• Same story, different day...........year ie more of the same fiat floods the world
  • There are no markets
  • "Spreading the ideas of freedom loving people on matters regarding high finance, politics, constructionist Constitution, and mental masturbation of all types"

Who had a "Gut Feeling" about Bitcoin?

OverOver

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OKAY, I finally made my first purchase using Bitcoin and it was
easy, not like I thought. Back in May I bought $277 worth of Bitcoin,
about .114..... Last night when I spent some it was worth over $1900 !!

If I knew in the summer what I know now I would have already spent it.
I was thinking I had to download some sort of wallet onto my computer,
phone, remember secret codes in the safe, wtf and whose knows. For some
reason it just didn't dawn on me that I already had wallets set up on Coinbase
that I could use to buy stuff. I had it in my mind that Coinbase was just for
buying/selling cryptos and if I wanted to spend them directly I had to transfer
them to an off Coinbase wallet.

So, I set my wife loose on Apmex for colorized T'is The Season silver rounds. With
liberal rounding @ 50 May dollars she bought 14 rounds for $404.04 which was
0.02650582 BTC at the time. Checkout was easy, copy Apmex's address and paste
it into the right spot on Coinbase to send someone BTC, put in amount and send! In
less than 10 minutes both Coinbase and Apmex confirmed* and got the Has Been Shipped
email from Apmex this afternoon. *158 confirmations, I guess that's the blockchain consensus
stuff (?)

Even adding in capital gains tax to the mix I still did pretty good. I feel I missed the investment
hoopla for Bitcoin so using it to stretch your dollars is all I can see for me. I do have 3.4560 Ethereum
worth $2279.61, so I guess that's my investment deal...I still have $1585.94 worth of Bitcoin so off
to JMBullion now, wtf it's Christmas time!!!
 

solarion

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Congrats!
I already had wallets set up on Coinbase that I could use to buy stuff.
While accurate, it's important to remember that when people scream about "BITCOIN HACKED" or "BITCOIN STOLEN", they're talking about websites or exchanges being looted...usually by the operators of said website or exchange themselves. To securely store cryptos over time, they should be moved to your own wallet, on your own computer, and properly backed up. Like PMs or cash, it's unwise to let somebody else hold onto your wealth long term.
 
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The recent frenzy has me looking at it, and I cant get over the dependency on electricity and ultimately a PC for it to work/be used.

Anyone care to straighten out my skepticism?
 

solarion

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The recent frenzy has me looking at it, and I cant get over the dependency on electricity and ultimately a PC for it to work/be used.

Anyone care to straighten out my skepticism?
Not sure what you mean. Are you saying you don't trust it because electricity may become unavailable and/or PCs may disappear?

If so, then I'd say it's a fair criticism in that it won't work without electricity or if the Internet ceases to exist. If humanity is hurled back to the stone age due to some cataclysm or some unforeseen black swan event, then bitcoin won't be a great currency to have during a reset. In such a scenario one would think food, water, fuel, etc would be a better safety net to have than any form of currency. Next up would probably be PMs.
 

birddog

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If we lose electricity, we will be exterminated shortly after with all the nuclear plants melting down. Nothing left except the glowing cockroaches. So it doesn't really matter much.

If electricity stays on, we will be moving to a crypto-based currency for everything.
 

Silver

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It's not electricity that is the Achilles heal of the internet infrastructure, it is the undersea fiber optic cables. In a war, the cables will be cut. The world wide web runs on undersea fiber optics.
 

#48Fan

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It's not electricity that is the Achilles heal of the internet infrastructure, it is the undersea fiber optic cables. In a war, the cables will be cut. The world wide web runs on undersea fiber optics.
I believe satellites are being put up for internet use, no?
 

Silver

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I believe satellites are being put up for internet use, no?
No, 99% of internet traffic is through fiber.

https://www.wired.com/2015/10/undersea-cable-maps/
Undersea Internet Cables Are Surprisingly Vulnerable

So, the Russians are at it again, snooping around the undersea communications cables that connect the continents. These fiber optic cables carry 99 percent of all transoceanic digital communication—phone calls, emails, web pages, you name it. They’re the reason you can Skype your colleague in Sydney or text with your friend in Mumbai. They’re essential infrastructure for the global economy. It’s no wonder, as The New York Times reported this week, that US military officials are not at all comfortable with Russian subs and spy ships “aggressively operating” in their vicinity.

Despite the importance of this undersea network, most people never give it a thought until something goes wrong, or seems likely to. Nicole Starosielski wants to change that. Starosielski, a media scholar at New York University, spent six years traveling the globe to study the history of the cable network and the cultural, political, and environmental forces that have shaped it. Her work also highlights the vulnerability of this system.

