Former Bitcoin developer Martti Malmi said how he sold his coins at ridiculous prices in 2009 and 2010. He considers that not all was a loss, and he does not regret anything.
On his Twitter account, former Bitcoin developer Martti Malmi said that he prematurely sold 55,000 BTC. He mined the virtual coins from his laptop between 2009 and 2010, when their price was close to zero. If he had kept them, his current fortune would be around USD 1.3 billion.
Malmi says that his lack of experience at the time led him to suffer that loss. At the end of 2009, he liquidated 5,050 BTC at a value of USD 5. Likewise, he lost another 30,000 coins in an exchange, “when there was still no established exchange rate.”
He lost the rest of the coins in 2012 when he must have sold them at a price of about USD 5. He explains on the social network that he sold them, although he had decided to hoard them for holding. Unfortunately, he was having a hard time getting a good job at the time.
Not All Was a Loss for the Former Bitcoin Developer
Despite losing such an amount of Bitcoin, former developer Martti Malmi says that he did not lose all of them. “Since then, I have kept my variable amount of savings in BTC. It is not much, but it is still a good advance over the years,” he explained.
On his account, he states that he does not consider that he suffered a loss in the strict sense of the word. He believes that losing that amount of Bitcoin is not the same as having USD 1 billion and losing it overnight. From his point of view, “it is not as bad as it sounds.”
Of the amount of Bitcoin that he sold, the former developer explains that he allocated 10,000 BTC to the purchase of an apartment in Finland. That has happened to a large percentage of early users of the cryptocurrency that Satoshi Nakamoto created. The most memorable event of all is the one that people remember as “Bitcoin Pizza Day”.
Malmi comments that he cannot consider owning an apartment at 22 as a misstep. Of course, he explains that “this is probably the most expensive apartment in the world.”
No Regrets
If the former Bitcoin developer had kept his 55,000 BTC, his fortune would amount to USD 1.3 billion today. However, he explains that he “has no serious regrets.”
He says that not making a lot of money is part of Finnish culture and explains that he accidentally accumulated that amount of Bitcoin. That happened because he had decided to contribute to the computing power of his laptop as a “by-product of Satoshi” to allow others to connect.
Looking at them out of context, the losses of early crypto users are huge. At that time, they lost just a handful of US dollars, but the magnitude of Bitcoin’s rise has changed the parameters over time.
Most of these users do not regret the losses of the first days as they kept a certain amount of coins. Besides, they gained the necessary experience not to repeat the same mistake. For that reason, many of them recommend saving in that cryptocurrency to obtain profit in the future.
By Alexander Salazar
