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Thread: Bitcoin investors may be out $190 million after the only guy with the password dies, firm says

  1. #1

    Bitcoin investors may be out $190 million after the only guy with the password dies, firm says

    https://www.miamiherald.com/news/nat...225501940.html

    Imagine if your bank froze your savings account because the only person with the combination to the vault had died.

    Investors in a Canadian crypto-currency exchange are in a similar fix after the only person with the password to accounts valued at $190 million in U.S. dollars died unexpectedly in India in December, CoinDesk reported.

    Gerald Cotten, CEO and co-founder of QuadrigaCX, died of complications from Crohn’s disease Dec. 9 while traveling in India to set up an orphanage, the firm wrote Jan. 14 on Facebook.

    In a filing Thursday for creditor protection with the Supreme Court of Nova Scotia, Jennifer Robertson, Cotten’s widow, said his death left the company unable to access the bulk of its crypto-currency funds, CBC News reported.

    The filing says Cotten had the only password to so-called “cold storage” accounts, a form of savings, containing bitcoins deposited by 115,000 investors, CoinDesk reported.


    He apparently left no record of the password, and security experts consulted by QuadrigaCX have been unable to crack the accounts, according to the publication. The filing seeks legal protection from investors while it tries to retrieve the bitcoins.


    Bitcoins are the best known type of crypto-currency, a form of digital currency overseen by a decentralized network of computers around the world, The New York Times reported. Prices for bitcoins fluctuate wildly and are based on open-market bidding on exchanges.


    Bitcoins must be stored on servers and can be kept in “hot wallets,” for immediate transactions, or “cold storage” as a sort of digital savings account to protect them from hackers, CBC News reported.


    QuadrigaCX investors are frustrated by the problem with their accounts, CBC News reported. “They’ve left us completely in the dark,” said Elvis Cavalic of Calgary. “I’m kind of preparing for the worst.”


    Donald Trump: 'What you're seeing and what you're reading is not what's happening'

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    "Yeah, I have to say these guys(trolls) are pretty sharp. Sort of good to get a challenge and sharpen your thoughts." NorthCarolinaLiberty

    I am Zippy and I approve of this post. But you don't have to.



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  3. #2
    Ha aha, too funny.
    ''we need our Government in charge, we'll set up a
    watch dog and call it the Federal Reserve''

  4. #3
    Lol.. that is ridiculous. The worst part is retardos like zippy get to prance around blaming this on bitcoin..

    He should have kept the password in a safety deposit box that he could have left to a coworker or a relative in case he died.

    I have a tiny fraction of the amount of bitcoin this guy had, and even I have a contingency plan in place if I die, that my BTC will go to my relatives.
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc


    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  5. #4
    Quote Originally Posted by dannno View Post
    Lol.. that is ridiculous. The worst part is retardos like zippy get to prance around blaming this on bitcoin..

    He should have kept the password in a safety deposit box that he could have left to a coworker or a relative in case he died.

    I have a tiny fraction of the amount of bitcoin this guy had, and even I have a contingency plan in place if I die, that my BTC will go to my relatives.
    If it was just personal money it would be less of a problem. But the account also held bitcoins for over 100,000 other people. Yeah- somebody else should have had a copy of it. Normal bank or investment accounts are not totally lost if somebody forgets their password- there are ways around it if necessary.


    Donald Trump: 'What you're seeing and what you're reading is not what's happening'

    "Truth isn't truth"- Rudy Giuliani

    "China has total respect for Donald Trump and for Donald Trump's very, very large brain," - Donald Trump.

    "Yeah, I have to say these guys(trolls) are pretty sharp. Sort of good to get a challenge and sharpen your thoughts." NorthCarolinaLiberty

    I am Zippy and I approve of this post. But you don't have to.

  6. #5
    Quote Originally Posted by Zippyjuan View Post
    If it was just personal money it would be less of a problem. But the account also held bitcoins for over 100,000 other people. Yeah- somebody else should have had a copy of it. Normal bank or investment accounts are not totally lost if somebody forgets their password- there are ways around it if necessary.
    Ya, BTC tends to be more secure.

