Where are the millionaires ?

Eric Cartman

Does anyone have an example of somebody (not an exchange owner, commercial bitcoin company owner, etc...) who has cashed out $1 million from bitcoin to an 'old' fiat currency.

In interested as everyone has a ate who 'lost a wallet with 200 coins in it' and theres all this investing hype, but bar exchange owners and service providers, I have yet to hear about Joe soap putting less than 10k in and cashing out at a million or more.

I struggle to find anybody who has placed a sell order for over $5-10k and its actually appeared in their account.

The news sites and television talk every day about people being worth millions because of it, but they don't seem to be able to actually spend it.

grazinggreen

If it was me that became a multimillionaire from Bitcoin I wouldn't necessarily go shouting it from the rooftops. Most of those that have made serious money would still hold a significant amount of crypto so probably don't want to be declaring that for the world to know/try and steal.

Selik

Friend of a friend put 200k into Bitcoin in 2014 and is now a multimillionaire. Last year he doubled his coins by lending them out on an exchange. I thought he was nuts when I first heard but fair play to him.

papu

With the prices continuing to rise, many people are just hodling on, also I don't think people would really go and publicly announce that they owe 33% of their profits to Revenue / IRS, or make themselves targets for criminals.

Plenty of users on reddit who say they've cashed out and paid off huge amounts of debt / student loans etc etc.

Wanderer78

Cash out? Shur you be mad to do that, prices never fall!

kal7

There is an old story that says "If even the shoe shine guy is telling you to buy, get out of market quickly."

All a friend of a friend stuff.

Am sure some who bought early will have made money, but to invest now pretty sketchy.

My belief is that blockchain will become new banking style, however governments will just legislate and form a new cryptocurrency.

Will be a betamax vs VHS thing, which one thrives is a gamble. I am to cautious an investor though, to be fair.

ZeroThreat

kal7 wrote: »

There is an old story that says "If even the shoe shine guy is telling you to buy, get out of market quickly."

All a friend of a friend stuff.

Am sure some who bought early will have made money, but to invest now pretty sketchy.

My belief is that blockchain will become new banking style, however governments will just legislate and form a new cryptocurrency.

Will be a betamax vs VHS thing, which one thrives is a gamble. I am to cautious an investor though, to be fair.

Are we at the 'shoe shine' stage yet though?

Do the numbers of people invested in cryptocurrency now exceed more than a small fraction of 1%?

GreeBo

I know of at least two people who owned several hundred BTC from before 2010 who have since cashed in enough to make them millionaires.

GreeBo

kal7 wrote: »

Will be a betamax vs VHS thing, which one thrives is a gamble. I am to cautious an investor though, to be fair.

I dont think its a Highlander type of situation.
Different coins will be useful for different things is my assumption

Blacktie.

ZeroThreat wrote: »

Are we at the 'shoe shine' stage yet though?

Do the numbers of people invested in cryptocurrency now exceed more than a small fraction of 1%?

Very highly doubt it. I know people who are interested now but when you start going through how to get set up their eyes glaze over.

The One Doctor

Blacktie. wrote: »

Very highly doubt it. I know people who are interested now but when you start going through how to get set up their eyes glaze over.

Yep, unless you're into IT cryptocurrencies are a bit of a mystery. I do explain to people how they work (the more the merrier in the market), but even my wife gets bored with my explanations, despite very much appreciating the extra income.

I've even offered to show my brother how to trade, but he's very much put off by the apparent risk involved.

People seem to think day trading is like betting on horses for a living. Bizzare but understandable I suppose.

One of the things I have learned (painfully) is to always act on your own opinion of the market. Never anyone else's, tempting as it may be.

Oh, and have some money in reserve for bargains.

GreeBo

The One Doctor wrote: »

Yep, unless you're into IT cryptocurrencies are a bit of a mystery. I do explain to people how they work (the more the merrier in the market), but even my wife gets bored with my explanations, despite very much appreciating the extra income.

I've even offered to show my brother how to trade, but he's very much put off by the apparent risk involved.

