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Guy Forgets Password to $200 Million Bitcoin Wallet

poppabk

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Jan 21, 2008
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Idk if I even believe this story.

This is a dude who bought 7000 bitcoin, probably for a significant sum of money since he felt the need to store it offline on a fancy hacker-proof hard drive, and he 'lost the paper' where he had written the password? And he stored this information nowhere else?

He might have got in on mining pretty early and had maybe $100 - $1000 worth, and just kept it as a rainy day fund. It's not like an encrypted hard drive is super fancy tech even in 2010, I have my tax documents on an encrypted drive.
 
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cryptoadam

Banned
Feb 21, 2018
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Ya I figure this guy probably bought them or mined them for a couple of bucks.

BTC was worth less than 1 cent about a decade ago.

This must suck though. Imagine knowing you had 200 Million bucks but no way to get to it.

Should of sold it for a Pizza 8 years ago.
 

Boston

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Dec 13, 2013
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So say he remembered his PW and got the Bitcoin out. How would he cash out? Someone would actually give him 200 million?

Say that singer had 200k Bitcoin how would she get her billions? Wouldn’t the influx of BTC effect the market and drive the prices down?
 

Slayer-33

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Aug 18, 2006
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So say he remembered his PW and got the Bitcoin out. How would he cash out? Someone would actually give him 200 million?

Say that singer had 200k Bitcoin how would she get her billions? Wouldn’t the influx of BTC effect the market and drive the prices down?

They can transfer/move the btc's and sell them for cash on exchanges
 

poppabk

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Jan 21, 2008
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So say he remembered his PW and got the Bitcoin out. How would he cash out? Someone would actually give him 200 million?

Say that singer had 200k Bitcoin how would she get her billions? Wouldn’t the influx of BTC effect the market and drive the prices down?
The total value of bitcoin is $500 billion - so yes he could sell it for $200 million, it would barely be a blip.
 
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Aug 26, 2018
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Donno why people complicate things. Since 2002, any website that asks a "secret" question "What is your pets name" I alwasy put my best friends name so I would never forget it.
 
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Alter_Fridge

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Can any software/hardware brute force the password without actually getting a pass/fail result?

And if it does encrypt, can't Quantum Computing break the encryption?
 
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Fictive

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I’d probably etch half on the hardware itself and glue some type of label over it, the other half being something personal everyday.
 
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smorgasbird

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Aug 10, 2014
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I usually click on forgot your password? and get an email to decide a new one.
You can get Bitcoin support to help you, 200 million in any currency is still a lot.
There's no "Bitcoin" company that "runs Bitcoin." It's decentralized, autonomous and permissionless. If you lose your keys and recovery phrase you're finished.
 

GeorgPrime

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Jan 9, 2020
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So say he remembered his PW and got the Bitcoin out. How would he cash out? Someone would actually give him 200 million?

Say that singer had 200k Bitcoin how would she get her billions? Wouldn’t the influx of BTC effect the market and drive the prices down?

He just sells them to an bitcoin trader platform and gets all the money - the transaction fees
 
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ryan13ts

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Nov 29, 2006
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I can't even imagine. I'd probably want to jump off a cliff if I ended up losing that much money because I was an idiot that casually lost the password to 200+ million.
 

Ownage

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Nov 5, 2018
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www.zombo.com
Stefan Thomas, a German-born programmer living in San Francisco, has two guesses left to figure out a password that is worth, as of this week, about $220 million. The password will let him unlock a small hard drive, known as an IronKey, which contains the private keys to a digital wallet that holds 7,002 Bitcoin. The problem is that Mr. Thomas years ago lost the paper where he wrote down the password for his IronKey, which gives users 10 guesses before it seizes up and encrypts its contents forever. He has since tried eight of his most commonly used password formulations — to no avail.

Of the existing 18.5 million Bitcoin, around 20 percent — currently worth around $140 billion — appear to be in lost or otherwise stranded wallets, according to the cryptocurrency data firm Chainalysis. Wallet Recovery Services, a business that helps find lost digital keys, said it had gotten 70 requests a day from people who wanted help recovering their riches, three times the number of a month ago.




owned
 
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mxbison

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Dec 9, 2020
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He might have got in on mining pretty early and had maybe $100 - $1000 worth, and just kept it as a rainy day fund. It's not like an encrypted hard drive is super fancy tech even in 2010, I have my tax documents on an encrypted drive.

But he didn't bother cashing out when his $100 investment was worth 50k, and then 200k, 1 million, 20 million, 50 million etc.?

I find most of these stories hard to believe.
 
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epicnemesis

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May 9, 2008
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Is anything truly hack proof? I would imagine he could promise a white hat 10% and it’ll be open in a month.

(how long until white hat and black hat become cancelled terms?)
 

smorgasbird

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Aug 10, 2014
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Is anything truly hack proof? I would imagine he could promise a white hat 10% and it’ll be open in a month.

(how long until white hat and black hat become cancelled terms?)
I looked up the device earlier and it has hardware-based tamper protection. I'd ask someone in the company to do it, although I doubt it's possible and even if it were, there's very little stopping that person from taking it for himself.
 

lyra-ixi

13 year old console warrior. Put me on ignore.
Aug 3, 2014
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i definitely lost access to some bitcoin. yeeeeears ago i mined some but i have no idea how many or much it was worth. my wallet is forever lost now. not saying it'd be worth 200m but i imagine it'd be significant. i remember thinking it was just a phase and would never amount to anything so got rid of what i had.
 
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lyra-ixi

13 year old console warrior. Put me on ignore.
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What exactly did he forget? His seed phrase?
he forgot the password to access files (bitcoin wallet) on his ironkey drive. ironkey is an encrypted flash drive. after 10 attempts it will "self-destruct" which, according to the official site, means:

"Self-destruct means the flash memory is erased, the AES encryption keys are erased, and the IronKey is permanently unusable; there is no way to reset the device or use it again once the self-destruct has been performed."

and the only advice for not remembering the password is:

If you have no means to recover the lost password there are only two recommendations:

  1. Hold onto the IronKey in the hopes the password will be remembered.
  2. Let the self-destruct run and dispose of the IronKey.
 
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Irobot82

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he forgot the password to access files (bitcoin wallet) on his ironkey drive. ironkey is an encrypted flash drive. after 10 attempts it will "self-destruct" which, according to the official site, means:



and the only advice for not remembering the password is:
Understood. I assume then he didn't write down his see phrases anywhere? If he had those he could just generate a new wallet.
 
Jan 14, 2018
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Why does this sound like the concept of some tv game show?

"You have three chances to guess your 10 year old crypto wallet password or you'll suffer the fate of living a regular life!"
Great idea for a comedy TV show or maybe dramátic xD
 
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Aesius

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May 19, 2009
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But he didn't bother cashing out when his $100 investment was worth 50k, and then 200k, 1 million, 20 million, 50 million etc.?

I find most of these stories hard to believe.

They only seem real to me if the person legitimately forgot they had purchased bitcoin. Because the urge to cash out as soon as it hit any notable value would be too great, as I don't think anyone in their wildest dreams saw it reaching $10k+.
 
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kuncol02

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Apr 4, 2020
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This guy is an idiot even if he just wrote it down on a piece of paper wouldn’t you at least store in some safe deposit box to know exactly where it is .
Anyway
goodfellas GIF
When he created that password that BTC was probably worth like 20$. First payment made with bitcoin was pizza for 10k BTC in 2010.
 
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