bill_schubert

Any IT shop would have seen this coming

In an article collected by The Hustle here is a piece talking about what is happening with bitcoin right now.  It is actually not a small thing.  Here is one piece of the puzzle I completely understand:

The NYT writes about one German-born programmer living in SF who has a disk drive with $220m of Bitcoin on it.

Unfortunately, he’s forgotten the password to the drive (called IronKey), which locks forever after 10 failed attempts. The programmer only has 2 attempts left to unlock the drive…otherwise the Bitcoin keys are gone forever.

After watching how people lose things and lock them up and corrupt them and end up ransomed this does not even a little bit surprise me.

There is a guy in San Francisco that has 220 million dollars of other people's money on an encrypted hard drive that he knew would lock up forever (didn't I see that movie?) if the password was lost AND, of course, he lost the password.

Got to be the dumbest system in the world for safeguarding $220m (trusting a person with a password).  So, of course, this is not the only place it is happening.  Now the cat is out of the bag turns out this  (and other similar screwups) is an issue throughout the Bitcoin world.  "In a truly astounding stat, 20% of existing Bitcoin (worth ~$140B) is either lost or stranded in digital wallets, according to Chainalysis "

On the flip side of tech is this summary of what is interesting in CES this year.  CES has gotten boring since the salad days of the early 2000's.  But this is a good selection of innovation in the works.

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