how fascinating this story is... | Bitcointalksearch.org

shahzadafzal

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Quote from: cafter on October 23, 2023, 12:05:02 PM

I was reading some old posts and came across this thread where a user named Kevin(toasty). In the thread, he shared the incredible story of how he bought BTC259684.77 for just $2613, essentially acquiring them for a mere fraction of a cent each. It is a remarkable stroke of luck, and it got me wondering if he still holds onto those bitcoins.
Kevin also provided a detailed explanation of how he managed to obtain such a substantial amount of bitcoin at a lowest cost, including his strategy to buy from MT Gox exchange.
this story is like you won and all your funds robbed.

Wow that is a fascinating story indeed and more than the story I believe it shows how bitcointalk is a treasure to a bitcoin's history. This MT Gox Exchange itself was born here on bitcointalk by one of bticointalk's VIP member MagicalTux. then the term HODL is from bitcointalk, the great Bitcoin Pizza sale there are many more.

Anyway thank you for sharing the story and if you want to read the full story of this event and the what Mt Gox have to say then look no further bitcointalk is here to entertain you

Quote from: xtraelv on June 03, 2018, 07:44:34 AM

June 20, 2011, Kevin the guy who bought 259684 BTC for under $3000
https://bitcointalksearch.org/topic/im-kevin-heres-my-side-20207

A security breach of the Mt. Gox bitcoin exchange caused the price of bitcoin to fraudulently drop to one cent on the Mt. Gox exchange, after an unknown hacker allegedly used credentials from a Mt. Gox auditor's compromised computer to transfer a large number of bitcoins illegally to himself.

June 20, 2011, I'm MtGox, here's my side.
https://bitcointalksearch.org/topic/im-mtgox-heres-my-side-20250

June 2011 MtGox incident:
https://bitcointalksearch.org/topic/list-of-major-bitcoin-heists-thefts-hacks-scams-and-losses-576337

June 20, 2011, Big transaction.
In order to prove that Mt. Gox still had control of the coins, the move of 424,242 bitcoins from "cold storage" to a Mt. Gox address was announced beforehand, and executed in Block 132749
https://blockchain.info/block-index/147599

Quote from: franky1 on October 23, 2023, 02:26:55 PM

try reading your link, he only withdrew 643coin

Well story doesn't end here you have to reed above Mt. Gox side too.

BlackBoss_

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Quote from: cafter on October 23, 2023, 12:05:02 PM

I was reading some old posts and came across this thread where a user named Kevin(toasty). In the thread, he shared the incredible story of how he bought BTC259684.77 for just $2613, essentially acquiring them for a mere fraction of a cent each. It is a remarkable stroke of luck, and it got me wondering if he still holds onto those bitcoins.
Kevin also provided a detailed explanation of how he managed to obtain such a substantial amount of bitcoin at a lowest cost, including his strategy to buy from MT Gox exchange.
this story is like you won and all your funds robbed.

Early adopters like Kevin could buy bitcoin at very cheap price because in early months, its price very so cheap.

https://bitcoin.zorinaq.com/price/

Quote

On 2009-10-05 the market price of Bitcoin is first established at $0.000764/BTC by New Liberty Standard, the first Bitcoin exchange ($1.00 buys 1309.03 BTC.) The exchange rate history is available at two archived pages: first, second. Their last known exchange rate is $0.005472/BTC on 2010-03-02.

On 2010-04-25 the market price is established again at $0.003/BTC, using the daily volume-weighted trading price of the second Bitcoin exchange, BitcoinMarket.com (PayPal USD trades). The owner, dwdollar, actually started operating it on 2010-03-17, however trading data for the first few weeks is—to my knowledge—not available.

So I am not surprised to know he bought nearly 260,000 BTC with more than $2600. His account UID is 20207 that means he joined the forum early enough to buy Bitcoin with cheap price.

Kevin, like many Bitcoin early adopters will either sold their bitcoins at cheap prices like $10, $100 or even $1000; or they just lost their wallets, private keys and bitcoins forever. Because after buying, they think it is a funny buying and don't mind too much about backup. Maybe it can be different with Kevin as he invested $2600, that is not a small capital years ago.

CryptoHeadlineNews

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Quote from: cafter on October 23, 2023, 12:05:02 PM

I was reading some old posts and came across this thread where a user named Kevin(toasty). In the thread, he shared the incredible story of how he bought BTC259684.77 for just $2613, essentially acquiring them for a mere fraction of a cent each. It is a remarkable stroke of luck, and it got me wondering if he still holds onto those bitcoins.

The issue is not getting by getting many bitcoin long time ago, but it's by how many do you have presently that matters most especially now that the price of one Bitcoin is been sold at the rate of $34,000 per BTC, of which had this user still gotten his/her 259684.77 still available, that's a whole lots of money capable of buying an entire community, as that will would have been approx. $8,829,282,180 ($8.8billion) gain for an investment he/she had bought long time ago for just only $2613 many years ago.

