When a Canadian man named Michael Goldstein arrived at Toronto’s Pearson International Airport in December 2015, he spent over $1 million on a Lamborghini that he thought he would never see again. The car was his, but the Bitcoin it contained was not. After being shown the door by customs, the car was impounded. To reclaim it, he had to go to a judge and prove that he was the original owner of the vehicle. The judge gave him 60 days to present evidence or face prosecution.
Since the release of the Lamborghini Urus, everyone and their grandmother is talking about how many Bitcoins you can buy for $140,000. The Lamborghini Urus is one of the most expensive cars on the market, and is now listed at $139,000 for a car with a base price of $129,000.
Every industry has a story, and when it comes to the digital currency industry, Bitcoin Cacher Guido Tzin is its charismatic frontman. His story has been featured in a number of media outlets, such as The Texas Tribune, VICE, and CNBC, and he’s been interviewed by the likes of CNN, NPR, and The Wall Street Journal. A former Special Forces soldier, Tzin saw the potential for cryptocurrency and blockchain technology, and decided to go out and make it happen.Jay is the Bitcoin OG who created the meme by buying a Lamborghini in cryptocurrency. Thanks to bitcoin mining in his younger years, he went from a life of poverty to a wealthy lifestyle in a gated community, but not without fear for his family’s safety. When BTC first crossed the $1,000 mark in December 2013, former Federal Reserve Chairman Alan Greenspan suggested that bitcoin could not be used to buy anything of value. That was when Jay (not his real name), then in his 30s, used nearly 217 BTC with the help of his wife, who is also a Bitcoiner, to buy a presumably original Bitcoin Lamborghini from the Lamborghini dealer in Newport Beach. He then provided evidence on an anonymous 4chan forum. This proved that bitcoins have real value – who would accept fake money for a Lamborghini? A meme was born that spawned a million other memes. For me, as a person, it’s a bit overwhelming. I made a meme. Jay – a typical Bitcoin OG – started around 2010. Although he was broke and had to support his family in Southeast Asia on very low wages, he ended up installing 20 GPUs, which cost him six times his rent in electricity. BuyLambo with Bitcoin in 2013. I was very poor – I made about $8,500 a year while supporting my family, and children are expensive. I used to have a business and savings, but when I went to college and started a family, I had almost nothing left, he recalls bemused. It’s surprisingly difficult to mine bitcoins when you eat pasta every day, make a lot of money, and spend everything you have on computers and miners. But I had faith, I knew it would change the world. Today Jay lives with his wife, three children and three dogs in a gated community in a small town of less than 100,000 people in Southeast Asia. One of them, a large, professionally trained guard dog, had no doubt that he was ready to rip my face off on command when I visited. His house is actually two houses on two streets, discreetly connected in the middle, creating an inconspicuous facade. The garage at the front has the usual luxury cars, but the garage at the back has only Bitcoin’s Lamborghini 2.0. Unfortunately, I had to sell so much BTC so early because I was close to zero and had kids. I could add at least zero to my net worth if I didn’t have a family – but that’s a paradox, because the family is why I do it.
Bitcoin Lambo in Texas at the 2014 CryptoWomen meeting. Roger that.
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Jay’s fortune is crowned by a Casascius gold coin with a physical value of 1,000 BTC, of which only a few coins exist. In fact, it is the most valuable coin in the world, with a face value of about $60 million and a collector’s premium of several million dollars more. That’s how we met, because I act as a broker of these rarities and wrote the Encyclopedia of Physical Bitcoins and Crypto-Currencies. For Jay, however, owning these coins can be stressful if someone links me to owning tens of millions of dollars in bearer bonds. These coins contain the private key of a number of bitcoins under a tamper-proof label, making them similar to bearer bonds, gold or cash. According to Jay, such privileges are difficult to manage in the family. He lives in a country with wide disparities in wealth and explains that money can be used metaphorically to build a bigger wall to separate himself from the masses or a bigger table to draw them to his side. Honestly, I need to do both, but I want to build a bigger table, he says. He feels he faces real dangers, including the kidnapping of his family members by international criminals. I’ve had problems with some Russian oligarchs in the past, but I don’t think I’m a target now. Loaded 1,000 BTC Casascius coin that Jay bought for $5,000. Still, it’s hard to dismiss fear or paranoia, conditions Jay considers natural. Late in the evening, as we were enjoying beer and burgers on the outskirts of town, Jay suddenly became angry when he saw a car parked next to his Lamborghini. It took more than 30 seconds, he said, still sounding nervous after the car left. Maybe they were just admiring the car – what if? He was clearly concerned.