People seem to think day trading is like betting on horses for a living. Bizzare but understandable I suppose.

One of the things I have learned (painfully) is to always act on your own opinion of the market. Never anyone else's, tempting as it may be.

Oh, and have some money in reserve for bargains.

It kinda is like betting though, at least at the moment.
What fundamentals are you using to buy/sell? Twitter announcements?

I keep attempting to have fiat on an exchange for bargains and I keep bloody spending it!

washman3

Wanderer78 wrote: »

Cash out? Shur you be mad to do that, prices never fall!

Might fall just a little, but it will be a Soft Landing'....:D:D:D
Remember that one...;)

Wanderer78

washman3 wrote: »

Might fall just a little, but it will be a Soft Landing'....:D:D:D
Remember that one...;)

i guess its best, people should get on the 'crypto-ladder' asap!:D

The One Doctor

Soft landing... sounds familiar. The market is a bit shaky right now, especially LTC and ETH as they are way out of their comfort zones. I've put alerts in way below both coins current prices and am waiting for a bargain. LTC seems very shaky. Waiting for a big fall.

Note: Please avoid acting on my opinions, I could very easily be wrong.

ZeroThreat

washman3 wrote: »

Might fall just a little, but it will be a Soft Landing'....:D:D:D
Remember that one...;)

While I don't think the bubble is going to pop for a while yet, when/if it does the tears will be salty.

washman3

ZeroThreat wrote: »

While I don't think the bubble is going to pop for a while yet, when/if it does the tears will be salty.

Wonder who will get to 'pick up the tab' when the time comes.??

dashoonage

like how do you even get your "millions" out of an exchange.... howya coinbase support id like to make an 11 million euro withdrawl please?

Selik

dashoonage wrote:

like how do you even get your "millions" out of an exchange.... howya coinbase support id like to make an 11 million euro withdrawl please?

One would do it in stages I would imagine rather than one big whack.

Grumpypants

Those Winkle brother who got the 11mill payout from Facebook bought bitcoin with it. They are now Billionares.

GreeBo

Grumpypants wrote: »

Those Winkle brother who got the 11mill payout from Facebook bought bitcoin with it. They are now Billionares.

Only if they have cashed out!

papu

Selik wrote: »

One would do it in stages I would imagine rather than one big whack.

With each stage paying out more than the last :cool:

Grumpypants

GreeBo wrote: »

Only if they have cashed out!

But if they hodl they will be trillionaires

The One Doctor

washman3 wrote: »

Wonder who will get to 'pick up the tab' when the time comes.??

Whoever craves a bargain the most. There are some very patient people in this market. Probably looking at around €500 - €2500 per BTC. (Numbers pulled from thin air).

SlowBlowin

I am yet to cash out.

I hold a lot of LTC (5 figure amount of coins), plus some BTC and ETH.

The stress is huge for me, I have a sell figures in mind and when that hits I am selling 50% of my holdings and thats me set.

At the moment I am a physical wreck, checking prices every 2 minutes at most, for about 18 hours a day. Its been like this for a few months, which seems like years. I can be found in dark corners of Kerry pubs looking at my phone, and in a constant daydream.

To me this is a life changing event and if I can cash out it means everything, I hope it happens soon as this is taking years off my life.

SB

SlowBlowin

Oh and yes some of my friends that were mining at the same time or before me (I started 2013) have cashed out enough to buy property/cars/not work again etc.

SB

asteroids over berlin

SlowBlowin wrote: »

I am yet to cash out.

I hold a lot of LTC (5 figure amount of coins), plus some BTC and ETH.

The stress is huge for me, I have a sell figures in mind and when that hits I am selling 50% of my holdings and thats me set.

At the moment I am a physical wreck, checking prices every 2 minutes at most, for about 18 hours a day. Its been like this for a few months, which seems like years. I can be found in dark corners of Kerry pubs looking at my phone, and in a constant daydream.

To me this is a life changing event and if I can cash out it means everything, I hope it happens soon as this is taking years off my life.