Faisal2202

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Quote from: cafter on October 23, 2023, 12:45:59 PM

this thread is an example of how shady an exchange or any reputed exchange/company/brand can be behind the painted wall.

Overall toasty just wanted to help users by starting that thread.

I cannot agree more with you, because, that thread was made around 2011 and it was full of red flags, and warnings, so we should avoid its usage, but I think there was no other option available for trading purposes, at that time. So, all would accept their destiny that it is what it is.

Maybe those who knew that MT gox is a shady one, might have dropped the idea of using it and might have been saved by the hack of Mt Gox in 2014. I mean, if one has so much BTC, then why risk all the BTC to hold and trade on Mt gox, Why did people keep a huge amount of BTC on that exchange? Well, one logical answer is, that back then, BTC was not considered that much.

But, they still have to take extra measures, because, back then, people who got into it, knew the potential, and did knew that it would make some great change in the future. But still, those people failed to control on there emotions and thought they had only one option and would be provided with one option of an exchange (mt gox).

cryptomaniac_xxx

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Quote from: cafter on October 23, 2023, 12:05:02 PM

I was reading some old posts and came across this thread where a user named Kevin(toasty). In the thread, he shared the incredible story of how he bought BTC259684.77 for just $2613, essentially acquiring them for a mere fraction of a cent each. It is a remarkable stroke of luck, and it got me wondering if he still holds onto those bitcoins.
Kevin also provided a detailed explanation of how he managed to obtain such a substantial amount of bitcoin at a lowest cost, including his strategy to buy from MT Gox exchange.
this story is like you won and all your funds robbed.

Read the story again, he wasn't able to withdraw everything and we all know what happened to Mt. Gox, it was hacked and up to this day, everything is not yet settled and the ghost of the hacked still haunts us all.

Yes, definitely, there are a lot of good and bad stories of early adopters of bitcoin, some of them sold early because they didn't thought that it will take off. Others continue to invest and they are some of the most well known proponents of bitcoin of today. And then we think that if we could go back in time, definitely we will buy a lot of bitcoin and then hold on it or put it in our wallet that we have control. But still not late though, we still have some time to become a crypto millionaire.

Tuturtinular

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Quote from: cafter on October 23, 2023, 12:05:02 PM

I was reading some old posts and came across this thread where a user named Kevin(toasty). In the thread, he shared the incredible story of how he bought BTC259684.77 for just $2613, essentially acquiring them for a mere fraction of a cent each. It is a remarkable stroke of luck, and it got me wondering if he still holds onto those bitcoins.

If we hear stories about people who have bought bitcoin in the past and buying bitcoin at a very cheap price is a stroke of luck. But in my opinion they were people who dared to take risks, at that time bitcoin was not as popular as it is now so the risks were greater than now. If bitcoin is not popular then they will lose big, but bitcoin is getting more popular as time goes by so the risk they are betting on will result in something good in the end.

bettercrypto

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Quote from: cafter on October 23, 2023, 12:05:02 PM

I was reading some old posts and came across this thread where a user named Kevin(toasty). In the thread, he shared the incredible story of how he bought BTC259684.77 for just $2613, essentially acquiring them for a mere fraction of a cent each. It is a remarkable stroke of luck, and it got me wondering if he still holds onto those bitcoins.
Kevin also provided a detailed explanation of how he managed to obtain such a substantial amount of bitcoin at a lowest cost, including his strategy to buy from MT Gox exchange.
this story is like you won and all your funds robbed.

The amount of Bitcoin is 259k; even if you don't work and enjoy life, it's fine if the base price is what we have right now. Its value is too big in fiat. That's why Kevin didn't release that amount of bitcoin.

Maybe somehow he's just thankful because he still withdrew 643 BTC, right? So I'm just curious: until now, is he still stressed by that incident? That seems depressing for people who can't control their emotions. But I hope he is okay and that he has overcome that ordeal. Maybe he should not remember because it is inevitable that that can be the cause of stress.

lionheart78

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With the information given and the history of Kevin's Bitcoin movement in the story, I do not find the story fascinating because according to one of the post here, Kevin had mismanaged the fund or got hacked. There is no fascinating thing to not be able to withdraw your BTC due to an exchange set limit. Yes, he bought that huge amount of BTC at a very low price but that was the price of BTC back then (maybe he bought at a lower price due to some under-the-table deal).

He could have tons of profit even with just those allowed BTC to be withdrawn but in the end, it is not a fascinating story if the holder mismanaged the fund or got hacked. What I can learn from the story is that we should not trust centralized exchange 100% even if we have a deal with its CEO, (think of FTX deal with CZ) and we must learn how to secure our wallet so that we won't get hacked.

