the original owner?
 
2013-12-02 05:07:49 PM

Jument: Re: $1200/bitcoin: is anyone actually paying that price? Can you actually buy $1200 worth of real world goods for one?


You can't really make change with them, so for the most part their use is limited to gambling sites where you can trade them for house scrip.


Jument: I'm still trying to figure out why this whole bitcoin thing isn't absolutely retarded.


They are an interesting idea.
No intrinsic natural value.
Can't be counterfeited.
Hard supply limit cap.

It is a perfect currency by goldbug standards, as any value can't be inflated away by public or private means.

Of course, that means if they were a true currency they would be subject to rediculous deflationary pressure as people realized witholding their own stock from circulation would increase their value.
 
2013-12-02 05:10:58 PM
So how much tax is payable on unrealized capital gains???  He owes ( pinky finger to mouth ) 1 Million pounds!
 
2013-12-02 05:12:52 PM

weapon13: Here's a question - if someone did take the drive home, would the BCs belong to him/her or to the original owner?


If you find the key to a safe deposit box, and attached to the key is the location of the bank...
 
2013-12-02 05:15:13 PM

brigid_fitch: Whoops.  Who chucks out a hard drive without checking out what's on it or at least backing it up first?


Who throws out a hard drive unless it has physically ground to a halt? Every hard drive I've owned in the last three years is either installed in a computer, or if they have started to crap out, copied and shelved.
 
2013-12-02 05:15:15 PM

Cubicle Jockey: Of course, that means if they were a true currency they would be subject to rediculous deflationary pressure as people realized witholding their own stock from circulation would increase their value.


Isn't deflationary pressure the whole point of Bitcoin? My guess is that hoarding is exactly what will happen.

While they may be anonymous, they are NOT untraceable. If the cloak of anonymity is broken for whatever reason, anything you do with them can be directly tracked. That might lead to more hoarding.
 
2013-12-02 05:16:08 PM
Related: Bitcoin worth almost as much as gold

How much does a Bitcoin weigh?


trippdogg: Someone please correct me if I'm wrong (and I'm sure you will) but it appears to me the only "legitimate" reason to amass bitcoins would be to capitalize on human greed and stupidity.   Are there transactions that can't be accomplished more securely using pre-existing currency channels?


Sure, but then how are you supposed to get your Libertarian bona fides by sticking it to the man?
 
2013-12-02 05:19:49 PM

weapon13: The thing is, the hard drive might not even be at the waste site, it could have gone into recycling.

I knew a guy who worked at a recycling center next to a local waste dump. They would take home anything they thought was still working or usable. A worker could, in theory, have taken the drive home.

Here's a question - if someone did take the drive home, would the BCs belong to him/her or to the original owner?


They belong to who ever has the private key.

To all of you: go learn anything about encryption before assuming something is retarded. Thinking something you don't understand is stupid doesn't make the thing stupid; it makes you stupid.
 
2013-12-02 05:20:13 PM

Cubicle Jockey: They are an interesting idea.
No intrinsic natural value.
Can't be counterfeited.
Hard supply limit cap.

It is a perfect currency by goldbug standards, as any value can't be inflated away by public or private means.


How easy is exchange, though?

Seriously, I do wonder. Since they're an electronic format one would need functional computers in order to transfer them... so one can't really just use them as cash (I presume).

While the goldbugs may be nuts, at least gold itself can be exchanged for goods very simply- hand it over, receive the goods, done. No need to rely on a functional computer or any outside source.
 
2013-12-02 05:20:28 PM

Relatively Obscure: brigid_fitch: Whoops. Who chucks out a hard drive without checking out what's on it or at least backing it up first?

Who chucks out a hard drive without at least trying to destroy everything contained on it?


Who chucks a working hard drive, period.
 
2013-12-02 05:24:19 PM
I have all the harddrives of all the PCs I have owned over the years. Plan on taking some time off going through them getting out anything I want and taking a welding torch to it.
 
2013-12-02 05:27:45 PM

mizchief: weapon13: The thing is, the hard drive might not even be at the waste site, it could have gone into recycling.

I knew a guy who worked at a recycling center next to a local waste dump. They would take home anything they thought was still working or usable. A worker could, in theory, have taken the drive home.

Here's a question - if someone did take the drive home, would the BCs belong to him/her or to the original owner?

They belong to who ever has the private key.

To all of you: go learn anything about encryption before assuming something is retarded. Thinking something you don't understand is stupid doesn't make the thing stupid; it makes you stupid.