“We usually think of the internet as distributed,” Starosielski says. Because of the built-in redundancies, an attack at a given point in the terrestrial network is unlikely to bring the whole thing down. Not so under the sea. “I think people would be surprised to know that there are a little over 200 systems that carry all of the internet traffic across the ocean, and these are by and large concentrated in very few areas. The cables end up getting funneled through these narrow pressure points all around the globe.”

Starosielski’s book The Undersea Network, published earlier this year, examines some of the reasons for this. They range from politics to undersea topography to seismic risks. A companion website lets you explore the Pacific cable network with interactive maps, histories of the various cables, and photos of the sometimes spooky, sometimes mundane places where they come ashore.

The first transoceanic cable, a copper telegraph wire, was laid across the Atlantic in 1866. The cables put down in the following decades followed colonial era shipping routes, and many modern cables follow these same old routes. In the 1950s, coaxial cable, capable of carrying telephone conversations became the standard. Then, in the 1990s, these analog cables were edged into obsolescence by fiber optic cables able to carry huge amounts of digital data in the form of light. (If you’re even remotely curious about how these cables work and how they get laid on the ocean floor, check out Neal Stephenson’s epic 1996 WIRED article about one global networks.)

Atlantic Cable
The undersea cables have been the subject of international intrigue before. Back in 1959 the Times reported that the US Navy boarded and searched a Russian fishing trawler off Newfoundland on suspicions that it had tampered with cables. (The boarding party found no incriminating evidence).

Not that the Russians were the only ones interested in the cables. In the 1970s, the US Navy deployed divers from submarines to tap secret Soviet military communications cables, an effort known as Operation Ivy Bells.

But it doesn’t take a navy to mess with the cables, which these days are roughly the diameter of a garden hose. “They have to wind these things up and throw them in the back of boats, so they have to be as light as possible,” Starosielski explains. A 2006 earthquake severed cables and disrupted internet access in Taiwan. In 2007, scrap metal salvagers pulled up parts of two fiber optic cables off Vietnam, disrupting internet service there for several months. Sharks, apparently, are also a threat.

By far the most common problems, however—accounting for about 60 percent of cut cable incidents—are dropped anchors and fishing nets, Starosielski says. For that reason, the cables are clearly marked by pink squiggly lines on navigational charts, and, on the water, signs warning boaters not to drop anchor. The flip side of all these warnings is a potential tip off to would-be saboteurs.

NOAA
Cable sabotage was common during both World Wars, but Starosielski says she knows of no recent incidents. That doesn’t mean it couldn’t happen, though. It would be relatively easy to cut a cable near shore, but such damage would also be easy to find and repair. The Times article raises a greater concern: the possibility of cuts made to deep-lying cables in remote parts of the ocean.

In her book, Starosielski notes that the strategy for safeguarding undersea cables has been described as “security through obscurity.” Nobody gave much thought to the cables, and that was enough to protect them. In the future, it might not be.

Go Back to Top. Skip To: Start of Article.
 

mtnman

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If we lose electricity, we will be exterminated shortly after with all the nuclear plants melting down. Nothing left except the glowing cockroaches. So it doesn't really matter much.

If electricity stays on, we will be moving to a crypto-based currency for everything.
Not until every person on earth has access to a TOTALLY FREE device to transfer that crypto-based currency. In other words, Never.
 

GOLDBRIX

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I believe satellites are being put up for internet use, no?
That and I saw a company's plan to use airlines and long haul planes to link cyber-communications from ground to plane to plane to plane ... and back down to ground. Claims their system will be much cheaper than beaming to stationary satellites and back down, and there is enough flights 24/7 to keep system operating less expensively.
 

SilverCity

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I thought this was what the electricity comment was about:

The electricity used to mine bitcoin this year is bigger than the annual usage of 159 countries
  • New bitcoin is created by computers solving complex cryptographic problems, a process known as "mining."
  • PowerCompare.co.uk says the amount of electricity used by computers mining bitcoin so far this year eclipses the annual usage of countries like Ireland and most African countries.
  • Bitcoin's electricity usage is coming under increasing scrutiny.
http://www.businessinsider.com/bitcoin-mining-electricity-usage-2017-11


SC
 
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CrimsonGuardJay

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When bitcoin becomes insanely difficult to mine and requires an unfathomable amount of electricity to produce in say, 2020-2024,the price may go up more, due to the fact that it will finally become, scarce, per se.
 

goldielox1

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When bitcoin becomes insanely difficult to mine and requires an unfathomable amount of electricity to produce in say, 2020-2024,the price may go up more, due to the fact that it will finally become, scarce, per se.
that dinosaur will be extinct by then.
 

