Topic: 50 Cent Forgets He Accepted Bitcoin for Album, Finds $7 Million Pile of Bitcoin (Read 236 times)
January 26, 2018, 09:51:03 AM
What an idiot? Now the IRS guys will be sending tax notices to him, asking him to pay income tax on top of the penalty payment. But I can't believe that he really forgot about that coin stash. $400,000 is going to be a very significant amount of money for every one, including 50 Cent.
January 26, 2018, 09:29:28 AM
Good story. It sheds more light on what BTC stands for as an investment. That's how much one can make in a few years when you invest in BTC. Good stuff indeed.
January 26, 2018, 09:06:15 AM
I think very soon everybody will accept bitcoin instead of cash. It could me more practical to pay with bitcoin if the fees drop a bit
January 26, 2018, 09:04:50 AM
Lucky for him. He took the chance in accepting bitcoin and now he is enjoying the profit. Hopefully, this will encourage more companies and merchants to accept bitcoin as mode of payment. The more bitcoin usability, the better.
January 26, 2018, 09:01:20 AM
What a way to earn that cash! Even from when he accepted the payment that's already a lot! Maybe celebs are turning to crypto as it is faster in earning money. But I think the mistake that 50 cent made was going public with this. Now he has the IRS on his tail.
January 26, 2018, 08:43:39 AM
Don't be surprised if Buffet is really holding Bitcoin. But you are correct in how move on some of that stuff.
Plot twist, buffet assembled the "Satoshi" team. No seriously though, I'm not surprised about 50 Cent, but buffet is a whole other level of investor. Buffet is considered the top institutional investor, bitcoin is a waste of his time based on what he does. 50 cent on the other hand, it's quite funny. His accounting would have to be extra bad to forget that he owns payments he has received. 
January 26, 2018, 08:41:13 AM
At least it's better than what Lily Allen did, she outright refused to accept Bitcoin for a private concert, granted that Bitcoin was worth a bit less than today.
But now I'm wondering if he actually managed those Bitcoins himself or if he just had someone from his staff manage it.
Also, I'm wondering if this will have any implication on his bankruptcy, I take it he had those coins when he filed?
But now I'm wondering if he actually managed those Bitcoins himself or if he just had someone from his staff manage it.
Also, I'm wondering if this will have any implication on his bankruptcy, I take it he had those coins when he filed?
i'm pretty sure lily allen was getting mixed up with linden dollars or whatever it was back in the day.
i do hope 50 cent had someone on the ball when he set up his wallet. if it was a pure gimmick the chances are high those coins are lost for good if they didn't bother to back anything up.
January 26, 2018, 08:29:35 AM
To be fair, he should've declared those bitcoins as assets during his bankruptcy process back in 2015 (he earned them in 2014). They should've been auctioned and distributed to his creditors.
Because of that, he may get in trouble soon. But I have a strong feeling he doesn't even have access to them and that those bitcoins were probably sold in 2014. It's not like he was handling sale on his own. Whoever were processing btc payments on behalf of his record company probably converted to USD straight away.
January 26, 2018, 08:08:49 AM
Think he just took the bitcoin as a joke or something but now is probably laughing with his $7 million. Pretty lucky to be honest though. If he hadn't taken that bitcoin he would still be relatively wealthy though. But it is nice to see bitcoin give someone a "blessing" of some sort.
January 26, 2018, 08:02:23 AM
Haha. I remember that album, it did poorly. Only one or two good tracks in there. At least he took a risk then, and now it has eventually paid off. I wonder if other musicians will consider this going into the future - when they feel an album hasn't done so well, especially with the other up and coming cryptocurrencies.
January 26, 2018, 07:40:49 AM
Hate it or love it the underdog is on top.
I thought he went bankrupt a few years ago. At least it's all worked out well for him.
I thought he went bankrupt a few years ago. At least it's all worked out well for him.
