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Highschool Dropout and Bitcoin Millionaire Hosts Reddit AMA

· June 23, 2017 · 2:00 pm

High school dropout and Bitcoin millionaire, Erik Finman, has hosted a Reddit AMA to shed some light on himself and his journey in the cryptosphere.


Too Cool for School

Erik Finman was recently featured in a CNBC story in which he described the journey through the Bitcoin and cryptocurrency world which lead him to acquire over $1.09 million in Bitcoin and other smaller holdings in altcoins like Litecoin and Ethereum. Finman took the opportunity to conduct a Reddit AMA, where users were allowed to ask questions about Eric’s story.

Dropping out of high school at the age of 15 to focus on his educational website, Erik Finman made a bet with his parents in which he agreed to go to college if he wasn’t a millionaire by the age of 18. Thanks to the continuous Bitcoin rally, Finman was able to hire professional programmers to work on his website, later selling it for Bitcoin again, starting his own VR company, all while trading Bitcoin and increasing his holdings.

lots of bitcoins

Now, Erik Finman holds 403 bitcoins which are currently valued at $1,092,678.08, among other holdings, which means that he doesn’t have to go to college, according to the bet. However, it’s also worth noting that Finman is not yet a millionaire, as his profits in Bitcoin have not yet been realized. However, Erik believes in the potential of Bitcoin and blockchain technology.

During the Reddit A.M.A, he stated:

I see bitcoin going up way more than just the 2000s/3000s where it’s been. Bitcoin and blockchain technology is where the internet was in the 80s, not the 90s, but the 80s. And if you just get a fraction of the world on it. And I know all these entrepreneurs inventing world changing technologies that one of them will do a lot to get new people onto Bitcoin thus raising the price. Bitcoin will be worth tens of thousands of dollars to hundreds of thousands of dollars to even millions of dollars a coin

Reddit AMA

Riding the spotlight created by CNBC’s story, Erik Finman decided to host a Reddit AMA (Ask Me Anything) in which he planned to answer user questions, most likely on his journey towards becoming a millionaire and his dealing with Bitcoin and other cryptocurrencies. However, the focus was not on Bitcoin

Reddit AMA

Mainly curious about Erik’s taxes and education, many users wondered if Erik Finman paid his taxes accordingly, with some users suggesting the contrary. Many also asked if Finman has plans to return to formal education, although he didn’t show much interest in doing so.

The thread was also flooded with negative comments attempting to discredit Erik Finman as a kid who made a “lucky bet” when purchasing Bitcoin. Finman addressed one of these comments: 

I spent every day working to build up the number of Bitcoins I had. Turning 80-100 Bitcoins to 403 + other money in cryptocurrencies. Feel free to take what I say with a grain of salt but it was not one purchase, it was years of trading in addition to building out my projects. I wanted to clear that up. I’m not perfect, so you are right there might be imperfections in my advice.

Erik Finman

Erik Finman – Lucky or Shrewd?

While it may be simple to dismiss Erik Finman as “simply lucky”, it would be unfair to do so. When considering that Bitcoin is still so far from mainstream adoption, having the foresight to research and invest in Bitcoin is far from lucky, unless you’re buying Bitcoin blindly because someone told you too.

Although it is true that Bitcoin’s volatility may be near impossible to predict, Finman’s understanding of the underlying technology allowed him to make an investment, not based specifically on the market (or hype) but based on the potential of Bitcoin. Not only that, but his understanding of the markets themselves allowed him to grow his Bitcoin holdings with trades.

However, Finman has also proved that there is more than just luck to him through various projects he has previously worked on, which have also granted him high yields. These projects include his educational websiteabd his own VR company.

What’s your take on the story of Erik Finman? Will Bitcoin continue to make young millionaires? If so, can this change in wealth distribution change the world for the better? Let us know your views on the comments below?


Images courtesy of Twitter, Shutterstock

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Chinko Project Asks Reddit How To Best Spend Bitcoin Donations

Source: bitcoin

Bitcoinist_Bitcoin Donations

Converting Bitcoin to fiat currency can be a struggle for some individuals, particularly in Africa. Coming up with a way to spend the Bitcoin would be good as well. The Reddit community is coming together with helpful tips and advice on how to use the money as we speak.

This entire story started by one person venting his frustration about automatic Windows 10 updates during a Reddit AMA. As it turns out, he is an anti-poaching pilot in the Central African Bush, and their ULM was lost recently. To replace this missing vital piece of equipment, the person set out to promote a crowdfunding campaign on Reddit, and Bitcoin was among the accepted payment methods.

Reddit Wages In On Bitcoin Conversion Problem

Fast forward to today and the Bitcoin crowdfunding effort has surpassed all expectations. This also brought forth some struggles, as the funds have to be converted to fiat, or a different form of online money that can be used to buy goods and supplies online. That is much easier said than done when living in Central Africa, though.

