In a Reddit … Reddit gives you the best of the internet in one place. What started out … Press J to jump to the feed. You need to be in order to live here. I'm going to get shot for this but.... Banks been being able to hold crypto may be a good thing. best bet is, once you have that money - pay for someone to give you legal advice and manage it from there. I think the bank may ask some basic questions to verify its not drug money, so always keep your receipt of deposit you make to excahnge, those dated emails they send you about "your deposit of $xx.xx" would be enough proof. Confessions of a Crypto Millionaire My Unlikely Escape from Corporate America. 3 years ago. I think a small to moderate allocation makes sense now, because of the potential for high upside - but there is a very real chance we go to near zero or (more likely) witness a prolonged bear market with continued losses. To be honest , doesn't feel real and nor should it until I convert to FIAT. Not a whale but I can answer some questions. Im going to buy gold. Really awesome of you for answering. In BC we're all millionaires. 34. A conversation with a Dogecoin millionaire - NYT The Daily podcast. In fact, the chances of losing your entire investment are greater than that of you becoming a millionaire. How to become a millionaire with crypto. twitter. 19 5 Less than a minute. If I had a huge amount like $1M, I would probably do it in chunks of 50k at a time just to prevent this kind of thing from happening. enough to buy the vast majority of my ETH below $13. The technology will change the way we make transactions and store data in many areas of finance and technology. 4 - 5 years account age. I remember last bull market people’s funds would get frozen and bank accounts got closed dealing with crypto. The first thing I did was pull up my portfolio alongside the crypto charts and r/cryptocurrency. If you could send it to a bank wallet and then convert to currency instantly that is. I have wondered about this too, if the prices got to where I wanted and I wanted to cash out. level 1. It's okay to transfer more than 10k at once. I had been slammed with work for the past couple weeks and did not have much time to check on my crypto portfolio, the charts, Reddit - all the things I love. This way if they say they don't want any crypto profits coming in you can go to another bank that will take the money. For those of you that aren't crypto-millionaires, how much money would you have to have to consider quitting your day job? report. As a child, Vitalik had a strong interest in the exact sciences: mathematics, programming, and economics. These extreme price swings have been going on with Bitcoin throughout its history. If bitcoin "recovers" I'll have to sell again, that's for sure. The journey to becoming a crypto millionaire isn’t as problem-free as many would have you believe. Because the markets are so immature, capital is very inefficiently allocated and almost all prices are correlated - ICOs that have raised traditional VC money and have real teams are priced similarly to total scams with nothing but a white paper. So it's best to talk to them beforehand. I became a USD Crypto millionaire a week or so ago, on paper at least. Most of my gains came from ETH. Press question mark to learn the rest of the keyboard shortcuts, https://charts.bitcoin.com/chart/price#74. The man told Newsweek that because of the recent crypto boom, his initial Dogecoin investment has grown to over $2 million USD as of Friday morning. In the UK you can earn 11k per year before tax is applied. ie sell 50k a day and withdrawal it to make sure it goes smoothly. May we soon fly high again. Guys, in this crypto crazy period you probably missed the birth of SafeSUN and let me explain why this project will make us crypto millionaires. Right now I'm sitting on about 1.25M, down from $3.5M at the peak, and it hurts, but I'm 100% confident in crypto. It is still up 7-8x vs this time last year. 2013 Bitcoin buyer here, deeply into the tech for years, and have gone through this all before. So, you could wait until april 4th - day before tax year ends, cash out 11k, then the next day cash out 11k. If you don't mind sharing, what's the total size of your portfolio and what percentage remains in crypto? pinterest. If I didn't invest in crypto, I would have FIREd at the same time, no doubt. Sort by . 