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Author Topic: Lost horde of cryptocurrency. What?  (Read 488 times)

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Geek-9pm

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Lost horde of cryptocurrency. What?
« on: January 29, 2018, 12:28:26 PM »
This was placed in 'other' because it is not directly related to our computers. Here is a quote from an item in my e-mail box.
Quote
One of the best features of Bitcoin is its ability to be stored offline on local hardware — so called, “cold storage.” Having a cryptocurrency “wallet” on a hard drive or flash drive means it is protected from being stolen online, but if you lose access to that device, those coins are also lost forever. That’s where the majority of the estimated lost horde of cryptocurrency has gone, with many early miners and investors misplacing the currency before it was ever worth anything.
Is this for real? Are people going to lose billions because of some kind of flaw in what is called 'cryptocurrency ' ? That is not even a real word.
Still, the implication is that criminals might not just steal r money, they might mess up the system so bad that money will be forever lost. Is that true?
Is this anything to worry about?

Here is an article that is snot directly related, but the implication is also grime.
Cyber Crime Costs Projected To Reach $2 Trillion by 2019
The above is form  Forbes, Jan 17, 2016
Here is a quick look:
Quote
Three years ago, the The Wall Street Journal estimated that the cost of cyber crime in the U.S. was approximately $100 billion. The estimate disputed other reports which pegged the numbers by as much as ten times higher.

In 2015, the British insurance company Lloyd’s estimated that cyber attacks cost businesses as much as $400 billion a year, which includes direct damage plus post-attack disruption to the normal course of business. Some vendor and media forecasts over the past year put the cybercrime figure as high as $500 billion and more.
...
Large banks, retailers, and federal agencies make the headlines when they are hacked - but all businesses are at risk. According to Microsoft, 20% of small to mid sized businesses have been cyber crime targets.
Do you care?
Do you own a small business?
Do you use the internet to handle  money?

patio

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Re: Lost horde of cryptocurrency. What?
« Reply #1 on: January 29, 2018, 12:32:36 PM »
People lost millions...Yes.

However if you think of the concept they never actually had anything to begin with.
   
 
" Anyone who goes to a psychiatrist should have his head examined. "

Geek-9pm

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Re: Lost horde of cryptocurrency. What?
« Reply #2 on: January 29, 2018, 12:48:57 PM »
People lost millions...Yes.
However if you think of the concept they never actually had anything to begin with.
Right.
How can you lose what you never had?

BC_Programmer


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Re: Lost horde of cryptocurrency. What?
« Reply #3 on: January 29, 2018, 01:01:46 PM »
Quote
from an item in my e-mail box.
it was spam.

Quote
Is this for real? Are people going to lose billions because of some kind of flaw in what is called 'cryptocurrency ' ? That is not even a real word.
Still, the implication is that criminals might not just steal r money, they might mess up the system so bad that money will be forever lost. Is that true?
Cryptocurrency is a "real word" in that it describes a digital currency which is "regulated" by cryptographic techniques to manage "generation" of currency units as well as track transactions. "Mining" such a currency is done by solving relatively arbitrary cryptographic problems in a "Blockchain" to be rewarded with tidbits of the currency. That information can be stored on a hard drive or flash drive and yes that information can be lost. You can copy it and make backups of it like anything else though.


Cryptocurrency isn't really related to cybercrime, in t hat it is not itself in any way criminal, though it is definitely associated with illicit purchases (ironic, given that they inherently have purchase tracking, so it's really just a case of keeping your crypto identity anonymous. There is also the fact that when you plot out the "investors" in a currency, most cryptocurrencies have a suspiciously triangle-like appearance, not unlike a pyramid... Early investors in a currency stand to gain the most and there are dwindling returns for all later "investors" who really just funnel their purchase funds into the "real" wallets of earlier people cashing out.
I was trying to dereference Null Pointers before it was cool.

patio

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Re: Lost horde of cryptocurrency. What?
« Reply #4 on: January 29, 2018, 01:05:30 PM »
Personally i think they are nothing but a pyramid scheme...
   
 
" Anyone who goes to a psychiatrist should have his head examined. "