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Bitcoin The Almighty Buck

One of the Largest Owners of Bitcoin, Who Reportedly Held As Much As $1 Billion, Is Dead At 41 (marketwatch.com) 104

Billionaire bitcoin owner Mircea Popescu has reportedly died, leaving behind a cache of virtual currency and a controversial crypto legacy. MarketWatch reports: The bitcoin pioneer, who was believed to own over $1 billion in the world's No. 1 crypto, making him, at the time, one of the asset's larger single-holders, died off the coast of Costa Rica, according to a Spanish-language publication, Teletica.com, which reported last week that a foreigner had drowned at Playa Hermosa de Garabito, Puntarenas in Costa Rica, describing him as a 41-year old of Polish origin. Popescu was viewed as a pioneer in digital assets and one of the earliest adopters. An article in Bitcoin Magazine written by Pete Rizzo said that Popescu was known for starting MPEx, a Bitcoin securities exchange, around the same time as the Coinbase Global launched. At its mid-April peak this year, Popescu's bitcoin holdings would have been worth nearly $2 billion. Further reading: Bitcoin Magazine, Coinspeaker
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One of the Largest Owners of Bitcoin, Who Reportedly Held As Much As $1 Billion, Is Dead At 41

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  • Sell fast!

  • by Anonymous Coward
    like a lottery or a very lucky bet on an investment often ends very badly for the person that stumbled into it. It's an act the repeats over and over again.
    • like a lottery or a very lucky bet on an investment often ends very badly for the person that stumbled into it. It's an act the repeats over and over again.

      I'm willing to risk it. For science!

  • Is there such a thing as inheritance when it comes to cryptocurrency?

    • Not unless they setup some system where they can pass it to someone else. Depending on how they have it stored away, it may be lost forever.
      • Re:Mine is yours. (Score:5, Interesting)

        by ShanghaiBill ( 739463 ) on Monday June 28, 2021 @06:44PM (#61531450)

        Bitcoins worth many billions have been lost by people dying, losing keys, device failures, etc. This is one of the reasons that Bitcoin is inherently deflationary.

        • So, there's a max number that can ever exist and as we're seeing, many will continue to be lost forever. What happens as the number in circulation continues to fall? Seems at some point there'd be little value in something only a few people possess, as far as "currency" goes.
          • by ceoyoyo ( 59147 )

            Yup. It's like if you minted a bunch of coins and then didn't ever make any more. Eventually they'd almost all get lost and everyone would be fighting over the last ones. Or just find something else to use.

            • Seems it really does a good job of killing its own value. The only inherit value it has is the ability to be used as a payment medium. If that's taken away, then it's worthless. If you could only pay for goods with Michael Jordan rookie cards, the lack of availability would quickly make folks move on to some other means of payment. At that point, it loses most of its value.
              • Re:Mine is yours. (Score:4, Insightful)

                by ShanghaiBill ( 739463 ) on Monday June 28, 2021 @07:38PM (#61531580)

                Seems it really does a good job of killing its own value.

                Nonsense. Rare things are not worth less than common things.

                If you destroy half the diamonds in the world, do you seriously believe that the remaining diamonds will lose value?

                Bitcoins are divisible by a factor of a hundred million. So they aren't going to disappear if some are lost. As some are lost, those remaining are worth more. That is what deflation is.

                The only inherit value it has is the ability to be used as a payment medium.

                Not true, in either theory or practice. Bitcoins are primarily used as a store of value, not as a medium of exchange.

                You can't use gold or diamonds to buy groceries. That doesn't make them worthless, nor does it make them "lose value".

