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Posted: 10/29/2013 9:28:27 AM EDT
http://www.theguardian.com/technology/2013/oct/29/bitcoin-forgotten-currency-norway-oslo-home
The meteoric rise in bitcoin has meant that within the space of four years, one Norwegian man’s $27 investment turned into a forgotten $886,000 windfall. Kristoffer Koch invested 150 kroner ($26.60) in 5,000 bitcoins in 2009, after discovering them during the course of writing a thesis on encryption. He promptly forgot about them until widespread media coverage of the anonymous, decentralised, peer-to-peer digital currency in April 2013 jogged his memory. Bitcoins are stored in encrypted wallets secured with a private key, something Koch had forgotten. After eventually working out what the password could be, Koch got a pleasant surprise: "It said I had 5,000 bitcoins in there. Measuring that in today's rates it's about NOK5m ($886,000)," Koch told NRK. 
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Posted: 10/29/2013 9:33:10 AM EDT
[#1]
Why can't I ever find something I lost only to find out it's worth $$$ now.
Only thing I'm losing lately is my sanity 
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Posted: 10/29/2013 9:33:39 AM EDT
[#2]
Quote HistoryQuoted:
Why can't I ever find something I lost only to find out it's worth $$$ now.
Only thing I'm losing lately is my sanity Beanie Babies |
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Posted: 10/29/2013 9:35:50 AM EDT
[#3]
Quote HistoryQuoted:
Beanie Babies Quote HistoryQuoted:
Quoted:
Why can't I ever find something I lost only to find out it's worth $$$ now.
Only thing I'm losing lately is my sanity Beanie Babies Lol I just returned a garbage bag full of those things in display cases to my ex. Beanie babies... lol |
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Posted: 10/29/2013 9:37:50 AM EDT
[#4]
Quote HistoryQuoted:
Lol I just returned a garbage bag full of those things in display cases to my ex. Beanie babies... lol Quote HistoryQuoted:
Quoted:
Quoted:
Why can't I ever find something I lost only to find out it's worth $$$ now.
Only thing I'm losing lately is my sanity Beanie Babies Lol I just returned a garbage bag full of those things in display cases to my ex. Beanie babies... lol My SIL bought so many of those...must have spent a fortune. |
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Posted: 10/29/2013 9:38:03 AM EDT
[#5]
That's actually really cool.
I'd fly out to the ATMs that just got installed and cash the fuck out. |
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Posted: 10/29/2013 9:39:06 AM EDT
[#6]
Quote HistoryQuoted:
Lol I just returned a garbage bag full of those things in display cases to my ex. Beanie babies... lol Quote HistoryQuoted:
Quoted:
Quoted:
Why can't I ever find something I lost only to find out it's worth $$$ now.
Only thing I'm losing lately is my sanity Beanie Babies Lol I just returned a garbage bag full of those things in display cases to my ex. Beanie babies... lol Ty Warner is laughing as well. $2.5 billion net worth. Unfortunately, he just plead guilty to tax evasion, will pay $50+ million in fines and back taxes, and could go to prison. |
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Posted: 10/29/2013 9:41:07 AM EDT
[#7]
Quote HistoryQuoted:
My SIL bought so many of those...must have spent a fortune. Quote HistoryQuoted:
Quoted:
Quoted:
Quoted:
Why can't I ever find something I lost only to find out it's worth $$$ now.
Only thing I'm losing lately is my sanity Beanie Babies Lol I just returned a garbage bag full of those things in display cases to my ex. Beanie babies... lol My SIL bought so many of those...must have spent a fortune. Ha! I wish the Beanie Babies in my basement were worth something
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Posted: 10/29/2013 9:45:07 AM EDT
[#8]
Quote HistoryQuoted:
That's actually really cool. I'd fly out to the ATMs that just got installed and cash the fuck out. Id just buy gold bullion. A few places online you can get gold for BTC. |
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Posted: 10/29/2013 9:45:49 AM EDT
[#9]
how would he exchange it tho? wouldn't that raise a red flag w/ the IRS?
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Posted: 10/29/2013 9:46:38 AM EDT
[#10]
Capital gains tax here in the USA on that would be a BITCH.
