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Novel Coronavirus and Crypto

Discussion of all things crypto and blockchain.
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shinnosuke
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Novel Coronavirus and Crypto

Postby shinnosuke » Mon Feb 10, 2020

How many people, particularly in China, who are wealthy enough to own BTC and other cryptocurrencies, are dying and taking the access info to their assets with them? BTC demand has been historically high in China.
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Purple and Gold
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Re: Novel Coronavirus and Crypto

Postby Purple and Gold » Mon Feb 10, 2020

shinnosuke wrote:How many people, particularly in China, who are wealthy enough to own BTC and other cryptocurrencies, are dying and taking the access info to their assets with them? BTC demand has been historically high in China.


Interesting, I know next to nothing about Cryptos so I ask..
What becomes of the unclaimed funds?
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shinnosuke
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Re: Novel Coronavirus and Crypto

Postby shinnosuke » Mon Feb 10, 2020

Purple and Gold wrote:
shinnosuke wrote:How many people, particularly in China, who are wealthy enough to own BTC and other cryptocurrencies, are dying and taking the access info to their assets with them? BTC demand has been historically high in China.


Interesting, I know next to nothing about Cryptos so I ask..
What becomes of the unclaimed funds?


Gone forever according to my understanding.
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Silversaving
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Re: Novel Coronavirus and Crypto

Postby Silversaving » Mon Feb 10, 2020

It's not so much "unclaimed"...but if a person dies and hasn't shared his private keys with someone...then those coins are lost forever. There is a LOT of lost BTC that can never be recovered.

I'm personally wondering if the virus is the reason for the recent spike in crypto prices.
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Purple and Gold
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Re: Novel Coronavirus and Crypto

Postby Purple and Gold » Mon Feb 10, 2020

@ $10,000 a pop, thats a lot of cheese
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Iwant2beu
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Re: Novel Coronavirus and Crypto

Postby Iwant2beu » Mon Feb 10, 2020

Silversaving wrote:It's not so much "unclaimed"...but if a person dies and hasn't shared his private keys with someone...then those coins are lost forever. There is a LOT of lost BTC that can never be recovered.

I'm personally wondering if the virus is the reason for the recent spike in crypto prices.


Is there any way to know if a BTC is lost?

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Rik Bitter
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Re: Novel Coronavirus and Crypto

Postby Rik Bitter » Mon Feb 10, 2020

Iwant2beu wrote:
Silversaving wrote:It's not so much "unclaimed"...but if a person dies and hasn't shared his private keys with someone...then those coins are lost forever. There is a LOT of lost BTC that can never be recovered.

I'm personally wondering if the virus is the reason for the recent spike in crypto prices.


Is there any way to know if a BTC is lost?


You can tell if the BTC has moved recently, but how would you tell lost from HODLing?

Oddly enough, you can pry my gun from my cold dead hands, but not my Bitcoin.
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SilverDoge
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Re: Novel Coronavirus and Crypto

Postby SilverDoge » Mon Feb 10, 2020

Rik Bitter wrote:Oddly enough, you can pry my gun from my cold dead hands, but not my Bitcoin.


:lol: :lol: :lol: Beautiful
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shinnosuke
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Re: Novel Coronavirus and Crypto

Postby shinnosuke » Tue Feb 11, 2020

https://coinrivet.com/bitcoin-benefits- ... e-economy/

"Bitcoin benefits as coronavirus hits Chinese economy

Shanghai exchange floors fall silent as extended new year break and deadly virus combine to hit China's stock markets while investors turn to cryptocurrency

A stock market slump in China is being countered by massive investment into Bitcoin, say market analysts.

Nervous investors, panicked by the coronavirus outbreak and an extended trading floor break in Shanghai for the new year, are holding back over fears for China’s manufacturing output and exports.

However, according to a Coin Rivet article for the Daily Express, moves to pile investments into Bitcoin appear to be picking up pace with a swathe of large fund movements into cryptocurrency over the last three days.

We can see several large buy-ins on BTC this last few days have come from China, so it is obvious what is happening, but we’re also seeing a fragility in the crypto market too that is perhaps being propped up by this activity.

We must keep in mind that bitcoin was beginning to build towards a bullish outlook weeks before the world began taking coronavirus seriously – and that makes placing all your chips on BTC repeating the highs of 2017 a risky gamble.” (close quote)

More at the link.
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