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James Howells, the IT laborer who unwittingly disposed of a hard drive containing what is currently valued at around $75 million worth of bitcoin, knows where the missing hard drive is, but he can’t try to recover it. That’s because the city in which the fortune is covered won’t enable him to delve into the landfill.

The missing hard drive is sitting somewhere under 200,000 tons of junk in a Newport, South Wales landfill.

Howells used an old PC to mine a sum of 7,500 bitcoins in 2009. Presently, he sold the parts to the Dell M1710 on eBay after his girlfriend complained about the mining’s clamor. He kept the hard drive in a cabinet, just in case the bitcoins increased in esteem. However, he overlooked the hard drive, and after four years, he disposed of it with the trash.

Howells has not been able to get consent from city chamber to dig into the landfill to recover the hard drive. Doing as such would require particular hardware that is typically used as a part of criminal examinations.

He was informed that a situation where even the police needed to go digging would require a group of 15, incorporating diggers with compulsory personal protection equipment. He couldn’t reserve such an operation, so he set up a wallet for donations:

https://twitter.com/howelzy/status/405690499593699328

City Council Denies Permission:

A Newport City Council representative said somebody has reached them in the past about recovering IT equipment containing bitcoins, but the chamber has shied away because of the expenses of uncovering the landfill and treating the trash, as per Wired. Such an exertion would cost millions and be environmentally destructive, with no assurance that a working drive would be recuperated. Around 50,000 tons of waste is added to the landfill every year.

A city chamber representative said the drive has likely experienced genuine galvanic corrosion from landfill leachates and gases. The landfill isn’t open to the public use.

Howells has the public address for his bitcoin, so he knows the bitcoins have not been moved. Since the information is encrypted, any individual who finds the hard drive would require Howells’ assistance to get to it.

 

Story credits: ccn.com

Image: Google images

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One thought on “A Hard Drive Worth $75 Million That Won’t Recover

  1. He should put a 10M bounty and double everyones money who contributed once/if it is found. Seems like a gamble I’d take personally.

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Bitcoin Wallets – What are The Different Types of Bitcoin Wallets?

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The first step to using a bitcoin is obviously to obtain a Bitcoin wallet address. Without it, you can’t send, receive or store bitcoins. So before you get bitcoins, you’ll have to buy, download or create a bitcoin wallet.

Your wallet acts as a personal interface to the Bitcoin network, which stores private keys that give you access to the bitcoins.

A Bitcoin wallet is basically an app, device or website that controls your private keys.

Different kinds of Bitcoin wallets

Different Types of Wallets:

There are different ways to use Bitcoins, so there are different types of Bitcoin wallets as well.

  • Online wallets – these can be accessed on the web from any Internet connected device.
  • Bitcoin hardware wallets – these are physical devices designed to store bitcoins.
  • Software wallets – these are applications that can be downloaded to your phone, computer or tablet.
  • Paper wallets – these are bitcoin private keys that are printed on paper from a computer.

Wallets secure funds by protecting our private keys.

Let’s discuss these types in a bit more detail.

Online Wallets:

Also known as Hot wallets are basically bitcoin wallets that are accessible on internet connected devices like mobile phones, tablets, and computers.

They can be accessed using a user-set password and store your private keys on the web.

Eg: – GreenAddress and SpectroCoin

    

The advantage of using online bitcoin wallets is that they can be accessed from anywhere in the world and are best of regular or frequent transactions. Although, it isn’t the best idea if you’re planning on storing your bitcoins for the long term. There is an issue with the security since the private key is entrusted to an online service, there could be a scenario where the whole database of the service would get hacked and you’d have to say goodbye to your holdings or the service gets hold of your account.

Thus, it is recommended that you opt for online wallets when it comes to more frequent transactions.

Hardware wallets:

These are physical devices built to generate bitcoin private keys offline. They keep private keys separate from internet connected devices and they are maintained in a secure offline environment.

The best and most popular BTC hardware wallets:

  • Ledger Nano S
  • KeepKey
  • Trezor

Hardware wallets are definitely a good choice if you’re considering factors like security and reliable storage of bitcoin. By generating private keys offline, you are able to ensure that hackers cannot access your bitcoins.

Even if the device ends up getting stolen it can be protected using a backup PIN code.

Software Wallets:

These are designed to be installed in computers and laptops. Only you will have access to the private keys that store your bitcoins.

Bitcoin Armory is the most secure, popular and stable software wallet.