Quoted:
how would he exchange it tho? wouldn't that raise a red flag w/ the IRS? The mob doesn't give a shit how much money you make so long as you give them their cut. |
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Posted: 10/29/2013 9:48:27 AM EDT
[#11]
If I were him, that wallet would be my new biggest secret.
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Posted: 10/29/2013 9:50:32 AM EDT
[#12]
Quote HistoryQuoted:
Capital gains tax here in the USA on that would be a BITCH. The mob doesn't give a shit how much money you make so long as you give them their cut. Quote HistoryQuoted:
Capital gains tax here in the USA on that would be a BITCH. Quoted:
how would he exchange it tho? wouldn't that raise a red flag w/ the IRS? The mob doesn't give a shit how much money you make so long as you give them their cut. No. He's in Norway. |
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Posted: 10/29/2013 9:51:09 AM EDT
[#13]
Bitcoins arent anonymous technically. A professor from my alma mater did a paper on cracking the transactions and tracking them if I remember right.
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Posted: 10/29/2013 9:51:39 AM EDT
[#14]
wtf is a bitcoin?
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Posted: 10/29/2013 9:51:49 AM EDT
[#15]
Seriously. I will never understand why people go to the press with things like this.
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Posted: 10/29/2013 9:52:09 AM EDT
[#16]
Norway.
If it was in the US, I think the article would read differently and include a photo like this. 
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Posted: 10/29/2013 9:52:24 AM EDT
[#17]
Use the money to buy gift cards then mail them to the US
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Posted: 10/29/2013 9:52:36 AM EDT
[#18]
Quote HistoryQuoted: wtf is a bitcoin? |
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Posted: 10/29/2013 9:53:09 AM EDT
[#19]
dammit still waiting on my dinar to take off
 I bought my dinar in 2009, same time as that guy bought his bitcoin. if id have invested it in bitcoin instead of dinar id be sitting on more millions than I could possibly ever spend.
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Posted: 10/29/2013 9:53:58 AM EDT
[#20]
Quote HistoryQuoted:
Id just buy gold bullion. A few places online you can get gold for BTC. Quote HistoryQuoted:
Quoted:
That's actually really cool. I'd fly out to the ATMs that just got installed and cash the fuck out. Id just buy gold bullion. A few places online you can get gold for BTC. I don't like the way gold bullion looks when you stuff into a stripper's g-string. But, HEY! It's your money! |
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Posted: 10/29/2013 9:54:19 AM EDT
[#21]
Quote HistoryQuoted:
If I were him, that wallet would be my new biggest secret. Why? Cash out that unstable as fuck currency and put it in something tangable, or at least government backed. |
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Posted: 10/29/2013 9:54:51 AM EDT
[#22]
thats crazy i had never even heard of them until like a month ago.
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Posted: 10/29/2013 9:55:04 AM EDT
[#23]
As much as I dislike Business Insider, they have a better article.
Koch exchanged one fifth of his 5,000 bitcoins, generating enough kroner to buy an apartment in Toyen, one of the Norwegian capital’s wealthier areas. edit: It seems Business Insider scraped most of OP's linked article and IB Times. |
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Posted: 10/29/2013 9:57:55 AM EDT
[#24]
Quote HistoryQuoted: Use the money to buy gift cards then mail them to the US Fuck that, pay the 25% and enjoy the windfall. Goddamnit.. I KNEW i should have gotten in on that shit back in the early days. I didn't see it going anywhere though. FUCK! |
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Posted: 10/29/2013 9:58:15 AM EDT
[#25]
Quote HistoryQuoted:
Bitcoins arent anonymous technically. A professor from my alma mater did a paper on cracking the transactions and tracking them if I remember right. all transactions are on the ledger. you can see where everything comes and goes. You can see the wallets, just not the name thats tied to it. I.E. 1Andy2 telle me has got brass for sale and will take BTC. Im like groove I have a few extra. so i get his address (which looks like a string of number and letters). I put that in to my wallet and send him some BTC. in a short time frame he gets his BTC sent form me to him. in the master ledger it shows my address sending to 1Andy2's address and how many BTC. You can do a search for his address and can see all the in and outs for it. BUT a wallet can have multiple address and you are to use a new address for each transaction to be semi secret. |
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Posted: 10/29/2013 9:59:52 AM EDT
[#26]
Quote HistoryQuoted:
I don't like the way gold bullion looks when you stuff into a stripper's g-string. But, HEY! It's your money! Quote HistoryQuoted:
Quoted:
Quoted:
That's actually really cool. I'd fly out to the ATMs that just got installed and cash the fuck out. Id just buy gold bullion. A few places online you can get gold for BTC. I don't like the way gold bullion looks when you stuff into a stripper's g-string. But, HEY! It's your money! you then take the gold and get spot at a local shop. Duh and or Hello. |
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Posted: 10/29/2013 10:01:14 AM EDT
[#27]
While gathering up some clothes for Good Will the other day, I found $2 in an old pair of jeans.