SB

why don't you just download the coinmarket app and set up alerts on it, that will save you from checking the prices every 2 mins

SlowBlowin

This is a one off deal, I am not trusting in a web site or app to alert me. I do have alerts set, but I am always watching anyway.

All joking aside the stress is big, and you cant stop checking, especially as LTC moves so fast.

SB

KilOit

SlowBlowin wrote: »

I am yet to cash out.

I hold a lot of LTC (5 figure amount of coins), plus some BTC and ETH.

The stress is huge for me, I have a sell figures in mind and when that hits I am selling 50% of my holdings and thats me set.

At the moment I am a physical wreck, checking prices every 2 minutes at most, for about 18 hours a day. Its been like this for a few months, which seems like years. I can be found in dark corners of Kerry pubs looking at my phone, and in a constant daydream.

To me this is a life changing event and if I can cash out it means everything, I hope it happens soon as this is taking years off my life.

SB

Sounds like it's really affecting your health. What good is the money after a stroke. why does it have to be 50% when the figure hits.
10% now 10% after another bullrun on LTC then 50% when this figure in your head hits. Least you would of peace of mind with taking some profit in case a black swan event occurs.

asteroids over berlin

SlowBlowin wrote: »

This is a one off deal, I am not trusting in a web site or app to alert me. I do have alerts set, but I am always watching anyway.

All joking aside the stress is big, and you cant stop checking, especially as LTC moves so fast.

SB

i have substantial amounts accumulated and not stressed at all, the alerts work fine, even during the night i can get a notification. Anyway, best of luck to you:)

SlowBlowin

You obviously are able to cope better than me.. I am known as worrying too much..

I was a miner not an investor.

Do you have an exit/price plan ?

SB

MyPeopleDrankTheSoup

i'd be more worried about the coins being stolen than price plummeting. is that a constant fear? and if not stolen, maybe losing the private key, and them being as good as stolen

SlowBlowin

Yes, I have already lost a lot when wemineltc went, and a bit when BTC went but I got most of that back.

SB

ZeroThreat

SlowBlowin wrote: »

I am yet to cash out.

I hold a lot of LTC (5 figure amount of coins), plus some BTC and ETH.

The stress is huge for me, I have a sell figures in mind and when that hits I am selling 50% of my holdings and thats me set.

At the moment I am a physical wreck, checking prices every 2 minutes at most, for about 18 hours a day. Its been like this for a few months, which seems like years. I can be found in dark corners of Kerry pubs looking at my phone, and in a constant daydream.

To me this is a life changing event and if I can cash out it means everything, I hope it happens soon as this is taking years off my life.

SB

5-figure number of coins?

If you're talking about number of coins, that's 10,000 LTC minimum, which means you have about €2.7M in litecoin alone.

And you don't want to cash out anything yet? :eek:

SlowBlowin

I wish.... I did not want to disclose my holding and kept editing the post, but its 4 figures... my mistake..

My cash out is at 1 million euro, at which point I will cash out 50%, its not that far away hopefully.

SB

MyPeopleDrankTheSoup

wow! congrats

any tax planning? paying 33% of profits would kill me. paying out to a limited company? doing a DOB and moving to malta?!

asteroids over berlin

SlowBlowin wrote: »

You obviously are able to cope better than me.. I am known as worrying too much..

I was a miner not an investor.

Do you have an exit/price plan ?

SB

i have not made as much as you, however my only plan is to pay off the 2 mortgages we have then hodl the rest with the hope of being financially secure and quit our jobs. I imagine being mortgage free would more or less set anybody up for life - living non extravagant life, especially renting a 2nd property. So that's the plan, capital gains tax is painful, we are basically waiting now to get about half of the cgt money and then we can do the first part of the plan. I do believe in the projects i invested in though, which is easy enough to say as my top 4 coins are more or less in the top 5 coins. I would also like to invest more in a few more coins, Litecoin and Lisk. See how it pans out, i understand the nervousness though Best of luck

Perhaps a law wll be passed which will waiver the CGT or lower it but i don't see it happening soon, i am prepared to pay CGT and the government can then stick it. I am happy enough to wait around for another avenue to cash out if the laws don't get more realistic. Inheritance tax also is about 33% - archaic tax system

The One Doctor

georgiecasey wrote: »

wow! congrats

any tax planning? paying 33% of profits would kill me. paying out to a limited company? doing a DOB and moving to malta?!

