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EDHS Contemporary World Affairs -> Discussion Topics, Week A -> Man turns investment of $22 into $850,000 with Bitcoin
Post Info TOPIC: Man turns investment of $22 into $850,000 with Bitcoin
PostmanPat


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Man turns investment of $22 into $850,000 with Bitcoin
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A $22 (£14) investment in the virtual currency Bitcoin four years ago has brought a Norwegian man an unexpected windfall of about $850,000.

The staggering appreciation of the Bitcoin meant Kristoffer Koch, 29, was able to buy an upmarket flat in Oslo by selling a fifth of his 5,000 coins.

Mr Koch, 29, said he only remembered about his investment after reading reports of the currency's rising value.

The extremely volatile currency is increasingly used for web transactions.

Mr Koch said that he had suddenly realised that his 5,000 Bitcoins were worth about $850,000.

After cashing in the fifth of his reserves - and paying taxes - he said he was able to buy the apartment in Oslo's fashionable Toyen area.

Bitcoins are stored in encrypted wallets, and Mr Koch admitted that it took him some time to remember the password to unlock the safe.

"Not in my wildest dreams could I have imagined that they would have soared like this," he was quoted as saying in the Norwegian media.

"It's bizarre, these psychological reflexes that make us attach a value to something that doesn't have any in itself."

Mr Koch said he decided to invest in the virtual currency by doing research on encryption in 2009.

Read more at: http://www.bbc.co.uk/news/world-europe-24737671



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sheilasey


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Wow that is one incredibly lucky investment, that is amazing how much the rate of Bitcoins went up in such a short time.

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Partysquid


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I find it funny how most people who are on this don't even know what bit coins are.

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Zachattack


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It just goes to show you can make money off of almost anything with the right circumstances

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Zach Taylor
Dane Ransom


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It put his money in the right place at the right time, he was lucky that he remenbered his password

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Zachattack


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Good thing he remebered the password


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Zach Taylor
SassySmith


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nice! good choice!

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jenniferleonard


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If you invest your money the right way you can come out lucky!

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kevinNguyen


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i think his research helped him to make the right investment but luck played a major role in the amount of profit he made by buying these stocks

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Olga


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Good for him! I'm glad that he achieved such wealth, but I hope that he'll use it right.



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Olga
DyllanS


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dem bitcoins are pretty nice and all, but what if they are taking over the WORld
.!

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Russizzle


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the stock market for that, woowee haha

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Russel Slate
Partysquid


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Russizzle wrote:

the stock market for that, woowee haha

 Bitcoins are a form of currency, not a stock. Just a different way of paying for things on the internet.



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Russizzle


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Partysquid wrote:
Russizzle wrote:

the stock market for that, woowee haha

 Bitcoins are a form of currency, not a stock. Just a different way of paying for things on the internet.

 herpity derp



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Russel Slate
PostmanPat


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Partysquid wrote:
Russizzle wrote:

the stock market for that, woowee haha

 Bitcoins are a form of currency, not a stock. Just a different way of paying for things on the internet.

 Honestly it acts more like a stock than a currency. You buy it like you'd buy bonds, you hope it goes up, and you sell it. It's both.



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Lia_Love522


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I don't really understand this to begin with like the whole idea of Bitcon, but it's quite impressive that something could produce such a large profit for it's investors

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Malia Kasai
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