This guy says crypto ruined his life but he spent it on a high risk lifestyle

[rdbase]

He said he bought $60k worth of crypto at the all time high and spent it on expensive items and some questionable things if you read it on his reddit post below.
https://www.reddit.com/comments/amctmr

I dont know if I believe him but I can see it happening when the hype was there back in december 2017.
Crypto can be addictive and can buy things more easier then if it were real money because of its high volatility.

Excerpt from the post
"I got into cryptocurrency Jan 2017 with about $60k (invest over the period of Jan-March). By December I had over $1.6MM, while having pulled out 400k in '17 and another 300k in '18. Basically, after paying/setting aside for taxes and the crash, I had about 480k and 150k left in crypto, as well as having recouped my initial investment.

So, what does a 27 year old guy do, you might ask? I spent March '18 to August '18 traveling the world and blowing cash like a mad man. I didn't buy many material things (besides some clothes, random shit around the house that I needed, etc.), I spent it all on experiences. Traveled to over 25 countries, stayed in nice hotels, ate at the worlds finest restaurants (literally)... and... got addicted to hookers.

So I've had sex with maybe over 100 escorts. High class ones, famous porn stars, and one street walker who caught me off guard at a bar while I was hammered. I've made over 15 pornos (two with VERY famous porn stars), maybe spending a total of 140k on hookers in '18. It was AMAZING, and I basically have the best jerk off material I could ever get my hands on for life." etc

I am wondering if you would be so careless if you spent $60k and ended up with $1.66 million after cashing out?
I would think most level headed people would use it and invest it instead so it makes you more and doesnt run out like it did for him.
This would be more or less the most common sense thing to do for most people.
Wouldnt you agree?

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[xWolfx]

I wouldn't cash out more than 10% in his spot and hold the rest, even if now it all looks really ugly.

Of course if i could see the future selling everything then buying right now would be a better idea but can't do that. Could make more trading or could hold and help bitcoin a bit while also being safe if they are safely stored.

It's about investing for a better future not only for myself but for the whole world also. Hopefully  in the future I'll be able to invest a lot more than right now.

[fakegurutu]

He said he bought $60k worth of crypto at the all time high and spent it on expensive items and some questionable things if you read it on his reddit post below.
https://www.reddit.com/comments/amctmr

I dont know if I believe him but I can see it happening when the hype was there back in december 2017.
Crypto can be addictive and can buy things more easier then if it were real money because of its high volatility.

Excerpt from the post
"I got into cryptocurrency Jan 2017 with about $60k (invest over the period of Jan-March). By December I had over $1.6MM, while having pulled out 400k in '17 and another 300k in '18. Basically, after paying/setting aside for taxes and the crash, I had about 480k and 150k left in crypto, as well as having recouped my initial investment.

So, what does a 27 year old guy do, you might ask? I spent March '18 to August '18 traveling the world and blowing cash like a mad man. I didn't buy many material things (besides some clothes, random shit around the house that I needed, etc.), I spent it all on experiences. Traveled to over 25 countries, stayed in nice hotels, ate at the worlds finest restaurants (literally)... and... got addicted to hookers.

So I've had sex with maybe over 100 escorts. High class ones, famous porn stars, and one street walker who caught me off guard at a bar while I was hammered. I've made over 15 pornos (two with VERY famous porn stars), maybe spending a total of 140k on hookers in '18. It was AMAZING, and I basically have the best jerk off material I could ever get my hands on for life." etc

I am wondering if you would be so careless if you spent $60k and ended up with $1.66 million after cashing out?
I would think most level headed people would use it and invest it instead so it makes you more and doesnt run out like it did for him.
This would be more or less the most common sense thing to do for most people.
Wouldnt you agree?

It sounds fake to me, a lot of fake cryto stories popping out nowadays and this one seems to me as an all time fake, if its true, he shouldve linked that two pornos he said, anyways its a porn, its free, that way he can prove to anyone here right now that his story is really occured and not just like a movies where there is a script.

[vit05]

If this is true, and probably is not, he lived very well this short period as a millionaire. Getting hooked on whores is not so bad. It would be worse if he had been completely addicted to some drug or had contracted an illness. He still has a lifetime ahead of him. Now, it's always so simple to prove that you were rich at some point. Just sign with a wallet that has moved large amounts. But this is hardly done ...

