Bitcoin boys may be out nearly $200m after boomer forgets to write down password and then dies

1  2019-02-04 by Oh_hamburgers_

151 comments

Because the community got taken over by them.

The gaming community is as close you get to a white supremacists eithout going to a white supremacist rally And kids play games. The future is fucked in ways I don't think people realize, if you think these days are bad, oh boy wait untill the 12 year olds who have grown up around people saying the N word constantly become adults. Yeah...

Basically gaming has legitamatley been a fucking horrible plauge on the world and has been a massive cause of the recent rise of racism.

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I totally realize most people are going to disagree with me here but I feel compelled to say that closing the sub for a joke wasn't a very kind thing to do. We have seen TONS of posts from vulnerable populations talking about how this sub is a source of support and humor in a dark time. Irony and dirtbagism aside, taking away that support without warning was not okay.

You can say I'm being silly, or humorless or reactionary. Whatever. I love the show and I love this community. But sometimes I come home after dealing with ableism and our nightmare reality all day, and this sub is one of many things that make me feel better. It wasn't a good feeling to find this sub closed for the sake of irony. Maybe that's laughable or pathetic. But for me, it's true.

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Seriously. If /r/bitcoin is suggesting bitcoin for you, it's because their algorithm has determined, scientifically, that you're a schmuck. That's all.

Have they explained how this is good for Bitcoin yet?

Taking supply out of the market will raise the demand.

Get psyched for bitcoin being in the 20 millions again.

Also shows a robust blockchain protocol imprevious to even the grim reaper just like Apple "telling the FBI they couldn't open the shooters phone". If they are able to crack his encryption, the whole house of ponzi pyramids the gatheringTM card game falls down.

HODDDDDLLLLL

lmao i say this next line without a hint of irony:

IT'S OVER FOR CRYPTO-CELS

J-JUST DUMP ALL YOUR ASSETS INTO MEME MONEY BRO!🤪🤣🤪🤣🤪

BUY MY BAGS!

Why would I buy $?

And they say you can't take it with you.

The British pound is the oldest fiat currency in existence at 317 years. The pound was originally defined as 12 oz. of silver. It's now worth less than 0.5% of its original value. In other words, the most successful long standing currency in existence has lost 99.5% of its value. Got bitcoin?

Lol. As if a currency is measured by its ability to hold the same buying power per unit over 300 years.

typical libertarian brainlets criticising a currency for the inability to store value

That should be their point though, but governments realized long ago that if they keep printing more money at a low rate they can devalue savings which makes people more likely to spend what they have.

No... Currency should and does facilitate trade. Fungibility and money velocity are crucial for a stable economy

But clearly currency also stores value for some amount of time. That is one of its purposes. It would be a bit of a shame if you got paid and the currency devalued by 50% in the time it took you to go from work to the store.

Which is why we have a central bank lol

How does a central bank improve this situation? Central banks don't have full control over the money supply, but they are a large part of what causes inflation that can be used to pay for things when the government doesn't want to increase taxes.

Look I don't want to get into the weeds here. But Central Banks that are independent and dedicated have a lot of tools to guide the money supply, mostly through intra bank rates and the holding windows.

If you want to see a really shit situation see what deflation does. Everything grinds to an absolute halt.

Got autism?

Is this a troll or is this a legit rationale? Because if a real person has ever made that comment i want to be reimbursed for all my tax money that I've pumped into the state school system. Which i'll obviously reinvest into Bitcoin since it holds all its value so much better than currency.

inflation don't real

I mean I can't even comprehend what that person is thinking.

1/4 of all bitcoin are lost and can never be recovered.

FIT FOR WORLDWIDE CURRENCY 😂🤣😂🤣😂🤣😂😂🤣😂🤣😂🤣🤣😂🤣😂🤣🤣😂🤣😂

S E V E N T R A N S A C T I O N S P E R S E C O N D

1/4

Is it really that many? Because if so hollllyyyyy shit.

Is there anything about Bitcoin that isnt poorly thought out? Because lol just lol at that

If you’re a scammer it’s a dream come true. Otherwise it’s a speculative asset that somehow fuels the retards of /r/bitcoin to keep believing that inflation is the devil.

nah dude its clearly the second coming of our lord and savior jesus christ that is also going to rehspae the global economy by turning the world into a libertarian paradise ruled by Rand Paul

Ron Paul more like

Clean your brushpile Lawn Bowlingcels

Clean your brushpile Lawn Bowlingcels

It's not too poorly thought out they just went with the first draft. Some crypto is backed by hard currency or can handle 100x the amount of transactions as paypal. The problem is that it's not usable as anything. You cant buy anything besides overpriced drugs

HEY some of those drugs are a good price

This but unironically

How many transactions can PayPal handle and in what amount of time?

The maximum number of transactions in Bitcoin, theoretically, is seven per second. Visa can process 56,000 per second.

TOTALLY VIABLE CURRENCY.

