When Bitcoin Goes Missing: Tales of 6 Cryptocurrency Losers
When Bitcoin Goes Missing: Tales of 6 Cryptocurrency Losers
What are the Worst Bitcoin Losses Ever? Inc.com
How To Recover Stolen Bitcoins CryptoCoins Info Club
MtGox bitcoin exchange chief executive Mark Karpeles ...
The Troubling Holes in MtGox’s Account of How It Lost $600 ...
Bought 20 bitcoin a while back, trying to find it, help!
So I bought 20 bitcoin in 2009 - 2010 (one of the years, I can't remember). It was $1 back then and a couple of buddies told me to buy it. I completely forgot about having this until recently when another buddy of mine was talking about it. I know I missed the main market for profit, but I would like to find my wallet from back then. Everything was thrown into a wallet, I have the computer used to buy the bitcoin and also the harddrive. Currently trying to figure out where this would be (this is an old xp machine), where should I look, also, I cannot for the life of me figure out what website I used to purchase. I know it was not Mt.Gox so it shouldn't be lost, but perhaps someone could help me out here. Anything will be helpful as I'm lost at this point. Thank you, and have a good day!
Hi guys - I bought a few bitcoins sometime in 2011 through MtGox. I know they went belly up, and I'm not clear on whether or not having a wallet will even make a difference in this situation. However, I just found two old .wallet files from that time period. One file is dated from 12/2011 and a copy of that file is 11/2013 - which probably corresponds to when I switched computers. I have a number of supporting files as well - blkindex, addr, etc and a number of database files. Is there anything recoverable? Can I get to the bitcoins that I thought were lost? I can't recall what software was running without digging around for the original harddrive/backup that I have someone in the house. Thanks for any help/insight! EDIT: Hi guys - thanks for all the help. I've tried synching the transactions twice now and its failed both times due to inadequate space. First, I tried synching to the hard drive. Next, to drop box. I need to connect to an external shared drive and go that route. Give me a few more days....
Part 4: Should I invest in Blockchain based Digital Currencies?
You've made it to the last article! (for now) Thanks for reading, and don't forget to comment if you have any questions or critiques!
1. Exchanges 1a. Fiat Accepting Exchanges 1b. Digital Currency Only Exchanges 2. Risks 2a. Regulation and Hacking 2b. Best Practices
Before we start, I want to make my point of view for this article clear. I have invested in Digital Currencies because I truly believe they are the future. However, this young, developing space can move up or down in price very quickly. This means that It is not wise to invest anything you aren't willing to completely lose. Mt. Gox is a great reminder about what can happen overnight to people with money in Digital Currencies. If you had Coins on the Mt. Gox Exchange when it was hacked, you lost every single one of them. The trading of Digital Currency can be a very unforgiving venture. I've heard many people liken it to the "Wild West" days of America when laws were hard to enforce and recourse for people who were scammed or robbed didn't exist. The best advice I can give to people interested in owning Digital Currency is, "Be knowledgeable about every single step in the process of purchasing/selling Digital Currency." Only then can you begin to minimize the risks that come with trading Digital Currency.
1. Exchanges. The first step in taking your hard earned Fiat Currency (USD, Euro, Renminbi, etc) and turning it into Digital Currency involves using a Digital Currency Exchange. A Digital Currency Exchange is where you deposit Fiat Currency and can purchase (or exchange) Digital Currency for it. A few of the largest Exchanges are Poloniex, Bitfinex, Coinbase/GDAX, and Bithumb. In addition to these Exchanges there are literally hundreds of others. When picking what Exchange you want to use it is important to keep in mind a few things:
Does this exchange accept Fiat currency deposits/withdrawals? If they do, how long does it take to withdraw your Fiat? How long to deposit your Fiat?
What reviews have other people given this exchange? (CryptoCurrency is a great place for this info)
What Digital Currencies can I buy/sell on this Exchange?
If you are able to answer these questions to your satisfaction you're halfway to owning Digital Currency! 1a. Fiat Accepting Exchanges. Exchanges that allow you to deposit Fiat Currency directly to them are what I consider Fiat Accepting Exchanges. There are plenty of Exchanges that offer this option. Coinbase/GDAX, Gemini, and Kraken are but a few. When choosing a Fiat Accepting Exchange first take a look at what Digital Currencies you can purchase directly on this exchange once your Fiat deposit is credited. Usually this type of Exchange only offers a few of the more popular Digital Currencies like Bitcoin, Ethereum, and Litecoin. 1b. Digital Currency Only Exchanges. These Exchanges do not accept Fiat Currency deposits. They only offer the ability to exchange one Digital Currency for another. An example of this would be: Matt has 1 Bitcoin he wants to exchange for an equivalent amount of Ethereum. Currently the price of a Bitcoin is $2581.98 USD and the price of an Ethereum is $201.96 USD. Matt sells his 1 Bitcoin to another member of the Exchange and receives 12.79 Ethereum (2581.98 ÷ 201.96) in return. Exchanges that only deal in Digital Currency usually offer a wide variety of Coins (Bittrex allows the exchange of over 250 different Digital Currencies). This is in contrast to Fiat Accepting Exchanges who may only offer two or three of the biggest Digital Currencies. To use a Digital Currency Only Exchange you must already own a Digital Currency that the Exchange supports. You are then able to deposit this Digital Currency onto the Exchange and turn it into any other Digital Currency that the Exchange offers.
