Your point about backups is very important but it makes me wonder how long before 50% of a currency is simply gone. I'm sure all users lose a little here and there. I know I have wallets with under $1 worth that I'll eventually forget about. Not to mention the huge mistakes that wipe out thousands of dollars worth. You have to think with this rate of attrition, eventually 50% of bitcoin will be destroyed.
Same with Dogecoin. Not that it's on the same scale but I remember thousands and thousands being passed around. I remember faucets would give out 10 free coins every couple minutes. I personally had a ton. Sent some to a fund a nascar and the rest just kind of vanished. Trapped in an unknown wallet somewhere. I would probably have about $1000 worth today.
I feel you man. When it comes to my wallets and accounts on exchanges, I'm so paranoid that I will put all possible protections on them and try to secure them somewhere physical. Also, I start sweating when transferring my coins around.
Interesting post, thanks for informing the community about staying safe and backing up wallets.
I have had some unfortunate cases in the past where I have lost private keys, passwords etc. and have definitely learned from them. My key you that I tell every newbie is to make a back up, then back up that back up.
There are some great articles out there about online security in general, which is a growing issue - especially in the crypto world
I didnt know my desktop wallet would screw up if my pc didn't properly get turned off. I knocked out the power cord by accident and got the error message the wallet couldn't be used. I was able to restore it, after I had a minor panic attack.
Good reminder, it happens man. The way I like to see it:
Even IF you missed out on a superb opportunity, or so you think, it could mean you're being saved from something worse.
I was once in a dilemma of putting in like $800 bucks with a friend who claims he can get an LV bag for us and then sell it at double the profits to some chick.
He made it seem so easy.
His brother warned me not to. I asked why? Seemed easy enough. His brother insisted no, without explanation.
I reluctantly let it go. I thought I lost $800 in profit.
Today, that idiot is in jail for embezzlement.
After that situation of mine too, I started hearing all sorts of scammy shit he did.
So even if I did gain $800 in profit, I might have lost more ultimately when I got in too deep.
Your point about backups is very important but it makes me wonder how long before 50% of a currency is simply gone. I'm sure all users lose a little here and there. I know I have wallets with under $1 worth that I'll eventually forget about. Not to mention the huge mistakes that wipe out thousands of dollars worth. You have to think with this rate of attrition, eventually 50% of bitcoin will be destroyed.
I feel bad for those guys that had bitcoin 7 years ago and lost it.
Same with Dogecoin. Not that it's on the same scale but I remember thousands and thousands being passed around. I remember faucets would give out 10 free coins every couple minutes. I personally had a ton. Sent some to a fund a nascar and the rest just kind of vanished. Trapped in an unknown wallet somewhere. I would probably have about $1000 worth today.
People who die and dont tell anyone the passwords
I feel you man. When it comes to my wallets and accounts on exchanges, I'm so paranoid that I will put all possible protections on them and try to secure them somewhere physical. Also, I start sweating when transferring my coins around.
Interesting post, thanks for informing the community about staying safe and backing up wallets.
I have had some unfortunate cases in the past where I have lost private keys, passwords etc. and have definitely learned from them. My key you that I tell every newbie is to make a back up, then back up that back up.
There are some great articles out there about online security in general, which is a growing issue - especially in the crypto world
I didnt know my desktop wallet would screw up if my pc didn't properly get turned off. I knocked out the power cord by accident and got the error message the wallet couldn't be used. I was able to restore it, after I had a minor panic attack.
Aahahahahah, next time do it better.
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Your post is very interesting and useful!
Hopefully the next post more interesting.
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I am very interested to see it,
great post :)
Good reminder, it happens man. The way I like to see it:
Even IF you missed out on a superb opportunity, or so you think, it could mean you're being saved from something worse.
I was once in a dilemma of putting in like $800 bucks with a friend who claims he can get an LV bag for us and then sell it at double the profits to some chick.
He made it seem so easy.
His brother warned me not to. I asked why? Seemed easy enough. His brother insisted no, without explanation.
I reluctantly let it go. I thought I lost $800 in profit.
Today, that idiot is in jail for embezzlement.
After that situation of mine too, I started hearing all sorts of scammy shit he did.
So even if I did gain $800 in profit, I might have lost more ultimately when I got in too deep.
May we all learn from mistakes. Think of it as a lesson, because failure is a delayed success @rok-sivante. Keep strong.