And then there’s the famous case of the guy who was super early in on bitcoin and threw away the computer that had the password to the wallet, which eventually wound up being worth hundreds of millions of dollars that are now irretrievable
https://www.businessinsider.com/james-howells-threw-away-bitcoin-dump-masterplan-get-back-2022-7
I forgot about Bitcoin when it was still mostly worthless. I got rid of my old laptop when it had a ton of issues. I had around 8 btc left in a wallet after spending several hundred on um… An ancient trade route lol.
This is also what a lot of people forget how it was at the time, thinking “if only” they had been early adopters and how they’d be millionaires. I was one, and had found it was great for traveling said “trade route”, but also watched when Mt Gox collapsed and tanked the price 75% while stealing millions from people, and decided to take my winnings and leave the table.
How many people would see that shit and be like “Yes, I’m going to hold onto this for the next 10 years when it’s worth something” and then sit through the number of 50+% loss events that happened?
You would have done exactly what 99% of early adopters did, and considered yourself incredibly lucky that you managed to make 1000% returns and sold.
Yeah it sat in my wallet for a long time and wasn’t really gaining any value. I didn’t have a need for the trade route anymore cuz I just used it once for some exotic spices that I didn’t really care for. Mining wasn’t an option for me because I didn’t have a powerful computer as a broke college kid. So I just kinda checked out.
Still sucks to think about how I could have ended up with a great return, but hindsight is 20/20 and all that.
I still have bitcoins from 2011-2014 some of which I GPU mined. I’m patient. Of course I sold some, but I still have a couple full bitcoins. Not everyone sells the whole amount in one go
I recently got my first bankruptcy payout from the BTC I had in MtGox. I made more with them stolen as I certainly would have sold them at a lower price.
Lmao same. I had 6. That hdd is long gone
This lives rent-free in my head.
Fun fact: Mining 8,000 new bitcoins takes the whole network only 9 days.
Rookie numbers…
Still looking for that backup of that disk with my bitcoin wallet from the early days… sadly probably gone forever.
That’s why you gotta laminate your seed phrase, at the very least. And put it somewhere where it will stay for a very long time and that you’ll remember (maybe hidden in a certain book, or put a false bottom in a drawer, I dunno get creative). Doesn’t matter what you have or don’t have on a disk, the Bitcoin isn’t on the disk, it was the words you should be protecting.
This was when BTC was like 5 cents and no one had learned this lesson yet.
When I first acquired it, I wasn’t aware of a place to even check it’s value. There was this old game called Dragon Tales, where you could gamble whole BTC on things like kicking a coconut tree to see if 0-4 BTC worth of coconuts would fall…
There’s an IDE drive in a landfill somewhere with 10BTC on it because I’m fuckwit.
I just store it in my keepass file, lol
Honestly even lamination isn’t great. Won’t survive a fire.
Best options I’ve seen are engraving your seed into metal, and/or putting multiple copies in trusted locations like family houses or safety deposit boxes.
How come everyone is forgetting the best practices in Bitcoin backup?
You put the stuff in a container, put it in a hole in your yard, and put a birdbath on top of it.
The birdbath is a crucial security step! Standard practice! Been that way for years! I frankly can’t believe a lot more people don’t know about it.
Last time I tried to engrave my seed on metal I got kicked out of the park.
I chuck a backup of stuff in my storage for that reason. Even if my house burns down I’ll still be OK with those backups.
Good for them.
Also I’m jealous.
It is luck(?) for him the password generator isn’t secure back then.
The password auto generated by his software wallet used the date/time as the “random” seed for the password, so knowing the rough date he created it they were able to get it to spit out the same password again. So not very secure at all.
A little too “pseudo” and not enough “random.” :)
It all depends on the value of what you’re trying to secure, and if an attacker knows the value of what’s in the account, and if the attacker has access to hints about the password you used to narrow down the possibilities. The researchers knew all of that info and they still didn’t want to bother trying to crack the password until they found an additional way to narrow down the possibilities even further.
There’s no such thing as perfect security. A lock only needs to be strong enough to make it not worth breaking into for what’s in there
So you’re telling me they stole 3 million dollars?
