HODL

The internet has a long history of immortalising misspellings, be they deliberate, due to lack of English fluency, or inebriation. “Leet speak” with its deliberate misordering of simple words such as “teh” (“the”) is a celebration of this trend. In late 2013, Bitcoin gained its most famous meme of all time – and it came from a simple misspelling driven by a drink or two too many.

2013 had been a roller coaster ride for Bitcoin holders – indeed, it’s no coincidence that the roller coaster meme was also born that year. But it was to be surpassed in December by one that was inspired by the euphoric highs and gut-wrenching lows the community had experienced at various points that year as Bitcoin was buffeted by a string of real-world events.

In November 2013, Bitcoin had peaked at over $1,200 on Mt. Gox, but it had been mostly downhill since then, leaving Bitcoin’s newly-rich holders debating whether to ride out the storm or sell their coins to lock in profit. On December 5, 2013, the People's Bank of China (PBOC) issued a notice prohibiting financial institutions from handling Bitcoin transactions, while on Mt. Gox withdrawal delays had become endemic and most users couldn’t access their funds. The market was in full-blown panic. It was within this fevered environment that one of the Bitcointalk forum's most famous posts was made.

Just HODL Bro

On December 18, 2013, with Bitcoin's price in freefall, GameKyuubi published a post titled “I AM HODLING.” The post, riddled with typos, was a raw and emotional outpour of frustration and resolve. It warrants republishing in full:

“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 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.

so i've had some whiskey

actually on the bottle it's spelled whisky

w/e

sue me

(but only if it's payable in BTC).”

“HODL!” urged the second user to respond to the post and the meme was made. Within an hour, “HODL” had become a declaration of intent. Forum members began creating and sharing images, often referencing epic battles from movies like 300 and Braveheart, depicting lone warriors “HODLing” against overwhelming odds. Today, the drunken forum thread runs to over 130 pages and the meme it spawned has become embedded in internet culture. The simplicity and emotional resonance of HODL has made it a perfect rallying cry for a community under siege.

If there is one meme that has escaped Bitcoin to become globally recognised, it is HODL. Unlike other Bitcoin memes, HODL has evolved into an entire philosophy. It is, to holders convinced that their digital assets will one day be worth millions, more than just a mantra: it is a way of life.