Topic: "Man buys $27 of bitcoin, forgets about them, finds they're now worth $886k" (Read 2856 times)
October 30, 2013, 09:41:41 PM
This news may have more people to hold their bitcoins instead of spending.
October 30, 2013, 09:33:50 PM
When is that going to happen to me ..... buying some lotto now ... heh
October 30, 2013, 07:02:45 PM
Don't forget that without a hard fork, we are capped at about 7 transactions per second. That will put a damper on things if we grow too much before it is resolved.
I did not know this. What is being done to fix this issue. That is a major one.
First, transactions are expected to go "off the chain" (like Coinbase does). It doesn't make sense to flood the block chain with every transaction if many can be done by companies of the chain. It's also cheaper to keep it off the chain.
October 30, 2013, 07:02:39 PM
House in Norway is that cheap? Only $180k for 3-bedroom apt?
It's cold.Plus, terrible food.
October 30, 2013, 07:02:25 PM
October 30, 2013, 07:00:01 PM
Don't forget that without a hard fork, we are capped at about 7 transactions per second. That will put a damper on things if we grow too much before it is resolved.
I did not know this. What is being done to fix this issue?
Nevermind - just read up about it.
October 30, 2013, 06:56:39 PM
Don't forget that without a hard fork, we are capped at about 7 transactions per second. That will put a damper on things if we grow too much before it is resolved.
We will just have to use the faster litecoin.
Crypto is crypto.
Okay, 28 tps, 35 if we count both chains. Still nowhere near enough for PayPal level volume, and PayPal doesn't service much of the world. Forget about Visa or MasterCard.
October 30, 2013, 06:49:25 PM
Don't forget that without a hard fork, we are capped at about 7 transactions per second. That will put a damper on things if we grow too much before it is resolved.
October 30, 2013, 06:27:44 PM
I used to play a lot of poker. Even semi-professionally for a while. I'll never forget the "boom switch" that was flipped on when an "average Joe" named Chris Moneymaker won the World Series of Poker in 2003, for $2.5 million, on a $40 initial investment...
People eat that shit up. Everyone wanted to get involved all of a sudden.
We could be priming for a huge bubble, which hopefully doesn't undermine Bitcoin's real value and innovation - not as a "get rich quick" scheme. I suppose only time will tell.
http://en.wikipedia.org/wiki/List_of_World_Series_of_Poker_Main_Event_champions (notice entrants after 2003)
People eat that shit up. Everyone wanted to get involved all of a sudden.
We could be priming for a huge bubble, which hopefully doesn't undermine Bitcoin's real value and innovation - not as a "get rich quick" scheme. I suppose only time will tell.
http://en.wikipedia.org/wiki/List_of_World_Series_of_Poker_Main_Event_champions (notice entrants after 2003)
i find your reasoning convincing. this will get a lot of people curious. more stories like this will pop up, the media will love it. much faster than the bitcoin protocol will be used mainstream, bitcoin as a speculative asset will hit the streets and become popular. that´s how new people get involved. love it or hate it, it is this crazyness about bitcoin gaining such incredible value in less than 5 years that will cause a boom, not its technological elegance. people may think that it can´t rise at the same rate, but even a slower rate would still dwarf what they get from classical investments in less than 5 years.
Except that poker is fun. Buying Bitcoin is some complicated and boring shit.
Moneymaker was just a small part. The World Poker Tour was on air at the time and that took off like wildfire, as did online poker rooms. It was perfect storm for the competitive U.S. egos. I was in the middle of it - actually opened a poker room in CR, which I later sold.
I would not call this comparable to Bitcoin.
Bitcoin could become as popular as poker on day, but it will be a much slower grind.
lol, we have things in common about poker
your description about the perfect storm is correct
but it only attracted poker players
bitcoin attracts gamblers and many more. if it starts getting crazy like the poker wave, what do you think the price will be ? several k ? what signal would that send to the worlds 12 mio millionaires, to all institutional investors, to all deep pockets, to all those people that always resisted buying bitcoins ? let´s just hope the exchange infrastructure can cope with it. a larger chunk of the world economy will sooner or later migrate online via bitcoin price expansion.
