If you're out on a hunting trip and flip your boat and accidently loose all your registered weapons.
by Ave End April 21, 2018
A mechanism for claiming a cryptocurrency loss. It was originally a joke made by gun enthusiasts who "sadly lost all of their guns in a tragic boating accident", but has been repurposed by Bitcoiners. It is often used in other contexts - for anything you don’t want the government to know you have.
I would normally have to pay taxes, but "I lost my Bitcoin in a boating accident", so I'm declaring a loss instead.
by simulx January 23, 2023