100 - 200 comment karma. They also have iron stomachs and strong hands. Press question mark to learn the rest of the keyboard shortcuts, Gold | QC: CC 51 | NANO 5 | r/Politics 68, Platinum | 5 months old | QC: BTC 100 | r/Investing 11. Taxes were painful but within my estimated range which I allocated and set aside for the year before (made trades and kept track of cost basis, stopped actively trading when it hit my acceptable range limit for taxes). Continue this thread level 2. Do I move from my ledger to exchange to cash out? In the case of Bitcoin (BTC), for example, which now stands at about $12,000, it takes just 100 BTC to become millionaires. So finally, I had a break and popped open a bottle of bourbon. Tax free. especially as it sounds like you did it incrementally. 1. google plus. The only two coins I hold are Bitcoin and Ethereum. Hello and Welcome to the Official Electroneum Reddit Channel made for the Community , Ran by the … I read some stories about people getting funds frozen(delayed), so its always better to break up the order over a few transactions. Bro I love ether but I can’t believe you sold all BTC for it. Just get in contact with ur bank before you cash any bigger amount and let them know. As he begins to realize that the mix of nightmarish bureaucracy and his … I dont look at my portfolio to be honest and dont care much since I have a really profitable business as well that made me my first million a while ago. save. Time to unwind and get back to the things I love! However, the new millionaire said: However, the new millionaire said: I did HODL for 8-9 years which is more than the vast majority of crypto users. Just don't expect a repeat of the recent bubble immediately. 242 comments. 1. At the age of 10 he created his own computer game. r/CryptoMillionaireMake: If a million people gave one person 1$ each in a crypto of the donators choice, one person could become a millionaire … Press question mark to learn the rest of the keyboard shortcuts. People like Jack Dorsey, Elon musk, and Michael saylor shouldn't be idolized and their investments or tweets shouldn't affect the market. Close. google plus. How does it feel? New comments cannot be posted and votes cannot be cast. 86% Upvoted. But if crypto breaches 12% of my net worth, I always sell down to 6% but continue the DCAing. First of all SafeSun has a market capitalization of only 8M$ right now (yes you just got an easy x100) but that's not the point. 1 - 2 years account age. I've been DCAing bitcoin since 2012 -- about $100-$150 a week, every week, like clockwork. The development in cryptoland is rapidly shifting to Ethereum, and the scaling debate made me lose faith in the core devs, so I have very little faith that lightning network will become a general scaling solution. I use an exchange which lets me onramp and offramp fiat. 1. Platinum | QC: CC 199, ETH 39, BTC 18 | TraderSubs 41. I've taken some serious tax hits selling, but selling bitcoin has let me purchase a bit more real estate, a bit more in my stock portfolio, invest a bit more into startups. $2M at 7% in a diversified 3 fund portfolio gives you $7.75M in 20 years, without you investing another penny. By December of 2018, it was back below $100. I'm FI (not from cryptos but from my dividend portfolio) and this one sentence beautifully encapsulates how I feel most days. Eh! So all I have now is ETH, BCH and some ADA. You can wire all $1M to your account, when you pay your taxes, you can pay it from the same account. Here you will hear our announcements, enjoy our live lounge open for the … I was lucky (smart?) NEW COIN. save. 125 - 250 comment karma. In his Reddit post, he said: That is called "structuring" which is illegal and you will get in trouble. share. As the title says, I decided in late December last year that my goal for the year was to become a crypto millionaire by December 31st. Flamboyance, elegance, class, luxury, living lavish, name it all. The cryptocurrency marketis most often compared to the traditional stock market, but the only difference is that cryptocurrencies are completely 3 years ago. Dec 14, 2017 DTN Staff. Update? /u/105kgSysAdmin, /u/plzraiselimits, /u/cryptothrowaway256. Some of those posts came in with a "I am a brilliant investor and that's why I'm now mega rich...but I expect Bitcoin to quintuple and can't sell now". And there are hundreds of companies rapidly building products to use Bitcoin and other blockchains for all kinds of innovative uses. But how to … Invested $2m, withdrew $10m, still have seven figures of it. Then there will be some positive news, and it'll start moving up more, then the people who sold will get fear of missing out and the price will spike back up again. In 2011, he … There is no point denying it, many of us have approached the blockchain and crypto sector in particular, hoping to become millionaires in a short time. hide. how do you go about moving