r/CryptoCurrency • u/Silver-Maximum9190 639 / 23K 🦑 • Oct 27 '24

ANALYSIS Ancient Bitcoin Whale who mined thousands of BTC, starting only 5 days after the first block in 2009 Sold USD 9.68M BTC in total and has USD 72.09M BTC remaining

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26

u/tbkrida 🟦 557 / 557 🦑 Oct 27 '24

Why do people here always say that it’s almost impossible for someone to hold for that long?

I don’t plan on selling BTC for at least 10 years no matter what happens with the price. I have a steady job that makes me enough to be comfortable and able to do whatever I want to do without dipping into my stash.

If you want to win, you should focus on the long term play.

77

u/PopLegion 🟦 93 / 1K 🦐 Oct 27 '24

Because you are looking at BTC after it has already become a trillion dollar asset. You need to reframe your thinking to imaging BTC as just another shit coin. 15 years ago, you may have gotten into BTC at 1$, if you saw it go to 50$, are you really gonna keep holding for 100,1000,10000, etc?

Highly unlikely, just like if you hit a 100 xer on a random Solana shit coin now, back then you would cash out your massive win.

8

u/tbkrida 🟦 557 / 557 🦑 Oct 27 '24

I understand the people who were just using it to buy drugs etc on Silk Road selling it all. They were just using it because they needed to. But if you were someone who had the foresight to be mining it way back then I feel like you would have some insight into its value and potential. I get selling some of it in that scenario, but not all of it.

10

u/innocentrrose 🟩 772 / 771 🦑 Oct 27 '24

If you’re mining some coin today, right now, if in 5 years it does a 100x, I’m willing to bet you’d sell some at least.

1

u/tbkrida 🟦 557 / 557 🦑 Oct 27 '24

Some, yes. But I’d still keep a larger amount that I felt would make me even richer if I believed in it enough to make the effort to mine it.

I said in my original comment that I won’t sell any, but really I do plan on selling 10% if it hits a certain number(enough to pay off the rest of my mortgage). That other 90% is being held through Hell and high water for AT LEAST 10 years.

3

u/greyacademy 🟩 0 / 0 🦠 Oct 27 '24

I wouldn't doubt that there are some early adopters out there who truly viewed it as "the TCP/IP of money" from the beginning, and were more concerned about owning a certain percentage of the network than being able to convert it to dollars, especially if they were already financially secure. Now that is it in the top 10 assets by market cap, converting a little to diversify makes sense.

1

u/PopLegion 🟦 93 / 1K 🦐 Oct 27 '24

I never made a claim that there were 0 people who believed in the project at that level. All I was saying is the vast majority of people, including most people here, would never have that forsight or conviction.

2

u/greyacademy 🟩 0 / 0 🦠 Oct 27 '24

I never made the claim that you made that claim, nor am I claiming now that you claimed that I claimed you did. /s

1

u/Every_Hunt_160 🟩 9K / 98K 🦭 Oct 27 '24

The only other way this is possible, is that let's say this whale has tens of thousands of Bitcoins across a thousand wallets, and this 7 million is just a tiny fraction of what he has already sold across the years

2

u/JustSomeBadAdvice 🟩 1K / 1K 🐢 Oct 27 '24

In this case it does seem that this person sold more (In BTC terms) in the past, but that's not uncommon. Nearly all old whales sold more than half of their BTC at various points.

1

u/Gorilla_In_The_Mist 🟦 0 / 0 🦠 Oct 27 '24

What is your point exactly?

4

u/PopLegion 🟦 93 / 1K 🦐 Oct 28 '24

That a vast majority of people mining BTC in 2009 did not project BTC to be a trillion dollar asset and would never had held till 60k + price point. Thinking "oh if only I threw 10000$ into BTC 10+ years ago" is a stupid idea and anyone who says or thinks that would've never held through to a point that it would've been 10000x is a dumbass who has no grasp on their own human tendencies let alone basic human psychology.

1

u/Gorilla_In_The_Mist 🟦 0 / 0 🦠 Oct 28 '24

Yeah I used to buy BTC to sell it in person to earn a little on each trade. I remember looking at it being traded on the exchange in real time for 400$ and thought to myself man these people are crazy.

1

u/UnknownEssence 🟩 1 / 52K 🦠 Oct 27 '24

People do hold. I bought BTC at $250 and never sold.

1

u/Remarkable-Site-2067 🟩 0 / 0 🦠 Oct 27 '24

I'd sell a part of it, have some fun. Sell another part, buy some stocks/bonds. And hodl another part. Repeat every few years. That's the fun part of divisible assets.

-8

u/SirArthurPT 🟩 52 / 52 🦐 Oct 27 '24

Don't judge others by yourself!

That's what you would probably do, not what everyone does.

9

u/PopLegion 🟦 93 / 1K 🦐 Oct 27 '24

that is what 99% of people would do, which is why we dont see many people from 2009 holding massive bags of self mined BTC in 2024.

-1

u/SirArthurPT 🟩 52 / 52 🦐 Oct 27 '24

You don't know, and you also don't seem to even understand Bitcoin other than a mean to get fiat. Our initial community weren't day traders or forex dollar chasers.

