The Top Five Crypto Fails of All Time!
10,000 Bitcoins… for pizza?!
May 22nd, 2010, programmer Laszlo Hanyecz paid a fellow ‘Bitcoin Talk’ forum user 10,000BTC for two Papa John’s pizzas. At this time, Bitcoin was only about a year old, and all of those BTC were worth just $25. At today’s price, that’s about £66.5m for our British readers, and $92m in US dollars. Staggering. Super-pricey-crypto-spicy with pepperoni please!
Millions lost when Mt Gox collapsed
This fail is much worse than £66m pizza – this fail cost nearly half a billion.
In February 2014, then largest crypto-trading platform ‘Mt Gox’ went bankrupt and shut down, losing 850,000 bitcoins and £22m of user cash. The Tokyo-based exchange pointed the finger towards hackers who exploited a software security weakness, but later revealed they had found 200,000 of the coins.
Where did HODL come from?
If you caught Episode 3 of our podcast, you’ll know all about HODL, and the story that accompanies it. But if not, or if you want further detail, here’s the post that led to the crypto-culture slang.
Guy threw out 7,500 bitcoin in a hard drive
Well, at least Laszlo got two pizzas for his £45m loss! This guy got it so much worse.
Meet James Howells, from Newport, Wales, who threw out 7,500 bitcoins. Howells bought his Bitcoin back in 2009, when the tech was very new, and after years he simply forgot about it, until the boom. Then he remembered, oh boy, did he remember!
Bitcoin and CoinDaddy
We couldn’t decide which of these was a more tragic fail – a 79 year-old rapper called Bitcoin, or a rapper who ‘spits’ exclusively about different cryptocurrencies called CoinDaddy. He raps about not having a cell phone, and that he still uses a landline, and he publicly addressed Donald Trump in what can only be described as… strange (link: viewer discretion advised)
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