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Author Topic: Bitcoin millionaires, tell us your story!  (Read 20362 times)
btcprice
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November 25, 2013, 02:32:42 AM
 #1

I know, I know, we are sure to get a lot of responses about how people everyone is a winner. I have to believe there are some authentic stories out there though.

With the current price at Mt. Gox hovering around the $800 level, if you have 1250 bitcoins you are a bitcoin millionaire.

How did you get your bitcoins? Did you mine them or did you buy them? If you bought them what was the price you bought them?

Now that you are a millionaire did you tell off your boss and quit your job or are you using the money for retirement?

Have you done anything special or extravagant with your money?
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faizaa123
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November 25, 2013, 03:23:30 AM
 #2

pretty sure all the millionaires are sitting on yachts not worrying about bitcoinforum heresay.

Tongue
KieranJones1
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November 25, 2013, 03:25:40 AM
 #3

Now that you are a millionaire did you tell off your boss and quit your job or are you using the money for retirement?

Have you done anything special or extravagant with your money?
Remember that a good deal of "bitcoin millionaires", even those who just rediscovered fortunes from 2010, are still holding onto their "fortune" rather than cashing out - so the two questions I quoted don't necessarily apply to those people!
btcprice
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November 25, 2013, 03:30:29 AM
 #4

pretty sure all the millionaires are sitting on yachts not worrying about bitcoinforum heresay.

Tongue

Well it's just been a little over a month when the price was at $135. If someone had 1250 bitcoins their net worth would be just over $150,000. Not hardly enough to retire on.

If I had a million dollars in wealth from bitcoin alone I would still want to discuss with people whether they thought the price would go down drastically so I would frequent this forum even now.
Rob768
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November 25, 2013, 03:52:07 AM
 #5

A million bucks isn't enough to retire on.  Heck, I'm 32 and worth close to $3 million (Not from BTC), yet I still work my butt off everyday, albeit for myself.  If I was 70 maybe then I would consider retiring, but a lot can happen in the next 40 years.  Need to keep working to make sure I have the life I want, and for my sanity's sake as well lol.
baggage
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November 25, 2013, 04:05:04 AM
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Lets say I had a couple million in bitcoin (I wish) and wanted to cash out (I wouldn't yet.)  

How would I do it? What it the best method?  I keep hearing it's difficult and that there is a long wait time to
get your cash. I know nothing about this but interested in being enlightened.
CoinHoarder
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November 25, 2013, 04:07:28 AM
 #7

pretty sure all the millionaires are sitting on yachts not worrying about bitcoinforum heresay.

Tongue

Well it's just been a little over a month when the price was at $135. If someone had 1250 bitcoins their net worth would be just over $150,000. Not hardly enough to retire on.

If I had a million dollars in wealth from bitcoin alone I would still want to discuss with people whether they thought the price would go down drastically so I would frequent this forum even now.

Ummm. You might want to check your math. 1250 BTC is worth much more than $150,000
balanghai
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November 25, 2013, 04:10:04 AM
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Quote

Ummm. You might want to check your math. 1250 BTC is worth much more than $150,000

And it would be worth more when it hits more than a thousand. Cheesy
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November 25, 2013, 04:10:59 AM
 #9

I own 10 bitcoins and oh boy let me tell you... it feels great to be a millionaire at age 25




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EvilPanda
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November 25, 2013, 04:28:00 AM
 #10

A million bucks isn't enough to retire on.  Heck, I'm 32 and worth close to $3 million (Not from BTC), yet I still work my butt off everyday, albeit for myself.  If I was 70 maybe then I would consider retiring, but a lot can happen in the next 40 years.  Need to keep working to make sure I have the life I want, and for my sanity's sake as well lol.


It is - depends where you live and what standards you're used to. Where I come from you are among the lucky ones if you have $100k saved up. If you started bragging you have $3 mil you'd need some armed guards 24/7.

btcprice
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November 25, 2013, 04:32:09 AM
 #11

pretty sure all the millionaires are sitting on yachts not worrying about bitcoinforum heresay.

Tongue

Well it's just been a little over a month when the price was at $135. If someone had 1250 bitcoins their net worth would be just over $150,000. Not hardly enough to retire on.

If I had a million dollars in wealth from bitcoin alone I would still want to discuss with people whether they thought the price would go down drastically so I would frequent this forum even now.

