Former Bitcoin developer Martti Malmi told us on Twitter about his experience selling crypto-currencies at ridiculous prices in 2009 and 2010.
As revealed in a Twitter thread, the former Bitcoin Lifestyle developer assured that he left 55,000 BTC prematurely. The virtual currencies were mined from his laptop between 2009 and 2010 when the price was close to zero. If he had preserved them, his current fortune would be close to $1.3 billion.
Malmi, also known as Sirius, assures that the lack of experience he had then, was the cause of that loss. Thus, at the end of 2009, he liquidated 5,050 bitcoins worth $5, and he also lost another 30,000 coins in an exchange, „when there was no established exchange rate.
The rest of the coins were lost in 2012, when he had to sell them at a price of approximately $5. The reason for this sale, he explains on the social network, is that, despite having decided to hoard them to make a holding, at that time he was having difficulty finding a good job.
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Not everything was a loss for the former Bitcoin developer
Despite having lost such an amount in Bitcoin, former developer Martti Malmi assures that he didn’t lose them all. „Since then I’ve kept my variable amount of savings at BTC. It’s not much, but it’s still a good advance over the years,“ he said.
In his recollection of the events, he explains that it cannot be considered a loss in the strict sense of the word. He assures that losing that amount of Bitcoin is not the same as having $1 billion and losing it overnight. Seen in context, he considers that „it’s not as bad as it seems“.
Of that amount of Bitcoin sold, the former developer explains, 10,000 went to buy an apartment in Finland. This is something that has happened to a large percentage of early users of the crypto currency created by Satoshi Nakamoto. The most memorable case is remembered as Bitcoin Pizza Day.
Another of Malmi’s comments, is that having your own apartment at age 22, can’t be considered a bad move. Now, she explains, „It’s probably the most expensive apartment in the world.
The former Bitcoin developer known as Sirius, revealed that between 2009 and 2010, he had sold some 55,000 BTCs, which today are worth $1.3 billion. Source: TwitterThe former Bitcoin developer known as Sirius revealed that between 2009 and 2010, he sold 55,000 BTCs, which are worth $1.3 billion.
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As highlighted at the beginning, if he had kept the 55,000 BTC, the former Bitcoin developer would currently have a fortune of USD $1.3 billion. However, he explains that he „doesn’t seriously regret it“.
He assures that part of the Finnish culture is not to make a lot of money. At the same time, he accidentally accumulated those bitcoins, since he decided to contribute the computing power of his laptop as a „by-product of Satoshi“ to allow others to connect.
The losses of the first users of crypto currencies are colossal when looking at them out of context. At the time, they only lost a handful of dollars, only over time the magnitude of the Bitcoin increase has changed the parameters late.
Most of those users don’t regret the losses of the first few days, because they kept a certain amount of coins. In addition, they gained the experience of not repeating the same mistake. That is why many of them recommend saving on that cryptomoney to take advantage of it in the future.
Data to take into consideration
The former Bitcoin developer, known as Sirius, liquidated some 55,000 BTCs, which today would be valued at over $1.3 billion.
Despite this, he says he doesn’t feel completely sorry and explains that the loss is not as serious as it seems.
Cases of similar losses among early adopters are common. The most famous is known as Bitcoin Pizza Day.
The advice most of these investors give is that the same thing will happen in 10 years, so they invite people to save at BTC.