January 26, 2018, 07:17:01 AM
Yes,many celebrities are now accepting bitcoin as payment because they see the potential in it to make profits . 
If 50 cent accepted bitcoin because he had seen the potential of it to be a profitable asset then I think he must've not forgotten that he is holding a huge number of Bitcoin that is equivalent to these days at $7M right? This is also a proof that there is a lot of people who are not expecting that the price of bitcoin will increase to these kind of heights.
January 26, 2018, 07:16:46 AM
Quote
Looks like Floyd Mayweather wasn't the only celeb to promote ICO's or accept bitcoin as payment. There was also Mike Tyson who was promoting bitcoin ATM's awhile ago. Now we learn 50 Cent got into crypto before either of them. Its interesting to see how some fast celebs move when it comes to getting in on the next big thing. Maybe that's one of the prime reasons they're as successful as they are?
Warren Buffett must be kicking himself right now seeing all these celebrities make money off bitcoin while he's stuck with his stocks which probably have shown much growth in the past decade.
Its interesting to see how some fast celebs move when it comes to getting in on the next big thing. Maybe that's one of the prime reasons they're as successful as they are?Warren Buffett must be kicking himself right now seeing all these celebrities make money off bitcoin while he's stuck with his stocks which probably have shown much growth in the past decade.
The list of celebs promoting bitcoin and cryptos is really long excluding the celebs mentioned in your post. Celebs like DJ Khaled, Cameron and Tyler Winklevoss, Jamie Foxx, Paris Hilton, Dennis Coles - the list just getting bigger and bigger. Usually the sit on extra money unlike the normal people and that's why they are more willing to explore new ventures.
If you and I, want to invest in some ICOs, we will have to do an extensive research before putting our hard earned money in to it. But rich celebs don't have to think much before they put their money in to some new high risk ventures. That's the reason why riches are getting richer day by day because they have the capability to take risk unlike us.
I will not be surprised that if Warren Buffet, who apparently seems to be a crypto hater, is hoarding bitcoins secretly to make huge return and hurling negativity among the crypto community to keep the price low for the time being
January 26, 2018, 06:57:28 AM
Quote
50 Cent has a way of pulling money out of thin air by making prescient early investments. Though he hasn’t been doing so great lately, he’s still got some tricks up his sleeve. It turns out he accepted Bitcoin payments for his 2014 album Animal Ambition and never cashed them out. Suddenly, he’s richer than he realized.
In 2004, Fiddy signed an endorsement deal with a little company called Vitamin Water that ended up netting him half a billion dollars. In the meantime, he’s had his ups and downs on the sales charts, got hurt in the 2008 recession, mismanaged his cash, and filed for bankruptcy. Animal Ambition wasn’t much of a hit and in a 2014 article titled, “9 Albums That Flopped in 2014 (Or Did They?),” Billboard reported that it only sold 124,000 copies. Well, Billboard was right to question if it was an actual failure, because fans paid him 700 bitcoin that apparently have been sitting in an account with no one paying attention. Today, that stash is worth about $7.8 million.
At the time of the album’s release, one bitcoin was worth about $660, so his haul in 2014 was still around $400,000. That’d be a lot of money to most people, but the hip-hop star apparently forgot about it. “I’m a keep it real. I forgot I did that shit,” he wrote in a now-deleted comment on Instagram. At the time of the album’s release, he did a Reddit AMA in which he said he was accepting cryptocurrency as a way to “stay with times.”
