Bitcoin

One of the first Bitcoin developers to lose $ 1.3 billion by selling too early

Martti Malmi, one of the first Bitcoin developers and also known as Sirius, explained what has happened to its once large crypto holdings since 2009.

According to a Friday Twitter thread from the former Bitcoin (BTC) developer Malmi My no approximately 55,000 coins between 2009 and 2010 when the price was almost zero. Malmi said that In October 2009, 5,050 BTC was billed for $ 5, and Loss of 30,000 BTC by one of the first Bitcoin exchanges what he did when “there was no fixed exchange rate”.

“I planned to HODL (hold) the rest of my Bitcoin, but had to sell most of it at a poor price (around $ 5) in 2012 when finding a new job took longer than expected.” said Malmi. “Since then, I’ve held a variable amount of savings at BTC. Not a lot, but still good returns over the years.”

I would be a * billionaire * now if I hadn’t sold the 55,000 bitcoins I mined on my laptop between 2009 and 2010 too early (especially before 2012). This is unfortunate, but the first bitcoiners started something bigger than personal gain.

One of the first Bitcoin developers to lose $ 1.3 billion by selling too early
One of the first Bitcoin developers to lose $ 1.3 billion by selling too early

However, Probably the most significant investment in this Bitcoin developer’s early crypto earnings was the sale of 10,000 BTC in 2011 to buy an apartment in Helsinki. “It is currently probably the most expensive studio apartment in the world”, said On twitter.

With Bitcoin’s recent price hike to $ 24,000 Malmi’s original 55,000 BTC coins would now be worth more than $ 1.3 billion. Even so, the former developer says that “never really regretted“.

“It wasn’t as difficult as it might seem at first glance.” said Malmi. “It’s not like I had a billion dollars and lost it overnight. Besides the success of Bitcoin, I was very happy to have my own apartment at the age of 22“.

Added:

“Perhaps because of Finnish culture, idealistic mindset and lack of life experience, I never really thought about making money. It just happened as a by-product of Satoshi asking me to keep my knot going so that others could bond can connect. “

Malmi isn’t the only great cryptocurrency personality apparently liquidating its holdings out of necessity. In October, David Schwartz, CTO of Ripple, announced that he has sold 40,000 ethers (ETH) at $ 1 each as part of a risk management plan that he drew up with his wife in 2012. The tokens would now be worth more than $ 26 million after the price topped $ 600 last week.

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