I am pretty sure Bit coin is the Star citizen of money. All promises, no substantial backing and people will sink thousands of dollars believing there will be something tangible in the end.

Can I buy spaceship gifs with Bitcoin yet?

It single-handedly made "blockchain" the tech startup buzzword of the year, so there's that I guess

After "crowdsourcing" had its turn as buzzword of the year I didnt think tech startups could get any stupider, yet here we are.

By design, the maximum number of Bitcoin transactions per second is in the single-digits. I'm not even kidding.

zoz

zle

zozzle

<3

How is that 1/4th?

The amount lost here is not 1/4, but consider when Bitcoin was brand new. How many are stuck on dead hard drives, lost USB keys or forgotten passwords.

lol

Economies work best if all of your posessions and assets are burned after you die. Think about how many workers will get hired to produce goods to replace them!

This is one of the greatest ideas to come from this think tank.

Watching the immense cope from bitcoiners is unimaginably funny, especially when you try to get them to describe how it is at all useful or practical for anything besides maybe buying drugs online from Uzbekistan. Even better, it uses an almost pornographic amount of electricity

LMAO what a bunch of dumbasses.

I've been watching this meldown creepto show, and the creeptos have apparently tracked this down to an exit scam fake death.

Creepto exit scams are hilarious, because these idiots will "invest" in more internet money and not learn any lessons.

https://www.reddit.com/r/QuadrigaCX2/comments/amg266/quadrigacx_litecoin_cold_wallet_address_found_and/

As mentioned before I can stomach 90% to even 100% losses in investments but thieving / robbery is just a different level of digusting

These men are truly retarded.

These people don’t know the difference between investing and speculating.

but my microecon professor told me that commodity speculation was supposed to stabilize prices. :^)

That’s what you get for listening a microecon professor. Shoulda talked to the macro guy

Read “Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor” by Seth Klarman. It’s only $1,000 on Amazon. https://www.amazon.com/Margin-Safety-Risk-Averse-Strategies-Thoughtful/dp/0887305105

Well they think deflation is good and don't know the difference between currency and commodities either so...

https://www.reddit.com/r/news/comments/an4qr8/bitcoin_investors_may_be_out_190_million_after/efqtpm2/

The guy went to India for "humanitarian" reasons then reportedly died. A 30 year old guy with chohns disease, which doesn't kill you. In a country where a death certificate is easy to forge and only costs $100. Then his wife that no one knew about came out and announced his death. And it just so happens that he was the only one with the password to the cold wallet. And on top of that, the people on that subreddit and btc subreddit found the litecoin addresses for the cold waller and amazingly, the ledger shows that he is still moving litecoin from beyond the grave. Seems legit

lol it's so great. Been watching the drama. This thread is great too.

this is truly the libertarian utopia bitcoin promised!

its even more beautiful than I imagined

Isnt it great how the government cant get involved, nothing is insured, and all of their money is just gone. Those pesky regulations were just holding us down

Why would it be any different? If you invest money into a shitty scheme and it blows up in your face then you're going to lose your money, government or no government.

The problem is that a currency shouldn't be a shaky investment scheme.

Well, yeah, but Bitcoin isn't supposed to be a shaky investment scheme. People made it into one, because they bought some bitcoint and the more they hyped it up, the more money they could cash out. Eventually it was bound to come crashing down. The question was never about if, but about when. For a while people thought that a couple of hundred dollars is the highest bitcoin would ever get.

Bitcoin is the worlds future currency. This is just a small issue.

Of course he went to India. Ganpathi bless

Also many hugs from that one weird guy

and the creeptos have apparently tracked this down to an exit scam fake death.

Are you really naive enough to trust Reddit detectives at this point? Honestly, if Redditors are claiming its an exit scam that might as well be considered verification of the dudes totally true and legit death.

Dude, $190M worth of bitcoins dissappears, its been stolen

thats a given.

bitcoin is a hive of scum and villainy

Considering how poorly everything else about Bitcoin and its fan has turned out to be I really dont think its that far outside the realm of possibility that some jack ass just plain old forgot the password.

But bitcoin turned out just fine. It looks like it turned out poorly if you only found out about it by the time people had heavily speculated on it and were trying to prop it up as this amazing thing so they could cash out with more money.

"dies"

On a separate note, one might think that traveling to India wouldn't be a great idea from someone with Crohn's disease.

That's just asking for complications.

Gerald Cotten, CEO and co-founder of QuadrigaCX, died of complications from Crohn’s disease Dec. 9 while traveling in India to set up an orphanage,

Fucking kikes.

On a separate note, one might think that traveling to India wouldn't be a great idea for someone with Crohn's disease.

Where else can you just shit on any given street and have it be completely normal?

Ask ed

Good thing I already lost all my bitcoin when almost this same thing happened to mtgox.

😂🤣

🍆🎳

🃏😭

Cotten, 30, died in India last December

That's what I love about these boomers, man. I get older, they keep getting younger.

in this sub anyone you dont like is a boomer, no matter how old

Lol you sound like a boomer

Lol!

