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

[boltz]

Sounds like a fairy tale to me haha. I won't belive this, because first of all why do you even get in bitcoin in the top ? And 2nd why would you even consider to spend your cryptos on expensive stuff when you could easily buy them with fiat. If this is true and I still have my doubts ) whoever told this guy to get into cryptos, has no senses at all when it comes to gain and looses or money in general.

[crzy]

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.

Its normal if you don’t work hard for that money, if its easy money it will also gone easily if you don’t know how to protect it. Hard work will make you realize how important the money is and for sure you will do everything just to make sure that your money will last for good.

[PeRo]

I don't know what was he even thinking, that is just stupid. He shouldn't have cashed out all of it, and before that, why would you even buy at an all time high, everyone knows that you should cash out then. Crypto didn't ruin his life, he ruined it hymself. Bitcoin is mostly an investment, no one uses it for buying expensive stuff, it just isn't profitable.

[BitHodler]

Hard work will make you realize how important the money is and for sure you will do everything just to make sure that your money will last for good.

People need to go wrong before they realize what the real value is of the money they own, especially in cases where people out of nothing became quite wealthy. It goes wrong way more often than it goes right.

Crypto gains are the easiest gains one can make, regardless of the risk people expose themselves to, especially during a bull run. In the current bear market people start to think back about what they had in 2017.

All the stupid things they did with their money backfired hard. I think it's safe to say that most of the members here went through this with crypto. The real gain here is the knowledge that you can have work for you now.

One must be an idiot to make the same mistake again....

[aoluain]

If the story in the OP is real or not I can see that scenario happening.
I have known people just like him who think of today only and not of
tomorrow or next week, kind of YOLO mentality.

If it is real, he learned an expensive lesson.

[maianh09]

We should accept the fact that many investors bought Bitcoin when it reached a very high price before falling to the current $ 3400 price. With the Crypto impersonated market when investing in it, accept the risk that you will lose money when investing in it, but if you know how to take advantage of instability, you can make a lot of money through it.

[xuan87]

A more sense people will try to invest it again, diversify it and try to make more money, cashing out and spending is okay but you need to calculate your spending, blowing money like that is going to ruin your own life, it's not enjoying life but it's a stupid act, but this article got a positive side for Bitcoin, it show that people can get rich with crypto

[jossiel]

True story or not, I don't care on how he spent his money. In the first place, it was his and I don't have the right to rant about his 'dream' activities ever conducted through his crypto profits.

Someone who's not too knowledgeable enough and is lack of financial education would things that he ever dreamed of just like the story. But I'm also fond of looking for a proof that he really has it. And putting the blame to crypto which ruined his life? that's nuts! it was his wrong decisions made.

[DigitalCyberius]

Could be fake, if true, he probably has a tonne of STD's that will catch up with him later, your choices have consequences, immediate and in the hereafter.

Certainly a foolish waste of money if true. Investing in various ways would absolutely have been a better use of money. However, that said, you might be surprised how many people do stupid things with money. I've heard it said that most people who win the lottery go broke after just a few years, and worse. In Bali (where I've been living for the last few years), there are a number of people who come to visit and run out of money, people will work and save up there money, and then spent it all on travel for a few months, and then go back to work - many of them often have money problems.

Don't underestimate the ability of people to make stupid, shallow, and reprehensible decisions with money.

Best thing to do (after taking care of necessities, and hopefully giving), would be to find some smart investments, and diversify a little. Maybe some for a business, buy some precious metals, do a little stock market trading, get into real-estate, buy some ATMs, get some mentor training... lots of options out there.

Have a good day,
The Cyberius team.

[kelz1]

This has to be a fake story, otherwise it would be a full news article rather than just a reddit post. Especially the part about famous porn stars, he would want the fame that goes with the story

[rdbase]

This has to be a fake story, otherwise it would be a full news article rather than just a reddit post. Especially the part about famous porn stars, he would want the fame that goes with the story

It could be as I mentioned in the OP in the first place.
But it might happen just like the guy who said he has made millions betting on the cryptocurrency bubble last year.
He is a famous poker player so he is use to taking on these high risk gambles in his life.

[Upgate]

From the story I don't think cryptocurrency is to blame for the state of his life
He made bad choices and his is paying the costly price for it

[lornadane]

Though I don't believe such stories, because they can't prove it. A couple of months ago, one guy claimed he has lost 2.5K bitcoin, he bought and forgot the phrase key and he bought when the price was a few cents but he did not know the recent value, so many people asked him to give the proof then he disappeared!

If this story real, then I would say he is just a high dramatic guy who doesn't have the right knowledge about investing! He should cash out some to save for the future and then he could invest! Therefore he spent on a high lifestyle, so he had a great opportunity to make money more but if he ruined then that was his fault, not cryptos.

[Denton]

Of course same have all different preferences, but spend money on all the, that wrote this guy was very foolish. Everyone strives for a good life, but it is necessary to work hard in order to get such a life. In its place, I would continue to invest in crypto further.

[Ultimist]

I hope that he has chosen a strategy for further investments in order to increase capital. But if he didn't, it's bad. I certainly can't afford to live like this yet, but I know, I can in the future. We must first make sure that the money came constantly, and not a one-time because of a successful investment.

[avikz]

I literally don't see that crypto has ruined his life. If something has ruined his life, is his lifestyle and the habit of hookers. With 1.66 million usd, I would have retires at the age of 30 and dedicate my entire time to my family. This fellow just spent on useless things.

If I was at the same place, I would have invested it in some government backed schemes where I would earn monthly interest and pursued my passion for cooking exquisite dishes for my family.

[evanescence]

Good on him on cashing out earlier than most, but he spent the money on self-destruction. He was clearly unprepared for his newfound wealth, I guess it's sometimes better to get some rough life experience before getting lucky.

[rdbase]

Good on him on cashing out earlier than most, but he spent the money on self-destruction. He was clearly unprepared for his newfound wealth, I guess it's sometimes better to get some rough life experience before getting lucky.

His life does sound as if it was from a Eminem song.
Either this one https://www.youtube.com/watch?v=uelHwf8o7_U
Or this one https://www.youtube.com/watch?v=_Yhyp-_hX2s

Irresponsible self destructive behavior never helps anyone in their lives if they decide to not try and avoid it.

[den50]

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?

Well he said it himself, blew all the money on whores and luxury and blames it all on cryptocurrency.... People like these need to be responsible for their own actions and what has him having best jerk off material done for him? Nothing. Therefore he's a failure.

[mapanlah]

bitcoin is only a currency, so where it might destroy someone's life, we are destroyed because of our own, we trade bitcoin emotionally always looking for as much profit as possible regardless of the risk of loss, if we already feel a lot of profit we spend on something which really isn't necessary, so it all depends on our own actions, don't blame bitcoin as a cause of someone's destruction.