PART I: SEC v. Ripple: Evidence of Settlement Negotiations? Did the SEC Turn Down Settlement Offer?
Former Ripple employee lost keys to $ 220 million bitcoin wallet
Former Ripple Labs CEO Lost Access to 7,000 Bitcoins
According to him, he felt the beauty of the concept of “his own bank”
About 20% of bitcoins are already lost forever
Former Ripple Labs employee Stephen Thomas lost the keys to a bitcoin wallet that stores 7,000 coins worth over $ 220 million
Lost Bitcoin wallet keys deprive California programmer of sleep.
The reason for insomnia
How many times have they told the world, keep copies of important information on paper, do not trust everything to a computer. Stephen Thomas now understands how important this is like no one else. He forgot the password to the IronKey USB drive containing his Bitcoin wallet. Reported by The New York Times.
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The password-protected, encrypted IronKey Flash is automatically locked after ten unsuccessful access attempts. Thomas has already used eight, he has only two attempts left, and if he does not remember the password, all data on the flash drive will be encrypted forever.
Stefan Thomas has two guesses left to figure out a password that is worth about $ 220 million. He is one of the many people who are locked out of their Bitcoin fortunes, with an estimated $ 140 billion in lost or otherwise stranded digital wallets.https: //t.co/thdHaixBq8
– The New York Times (@nytimes) January 12, 2021
A programmer of German origin living in California lost a piece of paper with a password.
He loves and appreciates technology, but the thought that he has a cryptocurrency worth millions of dollars, but he can never get to it, devours him from the inside..
“I lie awake at night. Then I get up and go to the computer with a new plan, which again does not work, and I am desperate again, ”says Stefan.
Stefan is one of hundreds of people who have learned the other side of the idea of ”his own bank”. This concept formed the basis of the first cryptocurrency and was spelled out by Satoshi Nakamoto In 2009, someone (one person or a group of developers), hiding under the pseudonym Satoshi Nakamoto (Satoshi Nakamoto), revolutionized the digital … More in the project documentation of bitcoin. Now Stefan, a proponent of innovation and technology, sees it differently..
“I’ll tell you what, do we make our own shoes? We have banks, because we do not want to do all the work that banks do for us on our own, “he explained..
Alternative crypto solutions
The lack of an intermediary is part of the philosophy of the cryptocurrency industry. However, interim solutions have already begun to appear in the industry. Some people prefer to use escrow services at companies like BitGo.
Read our round-up of the best Bitcoin wallets
Someone stores their keys to a bitcoin wallet in different folders on a computer, someone trusts their safe deposit boxes in different parts of the country. The Winklevoss brothers wrote about this in their popular book.
A lot of people who want to have access to their bitcoins with a password store them on the wallets of cryptocurrency exchanges. However, they often fall victim to hacks, such as was the case with Mt.Gox. Aside from futuristic ideas with a quantum computer, a cold wallet is almost impossible to hack..
A common story
Stefan Thomas is not alone. About 20% of all bitcoins already mined are lost forever. These coins are stored in wallets with forgotten keys or are located on addresses that have not shown signs of life for many years.
For example, Gabriel Abed, a Barbados entrepreneur, lost nearly 800 bitcoins when a colleague formatted a computer with wallet keys. Luckily for Gabriel, there was only a small fraction of the bitcoin he owned, and he had just bought a $ 25 million oceanfront property..
Ultimately, Thomas admits that it is a sin for him to complain. He had more money than he knew where to spend. He is currently developing a startup Coil, with which the Bill & Melinda Gates Charitable Foundation partners. And the IronKey flash drive is in a safe place. Which one – Thomas doesn’t tell anyone.
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