Wozniak Said to Fell Victim to a Bitcoin Fraud

Wozniak Said to Fell Victim to a Bitcoin FraudApparently Apple co-founder Steve Wozniak had some bitcoins stolen from him, at least he says so.

I had seven bitcoins stolen from me through fraud,” Wozniak and added that somebody bought them from him online through a credit card and then they cancelled 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.

Wozniak noted that he initially bought the bitcoins as an experiment, curious if one day he could use the cryptocurrency instead of cash or credit cards. In the time he was buying them they were worth at $700 each.

But, it isn’t a secret that Wozniak was always a crypto-optimist. Last year he said that he thinks Bitcoin is better than gold and the U.S. dollar, which he called “phony,” because the government can always print more.

In October he was talking at Money20/20 in Las Vegas and the main conversation was around artificial intelligence, but the topic of Bitcoin emerged as well.

Wozniak then claimed that he feels a currency is more “stable” when it cannot be diluted and, while Bitcoin has a fixed future supply (only 21 million bitcoins will ever be mined), the same cannot be said about government-backed fiat currencies.

In the past, investors used gold to hedge against inflationary monetary policies. However, Wozniak cautioned that although there is a fixed supply of gold, continuously-improving technology will enable miners to extract gold from the earth with increased efficiency, effectively diluting the supply to an extent.

He said, initially, he had a tough time buying bitcoin because that required setting up a special bank account. The process, he said was “so awkward, it kept me from getting early bitcoin.” When he finally was able to buy bitcoin, he said the price immediately dropped in half.

He also likened the introduction of smart contract platforms, like Ethereum, to when computers first came out and suddenly people were writing “tens of thousands of programs” nobody had ever thought of before. Smart contract platforms open those same doors of opportunity.

In 2017, bitcoin was increasingly becoming a trending topic, so celebrities and finance moguls flocking towards the technology in great number was not out of the ordinary. With positive statements coming from all types of luminaries it’s likely their millions of followers are hearing about bitcoin for the first time, and some of them are contemplating investing in the decentralized economy after hearing these words.

Don’t forget, scams are being huge from the beginning of this year. February started with not-so-bright news for an intriguing Italian cryptocurrency exchange called BitGrail. What actually happened is that they claimed they were attacked by hackers that lead to the approximate $195 million worth of customers’ loss in cryptocurrency. Is this and the Wozniak’s case just a coincidence – we’ll still have to see.

Teuta Franjkovic

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