Note (opinion)

5 great lessons from the man who carelessly became 55,000 bitcoins!

If more than 1400 in April $ 3.5 billion (more than 100 trillion tomans!) You had it, what were you doing ?! What if you found out that you had such capital before, but you lost it easily?

The following is an interesting story by a young developer named Martti Malmi who easily lost 55,000 bitcoins. In 2011, he sold his bitcoins for $ 5; Bitcoins are worth about $ 2.5 billion today, and at the peak of the bitcoin price ($ 64,000) their value reached $ 3.5 billion. However, he has learned audible lessons from this strange loss and intends to share it with others. If you are also eager to hear his story and experience, read on by quoting Article Read an author named Nabil Alouani on the Medium website. You will read the rest of the article in the language of its author.

5 great lessons from the man who carelessly became 55,000 bitcoins!
Marty Malmi

Marty Malmi was one of the first people to mine bitcoins. If you do not know what bitcoin mining means, doing some calculations on a personal computer to ensure that digital transactions are done correctly and receiving digital money is called mining.

When Bitcoin started, the reward was very generous. At that time, you received 50 bitcoins for each problem you solved, and Malmi solved hundreds of problems.

In the first two years of Bitcoin, 2009 and 2010, the 20-year-old easily earned more than 55,000 bitcoins. It is a pity that he did not know that these digital coins would later become more valuable than gold.

As I write this, each bitcoin unit has reached a record $ 65,000. However, in 2009 bitcoin was almost free.

At the time, Malmخت sold 5,050 bitcoins for just $ 5. In other words, if we compare what Malmi sold in 2009 to the current record value of Bitcoin, he paid $ 328,000 for just one cup of Starbucks coffee! And unfortunately, that was only a small part of what he lost.

In 2010, Malm. Operated the website Contrary to popular belief, the website was not a trading platform, but a bitcoin faucet.

5 great lessons from the man who carelessly became 55,000 bitcoins!
Fast Bitcoin is a website that gives free bitcoins to its users.

Fast, which literally means “tap,” is a website that gives its users free bitcoins for easy tasks such as watching videos, posting comments, and sharing posts on social media. Malm نیز also donated another 10,000 units of its bitcoins to users of its website through this fast, and did not receive a significant profit from this work.

A year later, however, things began to change.

The price of bitcoin, which was practically zero, suddenly reached between $ 15 and $ 30, prompting Malmi to think that he would eventually make some money. He sold 10,000 bitcoins and bought a chic apartment near Helsinki, the capital of Finland.

Profits from the deal encouraged Malm. To pursue its goals further. For this reason, he bought a one-way ticket to Japan in 2011 which, according to what was thought to be the nickname of the creator of Bitcoin, Satoshi Nakamoto, was probably Bitcoin’s homeland.

In Japan, in addition to learning Japanese, Malmi also visited the Mt. Gox exchange, which was considered the best of its kind at the time. Malmi, now more motivated to use his digital assets properly, sought to save his bitcoins.

Unfortunately, this decision was not enough to prevent Malmi’s bad luck.

In 2012, Malmi’s dollar savings ran out and he decided to start working again; But finding Malmi took longer than expected. So the young developer also sold a large portion of his remaining bitcoins at a rate of only $ 5 per unit at the time.

By 2012, Malm را had lost a total of 55,000 bitcoins. This amount of bitcoin in April 2021 was worth $ 3.5 billion. Although he was able to buy an apartment and keep some digital currency in his wallet in exchange for losing these coins, this result was far from becoming a billionaire.

5 great lessons from the man who carelessly became 55,000 bitcoins!
Picture of an apartment that Malmi bought with the sale of 10,000 bitcoins.

Malmi wrote in one of his tweets that he is satisfied with his small profit and intends to share some of the lessons he has learned. Here are five tips Malmi has given you. Of course, based on the insights I have gained from other sources, I have added points to these recommendations and, in other words, completed them.

Definition Value is changing

5 great lessons from the man who carelessly became 55,000 bitcoins!

Yuval Noah Harari wrote in the definition of money:

[پول] Anything that people want to use to show the value of other things on a contract basis.

In fact, the dollar and bitcoin both represent “value.” Malmi’s sad story shows that the financial value of the digital world is surpassing the financial value of the real world. Remember this statement.

More money, better life!

5 great lessons from the man who carelessly became 55,000 bitcoins!

We all agree that Malmi’s statement is true; But for what exact reason?