It’s a little curious why 50 Cent deleted his original Instagram post bragging about TMZ’s report on his windfall. He still has other posts that reference it, including a video captioned, “Stop talking about my money,👀look at this shit. LOL.” One reason might be that he had to explain himself in bankruptcy court after posting photos of cash on the social network. Let’s just hope he didn’t forget his private keys.
https://gizmodo.com/50-cent-forgets-he-accepted-bitcoins-for-album-finds-1822408093
In 2004, Fiddy signed an endorsement deal with a little company called Vitamin Water that ended up netting him half a billion dollars. In the meantime, he’s had his ups and downs on the sales charts, got hurt in the 2008 recession, mismanaged his cash, and filed for bankruptcy. Animal Ambition wasn’t much of a hit and in a 2014 article titled, “9 Albums That Flopped in 2014 (Or Did They?),” Billboard reported that it only sold 124,000 copies. Well, Billboard was right to question if it was an actual failure, because fans paid him 700 bitcoin that apparently have been sitting in an account with no one paying attention. Today, that stash is worth about $7.8 million.
At the time of the album’s release, one bitcoin was worth about $660, so his haul in 2014 was still around $400,000. That’d be a lot of money to most people, but the hip-hop star apparently forgot about it. “I’m a keep it real. I forgot I did that shit,” he wrote in a now-deleted comment on Instagram. At the time of the album’s release, he did a Reddit AMA in which he said he was accepting cryptocurrency as a way to “stay with times.”
It’s a little curious why 50 Cent deleted his original Instagram post bragging about TMZ’s report on his windfall. He still has other posts that reference it, including a video captioned, “Stop talking about my money,👀look at this shit. LOL.” One reason might be that he had to explain himself in bankruptcy court after posting photos of cash on the social network. Let’s just hope he didn’t forget his private keys.
https://gizmodo.com/50-cent-forgets-he-accepted-bitcoins-for-album-finds-1822408093
....
Looks like Floyd Mayweather wasn't the only celeb to promote ICO's or accept bitcoin as payment. There was also Mike Tyson who was promoting bitcoin ATM's awhile ago. Now we learn 50 Cent got into crypto before either of them.
Its interesting to see how some fast celebs move when it comes to getting in on the next big thing. Maybe that's one of the prime reasons they're as successful as they are?Warren Buffett must be kicking himself right now seeing all these celebrities make money off bitcoin while he's stuck with his stocks which probably have shown much growth in the past decade.
Its true fact that if you are an early bird then you get the bigger piece of the pie! I have read many stories like this and wondering how people believed in the bitcoin few years ago when we were just learning about it and were desperate to know many things about the bitcoin. Wish we had that great opportunity earlier only and would have invested at that time.
This is why I loved this at the first glance,
Quote
Its interesting to see how some fast celebs move when it comes to getting in on the next big thing.
And this is what, Im laughing more about at the moment!
Quote
Warren Buffett must be kicking himself right now
To be honest he is really jealous about the whole thing and many news publication recently were about him. He was the one who said many times that bitcoin is just bubble and it could crash at anytime. Like you said must be kicking off! :-)
January 26, 2018, 06:56:44 AM
This is the most inspirational story that could have come out bitcoin and really going to give bitcoin the needed attention and push to be seen as the new online currency
January 26, 2018, 06:51:55 AM
That's a windfall and a good one. But in retrospect I think he didn't at the time comprehend fully what he got into.
Great though.
Great though.
January 26, 2018, 06:48:21 AM
At least it's better than what Lily Allen did, she outright refused to accept Bitcoin for a private concert, granted that Bitcoin was worth a bit less than today.
But now I'm wondering if he actually managed those Bitcoins himself or if he just had someone from his staff manage it.
Also, I'm wondering if this will have any implication on his bankruptcy, I take it he had those coins when he filed?
But now I'm wondering if he actually managed those Bitcoins himself or if he just had someone from his staff manage it.
Also, I'm wondering if this will have any implication on his bankruptcy, I take it he had those coins when he filed?
January 26, 2018, 06:42:17 AM
He already sold thoses 600btc for sure ! Just a new marketing campaign 
January 26, 2018, 04:34:32 AM
Yes,many celebrities are now accepting bitcoin as payment because they see the potential in it to make profits .
January 26, 2018, 04:22:39 AM
From 50 cent to 7 Million $. Awesome 
Jump to: