Initially perceived as a scam and unreliable, digital currencies were only worth a few cents. Today, things are different as the cryptocurrency industry has grown immensely. This growth has brought with it some ridiculous stories worth telling.
Whether it's accidentally destroying a hard drive of bitcoin that is now worth millions of dollars or getting caught mining crypto under a graveyard, crazy things happen every day in the crypto space.
James' story is sad, but also funny. Today, James' 7,500 Bitcoins stored in his destroyed external hard drive would be worth about a quarter of a million dollars.
James, a Wales-based IT engineer and well-known crypto miner, had his hard-earned 7,500 Bitcoins stored on a hard drive before he lost it all. It came as a bolt from the blue how the hard drive he kept in a secure drawer for years ended up in landfill in Newport and he can no longer track it.
James offered the Newport City Council $70 million to dig up the entire landfill area to find his lost treasure, but that offer was rejected due to environmental concerns.
A quick lesson here is that crypto is valuable and needs to be stored well. The co-founder of Apple just described crypto as "better than gold," according to CoinIdol, a world blockchain news outlet. There is both hardware (cold) and software storage for crypto assets with private keys. The cold storage option is considered the most secure as it is free from any computer attack. Besides cold storage, software storage is like crypto exchange wallets. Again, reputable crypto exchanges with minimal occurrence of attacks are ideal.
Although this happened in the mid-2020s, it still remains one of the funniest stories in the cryptocurrency world. These miners clearly understood how valuable crypto is and did not want to be excluded from the regulations. Yes, a full-fledged crypto mine was operating under a graveyard in Heilongjiang Province until the envious Chinese Police seized it and arrested all the "vampires" running the farm. This story really confirms how valuable cryptocurrencies are and how crypto owners will do anything to stay in business.
One insight for crypto miners is that crypto mining is decentralized and can happen anywhere on the planet. If a particular jurisdiction restricts it, miners could look for conducive locations. That's why Chinese miners are fleeing China for other, friendlier locations after the government's recent crackdown on crypto activity in the country.
Still can not believe that hamsters value and invest in crypto? Well, it's happening now. This is just a testament to how much crypto has permeated the world. In fact, hamster traders might be smarter than real traders. Mr. Goxx is a rising hamster trader of various cryptocurrencies including Dodge, TRX and others.
Mr. Goxx, just like any other rodent, works from a small cage called the 'Goxx Box' which typically has tunnels, wheels, gates and is watched by cameras, all connected to a computer ready to trade. The hoarder goes live on social media platforms like Reddit, Twitter and Twitch to show his audience how he buys and sells cryptocurrencies. Goxx's decision to buy or sell a coin is determined by his movement through the various tunnels, and the computer automatically performs the appropriate action.
It looks like Mr. Goxx's trading tips are working, as evidenced by the growing viewership of his sessions, sometimes reaching thousands. Although Goxx trading records still show that he is not making profits, he could become a crypto billionaire one day if consistency is maintained.
It's fascinating how the world is getting curious about cryptocurrencies and blockchain technology. The younger generation is now being exposed to cryptocurrencies at the age of 6.
One such move was witnessed in Los Angeles, where a small group of kids aged 6 to 17 were camped and introduced to the basics of cryptocurrencies and the concept of mining and trading.
Georgia becomes the first country in the Caucasus region to introduce children to cryptocurrencies after its lawmakers proposed a personal finance training bill that includes cryptocurrencies for high school students.
Introducing children to cryptocurrencies and explaining how they work is better for preventing fraud, but could also attract future crypto enthusiasts and investors.
In May, Andre Lewis, called Dre or Dreesus by netizens, out of jest created a coin called Simple Coin Automatic Money (SCAM). He dropped a bombshell when he said he completed the process of creating his coin in just 30 minutes. Funny, right? Within no time, Dre's project had a market cap of $70 million. Dre says the project was specifically to help him understand the blockchain concept and eventually educate the masses on crypto and blockchain technology.
Although Dre has yet to profit from his SCAM project, he has received a lot of support from the online community. He even received donations from well-wishers to support the project. Dre's coin could be the next Dogecoin that started as a joke and has now made many millionaires.
It's easy to make a cryptocurrency, but it could be a challenge to get people to believe in it. Dre started his SCAM journey by doing a simple YouTube keyword search and ended up building something. Building a coin that will work takes investment: Time, money and patience and comes with a set of legal requirements to meet.
The cryptocurrency ecosystem is full of news - good and bad, but also some funny. CoinIdol explores every development in the cryptocurrency and blockchain industry and brings you authentic news. Check back here for more news.