    Hackers Breached Virginia Bank Twice in Eight Months, Stole $2.4M

    https://krebsonsecurity.com/2018/07/...hs-stole-2-4m/
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc


    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  7. #6
    Quote Originally Posted by dannno View Post
    Ya, BTC tends to be more secure.

    Hackers Breached Virginia Bank Twice in Eight Months, Stole $2.4M

    https://krebsonsecurity.com/2018/07/...hs-stole-2-4m/
    Bitcoin can also be hacked.

    https://www.zdnet.com/article/users-...ctrum-wallets/

    https://www.coindesk.com/crypto-exch...-bitcoin-theft

    https://www.theguardian.com/technolo...ative-currency


    Donald Trump: 'What you're seeing and what you're reading is not what's happening'

    "Truth isn't truth"- Rudy Giuliani

    "China has total respect for Donald Trump and for Donald Trump's very, very large brain," - Donald Trump.

    "Yeah, I have to say these guys(trolls) are pretty sharp. Sort of good to get a challenge and sharpen your thoughts." NorthCarolinaLiberty

    I am Zippy and I approve of this post. But you don't have to.

  8. #7
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc


    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  9. #8
    This sounds like a ruse . Someone probably has the password and has moved it all . Everyone knows canadians can be tricky .
    Do something Danke



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  11. #9
    Quote Originally Posted by oyarde View Post
    This sounds like a ruse . Someone probably has the password and has moved it all . Everyone knows canadians can be tricky .
    Those shifty f'n canucks - it's what they're all aboot. Dont trust em with your bitcoin, or your favorite walleye rig.

    Gulag Chief:
    "Article 58-1a, twenty five years... What did you get it for?"
    Gulag Prisoner: "For nothing at all."
    Gulag Chief: "You're lying... The sentence for nothing at all is 10 years"



  12. #10
    Doesn't this prove the security strength of crypto-currency?

    Buyer beware.

  13. #11
    Quote Originally Posted by EBounding View Post
    Doesn't this prove the security strength of crypto-currency?

    Buyer beware.
    There is no way to know. It could be true or it could be a setup.

  14. #12
    Everything is hackable.
    -Bitcoin is fiat currency, though it could become asset based, it isn't.
    -Bitcoin is 'Cashless Society
    -Bitcoin will be backdoored and controlled at a point by govt if not already,
    Katherine Fitts sees it that way , and so do I.
    -Bitcoin; I'm very pleased that people are making money with it, but
    all krypto is a Cashless society waiting to happen , at which point the government
    can starve to death anyone on a list, no proof of guilt will be required.

  15. #13
    Quote Originally Posted by Stratovarious View Post
    Everything is hackable.
    -Bitcoin is fiat currency, though it could become asset based, it isn't.
    -Bitcoin is 'Cashless Society
    -Bitcoin will be backdoored and controlled at a point by govt if not already,
    Katherine Fitts sees it that way , and so do I.
    -Bitcoin; I'm very pleased that people are making money with it, but
    all krypto is a Cashless society waiting to happen , at which point the government
    can starve to death anyone on a list, no proof of guilt will be required.
    Bitcoin is not fiat (fiat is money by govt. decree), cash sucks the hardest because it is worthless fiat and there are plenty of privacy cryptos out there that are untrackable. Taking over bitcoin just means everybody would shift to another crypto. It would be an expensive undertaking an accomplish nothing in the longrun.
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc


    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  16. #14
    Quote Originally Posted by Snowball View Post
    There is no way to know. It could be true or it could be a setup.
    You and everybody else can read the code and know exactly what it does...
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc


    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  17. #15
    Quote Originally Posted by dannno View Post
    Bitcoin is not fiat (fiat is money by govt. decree), cash sucks the hardest because it is worthless fiat and there are plenty of privacy cryptos out there that are untrackable. Taking over bitcoin just means everybody would shift to another crypto. It would be an expensive undertaking an accomplish nothing in the longrun.
    With all due respect danno, I actually do have to explain this to a lot of people;
    Fiat currency is that which is not backed by physical tangible assets, Gold , Silver, precious metals, and commodities
    are physical assets, paper and encryption are not.

