Man who threw away $500M Bitcoin hard drive sues city for right to search landfill
- Thread starter Shawn Knight
- Start date
Theinsanegamer
Posts: 6,143 +11,796
Ok, so.....he mined coins, kept them for 4 years until they were worth $100 per coin (the hard drive was thrown out in 2013), then decided they were not worth money?
Wat? No, seriously, WTF is your logic there?
That literally makes no sense. The mental gymnastics to not call the guy in the article an absolute room temp IQ m0r0n and a total loser who didnt bother safeguarding his trove of treasure is astounding.
Theinsanegamer
Posts: 6,143 +11,796
So, I felt like doing some math. Earlier I figured he had 7390 coins. Today the price of bitcoin is 68,112. So that's $503,347,680 in bitcoin.
If he sold it, that would trigger the 20% tax, since he is british. That would take $100,669,536
Coinbase would take a transaction fee of 1.5%, that's $7,550,215
He'd also have to move the coins. That incurs a transaction fee, which varies WILDLY. At bare minimum, that's another $503,347. Could be multiples of that depending on network condition.
He wants to give the council $50,000,000
So that's $158 million gone, leaving him with about $345 million, not counting any legal fees, living expenses, the cost of data recovery, and any other associated costs. I dont see how he could have spent $150 million looking so far, but who knows.
Burty117
Posts: 5,446 +4,210
Yeah, I'm also one of those M0r0n's. I did a bit of bitcoin mining in 2013, I didn't pay for my electric at the time and worked a lot so just left my PC mining, had just over 8 coins, I just threw away the drive without a second thought a couple of years later. The value of Bitcoin according to the internet says it had a high of $266 and a low of $50 in 2013, I swear it was nowhere near that high back then, I swear the high was $50 that year.
But even so, if he mined the coins in 2009, I know for a fact I wouldn't have even kept tabs on them, I'd have gone "well that was a waste of time" and never thought about it again.
... f*ck it, I did a bit of googling and I was totally right, just like me, he never saw Bitcoin becoming a thing and just forgot about it
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