                • Re:Mine is yours. (Score:5, Informative)

                  by WankerWeasel ( 875277 ) on Monday June 28, 2021 @07:51PM (#61531610)
                  Bitcoin is a pseudo-asset at best, in the sense that all people do is speculate on its price movements with the expectation of a return on investment. All bitcoiners do is talk about its price in USD, because there's nothing else *to* talk about. There's no additional structure to the asset other than what someone else will pay for it currently.
                  • Re: (Score:1, Insightful)

                    by Nabeel_co ( 1045054 )

                    This argument isn't logically sound. It's comparison to USD is simply because everyone is familiar with the value of the USD. By your argument, the British pound, the Canadian and Australian dollar, and every other fiat currency in the world is fake, since all fiat currency isn't based on anything, and is compared to the US dollar. Actually US dollar is also not backed by anything, which is why they can simply "print" more money by adding numbers to a database, and devalue every USD holders value.

                    At least,

                    • This argument isn't logically sound. It's comparison to USD is simply because everyone is familiar with the value of the USD. By your argument, the British pound, the Canadian and Australian dollar, and every other fiat currency in the world is fake, since all fiat currency isn't based on anything, and is compared to the US dollar.

                      I'm Australian, the value of the AUD is based on stuff I can buy with it every day.

                      Actually US dollar is also not backed by anything,

                      Actually it is. There's a whole government and military apparatus that backs it. Compare that to what exactly for Crypto?

                      which is why they can simply "print" more money by adding numbers to a database, and devalue every USD holders value.

                      OMGZ inflation! It must be bad because reasons...

                      At least, of all the fake currency out there, bitcoin is the only one that takes real resources to produce (not just numbers in a database), AND is a deflationary asset, meaning it will always gain value, and some monkey in a suit can't just push a button or pass a law to devalue it for everyone else.

                      You don't seem to have paid any attention to any BTC devaluation event in the last 10 years lol.

                    • All money is objectively worthless. There is nothing with objective value. Money has subjective value and the subjective value of the USD is the backing of the US as a nation. If you tell me you'll pay me $100K this year then I know with a fairly high level of precision what I will have at the end of the year in terms of buying power. If you'd have told me a few months ago you'd pay me 2 BTC then on that day I'd objectively know it was about the same as 100K USD but subjectively I'd have no clue. And

                    • and some monkey in a suit can't just push a button or pass a law to devalue it

                      Yes, that's how it works you ignorant shit-for-brains.
                      It's not a huge complicated fucking system that weighs the entire economy and intended inflationary or deflationary targets and compensates to match that, in a way that hopefully keeps as few people from getting fucked by economic fluctuations as possible.
                      Monetary policy is a fiction, my bros! Down with the Fed!

                      You dumb motherfuckers are going to be the death of us all.

                    • by drnb ( 2434720 )

                      ... bitcoin is the only one that takes real resources to produce (not just numbers in a database) ...

                      Resource are irrelevant, they are sunk costs which have no impact on a coin's value.

                      ... AND is a deflationary asset, meaning it will always gain value ...

                      No. That assume demand remains constant. If demand drop the value will drop. Say if the community moves on to a better coin.

                      ... and some monkey in a suit can't just push a button or pass a law to devalue it for everyone else ...

                      Sure they can, if they are the leadership of a totalitarian government where the majority of mining takes place. Then they can forcibly launch a 51% attack and create fake transactions to destroy bitcoin's credibility.

                    • By your argument, the British pound, the Canadian and Australian dollar, and every other fiat currency in the world is fake, since all fiat currency isn't based on anything

                      This isn't true, and is one of the most pervasive and pernicious errors in understanding fiat currencies.

                      Fiat currencies, as they exist today, are based on debt, on legally-binding promises to repay. When a US dollar (or other fiat curency unit) is created, it does not come into existence alone. Like pair production [wikipedia.org] in quantum mechanics, in which pairs of particles and anti-particles come into existence together and eventually mutually self-annihilate, each dollar comes into existence with a balancing do

                    • You're either a troll or an idiot.

                      I'll tell you what, how about a little bet over 100USD or 0.003BTC. Right now, they are about equal value. If in 10 years the 0.003BTC is worth more than the 100USD, you have to pay me 0.003BTC, if the100USD is worth more than the 0.003BTC, I have to pay you the 100USD.

