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Millionaire That Called Bitcoin “Dead” Briefs Congress About Crypto

bitcoin congress finman

Erik Finman, a Bitcoin Millionaire, Speaks to Congress Reps

Erik Finman, the crypto wunderkind that became a Bitcoin (BTC) millionaire at 18, has purportedly just briefed a group of Congressmen and Congresswomen about the cryptocurrency asset class.

The weird thing is, in December, the cryptocurrency early adopter claimed that should Bitcoin not solve its scaling solutions and infights seen continually on Twitter, it is likely “dead” in the long run. He continued with Litecoin, claiming that the popular altcoin is experiencing its last minute of sunlight before it goes dark… forever.

It isn’t clear what exactly Finman portrayed, or if he continued to tacitly bash Bitcoin’s long-term prospects in the meeting with “Congressional Representative and staffers”, but he wrote in a tweet that he centered his thoughts and comments on how cryptocurrencies will affect America.

Again, the exact content of what he said is currently under wraps. But, in interviews with MarketWatch, Finman remarked that “if you aren’t a billionaire” in a decade, it’s your fault, specifically touching on the potential of blockchain technologies, Bitcoin, and related crypto assets. This implies that he expects for this industry to start and gobble up much of traditional finance and other facets of a business.

Per Ethereum World News’ search, the chief executive of fintech startup Metal Pay, who also deals heavily in cryptocurrencies, was also in attendance at this meeting. He purportedly discussed why it is important not to stifle crypto innovation too early.

Bitcoin Back in Style

This meeting, despite its seeming secrecy, accentuates that Bitcoin and the idea of cryptocurrency, which has ostensibly materialized in Libra, has entered the mainstream discourse, and is, to be frank, back in style. Over the past four weeks, some of the world’s most powerful people have name-dropped the terms “Bitcoin”, “Libra”, and “cryptocurrency”.

Just look to comments from Donald Trump, Jerome Powell of the Federal Reserve, the head of the German central bank, G7 regulators, and much of Congress‘ committee on financial services. For those who want to read more about the President’s thoughts on this budding industry, which is merely a drop in the bucket of global finance, click here.

Unfortunately for cryptocurrency believers, the stance that many of these heavyweights in politics and finance have taken is negative, as they see digital assets as a potential threat to the traditional system due to its association with crimes and its ability to hurt the banking sector.

Although no clear regulatory steps have been taken yet, Steven Mnuchin, the U.S. Treasury Secretary, has recently warned that this nascent asset class may soon be subject to more heavy regulation.

Photo by Erol Ahmed on Unsplash
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Teen Bitcoin Millionaire is Planning on Resurrecting Bitcoin Price to $20,000

Erik Finman, the teenage millionaire who hit the media after making some savvy investments into Bitcoin as an early adopter, believes that with a bit of work, he has the solutions to get Bitcoin back towards its late-2017 figures of $20,000.

Finman late last year in the midst of a bitter Bitcoin and cryptocurrency bear market that left most major tokens down almost 90% in value. However, with the recent rebound and the emerging Cryptocurrency Spring, Finman is laying out some plans to get Bitcoin back to its all time high.

Finman has said a combination of his plans and others occurrences he sees happening in the cryptocurrency sector could resurrect Bitcoin.

New age of adoption

“2019 is the new 2017 for bitcoin and cryptocurrency,” Finman said. There has indeed been a big drive in adoption as there was in 2017, the difference is that it is not simply investors and individuals, but rather major companies and even US presidential hopefuls.

“Cryptocurrency is hitting its stride and all the things happening in the tech and finance industry right now are boosting bitcoin and crypto. Blockchain is the cutting edge,” added Finman.

The teen crypto millionaire has laid out a few steps recently that he believes Bitcoin needs to follow in order to get back on tack. These include increasing transaction speed, stopping the tribalism and in-fighting across communities, and lower fees.

With this path ahead of it, Finman wants to see more adoption coming as the performance of the Bitcoin blockchain makes it more enticing.

“People who live and breath bitcoin, working closely with others who are in the same positions as themselves, can sometimes forget that they need to on-ramp new people who aren’t yet into crypto,” said Finman.

A solid foundation

Many are viewing this second wave of adoption as a much more steady and settled one. The first rise to $20,000 was based almost primarily on speculation and FOMO, where as the introduction of industry heavyweights, there is more legitimacy.

The 2017 speculators bubble was deleterious for the investors, but it brought the industry into the spotlight and let big companies know about the emerging technology.