Uglytruth

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I'm starting to think if they don't devalue it by creating more (and how would anyone know if they did) it's simply showing hyperinflation....... or the very opposite of fiat because it's not manipulated.
If nothing else it's an alternative to a rigged against us system. Is it the scream of financial freedom / peaceful revolution?
Fed rates going up .25% to 1.25% is sure attractive after the 10 year F job of 0% & stealing about 100% (rule of 72) of the wealth held by little savers. That don't count in inflation or time. Or is the doubling of the debt from 10T to 20T just taking the money from the people & into .gov control? (got to think on that some more)
Market ran up with zero fundamentals in place and no volume for that to happen.
66% of the country can't scrape $1000 together and between poor educations, got to have more new crap, car, phone, cable tee vee, house payments, healthcare costs....... working gets you noooooo where and young people see this.

Edited to add ; What better way to sweep in a new digital currency / NWO (world wide) than making a few quick millionaires on youtube & the sheeple all rushes over for their share and jumps in and it becomes the norm...... and is accepted....... (the people asking me about crypto think a 12 pack is an investment) then they are trapped and the NWO has the entire world by the short hairs........... When you have them by their wallet their hearts and minds will follow.
 
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OverOver

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I'm starting to think if they don't devalue it by creating more (and how would anyone know if they did) it's simply showing hyperinflation....... or the very opposite of fiat because it's not manipulated.
If nothing else it's an alternative to a rigged against us system. Is it the scream of financial freedom / peaceful revolution?
Fed rates going up .25% to 1.25% is sure attractive after the 10 year F job of 0% & stealing about 100% (rule of 72) of the wealth held by little savers. That don't count in inflation or time. Or is the doubling of the debt from 10T to 20T just taking the money from the people & into .gov control? (got to think on that some more)
Market ran up with zero fundamentals in place and no volume for that to happen.
66% of the country can't scrape $1000 together and between poor educations, got to have more new crap, car, phone, cable tee vee, house payments, healthcare costs....... working gets you noooooo where and young people see this.

Edited to add ; What better way to sweep in a new digital currency / NWO (world wide) than making a few quick millionaires on youtube & the sheeple all rushes over for their share and jumps in and it becomes the norm...... and is accepted....... (the people asking me about crypto think a 12 pack is an investment) then they are trapped and the NWO has the entire world by the short hairs........... When you have them by their wallet their hearts and minds will follow.
Will the real Satoshi Nakamoto please stand up. GotGoldies! I mean, who the fuck else would it be?
 

solarion

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I'm starting to think if they don't devalue it by creating more (and how would anyone know if they did
Ummm...they could just check with their own client? It takes a few seconds.

It's a publicly shared ledger. Every transaction(including newly minted coins) are available to everyone simultaneously worldwide. This isn't fiat currency, there's no fed, no banks, and no goobermint. Some mysterious "they" cannot simply create more bitcoin out of nowhere...it doesn't work like that. If anyone tries to double spend or counterfeit bitcoin, then the rest of the nodes just ignore their inputs.
 

Uglytruth

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I keep hearing about this hard drive & that hard drive was thrown out. When, how will they be able to tell how much BTC had a boating accident and is lost forever?
 

solarion

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I keep hearing about this hard drive & that hard drive was thrown out. When, how will they be able to tell how much BTC had a boating accident and is lost forever?
You mean like these two bitcoin right here? 2 BTC a fellow GIMer gave away in return for nothing?
http://www.goldismoney2.com/threads/i-drank-the-kool-aid-again.42191/page-7#post-493328

2 BTC that haven't moved since 2013 and will apparently never move again.
https://blockchain.info/address/158iTXT8utndZC1EtwRoinVcib4ibJc5wd

Obviously this is deflationary and not inflationary though. If people don't make backups and then toss out their data files, then the result will be fewer bitcoin to go around. You cannot protect people from themselves.

Edit: Then he was actually insulted for giving away what was then worth $31 ish, but is now worth $36k. He gave a guy he never met something that is now worth a decent new car or a down payment on a house.
http://www.goldismoney2.com/threads/i-drank-the-kool-aid-again.42191/page-7#post-496396

un. fukking. real.
 
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keef

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Fuck Bitcoin and a Happy New Year!

I had a feeling about bitcoin, same feeling I had when I held my first clad quarter in 1964. This is bullshit.

