The history of the HODL 💪
"History is written by the hodlers"
- Winston Churchill
Being a newcomer to the crypto-sphere can be a daunting experience. The learning curve of understanding what this thing, called cryptocurrencies even are, is extremely steep. While you’re just realizing there are 1500 other coins and tokens besides just the bitcoin that you own, you get bombarded with memes and words like HODL from left and right. And all you really want to know is why the fuck the price of your portfolio just dropped 50%.
Rest easy. While this article won’t help you understand what you got yourself into and whether you should buy or sell. What it will do is to give you the history of the HODL. Which is such a powerful word that it helps people play it cool when the market swings are too brutal, surely saving them a shit ton of money when it finally recovers and yet again reaches a new all-time high. 🚀
So before we delve into the origin of the HODL, let’s take a look at the definition by knowyourmeme.com.
Hodl is an intentional misspelling of the word “hold,” which is used among cryptocurrencyenthusiasts when encouraging traders to resist the urge to sell one’s holdings in response to market fluctuations. Following the term’s surge in popularity online, the backronym “hold on for dear life” was subsequently attributed to the term.
So essentially what HODL means is the opposite to panic-selling when the cryptomarket is crashing and to be patient, calm and first and foremost – hold on to the coins. This might sound easy to an outsider but anyone that experienced a proper crash can definitely relate to the struggle to not sell when everyone around you is. Taking a quick look at the search trends on Google the correlation between the bitcoin crashes and people turning to the HODL is extremely high, proving the power of the meme.
Okay, so where does this misspelled meme come from? 🤷♂️
It may not come as a massive surprise that alcohol is involved in this history. It was the year of 2013 and a member of the bitcoin forum Bitcointalk decided to ventilate his frustration with the recent bitcoin crash while drinking some strong liquids. The post was quickly picked up by the community and the misspelling has since then definitely been cemented into the core of Bitcoin and cryptocurrencies history. It’s hard to give it the justice it deserves by rephrasing it, so without further ado, here you have the legendary post in its beautiful fullness:
Author : GameKyuubi
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.December 18, 2013, 10:03:03 AMso i’ve had some whiskey
actually on the bottle it’s spelled whisky
(but only if it’s payable in BTC)
Final words 💡
To judge by Bitcoins 9-year-old history its been filled with crashes and the HODLER:s through these have always been rewarded for their endurance. So if you’re now sitting there considering to sell, think an extra time about joining the club of hodlers because they have definitely been right so far. And if you don’t even have any precious coins, consider following this guide to get some bitcoin. #HODL 🚀