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Nice crypto wallet balance!

Crypto wallet joke:

You just have to love when you wake up and the blockchain servers of one of your more exotic coins breaks your crypto wallet balance.

 

All software has bugs, that eventually gets fixed, we are still EARLY people enjoy the ride.  

To answer the “obvious” question, yes I did try and to determine if it was possible to spend, trade or exchange some of the balance.  Answer: I could not–the system remained secure and the issues were fixed in hours.

FYI: One of the main rules of crypto:  Never tell anyone how much crypto you have (or recently spent) as it is more traceable than cash, such knowledge could allow someone to track down your identity as to being the owner of a blockchain account/address.

What happens when a wallet breaks?

Answer: Nothing happens when a wallet breaks…as the coins are NEVER really in a wallet…the wallet just provides access to the coins via a private key, the coins never move from the blockchain they only just change addresses within the blockchain. As long as you maintain the private key you can use a multitude of different wallets to move/swap/spend those same coins…

Perhaps a good illustration: Think of the blockchain as a huge pile of gold bricks in Ft Knox or London…the gold bricks don’t move, just ownership of those bricks changes hands by other means.  Current ownership could be identified by little country flags on stacks of the gold bricks when one country trades gold with each other–one country flag on a particular stack is simply exchanged for another.  Blockchain has cryptographic keys/addresses to denote ownership which can move at the speed of light (in theory), and which works way better than little flags sitting on top of stacks of gold bricks IMHO.

 

Disclaimer: This post is for informational and entertainment purposes only— it is not financial advice or is in anyway intended to provide any financial recommendation.

“Independent News Reporting by Ken Burridge”

kenneth green burridge

Independent journalist, blockchain and sustainability activist, EV of the Year Judge, photographer, and author that has published over 1500 articles. Mr Burridge’s travels have taken him to over 40 countries and 300+ major cities. He is originally from the USA, but has been residing in Australia for the last nine years. Connect to Ken Burridge on: Twitter, voicefacebook, minds, Linked in, Uptrennd, official website

 

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