Crypto is no conventional market and so isn’t trading in the same. It’s a very volatile, unpredictable, and stormy market and you can never be sure of anything when dealing in the same. The same applies to trading, investing, and mining as well. There are no set standards and market regulations hence it is very difficult to predict market movement.
Also, everything is happening in the digital space which is a little new for the finance industry and that’s when all the confusions, mistakes, and discrepancies come in. some of them are very severe and have caused a big blow to some players. Visit Bitcoin system for more information.
Here, we will go through some of these Bitcoin loss stories so that we can derive our lessons from the same and try not to repeat those mistakes in the future.
James Howell’s Big Loss
From beginning to end this story is full of interesting plots. It all started almost a decade back when the craze for Bitcoin was just heating up. With everyone around either trading or investing in the same, James decided to take a different approach. He instead planned to mine Bitcoin on his own and thus it saved him from making hefty investments.
Well, the idea was great but followed next just showed sheer disgrace of destiny. He managed to mine around 7500 bitcoins and with this achievement he became the headlines of the news pieces especially the ones on Bitcoin. Now, what we all will presume is that he must be a billionaire by now but no that didn’t happen. As his fate had it for him, he loses the USB drive in which he saved the Bitcoin and then was found scavenging through all the major dumps to look for it. Sad though but he still hadn’t found his valuable possession.
The WIRED’s Big Bitcoin Destruction
WIRED is a very renowned platform in the journalist community. It’s reliable, credible, and trustworthy and that’s why it is so valued. Now, some 7 years back, WIRED was offered a Bitcoin mining machine that is effectively used to mine thousands of Bitcoins. At that time alone, the worth of those coins was in millions.
However, the stigma shrouding Bitcoin was at an all-time high and all the governments were against this industry. This made WIRED take a strong stand against the same and that it showed by destroying all the Bitcoin he ever owned.
To stand true to their status of journalist integrity, moral and ethical values they had to take this step which ended up causing them a big loss. They obviously didn’t know at that time that what they own could be of so much worth today and they deliberately destroyed all their wealth.
Elon Musk Disappeared Bitcoin
Elon Musk excels in whatever he does and that’s his special trait. From automobile to spacecraft he has a presence in all the major industries and when it made headlines that he is associated with Bitcoin it surprised all the people associated. However, nobody has exact information about what Bitcoin he is dealing with and how much he owns but there have been hints about the same.
It all started with a tweet that revealed that a friend of him has repaid him in the form of Crypto money which he doesn’t admit knowing about. Well, let’s hope he finds his money and let the world be a part of this information.
The User’s Misunderstanding Cost Him A Fortune
Dealing in Bitcoin requires utmost precision and carefulness and if you do one thing wrong you stand to lose everything you have. One drawback with Bitcoin trading is that once the money has been sent to a wallet, it cannot be taken back.
Now, this is scary as there has to be a very carefully integrated transaction if you are dealing in billion. Something similar happened to this user who sent millions worth of bitcoin to the wrong wallet and lost all his chances to get that money back.
You must have heard this name before, yes this is the name behind Bitcoin. He was the one who created this coin but nobody has any idea about how much he owns of this legacy. There are rumors that he owns a major chunk of the coins in circulation but another theory believes that he had destroyed all the private keys to that. So, if he had destroyed his wealth thinking it won’t accrue to anything then he had made a very big mistake and we can just hope that’s not the case.
If you are interested in even more business-related articles and information from us here at Bit Rebels, then we have a lot to choose from.