Sites like GIM are a waste of time today.

This country has no soul left to save.

Enjoy ur ride
 

skychief

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In 2018, Bitcoin will surge to $60,000 with a market capitalization exceeding $1 trillion. After that, Russia and China will join together to attack it. Then it will plunge to $1000 in 2019.

“The rise of bitcoin and other cryptocurrencies has been one of the most spectacular phenomena of financial markets in recent years. Bitcoin will continue to rise – and rise high – during most of 2018, but Russia and China will together engineer a crash,”

https://www.rt.com/business/413297-bitcoin-fall-russia-china-saxo/

And another Russia Today article predicts:

Bitcoin price could reach $5 Million says Bitcoin Cash's self-proclaimed CEO

https://www.rt.com/business/410519-bitcoin-professor-business-liquidity/

And software mogul John McAfee says he'll eat his own dick if Bitcoin doesn't hit $1 Million by 2020! Ewww!

https://www.rt.com/news/411379-john-mcafee-bitcoin-prediction/
 

platinumdude

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Yeah. Nobody knows where the price is really going. It could go to a million it could drop down to a 1000. I only have profits riding in it now. Will see if I decide to keep it there a little bit longer.
 

solarion

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Yeah. Nobody knows where the price is really going. It could go to a million it could drop down to a 1000. I only have profits riding in it now. Will see if I decide to keep it there a little bit longer.
Momentum has slowed way down. I'm expecting a significant pullback in the near future, but it's just a guess based on watching this thing for several years.
 

Joe King

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Yeah. Nobody knows where the price is really going. It could go to a million it could drop down to a 1000.
Yep. It all depends upon the number of buyers and sellers. No buyers and the price plummets. Same as anything else.

That's what happened to silver in 2011. When it approached $50 sellers far outnumbered buyers and the price collapsed into a falling knife no one wanted to catch.
 

GOLDBRIX

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It's a publicly shared ledger. Every transaction(including newly minted coins) are available to everyone simultaneously worldwide. This isn't fiat currency, there's no fed, no banks, and no goobermint.

Then what causes it's UPs and DOWNs in value?

Average Joe decides to sell his vehicle for 3 BitCoins when BC is at 1,100usd value. Days later BC falls to 900usd value.

Maybe you can not holdout for the BC to recover to your purchase price and you have to liquidate YOU are S.O.L.

You sell for the .gov fiat @ 3,300 usd days later you still have $3,300.00 not a $600.00usd LOSS of value.

Those early to "show" may be O.K. Those "chasing" BC today are playing Russian Roulette. They Hit or Miss. IMO
 

solarion

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Then what causes it's UPs and DOWNs in value?
A free market? Buyers and sellers trying to find equilibrium? This is new trans formative technology. Love bitcoin or hate it, there are few that deny blockchain technology has the potential to be incredibly disruptive to existing structures. There's no federal reserve to suddenly announce they're screwing with "bitcoin target rate" or a plunge protection team to leap into action. If people start dumping bitcoin there are no "curbs" to disrupt downward momentum...like the rigged NYSE. If sellers suddenly overwhelm buyers...it tanks.

Some measure of price stability vs fiat rubbish will come from much higher exchange rates. The law of big numbers will guarantee that.
 

Joe King

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If people start dumping bitcoin there are no "curbs" to disrupt downward momentum...like the rigged NYSE. If sellers suddenly overwhelm buyers...it tanks.
Yep. Cryptos are markets for grown ups. The other ones with their limits and built in protections are for babies who can't stand the heat in the kitchen, but who insist on playing there anyways.
 

Silver

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I had a feeling about bitcoin, same feeling I had when I held my first clad quarter in 1964. This is bullshit.
I remember getting my 1st clad quarter - I used to roll newspapers for the paper boys when I was too young to have my own paper route. I got out of school 30 minutes before they did and I would run to the park and get the papers rolled and ready - all they had to do was load their bikes and throw the papers. For this task I was paid 1 silver quarter per day, which I saved. When the clads came out, I said no deal - the price is now .35 cents. They paid because they also knew the money itself was no longer valuable in and of itself. It was only for spending. Its been all downhill from there.
 

Silver Art

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OKAY, I finally made my first purchase using Bitcoin and it was
easy, not like I thought. Back in May I bought $277 worth of Bitcoin,
about .114..... Last night when I spent some it was worth over $1900 !!

