With bitcoin enjoying a meteoric rise in 2017, a lot of people are getting involved in the world of digital currencies to try and make some hefty profits. There are also those people who acquired bitcoin in the past when they stood at a mere few dollars and are now trying to cash in their profits.
Forget Me Not and Cryptosecurity
However, it seems that a significant number of earlier investors have forgotten the password they created for their bitcoin accounts. There are tens of thousands of dollars potentially sitting there, and they cannot get access to it, contributing to the scarcity of the cryptocurrency.
As the price of the cryptocurrency is so volatile, they can only watch as the value of their holdings shoot up and fall back down without being able to do anything about it. Their frustrations, however, point to a critical advantage in Satoshi Nakamoto’s creation.
One of the main advantages of using digital currencies like bitcoin is that they are so secure. The accounts are hard to get into if you don’t have the password, which is working when we consider all the desperate users racking their brains for a solution.
Some of these people have become so distressed that they are now employing hypnotherapists to help remember their password. Thus, in a strange turn of events, yet another lucrative submarket has emerged.
Hypnotic Solution and Misplaced Holdings
One hypnotist based in South Carolina called Jason Miller has been charging people a single bitcoin plus five percent of the value of what is in the recovered account. He has emphasized that this payment structure is flexible.
A lot of these people have nothing to lose, so they end up signing up for services like these. Miller also indicates that he has developed a method and a variety of techniques that gives people access to some of their older memories.
The complex set of private and public keys associated with bitcoin are ultra-secure and whether holders like it or not, there is no helpline to ring to get the password reset like traditional bank accounts.
Even the likes of Elon Musk have managed to misplace some of their holdings of bitcoin, and they have had to sit on their hands as the price of bitcoin has reached historic highs, as well as significant corrections.
Philip Neumeier had purchased 15 bitcoin back in 2013 for about $260 as he had been thinking about accepting this digital currency on his e-commerce site.
The value of these bitcoins had reached a value of $300,000 when specific historical highs were hit. Neumeier is still in the process of trying to get his hands on this password, and while he has considered hypnosis, he has instead decided to focus his efforts on creating a supercomputer with the aim of conducting a brute force attack on his account to retrieve them.
This approach is a massive undertaking, as the computer sits at five feet tall and has to be placed in a water tank sized up to 270 gallons that allows heat to be dispersed as a result of its efforts.
The site manager believes that it may take a few hundred years to reach all of the different combinations of numbers, symbols, and letters.
There are many other stories like this of frustrated bitcoin holders who have been forced to sit tight through the emotional roller-coaster of bitcoin’s ebbs and flows. If the trends of 2017 continue into 2018, it is sure that we will stumble on at least a few more of these tales.