Roy F Baumeister, a professor of psychology at the University of Queensland in Australia, wrote in the journal Psychology Today:

[پول] It is an all-purpose tool, in the sense that it is more like a resource than a tool in itself. Thus, money makes one less dependent on the help and sympathy of others or their social approval.

So, whether you are one of the hated faces on social media posting pictures of your expensive car, or ordering a stupid $ 42 million an hour, or trying to provide the best life for your loved ones, money will give you freedom anyway.

The more money you have, the more freedom you will have.

You do not need to be rich to have a great life

5 great lessons from the man who carelessly became 55,000 bitcoins!

At first glance, Malmi’s third recommendation seems to contradict his second; But it is not.

The phrase “more money, better life” works to some extent; But from that point on, money alone can no longer make human beings happy. How much money is enough to have a good life is a variable that varies from country to country and from region to region. For example, psychologists have calculated this number for the United States and found that $ 95,000 in annual income can create a good sense of well-being and satisfaction in its citizens.

According to the PolicyAdvice platform, this is equivalent to the average wage of a worker in the United States. Also in this country, the average minimum wage is $ 24,000 and the average maximum wage is $ 423,000.

Obviously, these numbers are not fixed and can even vary from person to person.

Maybe you want more and maybe you are satisfied with less. In any case, the important point is that You have to choose a certain number and try to reach it; But as you pursue your dreams, do not forget the act of “living.”

Just imagine for a moment that you are going to die today. In that case, what is the use of all this money ?!

Never forget to save!

5 great lessons from the man who carelessly became 55,000 bitcoins!

In 2012, the year Malmi’s savings ran out before he found a job, he had 10,000 bitcoins. With that amount of bitcoins, he could now own $ 650,000,000; But all this wealth was lost.

The purpose of saying this is not to make wise and beautiful sentences; Rather, it is a lesson from people’s experiences. So, it’s best to hear from famous investor Warren Buffet:

Do not save what is left after spending; Rather, save first and then spend what is left.

In the previous section, we asked what would happen if you died today. Now we have to ask the question, what capital do you have if you are going to live to be 90 years old ?!

Every mistake is an investment

The story of Malmi reminds me of a movie called “21”. In this film, an intelligent student named Ben was eligible to enter Harvard Medical School; But he could not afford the $ 300,000 college tuition.

5 great lessons from the man who carelessly became 55,000 bitcoins!
“21” movie poster

He had two options. The first way was to be able to surprise the Harvard Scholarship Director and win the scholarship amid the intense competition for scholarships.

But Ben had no advantage over his rivals. For this reason, he took the second way. Ben joined a group of math genius kids who were masters of cheating in a betting game. Together, they stole large sums of cash from a casino; But very soon, because of a mistake, they lost all the money they had stolen.

Although the young gambler ultimately failed, his bizarre and insane story managed to astonish the scholarship manager and open his way to Harvard Medical School.

Just like Ben’s misfortune that brought him a free ticket to Harvard, I’m sure Malmi’s loss will be a valuable asset to him; Of course, if this has not happened before. Therefore: Look at every mistake as an investment.

Concluding remarks

It is hard to imagine a person losing such a large amount of wealth so easily. It is very likely that many of us who have nothing to do with Marty Mali will feel sorry for him after reading this story.

Of course, this is probably because we have all experienced loss in our lives. For example, we may have had bitcoins that we sold at a lower price or because of financial need. Even when we move out of the digital currency space, we may easily lose assets such as money and our home for a variety of reasons.

The article you read was 5 recommendations from a person who can be boldly said to have suffered one of the greatest losses in the history of the world. Practicing these tips may help us to be aware of similar mistakes in our lives and not repeat them again.

The summary of these 5 recommendations can be summarized in the following sentences:

Money is not a bad thing at all! Whether we accept it or not, money is one of the natural needs of human beings in today’s societies and greatly affects their quality of life. So if you want to have an easier life in the future, do not forget to invest and save. Also, keep in mind that money is not just about paper bills that are on our minds. Today, the definition of value is changing, and if you want to stay out of the future, you need to update your view of money. However, “having money” is different from “getting rich”. You do not have to be rich to have a good life. All of these tips and tricks are to improve your quality of life, and it certainly does not make sense for you to make money by taking the opportunity to make a living. And finally, to learn from your mistakes. Your mistakes are great teachers. If you are a smart student, you can learn valuable lessons from them that are not found everywhere.


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