Crypto Tales Pt. 1: Odd Stories That Surface in Bitcoin-Land
As bitcoin’s price rises, lots of interesting stories appears frequently on forums and social media. Just recently two particular tales have sparked discussions among bitcoiners – as well as thought-provoking questions. Also read: Coincheck Launches Interest-Paying Bitcoin Accounts Dying Man Buys 191 BTC at $1700 by Re-Mortgaging His Home On May 9 as the price of […]
As bitcoin’s price rises, lots of interesting stories appears frequently on forums and social media. Just recently two particular tales have sparked discussions among bitcoiners – as well as thought-provoking questions.
Dying Man Buys 191 BTC at $1700 by Re-Mortgaging His Home
On May 9 as the price of one bitcoin surpassed US$1700 a dying man claimed he took out a $325,000 equity loan to purchase 191 BTC. The post on Reddit caused quite the stir for bitcoin proponents who thought the man was crazy to wager his home to purchase bitcoins at a very high price point. The thread was very controversial but received hundreds of upvotes over the course of the day. One person responds to the post saying,
Firstly, let me wish you good luck. Second, let me tell you how much of an idiot you are.
The shocking testimony also made headlines throughout various mainstream media outlets. The popular stock market publication Market Watch reported on the story as well explaining that the man may be setting himself up for financial disaster. While some people compared the terminally ill man to Walter White from the TV show Breaking Bad, some people wished the dying man the best of luck and hoped his wager paid off.
“I decided to make my newest lunge, using what equity I have accrued on my estate over the past ten years since the 2008 financial crisis,” the allegedly dying man writes. “If bitcoin reaches the 10k mark — which I see as a distinct possibility, or I would not have taken such a risk — I plan on moving to the West Coast and getting away from all the angry people here where I currently reside.”
A Guy Plans to Rob His ‘Friend’ Over $125,000 Worth of BTC
Another odd story concerning a guy contemplating robbing his friend’s stash of 70 BTC appeared on May 1. A chat discussion between a few people reveals the person left their Electrum seed out in the open and one of his ‘friends’ wrote down all the words. One person writes in response, “steal it dude, there ain’t no regulations in this motherfucker,” while others in the chat room called him a “shitty friend.” The same person who encourages the theft then goes on to say the money would uproot his life and he could just move.
Although the topic was rather negative, the post led to many bitcoiners discussing the best practices to store their seed phrases to avoid these types of situations. Some used methods like using the Cryptosteel device while others hid their seed phrases using words within books they owned. The conversation had evolved into many descriptions of how bitcoin proponents secured their bitcoins. Some of the ideas were a bit over the top like this one;
Put it in a waterproof vault with a GPS location device. Take scuba classes and become advanced in deep sea diving and then one day rent a boat to dump your safe in the ocean. Give one of the two keys required to open the safe to somebody else. Give the combination of it to another. This is the only true way of storing a seed safely.
Both stories are very similar to the tales told on Ripley’s Believe It Or Not producing some interesting conversations among bitcoin enthusiasts. Most people would agree that mortgaging your home because of bitcoin price speculation may not be the best idea. Furthermore, there are many shitty people in this world, and some of them may appear to be ‘friends’, but leaving your seed phrase out in the open is also a terrible security practice.
What do you think about these odd stories in Bitcoin-land? Let us know in the comments below.
Images via Bitcoin.com, Pixabay, and Reddit.
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