Man Forgets Buying $27 Of Bitcoin, Worth $886k Now

HardOCP News

[H] News
Joined
Dec 31, 1969
Messages
0
How cool would this be? Forgetting you spent less than twenty seven dollars on Bitcoin only to find out it is worth damn near $900k now. :D

Kristoffer Koch invested 150 kroner ($26.60) in 5,000 bitcoins in 2009, after discovering them during the course of writing a thesis on encryption. He promptly forgot about them until widespread media coverage of the anonymous, decentralised, peer-to-peer digital currency in April 2013 jogged his memory.
 

Hornet

Supreme [H]ardness
Joined
Oct 4, 2005
Messages
6,625
Sweet. I would cash that out now while it's that valuable.

(I'm just assuming there's a way to do that with bitcoins, and they don't forever stay virtual :eek: )
 
D

Deleted whining member 223597

Guest
Sweet. I would cash that out now while it's that valuable.

(I'm just assuming there's a way to do that with bitcoins, and they don't forever stay virtual :eek: )

I would probably take about $600k out and keep the rest in and if it goes up woo, and if not then who cares, still got out with a good amount of money :D
 

celeron300

Gawd
Joined
Jul 8, 2009
Messages
514
Bitcoins will grow on the magnitude of the market cap of small countries. Currently BTC is over 2 billion market cap.... 1 trillion is not hard to have happen here. It isn't to late to get on board this digital gravy train ... :D

By the way Federal reserve notes are probably a greater risk of ownings and will soon be worth about the same as monopoly money... oh what a coincidence...
__________________
 

snowcat

Limp Gawd
Joined
Jun 20, 2006
Messages
240
Sweet. I would cash that out now while it's that valuable.

(I'm just assuming there's a way to do that with bitcoins, and they don't forever stay virtual :eek: )

The article shows that he cashed in 1000 of them and bought a nice apartment in a wealthy area of Oslo. Must be nice. ;)
 

rudy

[H]F Junkie
Joined
Apr 4, 2004
Messages
8,704
He announced this to the world then forgot to pay taxes and now he is going to jail, AMIRITE?
 

AFD

2[H]4U
Joined
Aug 7, 2013
Messages
2,154
Nice!

I'm sure someone will be along shortly to seize his $900k, since he obviously spent that $27 with the intentions of hiring hitmen and anonymously buying drugs. That's all you can do with Bitcoins, right? :D
 

Sunnyd514

Weaksauce
Joined
Dec 7, 2011
Messages
76
Indeed. Nice return on investment! Why's the government always gotta bring the man down!
 

bastage

Pics of your wife?
Joined
Mar 4, 2010
Messages
12,862
Wow... Im going to add buying some bitcoins to the must do stuff for when I build a time machine.. That & M$ stock..
 

tazeat

[H]ard|Gawd
Joined
Jul 3, 2007
Messages
1,268
I'm pretty sure I would never go to the news with that revelation and I'd be slowly stockpiling gold and other non-cash items that could be turned liquid if needed.
 

Stiletto

Supreme [H]ardness
Joined
Jul 13, 2008
Messages
6,433
I mined 75 of the little bastards in 2011.

Needing cash, I sold them in 2012. For about 5 bucks each.

Weed and booze are crucial parts of life.
 

chockomonkey

[H]F Junkie
Joined
Oct 11, 2003
Messages
8,298
I'm pretty sure I would never go to the news with that revelation and I'd be slowly stockpiling gold and other non-cash items that could be turned liquid if needed.

Exactly what i was thinking. What does he gain through media coverage?
 

prtzlboy

[H]ard|Gawd
Joined
Aug 16, 2004
Messages
1,729
I had a friend who mined some back in 2009, but unfortunately somewhere along the way he lost his wallet. . . don't know if he was using an online one or whether he couldn't recover his password or what. He spent like 2 day straight trying to dig them up when BTC got over $200 this spring, and he never did recover them.
 

weebling1

2[H]4U
Joined
Aug 31, 2002
Messages
2,233
Maybe my math's off but is that over 2000% inflation a year? Can he buy like 10 internet loaves of bread at 86,000 bitcoins each?
 

sfsuphysics

[H]F Junkie
Joined
Jan 14, 2007
Messages
15,346
Wonder what the capital gains are in Denmark. Not sure where this would fall into, same as any other bond I suspect. So wouldn't be surprised if anywhere from 30-50% of that went away in taxes.

Next up research paper on how taxes screwed him out of nearly half a million dollars :D
 

Aluisious

2[H]4U
Joined
Mar 6, 2009
Messages
2,189
I'm most surprised you can buy an apartment in a "wealthy" neighborhood of Oslo for $200k.
 