This has led many to begin experimenting and observing what blockchain and crypto can do for them, and when the price action starts going again, it is likely that the next bit of adoption frenzy will have a good backing on which to launch from.

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Crypto Teen Millionaire Spells Out Bitcoin’s Problems That Needs Resolving Or it Will Die

Despite Bitcoin being the oldest, most well established, and functional cryptocurrency around, there is no doubting that there are some issues that need resolving. Those issues have been placed under the magnifying glass in more recent times with the emergence of other cryptocurrencies that are looking at being better than Bitcoin.

Teenage Bitcoin millionaire Erik Finman has said that the major cryptocurrency needs to resolve some of this issues surrounding it or else it will die. He has pinpointed four issues which he believes need to be fixes, and they range from its complexity with regards to use, high transaction fees, slow processing speeds and in-fighting among development teams.

Long term dead

Despite making his fortunes off some savvy and early investing in Bitcoin, Finman said in December last year that he believes that Bitcoin is “Long Term Dead”, but added that cryptocurrencies in general are here to stay.

His four issues that need clearing up for Bitcoin to continue being viable and for it not to die are:

“1. Solve Speeds

2. Solve Transaction Fees

3. For the ppl working on the above to stop being cultish

4. Have an EASY on ramp for new users —this is the biggest problem,” he tweeted.

None of these assertion are ground breaking, and they are mostly easy to agree with as the Bitcoin blockchain is susceptible to a number of issues which include its performance, but also its community.

Still hodling

Finman, now approaching 20, made his cryptocurrency fortunes when he was 12. This was after being gifted $1,000 by his grandmother which he invested in the low priced and emerging cryptocurrency.

Over the years Finman has been trading cryptocurrencies managing to grow his holdings to a reported BTC. At the current prices, this hoard is worth about $3.6 million, and despite his thoughts, he is still holding onto them.

His reason for this is that he believes that the cryptocurrency will still have a few more big up and down runs which will allow him, and other smart traders, to make a lot of money – he predicts about two or three more Bull runs.

A commentary

Finman is right in two regards, that Bitcoin needs to sort out some of its deep seated issues, and that it is a good idea to buy, own, and hold Bitcoin currently. Fixing Bitcoin’s issues would allow the coin to become a better currency and to knock off any emerging competition, and to keep holding and buying it now proves it is nothing more than a traders tool as it stands and has not got a long term future.

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Bitcoin (BTC) Millionaire Finman Likens Lightning Network To Visa & Mastercard

Lightning Bitcoin Is Centralized Like Visa: Critic

Since the Lightning Network has come to life, the scaling solution has been lauded as a way to fix many of Bitcoin’s current problems in terms of transaction speeds and fees. But, in a recent Twitter rant, Erik Finman, a Bitcoin millionaire who invested in the cryptocurrency when it was under $10 and presumably sold it in the thousands, bashed Lightning.

He explains that Lightning effectively turns Bitcoin into “Visa and Mastercard” — two organizations that Satoshi seemingly wanted to circumvent. Finman adds that BTC with Lightning is put into the hands of Silicon Valley, rather than miners, node operators, and the like. The investor explains that while Lightning isn’t as centralized as the Federal Reserve at “100%,” the introduction of the protocol could introduce risks to the once “12,000,000%” decentralized Bitcoin.

While Finman is sure that Lightning is much like a rehashed version of Visa, put onto a blockchain, a number of prominent Bitcoiners have still endorsed the second-layer protocol as a way to accurately calm scalability qualms.

Lightning Boomless Nonetheless

Jack Dorsey, for instance, recently revealed that he intends to add the popular second-layer protocol to Square’s facets, presumably to bolster the merchant adoption of Bitcoin.

Dorsey is far from the only industry insider and Silicon Valley mainstay to have lauded the Lightning Network. Reid Hoffman, the co-founder of LinkedIn and a board member of Microsoft, Blockstream, among some of the world’s biggest startups, accepted a public Lightning transaction just weeks ago.

The monumental development of the Lightning ecosystem, through projects, like Lightning Pizza &, and initiatives, like the Trust Chain, have led some to conclude that Bitcoin could surmount Visa over time.

Alec Ziupsnys, better known as “RhythmTrader” on Twitter, noted that the advent of the Lightning Network will force them, Mastercard, Visa, and the like, “to bend the knee.”Some have even gone as far as to say that eventually, the aggregate value of all BTC in existence will surpass the market capitalization of Visa’s shares. Anthony “Pomp” Pompliano, the founder of Morgan Creek Digital, took to his personal publication to outline why such an occurrence could come to fruition.

