What's The Backstory On The Word, HODL?steemCreated with Sketch.

in hodl •  7 months ago

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One of my acquaintances recently informed me that I misspelled the word, hodl, in my Shitcoin article.

I had to politely inform him that the word, hodl, was indeed spelled correctly. I also had to inform him about crypto jargon in the process. Naturally, he felt a bit embarrassed, but it got me wondering about the genesis of the word, hodl. As with much of Bitcoin history, it’s a fascinating story.

For anyone unfamiliar with cryptocurrency trading, the term, hodling, means to hold onto your cryptocurrency coins, even if the market is crashing down.

Anyone who has bought and sold Bitcoin or shitcoins knows the feeling of hodling. While your coin is crashing, you must have faith that the particular coin you hold will go up in value at some time in the future. Therefore, you must exercise patience, devotion, and let’s face it, blind faith. You must HODL at all costs.

Right now I’m hodling Bitcoin, Dash, Steem, Ether, Decred and Ripple. But I’m different from most traders because I earn all my cryptocurrency. I’ve been earning nothing but cryptocurrency since June of 2016, when I found this site. But I've been trading quite a bit since last summer. And I also just won a bet from two months ago about the current price of Dash: @tuck-fheman owes me a Steak Dinner. FLAME.

I am especially thankful that Steemit was created as I doubt my life would be the way it is right now. And it's better than it's ever been at any time in my life. And guess what, I'm not bitching about the trending page anymore. It's sooooooo much better now in Steemit. I’m not sure how many people are like me as far as living off crypto, but I think I’m in a very small minority. I trade but not every day. It can be extremely addictive and I absolutely love the volatility and energy of these wild west markets.

The term, hodl, emerged out of Bitcoin, but it applies to any cryptocurrency coin out there. Last time I checked, there were 711 different cypto coins listed on Coinmarketcap.

Back to the genesis…..

The guy who first used the word, hodl, realized he had spelled ‘hold’ incorrectly, but he seemed so upset and/or drunk that he intentionally left in the mistake. He also admitted that he was a bad day trader, so part of the reason the word, hodl, is so funny is because it describes the situation of a lot of noob crypto traders (most of us): we have no idea what we’re doing most of the time in crypto-land. And we end up losing money, or gaining big-time.

But the inventor of the word hodl makes the case that he is not part of the fast-in-fast-out day trading mentality of just buying and selling whatever coin in order to make a quick buck. He makes it clear that he’s in the game long-term, but he seems a bit sore that other day traders know how to make big gains. He also sounds sick of being teased about holding onto his Bitcoin. It’s almost like he’s defending his decision not to day trade. Bitcoin culture is full of dweebs making fun of noobs and people who invest long-term or make bad trading decisions and that is evident from his post.

A quick trip to Reddit reveals the very first time the word, HODL, was used in the English language. The year was 2013.

The emergence of hodl comes from the mouth of a self-described whiskey drunk Bitcoin enthusiast who admits, “I KNOW I AM A BAD TRADER.”

GameKyuubi, the inventor of the word, hodl, is kind of hot, actually:

GameKyuubi from Bitcointalk.org
I AM HODLING
December 18, 2013, 10:03:03 AM
I typed that tyitle twice because I knew it was wrong the first time. Still wrong. w/e. GF’s out at a lesbian bar, BTC crashing WHY AM I HOLDING? I’LL TELL YOU WHY. It’s because I’m a bad trader and I KNOW I’M A BAD TRADER. Yeah you good traders can spot the highs and the lows pit pat piffy wing wong wang just like that and make a millino bucks sure no problem bro. Likewise the weak hands are like OH NO IT’S GOING DOWN I’M GONNA SELL he he he and then they’re like OH GOD MY ASSHOLE when the SMART traders who KNOW WHAT THE FUCK THEY’RE DOING buy back in but you know what? I’m not part of that group. When the traders buy back in I’m already part of the market capital so GUESS WHO YOU’RE CHEATING day traders NOT ME~! Those taunt threads saying “OHH YOU SHOULD HAVE SOLD” YEAH NO SHIT. NO SHIT I SHOULD HAVE SOLD. I SHOULD HAVE SOLD MOMENTS BEFORE EVERY SELL AND BOUGHT MOMENTS BEFORE EVERY BUY BUT YOU KNOW WHAT NOT EVERYBODY IS AS COOL AS YOU. You only sell in a bear market if you are a good day trader or an illusioned noob. The people inbetween hold. In a zero-sum game such as this, traders can only take your money if you sell.
so i’ve had some whiskey
actually on the bottle it’s spelled whisky
w/e
sue me
(but only if it’s payable in BTC)
-bitcointalk.org

Now you know what hodl means. Maybe it’s time for you to buy some coins and Hold Onto them for Dear Life. Only time will tell which ones are shitcoins. I use Bittrex and Coinbase.

