Bitcoin & Other Cryptocurrencies

Lb8535

Justified & Ancient
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Sep 2, 2015
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He said he understood the risks, so I dont feel sorry for him.
In the US any investment has to either be noted as "FDIC Insured" ( government insurance plan for savings accts) or with serious standard language about risk. So he really really knew about the risk.
 

kamalktk

Antediluvian
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Feb 5, 2011
Messages
6,618
In the US any investment has to either be noted as "FDIC Insured" ( government insurance plan for savings accts) or with serious standard language about risk. So he really really knew about the risk.
Plus, he gave his occupation as a "personal banker". These are the people that have their own cubes in the bank, not the tellers, advising people on their financial goals among other things. So knowing the risks of investments is literally his job.
 

uair01

Justified & Ancient
Joined
Apr 12, 2005
Messages
4,259
Location
Rotterdam
This is interesting: Also the historic example ?!
1657383189761.png

https://www.cs.utexas.edu/~shmat/courses/cs395t_fall04/pagnia.pdf

It's from this Twitter thread:

 

uair01

Justified & Ancient
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Rotterdam
Rotterdam - graduation show at the art academy (WDKA)
https://graduation.catalogue.wdka.nl/2022-jordy-waanders/projects/pulled-rugs/

Rug pulls are a scam where developers build and promote what appear to be legitimate cryptocurrency projects with the intent of creating large amounts of interest. Once enough money has been invested they steal the funds and disappear leaving the investors empty handed. Metaphorically pulling the rug from underneath them.

Here the artist made a literal rug symbolizing the biggest cryptocurrency "rug pulls":

rug1.jpg
 

EnolaGaia

I knew the job was dangerous when I took it ...
Staff member
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Out of Bounds
You wouldn't throw away £4 million, would you?
James Howells searches for hard drive with £4m-worth of bitcoins stored

A Newport man has been searching a landfill site in south Wales hoping to find a computer hard drive he threw away which is now worth over £4m. :shock:
James Howells's hard drive contains 7,500 bitcoins - which is a virtual form of currency for use online. ...

Thirteen years after ditching the hard drive containing 8,000 Bitcoin units, Howells is still trying to assemble an arrangement for excavating the Newport landfill in search of it. According to my calculations the units would be worth more than US $175,000,000 nowadays.
Bitcoiner to Conduct Robotic Search for 8,000 BTC Lost in Landfill

James Howells, a Bitcoiner that mistakenly threw away a hard drive containing 8,000 Bitcoin units he mined back in 2009, has reportedly put up a highly specialised team to help dig up the landfill where the hard drive allegedly ended up.

Since he realised the mistake, Howells has been petitioning the Newport City Council to let him dig up the hard drive from the landfill that is estimated to contain around 110,000 tons of garbage. The plan to excavate the garbage is billed to be backed by as much as $11 million in venture capital funding.

The two investors that have promised the funds, including Hanspeter Jaberg and Karl Wendeborn, are not going to release it until Howells gets the City Council’s approval to dig up the site. ...

Howells has notably been on the neck of the City Council to dig the site, but his request has been met with a series of denials. The Council officials justify its stance on the premise that the excavation will pose ecological risks, a negativity Howells said he and his team would do their best to minimise.
Besides himself, Howells will sift through the garbage with the help of human sorters, robot dogs, and an AI-powered scanner that looks like a conveyor belt. Data analysts will also be working with the team. ...
FULL STORY: https://blockchain.news/news/bitcoiner-to-conduct-robotic-search-for-8000-btc-lost-in-landfill
 

Lb8535

Justified & Ancient
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Thirteen years after ditching the hard drive containing 8,000 Bitcoin units, Howells is still trying to assemble an arrangement for excavating the Newport landfill in search of it. According to my calculations the units would be worth more than US $175,000,000 nowadays.

FULL STORY: https://blockchain.news/news/bitcoiner-to-conduct-robotic-search-for-8000-btc-lost-in-landfill
I saw a story on this and I don't understand the Council's position. He has sufficient capital to be as careful as necessary and he's probably offered them a per centage. It's a garbage dump. I think it's likely they don't understand the problem. If you replace "bitcoin" with "Czar's jewels" I think they would approve it.
 

EnolaGaia

I knew the job was dangerous when I took it ...
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According to the article Howells has offered to send a payment to each of Newport's circa 150,000 residents. There's no mention of any payment offered to the City Council itself, but it mentions he's proposed to recycle all the garbage and build a "solar station" atop the site when the search is completed.
 

Min Bannister

Possessed dog
Joined
Sep 5, 2003
Messages
5,251
Thirteen years after ditching the hard drive containing 8,000 Bitcoin units, Howells is still trying to assemble an arrangement for excavating the Newport landfill in search of it. According to my calculations the units would be worth more than US $175,000,000 nowadays.
Given that it is buried somewhere under 13 years worth of rubbish and that there is no guarantee that the Bitcoin would even be recoverable, I reckon the investors would be far better off just keeping their millions. It seems like a trendy version of the Oak Island mystery to me.
 

uair01

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Rotterdam
Given that it is buried somewhere under 13 years worth of rubbish and that there is no guarantee that the Bitcoin would even be recoverable, I reckon the investors would be far better off just keeping their millions. It seems like a trendy version of the Oak Island mystery to me.
How could you say "no" to a new, trendy version of the Oak Island mystery? :cool:
 

Erinaceus

Ephemeral Spectre
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Jul 22, 2020
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Hythe, Kent
Speaking as someone who keeps his money under the mattress, that seems to be a weakness with Bitcoin, given that disk drives can fail/become corrupt. Isn't it possible to make a backup?
 

Mythopoeika

I am a meat popsicle
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Inside a starship, watching puny humans from afar
Why would anyone think that virtual land has any value?
 
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