Unplanned, lacking research and heavily romanticized.
Stroke of luck.
Topic: High school dropout who invested in bitcoin is now a millionaire at 18 - page 15. (Read 6577 times)
June 22, 2017, 05:12:50 PM
June 22, 2017, 05:10:11 PM
I would like to know how he thought of buying bitcoins and where he took the finance for such purchases. I do not think that this was planned for 2008.
June 22, 2017, 03:25:36 PM
Some of this was probably good fortune, but to know that the school system is busted at that young of an age wow props to you kid. People do not figure that out until 20s and even 30s when are at some job they hate. Good for him on getting out of the rat race and actually doing something he liked. Heres hoping there loads more stories like that to come in the next 5 years. I can only imagine what they will be like 
June 22, 2017, 02:43:31 PM
Smart (and lucky) guy!
In hindsight, something I've regretted a fair bit was not dropping out of high school. I was bored out of my mind, wasted 9+ hours each school day, ended up sleep-deprived a lot of the time in order to both avoid failing and do the other stuff that I wanted to do, and in the end I didn't get anything out of it. It was a big waste. I should've dropped out ASAP, gotten a GED, and gone to a university several years earlier if possible. Or just abandoned the traditional education system entirely. (University is a much better and more useful experience, though probably still not the optimal use of time/money.)
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.
In hindsight, something I've regretted a fair bit was not dropping out of high school. I was bored out of my mind, wasted 9+ hours each school day, ended up sleep-deprived a lot of the time in order to both avoid failing and do the other stuff that I wanted to do, and in the end I didn't get anything out of it. It was a big waste. I should've dropped out ASAP, gotten a GED, and gone to a university several years earlier if possible. Or just abandoned the traditional education system entirely. (University is a much better and more useful experience, though probably still not the optimal use of time/money.)
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.
June 22, 2017, 06:57:25 AM
That is a very inspiring article to read and i based on the article he just drop out in high school and made a deal with his parents that if he will become millionaire before the age of 18 then he will not get a college degree and he just invested the gift that was around of $1,000 into bitcoin and he already know that it will go far and now he is already a millionaire and for sure he is very happy with that.
June 22, 2017, 06:21:59 AM
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?
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?
From the way I see it, bitcoin has already been designed to be successful right from the beginning and that is why someone was able to have as much as 1 million units. So, for the fact that he became rich at the age of 18 is not a function of his hardwork but rather was able to tap into the moving train at the time in which I believe if anyone have the kind of information he had at that time to be able to make that decision, anybody would have done the same thing without hesitation. I would do same though.
June 22, 2017, 05:46:39 AM
To begin, I would like to note that 100 thousand is not a millionaire. At best this money will be enough for training. Then you have to work and earn for myself. I don't understand people who want to become a millionaire doing nothing, just saving your coins. You will lose time, and millionaires will not. It is necessary to hope only as a bonus to your regular salary.
June 22, 2017, 05:43:53 AM
Pretty smart job for a kid as young as he was. The kids of today that boy included, being more advanced, almost in terms of everything compared to older generations, seem to have not just luck on his side, but also a great mind. How on earth can a 12 year old make such a wise decision and make that much money during a period where most of his peers are just busy playing video games. Kudos to him and to those who raised him to be like that.
June 22, 2017, 05:29:40 AM
Now it's such a time that you can become a millionaire at any age 
June 22, 2017, 05:27:26 AM
Congratulations to this kid/man!!! I don't trust in school system, or in any other government sector, that's why I feel nice when ever I hear or read about people that beat the system. This young guy, yes he is very young for me even with his 18, at the moment had opportunity and he grabbed it, what he done later is his business, if he is a millionaire he done a great job, we need to give him credit for that. I aslo thing that school is just waisting time for him, he now have money for everything he wish, and from all things retirement sounds maybe like the best choice.
June 22, 2017, 05:17:07 AM
He was very lucky. Thanks to new technologies and the desire to earn, many students can now create their own millions.
June 22, 2017, 05:08:49 AM
So much money for a teenager is bad, but he was smart enought to invest in bitcoins when it was started, good for him
lol with that much money at 18 years old he's prolly going to make many bad decisions that will cause him to lose that money in a couple of years.Also, since he made it public that he is now a millionaire he is a walking target since he is likely to have Bitcoins and a bunch of fiat.
June 22, 2017, 05:05:08 AM
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?
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?
