In a recent Q&A session on a popular American opinion website, Quora, Ripple’s Chief Technology Officer, David Schwartz, utilized the opportunity to discuss his life experience with the Bitcoin Casino. The informative exchange, which started as a curious question by the user, was leveraged by the technology Guru to share his detailed experience with the cryptocurrency casino.
The quora user wanted to know if Stefan Thomas’s story, the man who could forfeit about $250 million worth of Bitcoin if he fails the last two password attempts on his Bitcoin wallet, was indeed true. Schwartz took the opportunity to explain to the inquisitive user that the story of Thomas, his friend, and former colleague, was true.
Schwartz explains Stefan Thomas plight in details
In Schwartz’s explanation to the Quora user, the technology officer explained how Thomas made a youtube video a long time ago to teach Bitcoin investment. He was rewarded in Bitcoin by the audience who watched the video at that time. Schwartz then said Thomas made about 7,000 Bitcoins, then worth $35,000 as at the time.
According to Schwartz, Thomas did not cash out on his rewards at that time as he hoped it would yield one million dollars in the future. The Fintech CTO, in his statement, affirmed that it took Thomas a few years to realize that his digital assets were now worth a fortune, but unfortunately for him, he can’t access them due to password restrictions.
According to Schwartz, Thomas is disgusted by the situation and has been seeking the help of all forms to recover his assets. Schwartz then also took his time to explain to the user that the locked wallet is not the only circumstance his friend has found himself in Bitcoin.
A similar experience for Schwartz but with a happy ending
Schwartz concluded his story by explaining that his former colleague, Thomas, was testing a new framework for Bitcoin, and he created several Bitcoin accounts depositing at least one Bitcoin in each. Those accounts will be worth at least $35,000 in today’s prices, and unfortunately for Thomas, he can’t access them because he didn’t bother to keep their passwords.
Schwartz then went on to share his personal experience with Bitcoin Casino in 2013 with the quora user. The technology officer opened an account with the online Casino, deposited 8 Bitcoins worth $160 at that time, with Bitcoin trading at barely $20. After playing for a while, he got tired and stopped, only to realize in 2020, when Bitcoin was now trading at about $12,000, he had not removed his leftover funds in his account.
His situation would have been similar to that of Stefan, but after trying to get the Casino for a while, he founded them. To the delight of the Tech Guru, he was given the option of resetting his forgotten password, allowed access to his Bitcoins, and he cashed out on his assets of about $150,000.