Stanford University’s Bitcoin Mafia

Bitcoin started a revolution that continues to change the financial world as we know it.  2013 was a rather interesting time for Bitcoin. Here are a few of the events that took place:-

 

  • Firstly, in February 2013 the bitcoin exchange Coinbase reported selling US$1 million worth of bitcoins in a single month – Bitcoin was around $22 at the time
  • April 2013, payment processors BitInstant and Mt. Gox experienced processing delays due to insufficient capacity – a sure sign that demand for Bitcoin was increasing (Mt. Gox
  • In a crackdown in October 2013, the FBI seized approximately 26,000 BTC from website Silk Road during the arrest of alleged owner Ross William Ulbricht
  • In a bold move during November 2013, the University of Nicosia announced that it would be accepting bitcoin as payment for tuition fees.  The university’s chief financial officer called Bitcoin the “gold of tomorrow”
  • Also in November 2013, customers were experiencing delays of weeks to months in withdrawing cash from their Mt. Gox accounts.  The article said that the company had “effectively been frozen out of the U.S. banking system because of its regulatory problems”.  Read more about the fate of Mt.Gox – Click Here – Wikipedia

 

 

There was no doubt that the interest in Bitcoin was growing, particularly amongst a group of Stanford University students.

 

Towards the end of 2013, Stanford University officials were confused as to why 10% of the energy used in a dormitory seem to be consumed by one room.  After kicking down the door, they found the room “hotter than a sauna” generated by the running machines. It turned out that students had started a Bitcoin Mine – Griffin 304.

 

As it happened, Bitcoin early adopter and venture capitalist Tim Draper gave a talk at Stanford during 2013 sparking excitement and entrepreneurial spirit amongst the students.  The interest in Bitcoin spread like wildfire, hence the undercover Bitcoin Mining operation.  The people involved in this group are now CEO’s of their own crypto companies… The Stanford Bitcoin Mafia was born.

 

Read the full article – The Stanford Bitcoin Mafia

Read more here – Bitcoin mining rig in their dorm room

 

 

Back in 2011, Bitcoin fever was felt in Idaho too when a teenage visionary decided to invest in Bitcoin when the value was just $12 per coin.  He received a monetary gift of $1000 from his grandmother and a hot tip from his brother to buy Bitcoin which prompted him to invest in cryptocurrency.  This investment turned Erik Finman into a Bitcoin Millionaire and winning his bet with his parents.   Read full story here – How $1000 Gift turns Teenager into Bitcoin Millionaire

 

Now fast forward to the end of 2017… Bitcoin and cryptocurrency has the ability to affect emotions such as fear, resistance, excitment and FOMO (Fear Of Missing Out).  Recently we saw the craziness of Bitcoin Investors when FOMO gripped many as they mortgated their homes or maxed out their credit cards.

 

 

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