                      Would you take that bet? I'm guessing not...

                    • What a great lucid argument with such excellent, clear and concise points. Good to know you can articulate your position well.

                      BTW, two brothers are doing some con in North Carolina called an "Airplane", they are suggesting humans can fly like birds. What a bunch of fucking morons! Next they'll tell us that they can strap a bomb to our ass and fly us to the moon!

                    • That is actually the best argument for Bitcoin that I have seen. I would be willing to bet $100 that 0.003BTC would be worth less than $100 ten years from now, but I would not be willing to bet 0.003BTC. I personally think that 0.003BTC it is unlikely to be worth anything in 10 years, but it could go up astronomically, and that makes for a compelling argument.

                      Even if I think that Bitcoin is a foolish investment it still makes for a pretty interesting gamble. If I would have gambled a few hundred dollar

                    • All money is objectively worthless.

                      Fiat currency has objective value, though the denomination of that value is subjective. See https://news.slashdot.org/comm... [slashdot.org]

                    • What's your contact info? We'll need to set up a trust to hold the bitcoin and the cash until a winner can be determined.

                • by vivian ( 156520 )

                  Rareness alone is not a measure of value.
                  Every snowflake is unique - that's as rare as you can get. Each one doesn't have much value though.

                  Crypto currencies are like that - any number of them can be created. and there are currently more crypto currencies than there are real currencies.
                  There are currently 164 official national currencies in the world, and 1583 crypto currencies on coinmarketcap.com

                  Their only real value is that other people think they might be worth something.
                  With physical currencies, that'

                • If you destroy half the diamonds in the world, do you seriously believe that the remaining diamonds will lose value?

                  No, because the catch is you can't really destroy diamonds, at least not with the same ease that BTC and other cryptocurrencies can be made unusable.

                  Why people tout this deflationary aspect of Bitcoin as a positive is really beyond me - about 20% of all BTC mined today is already unusable. It is stupidly easy to make BTC disappear forever in some random wallet, never to be able to be used again.

                  • No, because the catch is you can't really destroy diamonds, at least not with the same ease that BTC and other cryptocurrencies can be made unusable.

                    Diamonds are hard to scratch, not hard to destroy.

                    How do you think we make diamond jewelry if we can't cut and shape them?
                    You could also burn them or just hit them with a hammer.

                    • Re-read the qualifier above.

                      To be as clear as possible, diamonds cannot be made disappeared in thin air like usable BTC can.

                • by 3247 ( 161794 )

                  Nonsense. Rare things are not worth less than common things.

                  If you destroy half the diamonds in the world, do you seriously believe that the remaining diamonds will lose value?

                  With diamonds, that is quite possible. They only have value because everyone has been made to think that they are necessary for engagement rings. If there is not enough supply for the demand, people would find out that you can actually get engaged without an overpriced piece of compressed carbon.

              • by Moryath ( 553296 )
                See Also: Ponzi Scheme. [cnbc.com]
              • by ceoyoyo ( 59147 )

                It's worse than that. Even if no bitcoin was ever lost, the supply is limited, meaning that in a growing economy the "currency" is deflationary. Because deflationary currencies are almost certain to be worth more tomorrow than they are today, you'd be a fool to spend them, so they get hoarded. Since an economy is essentially people doing things in exchange for money, hoarding money is death for an economy.

                Hm... nobody hoards Bitcoin under the assumption it will be worth more in the future, right?

          • by mysidia ( 191772 )

            many will continue to be lost forever. What happens as the number in circulation continues to fall?
            Not much happens for the forseeable future -- more new Satoshis seem to be mined than coins likely being lost.

            Most likely in the long run there will not be significant percentage of coins being lost forever. But ultimately it will still gradually reduce the number circulating and available for sale -- thus cause a coin to become more scarce on average.

          • So, there's a max number that can ever exist and as we're seeing, many will continue to be lost forever. What happens as the number in circulation continues to fall? Seems at some point there'd be little value in something only a few people possess, as far as "currency" goes.

