In 2013, Wired destroyed the key to 13 BTC now worth $760K… to make a point

In 2013, Wired destroyed the key to 13 BTC now worth $760K… to make a point

The story of a bitcoin key that was worth $4 in 2013 and then became worthless when Wired revealed its true worth. It is an interesting case study for how blockchain technology can change the game – from what we know to just pure speculation.

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The theft of cryptocurrency from an online exchange in 2013 is a reminder that even these virtual currencies are not safe. People who manage their own wallets need to learn best practices for security, and that includes keeping multiple backups of your seed phrase.

In 2013, Wired destroyed the key to 13 BTC now worth $760K… to make a point. This is a Bitcoin chart from that year. Read more in detail here: bitcoin 2013 chart.

In 2013, Wired destroyed the key to 13 BTC now worth $760K… to make a point

There has been no lack of individuals and organizations that have grossly undervalued cryptocurrency’s potential.

Wired is one of the many former Bitcoin skeptics, having deleted the private key to a Bitcoin (BTC) wallet containing 13.34623579 BTC in 2013 to demonstrate that the cryptocurrency was nothing more than a “abstraction.” The Bitcoin at the now-inaccessible address now has a value of $761,000.

To see what all the hoopla was about, author Robert McMillan (who is now a correspondent for the Wall Street Journal) put up a Butterfy Labs Bitcoin mining equipment in the corner of his Wired office. And he was underwhelmed by the results of his small experiment.

In 2013, Wired destroyed the key to 13 BTC now worth $760K… to make a pointFor being on time, you get full scores; for making intelligent decisions, you get zero points.

He stated, “The world’s most popular digital money is nothing more than an abstraction.” At the time, the journalist was debating what to do with the Bitcoin and had considered giving them to charity.

“But, in the end,” he added, “the solution was obvious: we’re erasing the private key used by our Bitcoin wallet.”

“That means our rising Bitcoin fortune will be locked away in a digital vault for all eternity — or at least until the SHA-256 encryption that protects it is cracked.”

At the time, the Butterfly Labs ASIC was producing two Bitcoin every 10 days on average. Two BTC were valued about $220 at the time, according to Wired. They’d be worth roughly $57,000 apiece now, or $112,000 for the two – a 51,000 percent rise.

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In 2013, mining one BTC on a regular PC took an average of 13 hours. That time has increased to 23 days by 2014. According to the New York Times, mining one bitcoin will take ten years in 2021.

Bitcoin mining difficulty, on the other hand, has been steadily growing since 2013. Since 2009, McMillan claims that winning the Bitcoin mining “lottery” has gotten around 10 million times more difficult.

Bitcoiner loses over $100,000 in BTC due to a wallet transfer snafu

In a post Wednesday, Reddit user leMartinx highlighted the piece, noting that the entire ordeal “shows how far we’ve come since 2013.” Many other users, however, were not so forgiving, such as Cappy2020, who said “serves them well for being so arrogant,” adding that “even if you felt Bitcoin was simply “daydreaming,” at least keep onto it on the off chance that you could be incorrect.”

Meanwhile, BakedPotato840 wrote:

“It’s not strange to see old postings with this viewpoint on Bitcoin. The folks who still hold similar views now are the ones who ought to be chastised.”

In 2013, Wired destroyed the key to 13 BTC now worth $760K… to make a point. The article goes on to talk about how this event has been significant in Bitcoin’s history. Reference: bitcoin news 2014.

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