Newport man throws away £210m Bitcoin hard drive
James Howells “believes” the hard drive he threw away in 2013 contains £210m-worth of Bitcoin, the super-traceable cyber currency that may well be or not be a fad. Howells’ 7,500 bitcoins are possibly languishing in landfill site news his home in Newport, Wales. And he wants the local council to help him search for it. If they find it, Newport city will be in for 25% of the amount.
Nice idea but even if he finds it, should the bitcoin millionaire sell his haul, the price of his holding will go down or even collapse. Sell more than the market could take and watch the price skid. Increase supply with no corresponding rise in demand and price falls. No?
One question would be: can’t he find a hacker to crack into his holding? If bitcoin all that secure? And can’t he just use the promise of buried riches to create his own cyber currency?
Spotter: BBC
Posted: 14th, January 2021 | In: Money, News, Technology Comment | TrackBack | Permalink
