Ask someone who got rich through Bitcoin/cryptocurrencies anything

Ask someone who got rich through Bitcoin/cryptocurrencies anything.

I knew about Bitcoin in 2011 but dismissed it at the time. After the big price rise in 2013, I became interested again. I ended up buying a whole bitcoin for $700, getting a NEM stake, and putting some money in Monero and DASH (back then called Darkcoin). I also invested in Vitalik's Ethereum IPO.

Fast forward to today and while Bitcoin is only about $200 up and so my initial investment of $700 is now about $900, the other cryptos have yielded far greater returns. I sold my (free) NEM last year for $13,000. I made a 50x profit on ethers, and a similar profit on XMR. I made a smaller profit on DRK/DASH as well.

I did lose about $700 through IPO scams, falling prices, etc. though.

Currently my net worth stands at $53,000. My mom owns a business so about half of this was gained through business activities during the break when I help out with the business and the rest through cryptos. I used my crypto profits to pay off the deposit for a house which is now worth $90,000 (up from $75,000 just a few months ago).

I'm 25 and own a house when most of my friends are still renting. I pay less in mortgage payments vs. renters and get about $200 a week from my stipend as a postgrad student. In two years, I will graduate with a PhD degree which means that I will be both rich and a doctor.

The amount of money mentioned is far from being considered rich.

Good job. Consider diversifying your investments as cryptocurrencies are highly speculative with little to no intrinsic value.

Very interested in this post.

Currently have 3.5 Bitcoin started about a month ago. Bought in at an average of 840$. Trying to wait till the next bump and sell then see if it falls and buy again.

I know there's other currencies that are yielding greater profits I just don't know where to start. I had already been familiar with bitcoin because of the darkweb. Any advice on where to start and learn more about this? Trying to put myself in the same situation where I can have this safe (relatively) income to support my mom. She's up the ass with debt for a house right now and it in return stresses me out.

>"ask someone who got rich.."
>"net worth stands at $53,000"
>mfw dude thinks he's rich when his net worth is about the average salary for an American.

while this is true, I think it's a pretty decent haul for doing almost no work whatsoever.

you think it would still be a good idea to invest in NEM? What would you invest in now if you were in the same situation as before.

It's all relative. Somenone aged in his twenties with $53,000 in the bank and their own house is very well-off. But a 40 year old with a combined income and many years to accumulate savings and historically low property prices, it would be somewhat unremarkable.

How are you handling the tax (if any) liability?

I want to start bitcoin mining but im not sure how, and is it worth it at this point?

op not answering any questions RIP

I'm not really handling the tax properly at all. I have about 5 bank accounts and each has had a few grand come in in the space of about 2 years. Tbe bank where I got the mortgage from only looked at my stipend and the balance that was there at the time. I did have to pay a large deposit though.

Only worth it if you have free electricity or insanely low electricity costs.

Honestly I think it was mostly luck.

For instance, I invested in NXT quite early on due to its innovative fundamentals but it sort of went nowhere. Meanwhile I posted a single post on the BTT forums based on a signature advertisement and ended up getting a NEMstake which would be worth tens of thousands of dollars in its peak. I made a few lucky choices and they ended up paying well. I had no clue about NEM at the time other than that it would be NXT's Litecoin (which was a title that Qora, NAS, Crypti and a few others were fighting for - I invested in these too but they also ended up going nowhere).

Basically, I invested in about 10 cryptos. Half of them went nowhere. The other half had 10-100x returns.

this

>no work
k

Right...but is there a secondary coin that's ~$5-10 usd that could go to where btc is ?

What do you think of trumpcoin?? I got 46k that i bought very early on I really think it can go above $1 especially since its available supply is less than 7 million? Any insight?

why is monero so popular? is it safer than using bitcoins for illegal activity and do you think you'll end up profiting a lot from monero in a few years?

ITT pure speculation.

Maybe 5% of you will be rich. The rest will be burned and so very bitter.

>ITT
No one's speculated anything we're all including op saying luck or asking what works.. So admitting we have no clue and wanna learn. Why you gotta be so negative. You get burned? Tell us ur experience... asschaps.

>Prove it.
>Send me 42 satoshi.

Inb4 op wont deliver

I'm not sure. It is meant to be an anonymous coin but personally I felt BTC is good enough for the job at the time. But I did have a thing for original source coins (as evident for my enthusiasm in NXT, NEM, Ethereum). Bytecoin fucked up the distribution but the underlying tech seemed innovative so I thought why not?

The dust limit is about 5,000 sats I think.

Individual price is irrelevant. Market cap is the most important measure (minus premining).

I doubt it. I could be wrong though. I'm usually more interested in functional/technical innovations

It's possible that it could do a Dogecoin for examplr, but I wouldn't bet on it.

I mean holy shit this guy needs to raise his standards.

Mfw op thinks 50k is a lot. Fucking wanna-be-new-money piece of shit. Topkek.