Top 5 Shocking Bitcoin Stories

top bitcoin shocking storiesBitcoin has been around for a few years now, enough time for the cryptocurrency to give us a few unforgettable stories. These are indeed shocking, as some of those involved in these events found themselves in a financial roller coaster they never thought they would be in. Here are some of the most amazing bitcoin stories. 5. A man was robbed at gunpoint for $1,100 bitcoin A 28-year-old Brooklyn man used Craigslist to sell bitcoins to someone near him. He used the website to avoid the hassles of online bitcoin exchanges but things didn’t go as planned. The stranger he was selling

top bitcoin shocking stories

Bitcoin has been around for a few years now, enough time for the cryptocurrency to give us a few unforgettable stories. These are indeed shocking, as some of those involved in these events found themselves in a financial roller coaster they never thought they would be in. Here are some of the most amazing bitcoin stories.

5. A man was robbed at gunpoint for $1,100 bitcoin

robbed at gun point

A 28-year-old Brooklyn man used Craigslist to sell bitcoins to someone near him. He used the website to avoid the hassles of online bitcoin exchanges but things didn’t go as planned. The stranger he was selling bitcoin to led him to a Honda in which they were supposed to finalize the deal. Inside the car, a man hiding in the backseat pulled a gun on him, and forced the 28-year-old to transfer the bitcoins, at the time worth $1,100, to the robbers. Then, the thieves grabbed the man’s cell phone and fled.

4. Bitcoin’s biggest heist was of 800,000 bitcoins

bitcoin mtgox heist

Mt. Gox was the world’s largest bitcoin exchange when the biggest bitcoin heist in history took place. Allegedly, a hacker stole roughly 800,000 bitcoins from the exchange, the equivalent of $400,000 at the time, enough to bring the exchange to it’s knees, forcing it to declare bankruptcy. Today, the same 800,000 bitcoins would be worth over $880 million.

Mt. Gox’s CEO, Mark Karpeles, had a reaction to the high-profile heist that seemed, to some, incredibly calm and vague:

We had weaknesses in our system, and our bitcoins vanished. We’ve caused trouble and inconvenience to many people, and I feel deeply sorry for what has happened.”

The investigation led by law enforcement panned out due to the lack of evidence, but Mark Karpeles, was charged with embezzlement.

3. Someone accidentally made $1.3 million while buying a house

buying house profit

According to what Bitpay CCO Sonny Singh told Bloomberg Markets, bitcoin’s volatility once helped a man make $1.3 million as he was merely attempting to buy a house. The man was to pay $4 million for the estate and expressed interest in paying with bitcoin. Once the transaction started, one bitcoin was worth $750, but thanks to the cryptocurrency’s volatility, it was worth over $1,000 by the end of the transaction. That essentially meant the buyer got a little gift, simply because he decided to pay with bitcoin.

2. The man that threw away 7,500 bitcoins

man throws away bitcoin

Back when bitcoins were easier mine, a man named James Howells mined 7,500 bitcoins and then stored them in a hard drive. In 2009, when he mined them, they weren’t worth a lot, so James didn’t use them. A few years later, while cleaning up his desk, he came across the hard drive and, without remembering the bitcoins in them, he threw it away , sending it to a landfill. Later on he attempted to retrieve it, but was unable to.

When thrown out, the bitcoins contained in the hard drive were worth over $600,000. Nowadays, James’ bitcoins would be worth over $8 million.

1. A 15-year-old invested $1,000 in bitcoin, then sold those coins for $100,000

teen profits bitcoin

Erik Finman was introduced to bitcoin in 2012 by his older brother, who sent him 0.2 bitcoins just for him to get a feel of the cryptocurrency. Later on, his grandmother gave him a $1,000 gift for Easter. Then 15-year-old Erik decided to buy bitcoins with the money and, a year and a half later, he sold those bitcoins for $100,000 – an incredible return on investment (ROI). The young entrepreneur decided to use his money to launch Botangle.com, an online tutoring service.

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The Top 5 Weirdest Alternative Cryptocurrencies in Circulation

weird altcoinsRecently I was asked to compile a list of the strangest crypto-currencies I could find. I had no idea what I was in store for. Here are the Top 5 strangest altcoins I could find. Let the countdown begin! 5. Unobtanium (UNO) UNO is a term for fictional engineering and scientific thought that describes an extremely rare and costly material. Conceptual Unobtanium is the full term; UNO is the short hand version given to this alt-coin by its followers. The UNO community, which is small but regarded as extremely loyal, refers to the coin in kilograms. Currently, only four exchanges are

weird altcoins

Recently I was asked to compile a list of the strangest crypto-currencies I could find. I had no idea what I was in store for. Here are the Top 5 strangest altcoins I could find. Let the countdown begin!

5. Unobtanium (UNO)

uno logo

UNO is a term for fictional engineering and scientific thought that describes an extremely rare and costly material. Conceptual Unobtanium is the full term; UNO is the short hand version given to this alt-coin by its followers. The UNO community, which is small but regarded as extremely loyal, refers to the coin in kilograms. Currently, only four exchanges are dealing in UNO. A rather small number of UNO coins are to be mined: 250,000 over the course of 300 years. UNO is mined right alongside bitcoin. By doing this it makes the process more secure, and it mines three times faster than bitcoin.

4. Potato Coin (Spuds)

potatocoin logo

This coin stands out among the rest, not so much for being weird, but for the ambitious idea behind it. First and foremost, the name is out of the norm for sure, even for weird crypto-coins. It’s creators chose the potato because it is a staple source of food in the area where this coin is going to be dispersed. Now for the really cool part. The main idea behind Potato Coin is to help improve the conditions in Africa for the farmers. It will also try to reduce their dependency on the normal fiat currency of the area. So far, 85 percent of the initial pre-mine is done, and going to an African Trust, as well as directly to the farmers themselves. A latin inscription adorns Potato Coin’s logo and translates to “Potato is light, potato is life, potato is love.” That’s weird to say the least, but the entire idea behind this coin is awesome.

