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He’s on the verge of unlocking a $220-million fortune — or losing it forever
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2021 Jan 12, 8:39am 496 views 15 comments
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1
Patrick
2021 Jan 12, 8:45am
Patrick
2021 Jan 12, 8:45am
Four random English words make a good and memorable password: "correct horse battery stapler"
If you pick at random from the 20,000 words most people know, then there's only a 1 in 20,000 ^ 4 = 1 in 160,000,000,000,000,000 chance of anyone guessing it.
If you pick at random from the 20,000 words most people know, then there's only a 1 in 20,000 ^ 4 = 1 in 160,000,000,000,000,000 chance of anyone guessing it.
2
Cash
2021 Jan 12, 8:50am
I hope him the best Patrick says
Four random English words make a good password: "correct horse battery stapler"some wallets use 12 to 24 random words to unlock a wallet when someone forgets the gto password and can restore the wallet with those 12/24 words. Daedalus for instance 24 word for complete wallet where multiple wallets exist and the ame for the individual wallet themselves.
4
BoomAndBustCycle
2021 Jan 12, 11:06am
Patrick says
Unfortunately most sites and logins make you use symbols random capital letters and change it every 6 months. It’s become insanity. I waste so much time entering passwords... and requesting password changes in my daily life.
Four random English words make a good and memorable password: "correct horse battery stapler"
If you pick at random from the 20,000 words most people know, then there's only a 1 in 20,000 ^ 4 = 1 in 160,000,000,000,000,000 chance of anyone guessing it.
Unfortunately most sites and logins make you use symbols random capital letters and change it every 6 months. It’s become insanity. I waste so much time entering passwords... and requesting password changes in my daily life.
5
Ceffer
2021 Jan 12, 11:09am
Ceffer
2021 Jan 12, 11:09am
#SonOfABitchCoin
Disappearing $220 million? Who does he think he is, the Pentagon?
Disappearing $220 million? Who does he think he is, the Pentagon?
6
WookieMan
2021 Jan 12, 12:25pm
WookieMan
2021 Jan 12, 12:25pm
So secure even the owner of the coins can't get in. lol. Isn't that ironic.
7
richwicks
2021 Jan 12, 12:29pm
richwicks
2021 Jan 12, 12:29pm
WookieMan says
You realize, eventually, all bitcoins will be lost.
It's not like to can find them again once lost.
So secure even the owner of the coins can't get in. lol. Isn't that ironic.
You realize, eventually, all bitcoins will be lost.
It's not like to can find them again once lost.
8
WookieMan
2021 Jan 12, 12:36pm
WookieMan
2021 Jan 12, 12:36pm
richwicks says
I know. Just giving our crypto fan club here a hard time. Don't know what is so difficult about 2 step authentication for the crypto crowd. Any account I have setup with that has never been hacked or had a thing stolen from it.
All these stupid wallet passwords and other shit gives this fake sense of security and then BOOM, you lose the password. I frankly don't think people realize how unnecessary and stupid it all is. I've had illicit CC transactions. I call the bank and have it reversed. You cannot do that with crypto. Hence why by default it will never be a currency. It's anonymous, so why would anyone in their right mind return the money? So many loop holes it's laughable. Enjoy the ride for now is all I'll say.
WookieMan saysSo secure even the owner of the coins can't get in. lol. Isn't that ironic.
You realize, eventually, all bitcoins will be lost.
It's not like to can find them again once lost.
I know. Just giving our crypto fan club here a hard time. Don't know what is so difficult about 2 step authentication for the crypto crowd. Any account I have setup with that has never been hacked or had a thing stolen from it.
All these stupid wallet passwords and other shit gives this fake sense of security and then BOOM, you lose the password. I frankly don't think people realize how unnecessary and stupid it all is. I've had illicit CC transactions. I call the bank and have it reversed. You cannot do that with crypto. Hence why by default it will never be a currency. It's anonymous, so why would anyone in their right mind return the money? So many loop holes it's laughable. Enjoy the ride for now is all I'll say.
10
richwicks
2021 Jan 12, 3:06pm
richwicks
2021 Jan 12, 3:06pm
WookieMan says
MtGox was hacked if you recall.
You can't trust a 3rd party with your data, and if you're paranoid, you have to airgap it - meaning no network connectivity and even then, you need strong encryption on it.
I've never lost a password in my life. I worked at one company where they forced me to change my password once every 3 months. I just started writing them down in a notebook. One company was a total asshole about it, 2nd password had to have absolutely no relation to the old one. I care about MY data, no so much for a corporation that enacts policies that are unreasonable.
I know. Just giving our crypto fan club here a hard time. Don't know what is so difficult about 2 step authentication for the crypto crowd. Any account I have setup with that has never been hacked or had a thing stolen from it.
MtGox was hacked if you recall.
You can't trust a 3rd party with your data, and if you're paranoid, you have to airgap it - meaning no network connectivity and even then, you need strong encryption on it.
