There has been no shortage of people and organizations that have underestimated the potential of cryptocurrency.
Among those who were once skeptical of bitcoin is Wired, which destroyed the private key to a Bitcoin (BTC) wallet containing 13,346,23579 BTC in 2013 to claim that the cryptocurrency was nothing more than a “stripe.” The value of Bitcoin at the unavailable address is now $ 761,000.
Author Robert MacMillan (now a reporter for the Wall Street Journal) set up a Bitcoin miner Butterfly Labs in a corner of his wired office to see what was going on. By ending his little experience, he was far from impressed.
Full score for early pretense, zero score for wise choice.
He wrote: “The world’s most popular digital currency is really nothing more than an abstraction.” At the time, the journalist was thinking about what to do with bitcoins, and first thought about donating them to charity.
He wrote: “But in the end, the answer is clear: We are destroying the private key used by our Bitcoin wallet.”
“This leaves the growing pile of bitcoin valuables locked in a digital vault forever – or at least until someone cracks the SHA-256 encryption that protects it.”
At that time, Butterfly Labs ASIC produced an average of two bitcoins every ten days. Wired notes in the article that two BTCs were worth around $ 220 at the time. They will now cost around $ 57,000 each, or $ 112,000 per couple – an increase of around 51,000%.
In 2013, it took an average of 13 hours to extract a BTC on an average computer. In 2014, this time had increased to 23 days. According to NYT, it will take 10 years before a single BTC is mined in 2021.
But even in 2013, the difficulty of extracting Bitcoin increased significantly. Macmillan complained that since 2009 it has been 10 million times more difficult to win the Bitcoin lottery.
Related: Bitcoin loses almost 100,000 BTC due to wallet transfer errors
Reddit user leMartinx highlighted this article in his post yesterday, and wrote that the whole debacle shows “how we have come so far since 2013”. But many other users have not been gentle, like Cappy2020, who commented that “they must be very arrogant,” adding that “even if you thought Bitcoin was just a ‘dream’, at least stick to it. you can be wrong. ”
Meanwhile, BakedPotato840 wrote:
“It is not surprising that you would find such an opinion about Bitcoin in the past. Those who have that view today deserve real criticism.”