Author Topic: Bitcoin Teen Millionaire Invests Most of His Money in Bitcoin  (Read 2626 times)

dmac680chi

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So in the following article, it details a 19-year-old bitcoin millionaire. Although awesome that he has that networth, he's unrealistic in putting that much faith in his bitcoin investment.

https://www.theguardian.com/technology/2018/jun/13/meet-erik-finman-the-teenage-bitcoin-millionaire

ysette9

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Re: Bitcoin Teen Millionaire Invests Most of His Money in Bitcoin
« Reply #1 on: June 14, 2018, 08:33:59 AM »
Sounds like a classic smart serial entrepreneur. The risk profile of someone who can start businesses and take big bets is way far off from me personally. However you need people like that to start the googles and Teslas of the world. Hopefully at 18 he can keep his expenses low while living at home and not blow all of that money, real or otherwise. :)

Dabnasty

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Re: Bitcoin Teen Millionaire Invests Most of His Money in Bitcoin
« Reply #2 on: June 14, 2018, 08:52:13 AM »
He certainly has more going on than just winning the bitcoin lottery, but one thing I found odd, "The buyer offered him either 300 bitcoin or $100,000 cash Ė he opted for the bitcoin."

If bitcoin was actually worth $200 at the time as the article suggests, he's not great at math. $60,000 > $100,000?

ysette9

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Re: Bitcoin Teen Millionaire Invests Most of His Money in Bitcoin
« Reply #3 on: June 14, 2018, 09:56:19 AM »
He clearly was taking a bet on the continued rise of Bitcoin, just like accepting stock instead of a cash payout for buying a company.

Dabnasty

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Re: Bitcoin Teen Millionaire Invests Most of His Money in Bitcoin
« Reply #4 on: June 14, 2018, 01:18:00 PM »
He clearly was taking a bet on the continued rise of Bitcoin, just like accepting stock instead of a cash payout for buying a company.

But bitcoin was available for purchase. He also could have chosen 500 bitcoin.

ysette9

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Re: Bitcoin Teen Millionaire Invests Most of His Money in Bitcoin
« Reply #5 on: June 14, 2018, 01:30:54 PM »
He clearly was taking a bet on the continued rise of Bitcoin, just like accepting stock instead of a cash payout for buying a company.

But bitcoin was available for purchase. He also could have chosen 500 bitcoin.
In that case I have no idea. I’d like to presume there is something we don’t know. Sobering to think someone who can’t do simple math can become a millionaire.

PrairieBeardstache

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Re: Bitcoin Teen Millionaire Invests Most of His Money in Bitcoin
« Reply #6 on: June 14, 2018, 01:43:45 PM »
He clearly was taking a bet on the continued rise of Bitcoin, just like accepting stock instead of a cash payout for buying a company.

But bitcoin was available for purchase. He also could have chosen 500 bitcoin.
In that case I have no idea. Iíd like to presume there is something we donít know. Sobering to think someone who canít do simple math can become a millionaire.

I've seen it more than once. Selling to wealthy business owners made me completely change my outlook on life and success. There is a lot of luck involved but everyone thinks it's all because of hard work (both those who have it and those who don't).

neil

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Re: Bitcoin Teen Millionaire Invests Most of His Money in Bitcoin
« Reply #7 on: June 14, 2018, 02:39:07 PM »
I assume the buyer had an offline wallet he could hand to the kid on a flash drive.  I can imagine not feeling comfortable at 16 moving that kind of money around.  Age may even be a factor if secure platforms had age requirements.  At the time, the MtGox collapse was only a year prior.  I say all these things only being loosely aware of how transactions work and I'd assume someone dealing with them for four years would know how to do these things right.

He probably still should have negotiated a better deal.  But if he plans on being an entrepreneur, all lessons you learn early pay dividends later.

v8rx7guy

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Re: Bitcoin Teen Millionaire Invests Most of His Money in Bitcoin
« Reply #8 on: June 14, 2018, 04:05:23 PM »
I love it how he is such a believer in Crypto, but he still flaunts his money with paper.

joleran

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Re: Bitcoin Teen Millionaire Invests Most of His Money in Bitcoin
« Reply #9 on: June 14, 2018, 05:52:43 PM »
Dude's down to $2.6 million with his 400 BTC today (if he still has all those), enough for a very comfortable life.  If he cashed in everything at the peak of the biggest bubble in history, he'd have a cool $8 mil.

I predict he spends lavishly for another 2-3 years before he's broke.

TheGrimSqueaker

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Re: Bitcoin Teen Millionaire Invests Most of His Money in Bitcoin
« Reply #10 on: June 14, 2018, 09:52:35 PM »
He clearly was taking a bet on the continued rise of Bitcoin, just like accepting stock instead of a cash payout for buying a company.

But bitcoin was available for purchase. He also could have chosen 500 bitcoin.
In that case I have no idea. Iíd like to presume there is something we donít know. Sobering to think someone who canít do simple math can become a millionaire.

And yet, trust fund babies continue to exist and multiply.

ncornilsen

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Re: Bitcoin Teen Millionaire Invests Most of His Money in Bitcoin
« Reply #11 on: June 15, 2018, 01:02:47 PM »
It may be smart to take the 300 bitcoin instead of more value cash, if you were planning to buy bitcoin with the cash... because someone trying to buy 300 bitcoin would probably distort the market and end up paying more and more as he acquired them.  They're somewhat thinly traded, right? (at that time?)


Gondolin

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Re: Bitcoin Teen Millionaire Invests Most of His Money in Bitcoin
« Reply #12 on: June 18, 2018, 10:35:54 AM »
Behold the next James Altucher

FINate

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Re: Bitcoin Teen Millionaire Invests Most of His Money in Bitcoin
« Reply #13 on: June 18, 2018, 11:01:02 AM »
Extremely poor signal-to-douchebaggery ratio.

That photo of him in bed with a handgun...GET YOUR FINGER OUT OF THE F'ING TRIGGER GUARD! Seriously, if that's a real gun he's going to accidentally shoot someone.

While he wants to be seen as some kind of "Elon Musk version of the Kardashians" it's more like the Donald Trump version of a crypto currency bro.

Zola.

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Re: Bitcoin Teen Millionaire Invests Most of His Money in Bitcoin
« Reply #14 on: June 19, 2018, 02:34:45 PM »
Seems like a proper asshole.

scottish

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Re: Bitcoin Teen Millionaire Invests Most of His Money in Bitcoin
« Reply #15 on: June 23, 2018, 02:47:40 PM »
Those crazy Bitcoin millionaires.   This guy diversified by spending 28M CAD on a condo in downtown Toronto.   And it wasn't even a finished condo.


jinga nation

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Re: Bitcoin Teen Millionaire Invests Most of His Money in Bitcoin
« Reply #16 on: June 26, 2018, 05:51:33 AM »
Is this the real life?
Is this just fantasy?
Caught in a landslide
No escape from reality
Open your eyes
Look up to the skies and see
I'm just a poor boy, I need no sympathy
Because I'm easy come, easy go
A little high, little low
Anyway the wind blows, doesn't really matter to me, to me