High school dropout who invested in bitcoin is now a millionaire at 18

[ilovefeetsmell]

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.

He made the decision right. From the small boy to a big man, I hope one of these days investors offered me an opportunity which I will choose it's either cash or bitcoin. I will choose bitcoin quickly, no doubt for it. Living in developing countries would dream to have a bitcoin. We must be practical and always think for the future. Good decision for the boy choose bitcoin, hope he will give some of his bitcoin on the unfortunate people.

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

I won't do that, I have a better opportunity when I continue studying until I finished it.

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[Colt22]

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.

Instead of playing games try to use that time to earn Bitcoins online there are so many sites of bitcoin.If you are interesting in games try to play online gambling of bitcoin in that you can earn a lot of bitcoin when you are lucky enough just withdraw that into Bitcoin this is also called your investment all that points you earned in gambling withdraw that to bitcoins. But keep in mind that it is a very high risk so do not invest if you cannot afford to lose.

[Aztek]

I already heard about it and hes really a genius thinking that the bitcoin will become successful in the coming year and its really a voom in the cryptocurrency world bitcoin is increasing its price over time so i really will i know bitcoin when its only 20$

[DOGE12321]

Yes. I have heard of this story and much more. I have a friend who bought Bitcoin at its very origins. The price of Bitcoin as that time was just under $US10. He only invested $50. So he went off with a little more the 5Bitcoin. He left it in an online wallet for nearly a decade. Last month, he saw me posting on this forum and he remembered his investment. He asked me the price and his reaction to $US3000 was priceless. He immediately sold it and claimed his profit. He is now actively involved in Bitcoin.

I had a similar incident with Ethereum. I bought Ethereum at its very beginning. I converted to the "new" Ethereum during the fork and right now I am reaping the profits.

[Zemangat]

It is a good story and very inspiring. At the age of 12 years he was able to think into the future. He is willing to invest the money he has to buy bitcoin. Also decided to quit school. That's what I think is a very stupid decision. But he is very confident that one day will become a millionaire. I like the story

[Quicksilver143]

In these days,  age doesn't matter right now besides anyone can be millionaire if we are very industrious... Money can help us to achieve out dreams but education is very important... Education  is priceless..

[wuvdoll]

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!

I think this kid was as much luckier as much as Bill gates was. Its not necessary that every person will like be of such kid. In my opinion milliner is in luck not by struggle or mind. If it was on struggle the labor persons would be the richest people and if it was on mind then in stein would be the richest person on earth of all time. So the story of this kid is not more than the matter of luck.

[U.R.O.K]

congrats to the yung  guy earn a million in bitcoin profit. but i suggest need to finish the study in the school to a degree. education is very important,any  where you go, always bring your knowledge can't get of the other.

[pacifista]

congrats to the yung  guy earn a million in bitcoin profit. but i suggest need to finish the study in the school to a degree. education is very important,any  where you go, always bring your knowledge can't get of the other.

Why he need to finish his studies hes already a millionaire,he can do whatever he want, if he invested in a company he will only hire a person who can teach him about what to do.

[U.R.O.K]

i agree what do you mean. but in my opinion, even came from the rich family need to finish the study...
the money will loss but the education isn't.

[Blackwhite69]

He is just of lucky because education is very useful for the future so he get a great opportunity for his future.

[vohoanghiep55]

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?   

I read through this story. I think that among the millions of new people there is such a person. While he was a kid, he had the capital to invest, you should use him as a mirror. Fieldwork is not the only path to success

[Xester]

i agree what do you mean. but in my opinion, even came from the rich family need to finish the study...
the money will loss but the education isn't.

Yes I agree with you, but having education does not mean that you will be rich.  But, it is the way to help or at least fight poverty.  If you have education you will find jobs that fits you.  Unlike if you are uneducated, very limited job and opportunities awaits you.  Here in my country having finished college is a priority to every family because indeed education is the key to success.  But not all educated people got to be rich.  You really have to be smart.   There is no one that become rich only for their salaries.

[Basmic]

For me it is a negative example. It really can become a millionaire, but it was only an accident. If he quit school, all state will be lost, the new he can not earn. One day BTC could be a bubble which burst, and start a new life he will no longer be possible.

[7jaka7]

For me it is a negative example. It really can become a millionaire, but it was only an accident. If he quit school, all state will be lost, the new he can not earn. One day BTC could be a bubble which burst, and start a new life he will no longer be possible.

I think this is not an example which we could learn a lot from. It's not like everyone should drop out of high school and they will become a millionaire. And this is one case of success I imagine how many failures there was. Probably a lot of ''kids'' wanted to earn a lot with cryptos but they failed.

[xiayu]

Yes, there is such a friend around me, I think he is great.

[pecson134]

For me it is a negative example. It really can become a millionaire, but it was only an accident. If he quit school, all state will be lost, the new he can not earn. One day BTC could be a bubble which burst, and start a new life he will no longer be possible.

I think this is not an example which we could learn a lot from. It's not like everyone should drop out of high school and they will become a millionaire. And this is one case of success I imagine how many failures there was. Probably a lot of ''kids'' wanted to earn a lot with cryptos but they failed.

I kinda agree with your opinion. They should emphasize on how he manage to become a millionaire by just using bitcoins without highlighting the fact the he is a drop out on school. This may have an impact on those people who also had the same situation as him and they maybe encouraged in not a good way neglecting going to school.

[Russelmain]

For me it is a negative example. It really can become a millionaire, but it was only an accident. If he quit school, all state will be lost, the new he can not earn. One day BTC could be a bubble which burst, and start a new life he will no longer be possible.

I think this is not an example which we could learn a lot from. It's not like everyone should drop out of high school and they will become a millionaire. And this is one case of success I imagine how many failures there was. Probably a lot of ''kids'' wanted to earn a lot with cryptos but they failed.

I kinda agree with your opinion. They should emphasize on how he manage to become a millionaire by just using bitcoins without highlighting the fact the he is a drop out on school. This may have an impact on those people who also had the same situation as him and they maybe encouraged in not a good way neglecting going to school.

It seems to me that if schoolchildren started to teach crypto currency and even in higher elementary schools they learned about Bitcoin, then our students would also have good incomes and maybe also become millionaires.

[Sweetbtc]

I already heard about it and hes really a genius thinking that the bitcoin will become successful in the coming year and its really a voom in the cryptocurrency world bitcoin is increasing its price over time so i really will i know bitcoin when its only 20$

He was a bit of a genius, until he cashed out.  Apparently he was not as smart as he was eager.  He was not building value, he was waiting for the age when his parents could not control his spending or touch his money.

[xiaohang07]

His genius is definitely derived from his Stanford-educated parents, both genetically and educationally.