again a Bitcoin millionaire who forgot his password

[Adamini]

Lost coins only make everyone else's coins worth slightly more.  Think of it as a donation to everyone.

It's always on the block. When I see the post, I quickly look at my wallet password. Unfortunately, there is no bitcoin in it

[Olivia Wolff]

German-born programmer Stefan Thomas told the Times he forgot the password to IronKey, an secure flash drive has access to 7,002 Bitcoin - $220 million worth. IronKey gives users 10 guesses for their passwords before seizing its contents.
"I would just lay in bed and think about it," Thomas told the New York Times Nathaniel Popper. "Then I would go to the computer with some new strategy, and it wouldn't work, and I would be desperate again."

quite surprised by this news because his Bitcoin trapped in his hardware wallet is very much.  Don't underestimate your private key and password, if you haven't prepared the best place (easy to remember and reach) to store your private key and password then do it right now..

https://markets.businessinsider.com/currencies/news/programmer-locked-out-220-million-in-bitcoin-forgotten-password-2021-1-1029961378

This person is very irresponsible. I really don't understand how you could forget to write your private key and password...  It's such a fail! I think next time he'll remember that he needs to take his password and key seriously...

[Nikole Fischer]

German-born programmer Stefan Thomas told the Times he forgot the password to IronKey, an secure flash drive has access to 7,002 Bitcoin - $220 million worth. IronKey gives users 10 guesses for their passwords before seizing its contents.
"I would just lay in bed and think about it," Thomas told the New York Times Nathaniel Popper. "Then I would go to the computer with some new strategy, and it wouldn't work, and I would be desperate again."

quite surprised by this news because his Bitcoin trapped in his hardware wallet is very much.  Don't underestimate your private key and password, if you haven't prepared the best place (easy to remember and reach) to store your private key and password then do it right now..

https://markets.businessinsider.com/currencies/news/programmer-locked-out-220-million-in-bitcoin-forgotten-password-2021-1-1029961378

This person is very irresponsible. I really don't understand how you could forget to write your private key and password...  It's such a fail! I think next time he'll remember that he needs to take his password and key seriously...

Ahahaha well, he'll definitely remember to write down the password and key

But guys, be more careful! I absolutely agree with Olivia about being cautious about your private key and password (and other personal data) because such a little thing might create a big problem!!

[Sithara007]

Lost coins only make everyone else's coins worth slightly more.  Think of it as a donation to everyone.

Well... this is very much true. Bitcoin offers a lot of advantages to its users, but also comes with a few riders. If you don't know how to backup your coins, then you should not hold BTC. The problem is that many of these early investors purchased their coins when they were really cheap, and then forgot about them. Now with the prices having increased to five digits, they want to cash out. I still remember the story about a guy in the United Kingdom, who threw out the hard drive containing BTC15,000 in a rubbish dump, and then spent months looking for it.

[lienfaye]

Such a huge amount that he might lost forever if he didnt remember his password, only two attempts left. He learned his lesson the hard way and probably regretting his actions of not backing up his password and keys. Well I hope he can still remember his password because the money involve is not a joke.

So before we store our coins in any wallet that we're going to use, make sure that you keep the necessary details to open and recover it incase something went wrong.

[thaRiddla]

Damn, I wonder how many peoples out there are in the same situation.

7K BTC, jesus.

[hd49728]

German-born programmer Stefan Thomas told the Times he forgot the password to IronKey, an secure flash drive has access to 7,002 Bitcoin - $220 million worth.

It is hilarious to know a programmer did not do safe backups for his bitcoin. As normal user as me if I care to do safe backups, I can do it. Relying on memory to remember passwords is stupid. There are password managers that can help to backup multiple passwords (offline) and also help to create randomly passwords.

[GUIDE] How to Create a Strong/Secure Password
https://keepass.info/
https://pwsafe.org/
https://www.lastpass.com/

Some advice from Antonopoulos
Crypto Security: Passwords and Authentication - Livestream aantonop

[0t3p0t]

Lost coins only make everyone else's coins worth slightly more.  Think of it as a donation to everyone.

$220 million worth of donation? Wow! 7,002 Bitcoins will keep him and his family's future secure so it's worth solving the missing link of the owner's wallet and I do hope he will soon crack it and live happily ever after. I believe it is easy for him because he is a programmer he just need time.

[kotajikikox]

German-born programmer Stefan Thomas told the Times he forgot the password to IronKey, an secure flash drive has access to 7,002 Bitcoin - $220 million worth. IronKey gives users 10 guesses for their passwords before seizing its contents.
"I would just lay in bed and think about it," Thomas told the New York Times Nathaniel Popper. "Then I would go to the computer with some new strategy, and it wouldn't work, and I would be desperate again."

quite surprised by this news because his Bitcoin trapped in his hardware wallet is very much.  Don't underestimate your private key and password, if you haven't prepared the best place (easy to remember and reach) to store your private key and password then do it right now..

https://markets.businessinsider.com/currencies/news/programmer-locked-out-220-million-in-bitcoin-forgotten-password-2021-1-1029961378

My Most concern in this one is ? the Bitcoin that may Lost in the Air when He will not recover that bitcoins , Imagine another 7,002 Bitcoin will go for nothing ?

Miners had been gathering too much time, effort and electricity to accumulate these Bitcoin volume and all of a sudden just because of laziness in securing the Private key ? now it will be Gone forever  as we cannot bring back the lost bitcoin for lifetime,

Unless super computer mat discover how to crack each seeds and addresses .

[Ultegra134]

I mean, how does he not write down the password of the human account. It is a pity, so what should I say? I guess I'd be crazy if it happened to me. I hope he finds his password, I have no other wishes.