Unfair to ask. We're all law abiding citizens with responsibilities to our country. I worry when I have a 20 LTc exposure. When I have a 10,000 LTC exposure... oh god...

Dohnjoe

SlowBlowin wrote: »

I am yet to cash out.

I hold a lot of LTC (5 figure amount of coins), plus some BTC and ETH.

The stress is huge for me, I have a sell figures in mind and when that hits I am selling 50% of my holdings and thats me set.

At the moment I am a physical wreck, checking prices every 2 minutes at most, for about 18 hours a day. Its been like this for a few months, which seems like years. I can be found in dark corners of Kerry pubs looking at my phone, and in a constant daydream.

To me this is a life changing event and if I can cash out it means everything, I hope it happens soon as this is taking years off my life.

SB

Only every 2 minutes? those are rookie numbers, you have to pump them up

In all seriousness most people are going to financial advisors, many seem to be selling in portions to avoid hitting one bad day or sudden dip

smacl

asteroids over berlin wrote: »

Perhaps a law wll be passed which will waiver the CGT or lower it but i don't see it happening soon, i am prepared to pay CGT and the government can then stick it. I am happy enough to wait around for another avenue to cash out if the laws don't get more realistic. Inheritance tax also is about 33% - archaic tax system

Why? I get giving tax breaks to those creating employment, exporting, or producing within the economy. Trading coins, not so much. Anyway, fair play for being prepared to pay it, and hope it all pans out for you.

scopper

Bitcoiner since 2010 here, most of the early adopters started going quiet on bitcointalk around 2014, likely out of fears of hacks, which kicked off around then on big holders.

dartboardio

I don't have any stories about bit coin or cryptocurrency, all this that's going on lately is another language to me!
But my boyfriend is 'into' the stock markets, now he hasn't made anywhere near a million but a few years ago he put a grand or two in, and some did fine, now he can decide on a whim to 'sell' one, and a few weeks ago 800 quid was in his account within five minutes! And he has a few more that are worth around the same.


Safe to say I was astonished, I'd love to get into buying shares or whatever myself but can't get my head around it.

frag420

I have been talking to my colleague about this a lot recently. He put about £1000 in across several coins at the start of November, he has already pulled out about £1100 with his initial outlay still intact. He said he accidentally netted in futures(his words, I don’t understand it) one evening on his way home from the office and that bumped his earnings over the last few weeks!

However his neighbour is a different story, this guy apparently has made a small fortune, recently paying cash for a McLaren and has bought some property in cash also. Numbers in the region of £13m+ he has made in last couple of years. He works in finance so seems to know what he is doing. While I’ve taken this with a pinch of salt my colleague has no reason to lie so it seems legit!

We are hoping to sit down with him early Jan to discuss how he did it and a strategy for 2018.

august12

frag420 wrote:

We are hoping to sit down with him early Jan to discuss how he did it and a strategy for 2018.

Will you come back here and pass on some of that advice to us, or pm to me if you don't wish to share publicly, thanks in advance.

GreeBo

august12 wrote: »

Will you come back here and pass on some of that advice to us, or pm to me if you don't wish to share publicly, thanks in advance.

I'm going to go out on a limb here...it will be "buy btc before it jumps by 3000%"

seannash

Not sure how much of a strategy they could provide, the biggest strategy most people have it buy coins associated with good tech or tech you believe in and hodl.
Last year people who did that made huge profits, 2018 will be lucky to repeat that but it still is possible.

frag420

august12 wrote: »

Will you come back here and pass on some of that advice to us, or pm to me if you don't wish to share publicly, thanks in advance.

I would be happy to! I just remembered that he told my colleague to jump on Iota(I think) in mid Oct but alas he didnt do it then and from what I have heard he missed out!

I will come back should we get the chance to sit down with him as I have a lot of learning to do myself on this and every little helps!!