Posts about Bitcoin
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After years of looking for his lost computer that he believed was filled with 7,500 bitcoins the man has found it.
the entire thing cost him around 2.5 million after paying for excavators, labor and city permits to dig up the landfill. He was relieved after finding the computer last month and had a professional data recovery company working on it for the last four weeks trying to recover his lost wallet, this cost alone was $400k.
Unfortunately it turns out the wallet was actually filled with bitcoin cash a hard fork of bitcoin worth a fraction of the price of actual bitcoin.
7,500 x $124 + $930k
so he is now about 1.6 million in debt to cover the cost of the loan he took out using the believed bitcoin as collateral.
you can see the look of defeat in his face.
... In 2020, the COVID-19 pandemic had just begun to spread globally. This caused a widespread panic and uncertainty in financial markets which lead to sharp declines in global markets... bitcoin was no exception to this.
In just one day, exactly 3 years ago.. bitcoin price took a horrendous nosedive.. dropping 50% (FIFTY PERCENT) in just one day.
This caused huge liquidation cascade on once popular exchange BitMEX. $750 million in bitcoin was liquidated in a matter of minutes. This created a swift drop to the $3600 low... the exchange was then very conveniently closed for "maintenance" :D (Its owner Arthur Hayes was sentenced to 2 years of probation for money laundering)
Another popular exchange at that time - Deribit also faced technical difficulties
In two months however bitcoin price completely recovered and proceeded to make new all time high some time later...
https://i.redd.it/g7bw9y0slana1.pngWere you there at that time?
Were you panicking?
Or were you buying like a real chad?
*Edit: here is also daily discussion on that day (thanks to u/AncientCauliflower47 )
Sources:
https://www.cnbc.com/2020/03/13/bitcoin-loses-half-of-its-value-in-two-day-plunge.html