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Talking Real Money - Investing Talk

Bye, Bye Bitcoin Billion

Talking Real Money - Investing Talk

Don McDonald

Business, Education, Investing, How To

4.2680 Ratings

🗓️ 11 November 2020

⏱️ 24 minutes

🧾️ Download transcript

Summary

Almost $1 billion in Bitcoin is now gone. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

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0:22.8

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0:28.6

reality radio for a really great future.

0:38.0

We're talking real money.

0:40.7

If you had a billion bucks laying around, would you put it in Bitcoin?

0:45.6

Well, somebody did.

0:48.4

Oh, my, a billion dollars.

0:51.6

A billion dollars.

0:53.5

Yeah, there was a story not too long ago that was all over the Internet and all the

0:58.2

crypto crazies were jumping all over it, particularly the crypto creeps who try to hack

1:05.4

into cryptocurrency accounts.

1:08.7

They were all excited because there was this account with $964 million in it,

1:16.7

a Bitcoin account that had just been sitting there for five years, unclaimed. Now, over that

1:25.9

five-year period, Bitcoin went up a lot and then it went down some,

1:29.8

but it's a lot of money. We're talking, you know, a billion bucks. Well, a lot of these

1:37.0

crypto freaks tried brute force attacks. A brute force attack is where you just get a computer that keeps trying passwords over and over and over and over and over and over and over and over and over again.

1:50.0

And no one knows whether they were successful or not.

1:55.3

But suddenly, just recently, just in the past week or so, the $964 billion Bitcoin account was liquidated.

2:07.8

The billion bucks is gone.

2:11.5

And herein lies another problem with cryptocurrencies.

2:22.2

Well, I guess problem for some, feature for others.

2:33.6

If you're an honest, law-abiding, tax-paying citizen, it's a detriment. If you are trying to evade taxes, if you're a criminal, it's a feature.

...

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