Tech journalist accidentally throws away £2

Tech journalist accidentally throws away £2.Five million worth of Bitcoin – and he’s not the only one who’s lost a fortune

Unfortunate writer joins a list of people who mislaid vast sums of the virtual currency when it was worthless and then observed it soar in value

WHEN the digital currency bitcoin was very first introduced, it was essentially worthless.

Now just one of the electronic "coins" is worth more than £1,764 and many early investors are celebrating their new-found wealth.

But one tech journalist missed out on the virtual gold rush because he threw away a hard drive which he used to store 1,400 bitcoins back when they were worth peanuts – and he's not the only one to make a similar mistake.

Now Campbell Simpson is kicking himself because his lost stash is worth a whopping £2.Five million.

"Five years ago, I threw away a hard drive- an utterly generic 250GB portable hard drive, already a few years old, with a duo of dings and scrapes in its shell and with the beginnings of an audible click that would have eventually killed it," the Australian journo wrote on Gizmodo.

In 2010, when the Bitcoin price was like 1.Five US cents — if you could find a place that would even sell them to you — I bought $25 worth.

"It had a data file containing one thousand four hundred Bitcoin on it. No big deal, at the time.

"Today, those few kilobytes are worth more than four million dollars."

A similar thing happened to British man James Howells, who despairingly trawled through a seemingly endless pile of garbage at a landfill site in south Wales to find a lost USB stick.

Years before, he had bought some of the digital crypto-currency bitcoin.

When he realised what he had done, the bitcoins on the stick were worth $7.Five million.

He never found the discarded digital fortune.

What is bitcoin? Your guide to the virtual currency

  • Bitcoin is a virtual currency which was created in two thousand nine by an unknown person using the alias Satoshi Nakamoto.
  • Transactions are made without middlemen, so there are no transaction fees and no need to give your real name.
  • The value of Bitcoin, like all currencies, is determined by how much people are willing to exchange it for.
  • To process Bitcoin transactions, a procedure called ‘mining’ must take place, which involves a computer solving a difficult mathematical problem with a 64-digit solution.
  • For each problem solved, one block of Bitcoins is processed.
  • In addition, the miner is rewarded with fresh bitcoins.
  • To compensate for the growing power of computer chips, the difficulty of the puzzles is adjusted to ensure a constant stream of fresh bitcoins are produced each day.
  • Bitcoin keeps users’ transactions relatively private, letting them buy or sell anything without lightly tracing it back to them.

That’s why it has become the currency of choice for people online buying drugs or other illicit activities.

  • Victims of the WannaCry ransomware virus which crippled the NHS were asked to pay a ransom in bitcoin to unlock their infected computers.
  • In 2015, The Telegraph estimated that about $980 million in bitcoin (which is designed to be finite) was unaccounted for, lost or forgotten — and the price of the currency has since surged.

    The reason stories of bitcoin regret have resurfaced lately is because the currency resumes to set fresh all-time highs for its value on currency exchanges.

    So far this year, the price of bitcoin has more than doubled.

    The currency is known for its volatility, a quality it has displayed this week as it resumes to rise in value.

    Tech journalist accidentally throws away £2

    Tech journalist accidentally throws away £2.Five million worth of Bitcoin – and he’s not the only one who’s lost a fortune

    Unfortunate writer joins a list of people who mislaid vast sums of the virtual currency when it was worthless and then observed it soar in value

    WHEN the digital currency bitcoin was very first introduced, it was essentially worthless.

    Now just one of the electronic "coins" is worth more than £1,764 and many early investors are celebrating their new-found wealth.

    But one tech journalist missed out on the virtual gold rush because he threw away a hard drive which he used to store 1,400 bitcoins back when they were worth peanuts – and he's not the only one to make a similar mistake.

    Now Campbell Simpson is kicking himself because his lost stash is worth a whopping £2.Five million.

    "Five years ago, I threw away a hard drive- an utterly generic 250GB portable hard drive, already a few years old, with a duo of dings and scrapes in its shell and with the beginnings of an audible click that would have eventually killed it," the Australian journo wrote on Gizmodo.

    In 2010, when the Bitcoin price was like 1.Five US cents — if you could find a place that would even sell them to you — I bought $25 worth.

    "It had a data file containing one thousand four hundred Bitcoin on it. No big deal, at the time.

    "Today, those few kilobytes are worth more than four million dollars."

    A similar thing happened to British man James Howells, who despairingly trawled through a seemingly endless pile of garbage at a landfill site in south Wales to find a lost USB stick.

    Years before, he had bought some of the digital crypto-currency bitcoin.

    When he realised what he had done, the bitcoins on the stick were worth $7.Five million.

    He never found the discarded digital fortune.

