The treasure has been around for so long, and there have been so many attempts at it, I figure there is no way that it has not been discovered yet, if the thing really exists. Maybe Fenn put some note in there that says to contact him for more cash or something, so that he'll know that it was found. I doubt this. More than likely, there is no treasure at all and it is an intentional wild-goose chase and the 'real treasure is friendship'. But that doesn't square with all the deaths people have had looking for it. If the 'real treasue is friendship' then Fenn has real blood on his hands. We all had a great time camping at least.