Sara Palin defeats your point...
 
2013-12-02 05:31:15 PM

T.rex: Relatively Obscure: brigid_fitch: Whoops. Who chucks out a hard drive without checking out what's on it or at least backing it up first?

Who chucks out a hard drive without at least trying to destroy everything contained on it?

Who chucks a working hard drive, period.


Theory: this is a bluff intended to get more people interested in bitcoins, he never threw away the hard drive or had the data stored on (one) hard drive. He might not even have 9 million, but figures if x-amount of people read the article the trading will go up. "Look at how valuable this currency is, this guy had $9 million on his $50 hard drive!"
 
2013-12-02 05:31:23 PM
So where can you trade them in for real money if you even can?
If you could, why would you just sit on a few million for years and not cash it in?
 
2013-12-02 05:33:14 PM

Fubini: doyner: Bitcoins must be appreciating quickly since the value cited in the same story last week was $7M.

They are. They've gone from under $10 per bitcoin to over $1200 per bitcoin in less than a year.

But don't worry, it's not a bubble.


It's not a bubble so long as they are the only currency Eastern Europeans (and other people for whom the government skimming their private bank accounts in the near future is a (small) probability, and not just a (rare) possibility) trust.
 
2013-12-02 05:33:28 PM

abhorrent1: So where can you trade them in for real money if you even can?
If you could, why would you just sit on a few million for years and not cash it in?


Why would you want to trade bitcouns in if now if the time to BUY BUY BUY?!?!?!
;)
 
2013-12-02 05:34:52 PM
Oh the fun that could be had. People desperate for those coveted bitcoins will be out there scouring the garbage for the device. At this point I'd amuse myself by buying a bunch of broken drives to chuck into the mix so people will get excited, take their newly acquired hdd home only to discover that the trash sludge had defeated them and broke the drive. Noooooooo I was so close to being rich, this is just my farking luck! and now my computer is covered in sludge shiat since I thought I'd have the cash to just buy a new one :(
 
2013-12-02 05:35:02 PM
AFAIK, it is hard to trade more than just a few of them at one time. So it would've been real hard to cash in that many, anyway
 
2013-12-02 05:38:57 PM
i'm betting someone at the landfill stole it and reformatted it already.
 
2013-12-02 05:40:51 PM

machoprogrammer: AFAIK, it is hard to trade more than just a few of them at one time. So it would've been real hard to cash in that many, anyway


Largest recent transactions - http://blockchain.info/largest-recent-transactions
 
2013-12-02 05:48:13 PM

SVenus: Butterfinger: SVenus: There are at least 40 other Bitcoin type currencies currently being tracked.

Yep, we've reached Beanie Baby status.

I have the platypus. It's an original. Can't give it up. I wonder if BC miners will feel the same.

http://coinmarketcap.com/

Isn't QuarkCoin so cute?? I will love him and squeeze him and call him George.


Call all the stay at home domestic goddesses out!! Hallmark is going to put new Bitcoin mining appliances out at midnight!! I've heard they'll be in a variety of colors and patterns.

/no inference of disrespect intended toward domestic goddesses
 
2013-12-02 05:50:11 PM

abhorrent1: So where can you trade them in for real money if you even can?


One example of such a place is the Bitcoin ATM in Vancouver, BC.
 
2013-12-02 05:55:54 PM
"Dude!!! I totally got wasted and threw out the wrong harddrive!! It's in the dump!!"
"Don't worry man, I have an idea to get other people to find it for you. Have you heard of what a 'bit coin' is?"
 
2013-12-02 05:59:44 PM

Cubicle Jockey: You can't really make change with them


I don't understand why you would. I don't get change back when I use a credit card online.
 
2013-12-02 06:07:12 PM
If you had a 7 million in bit coins, is there any way to turn them into cash?
 
2013-12-02 06:08:04 PM
heh. That's what he gets for not recycling.
You can't just throw everything in the garbage, people!
recycle or die
 
2013-12-02 06:08:56 PM

Cubicle Jockey: You can't really make change with them


What? Why would you do that? You give me 1 BTC and I give you back 0.2 BTC in change? Why not just give me 0.8 BTC?

akula: How easy is exchange, though?


Very easy. Just slap the address in your bitcoin program and send the desired amount. It's the exchanging of BTC to USD that's a huge pain in the ass, but BTC-to-BTC transactions are very simple.
 
2013-12-02 06:17:46 PM

big pig peaches: If you had a 7 million in bit coins, is there any way to turn them into cash?


Sell them. Good luck.
 
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