Well Bitcoin is evolving and if it continues to do so and doesn't have some massive technical or legislative setback, it will eventually reach a tipping point. I mean we only need Bitcoin to be appealing as a 1% of your investment type of portfolio addition. That alone would take it to the realm of $10k per BTC.
However, that tipping point is still quite a ways down the road in my opinion. But if we can have 2-3 more years of positive feedback and development loop, who knows.
October 30, 2013, 06:24:08 PM
I dont think it will gets much attention, but it shows how bitcoin grew in last 3 years. Much more than Apple, Microsoft and so on in its first 4 years
October 30, 2013, 06:11:31 PM
I used to play a lot of poker. Even semi-professionally for a while. I'll never forget the "boom switch" that was flipped on when an "average Joe" named Chris Moneymaker won the World Series of Poker in 2003, for $2.5 million, on a $40 initial investment...
People eat that shit up. Everyone wanted to get involved all of a sudden.
We could be priming for a huge bubble, which hopefully doesn't undermine Bitcoin's real value and innovation - not as a "get rich quick" scheme. I suppose only time will tell.
http://en.wikipedia.org/wiki/List_of_World_Series_of_Poker_Main_Event_champions (notice entrants after 2003)
People eat that shit up. Everyone wanted to get involved all of a sudden.
We could be priming for a huge bubble, which hopefully doesn't undermine Bitcoin's real value and innovation - not as a "get rich quick" scheme. I suppose only time will tell.
http://en.wikipedia.org/wiki/List_of_World_Series_of_Poker_Main_Event_champions (notice entrants after 2003)
i find your reasoning convincing. this will get a lot of people curious. more stories like this will pop up, the media will love it. much faster than the bitcoin protocol will be used mainstream, bitcoin as a speculative asset will hit the streets and become popular. that´s how new people get involved. love it or hate it, it is this crazyness about bitcoin gaining such incredible value in less than 5 years that will cause a boom, not its technological elegance. people may think that it can´t rise at the same rate, but even a slower rate would still dwarf what they get from classical investments in less than 5 years.
Except that poker is fun. Buying Bitcoin is some complicated and boring shit.
Moneymaker was just a small part. The World Poker Tour was on air at the time and that took off like wildfire, as did online poker rooms. It was perfect storm for the competitive U.S. egos. I was in the middle of it - actually opened a poker room in CR, which I later sold.
I would not call this comparable to Bitcoin.
Bitcoin could become as popular as poker on day, but it will be a much slower grind.
lol, we have things in common about poker
your description about the perfect storm is correct
but it only attracted poker players
bitcoin attracts gamblers and many more. if it starts getting crazy like the poker wave, what do you think the price will be ? several k ? what signal would that send to the worlds 12 mio millionaires, to all institutional investors, to all deep pockets, to all those people that always resisted buying bitcoins ? let´s just hope the exchange infrastructure can cope with it. a larger chunk of the world economy will sooner or later migrate online via bitcoin price expansion.
October 30, 2013, 06:07:10 PM
Well his last name was Hollywoodmoviesque for sure.
But I still don't think bitcoin is comparable to poker. And, personally, I dont think we want it to be. If Bitcoin is just a place where people come to gamble and speculate it will never get to "the moon."
Bitcoin needs two major things to grow. Real innovation with bitcoin related business eco-system and asset investment. **
Poker didn't need anything but a coin and a chair and some exposure.
Agreed. I just wanted to point out the comparison in psychology, and what sparks people's interest and gets them involved.