RealityCrunch

[H]ard|Gawd
Joined
Nov 16, 2011
Messages
1,393
qZ4hMJz.jpg
 

-PK-

[H]ard|Gawd
Joined
Aug 6, 2004
Messages
1,798
I wish I was stupid enough to invest $27 into a fictitious currency ran by some random guy on the internet, created by wasted cycles and an exponential power draw.
 

MichaelJB

Limp Gawd
Joined
Jan 1, 2007
Messages
272
I wish I was stupid enough to invest $27 into a fictitious currency ran by some random guy on the internet, created by wasted cycles and an exponential power draw.

I bet you do, I sure as hell wish i did. QFT!
 

Darttman

n00b
Joined
Oct 8, 2009
Messages
11
Sorry for this post but,

Spelling: decentralised should be decentralized. Spelling form across the pond? please let me know if I am wrong as I like to learn.


Read the site daily!

Thanks for all the work.
 

jojo69

[H]F Junkie
Joined
Sep 13, 2009
Messages
11,055
Wonder what the capital gains are in Denmark. Not sure where this would fall into, same as any other bond I suspect. So wouldn't be surprised if anywhere from 30-50% of that went away in taxes.

Next up research paper on how taxes screwed him out of nearly half a million dollars :D

fighting words

Norway has been independent of Denmark for some time
 

NKDietrich

Supreme [H]ardness
Joined
Jul 25, 2004
Messages
5,442
There was some guy on IRC I spoke to a month or two back that had around this amount of Bitcoins and he had no clue what the fuck they were even worth or useful for. Wonder if it's the same guy...
 

next-Jin

Supreme [H]ardness
Joined
Mar 29, 2006
Messages
7,115
I mined 30 of them on base (free electricity) and used them for private trackers/use net....
 

nvgrim

[H]ard|Gawd
Joined
May 1, 2013
Messages
1,747
Is it wrong that I am jealous of this man. I don't know what i would do if unknowingly got that kind of a return on something i invested $27 in.
 

Ski

[H]ard|Gawd
Joined
Jun 21, 2008
Messages
1,038
I mined 75 of the little bastards in 2011.

Needing cash, I sold them in 2012. For about 5 bucks each.

Weed and booze are crucial parts of life.

How long did it take you to mine that much?
 

Aluisious

2[H]4U
Joined
Mar 6, 2009
Messages
2,189
Is it wrong that I am jealous of this man. I don't know what i would do if unknowingly got that kind of a return on something i invested $27 in.

I know what I'd do. Buy a house, maybe some cars and bikes. It'd be fucking fantastic.
 

NickJames

Supreme [H]ardness
Joined
Apr 28, 2009
Messages
6,691
Is it wrong that I am jealous of this man. I don't know what i would do if unknowingly got that kind of a return on something i invested $27 in.

I'd buy a house for about 300K cash (housing is expensive in my area) pay off my car, invest about 250K into some options and the other 250K into a high-yield retirement, retire at 40 and party hard.
 

Stiletto

Supreme [H]ardness
Joined
Jul 13, 2008
Messages
6,433
How long did it take you to mine that much?

Those were mined over the summer of 2011...I think two or three months before the drop in price reached the point where the electricity was more expensive than what I was earning.

Taught me a lesson about taking the long-term view of investments.
 

sfsuphysics

[H]F Junkie
Joined
Jan 14, 2007
Messages
15,346
fighting words

Norway has been independent of Denmark for some time

Hahah, whoops. I was going to say Norwegia... but realized how silly that was and put the correct country in... only to now realize I put in the incorrect country :D That said, my question still applies to capital gains in Norway.
 

sfsuphysics

[H]F Junkie
Joined
Jan 14, 2007
Messages
15,346
Is it wrong that I am jealous of this man. I don't know what i would do if unknowingly got that kind of a return on something i invested $27 in.
Yes it is wrong that you're jealous of the man. Kicking yourself for not doing something based upon a future outcome is kind of silly. I mean I live in the middle of Silicon Valley, if I bought and sold at the right time I'd be a very rich man right now, instead I did neither. I haven't lost any investments, but I haven't gained a huge windfall of profit either.
 

Outamyhead

Supreme [H]ardness
Joined
Jan 3, 2008
Messages
4,259
I know what I'd do. Buy a house, maybe some cars and bikes. It'd be fucking fantastic.

That, will buy you a decent single story house in the Bay area, might have some left for a mid life crisis/hairdressers car.
 
Top