the money keeping in mind that exchanges aren't the safest and time is important. share. I think its worth sitting down with a professional to lower it as much as possible. my plan once I start making more is while using Coinbase: convert X amount to cash X amount to Day ( for interest), transfer cash under 10k to PayPal cash account, repeat transfers periodically between PayPal and other linked cards/bank accounts I have 4 payment methods listed on Coinbase, keep receipts of purchase in case of issue. Even this year I think I am about breakeven for the year, or maybe up a tiny bit. As such I now hold 0 BTC. 10 votes, 24 comments. Then again my timescale for hodling is in years, not months, and I didn't become overinvested into crypto although I do regret not going all in when I first had the chance to. Follow Twitter Join Telegram Trading … Hold onto the crypto for a year, and you are reduced to having to pay capital gains in US, much lower tax amount (I think 15% vs income tax rate). I think there's a 50-75% chance that we will see at least one more period of irrational exuberance within the next 1-3 years that takes us up substantially higher from here - when some real projects make progress and institutional money moves into crypto. Hodling that. Press J to jump to the feed. Moons reward posters, commenters, and moderators for their contributions to the subreddit. Still, if you have fairly substantial assets I think it makes sense to have a diversified set of high-risk/high-reward investments as part of that portfolio- and crypto should probably be part of that. Or move from ledger, to exchange, exchange for BTC then move to crypto debit card? The 33-year-old tells CNBC Make It that he decided to invest in Dogecoin after learning about it on Reddit. Some names on this list are pretty young, too. 23.5k members in the Electroneum community. Please stop idolizing celebrities and millionaires that invest into crypto. Life after crypto . On April 16, he took to Reddit to make a post titled “Hey guys I just became a Dogecoin millionaire” in subreddit “/r/dogecoin”. This thread is archived. :) This episode contains strong language. Reddit; Pinterest; Twitter; Facebook; RSS; Home/ECOMI - OMI Token/ HOW TO BECOME A MILLIONAIRE WITH OMI TOKEN (AND OTHER CRYPTOCURRENCY) ECOMI - OMI Token HOW TO BECOME A MILLIONAIRE WITH OMI TOKEN (AND OTHER CRYPTOCURRENCY) Daniel Lee 11 hours ago. My Story and Observations. User account menu. There's no actual bad news to cause the current bear market at least with Ethereum, and there's huge protocol upgrades and scalability solutions coming from the ETH devs that I'm confident this dip will come to pass this year. These are the thoughts that come to every naive soul’s mind at the mention of … Never sell. I think bitcoin will have its place. Report Save. It's hard to really say what I would have done had I not rebalanced like that, but I continue to buy bitcoin each and every week as part of my "rebalancing without selling" investment process. Share. At the start of this riveting memoir, Dan Conway is a brash young executive in a vast corporation, slogging his way up the ladder while struggling with depression and an addiction he thought he had defeated long ago. Then it all starts again (and I'm backing ETH this time around). For those of us who have had bitcoin for a long time, it's not that big of a deal. hide. By Alfredo de Candia - 6 Sep 2020. Interestingly, some of the details of his alleged Dogecoin purchase were different here from what he told CNBC for the article they published on April 22. Slow and patient, the turtle wins the race. Not everyone mind you, but a lot of the early Bitcoin miners especially reported problems. Reddit gives you the best of the internet in one place. Looking at the long-term log chart, this is the 4th boom and crash cycle. I reinvest based on the "rebalancing without selling" process. Yet you still want to risk the $2M you have when your $4M just shrunk to $2M in 3 months? Yes its great, that they bring attention to crypto and it helps it go mainstream but it's cons … Log In Sign Up. Initial investment 5k for mining rigs in 2014. Crypto is meant to be decentralized and not controlled by one single entity. While the list is not exhaustive, it will give you a clear idea of … Tech & Science Cryptocurrency Tech Reddit A Dogecoin investor has told Newsweek of how he became a millionaire after investing his life savings in the meme cryptocurrency. I would consult a good tax consult before you cashout anyway. That wasn't very long ago. 91% Upvoted. Sort by. But if crypto breaches 12% of my net worth, I always sell down to 6% but continue the DCAing. The prices are now down to where it was in October. 