The following is a chat session with an individual named Michael:
MichLLL. Sure, I don’t mind
Subg. Who are you in real life? 🙂
MichLLL. Well, I’m 27y/o and live in the midwest, USA. I have a BS in Math, and currently work at a large pharma. They are paying for me to attend grad school. I should have a masters in Genetics in the spring of 2015.
Subg. Do you own any bitcoin?
Subg. Come on, last week you gave me a number, like a 1000 or so??
MichLLL. As of today, I have 800.
MichLLL. Plus about 5 more on my phone.
Subg. What happened to the 1000 figure?
MichLLL. The stress was really getting to me, I was waiting for a bank wire for the sale of 200, and recently locked in the funds. So now I have about 800.
Subg. Damn, Is that real? That is over $200k at todays price.
MichLLL. It doesn’t feel like it yet, but every week I think it might be.
MichLLL. I think once I pay off my townhouse it will sink in.
Subg. When will you do that
MichLLL. I’m going to the bank on Tuesday to get the payoff & settle the note.
Subg. You know, taxes are going to get you.
MichLLL. I know, I’m thinking about a lawyer and acccountant for the next block sale. I’d like to always have 100 coins, so I may sell 700 this year. Some other guys on the forum are thinking about becoming German citizens to reduce their tax load.
Subg. There are others like you 🙂
MichLLL. Yeah, I know 5 or 6 with multiples of what I have.
Subg. How did you get started on this ride??
MichLLL. The shorter.. story is. In college I got addicted to an RPG called Brothers In Arms. To put things in perspective, I would go to my dorm room on Friday, and not leave until Sunday other than bathroom breaks. I would only sleep a few hours. The whole thing was really messing me up. Then Ubisoft started having server problems and my connections were really slowing down. Eventually everyone I knew stopped playing. I packed up my liquid cooled $5500 desktop & went cold turkey. I couldn’t bear to sell it, so just threw it under my bed. I still had a school issued laptop & didn’t need the desktop. The whole scenerio was the best thing that could have ever happened to me
Subg. How’s that
MichLLL. I probably wouldn’t have graduated and of course it led to where I am now.
MichLLL. My brother Robert owed me $20 for beer and cigs. Of course he’s always broke. He got a degree in finance 3 years ago & still doesn’t have a job. Anyway, he somehow got 40 bitcoins. I’m sure you can figure where he got it, because he can barely turn on a computer.
Subg. Silk Road?
MichLLL. Something like that. Silk Road wasn’t around then. I took the coins, and starting reading about bitcoin. Within weeks I was running a Linux mining script on my game machine. The coins were rolling in. At one point I traded 400 bitcoins for a second computer. Within 6 months, both computers became worthless, at least for mining, because they were too slow. At that point I think I had about 2000 coins. I used 1000 to build a mining rig with video cards. That never really panned out because I kept having power problems. That was a million $$ mistake, but I’m thankful for what I have. I think that third computer probably cost $10k retail!
Subg. Back to your 800 coins. Why sell 700?
MichLLL. I’m not really sure if the technology will make it. I think the biggest factor will be regulation. The technology is actually good, but some governments are already working on ways to discredit it.
Subg. Why keep 100 then?
MichLLL. If it does make it, the buzz # is $10,000 per coin. Some guys throw around the million number, I don’t believe that. I think we can reach $10k in 2 years. That will give me a mil.
Subg. You know, your not really a millionaire now?
MichLLL. I never said I was. But yeah. I don’t know a whole lot about the tax system(I’m learning quickly!), but once I sell those 700 I think I will owe about $300k in taxes.
Subg. Thanks Michael. I gotta run. Getting late.
MichLLL. NP. Spread the word.