I wanted to title this Lucky Guy Finds 300 Bitcoins on Old Hard Drive, but I’m sure many crypto enthusiasts would bash it for being technically incorrect. Anyway, as usual I was searching through the net trying to find any crypto news that might be tradable. Instead, what I came across was something that touched my heart.
It’s a random post on a niche forum by an old time member. The member has been with the forum for almost a decade and a half. He only recently came back to the forum to post his heartwarming story. Anyone can make up a story on the internet, but given his long-standing membership, and his history of informational posts, I find his latest post more credible. From his post history, he’s knowledgeable, and not the kind of person who’d make up a wild story of finding treasure.
In this latest post, he starts off saying he hasn’t posted on the forum for eight years, but came back to share, what he believes, was an act of mercy from God. He says he contracted with a programmer who wanted to be paid in bitcoin. So he bought 300 bitcoins for $300 (lol that insane price). But then the programmer changed his mind and wanted to be paid in Western Union (#EpicLifeDecisions). So he paid the programmer, but was then stuck with 300 bitcoins he had no use for.
Luckily, he didn’t sell the bitcoins. Back then, it was probably hard to sell bitcoins, and he was a busy internet businessman, so he probably couldn’t be bothered and just left them. He gave the computer that had the hard drive with his wallet to his mom.
So time goes on, and he’s a blooming internet poker player and poker affiliate. He says he made a fortune with that overall business venture – but it all came crashing down in 2011, when the industry crashed. He says it was a time of indescribable great stress and desperation when he went from making $20,000 per month to only $80 per month in what seemed like an overnight transition.
He really had it rough – he lost his home and even had to sleep in his van for a significant period of time. His health took a toll for the worse. (Many of you might judge him about not keeping a good savings plan or not getting a job – but we don’t know his full situation. He might’ve been helping other family members with his lavish income, and it might not have been that easy to find work given some personal circumstances unique to him.)
Well, bitcoin boomed and he probably remembered the 300 he bought way back when. He went to his mom and asked where the computer was, but she said she threw it out years before. But when he was cleaning out his mom’s storage, he found the computer! He checked the hard drive and found his old private key with his 300 bitcoin untouched!
He says God truly works in mysterious ways when you’re at rock bottom.
Now He Advises Investors to Buy Litecoin
But after sharing his touching story, this lucky guy comes back a week later saying he sold a significant amount (but not all of his stash) when bitcoin was $17,000. He used the proceeds from the sale to buy litecoin for $100 each. This was in early to mid-December, when LTC peaked at about $360 per coin. If he sold then, he easily tripled his money.
He tells his fellow forum members in his new post, that LTC is the future. He says that we’re in an atmosphere where people who don’t even have computers want to buy crypto, and that Coinbase is where these normies flock to. LTC is appealing to these new investors because it’s both affordable and accessible through Coinbase. He gives the example that a person with a cheap Android mobile and only $100 to invest can buy LTC from Coinbase with his debit card.
There’s a lot of truth to his words. There aren’t many places where you can buy BTC with fiat, and much less with a debit card. Even LocalBitcoins doesn’t really do debit cards, and buying crypto with PayPal is technically wrongful, given PayPal’s terms. So it’s simply natural that normies would find Coinbase appealing.
His Insightful Take on Bitcoin
He also gives a very insightful take on bitcoin’s future and the problems with our current financial system. He says that BTC is a solution to the mess central banks have caused. We complain that bitcoin is over-inflated, but fiat money is the same. He says that all currencies not backed by gold have failed, and since Nixon, the U.S. dollar has no longer been backed by silver or gold – only the full faith and credit of the good ‘ol U.S. of A :D! He reminds that most of the world’s currencies are backed by the U.S. dollar. That’s a huge Ponzi if I’ve ever seen one.
He also says that centralized banks are trying to control the economy by lowering interest rates on savings and other investment bank accounts. Before 2008, you could get a savings account with a 6 percent interest rate – nowadays that sounds like fiction.
He adds that centralized banks control spending and saving by playing with their interest rates – raising savings account interest rates will promote saving and not spending. Lowering interest rates will promote spending and cause inflation. But now that the U.S. is trillions in debt, central banks can’t raise interest rates to stop hyperinflation because they simply can’t pay out such loans.
He has a theory that central banks manipulated gold and silver on exchanges in order to keep their price low so that people continue to pump the U.S. dollar’s value.
But he ends saying that bitcoin’s price can’t be suppressed this easily because the government and banks would have to own millions of bitcoins, which, quite frankly, would be too expensive for them. He says that’s the real reason why bitcoin’s price keeps soaring – because it has real value that can’t be easily suppressed.
I don’t know too much about economics to say whether he’s right or wrong. But he does give some great insight. He’s a well-researched guy who seems to always post informative things when he was active. Can’t believe his luck though :P.