One bitcoiner told his story of how he lost access to his 7,002 bitcoins, which are worth about $ 240 million at current price. He’s lost the piece of paper he wrote his password on and now has two guesses before his device captures and encrypts the content forever.
7,002 bitcoins worth $ 240 million are at stake
Stefan Thomas, a Germany-born programmer who lives in San Francisco, was unable to access his 7,002 bitcoins, which are worth nearly $ 240 million at the current price, the New York Times reported Tuesday.
He stored the private key for his bitcoins on a small, encrypted hard drive known as an Ironkey and wrote the password on paper on the device. However, he said he lost the piece of paper he wrote down the password years ago. The device gives users 10 guesses before capturing and encrypting its content forever. He used up eight of the ten parcels without success. He was quoted as saying:
I would just lie in bed and think about it. Then I’d go to the computer with a new strategy and it wouldn’t work and I’d be desperate again.
Thomas stated that he was drawn to Bitcoin, partly because it was beyond the control of any country or company. He received the 7,002 bitcoins in 2011 while living in Switzerland from an early bitcoiner for the famous animated video entitled “What is Bitcoin?”
Since Thomas was unable to access his bitcoins as their value rose, fell, and rose again, he debated whether to be his own bank and hold onto his own money, the publication said. “This whole idea of being your own bank – let me put it this way, ‘Do you make your own shoes? ‘The reason we have banks is because we don’t want to deal with all of the things that banks do,’ he said.
Even so, the programmer said he now has access to enough bitcoin to make him richer than he knows how to do. In addition, he joined the cryptocurrency startup Ripple in 2012 and was rewarded XRP. Ripple is currently facing a lawsuit from the US Securities and Exchange Commission XRP.
Thomas said that he kept his Ironkey in a safe place in case cryptographers can crack complex passwords in the future. He stressed that he was keeping the device away from him so as not to be obsessed with it and concluded:
I got to a point where I said to myself, “Let it be in the past just for your own sanity.”
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