Steve Wozniak is a well-known name in the technological world. Being Apple’s co-founder and a computing expert, it is bewildering to think that the man was a victim of a cryptocurrency scam. He opened up to this experience at the Economic Times’ Global Business Summit in India.
“I had seven bitcoins stolen from me through fraud,” Wozniak recounted. “Somebody bought them from me online through a credit card, and they canceled the credit card payment. It was that easy. And it was from a stolen credit card number, so you can never get it back.” he said.
At the time of the theft, Bitcoin went at a price of $700 per coin, so losing 7 of them cost him a loss of $4900. However, by today’s standards, he incurred a loss of around $75000.
We come across such stories of Bitcoin and cryptocurrency more often than not. In the recent months, we have also seen many such cases of theft and hacking on Bitcoin Exchanges and Investors. The main problem here is that Bitcoin transactions can’t be reversed, so stolen coins can’t be retrieved that easily.
In fact, this nature of the Bitcoins and cryptocurrencies, in general, is what forces South Korea and similar Governments to impose stricter regulation on the use of cryptocurrency and anonymous trading. Even the Bank of England governor, Mark Carney made remarks on the difficulties associated with Bitcoins and its adoption in day to day transactions.
However, for Steve Wozniak, the purchase of Bitcoins was for an experimental basis. He was fascinated with Bitcoins as they are purely mathematical, free from government intervention and can’t be altered. He stated, “I had them so that I could someday travel and not use credit cards, wallets or cash. I could do it all on bitcoin”[…]”I studied which hotels and facilities accepted bitcoin…it’s still very difficult to do so. I also tried to buy things online and trade bitcoin online.”
But currently the experiment is all over, and Wozniak has reportedly sold all his Bitcoins.