I wouldn’t know
I just hope he manages to dig it out
Not sure which is worse, losing the password or throwing the drive away, I guess the password guy has a slim chance of getting them back
I heard about this guy a few years ago, he’s still trying to get them to let him dig up the landfill site
I’m not quite sure why he needs the hard drive.
If he has the private key he can access the wallet using a different app-wallet
@BramblerJohn I may be wrong, but I think the usual private key needs to be ‘online’ to be accessed using a different app wallet.
What he’ll have done is referred to as ‘cold storage’, on a hard drive, where the private key is not ‘online’, therefore needs the physical hard drive to ensure the private key can be entered.
Offer to show him how to do it for 25%
I’ve never used a physical cold storage wallet, as the risk of me loosing the physical wallet, far outweighs the security issues of a hot wallet.
I have my private keys stored very securely and so can access any of my wallets using any wallet app.
Loose my phone… no problem
Loose access to my laptop… no problem
House burns down… no problem
That’s a great idea… what were his contact details
That’s fair enough, but he did use cold storage which is why he can’t just put the private key in online - and that’s the reason he’s currently £230m worse off than he should be haha.
To be fair he probably would have cashed out long ago for a few million if he hadn’t thrown them away
Which raises the question how easy is it to sell a large amount like that these days? I remember at the last big peak there were tales of people who couldn’t cash out
Good post. My Bitcoin SEK tracker is up 300% in my SIPP and way, way my best performing investment. So quite the contrary 101 PJ, I would argue it is the one stand out that has not been throwing money away.
I understand Bitcoin divides opinion, but for the skeptics then maybe stick with bank stocks. I know where I would sooner have my money.
Anyone who hasn’t considered Bitcoin needs to watch this. If you haven’t you need to ask who is going to repay the next couple of trillion in America and the billions in the UK.
Cathie Wood and top investors and CEOs like Michael Saylor and companies are turning to bitcoin. I’m tired of doing my own research and coming off second best against professionals. If its good enough for the Cathie Wood it’s good enough for me.
This is the year of crypto. I’m investing via miners rather than crypto currency at the moment with ARB and MARA. Also in HIVE, HUT8 on a rival platform. Also in MSTR as the CEO in the video above has bought a huge position on bitcoin.
This video is worth every minute and started me on my change of view on Bitcoin. I had already arrived at the views on currency I just didn’t appreciate Bitcoin was the solution
Thanks to people like Michael Saylor Bitcoin can be finally viewed more seriously. We were in Cypher-punk phase this bull run will be early adopters phase. Crazy times ahead
A bull market has a bull point of view and a bear market has a bear point of view.
I do not see anything at-all at fault when a guy who retired in his 30’s now with property investments, mansions, stock portfolios, gold vaults, a business, municipal bonds, says with almost certainty that people should only buy Bitcoin.
Guess if you already have too much money and there is pretty much nothing left for you to buy, then yeah go ahead and speculate. He gives no real time line of actionable events. You have John Thomas making a killing shorting the bond market but you had this creepy Pal dude in ‘19 telling everyone to buy bonds and wear diamonds.
I do strongly agree with accumulating your immediate wealth in one or two areas of which you fully understand, that is a good take home point.
From Michael Saylor’s reasoning, grossly paraphrasing:
- CPI (Consumer Price Index) it’s not a tool that measures real Inflation for it does not include the price evolution of Assets. CPI measures only the evolution of goods and services available for purchase, but it doesn’t account for the price evolution of the assets that produced those goods and services. Grossly paraphrasing here but I think it’s basically it.
Disclosure: I agree 100% with this perspective. Since when?! Since ever, my late teens to be more precise.
- Fiat currencies are like an inflatable rubber boat with a hole in it by design. And you’re gonna cross the Atlantic, [or any other Ocean or Sea with it for that matter], in that forever leaking vessel. The consequence of it being that the loss of value, measured by purchasing power, of Fiat holdings is an unquestionable reality. Regardless of the Fiat currency being held as Cash, Treasury Bills or Bonds. It doesn’t matter. With low to negative interest rates Fiat currencies don’t store value, rather burn it at a high rate.
