Bitcoin millionaire lists reasons most will never be rich

[traderethereum]

I would agree that all of his points, taken into their respective context, makes complete sense. However, has he considered thinking about those who are below the poverty line, those that are poorest of the poor? I believe that even if these people put these big a burden on themselves, they aren't supposed to be left out in these kinds of discussion. Maybe next time consider those people.

I always think of such poor people. To my mind they don’t think of BTC at all, they have no time for this. They think of how to get some money for food, clothes and bills. While wealthy people who have surplus of money can easily invest thousands of dollars in BTC and easily make huge money on holding.

They only think about how they can eat this day and not think about how to get rich.
Maybe that is far beyond their mind and they realize that it is very difficult to reach it without any miracle.
A rich person has their money to invest in bitcoin anytime at any price.
That is the difference between the poor and the rich person.
But I believe that there will be one or more people who will get lucky and become rich from all of those people.

[magneto]

Hindsight is always 20/20.

The reality is that spotting investment opportunities are incredibly tough. Yes, bitcoin is a great long term investment but in the short run its pricing simply can't be measured against an intrinsically derived value.

This seems to me somewhat like those videos that say "If you invested $1 bitcoin back in 2009.... You'd be a millionaire by now". Retrospectively everything seems clear. Ask someone to accurately predict what's going to happen in the future and they're going to fail miserably.

[newwest]

I would agree that all of his points, taken into their respective context, makes complete sense. However, has he considered thinking about those who are below the poverty line, those that are poorest of the poor? I believe that even if these people put these big a burden on themselves, they aren't supposed to be left out in these kinds of discussion. Maybe next time consider those people.

I always think of such poor people. To my mind they don’t think of BTC at all, they have no time for this. They think of how to get some money for food, clothes and bills. While wealthy people who have surplus of money can easily invest thousands of dollars in BTC and easily make huge money on holding.

That’s the sad reality that poor people are generally form the hand to mouth situation so they cannot even think about any sort of investment and mostly those are uneducated so they will be far away from the bitcoin or even heard about it. While being wealthy has its own advantage too that even if you los few thousands dollar it does not matter as not really going to matter in their lifestyle or living.

[iamsheikhadil]

Along with poor money management, most people don't know where to actually invest their money in, let's say some buy luxury cars which are one of the worst investments, or some just leave their money to bank so they can get a fixed good interest every month which not only makes them not rich but poorer actually dye to inflation and rise in prices, and a need to differentiate between "want" and "need" is necessary before spending any money. The more we spend on our useless wants, the more is the risk of getting bankrupt as greed never ends!

[0t3p0t]

Went through his twitter, kinda insane. 

To put it perspective:

He bought 381 eth at 131$ a piece. If he sells it at 1.4k usd now, its equal to 530,000 USD.

The bitcoins purchased: ~100. Sell it now, as per preev its worth 4.5 Million.
His twitter is rather interesting however, am no fan of it, but got to say mans got steel balls to invest like this.

That is the spirit of investing and lucky for him he was able to hodl those assets until now. Early birds really catches worms but since he has capital then that is also one of it's perks as he can invest everytime that there is an opportunity.

[so98nn]

https://twitter.com/OfWudan/status/1116767056592904193

Yeah no, I'm not going to take investing advice from an arrogant asshole that views BTC as a get rich quick scheme. I don't think he sees merits of BTC as a currency, probably just a commodity that he can trade and get rich off of. I can't blame him, but I'm also not going to listen to him either.

I mean yes! Those who will come with an attitude that bitcoin will make you quick rich then, they are the one who will be roadside investors soon. Crypto is not a joke. It's a serious thing with investment plans and challenge of market manipulators. If you don't play the game with your skills then you will be just hogging a dead horse and nothing much.

I have seen bitcoin from 1-2k USD but never dared to hold it all the time because the money I invested was my savings, or emergency money. I always sold it whenever I was in little profits.

Thats a slow thing, but that's the most ideal and safe way to invest. It takes nothing to invest in that fashion and grow your assets over the time.

[adzino]

#1  Difficulty identifying opportunity  There are many opportunities in crisis.

#2  Outdated or inaccurate ideas of how to make money  He recommends renting rather than buying a house and questioning traditional ideas on how to make money.

#3  No plan  This item does not need much clarification.

1. Yeah, people fail to identify opportunity because those opportunities are "not so obvious" like the guy makes it sound like. If opportunities were obvious, everyone would try to take that opportunity, hence it becomes saturated.

