Hindsight is a wonderful thing.
On this day in 2013 Wired published an article on Bitcoin mining and concluded on a rather dismissive note on Bitcoin.
The conclusion of the article read:
“But in the end, the answer was obvious. The world’s most popular digital currency really is nothing more than an abstraction. So we’re destroying the private key used by our Bitcon wallet. That leaves our growing pile of Bitcoin lucre locked away in a digital vault for all eternity — or at least until someone cracks the SHA-256 encryption that secures it.”
(screenshot wired.com article)
(source: https://www.wired.com/2013/05/butterfly_live/ )
Wired is said to have destroyed around 13.34 BTC (about $124,723.11 in today’s value, ouch!). This was done at a time when Bitcoin was struggling for recognition and very few believed in Bitcoin for the long term. Bitcoin users continue to taunt Wired of that decision and will get worse over time if the value of Bitcoin continues to rally.
Many have bet against Bitcoin and have been proven wrong time over time, some had to learn the hard way, just like wired. At this point, it is safe to say that Bitcoin has gone beyond just being an “abstraction” or “geek money”. This will always serve as a reminder why its never a good idea to bet against the honey badger of money.