He claimed that “given the fast growth rate and historical premiums” of promising upstarts and networks, the cryptocurrency could begin to make a move on Visa’s and Mastercard’s valuations. Pomp wrote:

“Today, it is 1/4th the market cap of Mastercard and 1/6th of Visa, but it wouldn’t surprise me if Bitcoin surpasses both within the next 36 months. The legacy networks were built for a world that we no longer live in and the decentralized network is built for the future.”

BTC Is Dead, Along With Litecoin (LTC)

Finman’s recent comment on the veracity of the argument that Lightning is decentralized and viable comes after he claimed that Bitcoin is dead to MarketWatch. Per previous reports from Ethereum World News, the millionaire first told the business outlet that putting too many eggs in one basket, namely cryptocurrencies, could produce dismal results.

He then flat-out said that t “Bitcoin is dead,” adding that the fragmented nature of the crypto community, could spell the end for the asset… eventually. He went on to bash Litecoin (LTC), explaining that the project has been “quite dead for a while,” likening the recently-booming cryptocurrency to a star about to go kaput.

Photo by rawpixel on Unsplash

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Teen Bitcoin Millionaire Erik Finman Proclaims Bitcoin Is ‘Dead’ Long-Term

Teen crypto star Erik Finman has said Bitcoin “may have a bull market or two left in it,” but that “long-term, its dead.”

Teen crypto star Erik Finman has said Bitcoin (BTC) “may have a bull market or two left in it,” but that “long-term, it’s dead,” in an interview with financial news site MarketWatch on Dec. 17.

Finman is famous for his precocious investment in Bitcoin back in 2011, when he reportedly bought in — at the age of twelve — at $12 a coin. The high-schooler’s $1,000 gift from his grandmother thus became over $4 million during the cryptocurrency’s 2017 all-time-price-highs. Finman sealed further fame by notoriously winning a bet with his parents — that if he became a crypto millionaire before 18, he could opt out of going to college.

In his interview with MarketWatch, the still-teenage Finman remarked, “Bitcoin is dead, it’s too fragmented, there’s tons of infighting I just don’t think it will last.” He gave a similarly grim forecast for Litecoin (LTC), the altcoin founded by Charlie Lee:

“Litecoin has been dead for a while. It’s like when the sun is going down and there’s that eight minute period just before it goes dark. Litecoin is in its seventh minute.”

More optimism went to “project-based” coins such as Ethereum (ETH) and anonymity-oriented token Zcash (ZEC), with Finman reserving positive comments for Bitcoin Cash (BCH) — notwithstanding its recent controversial hard fork — affirming his belief in the coin’s “ great technology.”

The teen also reportedly railed against “the hooks and lobbyists” of Wall Street; buoyed by his early success, he told MarketWatch, “I’m better at this kind of stuff than those millionaires […] They don’t know how to work the system, they’re nerds. I’m more than that.”

According to Cointelegraph’s price indices, as of press time Bitcoin is trading at $3,611 — up 10 percent on the day, but down more than 36 percent on the month. Litecoin is up over 16 percent on the day to trade at $30, but has shed over 30 percent in value on its monthly chart.

As previously reported, Finman’s quirks include allegedly going to Mexico to safely stash away the hard disk with the private keys to his crypto wallets — in the vein of characters from the popular TV series Breaking Bad. He has also spoken of plans to purchase a Lamborghini with a personalized license plate corresponding to his average grade point at high school — 2.1 — which he never completed.

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(Former?) Kid Crypto Millionaire Bashes Bitcoin (BTC), Calls It “Dead”

Erik Finman, The “Teenage Bitcoin Millionaire”

Erik Finman is likely a name you have heard in crypto’s lore. If this name doesn’t ring any bells, here’s some background on this near-mythical figure in Bitcoin’s history.

As revealed in a Buzzfeed News video posted on Youtube, which has garnered 5.94 million views in its one and a half year lifespan, Finman was formerly an average American adolescent with dreams of grandeur, and an unbridled hate for college. Due to his hate for higher education, his parents decided that he wouldn’t have to attend college, only if he was worth $1 million by 18.

So, when $1,000 was given to Finman by his grandmother to start a college fund, the then-tween decided to play his cards in a risky manner. This, of course, was an all-in allocation into Bitcoin (BTC), valued at ~$2.5 a piece at the time of purchase.

