What are some notable blunders in history that resulted in huge loss?

Loss in terms of money or efforts. Could be recent or ancient.

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The first thing that came to mind, oddly enough, was Blockbuster refusing to buy Netflix for the equivalent of a rat and a string to swing it with.
- I really doubt that Netflix would be what it is today if they had gotten bought. Too much would change too soon.
  
  In that case it may have prolonged the movie-rental paradigm by a few years allowing Blockbuster to dominate a bit longer.

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