POLICE SIEZE 1,700 BITCOIN

Police in Germany arrested a person for allegedly using mining software that was embedded on persons computer to mine coins. Police jailed the person for 2 years and now they want the 1,700 bitcoins but the perpetrator staying quiet. Today the bitcoins are worth $64 million which police cannot get their hands on. Most likely the wallet will be lost forever and that will reduce the pool further causing scarcity to drive prices higher. Prosecutors have ensured the man cannot access the largesse.

Its already bad for gaming as bitcoin et al too almost all of the RTX Ampere cards. Prices for video cards now are well above MSRP and it appears that no relief will be seen any time soon.

Press like this where police want the get the wallet of some convict is an example of what is wrong. Besides jail the police want to bankrupt the accused as well. The value of the wallet will likely rise over time given the trends. CNBC has now started posting valuations which is just how its getting.

In other cases of lost digital coins, Stefan Thomas, a programmer in San Francisco, owns 7,002 Bitcoin that he cannot retrieve because he lost the password to his digital wallet. This is the problem in economics called a bubble and the mess will take years to recover from.

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A reminder of all of the gaming cards wasted when flooding wipes out a mining operation. Now the cards are worthless. Piles of other cards are busy ming like mad.

It’s so bad with digital coins right now that frew video cards offered at $1000 above MSRP or more. Things are so bad right now that the RTX 2080 may be on the job for several years. Even laptops are being put to work with Ethereum mining.