If I knew in the summer what I know now I would have already spent it.
I was thinking I had to download some sort of wallet onto my computer,
phone, remember secret codes in the safe, wtf and whose knows. For some
reason it just didn't dawn on me that I already had wallets set up on Coinbase
that I could use to buy stuff. I had it in my mind that Coinbase was just for
buying/selling cryptos and if I wanted to spend them directly I had to transfer
them to an off Coinbase wallet.

So, I set my wife loose on Apmex for colorized T'is The Season silver rounds. With
liberal rounding @ 50 May dollars she bought 14 rounds for $404.04 which was
0.02650582 BTC at the time. Checkout was easy, copy Apmex's address and paste
it into the right spot on Coinbase to send someone BTC, put in amount and send! In
less than 10 minutes both Coinbase and Apmex confirmed* and got the Has Been Shipped
email from Apmex this afternoon. *158 confirmations, I guess that's the blockchain consensus
stuff (?)

Even adding in capital gains tax to the mix I still did pretty good. I feel I missed the investment
hoopla for Bitcoin so using it to stretch your dollars is all I can see for me. I do have 3.4560 Ethereum
worth $2279.61, so I guess that's my investment deal...I still have $1585.94 worth of Bitcoin so off
to JMBullion now, wtf it's Christmas time!!!

Congrats. Taking a profit in crypto and using it to buy PM's is always a good thing IMO. It is also good to see APMEX accept bitcoin as a payment option. That option was not available during the last time that I bought anything from APMEX which was a long while ago.

FWIW, I also missed the big runnup on bitcoin since I got out of BTC in May of this year when it was $1870 but even at that exit point, I made 281% on my very small BTC investment. It was a bummer that I missed the Bitcoin runnup to $18,000 but I got a "consolation prize" when I made a even bigger $ profit in Bitshares (BTS) crypto investment and took some profit on that crypto to buy '70's silver art bars. Even better is that I have enough Bitshares to make another profit if it makes another moon shot.
 

Silver Art

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Been watching it? It's moving higher again. $0.395 as I type this.

Honestly, I have not been watching it very closely until about a few days ago when it passed $0.20. BTS is currently sitting 2245 satoshi which it is not bad since it was at 700 satoshi a few months ago. However, is still a long way from the 11,000 satoshi/BTS that I last sold BTS at. However, when I sold part of my BTS investment, Bitcoin was at $2900-$3000 range at that time. It would not completely surprise me if BTS reached 10,000 satoshi/BTS in the near future. If BTS gets anywhere near 12,000 satoshi with bitcoin currently at $17,000 - $18,000 range then that would be great. I have 3100 BTS remaining to take another profit if it goes to 8,000 satoshi or higher. My gut feeling says that it is possible for BTS to get back to that level and higher. If that happens, then I will take a little more profit from BTS and keep some BTS for possible further increases in the BTS price.
 

OverOver

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Congrats!

While accurate, it's important to remember that when people scream about "BITCOIN HACKED" or "BITCOIN STOLEN", they're talking about websites or exchanges being looted...usually by the operators of said website or exchange themselves. To securely store cryptos over time, they should be moved to your own wallet, on your own computer, and properly backed up. Like PMs or cash, it's unwise to let somebody else hold onto your wealth long term.
I understand what you're saying but the amount I have put into Bitcoin/Ethereum, it's current worth, and what I'm using
it for I'm going to just stick with wallets on Coinbase. Now for my 2nd purchase....which was my first screw up.

JMBullion didn't have anything I wanted so I remembered something about overstock.com, why not blankets, sheets, and
towels. I didn't get my verification code right away so the time limit to complete the payment timed out. When I finally got
the code (cellphone delivered) I said wtf and put it in anyway and clicked submit. Coinbase said I sent Overstock.com $354
worth of btc and Overstock.com had a pop up message that said gfys. So, customer chat said it would take 1-3 days to get the
btc refund but, right after that I checked and the btc had already been refunded ($352 so lost a little) The second time worked
perfectly. Overstock has it set up where you can click on Coinbase. The thing I thought odd was that my BTC balance on Coinbase
popped up on the Overstock check out. I was already signed into Coinbase so maybe that had something to do with it. The
cool deal is that the order that went through cost $334 worth of btc, so with my screw up and btc swings I got the order for $18 less.

Overstock.com also takes ethereum so maybe before the nights out I'll give that a try.
 

CrimsonGuardJay

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I keep hearing about this hard drive & that hard drive was thrown out. When, how will they be able to tell how much BTC had a boating accident and is lost forever?
Yes, regarding that subject... if a bitcoin is lost in that manner, and will never be recovered, is there any way to reintroduce it to the blockchain somehow so someone else can mine it?