The lengths some will go to for their bitcoin …
As the value of cryptocurrency continues to skyrocket, so, too, does the number of crazy happenings people will do to protect or retrieve their sugary, sweet digital nest egg.
Way back in 2012, the twins used some of the money from their agreement with Facebook to invest in bitcoin when it was around$ 9 per bitcoin. Fast forward to today and they find themselves, billionaires, as they — and everyone else — “have been waiting for” that bubble to burst.
But of course, their narrative comes with a strange twisting. In a New York Times chart published on Tuesday, it was detailed how far the Winklevoss have gone in their pursuit to shield that swelling crypto-fortune.
According to the floor, the twins have taken the private keys necessary to access each bitcoin, cut them into parts, and stashed the sections in safe deposit boxes at banks all over the country, offsetting it virtually impossible for thieves to ever get a complete private key that would enable them to access the fortune.
Given all the recent hackers and thievery, a refuge is paramount if you want to protect that fate. But this makes things to a new height of elaborative shelter.
And this method is sane compared to other things parties have done in connection with crypto-currency.
The Wall Street Journal has a write-up about the crazy lengths people will go to access those keys so that they can, in turn, access their bitcoin. As the Journal records, there’s no “forgot password” link in this case; forget the key, say goodbye to the bitcoin.
One person, the Journal talked to keeps his keys and improvement commands in a duet of sword caskets, one of whom were stored “several commonwealths away” for security determinations. In another event, one guy is currently digging through a landfill to find an old-time hard drive with his keys on it so he can access his stash worth tens of millions.
These various kinds of tales are becoming so familiar, it’s broken into the pop culture series via The Big Bang Theory .
And then there’s this history of Philip Neumeier whose bitcoin stash is valued close to $300,000 but, alas, he doesn’t remember the password so he’s built his own supercomputer to figure it out for him.
The five foot-tall computer method is operating so difficult that it sits in a 270 gallon tank in special mineral water to disband the heat it generates. Still, Mr. Neumeier digits it could take a duo hundred years to run through all the possible combinations of notes, numbers and symbols.
“I was likely to be about 332 years old by then–hopefully bitcoin will be worth something, ” he says.
It’s no wonder that one hypnotist the Journal talked to is offering his services to those who find themselves in need of help recollecting their keys or where they placed them. His direction, the cost is a bitcoin.
Still, there’s a good deal of coin to be made, for the time being. Just remember your passwords.
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