    What is bitcoin? Your guide to the virtual currency

    • Bitcoin is a virtual currency which was created in two thousand nine by an unknown person using the alias Satoshi Nakamoto.
    • Transactions are made without middlemen, so there are no transaction fees and no need to give your real name.
    • The value of Bitcoin, like all currencies, is determined by how much people are willing to exchange it for.
    • To process Bitcoin transactions, a procedure called ‘mining’ must take place, which involves a computer solving a difficult mathematical problem with a 64-digit solution.
    • For each problem solved, one block of Bitcoins is processed.
    • In addition, the miner is rewarded with fresh bitcoins.
    • To compensate for the growing power of computer chips, the difficulty of the puzzles is adjusted to ensure a stable stream of fresh bitcoins are produced each day.
    • Bitcoin keeps users’ transactions relatively private, letting them buy or sell anything without lightly tracing it back to them.

    That’s why it has become the currency of choice for people online buying drugs or other illicit activities.

  • Victims of the WannaCry ransomware virus which crippled the NHS were asked to pay a ransom in bitcoin to unlock their infected computers.
  • In 2015, The Telegraph estimated that about $980 million in bitcoin (which is designed to be finite) was unaccounted for, lost or forgotten — and the price of the currency has since surged.

    The reason stories of bitcoin regret have resurfaced lately is because the currency resumes to set fresh all-time highs for its value on currency exchanges.

    So far this year, the price of bitcoin has more than doubled.

    The currency is known for its volatility, a quality it has displayed this week as it proceeds to rise in value.

    Tech journalist accidentally throws away £2

    Tech journalist accidentally throws away £2.Five million worth of Bitcoin – and he’s not the only one who’s lost a fortune

    Unfortunate writer joins a list of people who mislaid vast sums of the virtual currency when it was worthless and then observed it soar in value

    WHEN the digital currency bitcoin was very first introduced, it was essentially worthless.

    Now just one of the electronic "coins" is worth more than £1,764 and many early investors are celebrating their new-found wealth.

    But one tech journalist missed out on the virtual gold rush because he threw away a hard drive which he used to store 1,400 bitcoins back when they were worth peanuts – and he's not the only one to make a similar mistake.

    Now Campbell Simpson is kicking himself because his lost stash is worth a whopping £2.Five million.

    "Five years ago, I threw away a hard drive- an utterly generic 250GB portable hard drive, already a few years old, with a duo of dings and scrapes in its shell and with the beginnings of an audible click that would have eventually killed it," the Australian journo wrote on Gizmodo.

    In 2010, when the Bitcoin price was like 1.Five US cents — if you could find a place that would even sell them to you — I bought $25 worth.

    "It had a data file containing one thousand four hundred Bitcoin on it. No big deal, at the time.

    "Today, those few kilobytes are worth more than four million dollars."

    A similar thing happened to British man James Howells, who despairingly trawled through a seemingly endless pile of garbage at a landfill site in south Wales to find a lost USB stick.

    Years before, he had bought some of the digital crypto-currency bitcoin.

    When he realised what he had done, the bitcoins on the stick were worth $7.Five million.

    He never found the discarded digital fortune.

    What is bitcoin? Your guide to the virtual currency

    • Bitcoin is a virtual currency which was created in two thousand nine by an unknown person using the alias Satoshi Nakamoto.
    • Transactions are made without middlemen, so there are no transaction fees and no need to give your real name.
    • The value of Bitcoin, like all currencies, is determined by how much people are willing to exchange it for.
    • To process Bitcoin transactions, a procedure called ‘mining’ must take place, which involves a computer solving a difficult mathematical problem with a 64-digit solution.
    • For each problem solved, one block of Bitcoins is processed.
    • In addition, the miner is rewarded with fresh bitcoins.
    • To compensate for the growing power of computer chips, the difficulty of the puzzles is adjusted to ensure a stable stream of fresh bitcoins are produced each day.
    • Bitcoin keeps users’ transactions relatively private, letting them buy or sell anything without lightly tracing it back to them.

    That’s why it has become the currency of choice for people online buying drugs or other illicit activities.

  • Victims of the WannaCry ransomware virus which crippled the NHS were asked to pay a ransom in bitcoin to unlock their infected computers.
  • In 2015, The Telegraph estimated that about $980 million in bitcoin (which is designed to be finite) was unaccounted for, lost or forgotten — and the price of the currency has since surged.

    The reason stories of bitcoin regret have resurfaced lately is because the currency proceeds to set fresh all-time highs for its value on currency exchanges.

    So far this year, the price of bitcoin has more than doubled.

    The currency is known for its volatility, a quality it has displayed this week as it proceeds to rise in value.

    Related video:

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    *