“HODL” is an iconic crypto slang mantra originated in 2013 in a misspelled forum post. BTCMEX explores the story of “hodlers” in today’s throwback.
Throwback Thursday by BTCMEX
“I AM HODLING” screamed less-than-sober “GameKyuubi” on Bitcointalk during the price crash in 2013. The drunk investor admitted he misspelled the word “holding”… twice… in his attempt to announce plans to hold on to Bitcoin despite the price crash in the market.
At the time of his misspelled posting the price of Bitcoin fell 39%, from $716 to $438, according to CoinDesk's Bitcoin price index.
"I type d that tyitle twice because I knew it was wrong the first time. Still wrong. w/e,” continued the author.
He explained that he was holding Bitcoin because couldn’t compete with day-traders to sell at the appropriate moment.
"WHY AM I HOLDING? I'LL TELL YOU WHY," he continued. "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."
HODL made its way into memes within minutes, and later on became a cryptocurrency investing approach of holding onto a coin through crashes in order to hopefully reap exponential long term rewards. “HODL” has been given the backronym “Hold On For Dear Life”.
Today HODL is a crypto slang term derived from a misspelling of "hold" that refers to buy-and-hold strategies in the context of bitcoin and other cryptocurrencies.
Hodlers wash their hands of all this volatility and prognostication. They simply hodl, which helps them to counteract two common destructive tendencies: FOMO (fear of missing out), which can lead to buying high, and FUD (fear, uncertainty, and doubt), which can lead to selling low. The latter is occasionally referred to as SODLing.
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Please, note, that the article is a part of BTCMEX Blog, the views and opinions expressed here are the contributing author’s only, and do not necessarily represent the views of the company.
Julia Bulakh for BTCMEX