** Agreed. Increased market cap, though, does create more incentive for start ups to enter the space and businesses to start accepting Bitcoin. If it unfolds from a bubble created by "the Moneymaker effect", so be it. I would just hope the eventual crash wouldn't be too sharp.
October 30, 2013, 06:04:26 PM
He surely is enjoying his profits at the moment. 
October 30, 2013, 06:02:08 PM
I used to play a lot of poker. Even semi-professionally for a while. I'll never forget the "boom switch" that was flipped on when an "average Joe" named Chris Moneymaker won the World Series of Poker in 2003, for $2.5 million, on a $40 initial investment...
People eat that shit up. Everyone wanted to get involved all of a sudden.
We could be priming for a huge bubble, which hopefully doesn't undermine Bitcoin's real value and innovation - not as a "get rich quick" scheme. I suppose only time will tell.
http://en.wikipedia.org/wiki/List_of_World_Series_of_Poker_Main_Event_champions (notice entrants after 2003)
People eat that shit up. Everyone wanted to get involved all of a sudden.
We could be priming for a huge bubble, which hopefully doesn't undermine Bitcoin's real value and innovation - not as a "get rich quick" scheme. I suppose only time will tell.
http://en.wikipedia.org/wiki/List_of_World_Series_of_Poker_Main_Event_champions (notice entrants after 2003)
i find your reasoning convincing. this will get a lot of people curious. more stories like this will pop up, the media will love it. much faster than the bitcoin protocol will be used mainstream, bitcoin as a speculative asset will hit the streets and become popular. that´s how new people get involved. love it or hate it, it is this crazyness about bitcoin gaining such incredible value in less than 5 years that will cause a boom, not its technological elegance. people may think that it can´t rise at the same rate, but even a slower rate would still dwarf what they get from classical investments in less than 5 years.
Except that poker is fun. Buying Bitcoin is some complicated and boring shit.
Moneymaker was just a small part. The World Poker Tour was on air at the time and that took off like wildfire, as did online poker rooms. It was perfect storm for the competitive U.S. egos. I was in the middle of it - actually opened a poker room in CR, which I later sold.
I would not call this comparable to Bitcoin.
Bitcoin could become as popular as poker on day, but it will be a much slower grind.
It's pretty common consensus that Chris Moneymaker's win was the catalyst. WPT tour was very important as well, and, for many people, it's how they first heard of Moneymaker's win.
http://watch.betraisefoldmovie.com/?referrer=https%3A%2F%2Fwww.google.com%2F
Well his last name was Hollywoodmoviesque for sure.
But I still don't think bitcoin is comparable to poker. And, personally, I dont think we want it to be. If Bitcoin is just a place where people come to gamble and speculate it will never get to "the moon."
Bitcoin needs two major things to grow. Real innovation with bitcoin related business eco-system and asset investment.
Poker didn't need anything but a coin and a chair and some exposure.
October 30, 2013, 05:58:30 PM
I used to play a lot of poker. Even semi-professionally for a while. I'll never forget the "boom switch" that was flipped on when an "average Joe" named Chris Moneymaker won the World Series of Poker in 2003, for $2.5 million, on a $40 initial investment...
People eat that shit up. Everyone wanted to get involved all of a sudden.
We could be priming for a huge bubble, which hopefully doesn't undermine Bitcoin's real value and innovation - not as a "get rich quick" scheme. I suppose only time will tell.
http://en.wikipedia.org/wiki/List_of_World_Series_of_Poker_Main_Event_champions (notice entrants after 2003)
People eat that shit up. Everyone wanted to get involved all of a sudden.
We could be priming for a huge bubble, which hopefully doesn't undermine Bitcoin's real value and innovation - not as a "get rich quick" scheme. I suppose only time will tell.
http://en.wikipedia.org/wiki/List_of_World_Series_of_Poker_Main_Event_champions (notice entrants after 2003)
i find your reasoning convincing. this will get a lot of people curious. more stories like this will pop up, the media will love it. much faster than the bitcoin protocol will be used mainstream, bitcoin as a speculative asset will hit the streets and become popular. that´s how new people get involved. love it or hate it, it is this crazyness about bitcoin gaining such incredible value in less than 5 years that will cause a boom, not its technological elegance. people may think that it can´t rise at the same rate, but even a slower rate would still dwarf what they get from classical investments in less than 5 years.
