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    The Top 5 Worst Ways to Lose BTC

    The Top 5 Worst Ways to Lose BTC

    We wouldn’t want to be these people, in fact; we have a great deal of sympathy for them.
    That being said, this is a very expensive lesson in HODLing 😉

     

    5. KeyLogger Steals 95BTC

    Redditor 56KbKid was doing everything right, he got into BTC in 2012, was HODLing with hands of steel. Lambos were on the horizon. Until then, one fateful day; he left his PC with Electrum open. A keylogger cleaned out his entire account. The worst part? He had just received his Ledger and could have easily prevented it by locking them in cold storage. 
    Total Value Lost: 536,750 USD
    Wannacry Level: 

     

     

    4. Redditor Loses Password

    One redditor lost 384 Bitcoin due forgetting his password. He offered up 50BTC to anyone who could help him break into the wallet. This was 4 years ago, he must be going absolutely insane with BTC making its way towards 6k at the time of this post.

    Total Value Lost: 2,147,000 USD
    Wannacry Level: 

     

    3. Redditor Sends 800BTC To Wrong Address

    When I send even a fractional amount of BTC, I double check, and triple check the address. Well, this guy sent 800BTC to the incorrect address. One that was over a year old. Eight-Hundred. Let that sink in. It was sent to a Mt. Gox address back before the hack, so we hope he takes solace in the fact that they were soon lost completely anyway. :troll:

    Total Value Lost: 4,520,000 USD
    Wannacry Level: 

     

    2. 8 Figure Land-Mine

    Ok, prepare yourselves. One man by the name of James Howells, accidentally tossed out a hard drive with.. 7,500BTC on it. Distraught, he raced to the local landfill to look for it. ( Feels ) Even asking a worker there to estimate where it might be in the football field sized pile of garbage. To which the answer was “About 4 feet deep”. USA Today covered the story ( link above ).

    Total Value Lost: 42,375,000 USD
    Wannacry Level: 

     

     

     

    1. The 10,000BTC Pizza

    Probably the most infamous of our top 5. A man named Laszlo Hanyecz agreed to pay 10,000BTC if a guy could deliver him a pizza. Whether it was home made, or store bought. Original BitcoinTalk post is linked above. Well, he did; and now Laszlo is/was the proud owner of an 8 figure pie. Lets get serious for a moment, this was the first real-world bitcoin transaction ever recorded. Laszlo did quite a “bit” for the Bitcoin Ecosystem by completing this transaction, and we should all thank him.

    Total Value Lost: 56,500,000 USD
    Wannacry Level: 

     

    What happens to the lost Bitcoin?

    Well, it’s a bad day for the individual who loses the Bitcoin, but for the rest of the ecosystem its actually beneficial. Its simple economics, aka supply and demand. There were 21 million BTC created, and there will not be any more created in the future. So, when the roughly estimated 2 million bitcoin were removed from the supply through the stories above, and many subsequently lost private keys, USB sticks, etc. the demand therefore goes up. Increasing the price.

     

     

    Do you have a lost BTC tale to tell?

    Drop it in the comments below, and if youre still a supporter – check out some of the gear at www.BlokNation.com

    Blockchain and the Gig Economy

    Blockchain and the Gig Economy

     

    You’ve probably heard of it, it goes by a few names. The “Gig Economy” or the “1099 Economy” is booming right now, with companies like Uber and Lyft spearheading. Were all for innovation here at BlokNation, but there’s an age old problem plaguing the gig economy, and now we have a solution.

     

         What’s the problem?

    Centralization. Corporations are taking massive percentages of the freelancers gig profits. Uber doesn’t pay the mortgage, in fact; it barely covers the bills. This doesn’t need to be the case of course. Blockchain enforces the gig economy by removing the centralized entities from the equation while returning the profits taken by said entities, back to the freelancers themselves. Imagine the ripple effect of this structure. A workforce of people being paid in full for their skills and trades, working their own hours, making enough to live and then some. No need for the wildly inefficient 9-5 work schedule. 

     

    “People are paid for what they do, when they do it. Idle time is a thing of the past, be it human or machine, everything is being used efficiently.”

     

         What’s the solution?

    Blockchain of course. Imagine a service, like Uber; except it were P2P. No greedy corporation to step in and gouge the profits of the people actually doing the work. On average, an Uber driver will make $19 per hour. By removing the (unnecessary) corporate intermediary this figure could be as high as $26 per hour. This is not only more than minimum wage, its more than the average pay within the US!

     

    "To go even a step further, all payments could be enforced via smart contracts, and all work recorded on the blockchain."

         

    What would it take to achieve such change?

    Well, blockchain faces its own set of issues. The main 2 are adoption, and user friendliness. Blockchain is new, it’s been linked to Bitcoin which people have a love or hate relationship for. The masses simply don’t know about it, and out of those that know; I’d wager probably less than 10% actually understand it. The other problem, user friendliness. It’s simply not easy enough for the average Joe or plain Jane to be able to utilize blockchain the way it is today. Dapps are built “by devs, for devs” and are technically out of grasp for the general public. Of course, this will change in the future.

    I used Uber as an example, but companies like Fiverr, TaskRabbit, AirBnB, etc. could all be replaced by blockchain services. There is one example that already exists today. An amazing platform called “OpenBazaar”. Its essentially a decentralized Ebay. No fees, which destroy margins for most sellers. Seller Sam and Buyer Bob are connected directly, and using their “2-of-3 MultiSig Escrow Service” if there’s a dispute between the 2, its resolved by a trusted third party, without any expensive resolution fees, chargeback fees, etc. They accept Bitcoin & many alts, but sellers are always paid in Bitcoin.

     

    What’s your take on this? Do you have an example of blockchain disrupting traditional industries? Are you a gig-economer with some inside perspective? Drop it in the comments below.

    As always, if you would like to spread the word of the Blockchain Movement
    please share this article on social outlets, and check out our shop @ www.BlokNation.com !
    Thanks for reading, stay woke and remember to HODL!