Ultegra134

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Quote from: cafter on October 23, 2023, 12:45:59 PM

Quote from: Faisal2202 on October 23, 2023, 12:35:06 PM

snip

this thread is an example of how shady an exchange or any reputed exchange/company/brand can be behind the painted wall.

Overall toasty just wanted to help users by starting that thread.

Thanks for sharing; this was a fascinating story that I hadn't heard before. However, I'm going to disagree with you. First of all, I'd like to state that I've got zero knowledge regarding the crash of Mt.Gox, how it occurred, and what mistakes the exchange made. Although, from my understanding, the user named "toasty" took advantage of a loophole in the system to acquire Bitcoin far cheaper than the market price. From how I'm seeing things, setting other factors aside that this user mentioned regarding the exchange's safety, it looks like it's intentionally exploiting something that wasn't supposed to function that way.

In fact, he got away with more than 600 bitcoins, for which he could have been sued by the exchange. Thus, I don't see how the exchange acted shady and blocked the withdrawal of the remaining coins. Correct me if I'm wrong, because I might have misunderstood.

gunhell16

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Quote from: avikz on October 23, 2023, 02:16:47 PM

Quote from: cafter on October 23, 2023, 12:05:02 PM

I was reading some old posts and came across this thread where a user named Kevin(toasty). In the thread, he shared the incredible story of how he bought BTC259684.77 for just $2613, essentially acquiring them for a mere fraction of a cent each. It is a remarkable stroke of luck, and it got me wondering if he still holds onto those bitcoins.
Kevin also provided a detailed explanation of how he managed to obtain such a substantial amount of bitcoin at a lowest cost, including his strategy to buy from MT Gox exchange.
this story is like you won and all your funds robbed.

That's unfortunate for him. However what you will say on Bitcoin Pizza story? When Laszlo spent 10,000 bitcoins to buy two pizzas back in 2010. It's 312 million USD at today's rate.

In Kevin's story, it was robbed. In Laszlo's story, he spent that amount willingly. Not sure what I would have done if I was in the same position. Probably a regret for the rest of the life!

That's really a huge amount; if I think about it, 10,000 bitcoins just paid for the pizza. It's good that in those days there was someone who accepted Bitcoin as payment in a business establishment. I'm sure the person who did that will feel guilty if it's true that it really happened, which is why he paid 10,000 bitcoins at that time.

Now, on the subject we are talking about, based on the story, at least he was able to release something that was more than 600 bitcoins, although it is very far from the balance that he actually has on the platform of Mt. Gox and nothing has happened. This is just a lesson to our communities that still remain in the field of crypto space.

Dunamisx

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Quote from: cafter on October 23, 2023, 12:05:02 PM

I was reading some old posts and came across this thread where a user named Kevin(toasty). In the thread, he shared the incredible story of how he bought BTC259684.77 for just $2613, essentially acquiring them for a mere fraction of a cent each. It is a remarkable stroke of luck, and it got me wondering if he still holds onto those bitcoins.

Who knows if he's still alive, if he still hodl his coins or if everything had faded away together with MT Gox exchange, but the best to wish was if he still have in possession of this huge amount of bitcoin till date, some people were also left with some opportunities to take out risk in them while some couldn't allow to bear the demands for taking risk because of fear.

Quote from: cafter on October 23, 2023, 12:05:02 PM

Kevin also provided a detailed explanation of how he managed to obtain such a substantial amount of bitcoin at a lowest cost, including his strategy to buy from MT Gox exchange.
this story is like you won and all your funds robbed.

It would have been better if he has sell off ever since then and never miss a fragment of his money than holding it with MT Gox exchange to have experienced the ugliest when the exchange capsized, many people have just found this opportunity a life transforming one while some couldn't.

Mpamaegbu

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Quote from: Faisal2202 on October 24, 2023, 10:09:39 AM

Quote from: Mpamaegbu on October 23, 2023, 12:56:18 PM

~snipped~

I am not sure what you are trying to say here, you just repeated my words...

Yes, I reiterated your position there.

Faisal2202

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Quote from: Mpamaegbu on October 23, 2023, 12:56:18 PM

Quote from: Faisal2202 on October 23, 2023, 12:35:06 PM

Well, overall, the story is really fascinating and really a good one too, I hope Kevin will have access to those 643 BTC that he was able to withdraw from it.

Toasty said he already transferred the Bitcoin to a private wallet. So, he had access to it; except he mismanaged it later or his wallet got hacked.

I am not sure what you are trying to say here, you just repeated my words, I also said he withdrew all the 643 BTC to his wallet, where he has control of them, and in his post, he did not mention about any mismanagement or hacking case, if you are saying there occurred any. And if you are saying, that's the headache of the Kevin, Toasty, then yeah, I agree with you.

