[2018-04-03] Newly-Minted Bitcoin Millionaires Are Lining Up to Buy Lamborghinis

[Terraformer]

You’re not truly a Bitcoin millionaire until you’ve sold off some virtual currency to buy yourself a Lamborghini.

That’s the latest takeaway from a popular meme in the cryptocurrency world called “When Lambo.” It refers to the point at which a Bitcoin owner has built enough of a Bitcoin stockpile to buy a Lamborghini. And now, there’s a website available to those cryptocurrency owners called When Lambo? that offers a calculator to quickly determine how many Bitcoins they’ll need to buy a $425,000 Lamborghini. The site notes, however, that its calculations, which are based on Bitcoin’s trailing value over the past seven days, might be off because of the volatility of cryptocurrencies.

Bitcoin and other cryptocurrencies have become an attractive way for some people to quickly build wealth. Those who purchased just a few hundred dollars worth of Bitcoin years ago, for instance, saw their net worths soar over the last several years as Bitcoin’s price continued to jump.

Those newly-minted millionaires have needed a place to convert their digital wealth into real-world opulence. And with When Lambo? taking the cryptocurrency world by storm, they quickly determined that buying one of the world’s most expensive vehicles was the way to do it.

In an interview with CNBC earlier this year, Pietro Grigerio, a dealer principal at a Lamborghini dealership in California, said his dealership has witnessed the trend firsthand. In December, when Bitcoin was hovering at $19,000, cryptocurrency-related purchases for Lamborghinis at his dealership soared from one or two a month between 2013 and 2016 to more than 10 deals in December.

Frigerio sold three Lamborghinis with cryptocurrency-related transactions in January after Bitcoin’s price fell.

Those folks, it seems, were able to answer the “When Lambo?” question.

http://fortune.com/2018/04/03/bitcoin-millionaire-lamborghini-when-lambo/

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[bigNoizboo]

I don't think that bitcoiner's are the types to splurge on a lambo or any exotic for that matter. A few may splurge on these cars but you would think that a hodler would be more interested in splurging his hard earned money towards something that gives a better return, like a vintage car perhaps.

[1Referee]

I don't think that bitcoiner's are the types to splurge on a lambo or any exotic for that matter. A few may splurge on these cars but you would think that a hodler would be more interested in splurging his hard earned money towards something that gives a better return, like a vintage car perhaps.

It's dumb money living in the moment. If you weren't a millionaire before your crypto investments, but are so in current days, you want to feel like a millionaire, which basically translates into people nursing their materialistic 'needs'. One buys an expensive car, the other buys himself a couple of Rolex time pieces, etc. People have been doing the same when the price reached the $1000 level for the first ever time back in 2013, and they very likely regret having done so looking back now, and in the same way, they will regret it once we're a year or two away from now. I rather use insane peak levels to cash out some coins, and use that as an opportunity to buy back more coins with the same amount of fiat, which is basically what I have been doing on the way down. My target is accumulation, not reckless spending on stuff that people don't need, and will likely sell later on because their moment of feeling a millionaire is all price/speculation based.

[hatshepsut93]

It's funny to see how a meme turns into reality, but imo it's quite unwise to spend Bitcoins on luxury stuff, considering that we are still in early days and there's a potential to go to 100k and higher - some millionaires might rob themselves of their future billionaire status if they spend too much coins now. The other problem is that it rises security risks - bitcoiners are an easy target for criminals because if you force someone to give up their private keys, there's very little chance to get them back. So, Bitcoin millionaires better keep low profile and invest in personal security.

[Kemarit]

I don't think that bitcoiner's are the types to splurge on a lambo or any exotic for that matter. A few may splurge on these cars but you would think that a hodler would be more interested in splurging his hard earned money towards something that gives a better return, like a vintage car perhaps.

I guess there will be 2 sets of crypto millionaires here:

(1) Those early adopters who just stack up and no idea that bitcoin will take them to becoming millionaires in the future
(2) Those who are already rich but then join the bandwagon late but still make a lot of money because they have invested big amount as well. Big capital = Big returns.

