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June 14, 2014, 12:32:28 PM |
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Should have sold off only a portion rather than the whole sum just in case in the long term we moved upwards. Regardless though I'd say he's just another one of those cases where having some luck and being in the right place at the right time can pay off overall.
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There are several different types of Bitcoin clients. The most secure are full nodes like Bitcoin Core, which will follow the rules of the network no matter what miners do. Even if every miner decided to create 1000 bitcoins per block, full nodes would stick to the rules and reject those blocks.
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s.mouse
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June 14, 2014, 12:45:48 PM |
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Yeah he should have kept hold of some as a future investment, but I can see why he'd want to sell.
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sleepygeekygeek
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June 14, 2014, 02:09:54 PM |
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He most likely buys back his btc.. He will have a business and more btc in the future
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sukamasoto
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Black Panther
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June 14, 2014, 02:42:22 PM |
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it is a fortune unfortunately why 4 years ago bitcoin pupoler not in my country
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ShakyhandsBTCer
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June 14, 2014, 04:36:18 PM |
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Yeah he should have kept hold of some as a future investment, but I can see why he'd want to sell.
He sold his coins in order to start a business. I believe that his business deals in BTC. If his business is successful then he could potentially earn more BTC then he sold to start his business. |
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boumalo
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June 15, 2014, 03:45:43 PM |
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Should have sold off only a portion rather than the whole sum just in case in the long term we moved upwards. Regardless though I'd say he's just another one of those cases where having some luck and being in the right place at the right time can pay off overall.
It is not written that he sold it all, he probably kept 10-60% of it and he can buy back, earn a nice income with his business, earn BTC with his business or sell his business for a large fiat amount that he can partly transfer in BTC for safety and value |
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makebitcoin
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June 15, 2014, 05:48:30 PM |
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Great for him and very wise that he took his profits. I hope that he kept a few BTC just in case though  |
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feverpitch
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June 15, 2014, 05:49:24 PM |
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I wish Bitcoin was around when I was a kid and had times on my hands (as well as no kids, lol).
My kids are too young to understand BTC. I think BTC is prime for kids in high-school though. Anyways, lucky kid.
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ShakyhandsBTCer
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June 15, 2014, 06:10:55 PM |
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Should have sold off only a portion rather than the whole sum just in case in the long term we moved upwards. Regardless though I'd say he's just another one of those cases where having some luck and being in the right place at the right time can pay off overall.
It is not written that he sold it all, he probably kept 10-60% of it and he can buy back, earn a nice income with his business, earn BTC with his business or sell his business for a large fiat amount that he can partly transfer in BTC for safety and value There was an article that say some 15 year old used $1,000 that his grandmother gave him to buy bitcon early last year and old it recently for a $150,000 profit. |
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boumalo
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June 17, 2014, 01:21:18 PM |
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Should have sold off only a portion rather than the whole sum just in case in the long term we moved upwards. Regardless though I'd say he's just another one of those cases where having some luck and being in the right place at the right time can pay off overall.
It is not written that he sold it all, he probably kept 10-60% of it and he can buy back, earn a nice income with his business, earn BTC with his business or sell his business for a large fiat amount that he can partly transfer in BTC for safety and value There was an article that say some 15 year old used $1,000 that his grandmother gave him to buy bitcon early last year and old it recently for a $150,000 profit. It does say he sold it for 100k$ : "When Erik Finman received $1,000 from his grandmother in 2012, he invested it in bitcoin, the then-obscure form of online currency. A year and a half later, he sold his investment for $100,000 and used the earnings to launch Botangle.com, an online tutoring service that runs on video chat." I think it is unlikely he didn't kept any of it |
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bryant.coleman
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June 17, 2014, 04:20:53 PM |
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Oh woe is thee! Spending money to help better someone's Education. And not to mention, have you read the article? His tutors can charge whatever they like. Right now he's getting 30% royalty.
30% of $39/hr (Which is what one of his tutors are offering) equals approx. $11/hr to him.