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.
Also Bill Gates and Mark Zuckerberg dropped out of Harvard, not some shitty high school.
June 22, 2017, 05:00:19 AM
~snip
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?
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?
I was just thinking the same thing, that it was a bit of a risky move. He could have taken the cash IN HAND, buy 300 bitcoins himself and still had some cash leftover (minus tax, as you say). In Jan 2015, he could even have bought some mining hardware and made that 300 bitcoins very quickly.
Multiple ways he could have accessed had he taken the cash. Definitely don't drop out of first year high school!
June 22, 2017, 04:56:04 AM
I must admit at his age, he have a very good vision on investment, and his decision to invest in bitcoin really pays off now. His story would be a very good example to many peoples in the future, with good insight and the determination to act towards your goal, there is always a chance to succeed even at a young age
June 22, 2017, 04:54:30 AM
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?
At that time he had enough money to invest. I hope to hear another story while reading the title of this thread but sadly no interesting story that i get. 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?
June 22, 2017, 04:32:44 AM
Who else just realised that he's not a millianaire, at least yet, unless he got another 200k or so in BTC?
It was an excellent investment decision. A lot of us actually were around when bitcoins were readily available for $400, $200 or even $100 per coin, but none of us acted upon it. This young man was brave enough to put at stake almost $100k in a technology that hasn't even been proven yet, and not even 10 years old. I commend him for that, and he deserves the rewards. But taking 300 btc instead of 500 btc worth of fiat doesn't make sense at lal to me.
However, we really have to consider this: holding bitcoin for the long term will drive good profits, as it is a hedge against inflation. But is it really worth getting $1 million instead of completing your high school education and having more potential of getting a successful position, climbing your way to the top, or even building your own project that will be the next FB? It's all relative here, but congrats still to the young man. I wonder if he will sell now or still hold, if he holds, he's got some serious balls.
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?
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?
It was an excellent investment decision. A lot of us actually were around when bitcoins were readily available for $400, $200 or even $100 per coin, but none of us acted upon it. This young man was brave enough to put at stake almost $100k in a technology that hasn't even been proven yet, and not even 10 years old. I commend him for that, and he deserves the rewards. But taking 300 btc instead of 500 btc worth of fiat doesn't make sense at lal to me.
However, we really have to consider this: holding bitcoin for the long term will drive good profits, as it is a hedge against inflation. But is it really worth getting $1 million instead of completing your high school education and having more potential of getting a successful position, climbing your way to the top, or even building your own project that will be the next FB? It's all relative here, but congrats still to the young man. I wonder if he will sell now or still hold, if he holds, he's got some serious balls.
June 22, 2017, 04:11:07 AM
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?
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?
Well, he was a lucky kid, but anyone that have touched bitcoin and did some additional research would have bene able to do the same thing.
Unfortunately a lot of us weren't trusting in the lines of code that bitcoin were running on, and i must admit me myself have thought that bitcoin was probably going to crash to less than $10 when bitcoin was at $100 per coin pretty consistently. But right now it seems impossible that bitcoin will even go down under $1,000 again. Times have really changed since the inception of BTC.
As to why he chose to have 300 bitcoins... No idea. Maybe he wanted to keep it private from his parents? Although he talked to his parents anyways after, so that's a bit confusing. What he could have easily done was to just get the 100k and sell it for more Bitcoin. But ultimately, he's got nerly a million dollars right now. That's something specila for just a 18 year old kid when most of us are still in debt generated from college...
June 22, 2017, 03:05:02 AM
He didn't really do anything other than sit there and wait for the price to rise. That doesn't make him worth listening to.
Reminds me of this Simpsons episode where a fake boy fell down a well."That boy is a hero!"
"Why, what did he do?"
"Well, he fell down a well and... can't get out".
It's hilarious how some people just assume that everyone who got rich deserved it, while those people doing manual labour all their life don't.
This guy's views on Bitcoin are no more intelligent than ours.
June 21, 2017, 06:01:30 PM
Good story full of lessons. He was just lucky as his guess work really worked out for him.His case is just opposite of a guy who paid 2BTC for a piece of pisa.I beleive he may have been blaming himself for such folly.
He just needs a good strong accountant and a stronger wall between his family and himself, as they will try to claim some of it and drain him dry.
He does owe them an amount if it was their electricity that he used all those years, but for the most part, he is an adult now and should be shedding himself of connections with the parents.
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