So I don't think that (1) will simply put their "hard-earned" money from buying Lambo's. They have endured so much challenges, like holding it for more than 5 years or so I doubt that they will just throw and splash it to something that is so expensive. The only investors that will or maybe bought Lambos are in (2). They have so much money to begin with and crypto giving them another opportunity to earn or a bonus will likely buy those "toys for the big boys".

[orions.belt19]

I found the meme really funny, but I find it funnier that it became true and there’s already a readily available website for computation. It’s not a surprise for the bitcoin millionare to indulge, especially for early adoptors. They must have attained so much money by selling their bitcoins that they are able to splurge and spend on luxury. I hope they don’t become one day millionares just like those who won the lottery and spend on luxuries the following day. The early adopters should know better than that since they have endured all those years of holding.

[cr1776]

You’re not truly a Bitcoin millionaire until you’ve sold off some virtual currency to buy yourself a Lamborghini.

...

Ridiculous.  Why by something that immediately depreciates instead of something of long term value? (Well for guys, maybe the answer is girls.)

[sindikat]

I do not see any sense of such a site. It's just a joke. You probably won't believe me, but if I had a Lamborghini without the right to sell, I would've given up on this. Expensive car requires a lot of money for maintenance. You have to be realistic. If you do not have a stable income of millions of dollars it makes no sense to even dream of such a car.

[Slow death]

You’re not truly a Bitcoin millionaire until you’ve sold off some virtual currency to buy yourself a Lamborghini.

oh now we've created the opportunity for Hollywood celebrities to buy bitcoin to show off, since they are looking for ways to increase their fame, even if that form is not the most recommended.

That’s the latest takeaway from a popular meme in the cryptocurrency world called “When Lambo.”

is this:



 

Just kidding.

It refers to the point at which a Bitcoin owner has built enough of a Bitcoin stockpile to buy a Lamborghini. And now, there’s a website available to those cryptocurrency owners called When Lambo? that offers a calculator to quickly determine how many Bitcoins they’ll need to buy a $425,000 Lamborghini.

so I see that everything is well organized " https://when-lambo.com ". they even have a calculator so they do not bother to make calculations.

the world of millionaire is incredible

Bitcoin and other cryptocurrencies have become an attractive way for some people to quickly build wealth. Those who purchased just a few hundred dollars worth of Bitcoin years ago, for instance, saw their net worths soar over the last several years as Bitcoin’s price continued to jump.

If you have a lot of money and you buy many bitcoins and you hold for years, you have a chance to make lots of money and the millionaires can easily buy and hold for years

[Hammond ltd]

This meme is overhyped. From the beginning it was funny and had a  reason to be, but now traiders are not that type of people who want to spend their money on expensive car and show off. Now traiders are different, they think more, analyze and don't dream about the car

[richardsNY]

Now traiders are different, they think more, analyze and don't dream about the car

Different? Think more? Don't make me laugh. People here have become more stupid and greedy than ever before, and it's only going to be worse.

I don't really mind what people buy with their newly created wealth, but what really annoys me is that they are proudly boasting about their wealth and everything they bought due to crypto. We're living in a time where ill minded people scan social media and basically the entire internet to find out where these people live. It's not for nothing that we recently have been hearing about quite a lot of real life crypto robberies, while it could have been prevented quite easily. It's just a matter of common sense. On top of that, buying recent luxury cars is almost a guaranteed form of capital destruction, which once again points out that we are dealing with people only interested in the returns, and not the actual long term potential.

[Karartma1]

Now traiders are different, they think more, analyze and don't dream about the car

Different? Think more? Don't make me laugh. People here have become more stupid and greedy than ever before, and it's only going to be worse.

I don't really mind what people buy with their newly created wealth, but what really annoys me is that they are proudly boasting about their wealth and everything they bought due to crypto. We're living in a time where ill minded people scan social media and basically the entire internet to find out where these people live. It's not for nothing that we recently have been hearing about quite a lot of real life crypto robberies, while it could have been prevented quite easily. It's just a matter of common sense. On top of that, buying recent luxury cars is almost a guaranteed form of capital destruction, which once again points out that we are dealing with people only interested in the returns, and not the actual long term potential.

Amen.
Power and money, in whatever form they show up can rot human beings from their very foundations. Like we were discussing somewhere else on the forum, this way it's easy to become potential targets for thieves, to say the least