[Jating]

What do you expert from someone who is very young and a lot of money to spent?

It's a hard and expensive lesson for him, that's for sure. I'm mean blowing that kind of money in short amount of time?  Ridiculous. Anyways, perhaps what's make it easy for him to spend and wasted all this money its perhaps he didn't work hard and sweat for it. For sure he is hoping that we can have another bull run and get all-time-high, not so fast, dude. Lol.

[joniboini]

I'm not surprised if the story is true (a lie is still a possibility), a lot of people went berserk when they have a lot of money which they 'created' out of nowhere.  Quite ironic how he invested in relatively a mid-term period and then all of it gone quickly. It reminds me of another story, where somebody got $1 million and then gambles it to invest more and buying a lot of expensive things. Maybe the golden message from this story is that we should invest and cash out some (save it) proportionally to ensure we got our profits and we don't miss the next train.

Best of luck to everybody out there who already make more than $1 million from crypto, make sure you use it wisely.

[pooya87]

to be frank it sounds more like someone who is trying to make shit up about his history but it is not a far fetched thing either but in either case it is not about bitcoin or cryptocurrency or anything else. it was not "crypto" that ruined his (imaginary?) life but it was himself and his addictive personality. there are at least a couple of dozen people on this forum from early days who bought bitcoin at 1 cent and lower and became millionaires and they are not "ruined". the difference is in the personalities.

[Kakmakr]

Ruined his life? I think this is a teenage boy or young guy are sharing his best wetdream with people on Reddit. If you ask him for some proof, you will end up getting nothing, because it is all a figment of his imagination.

How many 27 year olds have $1.6MM to invest in Crypto currencies? If they did manage to accumelate this, then they should be very smart, so why would they waste it on hookers? <Oh, Wall Street are full of them... sorry!>

[Broly46]

Wait, I think he need more elaboration to his story, spending on whores, 100 escorts, food and travel, that sound just like any generic story shared all over the fb, who know he may just come out with a piece of fake story

[demenBTC]

it's just nonsense stories that don't benefit themselves and for readers, bragging using the services of 100 palacur is just a crazy person who tells a false story

[unusualfacts30]

to be frank it sounds more like someone who is trying to make shit up about his history but it is not a far fetched thing either but in either case it is not about bitcoin or cryptocurrency or anything else. it was not "crypto" that ruined his (imaginary?) life but it was himself and his addictive personality. there are at least a couple of dozen people on this forum from early days who bought bitcoin at 1 cent and lower and became millionaires and they are not "ruined". the difference is in the personalities.

Yeah, I like there is no proof of anything he did but just a text which can be written by anyone. Bragging about it is probably not a smart move as it would attract all different kind of people so either way I'm not sure if that person is very smart.

[Pursuer]

this is just some kid trying to troll people. he probably lost a lot of money in cryptocurrencies after investing in a bunch of shitcoins and ICOs that went belly up and the pressure of losing that much money in his parent's basement made him delusional and led into thinking that his "hand" was an "escort" or a  "famous pornstar" LOL. he just has a good imagination, that's all. the cure is simple too, he just has to get out of that basement and let some sun shine on his head. the fresh air would also help.

[CryptoBry]

Well, assuming that the story is real and not just made up, all I can say is that it was his money and young as he is then why not enjoyed it while it last? It would have been a very different story (a sad one) if he continue to hodl and not cash-out his money. I would even consider this to be another good story (though having some wild sides) that Bitcoin or cryptocurrency helped. Personally, though, I might also travel but I would be spending that money for some other worthwhile investments and some causes. Unfortunately, it was his money and not mine.

[Lucius]

How many 27 year olds have $1.6MM to invest in Crypto currencies? If they did manage to accumelate this, then they should be very smart...

He did not invest 1.6$ million in cryptocurrency, this is how much is he profit by investing 60k$.

By what he is say, he invest in period from Januar-March 2017 when BTC price was between 900$ and 1300$, so let's say that he bought 1 BTC at average price of 1000$, for 60k$ it is 60BTC in total. Selling all of them (and he did not that) for 20k$ per 1 BTC = 1 200 000$. Maybe he invest in some other coins, but if only BTC is involved in this story, he is 400k$ short / lying.

