S wrote:Norwegian man buys apartment with forgotten $27 bitcoin investment.
A Norwegian man who purchased $27 worth of bitcoins and then promptly forgot about it for four years, was able to buy an apartment in central Oslo thanks to the massive appreciation of the virtual currency.
In 2009, Kristoffer Koch was doing research on encryption and on a whim decided to invest 150 Norwegian kroner ($27) in the recently created bitcoins, a means of payment over the internet.
Koch, now 29 and working as an engineer, only remembered the investment in April this year when he read an article about the soaring value of bitcoins.
His 5000 bitcoins were suddenly worth about €500,000 ($725,600).
After spending a full day trying to remember his password, Koch cashed in 1.1 million kroner ($197,000), by selling a fifth of his newly acquired fortune.
After deducting 28 per cent in taxes, the money was enough for the down payment and restoration of a flat worth 2.6 million Norweigan kroner in central Oslo, one of the world's most expensive cities.
Bitcoins can be exchanged for real money or used to purchase goods and services online.
The virtual currency is increasingly used for internet transactions and its value is extremely volatile, subject to speculation.
Rest of story in link below …..
Great story lol
Thanks for sharing
8.30am on a sunny Sunday morning and I’m watching the action at Mt Gox exchange. BC has been trading hard after China’s Baidu suspended payments Friday.
Holding around 700 after plunging to 560 yesterday.
For me it’s all part of the shake out as BC finds its place in the currency world and I certainly wouldn’t right it off just yet.
What price to get in at?
I would be keen to buy a couple thousand dollars worth and trade straight away for Litecoin.
I don't gamble but for some reason am keen to dabble on these haha
I would hold off at the moment. Web merchants are getting burnt by the volatility.
BC and LC are trading sideways. BC is pivoting around 730 and LC around 25. Overall trend is down but you could still see a few rallies yet however I think the steam has out of the market for the time being. Volumes are low.
You either buy now and hold on the expectation there will be another leg up or you could opt to day trade the market if volatility gets going again.
There have been 4 bull rallies but each one has had less acceleration and the corrections are severe. The last one was fairly emphatic. Someone (or group) tried 8 times to halt and rally the market during that fall. To me there’s more going on than meets the eye.
Bet what you’re prepared to loose. Put 2k on the table but only play 10% at a time.
Ill stay put for a bit and wait.
Should tank more than jump in a get a few LTC and then flog it off when some country says they approve it hahahaha
Should be fund.
Come on red hahahaha
It’s on a rally. Market depth on the buy side is increasing. Interesting…
Two large sales of 236 and 492 BC’s at 750 -754 stopped the rally cold.
I want LTC at $10.
Its stupid as the only way can buy LTC is if you buy BTC first and trade for LTC.
What a joke mate
on another not
what should I do with http://www.litecoinadvisor.com ? haha
I was thinking to put up some general info and have a "Donation" button or something haha
Like that kid at the rally with his Bitcoin wallet code and he got $24,000 worth of dontations haha
BC back over $1000 this morning. That’s interesting. The lesson I think is that BC is showing that it can overcome quite serious setbacks and recover. i get the impression more and more people will buy into BC especially mom and pop investors with a spare dollar or two.
I would wait for the next correction and buy in.Rick staParticipant@rick-staJoin Date: 2011Post Count: 119Rick sta wrote:
See post #26.. you’re a couple days behind Rick
Bought in at $880 haha
Will trade in for Litecoin and sit on those things haha
I missed this stuff.
Last time I dabbled in stocks was 3 years ago.
Bought Qantas shares.
They look cheap now again heheRick staParticipant@rick-staJoin Date: 2011Post Count: 119Freckle wrote:Rick sta wrote:
See post #26.. you're a couple days behind Rick
Story of my life!Hari YellinaParticipant@yellinaJoin Date: 2007Post Count: 101i-smsfMember@i-smsfJoin Date: 2013Post Count: 15
People called 'tulip mania' on the share market too though.
Difference is bubbles are typically 'centralised' to one region, area or like MLM a supporter base.. cryptocurrency very globalised, gaining mainstream press and on the rise.
It will be interesting to see banks positions on the currency.i-smsf wrote:It will be interesting to see banks positions on the currency.
I don’t think they’re too bothered at this stage. With only 12m minted it’s total value is only around $9-10B.
BC has first mover advantage and public sentiment behind it but that will soon wane I’m thinking. The big guns need only buy into BC and then dump it to screw with its value and the heads of it’s followers.
JPM are already in the game with their version of a crypto-currency that has significantly better utility and can leverage pre-existing financial infrastructure Something BC substantially lacks. Given that the banking cartels control a significant portion of global money flows I know which CC will survive long term. I don’t see BC completely disappearing but it may be consigned to a small corner of the CC landscape. If it tries to assert itself I think the big boys will simply slap it around just the way they do with PM’si-smsfMember@i-smsfJoin Date: 2013Post Count: 15
BC's strength seems to be in its anonymity. Something people love, something banks and governments hate.
It would be interesting to see what would happen, price-wise if the FBI dumped their stash from silk rd and the string of other seizures over the past 24 months.i-smsf wrote:BC's strength seems to be in its anonymity. Something people love, something banks and governments hate.
only exists on the TOR network and then only in theory.Quote:It would be interesting to see what would happen, price-wise if the FBI dumped their stash from silk rd and the string of other seizures over the past 24 months.
Apparently they only have possession (hard drive) of a small fraction of his stash and even then I think those are encrypted. It will be interesting to see how it all pans out though.
BC’s pivoting around 900 for the time being. Time to day trade it. I don’t think we’re going to see a significant ramp up for a while if ever.