2. Not sure why he would say that. Sure you are better off renting short term, but if you thinking about long term, wouldn't that be better to buy houses? You can buy and then rent it. Rents always goes up. They never go down.

3. This is accurate. Most people fail because they have no well defined goals!

[zanezane]

~

There is also the ethical question as well, most rich people came from rich parents, Bill Gates' family was rich, Elon's family was rich, Jeff's parents were rich, Warren's parents were rich and politician as well, basically almost all of them are/were rich, sure there are many rich people whose kids never became world's richest person, so I do not want to just attribute it to their parents, but that is where ethics came into play.

Any, and I mean ANY poor person can become rich if they just have a horrible ethical standards and flexible morals, all you do is illegal work and you become rich, sell drugs and become rich, steal and become rich, not like you would be denting the world.

This is not a way I support how you should become rich, but do you think "real" rich people do not steal? Or do not sell drugs? Look at Big Pharma they decide what is legal and what is illegal, they give people things that make you high as legal drugs but if you smoke pot that's illegal. Life is all about who you can bribe, not what you do. All rich people, ALL rich people have bad morals and bad ethics, without a single exception.

Your first paragraph is on point, yes there are people that are handed the cheat codes to life and taking their advice is the most stupid thing because you were never as lucky as them. But the next paragraphs seems to be straying from the point, yes ethics are involved in getting rich but there are people that are rich but they didn't breach any ethical violation. Poor people have poor ethical standard because they are desperate and the society tells them that their principles will not feed them. Not everyone who does illegal work gets rich and I don't like the idea of advocating it as a means to get ahead of the other people doing crime means that you have already dug a grave for yourself.

[pinggoki]

If this is really true that he bought a large of bitcoin at that price and if he sells it right now then probably he is a millionaire or maybe not just a millionaire it evens billionaire as well, this guy is insane and really a big balls on investing in bitcoin and ethereum so much. If we will compute the earnings that he may get by buying $600k worth of bitcoins then probably selling it when the price gets $55k then probably he is already a billionaire. This guy was really has something because if he foresees that it may happen then he just holds the bitcoin that he buys then it is very awesome.

[GeorgeJohn]

The possibility to claim that he holds such values of Bitcoin till date is there because from his research he has found out Bitcoin can equally appreciate as similar as landed property appreciate, let we not dispute the fact that he can't keep it up to these time selling, some people have businesse minded heart to keep or hold am investment for a long period, his concept towards can turn him to billionaire due to the believe and trust he has via cryptocurrency, because its not everyone can hold and wait when it will excessive values before selling.

[plr]

#1  Difficulty identifying opportunity  There are many opportunities in crisis.

Finding opportunity and exploring it is not the skill of everyone, only a person with a lot of motivation to succeed will look find and explore the opportunity, while the other does not want to take a risk, afraid of losing and they have a fear of the unknown, that is why only few will make it and become millionaires and billionaires.

[coolcoinz]

I agree with him. Being in the space allowed me to learn a few things over the years. One of the most important lessons for a new investor is to think outside the box and not be scared. I remember all the scary moments when I almost gave up on Bitcoin but never sold. I felt like it was a mistake to hold for so long while others traded, felt left behind as a holder, but my job and hobbies allowed me to survive and a year later Bitcoin was up again.

You have to understand that investments are like learning a new skill. You will fall, you will get some sleepless nights, but after some time you'll be satisfied and say it was all worth it.

[Silberman]

We all know the reasons most people will never be rich.
1.Lack of focus and persistence.
2.Laziness.
There you go.There's no need of a big list.
I don't trust this guy's claims about buying 300K BTC at 5.9K.Can he show a proof?
He looks like the typical Instagram "baller",who is just bragging about how successful he is and what awesome life he lives.
I don't believe that buying Bitcoin at low price and selling at a higher price can make someone rich in the long term.Yeah,you could make big money,but greed will eventually influence you to make mistakes and lose money.

Another reason is out of control greed, look at this market, bitcoin is the best coin in the market and you can obtain a lot of profits with it by just holding it but people want to make even more money and they invest in all kind of risky coins because they are not willing to wait, they want profits and they want them as soon as possible, then they lose their money to scammers and come back to the forum claiming the whole market is a scam when they are the ones that invested in a shady coin to begin with.