“Basically, if it’s not possible for us to turn this into donated money. Perhaps we could use it to help buy supplies online. I know I’ll probably be lambasted for not performing the due diligence and research myself.. but things are very hectic around here, and our generators don’t run on Sunday. So the batteries will be losing power soon. If anyone is willing to recommend some online suppliers of tech/gear, that might be suitable for an anti-poaching group. I’d appreciate the input.”

After doing some research into the matter, the bush pilot came back to Reddit and asked for advice on how to use the Bitcoin donations. Converting to fiat currency seems to be a big hurdle, although Coinbase is an option that seems available to them. But the team is also considering getting a Bitcoin debit card, as it would make spending the coins online possible without much friction.

Bitcoin is a very convenient way to move funds around the world, but it remains difficult to cash out cryptocurrency in some areas. Using an online debit card is an option to spend the funds conveniently, but not everything can be purchased online. For real-life expenses requiring cash, an online debit card is no proper solution.

At the same time, this is also an excellent example of how the Bitcoin community works. There is a lot of valid advice being posted on the Reddit thread, although not everything applies to this situation. Through collaboration and open discussion, a solution will be found to help the anti-poacher group out.

What are your thoughts on the Reddit community advice so far? Let us know in the comments below!

Source: Reddit

Images courtesy of Shutterstock, Chinko Project

The post Chinko Project Asks Reddit How To Best Spend Bitcoin Donations appeared first on Bitcoinist.net.

Chinko Project Asks Reddit How To Best Spend Bitcoin Donations

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Peter Todd Double Spends On Coinbase

Source: bitcoin

Peter Todd Double Spends On Coinbase

Developer Peter Todd has caused quite a stir in the community by committing a double spend on Coinbase. Taking $10 from the company and buying Jeremy Gardner of the Augur project some reddit gold. Todd admitted to the action via Twitter and GitHub with the crack he created. Gardner says:

Also read: Use Bitcoin to Play the $1.3 Billion PowerBall Lottery

At 2:30 this morning @petertoddbtc committed a double-spend attack on @Coinbase by buying me Reddit gold and then redirected the payment” Jeremy Gardner

At this time, Gardner says he and Todd were conversing, and Todd had decided to “make a point about security in the industry” Gardner goes on to say that he had succeeded on his first try and was able also to snap a screenshot of the action. Many people in the community went crazy on Twitter following this announcement. Charlie Lee of Coinbase and creator of Litecoin also jumps into the tweets “we are willing to let one steal $4 for better UX for everyone else. Of course, will change if there’s abuse.”

A lot of people within the community had thanked Peter Todd for his honesty. Todd writes via Twitter, “Yeah relying on honesty is fine, but let’s make sure the general public understands that’s what we’re doing.” Other people such as Brian Hoffman of OpenBazaar wrote, “trying out for the clown Olympics” Following this tweet-fiesta the post was then added to forums like r/bitcoin and r/btc causing a frenzy in those online areas. After this drama, even more craziness ensued as Peter Todd was banned from reddit.

“I’m not sure if this is a risk that coinbase minds, but when Peter Todd discusses bitcoin security flaws, they’re worth listening to,”Jeremy Gardner

When this the statement was submitted to the subreddit /u/petertodd was indeed suspended for unknown reasons. However the creator of this post writes:  

/u/petertodd has been suspended:

Background: The bitcoin protocol currently operates on a zero-confirmation basis, where users are free to accept transactions without confirmation if they so choose. Typically, merchants do this to improve customer experience – the rationale being: “no one is going to double spend attack this transaction for their coffee.” Additionally, the cost of securing low-value transactions is not worth the money saved in identifying them. Developers on the QT implementation (this includes Peter Todd) want to run replace-by-fee and eliminate zero-conf transactions. Event: You can read the whole thing here, but essentially Peter Todd double-spend attacked coinbase. He appears to have committed fraud and announced it on reddit. You can specifically see the conversation between him and coinbase here.”

At press time, Todd’s account was reinstated on reddit and it seems to be operational. Many people on the suspension post on r/bitcoin claimed Todd had broken some kind of law. And nobody could figure out which law he broke and this caused yet another heated debate. However one person writes, “/u/petertodd released information on how to attack companies service for what can essentially be called free money, he then chose not to contact Coinbase, and instead bragged about it. I’m pretty sure that’s both illegal and can be considered “confidential information”. With the latest fighting between Bitcoin.org and Coinbase, the heated block size debate, and everything in between its never a dull day in Bitcoin-land.

What do you think about what Peter Todd did? Let us know in the comments below.


Images courtesy of Shutterstock, and Pixbay

 

 

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Peter Todd Double Spends On Coinbase

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