Speaking with Buzzfeed, Finman, who currently resides in a lofty New York high tower, divulged the reasoning behind this unique investment. He explained that prior to his grandmother’s gift, his brother, who also saw $1,000 come his way, had begun to dabble in cryptocurrencies. The now-early-stage adopter followed suit, finding interest in cryptocurrencies, and, as is now ingrained into the internet’s immortal stone, purchased 403 BTC.

With the funds he garnered, which reached a maximum valuation of $8 million in late-2017, he has since purchased a flashy apartment block in New York, one of the world’s most expensive housing markets, and funded and participated in a number of innovative startups, including a satellite-centric project most recently.

From what Ethereum World News can gather, Erik has not divulged how much BTC he has sold, at which price, and subsequently, how much he has directly profited from his investment.

Change Of Heart?

Yet, speaking with MarketWatch, the now-millionaire entrepreneur has hinted that he may have liquidated his entire cryptocurrency portfolio into fiat, likely to fund his ambitious ventures. In an interview with the financial outlet, Finman exclaimed that putting too many eggs in one basket, namely cryptocurrencies, could produce dismal results.

He said flat-out that “Bitcoin is dead,” adding that the fragmented nature of the crypto community, as made by apparent by the Bitcoin Cash hard fork, could spell the end for the asset… eventually. Finman noted that while he could see BTC undergoing one more bull run, the asset is likely to fail in the long-term, presumably due to the theory that Bitcoin hasn’t been able to keep up with blockchain’s rapidly expanding value.

Finman then bashed Litecoin, explaining that the project has been “quite dead for a while,” likening the asset to the setting Sun when it’s about to go under the horizon.

In closing, he told MarketWatch that he expects project/platform cryptocurrencies to continue operations in the long haul, drawing attention to Ethereum (ETH) and ZCash (ZEC).

Regardless, his investment in the world’s first cryptocurrency likely changed his life entirely for the better, as Finman has since embarked on a number of ventures, as aforementioned, while catalyzing quite the growth in his social media following.

Graveyard Title Image Courtesy of Echo Grid on Unsplash

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Islands, Robots And Flying Cars: Where Crypto-billionaires Chill Out

Despite the recent cryptocurrency market fall and the disappointment of those who invested in Bitcoin when it cost $18,000, there are nevertheless the lucky ones who managed to make it to the list of billionaires. Perhaps these individuals caught a wave and wisely distributed their cryptocurrency investments – in other words – “diversified.”

Judging by the number of crypto billionaires from the 2017 Forbes list, even millions in losses did not hit hard on these celebrities’ wallets when it comes to organizing vacations. Speaking of the places and the way Blockchain evangelists choose to spend their leisure time, they are as unusual as their source of income.

Image source: Forbes

Richard Branson’s Island

$5,000,000,000 – personal capital

$65,000,000 – Necker Island price

$250,000 – Gibbs Aquada amphibian

The British philanthropist and owner of the Virgin Group Empire surprised the community with his eccentricity again. Earlier he had already flown in an air balloon, turned into a woman and saddled the Gibbs Aquada, the world’s first amphibious quad bike.

Now he has successfully joined the ranks of the crypto elite and for the third consecutive year he has been gathering the real geeks to party on his Necker island.

Among them are modern-day Rockefellers, venture fund managers, and even the heads of states. Last year during Branson’s private Blockchain Summit, the Estonian Ex-President Thomas Hendrik Ilves and the European Parliament member Eva Kaili took advantage of Branson’s hospitality.

The island became famous not only for its privacy, but also for its special atmosphere. Those who visited it tell that in 5 days, connaisseurs of Bentley, Chopard, Chanel and private jets turned into Blockchain enthusiasts and talked only about ‘transparency’ and ‘ecosystem’.

Image source: Virgin Group

The innovator himself says that curiosity has brought him into the world of cryptocurrency and he wants to continue the journey further.

“I’m not sure if anybody knows exactly how emerging payment technologies are going to change the world for good in the long-term – I certainly don’t. But I’m convinced they are going to have a big, positive impact, and am excited about going on the journey.”

It is not without Branson’s ‘follies’. Every year, the event is accompanied by the personal Branson’s Bitcoins bounty and his favourite jump into the pool. By the way, $65 mln island owner does not stop here and this year he intends to open the expanses of his island for the fourth time in a row for new crypto millionaires.

