The Economic Times of India’s Global Business Summit took place this week, and it was inevitable that the cryptocurrency sector was going to be one of the topics discussed at length. What wasn’t foreseen, however, was Apple co-founder Steve Wozniak coming forward and saying he was a victim of a bitcoin scam.
It’s been known for quite some that bitcoin, as well as every other virtual currency, holds a lot of risks. But when the co-founder of one of the largest technology companies in the world falls into its trap, then we know that anyone is susceptible to being duped by cryptocurrency scams.
The Bitcoin Scam
According to Wozniak, he had seven bitcoins stolen from him through fraud. Essentially what happened is this: an individual purchased the bitcoins from the 67-year old American entrepreneur and inventor through a credit card, and then proceeded to terminate the credit card payment. The scariest part of it all, according to Steve Wozniak, was just how easy it was to steal the bitcoins.
Sure, at first glance, seven bitcoins might not seem like a lot. However, it’s actually the opposite. At the time, Wozniak purchased the bitcoins back when it was valued at $700, but today, his loss is valued at roughly $71,400. Personally, this would have scared me off right away, but that wasn’t the case for the Apple co-founder.
Wozniak kept his bitcoin holdings until the end of 2017. When he did finally announce in January that he sold his bitcoin holdings, he didn’t cite the bitcoin scam. In fact, he said it was only because he had only moved into cryptocurrency solely for experimental purposes. He then added that he never wanted to become one of those individuals that constantly watch it and fret over the price. That is extremely justifiable. It seems every week I’m biting my nails to see the direction the cryptocurrency is heading in. One week it’s dropping below the $12,000 mark and the next its well above it.
Now that we know about Steve Wozniak’s experience with the digital currency, I think it will be interesting to see if people follow in his lead and sell their bitcoin holdings in fear of falling victim to a bitcoin scam.
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