It wasn't nearly as cool as this.
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Posted: 10/29/2013 10:07:53 AM EDT
[#28]
Quote HistoryQuoted:
all transactions are on the ledger. you can see where everything comes and goes. You can see the wallets, just not the name thats tied to it. I.E. 1Andy2 telle me has got brass for sale and will take BTC. Im like groove I have a few extra. so i get his address (which looks like a string of number and letters). I put that in to my wallet and send him some BTC. in a short time frame he gets his BTC sent form me to him. in the master ledger it shows my address sending to 1Andy2's address and how many BTC. You can do a search for his address and can see all the in and outs for it. BUT a wallet can have multiple address and you are to use a new address for each transaction to be semi secret. Quote HistoryQuoted:
Quoted:
Bitcoins arent anonymous technically. A professor from my alma mater did a paper on cracking the transactions and tracking them if I remember right. all transactions are on the ledger. you can see where everything comes and goes. You can see the wallets, just not the name thats tied to it. I.E. 1Andy2 telle me has got brass for sale and will take BTC. Im like groove I have a few extra. so i get his address (which looks like a string of number and letters). I put that in to my wallet and send him some BTC. in a short time frame he gets his BTC sent form me to him. in the master ledger it shows my address sending to 1Andy2's address and how many BTC. You can do a search for his address and can see all the in and outs for it. BUT a wallet can have multiple address and you are to use a new address for each transaction to be semi secret. I mean to a physical, IRL identity not the name on you BTC wallet. I dont really follow his research so I'm sure I've explained it wrong, but I can find it for you if you like. |
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Posted: 10/29/2013 10:09:59 AM EDT
[#29]
Quote HistoryQuoted:
Lol I just returned a garbage bag full of those things in display cases to my ex. Beanie babies... lol Quote HistoryQuoted:
Quoted:
Quoted:
Why can't I ever find something I lost only to find out it's worth $$$ now.
Only thing I'm losing lately is my sanity Beanie Babies Lol I just returned a garbage bag full of those things in display cases to my ex. Beanie babies... lol My Sister in Law gave my daughter and box full of Beanie Babies from the 90's. I went through all of them and checked but they were worth $15 each at most. I was hoping for one of the rare ones worth hundreds or thousands. No such luck. |
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Posted: 10/29/2013 10:11:51 AM EDT
[#30]
Quote HistoryQuoted:
I mean to a physical, IRL identity not the name on you BTC wallet. I dont really follow his research so I'm sure I've explained it wrong, but I can find it for you if you like. Quote HistoryQuoted:
Quoted:
Quoted:
Bitcoins arent anonymous technically. A professor from my alma mater did a paper on cracking the transactions and tracking them if I remember right. all transactions are on the ledger. you can see where everything comes and goes. You can see the wallets, just not the name thats tied to it. I.E. 1Andy2 telle me has got brass for sale and will take BTC. Im like groove I have a few extra. so i get his address (which looks like a string of number and letters). I put that in to my wallet and send him some BTC. in a short time frame he gets his BTC sent form me to him. in the master ledger it shows my address sending to 1Andy2's address and how many BTC. You can do a search for his address and can see all the in and outs for it. BUT a wallet can have multiple address and you are to use a new address for each transaction to be semi secret. I mean to a physical, IRL identity not the name on you BTC wallet. I dont really follow his research so I'm sure I've explained it wrong, but I can find it for you if you like. Ya Id love to read it.. |
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Posted: 10/29/2013 10:13:29 AM EDT
[#31]
Quote HistoryQuoted:
My Sister in Law gave my daughter and box full of Beanie Babies from the 90's. I went through all of them and checked but they were worth $15 each at most. I was hoping for one of the rare ones worth hundreds or thousands. No such luck. Quote HistoryQuoted:
Quoted:
Quoted:
Quoted:
Why can't I ever find something I lost only to find out it's worth $$$ now.