Brock Pierce and his paradise La Island de Blockchain

$1,000,000,000 – personal capital

$1,000,000,000 – Pierce’s donation to blockchain promised

$5,000 – a ticket to cruise in Pierce’s company

$1,755 – one square meter of estate in Puerto Rico

The most powerful hurricane, ‘Maria’, which ruined the ‘Island of Enchantment’ Puerto Rico, could not withstand the storming enthusiasm of the Block.One project founder. Born in the northern state of Minnesota, Pierce has not accidentally chosen a warm place as a platform for his “crypto utopia“. Together with other adventurers, he decided to turn the capital of Puerto Rico, San Juan, into a whole state with seaports and airports by purchasing land.

Image source: NY Times

The idea is that crypto-economics and Blockchain will reign in the place right to hide from taxes, which Pierce’s friends do not want to pay. However, the idea of ​​such freedom is not shared by all the inhabitants, and some even think that such a massive purchase of property in Puerto Rico by a group of crypto millionaires is a type of modern colonization of the island. However, the authorities do not share this position and fully support Pierce.

Pierce is increasingly seen in cruises and parties, where he actively attends secular parties and hi-tech exhibitions, but mainly those supported by other crypto billionaires. In early May, Brock along with the equally outstanding Dinis Guarda and Miko Matsumura will roll the star-format Blockchain Innovators Summit in Dubai, which will be accompanied by flying cars, robots, desert party and virtual reality portals. Everything is as crypto geniuses love. Unlike Branson’s party, the event will be open for all interested – and the stars do not mind.

The Madness of John McAfee

$2,500,000,000 – McAfee’s revenue

$105,000 – ICO Twitter post

$2,078 – one square meter of estate in the Dominican Republic

McAfee’s name has become really famous in recent times, especially in connection with the latest events that have occurred over the past two years. McAfee has invested in different projects with inconsistent progress, made scandalous statements about the Bitcoin price, and even started offering ad space for initial coin offering (ICO) startups in his Twitter for a ‘symbolic’ price of $105,000. Later McAfee, however, revealed that he carefully selects projects and only 5 percent of them may interest him in terms of promotion.

How much money the billionaire has managed to earn jumping on the ICO bandwagon is unknown, but the other day on his Twitter appeared an attractive picture with a view from his retirement villa on the Island of Dominica.

Image source: Instagram @officialjohnmcafee

Lambo for a young millionaire

$2,800,000 – personal capital

$402,995 – Lamborghini Aventador

$61 – a dish in Polo Lounge restaurant

Dubai attracts everyone, including the youngest cryptocurrency millionaire Erik Finman, who, at 19, has a fortune estimated at 403 Bitcoins (~$2.8 mln). However, teenage quirks come into the picture. The thousand dollars given to him by his grandmother to pay for a college once turned into $3 mln and could not be stored further on the card. The newest millionaire was so concerned about the security of his funds that he followed the example of popular Breaking Bad series characters and went to Mexico to properly hide the hard disk with all the keys to his wallets.

Image source: Instagram @erikfinman

A teenager’s leisure is not very similar to his peers’ pastime. He lives in Hollywood, dines at the best Beverly Hills restaurants and goes for a ride in a brand new Lamborghini with numbers corresponding to his average grade point at high school – 2.1 – which he never completed.

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Living like Gatsby

$25,000,000 – personal capital

$4,000 – an hour of private jet flight

$873 – Horizon Club suite room

These words sound every time Mr. Smith talks about the history of his success. Once he was an ordinary employee at an IT company, who had bought Bitcoins only out of interest. At that time the price of one coin was $0.25 and Smith’s colleagues joked about his investment.

However, by 2013 after rapid Bitcoin growth, he joined the ranks of the lucky winners who had suddenly become rich. He left the IT company and since then started traveling all over the world.

As a Bitcoin-billionaire, he flies exclusively first class or by a private jet, and stays in five-star hotels, one if which is Horizon Club Lounge of the Island Shangri-La in Hong Kong. He has already forgotten when he last ate at home. In a refined Gatsby-style manner Smith raises a glass of champagne with the phrase:

“Never a dull moment”.

The lifestyle of Mr. Smith and other crypto stars is a reflection of the era of “new billionaires” and the cherished dream of those wishing to become rich in a moment. But whether their immediate existence is so cloudless and whether they will replenish the ranks of millionaires this year is unknown. In any case, in 2018 we will see new faces on Branson’s island, ICO startups ads for a million dollars, and futuristic gadgets.

