When the price of bitcoin hit $10,000 on Wednesday, many in the cryptocurrency community celebrated the milestone. But for one man in Wales, bitcoin's boom has a taken on a very different significance.
James Howells, 32, made headlines in 2013 after it emerged he had accidentally thrown away a computer hard drive containing 7,500 bitcoins, worth around $4 million at the time. The hard drive now sits buried beneath trash in a landfill site near his home in Newport, Wales.
Following bitcoin's recent price surge, the contents of the IT specialist's missing hard drive are now worth $108 million at the time of writing, if other cryptocurrencies on the hard drive are also taken into account.
"I'm always aware of the bitcoin price," Howells told Newsweek. "I always knew this [the price rising] was going to happen.... In my opinion, bitcoin hasn't had its Facebook moment yet. Imagine the price when it does. That would make my hard drive worth $1 billion or more."
That's the problem with crypto currencies...fantastic in theory, but as actual real-world currency they SUCK. So much effort was put into making them rare, untraceable, etc. that they're impossible to use and manage on a day-to-day basis.
Caribbean! Rafe... 21:28:46 GMT - 01/13/2021
....The NYT report states that around 20 per cent of Bitcoin is stuck in such crypto wallets; the passwords of which been forgotten by owners. This amounts to $130 billion in real-world money, more than the GDP of many countries. Till a workaround is discovered this money has been essentially locked away from human reach.
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