Tell me, Rupert, what would your business be like? And Shark Tank (Which is just one show on entrepreneurs, and yes, I fucking love it.) won't have 'laugh you off'? And just because he's a kid doesn't mean that all of his decisions are idiotic. Every entrepreneur makes a stupid decision in their lifetime.
Hmm... if this is true, then this 15-year old is more intelligent than most of the 30-year old posters here. The only thing that I don't like about him is the fact that he doesn't have anymore coins in his stash. |
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boumalo
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June 17, 2014, 05:04:47 PM |
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Oh woe is thee! Spending money to help better someone's Education. And not to mention, have you read the article? His tutors can charge whatever they like. Right now he's getting 30% royalty.
30% of $39/hr (Which is what one of his tutors are offering) equals approx. $11/hr to him.
Tell me, Rupert, what would your business be like? And Shark Tank (Which is just one show on entrepreneurs, and yes, I fucking love it.) won't have 'laugh you off'? And just because he's a kid doesn't mean that all of his decisions are idiotic. Every entrepreneur makes a stupid decision in their lifetime.
Hmm... if this is true, then this 15-year old is more intelligent than most of the 30-year old posters here. The only thing that I don't like about him is the fact that he doesn't have anymore coins in his stash. I am very doubtful he doesn't have any left I am not surprised than a 15 years old is more intelligent than any 30 years old |
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bryant.coleman
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June 17, 2014, 05:15:34 PM |
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I am very doubtful he doesn't have any left According to the article, he has sold all his coins for fiat. I don't blame him. Bitcoin is a very risky investment. You can lose all your net worth in a matter of few days, if not hours. |
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abercrombie
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June 17, 2014, 05:43:35 PM |
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Nothing wrong with taking profits, but to exit the Bitcoin market entirely seems a bit hasty.
Kid has got a head start on life, but $100k isn't very much especially after taxes.
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ShakyhandsBTCer
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June 17, 2014, 05:45:28 PM |
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I am very doubtful he doesn't have any left According to the article, he has sold all his coins for fiat. I don't blame him. Bitcoin is a very risky investment. You can lose all your net worth in a matter of few days, if not hours. I know that he started a new business with his proceeds. I think the business was something bitcoin related |
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bryant.coleman
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June 17, 2014, 05:59:51 PM |
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Nothing wrong with taking profits, but to exit the Bitcoin market entirely seems a bit hasty.
Kid has got a head start on life, but $100k isn't very much especially after taxes.
Long Terms Caps Gain Tax is something like 15%. Even if the tax guys take a cut of $15,000, he will be left with the remaining $85,000. More than enough to start a new venture, IMO. |
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boumalo
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June 17, 2014, 06:23:31 PM |
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Nothing wrong with taking profits, but to exit the Bitcoin market entirely seems a bit hasty.
Kid has got a head start on life, but $100k isn't very much especially after taxes.
Long Terms Caps Gain Tax is something like 15%. Even if the tax guys take a cut of $15,000, he will be left with the remaining $85,000. More than enough to start a new venture, IMO. He can retire @ 45 if he invested it wisely now His new business is https://botangle.com/how-it-works : Joined members 1304 Botangle with a B like Bitcoin; it will sell for millions once it picked up |
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bitcoinforhelp
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June 17, 2014, 06:24:00 PM |
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he was lucky, but kinda nice story tho
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ShakyhandsBTCer
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June 20, 2014, 02:54:52 AM |
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Nothing wrong with taking profits, but to exit the Bitcoin market entirely seems a bit hasty.
Kid has got a head start on life, but $100k isn't very much especially after taxes.
Long Terms Caps Gain Tax is something like 15%. Even if the tax guys take a cut of $15,000, he will be left with the remaining $85,000. More than enough to start a new venture, IMO. He can retire @ 45 if he invested it wisely now His new business is https://botangle.com/how-it-works : Joined members 1304 Botangle with a B like Bitcoin; it will sell for millions once it picked up The site looks very professional. I think the kid hired staff to help him run the site. |
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