These Guys Threw Away $7.5+ Million In Bitcoin (… And What Investors Are Doing Now To Prevent It)
It’s the stuff of unbearable nightmares.
Imagine your future self, tidying up an old drawer one day, when you come across a note scribbled on a small faded pink Post-It. That note, with its long gone sticky side, simply says the word – bitcoin!
You remember how, out of sheer curiosity you bought some Bitcoin a few years ago. You chuckle away, wondering if ‘that old fad’ is worth anything now. And as you check, you notice your Bitcoin is worth an unexpectedly high figure. Like a hungry bear at campsite, you frantically look for your passcode to cash out.
But with a deafening soul-shaking thud, you realize it was on a USB stick you threw out years ago. And without it, you have no way of accessing the crucial Wallet.dat file, and your BitFortune.
The only thing left is that sad unsticky note. It stares at you, saying: “You should have used glue”.
It is sad tales like these that makes even the most seasoned investor cringe at the thought of starting out in Bitcoin.
You’d Have To Be Pretty Stupid To Lose $7.6 Million, Right?
No. Just ask Gizmodo columnist Campbell Simpson.
In 2010 Simpson paid a meager $25 for 1400BTC. Being a tech-smart kinda guy, instead storing his investment online and risking loss, he opted for the safety of cold storage. He stored it all on a hard drive shared by some pirated movies and music, photos, work samples and other everyday files.
In 2012, forgetting all about it – he threw that hard drive away. And when he finally remembered a couple of months later, he saw his discarded $25 was now $4000. At the time he says it was just one of those “Aw shit” moments. Not stupid, just unlucky. After all, he only had $25 skin in the game.
In August this year, that $25 investment was worth $7.6million.
And let’s not forget about James Howells of Wales. In 2013 Howells threw away a hard drive gathering dust in a drawer. It contained his wallet of 7500BTC. It was worth very little when he mined it in 2009, but after his trashtastic mistake, it was valued at $7.5 million. During the record highs in October 2017, it would have been worth in excess of $40 million.
There’s no stupidity there, just a combination of a cheap investment and bad luck.
As Howells said: “[I] totally forgot about bitcoin all together. I had been distracted by family life and moving house.”
Of course, Bitcoin is no longer mere cents on the dollar, and it’s unlikely you’ll just ‘forget’ you bought $20,000 in BTC. But like death and taxes, two things in life are certain: Markets will fall to a level that many investors see a relatively ‘cheap investment’ to haphazardly manage…
… and hard drives are just not failsafe.
And if you think having your passcode written down is enough, without your wallet.dat file, your Bitcoin is lost to the ether forever. It still exists, but you’ll never access it, except in your broken dreams.
The Cold Storage Option Investors Are Switching To In Droves.
Imagine if your cold storage ‘hard drive’ just happened to be as impressive as the investment it was holding. You know, something you could never forget about, accidentally throw away, overwrite, or damage.
What if it had just one job to do? And what if it did that job so well that investing in Bitcoin seemed like something that even the most security-conscious skeptic could do? Well, being skeptics themselves, the team at Cold Storage Coins left no stone unturned when engineering the iconic Cold Storage Bitcoin.
Because Cold Storage Coins are made from high-grade Copper, Silver and Gold, they won’t corrode or become damaged in common fires and floods. Your wallet address and private key is etched deep into the coin as a QR code, and that etching can hold up to 30% defacing! It’s an reliable ‘hard drive’ that keeps your wallet.dat file safe from online hackers, and offline accidents.
But what makes Cold Storage Coins most appealing to new investors, is their inherent value. Because they’re also bullion, they’re unforgettable enough to not be left rolling around in a desk drawer; or absentmindedly trashed in one of those face-palm inducing ‘Aw shit’ moments.
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