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10 Bitcoin Winners and Losers of 2017

The year of 2017 was a fantastic year for some Bitcoin users, but others were not so lucky with the cryptocurrency.

Below, we’ll look at some of the most impressive success stories of the year, as well as the profiles of people who probably wish they’d never touched Bitcoin at all.

It’s a highly erratic currency, but people who invested in it before its recent prominence often found their foresight was lucrative in ways they never imagined at first.

This Anonymous Person Who Became a Bitcoin Millionaire

One anonymous person who posted a detailed story on Steemit said that in 2010, the price of each Bitcoin was so low that it was not even valuable enough to buy a pizza. Still, by the end of that year, the person reportedly had 12,000 Bitcoins and collecting the large number of them paid off.

That’s because by April 2013, the worth of each Bitcoin had ballooned to over $100. Due to some issues in the individual’s personal life and a few other non-Bitcoin-related factors, the person took a couple of breaks from Bitcoin but was never completely out of the loop with them. Eventually, this anonymous Bitcoin user heard that the 12,000 Bitcoins were now worth over $10 mln.

Despite that fortunate turn of events, the person only began selling them in small quantities so as to not attract attention. The individual also planned for the future by choosing investment strategies and did not let the rapid wealth impact their employment. As words of advice, the person suggests exercising patience and not getting greedy, while also keeping up on newsworthy events.

Erik Fineman

Erik Fineman began investing in Bitcoins in 2011 when he was only 11 after his grandmother gave him $1,000 and his brother offered him a tip about what to do with the money. In those early days, Bitcoins were only worth $12 each. However, when Fineman sold his first Bitcoins at the end of 2013, each one had a value of $1,200.

By then, Fineman had turned the $1,000 from his grandma into $100,000 and used it to start an online education company in 2014. He hadn’t had a pleasant experience in high school and thought that his new business venture could connect frustrated students and willing teachers over video chat. Fineman also moved to Silicon Valley, traveled the world and made a bet with his parents that if he were a millionaire by age 18, he’d not have to go to college.

In January 2015, Fineman sold his education company and was given the choice of accepting  $100,000 or 300 Bitcoins. He took the Bitcoins. Fineman also achieved his goal of becoming an 18-year-old millionaire and won’t be going to college. He says he’s happy learning from real-world experiences. However, Fineman stays busy with numerous projects, including involvement with NASA. Those activities — and savvy business sense — feasibly helped him get where he is today.

Jeremy Gardner

Jeremy Gardner is another person who boldly began investing in Bitcoin during the early days — notice a pattern here? — and received a substantial payoff. In 2013, one of Gardner’s friends got him some Bitcoins in exchange for cash and Gardener began feeling fascinated about how he could work with the currency with nothing more than an Internet connection. He also loved how there was no centralized regulatory body for Bitcoin.  

As Gardener became immersed in the Bitcoin world, he became a strong and emphatic voice in the cryptocurrency world, often using social media as a platform. He also wisely invested money into starting and supporting companies associated with Bitcoins and Blockchain technology.

Gardner stops short of disclosing how much money he’s made by investing in Bitcoin technologies, but is referred to as a “self-made millionaire.” Plus, he keeps a realistic perspective and understands that whenever the value of Bitcoins goes up rapidly, it’ll likely also go in the other direction soon. However, Gardener has a broad network of investments. Those interests are arguably helping protect his worth and allow him to get financial benefits from numerous sources.

Mr. Smith (not his real name)

Traveling the world is something many people dream of doing, but Mr. Smith has turned that aspiration into reality, all due to Bitcoin investments starting in 2010. A man with a college education and former Silicon Valley employee, Mr. Smith, heard about Bitcoins in July of 2010 and began investing in them a few months later.

Knowing he was in it for the long haul, Smith put his Bitcoin investments on the backburner until 2013, a time when the cryptocurrency’s value started rising rapidly. Eventually, the price per coin went up to more than 2,000 times what Smith originally paid for it. He now claims to have made $25 million from an initial $3,000 investment and uses the money to go on lavish, round-the-world travels that involve only staying in five-star hotels and flying first-class.

Smith still owns 1,000 Bitcoins, but only wants to sell those once the per-coin value reaches $150,000. He has no regrets about selling the rest and says he has everything he ever wanted, thanks to Bitcoins.

Tim Enneking

Tim Enneking is a prime example of how to succeed in Bitcoin investing. He’s a hedge fund manager who achieved the all-time annual records for both funds and funds of funds.

