BlackHatCoiner (OP)
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January 28, 2021, 11:40:29 AM |
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This month that bitcoin has risen abruptly compared to the previous months, a lot of people have created new topics asking for help about their funds. For example this gentleman appeared out of nowhere after 9 years that had bought bitcoins and created a new thread, explaining that he found a paper wallet that was damaged in his closet. And now I'm asking myself, why now? Let's assume that he had bought 100 bitcoins in 2012. By 2016, he would have a great fortune. By the end of 2017 an even bigger. Don't they read the news? Because if I had bought that amount of coins a decade ago, I'm sure that I'd see out of curiosity how well it has gone. Since the paper wallet was in his closet, it means that he didn't care that much. Another bad example is this thread in which iwoswinvs (who is probably a liar) announces on a forum that he owns 50,000 bitcoins. I think there are more people like the first one, though.
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Poker Player
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January 28, 2021, 11:55:46 AM |
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These stories, regardless of whether they are true or not, give a picture of what really happened at that time. A lot of people were mining or getting Bitcoins but since they were worth almost nothing they didn't give it much thought. Many of them lost the keys, and therefore the bitcoins. In some cases there is talk of millions of Bitcoins lost: Lost Bitcoin: 3.7 million Bitcoin are probably gone foreverNearly 4 Million Bitcoins Lost Forever, New Study SaysIt is sad on the one hand, but on the other hand, better for us because more scarcity gives more value to our holdings.
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AicecreaME
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January 28, 2021, 12:15:42 PM |
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This month that bitcoin has risen abruptly compared to the previous months, a lot of people have created new topics asking for help about their funds. For example this gentleman appeared out of nowhere after 9 years that had bought bitcoins and created a new thread, explaining that he found a paper wallet that was damaged in his closet. And now I'm asking myself, why now? Let's assume that he had bought 100 bitcoins in 2012. By 2016, he would have a great fortune. By the end of 2017 an even bigger. Don't they read the news? Because if I had bought that amount of coins a decade ago, I'm sure that I'd see out of curiosity how well it has gone. Since the paper wallet was in his closet, it means that he didn't care that much. The answer for your question is very simple, they didn't sell those Bitcoins they bought too early maybe because they are not yet satisfied with Bitcoin's price, maybe they were waiting for this very right moment, because selling all of their Bitcoins now is surely a big profit. Luckily he still find his paper wallet, because that's the most important thing to your treasure. I assume that this guy was busy with something else in his life that's why he forgot about his Bitcoin until now.
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Lorence.xD
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January 28, 2021, 12:24:29 PM |
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The answer for your question is very simple, they didn't sell those Bitcoins they bought too early maybe because they are not yet satisfied with Bitcoin's price, maybe they were waiting for this very right moment, because selling all of their Bitcoins now is surely a big profit. Luckily he still find his paper wallet, because that's the most important thing to your treasure. I assume that this guy was busy with something else in his life that's why he forgot about his Bitcoin until now.
Don't think so, these people who bought bitcoin back then did not know that it will come this far, if they knew then they would have taken care of their bitcoin and the address as to prevent it from being lost. I am happy that the person still has the wallet, but I don't think that it is being busy that caused that person to lost track of the bitcoin that the person has bought because bitcoin is not a big deal for many back then, maybe that person just jump in and bought some then forget about it.
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BlackHatCoiner (OP)
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Bitcoin is a royal fork
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January 28, 2021, 12:39:47 PM |
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I don't care what you guys say. If I had bought <enter whatever you want here> bitcoins, I may wouldn't be that careful with the private keys, but I would surely see how things have gone. How far it has gone since the day I made my purchase. If I knew I had lost them for good, then there wouldn't be any point on reading the news. But if I just hadn't searched enough? Really? Oh boy, imagine seeing your 100 bitcoins on the blockchain, but knowing that you can't access them. It must hurt. I assume that this guy was busy with something else in his life that's why he forgot about his Bitcoin until now. How busy can you be to avoid a huge fortune you have lost somewhere in your house?
