LordWarfire

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  • 17 Comments
Joined 1 year ago
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Cake day: June 12th, 2023

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  • In hopes they read this comment - the problem is your price. $100 a year is about what I pay for membership to The Guardian - a highly respected, award winning newspaper, that gives away ALL its content. Why would I pay the same for tech news that covers a fraction of all the news out there?

    At $5 a year I would have signed up after reading one good article - at $10 maybe after a couple of good articles - but at $100? Never. Even if you were the only good tech news site - and you are not.





  • Bitcoin are associated against addresses which are held in wallets. To transfer coins away from an address (i.e. to spend them or to sell them) you need to create a transaction on the blockchain - as part of doing this you need to “sign” the transaction with a private key associated with the address which holds the bitcoins.

    In this case the guy doesn’t have an extra copy of his private key so cannot transfer the coins - he still “owns” them but cannot transact them. It’s like having gold bars locked in a safe but you can’t remember the combination - except the combination is so huge that the chances of guessing it are effectively zero.

    Most people who hold more than a trivial amount of bitcoin will have backups of their private key or use mnemonics to remember it but in the early days when 8,000 bitcoins were worth pennies there was no real incentive or knowledge that it was a good idea to keep backups of the key.