Only thing I'm losing lately is my sanity Beanie Babies Lol I just returned a garbage bag full of those things in display cases to my ex. Beanie babies... lol My Sister in Law gave my daughter and box full of Beanie Babies from the 90's. I went through all of them and checked but they were worth $15 each at most. I was hoping for one of the rare ones worth hundreds or thousands. No such luck. "Worth". You won't even get that for them.  There's piles in quarter boxes at yard sales. Most people just give them to their dogs.
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Posted: 10/29/2013 10:15:19 AM EDT
[#32]
Quote HistoryQuoted:
Why? Cash out that unstable as fuck currency and put it in something tangable, or at least government backed. Quote HistoryQuoted:
Quoted:
If I were him, that wallet would be my new biggest secret. Why? Cash out that unstable as fuck currency and put it in something tangable, or at least government backed. While I'm not intimately familiar with Norway's tax code, I'm sure the taxes on an $800,000 profit in Norway are... impressive. |
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Posted: 10/29/2013 10:15:56 AM EDT
[#33]
Quote HistoryQuoted:
Why? Cash out that unstable as fuck currency and put it in something tangable, or at least government backed. Quote HistoryQuoted:
Quoted:
If I were him, that wallet would be my new biggest secret. Why? Cash out that unstable as fuck currency and put it in something tangable, or at least government backed. 
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Posted: 10/29/2013 10:16:31 AM EDT
[#34]
Quote HistoryQuoted:
Ya Id love to read it.. Quote HistoryQuoted:
Quoted:
Quoted:
Quoted:
Bitcoins arent anonymous technically. A professor from my alma mater did a paper on cracking the transactions and tracking them if I remember right. all transactions are on the ledger. you can see where everything comes and goes. You can see the wallets, just not the name thats tied to it. I.E. 1Andy2 telle me has got brass for sale and will take BTC. Im like groove I have a few extra. so i get his address (which looks like a string of number and letters). I put that in to my wallet and send him some BTC. in a short time frame he gets his BTC sent form me to him. in the master ledger it shows my address sending to 1Andy2's address and how many BTC. You can do a search for his address and can see all the in and outs for it. BUT a wallet can have multiple address and you are to use a new address for each transaction to be semi secret. I mean to a physical, IRL identity not the name on you BTC wallet. I dont really follow his research so I'm sure I've explained it wrong, but I can find it for you if you like. Ya Id love to read it.. http://cseweb.ucsd.edu/~smeiklejohn/files/imc13.pdf I hadnt actually read it until now, but after just skimming it it looks like they were able to glean quite a bit from what is effectively traffic analysis aided by some known interactions using the transparency of actual transactions as a road map of sorts. I'll probably sit down and actually read it later as it looked fairly interesting. |
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Posted: 10/29/2013 10:27:19 AM EDT
[#35]
Holy crap you could buy drugs and hookers every day till the cops catch you then hire hitmen to take them all out.