83. What a time to be alive. Report Save. Definitely not a crypto millionaire but crypto played a small part in FIRE for me, unexpectedly. level 1. Alternatively, find out what’s trending across all of Reddit on r/popular. I met Vitalik at an event early 2016. This thread is archived. To reduce the risks of these pitfalls, we have compiled a list of things you should avoid in the crypto space. Follow on question... How did the 2017 tax year go for you? So my advice? He first shared the news of his windfall on Reddit. Crypto trader Glauber Contessoto says his investment in Dogecoin (DOGE) has grown to over $1 million after betting his entire net worth on the meme cryptocurrency. https://charts.bitcoin.com/chart/price#74. Can you just plop $1M or even $600K (because taxes) back into your checking account? People that have been in it for more than a few months are still deep in the money. Storing money/coins with the exchange is a bad idea. The fundamentals behind crypto as still as strong as ever. The u/Crypto-millionaire- community on Reddit. I've seen my share of scares in crypto, so maybe I'm desensitized by a 70% retrace and feel pretty much the same as back when BTC was $20k and and ETH at $1400. Bought BTC at $450 or so, sold 500K off when we hit 4K on the way up, and the rest at 7.5K, but that was to convert it into ETH, which I still hodl today. Best part is when the bank freezes your funds you have no recourse as they “sort it all out” for who knows how long. I can turn it in for spot price at the bank. There are three main investment strategies that people have used in the past to become rich in crypto. level 2. Definitely not a crypto millionaire but crypto played a small part in FIRE for me, unexpectedly. Reddit has thousands of vibrant communities with people that share your interests. Reddit gives you the best of the internet in one place. True story. Get a constantly updating feed of breaking news, fun stories, pics, memes, and videos just for you. Share . About taxes there isn't a quick way to lower or not pay taxes at all. I just became a new Crypto Millionaire. In fact I'm considering dropping that 500k back in. We booked a trip to Africa we’d always dreamed of. Or exchange to BTC and got find someone to exchange BTC for cash? I'd say we'll end up with a dead market for a good 3-6 months with very little price movement either way. Fight me! I don't know why. 3 … Moreover, a Reddit user admitted that on receiving a second chance, the student would have continued to hold all 127 Bitcoin. Net worth: $400-$500 million. Yeah good luck id rather cash out to stable coins first and keep everything out of their grubby hands, send over only what you need to spend the money in the bank is not yours. New comments cannot be posted and votes cannot be cast, See more posts like this in r/CryptoCurrency. r/EclipseToken_Official: Welcome to EclipseToken Official Reddit channel! Scrolling through some old top posts and saw this comment. They are distributed monthly and used to weight your vote on polls. The first month so far has been decent but not anything worth writing home about, a lot of DCA and relatively conservative trades by crypto standards; but over the next few months I'll have to be more aggressive if I have any chance to hit my goal … Yes i got quit my job by getting fired because i … But the difference in net worth today is somewhere between $250K and $1MM thanks to crypto and the gains on asset value in assets I bought more of due to crypto profits. Crypto Expert | QC: CC 3 years ago. pinterest. I would love to see some updates with introspection. Can you just plop $1M or even $600K … The u/CryptoMillionaire007 community on Reddit. This, in my opinion, is one of the greatest crypto stories of all time. New comments cannot be posted and votes cannot be cast. I don't think this was a stroke of genius - things were increasing in price at an unsustainable rate and that almost always ends with a large drop for any asset even if the long-term case for that asset is strong (though for sure I could have missed out on substantially more upside, I got lucky calling a near top). We are building the most complete ecosystem for crypto traders Our mission is to bring for retail traders a trading platform of institutional-grade quality — and beyond. The leading community for cryptocurrency news, discussion, and analysis. Reddit user u/soundsoviel recently shared an emotional story about his two-and-a-half year journey to become a crypto millionaire, only to lose it all and become “poor” again. They know what they