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HODL

I'm glad I hodled Bitcoin, it's above $1400 today. ALL TIME HIGH.

This story originally appeared on Medium: https://medium.com/dash-for-newbies/whats-the-backstory-on-the-word-hodl-27756392b698

btw, I'm still obsessed with whoever is running the Satoshi Nakamoto Twitter account. He recently replied to me regarding the issue of Blockstream's intentions of patenting certain aspects of Bitcoin with the SegWit implementation. Falkvinge has written about this recently. It's disturbing, for sure.

Sneak and Ned, I forgive you for treating me like a piece of shit when I offered to create a Steemit For Newbies Medium publication.

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Before the word was invented, I did HODL Bitcoins.

I bought 200 at US$7 each in May 2011.
I sold 50 of them in June 2011 at US$30, to get my money back.

I HODLed the 150 BTCs.
In October 2011, the prices of 1 BTC was below US$3.

When the prices skyrocketed in November 2013, I sold 10 BTCs for CAD$10,000.
So far so good.

But then I continued to HODL most of my BTCs on MtGox: big mistake!
😭

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OH NO!!!!!!!! THAT'S SUCKS. HORRIBLE!
have you written about this?
Did Trezor not exist back then?

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have you written about this?

Yes, I did: My Good and not so Good Adventures with Bitcoins

Did Trezor not exist back then?

I had a wallet on my phone, but I did not move my BTCs to this wallet.
My mistake was that I did not remove my BTCs from the exchange. It has nothing to do with a wallet, Trezor or other.

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oh boy! What a ride!

Wow! that's interesting. I am also glad I "holded" a few fractions of Bitcoin, as my face beamed with smiles when I signed in to my bitcoin wallet today.
Nice write-up @stellabelle

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thank you! I aim to please.

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Sure! you do aim to please. i have been following your activities here, you're always out to help. Great job.

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Thanks! Even my trolls amuse me! I am glad I stayed on here through shitposts and all.

HODL will be mainstream SOON!!!

will definitely HODL my hard earn Steem too in that case😎

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Yes, it could definitely go up.....but no one knows the future......that's the rub.

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Let's keep our fingers crossed.....

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I've been crossing them for almost a year. My fingers are tired.

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😆...i'll join you in crossing fingers now😄

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good, my hands hurt.

Another funny one is "This is gentlemen" Someone meant to say "This is it gentlemen". So now you might hear "This is gentlemen" when the price goes up.

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oh yeah, i think i heard that a long time ago.
what other ones are there?

I remember when I learned about this. Internet culture is so mischievous. kekekekekek

upvoted
@shayne

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And it comes from drunken bitcointalk ramblings!

Cool, very interesting and educational.
i'll HODL my criptocuerrencies.
:-D

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I figured there were many like me who didn't know the origin story!

Its also in the dictionary😜
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GameKyuubi is an inspiration, my internet hero alongside darkalex from the psp community.

Very good article. Thansk

Why Ripple though? That's debt.

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why not? I've doubled my investment already.
I'm not picky when it comes to profit. Living as a starving artist for over 10 years bit me in the ass. I never want to be broke again.

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Because it's straight up bank money. People who print money without limits or supervision are involved heavily and they can pump big...but they can dump just as hard if not harder at any time. Why would banks want to contribute to crypto? What if they are just getting everyone excited about Ripple and other posers to drain money from other projects that are actual blockchains and then dump big on everybody leaving them with weak finances to where they could no longer support crypto projects trying to give humanity more freedom?

Yes, poverty is inhumane and I think that's why supporting Ripple is a bad idea. Ripple is a banking scheme, they are selling debt and calling it credit. I don't care if people decide to trash their money like that, not even if it comes out of crypto, I just don't want it on the same category as blockchains because imo is deceiving and it's a disservice to those working hard in creating awareness about the concept behind blockchains like yourself .

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If they help banks make transfers in minutes instead of days, then I'm all for it. Waiting 3 days for a bank transfer is ridiculous. I still have to use banking system. It should be improved.

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I'm emotional about a lot of things. Money is not one of them.

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This is not all emotion, it's not logical to bet against banks driven by profit which also make up the profit as they go. Not logical to bet against people who can buy out any exchanges and most people without breaking a sweat, that's what happens when you can print however much fiat you want whenever you want.