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Posted: 10/29/2013 10:29:44 AM EDT
[#36]
Quote HistoryQuoted:
all transactions are on the ledger. you can see where everything comes and goes. You can see the wallets, just not the name thats tied to it. I.E. 1Andy2 telle me has got brass for sale and will take BTC. Im like groove I have a few extra. so i get his address (which looks like a string of number and letters). I put that in to my wallet and send him some BTC. in a short time frame he gets his BTC sent form me to him. in the master ledger it shows my address sending to 1Andy2's address and how many BTC. You can do a search for his address and can see all the in and outs for it. BUT a wallet can have multiple address and you are to use a new address for each transaction to be semi secret. Quote HistoryQuoted:
Quoted:
Bitcoins arent anonymous technically. A professor from my alma mater did a paper on cracking the transactions and tracking them if I remember right. all transactions are on the ledger. you can see where everything comes and goes. You can see the wallets, just not the name thats tied to it. I.E. 1Andy2 telle me has got brass for sale and will take BTC. Im like groove I have a few extra. so i get his address (which looks like a string of number and letters). I put that in to my wallet and send him some BTC. in a short time frame he gets his BTC sent form me to him. in the master ledger it shows my address sending to 1Andy2's address and how many BTC. You can do a search for his address and can see all the in and outs for it. BUT a wallet can have multiple address and you are to use a new address for each transaction to be semi secret. What a great idea... Shit, I'd do it if I knew a little more about it. I know there are people in person in some cities (san antonio, Austin, DFW etc) who will trade BTC for dollars in person. Not sure about the security of doing it that way BUYING the BTC in person, but selling... sure. Physical dollars in my hand is cool. |
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Posted: 10/29/2013 10:31:12 AM EDT
[#37]
Quote HistoryQuoted:
Why? Cash out that unstable as fuck currency and put it in something tangable, or at least government backed. Quote HistoryQuoted:
Quoted:
If I were him, that wallet would be my new biggest secret. Why? Cash out that unstable as fuck currency and put it in something tangable, or at least government backed. 
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Posted: 10/29/2013 10:40:13 AM EDT
[#38]
It is worth only what people will give you for it.
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Posted: 10/29/2013 10:45:45 AM EDT
[#39]
Quote HistoryQuoted:
It is worth only what people will give you for it. Yep. Just like everything else, including dollars. We need more people accepting BTC for goods and services for clearer market signals about their worth. |
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Posted: 10/29/2013 10:46:31 AM EDT
[#40]
Quote HistoryQuoted:
Seriously. I will never understand why people go to the press with things like this. Only the dumb ones. I'm sure were thousands of other similiar discoveries this year that you won't hear a peep about. |
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Posted: 10/29/2013 10:47:40 AM EDT
[#41]
Quote HistoryQuoted:
you then take the gold and get spot at a local shop. Duh and or Hello. Quote HistoryQuoted:
Quoted:
Quoted:
Quoted:
That's actually really cool. I'd fly out to the ATMs that just got installed and cash the fuck out. Id just buy gold bullion. A few places online you can get gold for BTC. I don't like the way gold bullion looks when you stuff into a stripper's g-string. But, HEY! It's your money! you then take the gold and get spot at a local shop. Duh and or Hello. Personally, I liked it better when you ended your posts with /finger |
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Posted: 10/29/2013 10:48:58 AM EDT
[#42]
Dang.
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Posted: 10/29/2013 10:49:01 AM EDT
[#43]
And all I ever find is a dollar in a pair of jeans.....
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Posted: 10/29/2013 10:50:46 AM EDT
[#44]
Quote HistoryQuoted:
Personally, I liked it better when you ended your posts with /finger Quote HistoryQuoted:
Quoted:
Quoted:
Quoted:
Quoted:
That's actually really cool. I'd fly out to the ATMs that just got installed and cash the fuck out. Id just buy gold bullion. A few places online you can get gold for BTC. I don't like the way gold bullion looks when you stuff into a stripper's g-string. But, HEY! It's your money! you then take the gold and get spot at a local shop. Duh and or Hello. Personally, I liked it better when you ended your posts with /finger LOL /finger 
better?