I've never lost a password in my life. I worked at one company where they forced me to change my password once every 3 months. I just started writing them down in a notebook. One company was a total asshole about it, 2nd password had to have absolutely no relation to the old one. I care about MY data, no so much for a corporation that enacts policies that are unreasonable.
11
Bitcoin
2021 Jan 12, 3:17pm
Bitcoin
2021 Jan 12, 3:17pm
That's very bullish news. Thanks for sharing!
" According to Chainalysis, about 20% of the existing 18.5 million bitcoin, valued at $140 billion, appear to be lost in digital wallets."
Those lost coins cant be sold :) There is even less supply than what we thought there would be. And the newly mined coins are being bought up by PayPal, Grayscale etc.
2021 will be good to BTC holders!
" According to Chainalysis, about 20% of the existing 18.5 million bitcoin, valued at $140 billion, appear to be lost in digital wallets."
Those lost coins cant be sold :) There is even less supply than what we thought there would be. And the newly mined coins are being bought up by PayPal, Grayscale etc.
2021 will be good to BTC holders!
12
WookieMan
2021 Jan 12, 3:20pm
WookieMan
2021 Jan 12, 3:20pm
richwicks says
That's why I'm a big fan of the 2 step notification (or whatever technical term is) password protection. I could literally use password for all my accounts and you'd never be able to get in if you guessed that. You'd need me physically to unlock my phone to get to the authenticator. So that means you need me physically (difficult) AND have my willingness to do so (even more difficult).
Constantly changing a single layer of security is not a bad idea necessarily, but you're still prone to being hacked regardless of how good your password is.
One company was a total asshole about it, 2nd password had to have absolutely no relation to the old one.
That's why I'm a big fan of the 2 step notification (or whatever technical term is) password protection. I could literally use password for all my accounts and you'd never be able to get in if you guessed that. You'd need me physically to unlock my phone to get to the authenticator. So that means you need me physically (difficult) AND have my willingness to do so (even more difficult).
Constantly changing a single layer of security is not a bad idea necessarily, but you're still prone to being hacked regardless of how good your password is.
13
Onvacation
2021 Jan 12, 3:21pm
Onvacation
2021 Jan 12, 3:21pm
richwicks says
So true, but the con will be long gone by then; Electrically unsustainable.
You realize, eventually, all bitcoins will be lost.
It's not like to can find them again once lost.
So true, but the con will be long gone by then; Electrically unsustainable.
14
Onvacation
2021 Jan 12, 3:24pm
Onvacation
2021 Jan 12, 3:24pm
G36 says
Does that make the market cap of bitcoin go up? Or down? Or since it's virtual gold it doesn't really matter?
" According to Chainalysis, about 20% of the existing 18.5 million bitcoin, valued at $140 billion, appear to be lost in digital wallets."
Does that make the market cap of bitcoin go up? Or down? Or since it's virtual gold it doesn't really matter?
15
Bitcoin
2021 Jan 12, 3:31pm
Bitcoin
2021 Jan 12, 3:31pm
I just got even more bullish. Institutions are pouring in millions of USD into Bitcoin. Okay, they buy more than what is being mined. Great, lots of buying pressure will push the price up.
But, what I didnt take into consideration is that bitcoin investors will lose their Bitcoin. According to this article 20% of all Bitcoins are forever lost. And that number will get bigger.
If you lose a piece of gold, eventually, someone will find it and might sell it. If a Bitcoin is forever lost, it cant be recovered and will never be sold! No wonder these institutions forecast prices for >500,000 per Bitcoin within the next few years!
But, what I didnt take into consideration is that bitcoin investors will lose their Bitcoin. According to this article 20% of all Bitcoins are forever lost. And that number will get bigger.
If you lose a piece of gold, eventually, someone will find it and might sell it. If a Bitcoin is forever lost, it cant be recovered and will never be sold! No wonder these institutions forecast prices for >500,000 per Bitcoin within the next few years!
The San Francisco programmer, according to the New York Times, owns 7,002 bitcoin (BTC-USD) in a digital wallet he can’t access because, well, he lost the password. He’s tried to guess it eight times to no avail. Now, he’s only got two more chances or his fortune will be gone.
The hard drive where his bitcoin is held, known as IronKey, allows users 10 attempts to crack the code before encrypting its contents forever. Understandably, it’s been a stressful time for Thomas, who years ago lost the piece of paper with the password.
“I would just lay in bed and think about it,” he told the Times in an interview. “Then I would go to the computer with some new strategy, and it wouldn’t work, and I would be desperate again.”
Thomas isn’t the only one a password away from bitcoin riches. According to Chainalysis, about 20% of the existing 18.5 million bitcoin, valued at $140 billion, appear to be lost in digital wallets.
https://www.marketwatch.com/story/he-could-be-on-the-verge-of-unlocking-a-220-milliion-fortune-or-losing-it-forever-11610468562