Jay describes an ordinary childhood in an ordinary lower-middle-class family in the Midwestern United States. Money was sometimes tight, but basic needs were met and school was good. He excelled in geography, which was natural for him without studying. He began working at the age of 12, stacking large boxes in a family friend’s warehouse. The job was a chore and it was actually illegal to employ such a young child, but Jay volunteered and feels he gained valuable perspective in dealing with business owners at such a young age. After high school, Jay enrolled at a nearby university to study international relations and computer engineering. He was disappointed, however, because he felt that much of what I had learned in college was complete nonsense and aimed primarily at making me a good work slave. As he studied money, it struck me that fiat money is not based on anything – it is a debt. He dropped out of school to start his own bookstore, which he later sold to a company that was later bought by Amazon. The realization that the financial system and money are nonsense led me to quit my studies in the US and start my own business. Jay used the money to travel. He first went to Mongolia, which he thought would be a missed gem and provide economic opportunities. Later, in Kazakhstan, he spent time with a group training golden eagles to hunt wolves, and heard other travelers praise Southeast Asia – information he set aside for later. His money ran out and he soon returned to the United States, where he had some success trading oil futures from home. When the tsunami hit Southeast Asia on Boxing Day 2004, I realized that doing nothing was a bad thing, so I jumped on a plane to help. Jay decided to stay and enrolled at a local university, this time studying business administration. Years after graduation and financial adversity, he stumbled upon a bitcoin white paper on the infamous Cypherpunks mailing list in 2010, discussing the early days of the crypto currency. He had already read a book on cryptography – he loved to read – and this project caught his attention. He thought it was brilliant, but I thought it had little chance of becoming a world treasure – it was too crazy. The most attractive aspect was not the monetary aspect, but the idea that it would destroy censorship. He recalls that in the early days, someone wrote Bible verses on the blockchain – forever indelible. With Bitcoin, anyone can write on the wall of eternity. To celebrate bitcoin reaching $100 on the 1st. April 2013. Roger that.
The Bitcointalk forum was an interesting place in the very early 2010s, a time when Jay remembers a gathering of seemingly random people with random ideas. At the time, bitcoin was primarily an intellectual exercise, attracting socialists and communists in addition to libertarians, who were more concerned with the history of the movement. One idea discussed at the time was that coins would be removed and reissued after two to five years of inactivity at an address, while others proposed regulating operating costs based on individual need or national income. Because there was no fixed value, the idea of bitcoin was considered quite malleable and not necessarily set in stone – it could become anything. Jay was confused about some of the arguments. I wasn’t very versed in philosophy at the time, and I didn’t really understand what the left saw in this idea, he recalls. The forum culture grew as a wave of discussions and new users followed the bitcoin news. There was a small group of enthusiasts committed to the project; from time to time new people joined the group and others left. However, the crop has become increasingly toxic. While he initially thought the toxicity was due to a Wild West culture, which of course is characterized by a gold rush of sorts, Jay notes that current WallStreetBets community members seem incredibly polite and friendly. He adds that, while he doesn’t want to slander anyone, he puts some of the blame for this culture on the Bitcointalk forum management. I think community leadership helps shape it. The person running Bitcointalk was totally inexperienced and practically fell into that role – I wonder if it could have been done differently. In contrast, the early Ethereum community seemed friendlier, perhaps due to the merits of Vitalik Buterin as a prominent community leader. Buterin contacted Jay during the launch of Ethereum, but Jay was not impressed. I told Vitalik on Skype that Ethereum will fail because it is too centralized. Despite his reluctance, Jay owns some Ethereum and is not an extreme Bitcoin maximalist like some of his peers. There shouldn’t be people who have the keys to the internet. It should be completely mathematical because it can be, he argued, referring to what he sees as excessive decentralization and dependence on human figures in the Ethereum community.
Jay is already a regular, just over a decade after he discovered bitcoin, but he’s wary of new developments. He considers DeFi to be very risky, because the management of some projects could unilaterally take away your funds. He has a similar view of NFTs, saying that 99% of them will become useless, but some could become cult classics – a view that was especially typical of ICOs during the 2017 boom. For the most part, Jay is doing well in life and focusing on his family, but he does have some fear – a fear that doesn’t even have to do with physical safety. Like many people who have achieved their goals, he has everything he ever dreamed of, but what to do next isn’t quite clear, as he thinks he has enough money to support his offspring until fourth grade. One thing’s for sure, he’s not looking for glory. I actually don’t want this article to be published, but I think it’s generally accurate and the story needs to be told, he said. I have reached my goal, now what? I’ve achieved my life goals, but I’m not dead yet, so I still have something to do. I don’t know what, but something …..We found out who the original Bitcoin Lambo guy was, and where he lives.. Read more about when lambo meme and let us know what you think.
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