Paper Wallets:

One of the safest ways to store bitcoins are Paper wallets, especially if you’re planning on keeping them for the long term. It basically involves printing the Bitcoin address and private key on a piece of paper.

Conclusion

These are a variety of options for you to choose from. It is your decision to choose what you find suitable for the storage of your coins.

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Latest Bitcoin Price Technical Analysis- Adjacent Resistance Zone:

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Bitcoin rate has been frequently consolidating due to the absence of main market catalysts so far.

Bitcoin Price Main Highlights:

  • Bitcoin price has cut lower highs and higher lows, generating a symmetrical three-way relationship on its 1-hour chart.
  • Price just rebounded off support and is due for a test or trial of resistance around $2600.
  • Technical measures are demonstrating that the resistance is more to be expected to hold rather than breakdown.

 

Technical Indicators Signals:

The 100 SMA is under the longer-term 200SMA so the route of minimum resistance is to the downside. The 200 SMA is adjacent to the three-way relation (triangle) resistance, providing it strength as a ceiling.  If it holds, alternative step to support at the $2500 area possibly will take place.

Market Influences:

Bitcoin value has been getting a benefit of dollar weakness just as financial data has been approaching in below expectation. Some degree of profit-taking is initial to kick in top up to the weekend, end of month, and quarter.

The digital-currency is also shrugging off damaging updates from the past in the month when stockholder Mark Cuban warned that bitcoin might be in a bubble and a Goldman Sachs expert also gave a bearish analysis. It should also be distinguished that some of Bitcoin exchanges experienced outages because of trading activity and high levels of traffic.

The mentality of people also tends to affect most of Bitcoin and digital currency arrangements as a huge amount of it is based on demand and speculation. It can involve another durable positive catalyst to produce constant rallies again. By this way, there is still a potential downside for Bitcoin value, specifically since risk-craving has been recurring to the financial markets. Commodities and stocks appear key for a bounce when uncertainties decrease. But, of course, there is also a possibility that geopolitical hazards might shore up another asset as Bitcoin once again in the end half of the year.

 

Image and Story Credit: www.newsbtc.com

 

 

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How to Assess Basic Principles Of An Initial Coin Offering

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A person who is not accustomed or used to the terminologies of crypto industry, it is difficult to conceive the idea of initial coin offering or why the tokens are generated and how to assess an initial Coin offering. For a cryptogeek it is quite simple, for him an ICO is a tool that is used to trade future crypto coins which are exchanged for cryptocurrencies having instant or liquid value. This definition may be simple for a person who deals in all sorts of cryptocurrencies and has undergone various ICOs but when talking about a layman who has no sound knowledge of crypto, it may get complicated.

How to assess an initial coin offering

For your ease of understanding we have devised a simple example from everyday life which will be quiet helpful for you if you want to understand the basic principle of initial coin offering.

Example From Everyday life

Imagine you want to start a business of your own, you have selected the appropriate location for it, and you’ve also planned the interior and exterior design with the sort of items you are going to sale.

 

But, There’s one most important thing remaining …..

 

Without a handsome amount you cannot initiate your business, You must rent or purchase the place you have chosen, stock it with the items you want to sale and also hire some staff to tackle it the way you have devised in your mind.

 

Let us assume that you are an innovative person and you don’t want to get a loan from any one, you just want to initiate your own sum. For that purpose you produce your own branded product with some specific name say for example “BIT”. But you only generate it in a limited quantity of 1,000 pieces. Let us call each piece a currency, and customer won’t be able to buy that currency until they acquire them using special tokens that you’ll release gradually over the specific period of time following your business launch date.

 

If demand for BIT is high enough and if you succeed in making your buyers believe that its demand will continue to grow, that will automatically push up the price of the tokens generated in the future. These tokens would obviously sell for large sums and as a result you’ll raise enough money to launch your business.

 

You can make it further simple to say that first you offered shares for a company which you have not yet launched but you had developed a significant trust so public bought that share for the sake of investment. That was an Initial Public Offering from your side.

How To Apply The Same Principle To ICO?

The principle elaborated in the above example, is also behind an ICO. The same way you offered the public initial shares of your company, an ICO gives public the right to buy a product which exists in a limited quantity. The company offering that product has an option to sell its rights for a higher price.

 

The beauty of the above process and the thing which differentiates it from the prior IPO example is that it is supported by blockchain technology. This technology guarantees the authenticity of the tokens offered. In short ICO is a whole new way for businesses to raise money. According to the latest ICO news update, it has already been used to generate approximately 2 billion dollars.