  18. #16
    Quote Originally Posted by dannno View Post
    Bitcoin is not fiat (fiat is money by govt. decree), cash sucks the hardest because it is worthless fiat and there are plenty of privacy cryptos out there that are untrackable. Taking over bitcoin just means everybody would shift to another crypto. It would be an expensive undertaking an accomplish nothing in the longrun.
    US currency was not fiat historically , it is today, and so is crypto.



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  20. #17
    Quote Originally Posted by Stratovarious View Post
    US currency was not fiat in historically , it is today, and so is crypto.
    Uh, like I said, cryto is NOT fiat..

    "Fiat currency is legal tender whose value is backed by the government that issued it"

    Government doesn't issue crypto.



    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc


    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  21. #18
    Quote Originally Posted by dannno View Post
    Uh, like I said, cryto is NOT fiat..

    "Fiat currency is legal tender whose value is backed by the government that issued it"

    Government doesn't issue crypto.



    No Danno.

  22. #19
    Quote Originally Posted by Stratovarious View Post
    With all due respect danno, I actually do have to explain this to a lot of people;
    Fiat currency is that which is not backed by physical tangible assets, Gold , Silver, precious metals, and commodities
    are physical assets, paper and encryption are not.
    With all due respect, that definition is wrong.

    Crypto has value because it has advantages over fiat currency as well as tangible assets for use as money. Gold has some advantages over crypto as well. They both have pro's and cons. But crypto is not backed by "nothing", it is backed by the code which gets rid of the double spending problem and the networks that are able to transfer it quickly from person to person, no matter where they are in the world.
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc


    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  23. #20
    Quote Originally Posted by dannno View Post
    With all due respect, that definition is wrong.

    Crypto has value because it has advantages over fiat currency as well as tangible assets for use as money. Gold has some advantages over crypto as well. They both have pro's and cons. But crypto is not backed by "nothing", it is backed by the code which gets rid of the double spending problem and the networks that are able to transfer it quickly from person to person, no matter where they are in the world.
    Crypto's 'value' is based on perception not tangible valuables , not real property nor real assets, it is
    100% fiat.

  24. #21
    Quote Originally Posted by Stratovarious View Post
    No Danno.
    That is the definition.. even the wiki definition states:

    Fiat money is a currency without intrinsic value that has been established as money, often by government regulation



    It has to be ESTABLISHED. By government, or some other authority.. otherwise it would have no value. Crytpo is not established, yet it has value. Fiat means somebody says it is worth something, so it is. That is not how crypto has value.


    Crypto has intrinsic value. Intrinsic value can be tangible or intangible. In this case, the value that crypto provides is the vessel that comes with it - the ability to store and transfer it, the ability for it not to be copied or created out of thin air.


    Last edited by dannno; 02-05-2019 at 06:06 PM.
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc


    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  25. #22
    Quote Originally Posted by Stratovarious View Post
    Crypto's 'value' is based on perception not tangible valuables , not real property nor real assets, it is
    100% fiat.
    It is absolutely NOT fiat.. there is no complete definition of fiat that describes crypto, you have to take a portion of the definition out of context to describe it as such.

    The value of crypto also has nothing to do with what you described. If you don't understand and cannot describe what is valuable about crypto, then you need to learn more about it before forming an opinion like this.
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc


    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  26. #23
    Quote Originally Posted by dannno View Post
    It is absolutely NOT fiat.. there is no complete definition of fiat that describes crypto, you have to take a portion of the definition out of context to describe it as such.

    The value of crypto also has nothing to do with what you described. If you don't understand and cannot describe what is valuable about crypto, then you need to learn more about it before forming an opinion like this.
    I never said it had no value, it is not asset based.

  27. #24
    Quote Originally Posted by Stratovarious View Post
    I never said it had no value, it is not asset based.
    Ok, but stop calling it fiat.. fiat means it is established currency by an authority, like for example government, that otherwise holds no value.

    I would say crypto's value is based on assets, but I am probably younger than you (or you have an "old" brain that doesn't like to learn new tricks).

    It isn't the same in the traditional sense, but there is hundreds of millions of dollars of equipment out there that makes bitcoin work and operate. That equipment has value in and of itself, but what is much more valuable is the services that the equipment provides which is why people use the equipment to operate the bitcoin network - services that cannot be provided by assets like gold or silver.
    Last edited by dannno; 02-05-2019 at 06:21 PM.
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc


    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."



