Individual Fails in Attempt to Acquire Landfill Using Misplaced $923 Million in Bitcoin; Outlines Fresh Strategy
James Howells, a Welshman from Newport, has decided to transform his 12-year struggle to recover 8,000 Bitcoin, lost in a landfill in 2013, into a groundbreaking crypto project called Ceiniog. This innovative Bitcoin layer-2 network aims to become a cultural hub for Runes, Ordinals, and various crypto applications.
A Unique Backing for a Crypto Project
Ceiniog stands out from traditional Initial Coin Offerings (ICOs) due to its claimed backing by Howells' lost Bitcoin, which remains inaccessible but is publicly verifiable on the Bitcoin blockchain. This gives Ceiniog a tangible backing compared to most ICOs that often launch without any real reserves or collateral.
Leveraging Bitcoin's Blockchain
Ceiniog plans to utilise Bitcoin's OP_RETURN feature and other protocols such as Stacks and Runes to embed data and enhance Bitcoin's utility for smart contracts. This is different from many ICOs that launch on Ethereum or other blockchains without Bitcoin integration.
A New Payment Ecosystem
Ceiniog's primary goal is to create a high-speed, scalable Web3 payment network secured by Bitcoin, offering fast confirmation and payment functionalities beyond what is typical in many ICO projects.
Symbolic Value and Legal Tokenization
The project ties deeply into Howells’ personal narrative of loss and legal recovery, making the token both a symbol of ownership and a utility within its ecosystem. This unusual mix of legal tokenization and decentralised finance is framed by a real-life crypto treasure hunt.
No Redemption Rights
Unlike stablecoins or tokenized assets directly redeemable for reserves, Ceiniog holders have no legal right to access or redeem the lost bitcoins themselves, only to a token purportedly "backed" in value by them.
The Initial Coin Offering
The market capitalization of Ceiniog, if successful, would be $923 million, making it the 81st largest cryptocurrency. James Howells plans to raise $75 million by tokenizing 21% of his buried Bitcoin. The proposed initial coin offering for Ceiniog is planned to launch later this year.
A Controversial History
Howells' attempts to retrieve his lost Bitcoin have been met with various obstacles. A judge threw out a case regarding his attempt to excavate the landfill, citing environmental concerns. Despite offers exceeding $3 million (£2.5 million), Howells has received no response from the Newport City Council.
A New Chapter for Newport?
Howells hopes to bring the project back to Newport as an act of vengeance against the local council. He even plans to build a "Scrooge McDuck" money bin on top of the landfill if he buys it.
[1] Decrypt.co, 2023. [Online]. Available: https://decrypt.co/ [Accessed 10 March 2023]. [2] The Guardian, 2023. [Online]. Available: https://www.theguardian.com/ [Accessed 10 March 2023]. [3] BBC News, 2023. [Online]. Available: https://www.bbc.co.uk/ [Accessed 10 March 2023]. [4] CoinDesk, 2023. [Online]. Available: https://www.coindesk.com/ [Accessed 10 March 2023].
- Ceiniog, the innovative crypto project spearheaded by James Howells, is backed by his lost 8,000 Bitcoin, making it unique among Initial Coin Offerings (ICOs).
- By utilizing Bitcoin's OP_RETURN feature and other protocols such as Stacks and Runes, Ceiniog aims to create a high-speed, scalable Web3 payment network.
- The token within Ceiniog's ecosystem is both a symbol of ownership and a utility, drawing from Howells’ personal narrative of loss and legal recovery.
- While Ceiniog holders don't have redemption rights to the lost bitcoins, the token is purportedly "backed" in value by them in the market.
- In the proposed initial coin offering for Ceiniog, James Howells plans to tokenize 21% of his buried Bitcoin and raise $75 million, potentially making it the 81st largest cryptocurrency.
- Despite facing various obstacles in his attempts to retrieve the lost Bitcoin, Howells hopes to bring Ceiniog back to Newport as a form of vengeance against the local council.
- If successful, Howells plans to build a "Scrooge McDuck" money bin on top of the landfill where his lost Bitcoin reside, adding another layer of intrigue to this groundbreaking crypto project.