            It has little value as a currency anyway, for exactly that reason; price inflation is needed, for human reasons. A currency needs to have managed low, positive inflation to be useful. If a digital currency doesn't have that, then it isn't a serious alternative as a currency. If it is popular, as in the case of bitcoin, it is for other reasons that being a good currency.

          • When bitcoin goes out of favor it will crash to near zero. For whatever reason, too many people losing wallets/keys and confidence is lost, or a better coin becomes favored and people simply move on to something newer. There is no inherit value in a bitcoin, no salvage value, its worth what a community agrees its worth. If that community moves on to something else its worth nothing.
        • I know very little about cryptocurrency beyond popular news stories like this, so this might be a naive question, but is there really no built-in mechanism for Bitcoin to deal with the fact that some fraction of it will be lost every year? Even tangible currency like coins are lost every year, requiring mints to produce more.

          I suppose I understand the problem - they're not really lost in the sense that someone may stumble across the key 100 years from now and suddenly the currency is available for circulat

    • Yes and No.

      You can leave it as property to your heirs, but unless you also included the key to the wallet, it's just a useless collection of data. Numerous articles have been written about folks with large BC wallets that they can't access and are therefore useless. This would be the exact same.

      The BC blockchain and the cryptography on your hard drive don't care about probate court.

    • by Tablizer ( 95088 )

      You only inherit the lawsuits, not the money :-)

    • by rtb61 ( 674572 )

      It depends whether or not they got the password before he drowned. Holder of the password is the inheritor of the wallet and what ever bits of the original wallet holder is left. A large crypto wallet is extremely dangerous, the only thing keeping it safe is your willingness to part with the fingers, toes, eyes and genitals. No one would dream of storing a million dollars cash in their home (except criminals) and advertise the fact on trading board, protected only by the willingness to die in agony to keep

    • Is there such a thing as inheritance when it comes to cryptocurrency?

      There is no authority to transfer ownership as with regular bank accounts and physical assets. Crypto-currency ownership is effectively the next person to type in a passcode. Unless a will somehow documents and transfers that passcode, say on paper in an envelope in a safe deposit box, the coins will remain unusable. At least until there are computers than can break current generation cryptography with ease.

  • by Major_Disorder ( 5019363 ) on Monday June 28, 2021 @06:21PM (#61531390)
    It seems like holding a lot of crypto has a strong tendency to shorten one's life.
    • by NFN_NLN ( 633283 ) on Monday June 28, 2021 @06:24PM (#61531400)

      Unlike dollars, Bitcoin isn't physical, so technically you can take it with you when you go. (Just don't give anyone else the private key)

    • by ShanghaiBill ( 739463 ) on Monday June 28, 2021 @06:48PM (#61531464)

      It seems like holding a lot of crypto has a strong tendency to shorten one's life.

      Selection bias: You only hear about those who die.

      Similarly, someone recently asked why so many rich people get divorced. They don't. The rich are the least likely to get divorced. But when they do, it makes the news.

      • I remember about some university working on an AI starting around the year 2000, where their plan was to feed it reams of "common knowledge" training data. Their theory was that "common knowledge" was what made a human-like intelligence. They estimated that they would have a damn good AI after ten years of this process.

        The AI was able to make observations and formulate queries for clarification. (Text format, I think.) One day, it observed that "most people are famous". What had happened was that the
    • It seems like holding a lot of crypto has a strong tendency to shorten one's life.

      Well it does when there is someone making sure that's the case. ;)

    • by witz2 ( 8211674 )
      Specially if someone (1) VERY determined cannot get hold of it in any viable way, and (1) starts to see someone else making a better offer - which will be accepted.
  • Someone dying that young may well have never put together any kind of contingency plan for passing along his BTC, so it could be the case all his BTC is now sitting in a wallet somewhere no-one knows how to access...

    I rad the article and it didn't seem to mention that aspect.

    It does make you think that over time, some BTC will simply be lost forever making the remainder more valuable.

