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Topic: High school dropout who invested in bitcoin is now a millionaire at 18 - page 12. (Read 6551 times)

hero member
Activity: 2814
Merit: 911
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I'm not saying that people should forget about developing useful skills and instead pin all of their hopes on making money off of insanely risky investments. That's not a good plan at all. But no matter your future goals, I think that any form of schooling that requires 8+ hours of classtime+busywork per day is a criminal waste of time.
I do accept the fact that spending eight plus hours a day in class room is just too much time as you will never get to do any other thing while you are at the university level as you must focus your entire time on your studies,i did my engineering in electronics ,spent four valuable years but years later my focus and line of work is entirely different from what i studied,its part of life and i had to accept my fate in that aspect. Smiley Only one in a million will get this opportunity to make a million out of a thousand dollar investment,good for him and he was damn lucky he did not sell everything before the price started climbing.
sr. member
Activity: 882
Merit: 258
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Dropping out of highs school is never a good idea. You learn things there that you will need later on in life. He was clever to have made this decision and I am glad he came out on top. This is another story of a wealthy young man who is retired for life living off investments.
Exactly, dropping out of high school can make your life miserable. He was just lucky that he's decision was worth it. Bitcoin right now make more millionaire even in a young age and that was amazing for me because it only happens now.
legendary
Activity: 2114
Merit: 1023
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I wish I was s clever as this kid but I am not so am no where in millionaire's row at present BUT this is a very inspiring story and you never know, if you keep trying, something good can happen to you also and you can become lucky too. This gives us motivation to never give up looking for a good opportunity to invest in. This was one very wise and lucky kid!
hero member
Activity: 3080
Merit: 603
Damn, when I was 12 years old all's I ever cared about was riding my bike and playing football (American). The most I ever had in my pocket back then was maybe twenty dollars.
Well with me on that age I really dont care about investing and my future. I just keep on thinking about how finish Crash bandicoot and other computer or playstation games. And I cant even get that amount of investing because we are not that rich. But kudos to this kid he has now secured future.
legendary
Activity: 1512
Merit: 1000
Damn, when I was 12 years old all's I ever cared about was riding my bike and playing football (American). The most I ever had in my pocket back then was maybe twenty dollars.
legendary
Activity: 3472
Merit: 10611
i am dropout and i am not millionare ., Tongue , he is really lucky.

wait till bitcoin hits 10k or even 20k theres gonna be lot more millionaires.

being a dropout didn't make him rich, that's just what the media bolds to make the news more interesting. what made him rich was investing in bitcoin while not that many people were believing in it. and as a kid he didn't mind putting that much money in something and not touch it for a long time.

and also even if bitcoin reaches 10K and 20K there still won't be that many millionaires because along the way many of them will panic sell their stash and buy back at higher prices and miss out on the real profit. just as they were doing from $200 to $2500 in the past 3 years!
sr. member
Activity: 742
Merit: 329
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He is just a bit lucky in all his decessions and he knows what he is doing and what should he take,being offered 300bitcoins and $100,000 in cash is a pretty hard decision but he made the right choice to choose bitcoins
sr. member
Activity: 686
Merit: 253
It is not a success story yet, this was stage one.  The question is what does he do now?  A couple million does not last that long and we are sure that he blew a little bit.  That is the potential for serious investment or business building, but he is 18 and it is not sure what he is going to do.

Yes, it looks like a staged success story to me just like they guy who bought pizza with some 5000( five thousand) bitcoins. It seems they are staged to promote Bitcoin but in as much as they are good it makes deep thinkers crave for credibility of the source which most of the time is lacking.
hero member
Activity: 2590
Merit: 644
http://www.c[Suspicious link removed]m/2017/06/20/bitcoin-millionaire-erik-finman-says-going-to-college-isnt-worth-it.html

Erik invested in bitcoin when he was 12 and not is a millionaire at age of 18.  This is a good story for Bitcoin.

But here is something that I do not understand:

An excerpt from the article:
"Eventually he found a buyer for Botangle's technology in January 2015. The investor offered either $100,000 or 300 bitcoin, which had dropped in value at that time to a little more than $200 a coin. He took the lower cash value bitcoin deal because he believed it was "the next big thing."

"My parents asked 'Why don't you take the more cash?"' Finman explained. "But I thought of it more of an investment.""


Why didn't he take the $100K and bought more bitcoins instead?  Granted that there has to be some tax consideration, but tax rate has to be as high as 40% in order for both of the cash option and the bitcoins option to breakeven.  If the tax rate was at 40%, then he could get $60K after tax and would be able to buy 300 bitcoins at the market price ($200 at the time).  Moreover, one day when he sells the bitcoins, he can dedect $200 on each of the bitcoins from the capital gain as cost.

Am I missing something in here?  Don't drop out from high school?   Cheesy


That was really a great thing happened to him i guess he really think about hes future in that kind of age and hes really lucky because he know about bitcoin in that age and, the result was really great investment are successful hes already a millionaire.
Yeah, I also hope that in that time i already know bitcoin and the potential for bitcoin so i can also invest in bitcoin and just hold it until now and make a lot of money because of bitcoin. That kid is a good explorer in the internet because he find bitcoin as a great investment while other people are doubting it and i always believe that i will do the same thing if i were knew bitcoin in that year.
sr. member
Activity: 434
Merit: 250
http://www.c[Suspicious link removed]m/2017/06/20/bitcoin-millionaire-erik-finman-says-going-to-college-isnt-worth-it.html

Erik invested in bitcoin when he was 12 and not is a millionaire at age of 18.  This is a good story for Bitcoin.