3. Coinye (West)

coinye logo

If anyone has ever gotten too much attention by the media, in my opinion, its Mr. West. Apparently the creators of Coinye West feel completely different. In spite of a cease-and-desist letter filed by West’s legal team, the coin was released in 2014. The coin is still being released, but a few changes have been made. The South Park cartoon Kanye fish was substituted for the original Kanye head, and “West” was dropped from its name. The creators admit that other than the name and South Park reference, Kanye had nothing to do with the coin. They did mention on the website that they were avidly seeking Mr. West’s approval at the time. Turns out, though, that West didn’t approve, and sued the alt coin into ruin six short months after its release. It’s still trading on some exchanges, going by the ticker “COYE/KOI”.

2. NyanCoin (NYAN)

nyancoin logo

When I first heard of NYAN, I thought this would most certainly be number one on the list, but further research depicted a different story. NYAN came out in 2014, and despite its more than off- putting name and logo, it caught on surprisingly well with miners. It was released as the “first officially licensed cryptocurrency”. Creators named the coin after the viral YouTube video titled NyanCat that was uploaded in 2011, and has received over 100 million hits. In my few short years dealing with crypto currency, and cyber security, everything about this coin screams, “scam!” That obviously isn’t the case, though. It is mostly a reference to the 8-bit’esque website design and graphics. The coin has a substantial following still, and a dedicated sub-reddit. Anyone can get started with NYAN by simply going to the site and downloading the software.

1. Wankcoin (WKC)

wankcoin logo

This is the oddest crypto-coin I came across. It’s most certainly the strangest name so far. Wankcoin is the brain child of porno junkies with consciences. If you couldn’t tell, it was created as a way for porn enthusiasts to buy and trade NSFW porn anonymously. While it’s not the only coin of its kind, with this purpose it stands out from the rest because of its name. Everything about this coin makes me laugh. Any slogan for Wankcoin you ask? Well, it just so happens to be “Bank While You Wank!”. One thing I’ve noticed about the Wankcoin site is the ability to mine Wankcoin by watching porn, and apparently the more you “wank” the more you mine. It uses the same algorithm as Bitcoin, SHA-256.  Of all the alternative crypto-currencies I’ve looked into, this one takes the cake. Just imagine it…nevermind, don’t imagine it.

Well, there you have it–some of the weirdest alt-coins I could find. This, of course, is only a small list of what’s out there, so if you have a little extra change and want to do something strange with it, you might as well pick one (hopefully not number one) and see where it takes you.

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Top 5 Cryptocurrencies With a Unique Business Model

TheMerkle Cryptocurrency Unqiue Business ModelsIn the world of cryptocurrency and blockchain technology, innovation is one of the key factors to success. Various companies and teams are using these disruptive technologies to come up with creative business models. Below are a few companies that have caught people’s attention over the past few years. Rest assured more of these projects will come to fruition moving forward. 5. Storj Decentralizing the concept of cloud storage sounds quite intriguing. Storj aims to achieve this goal and provide cheap bandwidth and storage solutions for everyone in the world. Users can also make money by renting their hard drive space

TheMerkle Cryptocurrency Unqiue Business Models

In the world of cryptocurrency and blockchain technology, innovation is one of the key factors to success. Various companies and teams are using these disruptive technologies to come up with creative business models. Below are a few companies that have caught people’s attention over the past few years. Rest assured more of these projects will come to fruition moving forward.

5. Storj

storj logo

Decentralizing the concept of cloud storage sounds quite intriguing. Storj aims to achieve this goal and provide cheap bandwidth and storage solutions for everyone in the world. Users can also make money by renting their hard drive space to other Storj users. Everyone in the community becomes part of the cloud, removing the need for centralized servers altogether.

4. Maidsafe

TheMerkle_Exchange Volume Maidsafe

Decentralization is key in the cryptocurrency and blockchain world. The MaidSafe team aims to decentralize the internet as we know it. Users are able to store private data, host websites, and share public data on the SAFE network. Similarly to Storj, MaidSafe relies on unused hard drive space. However, users can also rent out unused processing power and data connections to others. There is no intermediary involved in the process, nor any permissions required.

3. Augur

augur logo

Prediction markets are gaining momentum as of late. There is a certain appeal to predict the outcome of real-world events, rather than just focus on sports or politics. Through prediction markets such as Augur, it is possible for anyone in the world to create a bet on whatever life situation they choose. It is not a gambling opportunity in the traditional sense, albeit there are financial stakes involved.

What makes prediction markets so appealing is how they harness the “wisdom of the crowd”. Instead of relying on “industry experts”. Everyone’s opinion is collected to provide valuable insights into how specific situations may evolve over time. Considering how this entire approach is decentralized as well, there is no reason not to give prediction markets a try.

2. Ethereum

ethereum logo

One of the primary selling points of Ethereum is its smart contract technology. Creating digital agreements between parties that self-execute is a significant development in the world of blockchain technology. Although companies are working to bring smart contract technology to bitcoin, Ethereum is the go-to solution for this concept right now. Smart contracts can change virtually every business model we know today and it’s only a matter of time until this shift happens.

1. Steemit

steem logo

It has to be said, Steemit is taking content creation and monetization to a whole new level. The platform allows anyone to create and share any type of content they like. Users who “upvote” these creations will allow the creator to earn money in the form of cryptocurrency. Quite a few people have made thousands of dollars from the Steemit platform already. Getting paid to create content by the people who like your creations, rather than advertisers, is the way forward, that much is certain.

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