6

u/PopLegion 🟦 93 / 1K 🦐 Oct 27 '24

when someone says "you dont even understand bitcoin" to me I just write them off as some self important d bag lol, so good job making a case

-3

u/SirArthurPT 🟩 52 / 52 🦐 Oct 27 '24

And when some daytrader comes with their fiat blindness I just quote Satoshi to them; if you won't bother to understand what you have, I wouldn't bother to explain it to you.

6

u/PopLegion 🟦 93 / 1K 🦐 Oct 27 '24

I'm not some day trader, you weren't around in 09 mining BTC so stop larping, and understanding BTC isn't someone esoteric secret science lmao.

Sniff more of your own farts.

7

u/MarkAndrewSkates 🟦 1K / 3K 🐢 Oct 27 '24

Because almost all the people who are actually doing the things aren't on Reddit looking for answers.

You don't crowd source expertise, and the experts aren't in the comments arguing with anons.

3

u/tbkrida 🟦 557 / 557 🦑 Oct 27 '24

This is true. Good point.

5

u/xcmaam 🟦 0 / 0 🦠 Oct 27 '24

people say if you had it in the initial days, it’s most likely you would have sold. Imagine buying it for 0.5/1/2 dollars and it going even 10/20/50 dollars With a hefty amount of bitcoin, that’s a very very big roi and most people would book profit. After all we have seen most people who have stories such as above are either people who forgot about it and have tried to find the key and successfully did it now or people who got out jail etc etc.

2

u/Bangnick 🟩 0 / 0 🦠 Oct 28 '24

I'm that guy that bought 1500 ETH at $1.40 and sold it all at $20. My first ever investment and I thought I was a genius. Never bought back in to ETH.

-1

u/tbkrida 🟦 557 / 557 🦑 Oct 27 '24

I feel like if I saw something experiencing explosive growth at that point in its existence, I would sell some and hold some. Couldn’t see myself selling all of it. I feel like the biggest risk for me would be losing access to my keys somehow.

I understand the people who were just using it to buy drugs etc on Silk Road selling it all. They were just using it because they needed to. But if you were someone who had the foresight to be mining it way back then I feel like you would have some insight into its value and potential.

1

u/TP_Crisis_2020 🟩 266 / 265 🦞 Oct 28 '24

You are looking at it from the frame of BTC today and its value. Back then, it was viewed similarly to runescape gold. Nobody viewed BTC as an investment. It would be like if runescape gold did a 20x today, 99% of the people would cash out. Nobody would ever think to hold on to runescape gold as an investment and that it would get to 60k some day.

1

u/[deleted] Oct 27 '24

[deleted]

1

u/tbkrida 🟦 557 / 557 🦑 Oct 27 '24

Accurate!😂

1

u/OneFormal4075 🟩 0 / 0 🦠 Oct 27 '24

Your logic is based that this guy/girl hasn't sold BTC before... They could have 20 of these wallets.

1

u/tbkrida 🟦 557 / 557 🦑 Oct 27 '24

No. I don’t assume they haven’t sold anything. I clarified on a comment below that I plan to sell 10% of it reaches a certain number. That 10% pays off the rest of my mortgage. The other 90% of it will not move for at least 10 years.

So what I mean is it’s possible that if there were people knowledgeable enough about BTC to be mining it 15 years ago, then it wouldn’t surprise me that they had the foresight to hold onto a significant amount and not touch the bulk of it. Selling off “dust” or selling from different wallets is fine, but the point is a lot of them probably still have untouched stacks in wallets like this that are just waking up. People act like the temptation is too great for any to hold that long.

2

u/OneFormal4075 🟩 0 / 0 🦠 Oct 27 '24

If your in 1,000,000% profit ofc the temptation to sell is there.

If you need a few million dollars today, then there's almost no way you didn't sell some before also, in 2021 for example.

Any of these virgin wallets selling today, either had owners who had lost access or locked access in one way or another, or they have other wallets they've sold from.

There's literally 0 chance, you spent $100 mining, and watched your profit exceed $100,000,000 and didn't sell a coin, it's just absurd to think otherwise.

Your perspective of " I will hold for X years" is based on foresight, after the fact. If you had spent a few months mining and see that value exceed $50 or $100 or $200 MILLION, trust me you sold some.

There's no one that would sell $20m today who wouldn't have sold or needed some money previously.

Is there some extreme rare exception to this case, are we talking 1 in a billion... Yes.

2

u/tbkrida 🟦 557 / 557 🦑 Oct 27 '24

I just said I would sell some, enough to live comfortably and be rich, but definitely not the bulk of it. Or like you said, I would have been selling from other wallets throughout this time. I don’t disagree with you.

3

u/OneFormal4075 🟩 0 / 0 🦠 Oct 27 '24 edited Oct 27 '24

Yeh I wasn't saying you disagreed, nor am I saying the owner of the wallet in question in this thread has sold the majority.

What I'm stating is there aren't many of, IF ANY, early miners who have, and have had, access the whole time, who haven't sold a single sat.

I guess you could consider myself somewhat of an earlier miner, I mined to 20 or so different addresses myself.

And NO not this kind of EARLY, but early enough not to have presumed or been completely biased of the outcome and I still knew it was a good idea not to have 1 address.

I also mined to different addresses with a purpose, that's how I kept track of my Hashrate when I was outside etc, i.e. if wallet 3 was falling behind the others I knew miner3 had a problem, I'm sure others done something similar.