But here is something that I do not understand:

An excerpt from the article:
"Eventually he found a buyer for Botangle's technology in January 2015. The investor offered either $100,000 or 300 bitcoin, which had dropped in value at that time to a little more than $200 a coin. He took the lower cash value bitcoin deal because he believed it was "the next big thing."

"My parents asked 'Why don't you take the more cash?"' Finman explained. "But I thought of it more of an investment.""


Why didn't he take the $100K and bought more bitcoins instead?  Granted that there has to be some tax consideration, but tax rate has to be as high as 40% in order for both of the cash option and the bitcoins option to breakeven.  If the tax rate was at 40%, then he could get $60K after tax and would be able to buy 300 bitcoins at the market price ($200 at the time).  Moreover, one day when he sells the bitcoins, he can dedect $200 on each of the bitcoins from the capital gain as cost.

Am I missing something in here?  Don't drop out from high school?   Cheesy


That was really a great thing happened to him i guess he really think about hes future in that kind of age and hes really lucky because he know about bitcoin in that age and, the result was really great investment are successful hes already a millionaire.
newbie
Activity: 28
Merit: 0
You've been spun by media. So hung up on the story they were telling you(kid gets rich by pure luck). That you let that alone dictate judgement. Despite the fact that the article drops hints at the kids level of intellect and self motivation. If you remove the "sensational" story about money, the consensus would likely be starkly different from your attitude about it.
hero member
Activity: 3024
Merit: 745
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I've watched a video of him. He told his parents that if he will become a millionaire at the very young age  they wont force him to go to college. And he did won that deal with his parents, this kid is amazing there are even more richer than him but this kid has full faith to bitcoin. Congrats to him.
hero member
Activity: 812
Merit: 500
It is not a success story yet, this was stage one.  The question is what does he do now?  A couple million does not last that long and we are sure that he blew a little bit.  That is the potential for serious investment or business building, but he is 18 and it is not sure what he is going to do.
member
Activity: 98
Merit: 10
He'll probably experiencing right now of the "one in a million things to say that you could be a millionaire in bitcoin". It's really good if I also know bitcoin that time and invest with it, but its a luck on him that he did it and I'm sure he's proud about it right now that he made that decision rather than the suggestion of his mom that it would be better for some cash. 
legendary
Activity: 1092
Merit: 1000
Yes, I read this story on Facebook. There are yet many investors who have invested in the Bitcoin and they don't care about the current price fluctuations. On the other hand, there are some early adopters who invested heavily in the bitcoin in its early phase and sold it too. This is a matter of intuition and luck, who knows everyone who posted in the thread might become millionaires after 10 years from now.

Don't feel bad newbies - Early adopter without many Bitcoins.
When he invested that time, the Bitcoin doesn't have this much popular in the real world. So the seller also gave his bitcoins for less price, and the buyer took a risk and bought those coins now he is a millionaire. But now the situation is changed if the price drop under $1000 no one will sell their coins they will wait until it comes up. Because bitcoin gained the trust in the market. No one gets panic if the price drop. I think in this situation if we want to become a millionaire it is a tough job.
hero member
Activity: 1134
Merit: 517
LOL to the last part of not dropping out of school. Even Bill Gates and Mark Zuckerberg with their wealth will not encourage anyone to drop out of school for any reason. If I had been in his shoes at that age, I would have taken the same decision because at that time, I wont have any need for the money afterall so its an educated guess anyone would have taken and nothing special happen just that he took the decision more favorable to him.

What I was implying was that if he did not drop out from high school and complete all this mathematics curriculum, he may have chosen the cash option and use the cash to buy more bitcoins than just 300 of them.   Cheesy
He said to his parents, his decision to go for Bitcoin was more of a investment, so his decision was premeditated and it saved him the temptation of immediately diverting the money on toys or games had he settled for cash.
 
People do not drop out of school for the fun of it, rather circumstances compels them to and that sort of brings out the best in them as we can see in Bill Gates, Mark zuckerberg and        http://fundersandfounders.com/entrepreneurs-who-dropped-out/  
but the real message is not to glamorize college dropout, because those are just the exceptional cases, majority of dropouts actually end up without a name.
sr. member
Activity: 714
Merit: 251
It's totally possible I mean the coins I picked have easily made 135000% profit in just 6-10 months depending how you calculate. So investing like 1000$ in them, and in 10 months you are a millionaire.

It's real people, and it's possible!
legendary
Activity: 1382
Merit: 1122
Well I think I'm a little too late to drop out of high school. I'm also too late to drop out of post secondary but I could always quit my day job if bitcoins would just 100x already! Good for him, he was obviously way ahead of 99.9% of the population and it paid off.

I do agree the $100k then buying bitcoins would have been a smarter move, but what can you expect from someone who dropped out of high school?! He couldn't do the math! In the end it worked out either way whether he had 300 or 500 bitcoins. I couldn't see him regretting that decision while living in his mortgage-free home with a few nice cars parked in the driveway. He's better off than most of us either way!
hero member
Activity: 2912
Merit: 556
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i think we don't have dropout from our school for just make investing in bitcoin, because while we are in school, we can enjoy our time and waiting for the price to go up. so when every thing is set up and the price is up like today, we can be a millionaire without doing any work and now we can sell our bitcoin to buy what we want or we can make another investment in our real life. this is a good story for us and i think if we can teach this into our children and tells them to save bitcoin from now on, then when they are graduated from high school or college, they can be one of the richest person so they can start to make their own business.
newbie
Activity: 1
Merit: 0
Age does not matter when it does come to cleverness. This is something that I saw from myself.
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