2. Risks. The Risks of investing in Digital Currency today are many. Companies from the traditional investing space are not yet convinced that Digital Currency is safe to invest in. While this view is definitely changing, I believe it will be at least 2018 until the traditional investing market feels comfortable enough to bring a large amount of capital into the Crypto-sphere. 2a. Regulation and Hacking. When it comes to investing in Digital Currency, the two biggest risks outside of your control are Regulation and Hacking. Regulation occurs when a local government decides that Digital Currency is facilitating bad things. What the government considers a "bad thing" can vary, but usually it has to do with money laundering or purchasing illegal goods online. Reading news articles that involve Digital Currencies and people using them for bad things is a good way to stay ahead of the curve. You must be ready to take precautionary measures if you feel your government may be taking action to disrupt the Digital Currency environment where you live. Hacking. Currently this is the hardest risk to mitigate when investing in Digital Currencies. Exchanges are the most vulnerable to Hacking since they are a centralized location where large amounts of Digital Currency are always stored. Remember to research any Exchange to get an idea about their security practices before using them to invest in Digital Currency. Look for Exchanges that offer 2 Factor Authentication (2FA is through you smartphone, you recieve a code in a text that you must input to use the Exchange). There is often no warning when an Exchange is hacked, generally you just wake up and aren't able to log onto the Exchange. Any Digital Currency or Fiat Currency held on an Exchange that is Hacked usually is gone forever. 2b. Best Practices. Now that you know the main hazards of investing in Digital Currency I can talk about the best methods to use once you're ready to take the plunge! The risks of Hacking and Regulation mainly apply to the Exchanges. Holding your Digital Currency on a Wallet that only you control is a great way to keep your Coins safe. A Wallet is simply a private vault that requires a Password and Private Key to unlock. A Wallet allows you to hold Digital Currency, and also to Send/Receive Digital Currency.
Password: When you create your Wallet, the first step will require you to input a Password. Write it down in a dedicated notebook and create a copy in a separate location. Do not re-use the same Password for anything else.
Private Key: This is usually an encrypted file that you should not make a copy of. It will download to the Harddrive of the computer you are using when creating your Wallet. Without this file you will not be able to unlock your vault, effectively making any Digital Currency on that Wallet unreachable. I keep each of my Private Key's on a separate flash drive inside a physical safe.
Unfortunately in todays Crypto-sphere, each Digital Currency requires its own Wallet. The only exceptions to this are ERC-20 Tokens which can be stored in an Ethereum Wallet or Multi-currency wallets similar to Nano or Trezor. Please read Part 3. What is Blockchain doing Tomorrow? for an explanation of ERC-20 Tokens. Having a separate Wallet for every Digital Currency you own is a hassle, but it is the best practice for keeping your investment(s) safe . Companies like Jaxx offer Wallets that will hold more than a single Digital Currency, but issues with the process used to generate private keys have made people wary of them and other wallets that don't use a strong enough "randomizer" when creating your private key. The best way to ensure your Coin's safety is to store them in the Wallet endorsed by the creators of that Coin.
Overall, the world of Digital Currency is an exciting and rapidly-changing one. What is true today may not be true next week. The information here is what I consider to be the most relevant, as of today, for someone new to Blockchain Technology who is trying to learn more. If this info was helpful to you, please, follow us on Twitter, and/or become a DCG member through our website. As the Crypto-sphere changes and grows, check back here at /DenverCryptoGroup for updates. If there is an issue or question I haven't covered here, please comment below and I'll answer it as quickly and completely as possible! Thanks for reading and spread the word about Blockchain! ~Matt www.DenverCryptoGroup.com
A Japanese court ruled Friday to pull infamous Bitcoin exchange Mt. Gox out of bankruptcy, opening the door for at least $1 billion worth of cryptocurrency to be paid back to the company’s ... Mt. Gox was the biggest Bitcoin loss and affected the most people but as cryptocurrencies have fallen, plenty of other people have lost eye-watering amounts. Here are some of the biggest crypto ... Last month, Mt. Gox said it had lost 750,000 of its Bitcoin customers’ holdings and more than 100,000 of its own coins — essentially its entire stock of Bitcoin, worth more than $450 million. The found coins are worth about $116 million based on today’s rate of $578, according to the online Bitcoin index CoinDesk. As bitcoin tops the $15,000 mark, according to digital-currency website CoinDesk , finance experts are weighing in on whether or not to invest in the cryptocurrency. While some are calling it a total scam , others are advising that now's the time to buy . Regardless of which side you fall on, one thing is for sure: It . As bitcoin tops the $15,000 mark, according to digital-currency website ... Mt. Gox suddenly finds 200,000 missing bitcoins, worth over $115M 99 posts • 1; 2; 3; Next; JournalBot . Ars Legatus Legionis et Subscriptor. Registered: Apr 5, 2005. Posts: 94092. Posted: Fri ...
In this video we are covering 5 interesting facts. We are talking about the guy who dumped hard-drive worth $9 Million, hacking of Mt.Gox exchange site, bitcoin million dollar pizza and the time ... This pattern, along with the rest of our Bitcoin technical analysis leads me to believe that today, and the next few days will be bullish for Bitcoin! We also cover some Mt Gox news, and discuss ... Mt Gox site disappears Bitcoin future in doubt What was once the world's largest trading platform for bitcoins is now a blank page. The Bitcoin-trading website Mt.Gox was taken offline late Monday ... Bankrupt Japanese firm Mt Gox has said that it has found 200,000 lost bitcoins. The Tokyo-based exchange said it discovered the missing virtual currency in an old digital wallet. Mt Gox said the ... James Howells is kicking himself after throwing away a computer hard drive worth millions of pounds. The IT technician made the massive blunder after accidentally getting rid of the drive which ...