After withdrawing the BTC into his own wallet, it becomes his responsibility now, to secure it. And use it in a mannered way. whatever the decision will be, it will be of toasty now.

He was not able to withdraw the remaining amount due to the limitations set by the Mt Gox exchange, the limitations were not lifted even after Kevin did extra KYC. As I said before, it was a mistake of Kevin to tell about the situation to CEO of Mt Gox.

franky1

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Quote from: cafter on October 23, 2023, 02:29:58 PM

Quote from: franky1 on October 23, 2023, 02:26:55 PM

Quote from: cafter on October 23, 2023, 12:05:02 PM

I was reading some old posts and came across this thread where a user named Kevin(toasty). In the thread, he shared the incredible story of how he bought BTC259684.77 for just $2613, essentially acquiring them for a mere fraction of a cent each. It is a remarkable stroke of luck, and it got me wondering if he still holds onto those bitcoins.

try reading your link, he only withdrew 643coin

I don't mean he hold those all 250k bitcoin, it's an assumption if he may been holding..

no he didnt get all them coins. he only got 643.. as said by me and others.

the more interesting parts of the story is that mtgox itself only had ~500k total coins for all users and no single user had even close to 260k coins on their balance to sell. so it was an insider that when the ATH of 2011 hit $32, the insider done a flashcrash down to 0.01
mtgox reversed the transactions so toasty did not benefit from the 259k, the market then settled to ~$3

since 2011 no one really talked about, reposted or mentioned again that "toasty got 260k btc.." because he didnt

Upgrade00

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MtGox was a scam exchange and screwed over thousands of users on their website.

I don't see a point discussing events of the past but this goes to show how long centralized exchanges have been scamming people and how it's ironic that people still trust them with their bitcoins.

cafter

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Quote from: franky1 on October 23, 2023, 02:26:55 PM

Quote from: cafter on October 23, 2023, 12:05:02 PM

I was reading some old posts and came across this thread where a user named Kevin(toasty). In the thread, he shared the incredible story of how he bought BTC259684.77 for just $2613, essentially acquiring them for a mere fraction of a cent each. It is a remarkable stroke of luck, and it got me wondering if he still holds onto those bitcoins.

try reading your link, he only withdrew 643coin

I don't mean he hold those all 250k bitcoin, it's an assumption if he may been holding..

franky1

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Quote from: cafter on October 23, 2023, 12:05:02 PM

I was reading some old posts and came across this thread where a user named Kevin(toasty). In the thread, he shared the incredible story of how he bought BTC259684.77 for just $2613, essentially acquiring them for a mere fraction of a cent each. It is a remarkable stroke of luck, and it got me wondering if he still holds onto those bitcoins.

try reading your link, he only withdrew 643coin

avikz

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Quote from: cafter on October 23, 2023, 12:05:02 PM

I was reading some old posts and came across this thread where a user named Kevin(toasty). In the thread, he shared the incredible story of how he bought BTC259684.77 for just $2613, essentially acquiring them for a mere fraction of a cent each. It is a remarkable stroke of luck, and it got me wondering if he still holds onto those bitcoins.
Kevin also provided a detailed explanation of how he managed to obtain such a substantial amount of bitcoin at a lowest cost, including his strategy to buy from MT Gox exchange.
this story is like you won and all your funds robbed.

That's unfortunate for him. However what you will say on Bitcoin Pizza story? When Laszlo spent 10,000 bitcoins to buy two pizzas back in 2010. It's 312 million USD at today's rate.

In Kevin's story, it was robbed. In Laszlo's story, he spent that amount willingly. Not sure what I would have done if I was in the same position. Probably a regret for the rest of the life!

Mpamaegbu

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Kevin's (toasty) story is a very lengthy one but in all I suspect he truly was into something. Though he denied/isolated himself at a point from the hacker and claimed he was merely into trading and only profited from a failed system. If he wasn't into something fishy, why did he write MT Gox? I believe his conscience pricked him to text MT Fox on that to appease himself. From the comments on that thread, we could even read some of the users throwing shades at him.

Quote from: Faisal2202 on October 23, 2023, 12:35:06 PM

Well, overall, the story is really fascinating and really a good one too, I hope Kevin will have access to those 643 BTC that he was able to withdraw from it.

Toasty said he already transferred the Bitcoin to a private wallet. So, he had access to it; except he mismanaged it later or his wallet got hacked.

cafter

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Quote from: Faisal2202 on October 23, 2023, 12:35:06 PM

snip

this thread is an example of how shady an exchange or any reputed exchange/company/brand can be behind the painted wall.

Overall toasty just wanted to help users by starting that thread.

Topic: how fascinating this story is... (Read 279 times)