How is ICO Risky?

Well, we have full trust on the blockchain technology but we have no issue in admitting that it can too be risky as compared to the Initial Public Offering. Let us see how?

 

First of all the most satisfactory thing about the IPOs is that they are well regulated. Companies which make such offers are lawfully bound to reveal all sorts of information about themselves before they make it fully public. It allows investors to make fair-minded estimations about their value. The main thing is that people making these investments have full knowledge about the Pros and Cons.

 

On the other hand people who invest in an ICO have comparatively less knowledge of what they are investing in and what will be the nature of their return. But it can be easy for you if you follow the following principles devised by our crypto experts:

Factors You Must Examine

  • Is the admin panel team of that company experienced?
  • Does the product offered by the company have a good market? If the product isn’t a hot item, there’s is no use to invest in it.
  • You must have proper knowledge of the blockchain technology which is underpinning the sale. How many tokens have been distributed uptill now and what is their security level.
  • The legal and regulatory stuff surrounding the company is safe or not?
  • What are the terms and conditions outlined in the white paper and do they look fair?

 

We hope that after following these rules and regulations it will be easy for you to make a smart decision in terms of ICO investment, still we are waiting for your suggestions and criticism in the comments section below.

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Bitcoin Experts Warn Users; say Bitcoin Will Experience a Drop

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The bitcoin market worries experts

At the moment, the value of bitcoin is sky rocketing due to the rising demand of the cryptocurrency.  This has led many experts to believe that a fall is expected in the market soon. Currently, Bitcoin is preparing to reach a new record as it is on the journey of going from $4,031 to $4,500.

Bitcoin value has increased by 60% in the past month and experts are predicting that something could go very wrong in the market.

The reason behind bitcoin’s drive to such high notes is that a larger number of people have begun to obtain bitcoin and this increased demand has led to increasing the market capitalization of the cryptocurrency.

The head of investment strategy at Black Rock, Richard Ternhill, recently commented on the Cryptocurrency Exchange situation as “terrifying”.

In the meantime, Goldman Sachs specialists predict that the bitcoin price is expected to experience a sharp drop and its duplicates would downfall to zero. They are expecting the price to drop to $1,800.

 

Story Credits: marketsmorning.com

Image Credits: shutterstock.com

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Bitcoin Hits $11,000 – But It’s Just The Beginning!

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Miguel Cuneta, the co-founder at Satoshi Citadel, which is a renowned digital money investment firm in the Philippines expressed that the $10,000 hype was produced by the media recently. Minutes after the bitcoin cost crossed $11,000, it dropped to $9,000, and soon after, the predominant press was anxious to publish a progression of articles on the next bitcoin crash.

“News outlets barely had 24 hours to let the ’10k’ news simmer and it has already gone up to $11,500. When they published the ’11K’ piece, it had already dropped to $9,000. And when they entered the last word on ‘Bitcoin is crashing!’ article, it was back at $11,000 per BTC,” wrote Cuneta.

With the cost of bitcoin almost at $12,000, bitcoin is currently the world’s 6th most valuable currency on the planet. Hence, while the majority of predominant press outlets and analysts in the finance sector are focused on the transient value pattern of bitcoin, Cuneta clarified that bitcoin will probably turn out to be significantly bigger than most can imagine.

“Along these lines, we could watch one of the greatest financial rises in history unfurl with this bitcoin insanity. However on the opposite side of the coin, there is additionally the non-trivial possibility that we are seeing something striking happening right in front of us — the arrival of the separation of cash and state,” Cuneta noted.

The Future Beyond $12,000:

Bitcoin has hit the $11,000 mark and is going to cross $12,000 in December, given the entrance of institutional financial specialists and billions of dollars in capital. As institutional cash streams into the bitcoin advertise through bitcoin prospects, the $165 billion market cap of bitcoin will increase quickly, giving greater liquidity.

Cuneta added: “More than one-third of a trillion dollars. That is the aggregate sum of digital currencies on the planet. $165 Billion belongs to the Bitcoin alone, which just shows how overwhelming network effect can be. Due to Bitcoin, the ability to create cash has come into each person’s hand on the planet and detracted from lords and governments.”

For this specific reason, a few renowned financial specialists inside the cryptographic money space have communicated their optimism towards bitcoin price reaching $45,000 before the finish of 2018, accomplishing a $1 trillion market cap.

Story credit: cryptocoinsnews.com

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