Lots of love to you too gramps!

You seem knowledgeable enough. What is a zoomer?

Whoever you wanna insult because they try to act woke but are actually retarded.

Spoken like a boomer /s

Gen Z.

Gross.

Being a boomer has nothing to do with age. It's a lifestyle and a state of mind.

Huh i didnt know that. wait, shit am I a boomer?

the boomer was in your heart the whole time

being a boomer has nothing to do with age and everything to do with being able to stay underwater for months and launch nuclear missiles at russia

True. My twenty year old nephew exhibits more boomer characteristics than my Dad ever did.

Except the mistaken generation. Everybody hates millenials

Millennials are why I support post natal abortion.

It would be best their mother's mental health tbh

Tbf all the people I hate are the way they are because of boomers.

that 30 year old boomer who didn't write down his password

https://www.reddit.com/r/news/comments/an4qr8/bitcoin_investors_may_be_out_190_million_after/efqtpm2/

The guy went to India for "humanitarian" reasons then reportedly died. A 30 year old guy with chohns disease, which doesn't kill you. In a country where a death certificate is easy to forge and only costs $100. Then his wife that no one knew about came out and announced his death. And it just so happens that he was the only one with the password to the cold wallet. And on top of that, the people on that subreddit and btc subreddit found the litecoin addresses for the cold waller and amazingly, the ledger shows that he is still moving litecoin from beyond the grave. Seems legit

I’m the furthest thing from a bitcoin advocate but I don’t understands why this is a problem.

$200mil worth of bitcoins have effectively been destroyed. Okay, but that should only mean that all other bitcoins are worth more now, right?

Why is that such a disaster?

I love bitcoin. Their slavish cult dedicated to an abstract currency with zero stability is like, hard to put into words how great it is.

me but about my grandparents lifesavings

traveling in India while having Crohn's disease

unexpected death

Pick one.

DESIGNATED

Crohn's disease is not lethal, especially in your 30s. Literally the worst that could happen to him was to feel groggy after having eaten spicy food.

This is India, he probably died screaming

the only person with the password to accounts valued at $190 million in U.S. dollars died unexpectedly in India (...) Gerald Cotten, CEO and co-founder of QuadrigaCX, died of complications from Crohn’s disease Dec. 9 while traveling in India

Crypto-mongols or Uber-retards?

Thankfully he wrote down 3 clues related to his love of attitude era pop culture. "Ready player one:limb bisket edition" coming to a theater near you 2021

it's over for cryptocels

This dude took HODL way too seriously

He was a millennial, and I bet all those bitcoin dollars he faked his death.

We outsource everything else to India, bet it's cheap as hell to set that up

It's great watching libertarians learn in real time that economic regulations are necessary.

thanks but laws against theft isn’t economic regulations

Yes it is.

That statement is incompatible with your premise

Theft isn't real, because ownership is a spook

The defining of Property by the State is, in itself, an economic regulation.

Speak not ere ye read.

Accepting that premise libertarians believe in economic regulation and the original statement is moot.

What you term "your" property is just my property that I don't have the means to seize yet. And mind you, if the lawmaker does not like you, they could very well do just that.

Edgy.

It's historical precedent, not edge.

What does this mean for DramaCoin?

This is good for DramaCoin. it's time to buy and HODL

The BTC supply went down today and the value went down too. They've broken the 5th wall of supply and demand

also he was not a boomer he was only 30 years old...and some people are saying that he faked his death.

Lol @ thinking 30 isn't old as fuck! Just die already you are walking osteoporosis.

I was wondering what that would do to their market, it's like setting fire to the money.

Imagine being investing in meme coin and not double-teaming $GOOG with the Bear Gang

Can someone explain me what about Litecoin? If I understood it right from this litecoin price report for 2019, when halving starts, Litecoin supply goes down, and price is going to go up, or?

Can we just get rid of Bitcoin already? It's literally killing the planet.

fossil fuels are killing the planet, not bitcoin

Bitcoin is certainly helping.

Bitcoin is basically a pyramid scheme for nerds

The eternal Pajeet

good thing i already spent all my bitcoin on drugs.

This is the best tl;dr I could make, original reduced by 67%. (I'm a bot)


Investors in a Canadian crypto-currency exchange are in a similar fix after the only person with the password to accounts valued at $190 million in U.S. dollars died unexpectedly in India in December, CoinDesk reported.

The filing says Cotten had the only password to so-called &quot;Cold storage&quot; accounts, a form of savings, containing bitcoins deposited by 115,000 investors, CoinDesk reported.

Bitcoins must be stored on servers and can be kept in &quot;Hot wallets,&quot; for immediate transactions, or &quot;Cold storage&quot; as a sort of digital savings account to protect them from hackers, CBC News reported.


Extended Summary | FAQ | Feedback | Top keywords: reported#1 account#2 bitcoins#3 Investors#4 New#5

"Boomer"? He was 30 years old, you fucking retard.