bought. Just hang on, the pain will all be over soon. If you try to talk to someone for approval did you also talk to their boss who will override them? HOLDING until BTC is over $200k/coin, minimum. best. About getting out of exchange Convert earnings to dai, keep on your wallet And cash out from exchanges in small pieces, few thousands at a time. Our team is building a secure, efficient, and easy-to-use blockchain-based platform providing solutions for the common … When I saw the OP I was like, "no way anyone's coming out of the woodwork to talk about this.". Another crypto millionaire?! how did you invest in real estate and startups? Here’s our rundown of the top 5 young crypto millionaires, to date. Vitalik Buterin. Had 3 million, cashed out 500k, now hodl about 600k or so. Ethereum dropped from a high of $1,396 in January to $385 in April. It might be better to wire $250K to four different accounts though since that is what the FDIC will cover. Claim to fame: Co-founder of Ethereum. We are providing everything needed to be successful in crypto trading, all in one single place. And next, a man who took a mortgage on his house for bitcoin. In this since 2014. Also bigger amounts of crypto you could sell them otc. For excitable speculators, who's to say there wont be a 5th, and another opportunity to buy "low"? Litecoin Millionaire Reddit Cryptocurrency . Becoming a millionaire from Cryptocurrency is a common goal among many in the Crypto space, but few will actually make it. Also sorry for your near 1 million dollar loss since this comment. It's hard just sitting here watching all my gains evaporate, but there's no way I'd sell now with all the development coming in Ethereum. I really really really hope some of them cashed out and diversified! (I created this throwaway account for obvious reasons.) NO! So for ease of mind it will probably be better to pay. The usefulness of the technology is only improving with the Lightning Network launching and other technologies to improve the transaction rate and prices. Nearly 2 years … It'll reach some low point (maybe the current price, or maybe lower), and then it'll go up a little bit. Mar 27, 2018 DTN Staff. For Americans, I think the SEC/regulatory risk is very real as well. Can you just plop $1M or even $600K (because taxes) back into your checking account? Which exchange do you use for onramp and offramp fiat? 58 comments. Shortly after we cashed out, the cryptocurrency market took a nosedive. Cash it out to a stable coin, or use an exchange that allows fiat withdrawls. The site may not work properly if you don't, If you do not update your browser, we suggest you visit, Press J to jump to the feed. yes you can. but that will take forever. Thank you for this. Others just seemed like young people who legitimately needed advice. Press question mark to learn the rest of the keyboard shortcuts New comments cannot be posted and votes cannot be cast, Looks like you're using new Reddit on an old browser. So let's say you're a crypto Millionaire and you cashed out with $1M on the exchange. My logic was twofold: Until Bitcoin resolves its scaling issues, it's a sure-fire bet that other … Also, some banks don't like to deal with money coming from crypto. r/Crypto_Millionaire: This Reddit is for people that want to learn about crypto Press J to jump to the feed. facebook. (Super sketch). I reinvest based on the "rebalancing without selling" process. Age: 25. I recall a couple months ago, it seemed like we were getting a post every few days about a new crypto millionaire, just was wondering what their thoughts are now. Litecoin Millionaire Reddit . Hell, we even bought a second home in Ireland. I've been DCAing bitcoin since 2012 -- about $100-$150 a week, every week, like clockwork. facebook. So let's say you're a crypto Millionaire and you cashed out with $1M on the exchange. I cashed out 75-80% between November and January, because crypto had become an unreasonably large fraction of my portfolio - and moved that money into traditional assets (plus paid taxes). report. Posted … But there are going to be some dramatic ups and downs along the way. Much better than finding out after the transfer that they are freezing/closing your account. So much of our lives is based around digital numbers unrelated to my hard work or worth as a human being. My BCH I hang on to still, but I should have converted it to ETH too (well, cash in hindsight). Passionate about something niche? Crypto Millionaire Reddit . . Crypto Millionaire Reddit Cryptocurrency . Eileen and I paid off our $950k mortgage. best. twitter.
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