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Posted: 10/29/2013 11:17:22 AM EDT
[#45]
Quote HistoryQuoted:
Fuck that, pay the 25% and enjoy the windfall. Goddamnit.. I KNEW i should have gotten in on that shit back in the early days. I didn't see it going anywhere though. FUCK! Quote HistoryQuoted:
Quoted:
Use the money to buy gift cards then mail them to the US Fuck that, pay the 25% and enjoy the windfall. Goddamnit.. I KNEW i should have gotten in on that shit back in the early days. I didn't see it going anywhere though. FUCK! How do you know it's too late? Serious question. What's to prevent a Bitcoin from being worth $5000 one day? There will only ever be 21 million of them tops so there is a built in deflationary bias if the currency continues to gain acceptance. If Bitcoins ever represented even just a percent or two of global liquidity, a coin could be worth tens of thousands or more. I don't have any, but it's an interesting question worth thinking about. The whole thing could blow up too, who knows. |
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Posted: 10/29/2013 11:26:58 AM EDT
[#46]
Quote HistoryQuoted:
How do you know it's too late? Serious question. What's to prevent a Bitcoin from being worth $5000 one day? There will only ever be 21 million of them tops so there is a built in deflationary bias if the currency continues to gain acceptance. If Bitcoins ever represented even just a percent or two of global liquidity, a coin could be worth tens of thousands or more. I don't have any, but it's an interesting question worth thinking about. The whole thing could blow up too, who knows. Quote HistoryQuoted:
Quoted:
Quoted:
Use the money to buy gift cards then mail them to the US Fuck that, pay the 25% and enjoy the windfall. Goddamnit.. I KNEW i should have gotten in on that shit back in the early days. I didn't see it going anywhere though. FUCK! How do you know it's too late? Serious question. What's to prevent a Bitcoin from being worth $5000 one day? There will only ever be 21 million of them tops so there is a built in deflationary bias if the currency continues to gain acceptance. If Bitcoins ever represented even just a percent or two of global liquidity, a coin could be worth tens of thousands or more. I don't have any, but it's an interesting question worth thinking about. The whole thing could blow up too, who knows. keep in mind that a single 'bitcoin' can be split nearly infinitesimally |
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Posted: 10/29/2013 11:32:11 AM EDT
[#47]
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Posted: 10/29/2013 11:34:11 AM EDT
[#48]
Quote HistoryQuoted:
How do you know it's too late? Serious question. What's to prevent a Bitcoin from being worth $5000 one day? There will only ever be 21 million of them tops so there is a built in deflationary bias if the currency continues to gain acceptance. If Bitcoins ever represented even just a percent or two of global liquidity, a coin could be worth tens of thousands or more. I don't have any, but it's an interesting question worth thinking about. The whole thing could blow up too, who knows. Quote HistoryQuoted:
Quoted:
Quoted:
Use the money to buy gift cards then mail them to the US Fuck that, pay the 25% and enjoy the windfall. Goddamnit.. I KNEW i should have gotten in on that shit back in the early days. I didn't see it going anywhere though. FUCK! How do you know it's too late? Serious question. What's to prevent a Bitcoin from being worth $5000 one day? There will only ever be 21 million of them tops so there is a built in deflationary bias if the currency continues to gain acceptance. If Bitcoins ever represented even just a percent or two of global liquidity, a coin could be worth tens of thousands or more. I don't have any, but it's an interesting question worth thinking about. The whole thing could blow up too, who knows. I started mining over the summer.. When I started they were about $90 bucks each now they are up to about $190 each.. my miners net me about 4 bucks a day.. |
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Posted: 10/29/2013 11:41:55 AM EDT
[#49]
Quote HistoryQuoted:
keep in mind that a single 'bitcoin' can be split nearly infinitesimally Quote HistoryQuoted:
Quoted:
Quoted:
Quoted:
Use the money to buy gift cards then mail them to the US Fuck that, pay the 25% and enjoy the windfall. Goddamnit.. I KNEW i should have gotten in on that shit back in the early days. I didn't see it going anywhere though. FUCK! How do you know it's too late? Serious question. What's to prevent a Bitcoin from being worth $5000 one day? There will only ever be 21 million of them tops so there is a built in deflationary bias if the currency continues to gain acceptance. If Bitcoins ever represented even just a percent or two of global liquidity, a coin could be worth tens of thousands or more. I don't have any, but it's an interesting question worth thinking about. The whole thing could blow up too, who knows. keep in mind that a single 'bitcoin' can be split nearly infinitesimally That is exactly one of the facts that I have in mind. That's what allows the deflationary bias. If it was 21 million with no divisibility, then it's usefulness as a popular currency would be greatly diminished. As it is today, a single bit coin at $200 per each would not be useful for most transactions. The value of the 21 million possible units will grow to represent the liquidity needs of the markets that use bitcoins as a currency. If these markets require $10 Billion equivalent in liquidity then a single bit coin (assuming all are mined) will be worth at least $476 at that time or more if people are hoarding them. I can envision a world where the liquidity needs of these markets will greatly exceed $10 Billion. There are currently $1,170 Billion worth of Federal Reserve Notes in circulation if you need some context. I can also envision a world where this currency fails and becomes worthless. |
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Posted: 10/29/2013 11:46:38 AM EDT
[#50]
Good for him...Awesome surprise
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