When Losing Bitcoin Feels Like Losing More Than Just Money.

[Ab de villiers]

Seriously having to lose the sum 2  BTC It a very painful thing, but checking out again the painful part and biggest lost is having wait for 8 good years of discipline and patience. Having to hold Bitcoin for that long, passing through market crashes and still keeping conviction.

That why we shouldn't treat Bitcoin security as something that we can deal with later, not only knowing that accumulating is important but also having to understand that having to protect what we are accumulating is very important too.

When the price of Bitcoin drops a little, we get scared and the person loses 2 Bitcoins for which he worked hard and patiently for so long and later he does not get anything for it. Of course, this is a very bad shock for him. It is like someone who bought a lot of Bitcoins and later forgot the password of his wallet and till now he could not get his Bitcoin back. Although he should try and accumulate Bitcoin once again because the price is down and if he does DCA slowly, he can accumulate 1 Bitcoin by next year, but this has taught him a lesson that any important asset or money should be protected and his mind should be sharp for it.
The way people are losing Bitcoin is quite sad but this is a good lesson for everyone. Some people have invested for so many years, they should also protect themselves from such mistakes.  In fact, the sad thing is that accumulated Bitcoin little by little for 8 years, and when it came time to take profit from it, Bitcoin was not available.

[Joy- maker]

This investor isn't at fault for the loss of Bitcoin, the ones at fault are cold card, they had to be punished and justice done. You should seek your rights in court even knowing it's hard to win, I see it as the only way.

Nobody said the investors are at fault, we all already know that the coldcard wallet owner or the developer is the one to be blamed. I can't really tell whether this happened due to negligence or as a deliberate act, and if those who are affected decide to challenge them in court they will definitely win the case, because the coldcard owner or developer need to pay for all the damages. I really feel for those who were affected, because I have seen many posts on Reddit so far showing that a lot of people lost their fortunes.

[Rgram]

Nobody said the investors are at fault, we all already know that the coldcard wallet owner or the developer is the one to be blamed. I can't really tell whether this happened due to negligence or as a deliberate act, and if those who are affected decide to challenge them in court they will definitely win the case, because the coldcard owner or developer need to pay for all the damages. I really feel for those who were affected, because I have seen many posts on Reddit so far showing that a lot of people lost their fortunes.

In as much as we can’t fault them, we should be reminded that, there were other means presumably to me more sophisticated pathway to private key or seed phrase generation but, based on the fact that no vulnerability was found in the previous means, it did remain a standard that did work. These updates existed but weren’t used and it’s okay for open source wallets to not notify on these things.
It’s still an eye opener though on how we should react to updates and not always rely on previous methods that have proven to be safe with the advent of updates.

[AmoreJaz]

This investor isn't at fault for the loss of Bitcoin, the ones at fault are cold card, they had to be punished and justice done. You should seek your rights in court even knowing it's hard to win, I see it as the only way.

Nobody said the investors are at fault, we all already know that the coldcard wallet owner or the developer is the one to be blamed. I can't really tell whether this happened due to negligence or as a deliberate act, and if those who are affected decide to challenge them in court they will definitely win the case, because the coldcard owner or developer need to pay for all the damages. I really feel for those who were affected, because I have seen many posts on Reddit so far showing that a lot of people lost their fortunes.

This is the reason why it is always advisable keep your coins in your own wallet where you have your own keys. Because a third party storage will be very vulnerable to potential threats and not all of them are accepting their liabilities to their clients.

[freedomgo]

This investor isn't at fault for the loss of Bitcoin, the ones at fault are cold card, they had to be punished and justice done. You should seek your rights in court even knowing it's hard to win, I see it as the only way.

Nobody said the investors are at fault, we all already know that the coldcard wallet owner or the developer is the one to be blamed. I can't really tell whether this happened due to negligence or as a deliberate act, and if those who are affected decide to challenge them in court they will definitely win the case, because the coldcard owner or developer need to pay for all the damages. I really feel for those who were affected, because I have seen many posts on Reddit so far showing that a lot of people lost their fortunes.

The developer should really be accountable of all the damages it has caused. But I guess no developer would want this way either, whatever we call this, things sometimes happen beyond our control even if a lot claims that its due to negligence or whatsoever.

Instead of pointing fingers who's at fault, I think its best to just learn from this incident. Let's all be mindful to our wallet and secure every updates as much as possible. Having a hardware wallet isn't enough, being cautious should be more practiced all the time.

[Orpichukwu]

This is the reason why it is always advisable keep your coins in your own wallet where you have your own keys. Because a third party storage will be very vulnerable to potential threats and not all of them are accepting their liabilities to their clients.

It’s advisable, but some people still consider that advice as being expensive because they can’t take good care of their own private key and will always choose a third party over themselves to do the security job for them while they are indirectly handing their coin to danger.