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Where are the millionaires ?

  • 13-12-2017 8:24pm
    #1
    Registered Users Posts: 26,406 ✭✭✭✭ 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.


«1

Comments

  • Registered Users Posts: 47 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.


  • Registered Users Posts: 1,678 ✭✭✭ 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.


  • Registered Users Posts: 3,358 ✭✭✭ 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.


  • Registered Users Posts: 26,192 ✭✭✭✭ Wanderer78


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


  • Registered Users Posts: 344 ✭✭ 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.


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  • Registered Users Posts: 2,072 ✭✭✭ 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%?


  • Registered Users Posts: 25,582 ✭✭✭✭ 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.


  • Registered Users Posts: 25,582 ✭✭✭✭ 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


  • Registered Users Posts: 2,903 ✭✭✭ 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.


  • Registered Users Posts: 2,327 ✭✭✭ 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.


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  • Registered Users Posts: 25,582 ✭✭✭✭ GreeBo


    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!


  • Registered Users Posts: 3,578 ✭✭✭ 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...;)


  • Registered Users Posts: 26,192 ✭✭✭✭ 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


  • Registered Users Posts: 2,327 ✭✭✭ 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.


  • Registered Users Posts: 2,072 ✭✭✭ 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.


  • Registered Users Posts: 3,578 ✭✭✭ 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.??


  • Registered Users Posts: 2,978 ✭✭✭ 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?


  • Registered Users Posts: 1,678 ✭✭✭ 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.


  • Registered Users Posts: 6,802 ✭✭✭ Grumpypants


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


  • Registered Users Posts: 25,582 ✭✭✭✭ GreeBo


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

    Only if they have cashed out!


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  • Registered Users Posts: 3,358 ✭✭✭ 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:


  • Registered Users Posts: 6,802 ✭✭✭ Grumpypants


    GreeBo wrote: »
    Only if they have cashed out!

    But if they hodl they will be trillionaires :D


  • Registered Users Posts: 2,327 ✭✭✭ 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).


  • Registered Users Posts: 1,757 ✭✭✭ 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


  • Registered Users Posts: 1,757 ✭✭✭ 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


  • Closed Accounts Posts: 1,115 ✭✭✭ 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


  • Registered Users Posts: 1,757 ✭✭✭ 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


  • Registered Users Posts: 2,872 ✭✭✭ 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.


  • Closed Accounts Posts: 1,115 ✭✭✭ 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:)


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  • Registered Users Posts: 1,757 ✭✭✭ 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


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