[Genemind]

There are a lot of reasons why people don't get rich, lack of opportunity, knowledge, will to pursue their goal. There are people out there who started from rags to riches because they are street smart, they are aware of what other opportunities are out there. Once the opportunity is open by just knowing it is not enough, you must know how to make the most out of it and take advantage of that opportunity. I agree that being too complacent, lazy, and greedy sometimes lets you lose such opportunities when present. The cryptocurrency had opened a lot of opportunities for people to earn and be part of the biggest innovation of all time, however not all is aware of it or even had an opportunity to be part of it.

[larus]

People only ready to buy assets on highs, that the problem of newbies, thats why they can loose money even on bull market

[goldade]

Concerning the listed reasons as to what makes people poor, I think he is absolutely correct. That doesn't speak only for crypto investment but for every investment whatsoever. Those listed mistakes happen in every sector to almost everyone and it's only those who have disciplined themselves over time that get to make the most of opportunities.
I, however, have some reservations about this guy. This is not to blame him cause he's actually not at fault. He's just like everyone else looking for ways to make money. I believe he's someone who thinks of bitcoin just as an asset to be invested in and not a currency that it truly is

[ethereumhunter]

People only ready to buy assets on highs, that the problem of newbies, thats why they can loose money even on bull market

If they can know the situation, they will not buy at a high price but they will wait for the downtrend. Even if they buy with little money, if they can buy low and sell high, they will not lose their money and make a profit. If people want to be rich, they should know how to use the moment and work hard to earn more money, and maybe they need to spend more time working hard and do other things to make money. Being rich is for all people, but it only depends on how big his effort to work.

[justdimin]

https://twitter.com/OfWudan/status/1238091998978093056

March 2020 an investor, athlete and youtuber known as Andrew Tate bought $300k worth of bitcoin priced at $5900. And another $300k worth of bitcoin priced at $6100.

He claims his BTC holdings today are worth around $7 million.

Definitely one of the more colorful and outspoken personalities in crypto willing to voice some of the more audacious opinions, its possible he deserves more attention than he receives.

Being rich means that you do not have to work ever again to live a comfortable life, in some places and for some people that could be 100 million dollars, for some people it could be 1 million dollars, but in no way or shape it could be 200 billion dollars, that is really unreasonable, what are you going to do with that much money? Impossible to say that it is just being rich, that is being ruthless.

Amazon workers who apply for food stamps and pee in a bottle while Jeff Bezos owns 200 billion dollars worth of amazon stock shows you that it is not about being rich, it is about being powerful and dangerous to society as well, he is not helping anyone out, he is basically just an evil character from a comic book type of person but in real life. Hopefully humanity will eventually realize being rich and being evil have 1+ billion dollar difference, anyone can be and should be rich if they can, but nobody should be evil with money they make.

[oHnK]

https://twitter.com/OfWudan/status/1238091998978093056

March 2020 an investor, athlete and youtuber known as Andrew Tate bought $300k worth of bitcoin priced at $5900. And another $300k worth of bitcoin priced at $6100.

He claims his BTC holdings today are worth around $7 million.

Definitely one of the more colorful and outspoken personalities in crypto willing to voice some of the more audacious opinions, its possible he deserves more attention than he receives.

Being rich means that you do not have to work ever again to live a comfortable life, in some places and for some people that could be 100 million dollars, for some people it could be 1 million dollars, but in no way or shape it could be 200 billion dollars, that is really unreasonable, what are you going to do with that much money? Impossible to say that it is just being rich, that is being ruthless.

Amazon workers who apply for food stamps and pee in a bottle while Jeff Bezos owns 200 billion dollars worth of amazon stock shows you that it is not about being rich, it is about being powerful and dangerous to society as well, he is not helping anyone out, he is basically just an evil character from a comic book type of person but in real life. Hopefully humanity will eventually realize being rich and being evil have 1+ billion dollar difference, anyone can be and should be rich if they can, but nobody should be evil with money they make.

In general, the ultimate goal of having a lot of money and becoming the richest person is to become a philanthropist.  Like Bill Gates who has established his foundation and helped many children around the world.  Likewise, several lists of rich people in this world.  Not all rich people are evil because if he has value in life then he will be that generous person.

[Renampun]

People only ready to buy assets on highs, that the problem of newbies, thats why they can loose money even on bull market

buying in a bullish time is a bad thing...
assets that have high volatility such as cryptocurrencies must have the timeliness to buy it. buy when the market is bullish because FOMO is bad luck. This is the reason why newbies will always lose.