    • The creator of Bitcoin actually said that the death of a holder means the value goes up for those that remain. He said to think of death as a donation to everyone else. Pretty messed up to look at others deaths in such a way.
  • Romanian, not Polish (Score:5, Informative)

    by campuscodi ( 4234297 ) on Monday June 28, 2021 @06:38PM (#61531438)
    He's not Polish. He's a Romanian, born in Cluj Napoca. You'd think such a glaring fact-checking error would mean the original report is wrong and just clickbaiting, but no. His death was confirmed by Romanian friends on their blogs.
    • by jrumney ( 197329 )

      I thought the name looked suspiciously Romanian for someone originating from Poland, but people do emigrate so I'd have given the publication the benefit of the doubt without that info about his birthplace and friends in Romania. Thanks.

    • by cowdung ( 702933 )

      Yeah, his name couldn't be more Romanian.

    • He's a Romanian

      As his name rhymes with that of their oh-so-beloved former dictator, it was a dead-giveaway to anyone not ignorant.

    • It also shows just how smart slashdot population has become, when only 6 people caught on the fact that the name couldn't be less polish.

      • by Cederic ( 9623 )

        It's almost as though people can migrate to other countries.

        Take this chap for instance. He didn't live in fucking Romania.

        • by Kvasio ( 127200 )

          people do migrate, but Jesus Rodriguez is not a common name for Eskimo, and Chistian Smith - for Chineese.
          And not every place on Earth is as mixed as US population. Not necesserily because they are xenophobic, but they may be shithole not attractive for economic migrants.

    • Top opsec till the end.
  • The bitcoin pioneer, who was believed to own over $1 billion in the world's No. 1 crypto, making him, at the time, one of the asset's larger single-holders, died off the coast of Costa Rica, according to a Spanish-language publication, Teletica.com, which reported last week that a foreigner had drowned at Playa Hermosa de Garabito, Puntarenas in Costa Rica, describing him as a 41-year old of Polish origin

    Sure. He "drowned"

    • Re:"Drowned" (Score:5, Informative)

      by gordonb ( 720772 ) on Monday June 28, 2021 @07:30PM (#61531556)
      Playa Hermose can be a mean beach break. Iâ(TM)ve surfed there many times. One day a few years back, my son and I both broke boards in a ~6-8â swell. A poor swimmer or someone not familiar with ocean swimming or surf could easily drown.
  • bitcoin...magazine? the fuck is that shit?

    • Yes. If you are reasonably open-minded.
    • Bitcoin Magazine was started by this weird Russian kid, Vitalik Buterin. Perhaps you've heard of him? He's the guy working on On-chain Oligarchy these days, after previously being asked to leave Bitcoin by the coretards.

  • 1 billion $ of bitcoin is only 30,000 bitcoin... Remember that guy who bought the pizzas for 10k? ooof...
  • with a Commodore 64 or maybe a Commodore 128 in 2 MHz mode? Just askin... There has to be an equation to solve this!
    • by Falos ( 2905315 )

      0.2 hash/sec, someone actually did it and the niche circuit all ran the headline.
      https://decrypt.co/66226/you-c... [decrypt.co]

      Not a terribly fancy equation, even a human working by hand was rated at 0.67 hashes/day.
      http://www.righto.com/2014/09/... [righto.com]

      My understanding was coins aren't mined individually, iirc the correct hash yields a chunk (was 25 coins? but that was years ago so I think it's smaller now?) somewhat comparable to a winning lottery scratcher. People tend to give out their hashes in the name of a guild, taki

  • I'll just leave this here..

    https://en.wikipedia.org/wiki/... [wikipedia.org]

  • "describing him as a 41-year old of Polish origin." - he had a Romanian name, not a Polish one. Thus, he was Romanian.
  • Did anyone else know the password to his wallet?
    I bet a lot of electronic coins will be locked away forever because nobody knows the password to their security device.

  • i bet he found a way to take a bit with him!

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