The Context
It was December 18, 2013. The crypto world was in panic. The People's Bank of China had just issued a notice banning financial institutions from handling Bitcoin transactions. The market was in freefall.
~$1,150
BTC before China ban
→
~$550
BTC on Dec 18, 2013
→
$126,000+
BTC ATH (2025)
Traders were panic-selling. Forums were filled with doom and despair. In the middle of it all, a BitcoinTalk Senior Member named GameKyuubi — a guitarist and coder from Japan who had been on the forum since 2011 — opened a bottle of whiskey and started typing.
What he wrote would become the most legendary post in cryptocurrency history.
The Full Original Post
— Sr. Member
December 18, 2013, 10:03:22 AM UTC
I type d 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 bdistribution. Meanwhile when I try to trade and Loss it Loss Loss Loss I JUST HOLD. In a zero-Loss game such as this, people who HODL are the ones who profit. You only sell in a bear market if you are a good day trader or an illusioned noob. The people inbetween hold. In a game theory, people who HODL are the least likely to be fucked by other people.
I invested in BTC last year and I invested at the wrong time, but I still BELIEVE and I still HODL. You can be damm sure I'm not going to sell out at this price — but you can also be damn sure that I am not going to sell out at ANY price short of where I first invested.
WHY AM I HOLDING? BECAUSE I KNOW I'M NOT A GOOD TRADER AND I'M NOT GOING TO TRY TO TIME THE MARKET.
If it takes 10 years then it takes 10 years. When the market is tanking it's not the time to sell, it's time to HODL.
BTC VALUE DOES NOT GO DOWN LONG TERM. It ONLY goes up long term. That is basic economics — if more and more people adopt it and use it, and less and less are made — the only direction is UP.
So I am going to HODL. I am not going to trade. This is what I'm doing. I'M HOLDING.
[Originally posted on BitcoinTalk: bitcointalk.org/index.php?topic=375643.0]
Key Lines — Decoded
Despite being written while drunk, GameKyuubi's post contains remarkably sound investment logic. Here are the key lines and what makes them so powerful:
"I'm a bad trader and I KNOW I'M A BAD TRADER."
Self-awareness is rare in markets. Academic studies show 95-97% of day traders lose money. Knowing you're not a skilled trader is actually the first step to making better decisions.
"In a zero-Loss game such as this, people who HODL are the ones who profit."
The core thesis of HODLing. If you believe Bitcoin's long-term trajectory is upward, then holding through volatility is the winning strategy. Bitcoin proved this correct — growing from ~$550 to over $126,000.
"You only sell in a bear market if you are a good day trader or an illusioned noob. The people inbetween hold."
A simple three-tier framework: professional traders can profit from volatility, deluded beginners sell at a loss thinking they're smart, and everyone else should just hold.
"In a game theory, people who HODL are the least likely to be fucked by other people."
An intuitive grasp of game theory. By refusing to play the trading game, HODLers remove themselves from the competitive dynamic where sophisticated traders exploit less skilled ones.
"If it takes 10 years then it takes 10 years."
True long-term conviction. As of 2026, it's been 13 years since the post — and Bitcoin has returned over 22,800% from the price when he wrote this.
The Aftermath
Immediate Reaction (December 2013)
The response was immediate and explosive. Within hours of GameKyuubi's post:
- BitcoinTalk users started replying with "HODL!" as a rallying cry
- The first HODL memes appeared, including edits of Braveheart and 300 with "HODL" replacing "HOLD"
- The typo was deliberately preserved — correcting it would have ruined the magic
- Other forum members started using HODL in their own posts about Bitcoin
The Spread (2014-2017)
From BitcoinTalk, HODL spread to every corner of crypto culture:
- 2014: The backronym "Hold On for Dear Life" was created, giving HODL a second meaning
- 2014-2016: HODL became standard vocabulary in crypto communities on Reddit, Twitter, and Telegram
- 2017: During the Bitcoin bull run to $20,000, HODL went fully mainstream — appearing in news articles, merchandise, and even encyclopedia entries
Mainstream Recognition (2018-Present)
- 2019: CoinDesk published "The History of HODL", tracking down GameKyuubi for an interview
- 2024: VanEck launched a Bitcoin Trust ETF with ticker symbol "HODL" — bringing the meme to Wall Street
- 2025: Britannica Money published an official entry for HODL. The word appeared in Merriam-Webster's tracking list.
- 2026: GameKyuubi publicly resurfaced and joined the $HODL token community on Solana
"BTC VALUE DOES NOT GO DOWN LONG TERM. It ONLY goes up long term."
Bitcoin was ~$550 when GameKyuubi wrote this. It's now worth over $126,000. He was right.
Bitcoin was ~$550 when GameKyuubi wrote this. It's now worth over $126,000. He was right.
Read the Original Thread
The full original thread with all 2,600+ replies is still live on BitcoinTalk:
bitcointalk.org/index.php?topic=375643.0
It remains one of the most-viewed threads in BitcoinTalk history and a pilgrimage site for crypto enthusiasts.