If you’ve lost money trading cryptocurrency recently, it can’t be as bad as the worst bitcoin horror stories of all time.
Everyone’s involved with Bitcoin or some other alternative cryptocurrency right now. Some of us have made money, some have lost money. Some of us have made our own Bitcoin horror stories.
But it really can’t be as bad as these poor souls who shouldn’t have let their guard down with their Bitcoins. We’re talking about hundreds of millions and even BILLIONS of dollars in losses.
The kind of loss that makes your loss of a couple thousand look like a drop in the ocean.
Back in 2013, IT worker James Howells lost 7,500 Bitcoins after he accidentally disposed of an old hard disk which contained his private key.
It’s a well-known story in the cryptocurrency world that Howells made this catastrophic mistake. Today, those Bitcoins’ would have been worth US$79,409,000.
Rumour has it that the hard drive is buried under thousands of tonnes of a landfill at a waste recycling centre in Pillgwenlly, Newport.
Ouch! The man obviously saw a lot of potential in Bitcoin to have invested so much in it. I guess you could say it’s such a waste.
Lily Allen, an English celebrity, has a net worth of approximately US$20 million. In 2014, the singer tweeted that someone had offered her hundreds of thousands of Bitcoin about 5 years ago, in exchange for streaming a live gig on the popular online game Second Life.
She turned it down, saying “as if”.
She admitted her regret in the same tweet. It was discovered that the estimated offer was somewhere between 200,000 – 250,000 Bitcoins. Lily Allen forfeited the right to become a BILLIONAIRE when she turned that down, because that would have held a value of between US$2,117,543,000 – US$2,646,928,750 today. Damn girl, that’s a HUGE loss.
This is actually the largest potential loss ever. But this next story takes the cake because Lily Allen never actually owned the Bitcoin.
Another very well known story in the cryptocurrency world is the story of Silk Road.
In February 2011, Ross Ulbricht launched Silk Road, a black market site on the dark web available through the Tor browser.
This website used Bitcoin as a way of evading law enforcement and was eventually shut down in October 2013 leading to the arrest of Ulbricht.
The FBI seized 144,336 Bitcoins and held one of the largest Bitcoin balances in a single wallet.
However, they decided to sell the Bitcoin in a number of auctions between 2014 and 2015. The US Government sold the Bitcoins for US$48.2 million, at the average price of US$334 per Bitcoin.
Had they actually waited a little… today, the Bitcoin is worth over US$1,209,000,000.
Speculators even suggest that the Bitcoin could reach anywhere between $100,000 and $1,000,000 in the future.
Know of any more Bitcoin horror stories? Let us know in the comments.
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