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Catherine Lane

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Call me old fashioned but I just can’t wrap my head around Bitcoin.  To me, it does not feel like actual currency but it is, well it is “cryptocurrency”.  Stefan Thomas , a programmer living in San Francisco has only two guesses to figure out a password that is worth….are you sitting down…$220 million.

The password lets him unlock a small hard drive that contains the private keys to a digital wallet that holds 7,002 bitcoins.  While the price of Bitcoin dropped sharply on Monday, it is still up more than 50 percent from a month ago when it passed its previous all time high around $20,000.

So, what’s the problem?  Thomas simply lost the paper where he wrote down the password for his IronKey  which gives users 10 guesses before it seizes up and encrypts.  He has used up 8 of those guesses.  Has he tried “Password1” yet?  This all sounds crazy to me and makes me want to stuff any savings I accumulate in my mattress.

How Does Bitcoin Work?

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