So, what does a 27 year old guy do, well most of 27 year old guys would not do what he did. For the reason that they have family or want to use that money for a better and safer future. He decide to spend that money to fill some of his dreams, and from what is described he seems to have spent many good moments traveling around the world and fulfilling his wishes.

So now he is become got addicted to hookers, and this is main problem - no more money to pay them. I have advice for him, just invest more money and wait new ATH, then you can repeat all this again - and in the meantime enjoy in your jerk off material

[o_e_l_e_o]

This is a similar situation to all the lottery winners who end up bankrupt. Lottery winners are more likely to go bankrupt than the average citizen, and statistics show that up to one third of US lottery winners end up bankrupt. You take an average citizen, working constantly and with dreams of traveling, buying a big house, fast car, etc, suddenly give them the means to effortlessly achieve all those dreams, and expect them to act completely responsibly, then apparently one third of them won't. I imagine if we could we would see similar statistics for those who "win big" on crypto.

it was not "crypto" that ruined his (imaginary?) life but it was himself and his addictive personality.

This is it exactly. Although one third of people can't handle money and end up ruining themselves, two thirds don't. Two thirds are responsible and don't blow their fortune on hookers. If this story is true (and I have my doubts), he ruined himself by being immature and irresponsible. The crypto was just a means to an end.

[deisik]

I am wondering if you would be so careless if you spent $60k and ended up with $1.66 million after cashing out?
I would think most level headed people would use it and invest it instead so it makes you more and doesnt run out like it did for him

Actually, that guy got off pretty cheap

As many people in his position (e.g. after winning a lottery) end up really bad and die under the bridge as homeless drug addicts. Regarding your question, we should understand that we can't really say anything specific or certain unless we have actually been there, in his shoes. Indeed, many of us are thinking about reinvesting so much money and earning as much. This is what we all think, now. But it is not in the least guaranteed that we would be thinking the same if we actually had so much dough in our hands. Money is a dangerous thing on its own, while huge money can be downright fatal

[qiman]

Well he may have enjoyed himself with the debauched lifestyle he was living, but in the end that kind of behavior ages someone prematurely and too much of anything is not a good thing, especially when it has adverse effects on the health. Although he was wise enough to take some money out and he made a lot of money, what he did with it was not very awe inspiring to say the least and if I were a kid looking up to this kind of person, it would surely be the wrong role model for me, that is for certain. What I do not like in crypto is that many people show off their wealth in this very negative way and think they are God but one day it comes to nab them in the tail and they will have to come down from their high horse, am not impressed in the least.

[deisik]

What I do not like in crypto is that many people show off their wealth in this very negative way and think they are God but one day it comes to nab them in the tail and they will have to come down from their high horse, am not impressed in the least

Crypto as such has nothing to do with it

As this showing off has more to do with people's ego, while Bitcoin was only instrumental in disproportionately inflating it (which can be huge if there is a reason to, see the Craig Wright case). But it might have been anything else, like an Olympic medal, winning a lottery, hitting a jackpot in a casino, inheriting a fortune, i.e. anything which can be summarized as jumping from zero to hero



Or from shithouse to penthouse (and back again)

[rdbase]

this is just some kid trying to troll people. he probably lost a lot of money in cryptocurrencies after investing in a bunch of shitcoins and ICOs that went belly up and the pressure of losing that much money in his parent's basement made him delusional and led into thinking that his "hand" was an "escort" or a  "famous pornstar" LOL. he just has a good imagination, that's all. the cure is simple too, he just has to get out of that basement and let some sun shine on his head. the fresh air would also help.

This was my thought when I first read the post too.
And with people on reddit you need to take it all with a grain of salt.
But still it makes for a good story for a hollywood movie if they ever decide to make a movie on the height and hard fall of cryptocurrency 2018.

[logfiles]

If at all this is true, then I guess it was due to overexcitement, having acquired a lot of money in no time. You start to feel that you are a star and start to spend very ridiculously without looking at the long term goals. Hookers will come and suck up your money and once it's done they will move on to the next one.

I have seen a number of related stories, especially with Lottery winners. One wins maybe $10M and gets too excited, takes world trips, lives a life of his dream then after a couple of years get back to where he was or even probably with lots of heavy debts.