Would you ever consider selling everything to invest in cryptocurrency?
That is precisely what one 39 year old married father of 3 decided to do.
He sold his house, his cars, and all his possessions and bought bitcoin as well as some other cryptocurrencies in order to set himself up for the next bitcoin boom.
He even sold his kid's toys too.
He started doing this months ago, but only just recently did his story make its way into the headlines.
The plan.
To say that Didi Taihuttu believes in bitcoin is probably a major understatement.
The plan is to sell all or most of his family's possessions for Bitcoin and other cryptocurrencies with hopes that they will greatly increase in value over the coming years.
In the meantime they will live a minimalist life style on a campsite near Venlo in the Netherlands. Instead of living in a house, they now are living in a chalet.
His 3 daughters went from each having their own room, to all sharing one.
The plan is to live this way until 2020, at that point the hope is that bitcoin and other major crypocurrencies are much higher.
The hope is that their wealth will have increased by at least 4x by then.
A tough sell?
As you can imagine this was a pretty tough sell to his wife and family members at first.
Specifically Didi's brother and wife took the most convincing as they were worried about the future's of their children if they undertook this risk and it didn't pay off.
After some major persuading Didi was able to convince them to let him give this a shot.
Saying:
"If you never take a risk, life is boring."
Didi further went on to say:
"You know, people will say you're crazy. But, we are an adventurous family and are going to gamble for a moment to live minimalist life styles."
What do you guys think, is this guy crazy like a fox or just plain crazy?
Hopefully he has a job he can fall back on or something that can provide some kind of cushion in case this doesn't work out.
Like several others out there, I believe that Bitcoin will either be worth a lot more in 3 years or a lot less. Not likely to be where it is right now. Just depends on how things ultimately go.
His quote at the end was pretty interesting though and one that probably holds true when you really think about it:
"If things go wrong then we will be without money for a moment, but I don't think that is the worst thing that can happen in life."
Let me know your thoughts in the comment section below.
Stay informed my friends.
Sources:
Image Sources:
https://www.redbubble.com/people/terryfan/works/12183973-crazy-like-a-fox?p=art-print
Follow me: @jrcornel
It will increase a lot more than 4 times by 2020. I think he's gone a little too far, greed some people would call it. Although I do agree he will most certainly increase his wealth but at what cost. Sacrificing years of a normal life.
That was my first thought as well. If you are ONLY expecting a 4X return, seems like the risk might be disproportionately high? But that is just me... :)
Nothing wrong with living a minimalist life though. I actually think it makes a nicer people.
Maybe he was attracted by living like a minimalist anyway. Like this he catches two birds with one stone! He gets the minimalist experience ánd he might come like a millionaire. But I'm surprised he got his wife and kids on board!
nothing is more decentralized than living out of a tent
It's true! :-)
@ghaaspur I would not risk my real estate for crypto like this person, however, I am a strong believer that their is no way back, cryptos are here, this is just a start and they are here to stay in one way or another. STEEMIT is here to take the power and control from banks and governments, and put it in the hands of people, that is were it belongs to. Just upvoted your comment. @gold84
I'm not sure what I think about this. I would do the same but only if I were putting myself in discomfort. I don't think I would risk my family being unhappy especially if I had kids. I'm thinking he's going at this pretty selfishly.
Same opinion with you. I think i will take that risk only for my self, for example maybe i will sell only my car or my other stuffs. And for me if i had kids i will not make them in the situation of high risk like this. "he even sell his kid's toys too" OMG i can not imagine what this guy is thinking about 😨
No. Never. Regardless of whether you thing Cryptos are the next evolution of the financial system or an outright scam, you never put all your eggs in one basket.
If he was single and 22, you maybe commit a larger than average allocation of your investment money to one space, but never everything. This dude has a family and they should be is primary responsiblity.
Bad Move.
First rule of investing: Don't invest more than you can afford to lose.
He broke that rule. Hence, he isn't a smart guy.
who said he lost anything
Yeah, he convinced his family to give up society life by betting on bitcoin. He definitely found his match when it comes to a wife, at least.
@jrcornell - I consider the crypto I'm invested in to be my pension insurance. With the currency wars ongoing and inflation of all national currencies (AFAIK), these currencies will leak equity into those that have a superior SOV (Store of Value).
I don't know which of these will take off eventually and become the next Google of finance, but it's clear that this is going to take over and cause massive infrastructure inversion to the banking system. It's not bitcoin's fault, but because of what the financial industry itself has been doing that will cause this result. The financial crisis of 2008 wasn't really fixed, but kicked down the road.
I did that but only raised 36 dollars :-(
Let's introduce him to STEEM so he can share his experience for supplemental (maybe even primary) income.
Thanks for letting us know!
As someone who grew up reading pioneer stories (Little House on the Prairie etc) this doesn't seem so drastic when compared to historical examples. Consider:
Regardless it still must take a good deal of fortitude even in the lower risk modern world.
Well said.