Disclosure: I agree 100% with this perspective. Since when?! Since ever, my late teens to be more precise. I never thought about the rubber boat analogy, credit to be made to Mr. Saylor, but the spirit of the perspective is the same.
- Gold is like a wooden boat with no hole. Better than the rubber boat but not ideal in the times we’re living in. It was great back in the XIXth Century but not so much today: gold miners are adding new gold to the pile at a 2% rate per year, which erodes the value of the asset over time.
[It is said that historically, since Roman times at least, gold has been a good hedge against inflation, meaning that it stored it’s value, it’s purchasing power].
Disclosure: I own gold. In the form of a chain and a couple of rings. Gifts from when I was a baby. That’s it. I’ll never sell it due to the sentimental value. I have no plans of buying more. I don’t want to keep up with inflation, the real one, I want to overcome it.
Bitcoin it’s like a boat made of steel. It’s a very strong material. If the steel boat has a hole in it you fix it by welding and the welding is stronger than the steel itself. Steel is a great material. It allowed for the construction of 50, 100 storey buildings. Wooden, brick or stone buildings are much more limited.
Bitcoin is a limited edition of 21 Million units. The complete opposite of Fiat currencies by design. It is not possible to create more Bitcoin, therefore it is not possible to erode it’s value over time by design. Other crypto currencies can be created to compete with Bitcoin. There are many other crypto currencies already and Bitcoin dominates 99% of the space. So much for competition.
Bitcoin has the power of a social network. A social network of highly motivated, highly intelligent and skilled people that invest constantly in the betterment of Bitcoin.
For all these reasons Michael Saylor believes Bitcoin [appears] to be the best vehicle to transfer money to your descendents in 100 years time.
Disclosure: I tried to buy Bitcoin when it was trading at $120 (August - September 2013). I had £500 ready for it. Due to lack of technical expertise I couldn’t get my head around the process. I don’t like the current prices as point of entry. I didn’t like the price at $4k, I like it even less now.
Ok. So… is there anything missing in this picture?! If something is missing in this picture, what would that be?
What’s missing in this picture, according to many, is:
Central Banks can and likely will create their own crypto currencies. If I’m not mistaken the ECB is on it.
Governments have the ability to outlaw the use of currencies other than the ones issued by Central Banks. That’s a nuclear bomb. Governments have the ability to nuke privately owned decentralised crypto currencies out of material use, hence existence.
Governments have the ability to force the use of Central Banks crypto currencies.
Even if governments don’t outlaw the use of crypto currencies created by private entities, they can still force the use of Central Banks’ crypto for the purpose of paying taxes. This may lead to a situation where to the initial tax bill, one may have to add the payment of capital gains tax when selling Bitcoin, or any other crypto, when converting Bitcoin to the currency the government accepts. Ultimately this would erode the value of the asset. I believe this to be a very material and realistic risk.
In the end of the day, I believe it all comes down to this. When considering buying Bitcoin, or any other decentralised crypto currency, one has to ask:
What is the likelihood of this decentralised crypto currency being banned by governments?
If the decentralised cryptos poses a threat to the Central Banks prerogative monopoly will Governments allow it?! Or will they react?!
Is a peaceful coexistence likely? Will governments accept taxes to be paid in Bitcoin?!
Answer those questions accurately and you’ll be able to make your decision.
I don’t know the answers by the way.
That’s an excellent post and was great to read you sum up some of that.
The pound is the strongest currency in the world and yet has lost 99.5% of its value since it was produced. If ever you needed an argument against holding cash for savings that’s it right there.
I have one more video for you Raul. It is very technical and would go over many people, but I think you’ll benefit from it. It answers some of your points.
Far from the government banning it crypto it will increasingly become part of any institutions value. Banks included.
[quote=“Rollingskies, post:427, topic:2850”]
pound is the strongest currency in the world