'Wired' Magazine Destroyed 13.34 BTC in 2013, Now Worth $177,000

Great Beer, Bad Jokes and Stories of Glory
User avatar
RamboLambo
Posts: 417
Joined: Thu Mar 29, 2018 9:36 am

'Wired' Magazine Destroyed 13.34 BTC in 2013, Now Worth $177,000

Fri May 11, 2018 8:31 am

A lot of things have changed in the world of Bitcoin over the years. The technology is maturing, its value has soared, and the general interest in cryptocurrency is on the rise. Today is also the five-year anniversary of Wired claiming how Bitcoin is an “abstraction”. At that time, the company also destroyed their private key, which would be worth a pretty penny by now.

The Wired (Magazine) Story Recapped

Five years ago, Bitcoin was not the cryptocurrency most people know today. It wasn’t popular, useful, or very valuable. Thankfully, that all changed as more time progressed. Some people argue this is only the beginning, at least where the price is concerned. With solid technical improvements on the horizon, the future looks rather promising for the world’s leading cryptocurrency.

Wired, a well-respected technology Magazine, didn’t have much faith in the dominant cryptocurrency five years ago. They even destroyed the private key to their cryptocurrency wallet to illustrate a point. According to the company, the digital currency was an “abstraction” which would eventually peter out of existence. This statement came on the heels of experimenting with a Butterfly Labs cryptocurrency mining unit for a full week. It didn’t generate a lot of profits, even though mining two Bitcoin in a week would be quite stellar in 2018.

For some reason, the Wired Bitcoin wallet ended up with over 13 Bitcoin in the end. ... the team decided to destroy the private key associated with this wallet address. Those 13.34 Bitcoin would be worth over $177,000 at today’s prices. In hindsight, this was a very odd decision and a costly one at that.

Return to “thedrunkenblogen”