Definitely sucks for the guy, if I was in his shoes, I would have literally drive myself crazy over regret. I mean, you invested into buying a physical wallet, due to safety concerns I guess, why wouldn't you make a backup of the private keys or something. We're talking about 7.000 BTC, now worth millions of dollars.

[Coinsfera]

It may be the most expensive key ever lost. That's why it is always repeated that keep your private keys safe. The biggest difference of a cryptocurrency wallet from a traditional electronic wallet is that it does not store your cryptocurrencies in one place. It provides access to records in different blockchains with your private keys.

[Lorence.xD]

At $200 million value, you'd think IronKey would want to step in and try to reverse engineer or hack their own product to help this dude... It's likely an older drive with many vulnerabilities ready to be discovered.

They wouldn't do that, the OP said that they will seize the contents after 10 failed attempts so it is on their interest that the dude fail from getting the password. Maybe if he tries to find a way, IronKey is not the Apple, someone might be able to do the job for a certain amount of money.

[Maestro75]

Lost coins only make everyone else's coins worth slightly more.  Think of it as a donation to everyone.

This is confusing. How is it a donaton to everyone when the owner can not even get the bitcoin out of the stored device? If he fails to get his password and gain access to the coins it means they are lost forever. May be Satoshi spoke in parable there.

[LogitechMouse]

This is the reason why I really need to store my private keys in a very secretive place and I know that I can access thru it anytime I want. Don't underestimate the power of these words .
If I'm only in that situation, I don't know what to do. I'm thinking though if the company can help him though since it is his own keys and they don't have any access to it.
What we can do right now is to just learn from this kind of mistakes so that we will not have the same fate or will be in his situation.

Lost coins only make everyone else's coins worth slightly more.  Think of it as a donation to everyone.

This is confusing. How is it a donaton to everyone when the owner can not even get the bitcoin out of the stored device? If he fails to get his password and gain access to the coins it means they are lost forever. May be Satoshi spoke in parable there.

This phrase that Satoshi has shared is kinda sarcastic in a way but I'm thinking that you know what Satoshi means right .

[SATWAT]

At $200 million value, you'd think IronKey would want to step in and try to reverse engineer or hack their own product to help this dude... It's likely an older drive with many vulnerabilities ready to be discovered.

They wouldn't do that, the OP said that they will seize the contents after 10 failed attempts so it is on their interest that the dude fail from getting the password. Maybe if he tries to find a way, IronKey is not the Apple, someone might be able to do the job for a certain amount of money.

This is possibility because now we have some good persons in service for this work most chances he will able to have his money back because its really big amount and no one can afford to lost this all I am also in this situation but good thing my amount is not big as this person but still feeling pain of this lost.

[lovesmayfamilis]

Take a look at the history of some of our legends. Earlier here on the forum bitcoins were played very often. And I see that one account can have a lot of addresses. What do you think people were thinking at the time? Bitcoin was worth very little. Could anyone have guessed that Bitcoin could grow by such amounts in the future? Therefore, accusing someone of irresponsibility is simply stupid. This is the most common human factor.
If you just apply the concept of wealth to the case in which a guy lost his keys, we can say that big money is not his destiny. Since owning a lot of capital, this is also a test.
Another case is about how a guy recovered his bitcoins after 9 years.

https://www.reddit.com/r/Bitcoin/comments/ku0gzz/i_found_the_private_keys_to_my_127_bitcoins_i/

The rule applies here that he earned millions on absolutely empty actions. And since he was able to restore it all, it means he is ready for big money. It's simple.

[masterrex]

The $22 million dollars was a huge amount, and it's unfortunate to say that those millions will not be recovered anymore without those private key or passwords so those bitcoins will be locked forever in the Blockchain another story of neglect of an important thing like passwords and keys, its should be a lesson to everybody that holds and using cryptocurrencies. 

[blckhawk]

German-born programmer Stefan Thomas told the Times he forgot the password to IronKey, an secure flash drive has access to 7,002 Bitcoin - $220 million worth. IronKey gives users 10 guesses for their passwords before seizing its contents.
"I would just lay in bed and think about it," Thomas told the New York Times Nathaniel Popper. "Then I would go to the computer with some new strategy, and it wouldn't work, and I would be desperate again."

quite surprised by this news because his Bitcoin trapped in his hardware wallet is very much.  Don't underestimate your private key and password, if you haven't prepared the best place (easy to remember and reach) to store your private key and password then do it right now..

https://markets.businessinsider.com/currencies/news/programmer-locked-out-220-million-in-bitcoin-forgotten-password-2021-1-1029961378

Well, that's unfortunate. They always said, "NO keys not your coins" that is why it is necessary to store your keys in a safe place as much as possible to make a backup pass so that if one loses you still gonna have your copy. $22 million was quite big and having that big amount requires more care. Another Bitcoin once again locked in a wallet with no one can make use of it. You don't want to place it in easy to reach but also mind of placing it on a secured place for not to be accessed by anyone.

[pinggoki]

I just don't get it on how he lose his password to his IronKey because if you are holding those huge number of bitcoin then probably you might have some back up file or you have multiple copies of your ironkey in order for you to avoid losing and forgetting those passwords. Just think about it, if you have so many money then probably you will not put it in just a 1 wallet but also you will put it in other wallet.

[hatshepsut93]

There's a huge tradeoff between storing your private key or seed in plaintext or in encrypted form. Encryption protects you from physical theft or seizure, while storing in plaintext prevents you from shooting yourself in the foot by losing your password and locking yourself out. I think physical thefts of Bitcoin are still so rare that for most people it's safer to store their coins unencrypted, if they use a cold storage setup of course. You can also encrypt most of your backups while leaving one unencrypted and storing in the most secure place that you have.