Ummm. You might want to check your math. 1250 BTC is worth much more than $150,000

In the previous sentence I was referring to "it's just been a little over a month when the price was at $135". At that time it was worth just a bit more than $150,000.
BitTrade
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November 25, 2013, 06:22:26 AM
 #12

Nobody is going to post here.  Because IRS.
bitbob82
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November 25, 2013, 06:31:16 AM
 #13

well,if i have the 1250 bitcoin I would sell them all

pay the 40% tax or whatever, and keep the rest to enjoy life
tvbcof
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November 25, 2013, 06:37:31 AM
 #14

Nobody is going to post here.  Because IRS.

It would be monumentally stupid to end up in legal trouble and broke when one could just suck it up and pay the taxes.

Anyway, the Bush tax cuts have offered the opportunity for (American) people who are careful to not actually make money the old fashioned way to pay very minimal taxes.  This is supposed to be for trust-fund brats who don't lower themselves to have a job, but it looks like a clever bitcoiner might be able to slip through the same crack in the door.  As always, consult a qualified tax professional, etc, etc.


sig spam anywhere and self-moderated threads on the pol&soc board are for losers.
501
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November 25, 2013, 06:52:25 AM
 #15

Lets say I had a couple million in bitcoin (I wish) and wanted to cash out (I wouldn't yet.)  

How would I do it? What it the best method?  I keep hearing it's difficult and that there is a long wait time to
get your cash. I know nothing about this but interested in being enlightened.

You could sell them to Coinbase and get your money in a few days. But you would drop the price drastically if you put out such a huge sell order.

Better option would be to use a bot to put up small sell orders every 30 minutes or so (I'm not aware of any Coinbase bots so you might have to use BTC-e or maybe Bitstamp).

Personally I think it would be silly to "cash out" right now, because based on all of the news around bitcoin it seems like we're about to start a very strong uptrend. I would probably exchange 20% for USD just as a safety net, and keep the rest as BTC.
dominicwin
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November 25, 2013, 07:59:11 AM
 #16

well,if i have the 1250 bitcoin I would sell them all

pay the 40% tax or whatever, and keep the rest to enjoy life


Well if you decided to pay that much tax haha, you wouldn't be enjoying life for too long depending on how old you are now lol.

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beetcoin
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November 25, 2013, 08:01:05 AM
 #17

yeah you could hold them for a year and pay only 15%.
dadach
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November 25, 2013, 09:37:31 AM
 #18

A million bucks isn't enough to retire on.  Heck, I'm 32 and worth close to $3 million (Not from BTC), yet I still work my butt off everyday, albeit for myself.  If I was 70 maybe then I would consider retiring, but a lot can happen in the next 40 years.  Need to keep working to make sure I have the life I want, and for my sanity's sake as well lol.

You sir are a true entrepreneur. When I was in college, I was like when my bitcoin are worth millions, I am retiring. Now I can retire, and I am working even harder because work is fun for me now and money is no object. It is extremely crazy how that works.

yeah, but bitcoin wealth probably made you get the job you want...crazy indeed Smiley

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BitTrade
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November 25, 2013, 10:56:54 AM
 #19

Nobody is going to post here.  Because IRS.
Anyway, the Bush tax cuts have offered the opportunity for (American) people who are careful to not actually make money the old fashioned way to pay very minimal taxes.

Ha!  Sarcasm.... Right?
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November 25, 2013, 12:01:41 PM
 #20

I mined them in 2011 and got them from my shops.

I also tried day trading and had my ass handed to me in June or so.  I lost a few hundred Bitcoin then in the various bear traps.  I learnt a lot of respect for the people that can make day-trading work.  Even if its all down to luck, they have a lot of guts to do it.

I sold 500 BTC for $119.99 and I used the fiat to buy a nice car: http://www.lexus.co.uk/car-models/rx/rx-450h/  In real terms, it cost me less than $2000.  I don't want a yacht - the car is plenty reward for a fun investment in something I believe in.

I still have about 1900 BTC.  

I believe Bitcoin is still ludicrously under-priced.  Myself and a friend bought a KNC miner on ebay.de on Thursday and are looking to buy more.  I won't sell again until the price gets over £1000 which is $1600 and then I will sell exactly 1000.
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