Bitcoins

06 Nov 2013

I first came across Bitcoins in 2010, when they were fairly new, and nobody would guess that they would become worth $260 USD as of today, for the second time.

I got into mining them, back then, when it was possible with a few ATI HD5850’s, before the ASIC miners became mainstream and increased the difficulty. I purchased 3 of them, and a power supply for a total of $1000 NZD. My friends thought I was mental - not to mention my parents concern over the increased power bill.

I joined a mining pool, so I was able to receive a steady stream of bitcoins for my work, rather than going solo for that chance of finding a block worth 50 BTC. Over my four months mining, I earned a total of 85.13 BTC.

Today that 85.13 Bitcoins would have been worth $22,644 USD! That’s crazy.

I don’t however have any, anymore. I initially sold 43 BTC at around $22 to cover everything I’d spent on equiptment.

Then I left them alone. I’d made my inital investment back, I had around 41 BTC in my wallet, saving them for a rainy day.

2013

That rainy day came a few months ago. I pulled out my wallet file loaded it up in the Bitcoin-Qt app, and to my horror my wallet was showing 0 BTC balance. I thought there was a mistake, but there’s nothing I could do. I tried to forget about it, forget about the thing I’d been saving for two years, waiting for the future when I can retire using my 41 Bitcoins.

The transaction happened when I had no clue. I was sitting my university exams that day, 2012-06-13 20:01:49

Today, thats 40.8605 BTC ($ 10,428.42) gone. Stolen

On the Blockchain.info website I was trying to find out where they’ve gone, thinking that I loaded up the wrong wallet.dat file. Then I found that they’re gone. For good. You can see the transaction that empties my wallet here, and then follow them down an infinite chain.

To this day I am not sure how my wallet was compromised, but I can be sure that I’m never going to see my bitcoins again. This was probably the most expensive mistake I’m ever going to make, as I think Bitcoins are going to be a very important part of the future.

Maybe I will look at investing in them if they crash from the current high. They can only go up right?!