Is the Kristoffer Koch story true?

[OzymandiasBTC]

There's probably a lot of things I am not understanding, but the alleged story goes is that this guy invests $27 USD in 2009, and four years later the Bitcoin he had invested in became worth ~$886K USD. With the current value of bitcoin, it looks like that $27 is now worth over ~$18K USD.

Where did those figures come from for that story, and if it is true, what happened and why did his bitcoin investment become so valuable?

[Kprawn]

Well, back in those days { 2009 - early 2010 } a bitcoin cost about  $0.008 US and that would have bought you about 3375 bitcoins. If he

sold 4 years later in 2013 to early 2014 at it's highest of about $1000 per bitcoin... then those 3375 bitcoins would have been valued at

$ 3 000 000. So he would not have had to buy at it's lowest or highest point to achieve about $800k. So based on numbers, it could be

quite plausable.  

[dArkjON]

He bought 5000 Coins for 27$... at the highest point in history (1150$) his btc was worth about $5.750.000,00
Today his coins had a value off only $3.198.000,00  

He change 1000 BTC in 2013 and then the story ends... Maybe he hold the 4k or sell it also idk

[sgbett]

Wonder if this guy managed to HODL

[LFC_Bitcoin]

Never heard the story but OMG if true, I envy the guy so much but also tip my hat to him. I hope he still has access to those coins.

[BTCLovingDude]

at least include the link to the real news https://www.theguardian.com/technology/2015/dec/09/bitcoin-forgotten-currency-norway-oslo-home

and yeah it is a real story and it is not the only story either.
many of us have invested back in 2014-2015 when price was going down from $400ish to $200 and if anyone have invested at $200 they have a big 800% profit.
it may not be as big as Koch story but it is still huge.

and there will be a lot more stories like Koch from people saying we bought at $1700 back in 2017 and it is now 800% higher.

[ikilledcobain]

and there will be a lot more stories like Koch from people saying we bought at $1700 back in 2017 and it is now 800% higher.

That's the amazing part isn't it? I don't know if bitcoin will hold the crown forever, but the upside of crypto currency even at these prices is enormous.

[European Central Bank]

forgetting you have them for long enough is the key to bitcoin riches. and being able to find them again of course.

[BrewMaster]

and there will be a lot more stories like Koch from people saying we bought at $1700 back in 2017 and it is now 800% higher.

That's the amazing part isn't it? I don't know if bitcoin will hold the crown forever, but the upside of crypto currency even at these prices is enormous.

surely there will be some better cryptocurrencies developed in the future but the sad news is that currently nobody is interested in creating any altcoin that is worthwhile, all the existing altcoins are all interested in making an altcoin that can "sell better".

[eaLiTy]

forgetting you have them for long enough is the key to bitcoin riches. and being able to find them again of course.

It is easier said and done,i do not even remember where i have saved my files nor do i remember the wallet address or the private keys,i did have a back up in megaupload but it was gone when i found out about the price of bitcoin ,the only coins i could recover was the coins stored in cex.io while it was a cloud mining site ,Kristoffer Koch was really lucky to get back his coins,if i remember correctly he purchased the coins while in college, while there are plenty of others who could not recover anything.

[European Central Bank]

forgetting you have them for long enough is the key to bitcoin riches. and being able to find them again of course.

It is easier said and done,i do not even remember where i have saved my files nor do i remember the wallet address or the private keys,i did have a back up in megaupload but it was gone when i found out about the price of bitcoin ,the only coins i could recover was the coins stored in cex.io while it was a cloud mining site ,Kristoffer Koch was really lucky to get back his coins,if i remember correctly he purchased the coins while in college, while there are plenty of others who could not recover anything.

how long ago was all this for you? i agree, he was very fortunate to still retain what he needed. most computers get a good wipe pretty often or are thrown away.

[deadsilent]

That's possible. Since the price of bitcoin way back to 2009 is very cheap. Actually the price when the bitcoin is created was $1 a piece as far as i know. If he sell it now, he will be a successful hodler. I don't know this guy tho. $27 a piece still very cheap. If i can turn back the time. I will go to the time when bitcoin's price was $1 a piece. Early adopters are very lucky.

[layoutph]

The story of this guy is my daily regret , I wish I didnt ignore bitcoin during that time. I wish I bought 5000usd worth of it and HODL lols hehe.

[pooya87]

it is true, and it is what you get when you are an early adopter.
and it is always the same, not just for bitcoin for everything. some people see potential, some just get lucky. for example those that invested in some business that went to the moon, like buying Apple shares or other big companies at a super cheap price many years back.
the difference with bitcoin is that it is not yet reached the end where price becomes stable at $X and only moves up and down in $0.1-$1 amounts. we are still rising every year.

[eaLiTy]

forgetting you have them for long enough is the key to bitcoin riches. and being able to find them again of course.

It is easier said and done,i do not even remember where i have saved my files nor do i remember the wallet address or the private keys,i did have a back up in megaupload but it was gone when i found out about the price of bitcoin ,the only coins i could recover was the coins stored in cex.io while it was a cloud mining site ,Kristoffer Koch was really lucky to get back his coins,if i remember correctly he purchased the coins while in college, while there are plenty of others who could not recover anything.

how long ago was all this for you? i agree, he was very fortunate to still retain what he needed. most computers get a good wipe pretty often or are thrown away.

If i ever had a clue whether bitcoin was this serious back then i would never be this sloppy with the back ups i have taken ,by 2013 or 2014 i read an article in financial times about bitcoin,the headline was something like bitcoin bonkers ,and i had an eureka moment as i knew i had a good amount of tokens ,when i came home that year i searched my entire stack of HDD i had in my possession ,my parents though threw away some hardware but they kept all my HDD's ,some of them had reading issues,it took a long time to recover my broken disks and check every contents and still i was not lucky, so i moved on with my life,but it is good to hear someone recovering their forgotten coins .

[Przemax]

Why wouldn't it be the true story?. Investing 27 usd is not that huge amount of a money. Thats not an awesome achievement.

What would be amazing achievement is having those bitcoins not sold in the 2012 bear market when the bitcoin went down to 2$. The yet even bigger achievement would be not to forget about them if you had not cared about bitcoin tanking so much before it had gave you enourmous profits.

Maybe someone should contact the guy and remind him of his bitcoins, or maybe better not, there were like 101 methods how to screw the sittuation.

[bitcub]

I just read this story few years ago. That time Kristoffer was a student and made Bitcoin cryptocurrency as a topic of his report. He also bought 27usd worth of 5000 Bitcoin from Kraken.. and the rest is history.

[bitserve]

I just read this story few years ago. That time Kristoffer was a student and made Bitcoin cryptocurrency as a topic of his report. He also bought 27usd worth of 5000 Bitcoin from Kraken.. and the rest is history.

5000BTC for $27 on *Kraken*? I don't think so.

[BillyBobZorton]

Im pretty certain the first trillionaires on earth will be the very early bitcoin adopters that manage to hold long term, but 99% chances are they will give up too soon due uncertainty periods (hard fork risks and whatnot), price crashes etc. They will not hold for long enough, which means the wealth gets spread around and there will be a lot of new millionaires out there with only 2 figure BTC wallets.