Bitcoin watchers everywhere let out a guttural sigh of pity when they heard the story of James Howells earlier this month.
Howells inadvertently threw away $7.5 million worth of Bitcoin when he tossed out an old hard drive containing 7,500 units of the online cryptocurrency. The Welshman had purchased them back in 2009, shortly after bitcoins were introduced, for less than $6. Now he's kicking himself while digging through a British landfill.
What makes Howells’ story particularly painful is that that Bitcoin is designed to be a finite economic resource. Its anonymous creator(s) have programmed Bitcoin to self-generate new units of the currency at a gradually decreasing pace during the coming years. Once 21 million bitcoins have been virtually minted, there will be no more. That means the 7,500 bitcoins tossed out by Howell can never be replaced. Read more...
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via Mashable http://mashable.com/2013/12/27/dead-bitcoins/?utm_medium=feed&utm_source=rss
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