Except that poker is fun. Buying Bitcoin is some complicated and boring shit.
Moneymaker was just a small part. The World Poker Tour was on air at the time and that took off like wildfire, as did online poker rooms. It was perfect storm for the competitive U.S. egos. I was in the middle of it - actually opened a poker room in CR, which I later sold.
I would not call this comparable to Bitcoin.
Bitcoin could become as popular as poker on day, but it will be a much slower grind.
It's pretty common consensus that Chris Moneymaker's win was the catalyst. WPT tour was very important as well, and, for many people, it's how they first heard of Moneymaker's win.
http://watch.betraisefoldmovie.com/ (watch Trailor)
The point was related to human psychology. Not that it's exactly the same. Obviously they're different..
October 30, 2013, 05:20:11 PM
I used to play a lot of poker. Even semi-professionally for a while. I'll never forget the "boom switch" that was flipped on when an "average Joe" named Chris Moneymaker won the World Series of Poker in 2003, for $2.5 million, on a $40 initial investment...
People eat that shit up. Everyone wanted to get involved all of a sudden.
We could be priming for a huge bubble, which hopefully doesn't undermine Bitcoin's real value and innovation - not as a "get rich quick" scheme. I suppose only time will tell.
http://en.wikipedia.org/wiki/List_of_World_Series_of_Poker_Main_Event_champions (notice entrants after 2003)
People eat that shit up. Everyone wanted to get involved all of a sudden.
We could be priming for a huge bubble, which hopefully doesn't undermine Bitcoin's real value and innovation - not as a "get rich quick" scheme. I suppose only time will tell.
http://en.wikipedia.org/wiki/List_of_World_Series_of_Poker_Main_Event_champions (notice entrants after 2003)
i find your reasoning convincing. this will get a lot of people curious. more stories like this will pop up, the media will love it. much faster than the bitcoin protocol will be used mainstream, bitcoin as a speculative asset will hit the streets and become popular. that´s how new people get involved. love it or hate it, it is this crazyness about bitcoin gaining such incredible value in less than 5 years that will cause a boom, not its technological elegance. people may think that it can´t rise at the same rate, but even a slower rate would still dwarf what they get from classical investments in less than 5 years.
Except that poker is fun. Buying Bitcoin is some complicated and boring shit.
Moneymaker was just a small part. The World Poker Tour was on air at the time and that took off like wildfire, as did online poker rooms. It was perfect storm for the competitive U.S. egos. I was in the middle of it - actually opened a poker room in CR, which I later sold.
I would not call this comparable to Bitcoin.
Bitcoin could become as popular as poker on day, but it will be a much slower grind.
October 30, 2013, 05:18:50 PM
I posted this in the main Economics forum the day before yesterday, but it went completely unnoticed. Here is a repost:
http://www.news.com.au/money/money-matters/norwegian-student-kristoffer-koch-buys-27-in-bitcoin-in-2009-now-he-owns-an-apartment/story-e6frfmd9-1226748159679
Reprint from the Norwegian source:
http://www.nrk.no/okonomi/kjopte-bolig-for-internettpenger-1.11314773
And and interesting and positive statement from Head of Taxation Department:
PS.: Can confirm that Tøyen is one of the cheapest areas of Oslo, almost ghetto-like.
http://www.news.com.au/money/money-matters/norwegian-student-kristoffer-koch-buys-27-in-bitcoin-in-2009-now-he-owns-an-apartment/story-e6frfmd9-1226748159679
Reprint from the Norwegian source:
http://www.nrk.no/okonomi/kjopte-bolig-for-internettpenger-1.11314773
And and interesting and positive statement from Head of Taxation Department:
Quote
– Dette er en ny måte å tenke verdier på, sier skattedirektør Hans Christian Holte til NRK.
