Dare Obasanjo

Someone I know finally sold their Bitcoin after turning $50K into $5M and is retiring in their 30s.

Bitcoin is a failure as a currency but has been a huge success in making its early adopters rich and in a world where money is all that matters, that’s the very definition of success. 🫠

Dec 5, 2024 at 3:42pmWeb
Show threadPeter BloemDec 5, 2024
@carnage4life The worrying thing is who those early adopters are, and what they use their gains for. One case in point: https://en.wikipedia.org/wiki/Kenneth_Chesebro
Kenneth Chesebro - Wikipedia

Show threadCodhisattvaDec 5, 2024
@carnage4life hype is a helluva drug
Show threadTed MielczarekDec 5, 2024
@carnage4life congrats to them, best of luck to everyone they left holding the bag.
Show threadJeff PhillipsDec 5, 2024
@carnage4life
Side-comment: assuming this windfall makes up the majority of their net worth, one can actually retire under 40 with only $5M? 🤔
Show threadAionoDec 5, 2024
@carnage4life
This system is so sick that while many has to work until they are 65 or something some lucky people never need to worry about money and retire in their 30s. And by normal means nobody can earn that much money in most of the world even if they work their whole life.
Show threadAshDec 7, 2024
@carnage4life Must have been pretty privileged to have had enough money in their late 20’s to both have and be willing to risk $50k to begin with.
Show threadNicole ParsonsDec 9, 2024

@carnage4life

Every ponzi scheme relies on suckers who adopt early & cash out fast, leaving the rest in ruin
https://www.bloomberg.com/news/features/2024-12-05/dubai-s-alleged-crypto-scams-are-raking-in-billions

https://en.m.wikipedia.org/wiki/Ponzi_scheme

https://www.hks.harvard.edu/centers/mrcbg/programs/growthpolicy/cryptocurrencies-and-national-security-case-money-laundering

https://www.morningstar.com/news/marketwatch/20241207238/david-sacks-and-the-coming-crypto-war-over-national-security
Cryptocurrency is fairy gold, with national security implications.
1. Money held to be given by fairies but turned into rubbish when put to use
2. Wealth or prosperity that may vanish as swiftly as it is acquired : precarious or illusory wealth
https://www.merriam-webster.com/dictionary/fairy%20gold#:~:text=1,acquired%20%3A%20precarious%20or%20illusory%20wealth

Biggest Alleged Crypto Scams: US Finds Ponzi Schemes Run in Dubai Make Billions

Ponzi and pyramid schemes dressed in startup clothes have been running rampant in the UAE, experts and US authorities say.

Bloomberg