Russ Hanneman from Silicon Valley lost a fortune in cryptocurrencies, just like some people in real life.
From HBO Silicon Valley It is known as a poignant satire on high technology. The show was often as cutting-edge as the industry it endlessly parodied. Season 5’s “Initial Coin Offering” was no exception, accurately predicting how some minor cryptocurrency mishaps led to the loss of hundreds of millions of dollars.
The “Initial Coin Offering” begins with Pied Piper CEO Richard Hendricks exploring the possibility of launching an Initial Coin Offering (ICO) as a way to sever the company’s bond with Raviga investor Laurie Bream. . An ICO would essentially function as an initial public offering (IPO) but with its value in cryptocurrencies rather than stocks. After a tense meeting with associate Monica Hall and a passionate cryptocurrency lecture by systems architect Pied Piper, Bertram Gilfoyle, Hendricks and Gilfoyle visit billionaire Russ Hanneman at a landfill.
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Hanneman tells the duo that he launched 36 ICOs, however only one of them was successful. Unfortunately, Hanneman put all the cryptocurrency on a flash drive, which was lost after one of his cleaning helpers threw away his ripped jeans. According to Hanneman, the amount of cryptocurrency inside his lost pants pocket was worth billions, if not trillions of dollars.
Yes this Silicon Valley The plot sounds familiar, that’s because it happened in real life. Earlier this year, the International business times reported that a Welshman named James Howells accidentally threw a hard drive containing 7,500 bitcoins, worth more than $ 260 million. Howells, an IT worker, reportedly mined bitcoin sometime around 2013 and lost the hard drive that he had it on years ago. He has offered his local authority $ 70 million to allow him to excavate a landfill where the hard drive could be found, but his requests have been continually denied.
Howells wasn’t the only person who got lucky with a fortune of bitcoins thanks to an honest mistake. German programmer Stefan Thomas reportedly lost just over 7,000 bitcoins, worth around $ 220 million, after losing the piece of paper that contained the password to his bitcoin wallet. Thomas only has two more attempts to enter the correct password, if both attempts are incorrect the wallet will delete all of his available bitcoins. Thomas has made amends publicly with his loss, but admitted to having suffered through the ordeal some nights.
“I would lie in bed and think about it: then I would go to the computer with a new strategy, and it didn’t work, and I’d be desperate again,” Thomas told the New York Times.
Thomas and Howells aren’t the only two who have lost entire fortunes in bitcoins due to a simple mishap, The New York Times reports that an estimated $ 140 billion worth of bitcoins is considered lost due to forgotten passwords. Hanneman’s bitcoin loss on Silicon Valley It may seem like it was caused by incompetence, but real life has shown that these simple mistakes exist everywhere.
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