Dersom man tjener penger på investering i nettvaluta, skal man skatte 28 prosent av gevinsten, og omsetning av bitcoin skal man betale moms av, opplyser skattedirektøren.
– Hvilke utfordringer byr dette på?
– Dette er et ektefødt barn av en digital verden. Vi må ta våre lover og regler, og se hvordan disse skal anvendes på dette helt nye området, svarer skattedirektøren.
Dersom man tjener penger på investering i nettvaluta, skal man skatte 28 prosent av gevinsten, og omsetning av bitcoin skal man betale moms av, opplyser skattedirektøren.
– Hvilke utfordringer byr dette på?
– Dette er et ektefødt barn av en digital verden. Vi må ta våre lover og regler, og se hvordan disse skal anvendes på dette helt nye området, svarer skattedirektøren.
Quote
- This is a new way of thinking about values, says head of Tax Department Hans Christian Holte to NRK.
Provided one earns money from investment in digital cirrencies, one has to pay 28% of the income in taxes, while circulation of bitcoins is subject to VAT taxation, informs Head of the department.
- What kind of challenges does this induce?
- This is a legitimate child of the digital world. We must take our laws and rules and see how they can be applied to this completely new area, is the response of the Head of the Department.
Provided one earns money from investment in digital cirrencies, one has to pay 28% of the income in taxes, while circulation of bitcoins is subject to VAT taxation, informs Head of the department.
- What kind of challenges does this induce?
- This is a legitimate child of the digital world. We must take our laws and rules and see how they can be applied to this completely new area, is the response of the Head of the Department.
PS.: Can confirm that Tøyen is one of the cheapest areas of Oslo, almost ghetto-like.
October 30, 2013, 05:12:48 PM
House in Norway is that cheap? Only $180k for 3-bedroom apt?
It's in one of the cheaper areas of Oslo (Tøyen), despite all the articles claiming it is in a wealthy area (it is not).
My guess would be that the aparatment cost him between $400-500k - so the rest would come from the bank.
October 30, 2013, 04:48:32 PM
I used to play a lot of poker. Even semi-professionally for a while. I'll never forget the "boom switch" that was flipped on when an "average Joe" named Chris Moneymaker won the World Series of Poker in 2003, for $2.5 million, on a $40 initial investment...
People eat that shit up. Everyone wanted to get involved all of a sudden.
We could be priming for a huge bubble, which hopefully doesn't undermine Bitcoin's real value and innovation - not as a "get rich quick" scheme. I suppose only time will tell.
http://en.wikipedia.org/wiki/List_of_World_Series_of_Poker_Main_Event_champions (notice entrants after 2003)
People eat that shit up. Everyone wanted to get involved all of a sudden.
We could be priming for a huge bubble, which hopefully doesn't undermine Bitcoin's real value and innovation - not as a "get rich quick" scheme. I suppose only time will tell.
http://en.wikipedia.org/wiki/List_of_World_Series_of_Poker_Main_Event_champions (notice entrants after 2003)
i find your reasoning convincing. this will get a lot of people curious. more stories like this will pop up, the media will love it. much faster than the bitcoin protocol will be used mainstream, bitcoin as a speculative asset will hit the streets and become popular. that´s how new people get involved. love it or hate it, it is this crazyness about bitcoin gaining such incredible value in less than 5 years that will cause a boom, not its technological elegance. people may think that it can´t rise at the same rate, but even a slower rate would still dwarf what they get from classical investments in less than 5 years.
October 30, 2013, 03:51:51 PM
Highly doubt it, just like claim someone bought one lottery ticket and won millions, but there is one problem: He did not pay tax 
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