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  29. #25
    Quote Originally Posted by dannno View Post
    It is absolutely NOT fiat.. there is no complete definition of fiat that describes crypto, you have to take a portion of the definition out of context to describe it as such.

    The value of crypto also has nothing to do with what you described. If you don't understand and cannot describe what is valuable about crypto, then you need to learn more about it before forming an opinion like this.
    I hope you are doing well with Crypto and continue to do so, its a shame that you
    hadn't addressed or responded to the feature that is much more important than identifying
    the nature of the currency; a possible warm fuzzy, and popular
    rollout of what is an easy cashless society pill for people to swallow, it is trendy.
    Once again , everything is hackable, the CIA is possibly already behind it, govt is
    guaranteed to eventually control it, they will be able to stop any and all of us
    from buying anything I a cashless society , if that is what they choose, no trial, no jury, just get on a list.

  30. #26
    Quote Originally Posted by dannno View Post
    Ok, but stop calling it fiat.. fiat means it is established currency by an authority, like for example government, that otherwise holds no value.

    I would say crypto's value is based on assets, but I am probably younger than you (or you have an "old" brain that doesn't like to learn new tricks).

    It isn't the same in the traditional sense, but there is hundreds of millions of dollars of equipment out there that makes bitcoin work and operate. That equipment has value, but what is much more valuable is the services that the equipment provides - services that cannot be provided by assets like gold or silver.
    You're parroting the same thing I already taught you, it is not backed by physical assets , it is fiat.

  31. #27
    Quote Originally Posted by Stratovarious View Post
    You're parroting the same thing I already taught you, it is not backed by physical assets , it is fiat.
    For the tenth time, you don't know what fiat currency is, you have the wrong definition..

    The definition of fiat is that it has to be established or enforced.. the fact that it isn't backed by physical assets is a single characteristic of fiat currency, but it is not the defining characteristic. It is incidental.

    And what I described is that crypto is absolutely backed by physical assets.. just in a different way from what you are used to thinking about.

    But I don't really care, because people who get left behind in this and had ample warning really don't deserve to reap any of the benefits.
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc


    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  32. #28
    Quote Originally Posted by Stratovarious View Post
    I hope you are doing well with Crypto and continue to do so, its a shame that you
    hadn't addressed or responded to the feature that is much more important than identifying
    the nature of the currency; a possible warm fuzzy, and popular
    rollout of what is an easy cashless society pill for people to swallow, it is trendy.
    Once again , everything is hackable, the CIA is possibly already behind it, govt is
    guaranteed to eventually control it, they will be able to stop any and all of us
    from buying anything I a cashless society , if that is what they choose, no trial, no jury, just get on a list.
    What you are describing is a subset of what cyrpto could become, but what you don't realize is that it also has the potential to overcome this sort of tyranny. The fact that the people control it, understand it and operate it now is much better than if they just foisted it onto us suddenly.
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc


    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  33. #29
    Quote Originally Posted by dannno View Post
    For the tenth time, you don't know what fiat currency is, you have the wrong definition..

    The definition of fiat is that it has to be established or enforced.. the fact that it isn't backed by physical assets is a single characteristic of fiat currency, but it is not the defining characteristic. It is incidental.

    And what I described is that crypto is absolutely backed by physical assets.. just in a different way from what you are used to thinking about.

    But I don't really care, because people who get left behind in this and had ample warning really don't deserve to reap any of the benefits.
    I yield my posting bandwidth back to Danno, may you and yours prosper......

  34. #30
    While it is suspicious a Canadian goes off to India, writes a will, forgets to put passwords, and passes away.. I don't see how this is a bitcoin's fault.
    A business was run badly. Also I'd be keeping an eye on that blockchain to make sure those funds never move.
    “…let us teach them that all who draw breath are of equal worth, and that those who seek to press heel upon the throat of liberty, will fall to the cry of FREEDOM!!!” – Spartacus, War of the Damned

    BTC: 1AFbCLYU3G1dkbsSJnk3spWeEwpqYVC2Pq

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