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30 Oct 13
01:40
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10 Jan 12
http://news.sky.com/story/1161340/bitcoin-man-buys-flat-with-forgotten-fortune
Kristoffer Koch bought £15 worth of bitcoins in 2009 - four years later they are worth an estimated £430,000.
Experts believe that bitcoins may become the future of currency
A Norwegian man who bought £15 worth of bitcoins and then forgot about them for four years has been able to buy a flat in Oslo thanks to the huge appreciation of the virtual currency.
Kristoffer Koch was doing research on encryption in 2009 when on a whim he decided to invest a small sum in the recently-created bitcoins.
Mr Koch, now 29 and working as an engineer, only remembered the investment in April this year when he read an article about the soaring value of bitcoins.
His 5,000 bitcoins were suddenly worth around £430,000.
After spending a full day trying to remember his password, Mr Koch cashed in £116,000 by selling a fifth of his newly-acquired fortune.
After deducting 28% in taxes, the money was enough for the deposit and restoration of a flat in central Oslo, one of the world's most expensive cities.
"Not in my wildest dreams could I have imagined that they would have soared like this," Mr Koch said.
"It's bizarre. These psychological reflexes that make us attach a value to something that doesn't have any in itself."
Bitcoins can be exchanged for real money or used to purchase goods and services online.
The virtual currency is increasingly used for internet transactions and its value is extremely volatile, subject to speculation.
Kristoffer Koch bought £15 worth of bitcoins in 2009 - four years later they are worth an estimated £430,000.
Experts believe that bitcoins may become the future of currency
A Norwegian man who bought £15 worth of bitcoins and then forgot about them for four years has been able to buy a flat in Oslo thanks to the huge appreciation of the virtual currency.
Kristoffer Koch was doing research on encryption in 2009 when on a whim he decided to invest a small sum in the recently-created bitcoins.
Mr Koch, now 29 and working as an engineer, only remembered the investment in April this year when he read an article about the soaring value of bitcoins.
His 5,000 bitcoins were suddenly worth around £430,000.
After spending a full day trying to remember his password, Mr Koch cashed in £116,000 by selling a fifth of his newly-acquired fortune.
After deducting 28% in taxes, the money was enough for the deposit and restoration of a flat in central Oslo, one of the world's most expensive cities.
"Not in my wildest dreams could I have imagined that they would have soared like this," Mr Koch said.
"It's bizarre. These psychological reflexes that make us attach a value to something that doesn't have any in itself."
Bitcoins can be exchanged for real money or used to purchase goods and services online.
The virtual currency is increasingly used for internet transactions and its value is extremely volatile, subject to speculation.
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Replies: 27
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It's a nice touch that it happened to a Norwegian. We've all heard about the terrible poverty in Norway.
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An engineer too so he should be getting a decent wage.
"28% in taxes", I wonder where that tax came from? Seems strange as it was essentially a currency conversion on income that would have been already taxed. No one ever charged me for converting old euros into pounds. |
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After spending a full day trying to remember his password
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Not really heard of bitcoins
 everything is crazily taxed in Norway erse , a mate of mine moved out there years ago , 6 x cans of Fosters are like £9 , a new Ford Focus is like 28k  they've all got good jobs though & get tax back on everything so gives them all the incentive to buy a place , drive a new car etc |
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Just think what he would be worth if he had bought full ones
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I think average tax is 40% on everything , he said you earn 36k year here but it's really like minimum wage , lol
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There's a geezer on youtube called 'backtoconstitution' who knows a lot about this stuff and he's also a really funny guy with an offbeat & suspicious opinion about everything.
I only stumbled upon his videos a few months back because he's also a nutty conspiracy theorist but he's intelligent too; http://www.youtube.com/watch?v=xsnjocJ7UDc That's one of my favourites but there are plenty of videos about Bitcoin (on his channel) and I do believe this guy knows what he's talking about. PS - I always seem to stumble across these tales when it's too fcukin' late to take advantage  |
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aye moonbeam... never heard of a currency conversion being taxed though. he'd have already been taxed on his $15 to buy them. doubt he's complaining either way.
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And here was me hoping that you were a Norwegian navel-gazer
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Moonbeam average wage in Norway is £60k ish. Even Cleaners are on £15-£20 an hour
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The guy is so rich now that I hear he has changed his first name by deed poll to Scratchma
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TMM - if I was I'd change my name from C0CK like that bloke
 http://www.youtube.com/user/BackToConstitution/videos There are plenty of Bitcoin videos to browse though on there - he's my source concerning everything...I'd consult him first if I needed a shíte! No wonder you people on here think I'm bananas! |
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N-G
If you come across another big time investment like that, don`t put it on a public forum. Just tell me  |
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Yep it's crazy zazu , like he says the cost of living is just as crazy though
This was 10 years ago now & that was the first job he landed , no doubt he's on a lot more now also gets snowed in for weeks on end every winter , not sure i like the sound of it tbh  |
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25 years ago long before mobiles and today's modern technology, I invested 50k in a magnificent Japanese invention. It was a 2" tv set which you could take anywhere (even to the top of Ben Nevis) and watch tv shows broadcast from anywhere in the world. With tremendous picture quality and full recording facility it was way ahead of it`s time. Like all great investments it was too good to be true. They forgot to tell investors that it worked off 12 car batteries
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what the twatter is a bitcoin?
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Hope the guy that sold them to him isn`t reading this thread
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that ssb is a very good question
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in simple terms,
an unknown Japanese guy has built a virtual vault with bitcoins. there are only so many bitcoins in this vault. Data miners/hackers mine data to get the bitcoins out of this vault. I am not really up to speed with mining data but I believe the more bitcoins in circulation the harder it is to get new bitcoins. As there is limited supply, the demand dictates the price of bitcoins much like a currency. Its an interesting concept but hard to trust from an investment point of view (too many unknowns). I think virtual currencies will be quite popular going forwards as Governments cannot mess with their pricing through politics. |
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So you buy a virtual currency with real currency?
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yes, there are brokers that arrange this.
but don't forget real currency is not physical either. |
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So these magic beans might still be worth something?
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Yes, it's a great time to increase your investment, how many more would you like?
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I am not sure. I put £100 into them a few months back as an interest investment.
the theory fascinates me. I have written it off in my mind though and would not be putting any serious money towards it. As I say, I think virtual currencies will be a part of the future but it might not be bitcoins given their shady reputation |
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Does this Japanese guy have any Nigerian relatives who may have left me $3m and all I have to do is send him a couple of k's?
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i still have literally no idea what a bitcoin is. its an invisible coin that doesnt exist and you cant buy owt with? umm.
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Think of it as a betfair arcade bonus.
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