Turning a Threat into an Opportunity – A reality show will focus on bitcoiners who can no longer access their wallets, an infamous phenomenon. And while Satoshi Nakamoto originally set the total supply of Bitcoin at 21 million units, the number of BTC in circulation may never actually exceed 14 million.
From loser to star in the spotlight
The producers of “Alone” and “Queer Eye” are preparing a new reality show about private key “losers” in the bitcoin sphere. ITV’s Director of Casting and Development, Jessica Jorgensen, posted an announcement on LinkedIn in June, which states that the channel is looking for people who no longer had access to their cryptocurrency wallets and therefore would have lost virtually all of their crypto assets.
The announcement states that these people will have to be willing to use all remaining attempts to access their funds on camera, risking losing access to their wallets permanently, should all attempts fail.
Those selected will have to indicate, before the show, the number of remaining password entry attempts, before their accounts are locked. Cryptocurrency experts will assist them on set.
Bitcoin rarer than expected
Dizzy, lost, dead… studies conducted by Cane Island in 2020 had concluded that the number of BTC in circulation would not exceed 14 million due to users losing their private keys, bitcoiners accidentally discarding their wallets, sending BTC to the wrong address, or even the lack of provision for transmitting BTC after the death of their owners.
Loss of access to a Bitcoin wallet is sadly not uncommon in the cryptosphere. The case of programmer Stefan Thomas was one of the most famous. He had misplaced the password to his IronKey hard drive which contained 7,002 BTC. Thomas has 2 more attempts to guess the correct password before his hard drive is permanently inaccessible.e. Perhaps a future star for the issue?
The level of scarcity of Bitcoin would thus be much higher than that used by the forecasting models of its price in the short term. Enough to give even more worries to a dollar in the midst of an identity crisis, whose value, contrary to what its defenders advocate, depends largely on the authority of government institutions, rather than on a pseudo mechanism for balancing the money supply in circulation.
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