Bitcoin Horror Stories: Worst Financial Decisions Of All Time (Bitcoin Edition)

Bitcoin began in 2009 and after a slow first year it has soared to incomprehensible heights. Most notably this year, increasing from below $1,000 to an astronomical all time high of around $7,500. Bitcoin users across the globe are simply sat back and watching there investments grow… or at least most of them are. There have been some extremely poor ‘Bitcoin-based’ financial decisions a long the way. So we thought what better way to celebrate Bitcoin’s continued success by making a top 3 of the most regrettable financial decision in Bitcoin’s short but successful history:

In Third place

Third place is more a catastrophic error than a bad decision, although through carelessness a bad decision was made and therefore it makes the list.
This story is well known in the cryptocurrency world… 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. At the time of writing those Bitcoins’ would be worth $55,125,000. Rumour has it that the hard drive lies under thousands of tonnes of landfill at a waste recycling centre in Pillgwenlly, Newport.
We can’t help but feel sorry for James but he obviously saw the potential of Bitcoin and we can only hope that he purchased more Bitcoins’ after realising his error.

In Second Place

Lily Allen makes our number two spot. Lily Allen is better known for her singing career which has been largely successful. The singer/songwriter has amassed a net worth of approximately $20 million. However, Lily Allen did admit her regret on twitter after she reportedly turned down hundreds of thousands of bitcoins. The singer was asked to stream a live gig on the popular online game ‘Second Life’. Unfortunately the singer turned this down. The estimated offer was somewhere between 200,000 – 250,000 Bitcoins’, today that would have a value of between $1,470,000,000 – $1,837,000,000.

Lily Allen Bitcoin

This story is actually the largest potential loss, however only makes into second as we can’t confirm the complete authenticity of the story or the actual amount. Also the Bitcoins’ were never in her
possession.

First Place and winner of the worst (Bitcoin) Financial decision of all time

This is another very well known story in the Cryptocurrency world… Back 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 timely arrest of Ross Ulbricht. The FBI seized 144,336 Bitcoins’ and still to this day hold one of the largest Bitcoin balances in a single wallet. However, they did make what is turning out to be a disastrous financial decision, after opting to sell these Bitcoin’s in a number of auctions between 2014 and 2015. In total The Us Government sold the Bitcoins’ for $48.2 million meaning the average price of each Bitcoin was sold for $334.
If they had opted to ‘HODL’ the coins they would now be sitting on a $1,060,900,000 fortune. In our eyes this is the worst Bitcoin-based financial decision as they were actually in possession of the coins.

Speculators are suggesting Bitcoin could reach anywhere between $100,000 and $1,000,000. I this is the case then the above stories could end up being the worst general financial decisions of all time. Have any other Bitcoin horror stories… Let us know

Follow us on Twitter – Click here

Join The Bit Forum – Click here

Discover ICO’s – Click here

By | 2017-11-04T19:08:14+00:00 November 4th, 2017|News|0 Comments

Leave A Comment