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Quote from: outatime1 on November 10, 2016, 05:48:53 PM

I first got interested in bitcoin when I heard a story a few years ago about a man that bought 5000 bitcoins for only something like $25 and a few years later it was worth about a million dollars. Of course now 5000 bitcoins would be worth about $3.5 million.

I think that was the guy from Norway. Wasnt that back in 2013 before the price went up to over 1000?

I just found the article in The Guardian. Yes it was the man from Norway (Kristoffer Koch). He actually paid $27 for 5000 bitcoin, so if Im doing my math correctly, that's about half a cent per bitcoin. He must have gotten them in the early days. It says he had forgotten about them.

Did the article say if he sold it?

At the time of the article, those bitcoins were worth $886,000 US dollars. It says that he cashed in some of the bitcoins to buy an apartment.

Its a good thing he didnt lose the wallet address.

He bought the bitcoins in 2009 and forgot about them and had some trouble remembering the password for the private key. Its a good thing he eventually remembered it because hes wealthy now. It took 4 years for the value to go from $27 to $886,000.

How much did he use to buy the house?

It says he cashed in one fifth of the 5000 bitcoin, so he kept the rest. But that was back in 2013, so over the last 3 years he may have sold more. It would be hard not to sell more of that to lock in a couple of million.

So did you start buying after you read that story?

Not long after I read about that, I did buy some. Unfortunately, I was buying as the price was rising from the pump at the end of that year.

Yeah thats when it went up real high and then crashed.

Yes, I think there was a bot on mtgox that was pumping the price around that time. I never heard if it was an intentional pump or if it was an error in the bot or the bot was set up wrong. Either way, there was a bubble.

Did you buy at the peak or what?

I started buying in stages, so it wasnt all at one time. I did buy some when the price was a little over $1000 but I dont remember the actual price. I think the price went as high as $1200 or close to it.