£227 million worth of Bitcoin in a rubbish dump in Newport

[DanielaDressen]

So this guy says his hard drive with this bitcoin was thrown away by accident and is somewhere in the refuse site. The council won’t let him excavate an area of 100 tonnes of rubbish to find it.

Which is no surprise, would be like searching for a needle in a haystack, what’s he intending that he and his mates take ten years sifting through the rubbish? It was thrown away 11 years ago, not last week!

Is there a chance he’s making the whole thing up for publicity or something? How likely is it that someone could have mined that amount of bitcoin on a normal laptop in their bedroom? I thought it was a slow process which requires a lot of energy, etc?

www.bbc.co.uk/news/uk-wales-67297013 www.bbc.co.uk/news/uk-wales-67297013]]]]

This story has been out there for a while.

Yes I have read about this on and off for a few years now.

I'm completely clueless but surely BitCoin isn't a physical thing so they just need emails/passwords or something to 'own' it?

Why was my reply hidden?

All the plans to excavate, use AI.. I assume he'll be wanting to delay payment for all that until after the hard drive has been found? 🤔

I think he’s been promising a proportion of the value.

This has been going on for years. I think he's legit but I can't imagine there's any way of finding it.

I think it's the passwords that are on this hard drive.

Earlier in the Bitcoin process, mining was easier/less energy intensive/the return on investment of work was relatively greater.

To illustrate, 10,000 Bitcoin were used to pay for a pizza to promote bitcoin. The price equivalent now for the delivery would be c$770 million.

I understand the untouched holdings of the ledger by the originator/coder/white paper writer is c$85 billion.

Oh he's been on about this for about a decade. He probably is genuine but tbh it's past finding now!

He’s been doing the rounds on the newspapers for years about this, he needs to move on, it’s lost it’s not coming back

I feel awfully sorry for the guy. I can imagine having lots of money (frequently daydream about it), I can imagine losing lots of money (nasty cold sweat day 'mares but still) and getting on with my life, I cannot imagine losing something so valuable and watching it increase in value day by day, all the while when I think I know where it is. I would become deranged!

For 127 million I don't think I could give up either.

It would haunt me.

Even if the drive is there, I'd have thought there was no chance of any data being recoverable from a hard drive that has spent 11 years marinating in landfill.

He's never going to get these Bitcoins back, but he's determined to keep dining out on the story of this lost drive (now with an A.I. angle to make it more topical!) and who can blame him?

I think it's the passwords that are on this hard drive

Yeah it'll be a passphrase to a cryptographic key that unlocks a Bitcoin "wallet" or something like that. Even keeping that on a hard drive in the first place is stupid as they can break. Good old pen and paper is better.

Wow I never realised they used to be worth so little, hope the pizza shop owner still has his coins.

BTW, I think the reason some replies are hidden for a bit is because the B*cn word sets off an automatic spam filter. Bit like the Plimoll word which can't be mentioned on MN

Oh my starring out did not work as planned at all!

The hard drive would be completely corrupted after years under land fill.

Fancy leaving it in a bin bag in the hall? His ex partner who took it to the dump was in Daily Fail last week. She said she wants him to find it just to shut him up 😂

It's probably worth a whole 50p now.

How can there be no other way to access bitcoin other than one key?

For example if I lose my bank card, the bank will send me another one

No back up on any medium? I shouldn’t think so. 🙄

Why the hell did he put it in a bin bag? I've read this story many times over the years but I think his chances of getting it back are zero now

That's why bitcoin is beloved of cyber criminals, the dark web etc. no trace of of it. I want to sell you something, you send me the payment in bitcoin. Our bit coins are in our digital wallets to which we have our own passcode. Our transaction is encrypted and no one knows about it. A bank is a large organisation subject to financial regulations
Lose the key/passcode to your wallet no one else has it. The money/bitcoin lives on the internet so isn't real as such. But no one has access to your wallet. It lives behind encryption so you can deal with who you like for whatever you want.