Enneking was skeptical of digital currencies, although he started running the world’s first digital currency fund. During his work, Enneking decided to rigorously research Bitcoins. After realizing he didn’t find any red flags, he concluded perhaps there was more to the cryptocurrency than he’d originally thought and started looking for ways to become more heavily involved in funds management.

Enneking now has experience overseeing funds within the US and abroad. He advocates being cautious while investing and taking time to understand market trends. Furthermore, Enneking reminds potential investors that due to the rapid fluctuations of digital currencies, it may take time to see investments become fruitful.

Olaf-Carlson Wee

You might not have heard of 26-year-old Olaf-Carlson Wee before, but he’s another person who recognized the potential of Bitcoins before many other people and got rich as a result. In February 2013, at a time when a single Bitcoin’s worth was between $20-30, Carson Wee began working for a Bitcoin startup called Coinbase.

At that time, Bitcoins were not part of the cultural consciousness yet, and the mere mention of them caused raised eyebrows if people were aware of them at all. However, Carlson Wee viewed Bitcoins as a promising currency. He made an arrangement with his employer to only get paid with them instead of physical money and started making transactions with Bitcoins whenever possible. Those decisions were ultimately profitable because they made Carlson Wee a millionaire.

The success stories you just read might be enough to make you want to start investing in Bitcoins immediately. But, if there’s a consistent thread in all those outstanding stories, it’s that the Bitcoin value changes without warning. However, some people have unfortunate circumstances related to Bitcoins that aren’t always about their falling value. You’ll see some examples below.  

James Howells

James Howells, a 32-year-old man from Wales, started working with Bitcoins from a computer in 2009. A year later, he disassembled the device and stored the parts in a drawer, then eventually threw them away.

Because several years’ worth of trash now lie on top of the valuable but discarded hard drive, retrieving it is an expensive process, and the condition of the hard drive is unknown. However, the reason why the ramifications of this failure became especially evident this year is that estimates suggest the hard drive and the Bitcoins it contains are worth more than $100 mln at today’s prices.  

Howells keeps an upbeat attitude about his lost fortune and knows there’s no point in getting too upset about it. If he ever does recover it, however, he’ll buy a Lamborghini.

Despite how things turned out for Howells, he hasn’t given up on cryptocurrencies. He’s still active with them today and puts his energies into one called Bitcoin Cash.

Mark Frauenfelder

Most people have gone through the frustration of forgetting passwords and PINs, but they probably don’t have to deal with the aftermath of losing the equivalent of $30,000 because of the blunder. However, Mark Frauenfelder invested $3,000 in Bitcoins last year and had numerous profitable ventures afterward. He talked to Bitcoin experts who told him that using a hardware wallet was the best way to protect his Bitcoin cache, so Frauenfelder bought one in November 2016 for $100.

While setting up the hardware wallet, he had to set up a PIN, along with a 24-word list used to recover access if needed. Frauenfelder wrote down the words on a piece of paper. Unfortunately, a cleaning company employee threw the document away. Frauenfelder didn’t think that was a big deal at first until he discovered he’d forgotten his PIN.

Desperate to regain access, he went online and posted on forums, plus contacted customer service representatives associated with the hardware wallet manufacturer. Frauenfelder even visited a hypnotist this spring, but the session did not bring about successful results.

At long last, he got help from someone who helped him hack into the hardware wallet and get the PIN and 24-word list. But, not without substantial heartache, stress and paying money for retrieval methods.

This woman who used Bitcoin to hire a hitman

The anonymous nature of Bitcoin may compel people to use the currency for illegal things. However, as a 58-year-old Italian woman who lives in Denmark learned, doing that can cause trouble. She hired a hitman to carry out a failed murder plot related to her boyfriend and used Bitcoin to pay for it.

A court ruling resulted in a six-year jail term. It also caused her to lose residence privileges in Denmark, where she’s lived for 30 years.

Cody Brown

Cody Brown, a startup executive, saw first hand how bad things could get during a Bitcoin theft. He lost $8,000 worth of Bitcoins in 15 minutes after a hacker got into his Verizon account, which was connected with Coinbase. Brown believed he got targeted because of a tweet he’d RT’d from a friend who’d also been hacked earlier. Brown is not hopeful of ever getting the stolen cryptocurrency back.

However, he’s also not giving up on Bitcoins. Brown believes that the companies involved in it will eventually figure out how to lock their systems down tighter and potentially add more fraud protection resources for customers.


