I read a post where a person was planning how they would probably spend their retirement and the juicy sum of money they were probably planning to store; it felt beautiful and inspiring, but it had the tint of shallow vanity to me; then I remembered Luke 12:16-21 in the Bible; you should check that out and this whole paragraph will begin to make sense, after you have finished and checked back.
One's plans may be flawed, especially since no one truly owns their lives (so seek after spiritual things). Now let us continue.
I am sure you checked and viewed twice and still have not seen any hack, hidden egg, or gem that shows you how to own that much BTC, even if you do not already have any, and it still does not make sense. That is the point. 500 BTC is a lot of money, especially at the peak of a bull market; you will probably live like a king for the rest of your life if you do not live in expensive first-world countries; in fact, you might lose your soul.
Howbeit, The Future Is Still Important
Just don't be Certain About It
Stockpiling money or believing you have a lot of money makes you feel invincible, which is never good for the human mind; you make enemies, fake friends, become endangered, feel insecure, and your happiness will eventually diminish.
It is why people do not run into such stupendous wealth by accident unless they have worked their entire lives and suddenly hit an unexpected jackpot, won a lottery, or maybe bank robbers threw their stash at your feet while being chased by the police, and you become the next of kin of some wealthy folks, or buy 500 BTC at 13$ in 2013 and forget the keys to your wallet, only to find it (the keys) in 2024
Yes, you heard me correctly.
We recently saw a wallet move 500 BTC, and it was claimed that the BTC was purchased in 2013, most likely by an enthusiast who later misplaced his keys. Basically, I believe that is what happened. If this guy hasn't misplaced his keys, he might have sold when BTC did some $600 and $1000. Why do I think so? The person was already making more than x20 profit, so it makes sense to take it.
This is how we are mentally wired. Unless you're originally rich and don't need external profit to live a comfortable life without suffering the effect of not taking profits on your investments. However, there are not many people in the world like this, so it would be foolish not to profit at x20 or even x40 the initial investment price.
We Wired To Take Profit
So, even if this guy did not profit at this price, I believe at $20,000 in 2017, he would have comfortably owned $10 million, but they did not profit. All of these events make me wonder if it was not his audacious belief in the technology that kept him from profiting, unless they are time travelers, which I doubt.
However, if he truly lost his keys, I believe he may have been suicidal all along, knowing they had such investments and likely spent over a decade looking for them.
Nevertheless, it worked out as expected, and the unfortunate event resulted in them becoming a larger millionaire in dollars over the course of 10 years. So I did not think this was a planned event; rather, it was a case of accidentally becoming a millionaire with an initial investment. This is probably the only way to become wealthy after doing nothing for 11 years. It is probably important to check this person's mental health in one or two years; they could have lost a lot of money, gone through a brutal divorce, been on the verge of becoming homeless, and then become a millionaire out of nowhere.
However, it serves as a lesson that not all losses are losses.
There are people who will sell their house right now if they see a future in which Hive will be $10 to $20, perhaps in 7 to 10 years, and they will not even care if they will be alive by then; they will be motivated by the certainty of making money. I believe that the hive is undervalued, and that in the future (7 to 10 years), it may be worth $15 or more, and those who are in it for the long haul will undoubtedly benefit.
Lessons learned: hold your position, keep up the faith, stay alive, pray to God for stability; you might just regret what you are selling for peanuts.
Interested in some more of my works
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How To Find The Next "BIG" Meme Coin
Personal Finance: Achieving Intentional "Saving" Goals
Playing The Survival Game: Human Nature In Introspection
"Un-PAYING" The Debt You Owe
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I didn't understand this. That wallet only held 500 BTC, or that person moved 500 BTC, but maybe has another 500 BTC in there. Because there are two different circumstances. For example, Satoshi has BTC in over 20000 addresses and never spent any. If this guy also has multiple wallets, it is very possible he spent some until now but hasn't touched this wallet yet. Unless things are clear, you never know...
Otherwise, I agree. Holding on to such an amount (if that's all he has) for over 10 years without selling anything would have been very difficult. Particularly because they were easy money to begin with. You rarely assign a value to something you've been given for free or at a very low cost compared to the present market price. It's very easy to sell. But we'll never know how we'd deal with it unless we're put in that situation. As you said, there have been many cases of people not ending well after becoming rich overnight.
We heard that the person likely bought the BTC in 2013 and moved it some days ago, after laying dormant for 11 years. The wallet held 500 BTC and the person only recently decided to move (sell it).
!discovery 30
Thanks for the support
It worked out for him but I definitely think he lost his keys. If not, he must have a lot of courage. If I had 500 BTC like him, I would have probably sold earlier because the money is already enough to live the rest of his life without worries.
I don't expect any huge increase in my crypto holdings but I wouldn't mind if Hive pumped up. I still believe in the technology here.
I definitely think he lost his keys. If not he'd have taken profit even when it was very comfortable for him as he'd have still have a lot of profit.
I feel that Hive will do fairly well during the altcoin season, however it's still painful that a lot of people aren't looking to help this chain to get to where it deserves.
Sudden wealth could cripple you from many angles, many think it would be a dream come true, how many have won big and lost all.
Lesson learned is not to wish your life away, be prudent in spending habits, live to another day, healthy and happy with some food on the table and roof over your head.
You're right, sudden wealth that just happens to be from nowhere can be crippling. A blessing that can quickly become a curse
Would hate to be rich and famous, life is far more comfortable always making sure you get through day by day with challenges to meet.
Interesting story. I heard about a guy a few years ago who lost his thumb drive in the garbage that turned out to have 100 million worth of BTC from years ago. So in the dump there is a fortune somewhere!
Buy and hold is the best way to go, I wish I had 500 BTC sitting around!
It's crazy and I'm not super sure the guy you're talking about might end up permanently depressed for life, knowing that he could have had a different fortune and now it's actually the opposite.
That would be very depressing, He's been trying to get permission to excavate the dump where it should be located but they haven't let him do it yet!
This part made me remember Morgan Housel telling me that I should be careful who write off and who I look up to. He said and I quote;
Indeed, not all losses are actual losses.
You're absolutely right man, we can't always be certain about the future, that was truly good man thanks so much for sharing this, it was really inspiring
Thanks for reading
It was a delight bruv, keep it coming 👌💯
Make I stick to my Hive jeje😅
Abi
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