Welshman Launches Bitcoin Layer-2 Project Backed by Lost $923M BTC After Landfill Recovery Fails
Main Idea
James Howells has abandoned his 12-year effort to recover 8,000 lost Bitcoin worth $923 million and is launching Ceiniog, a Bitcoin layer-2 network theoretically backed by the inaccessible BTC.
Key Points
1. James Howells lost 8,000 BTC when a hard drive containing the private keys was accidentally discarded in a Newport landfill during an office cleanup.
2. Despite multiple offers, including one exceeding £25 million, Newport City Council refused to cooperate with excavation efforts due to environmental concerns.
3. Ceiniog is a Bitcoin layer-2 network named after a medieval Welsh currency, with an ICO planned to tokenize 21% of the lost Bitcoin's theoretical value (~$194 million).
4. The tokens do not grant access to the buried BTC but represent its value in a Web3 environment, creating a tradable asset backed by the immovable Bitcoin.
5. Howells envisions Ceiniog as a community-driven project, with developers funded through token allocations, despite the unresolved loss of the original BTC.
Description
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