Simon first used the TOR network in 2011. He stumbled upon one of those shady online marketplaces that offered all kinds of illegal things, — guns, drugs, counterfeit documents, you name it.

As a teenager, Simon decided that getting a brand new passport for a certain European country would be a neat thing to do. The price tag was 10,000 BTC. If he threw in an extra 6,000 BTC, the seller promised to get Simon a press ID from an esteemed newspaper, too. He couldn’t resist.

Simon transferred his funds to a crypto-exchange platform but, when it came time for the merchant to deliver, the merchant disappeared. ‘Maybe he got arrested?’ Simon wondered to himself.  He was confused, but he still had his money safely tucked away in the exchange account since the seller had vanished. All was okay as far as he was concerned.

Two years later, newspapers began reporting the arrest of a Russian man accused of money laundering. The name of the laundering service he had controlled was Liberty Finance, which Simon instantly recognized as the crypto-exchange platform he had used to keep his 20,000 BTC.

In light of the scandal, the FBI seized control of the exchange platform and all money associated with it. Simon kissed that money goodbye long ago, but it doesn’t make it easier for him to see how Bitcoin has appreciated over time.

If Liberty Finance hadn’t been a money laundering scam, Simon would have acquired some $400 mln dollars.


Despite the lack of regulation in the Bitcoin world, entities that are breaking the law still get caught. Case in point? BTC-e, a long-running Bitcoin exchange.

It received a $110 mln fine from the Federal Trade Commission for alleged money laundering. Also, Alexander Vinnik, a Russian man associated with the exchange got arrested and faces over five decades in prison if convicted.

Anatoly Kaplan

Another recent incidence of alleged questionable behavior from Russia comes from Anatoly Kaplan, the owner of ForkLog, a Russian cryptocurrency news outlet. According to reports, the Ukrainian Secret Service is investigating Kaplan in connection with alleged associations with Americans involved in unlawful activities.

The Ukrainian authorities searched Kaplan’s apartment and confiscated his laptop. Also, this is not the first time ForkLog has come to the attention of law enforcement officials. Kaplan maintains his innocence and asserts his site does not have technology capable of the things the Ukrainian police accuse him of doing.

Kaplan also says during the search and seizure related to the investigation, one of the Ukrainians tried to transfer some of Kaplan’s Bitcoins. Kaplan and his attorney plan to take legal action and are confident about a positive outcome, but even so, this event has already caused stress and unfavorable publicity for Kaplan and his ForkLog site.

These tales of wonder and woe prove that Bitcoin investments are not for the faint of heart.

The people who engage in them must be ready for ruin, but they might become amazingly prosperous instead.

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Give Bitcoin This Christmas, Says Teen Bitcoin Millionaire

In the world of cryptocurrencies to date, more than a few millionaires, have been made. In the case of 18-year-old Erik Finman, a $1,000 cash gift from his grandmother turned into over a million dollars after he invested it in Bitcoin back in 2011, at $12 a coin.

His early investments in Bitcoin helped him win a bet with his parents — if he became a millionaire before 18, he could opt out of going to college.

Among other accomplishments and ambitious plans, the young millionaire has stated that he plans to launch a satellite ‘time capsule’ with NASA to orbit the earth.

Buy Bitcoin

Finman is still actively involved in the cryptocurrency space. Talking to CNBC this week, Finman insists that he is still passionate about Bitcoin and admits it is always hard to part ways with the valuable virtual currency.

“Whenever I sell a little bit of Bitcoin or pay for something in Bitcoin, I multiply that price by ten, because that’s where I think that Bitcoin’s going. I think it’s going to be huge, and I think it’s going to be incredible, so I try not to take out any.”

Following a massive bull run since October, Bitcoin hit the $20,000 mark this weekend. With such significant price growth in a relatively short amount of time, investors looking to get their hands on Bitcoin will have to fork out a lot of money to get a sizeable amount.

Nevertheless, Finman says the time is still right to buy the pre-eminent cryptocurrency, recommending giving Bitcoin as a holiday gift:

“I think it’s a wonderful time to buy Bitcoin. You can actually buy a fraction of a Bitcoin. Buy $100, $50 worth of a Bitcoin. It would be a great stocking stuffer.”

Finman reiterated his belief that virtual currencies are not just an easy way to get rich – they are at the forefront of a fundamental change in the way people transact and store wealth.

“Bitcoin to me, it’s not just an investment. It’s not just maybe a get rich quick scheme as a lot of people put it. I see it as the future of currency I see it as the future of the financial system.”