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joniboini
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January 28, 2021, 01:32:16 PM |
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Well in the end it happened, even if it is hard to imagine. I can understand though. If I bought Bitcoin so early, I probably just do it for fun since it was fairly unknown and nobody knows how far it will go, and then they forgot to check again and never bothered to check crypto again, or at some point only read the bad news.
Things would be different If I already planned to invest for the long term and believes the assets will grow in value though. Just last week ago I decided to buy a bunch of cryptos and then decide to 'quit' from crypto for a while, and see how it will go 3 years later. Hopefully, it turned into a fortune.
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Dabs
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January 28, 2021, 01:33:51 PM |
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It was valueless to them back then, it's still worthless to them now. Otherwise they would have taken care of it.
Even in 2010 or 2011, there were multiple warnings about private keys and seed words and to back them up, we've seen people engrave or stamp them on metal blocks or sheets, and paper wallets are easy to take care of.
Passports, birth certificates, other important papers, how does one take care of those? Paper wallets can be stored the same way.
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Lucius
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January 28, 2021, 02:03:41 PM |
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Don't they read the news? Because if I had bought that amount of coins a decade ago, I'm sure that I'd see out of curiosity how well it has gone. Since the paper wallet was in his closet, it means that he didn't care that much.
People also forget much more important things than if they bought something 9 years ago and paid the same just a few dollars - it's not an investment you think about every night before you go to bed. Since that person offers 0.2 BTC as a reward, it’s probably a max of 2 BTC or maybe less. There are many examples where some people (much more informed) have lost real wealth because they were careless as is the case with a person who threw an HDD in the trash with a few thousand BTC (and this is not the only such case). One can say whatever one wants, but until 2017 happened people were pretty careless with private keys/seed, and the same thing that is happening now was happening three years ago when many remembered they had something quite valuable. Specifically, it's not a problem that the paper was in the closet - the problem is that it wasn't protected in a way that someone couldn't just damage it - children and pets don't care too much about the paper, they both destroy it while playing with it.
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dothebeats
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January 28, 2021, 02:19:51 PM |
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Or maybe the news isn't just reaching them, and have forgotten completely that they have this magic internet money at some point. It could happen, especially since it's been more than a decade since bitcoin first existed, and you can't expect everyone that was once a part of the early days to remember that they have something left on them that they could try to recover.
Many people sure got disconnected from the updates on bitcoin, and have heard about it on a news just lately. You know, life happens, stuff gets forgotten on the daily and maybe that's what also happened to them.
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aysg76
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January 28, 2021, 02:23:30 PM |
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I assume that this guy was busy with something else in his life that's why he forgot about his Bitcoin until now.
So, you want to say he doesn't watch the news. BTC even got hyped in 2017 because of its price. He was continuously busy from 2017. Dude really? I would have left everything to find it if I have that amount of BTC. I think its complete fraud news.
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20kevin20
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January 28, 2021, 02:29:50 PM |
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If these guys are lying, it's honestly sad. Why would you do that, besides getting a few kids on the internet preaching you about your fake fortune?
Have you ever lost something for so long you completely forgot about its existence? Think of being a teen and finding out about this new project called Bitcoin. You download the Core, you mine it but after a while you get bored of it. Many years later, you find out about this new currency called Bitcoin which topped >$1k, you find the name familiar but you have no idea why.
It happens. In fact, I found some old Bitcoin paper wallets that were still loaded a few weeks ago. The paper wallets were dated years before. This is the non-perfect human brain at work... that's it.
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lepbagong
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January 28, 2021, 02:52:44 PM |
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something strange too if he had something that at that time was not something of high value and only to be able to buy extension games online only. but he keeps it and forgets it for something that may seem reasonable and trustworthy but he forgets that by cheating in any way there will be a gap where the fraud committed will be openly open because of the fault of himself who made up the story does not make sense .
Moreover, the story that was built seemed to impose the will that actually happened, because if all this time he had never even heard the news about bitcoin. because we know a lot of news about hackers who do the trick by asking for a ransom with bitcoin. this news quite seizes almost all existing media and does he not know !!! strange thing. not to mention the news that bitcoin reached ATH in two periods in 2013 and 2017, even this has taken a lot of attention from the media and maybe also social media.
but this we cannot blame because there are also people who have such assumptions because they think that if I have a certain amount of bitcoin and how do people react to the story, of course if it goes viral he feels that there is his own happiness.
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Bitstar_coin
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January 28, 2021, 02:58:33 PM |
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Am also wondering the same thing, except the person is completely out of touch of nature i don't see why someone will have btc for so long and during the great 2017/18 bull run still the person did not bother to access their wallet or feel the need to do so! who does that? it is most certainly strange and have no meaningful explanation.
Perhaps the person was medically ill and was unable to do anything with his/her investment at the time, even if you lost your password i think the time gap is too much to come out now and say it, if you actually hold btc and can't find your password i don't think you will stay so long before seeking help.
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Review Master
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January 28, 2021, 02:59:51 PM |
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I assume that this guy was busy with something else in his life that's why he forgot about his Bitcoin until now. How busy can you be to avoid a huge fortune you have lost somewhere in your house? This question will be asked again and again , even if anyone pretend to be forgotten some precious things which is more valuable than others. Also, it's more likely an account of those users who are already on this forum and want to make jokes on others. Just checkout recent reply of that user who makes an announcement of giving bitcoin to others which is ridiculous. Only newbies will fall for that without knowing the rules. I will be starting a bitcoin distribution soon
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traderethereum
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January 28, 2021, 04:44:05 PM |
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When people buy bitcoin at the very lowest price, they do not even think that the price will be like what bitcoin has now. They think that it is a joke, and they do not store bitcoin at a safe place, and mostly they abandon it into an HDD or other place that they do not remember where that place. But suddenly, they read the news about the bitcoin price increase so high, and they remember that they already had bitcoin from a long time ago, and they tried to search for it but they can not found it. If we see 100 bitcoin in a blockchain, but we can not access the wallet, that will be very sad to us, but we can not do anything if we do not remember anything about it.
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BrewMaster
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January 28, 2021, 06:40:21 PM |
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unfortunately most of the topics we have been seeing in this forum over the past couple of months were from people who had bought some sort of fake wallet thinking there is a lot of money in it and have been wasting other people's time trying to help them recover these "wallets".
the reality is that whenever price rises it attracts another group of newcomers some of whom fall for the old scams. fake wallets and malwares are the most common methods among them.
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There is a FOMO brewing...
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ImHash
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January 28, 2021, 06:53:20 PM |
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Even now there are people who don't believe in Bitcoin but are waiting for the market to see if it's profitable to enter or not. many people bought or mined in the first years, now they don't have any coins left. even if you sell your coins now, you will have no coins in the future. the secret of Bitcoin is in holding for long long time. the legend of HODLING.
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Casdinyard
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January 28, 2021, 06:55:52 PM |
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Easy to say, hard to prove. Some are presenting 'proofs' but we all know how unrealistic this market is. Many people are making stories which are not true in the first place. Purpose? Looking for sympathy? Merit(most of the time)? Or they just want to do so. All I know is that, those people who are really having such huge amounts will not be found in this forum telling other people what they have. They are more likely busy making profit from continuing their investment and trading habits. They won't spend time arguing with other people or just being boastful at them.
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finaleshot2016
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January 28, 2021, 06:57:33 PM |
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Should I say, they didn't expect the unexpected. We aren't sure if those stories are legit but let's assume it's true. In the first year of bitcoin it doesn't have a good value, they thought of it as worthless or shouldn't give effort to earn it. Some of them already lost the keys, can't access the wallets and it's their greatest regret for not giving to attention to it. But we can't blame them as they don't have any idea that BTC will soon to rise.
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error08
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January 28, 2021, 10:05:19 PM |
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They might didn't expect bitcoin to reach this price and didn't comprehend how to store bitcoin correctly or just forget the password. They might have tried, but failed, no one could help them to obtain the lost coins, if someone could, then we should be worried about satoshi's coins.
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