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
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
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.
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.
I recently did the same thing, sold everything to invest in bitcoin (and other cryptos). I make steemit posts about how we should sell everything, get up every dollar and every cent we can for investing in bitcoin and altcoin. Your a smart man to do so!!
A more balanced approach would be better for the family. Investing what he could afford on a regular basis could provide him with a great return. Meanwhile it would not put undue pressure on his children to live a life that they did not choose. All or nothing approach is not strategy it is just gambling.
This is basicly the same as putting everything you own on a stock at wall street. Their's a real possibility that crypto might go down for a while, so going all in is never a smart idea.
Dump idea's can be verry profitable however.
Yes, it's risky but I think the Netherlands have a pretty robust welfare system so it's not like he will become completely destitute if he loses it all.
I guess that's true, yes. I'm from The Netherlands.
i don't think he needs welfare ,he most likely still have his job.
risky shit ,
I say crazy... calculated risks are good but too much invested in any one thing is never a good idea!
Its simple. If majority of people decides to do like he did its not crazy at all. In fact its brilliant and he will be rewarded for doing it first. But if not and people start to cash it out to fiat, which can happen, he's done a huge mistake. Price of bitcoin simply reflects confidence of people trusting in it.
Hi @jrcornel This is an interesting post and it made me think of what "investment" meant. I refer to some of the thoughts of Warren Buffett on this too.
From his perspective "investment" occurs when there is an income from your involvement.
So this would apply to stocks and shares, property rental, bonds etc.
When you spend on assets that do not generate income, then that is speculation. You hope the value goes up and at some time in the future you can cash out. This would be art, wine, coins, books, gold etc. Things that you have to store, insure and protect from loss.
to sell everything to speculate on the price of cryptocurrency is a brave venture. From the article, we don't know of other sources of income that might support this. Who can say?
It looks like he has dabbled in mining and trading in the past. So maybe that will feature in the ongoing strategy.
Or development of a new cryptocurrency payment system.
never invest anything you are not prepared to lose. sure in the past I had good investments and I wish I had put in more but you can see into the future. Crypto might still take a big hit if some more governments decide to regulate...
Yes, good advice. It appears he is prepared to lose it all. :)
Exactly. And they will.
Greedy? Did he need to sell everything? just sell half of the stuff lol. To be honest sounds more like propaganda to me.
Bravest crypto enthusiast he is...If I can recall, I had the ability to buy at least 3 Bitcoin two years ago but I did not , but instead but at least 1 Bitcoin and risked it to Cloud mining called hashocean...then it's gone. Then I got discouraged,ignored to buy anymore...then the money was spent to other matters, now if I bought 3 BTC then and hold it long, I should have been closed to PHilippine Peso Millionaire now...my regrets.
check this link https://steemit.com/travel/@yolofamilytravel/let-s-meet-the-family
Question is if that's legit.
I have already taken a personal loan from bank amounting to 10000 USD just for buying BTC. Please pray for my success friends! :)
Definitely no! As a rule: don't invest anything more than what you afford to lose (that's why I don't invest yet). I know this was stated before, but it's important, because in this kind of investments some win and some loose. It will not be nice for those who loose to loose everything. That's just my humble opinion :)
Agreed and +1 vote from me.
The first thing my wife said when she saw this is " Your NOT buying anymore bitcoin and we are NOT living in a tent" My Reply was But, but we could we could NOOOOOOO! lol This guy has some BIG BOY BALLS IN HIS BRAIN... Couldnt do that to my kids... the wife sure but not with my kids hahaha
This guy is going to make millions by 2020.
I have invested 10,000 USD and trying my luck. Will hold them for the next 5 years. Hoping for the best.
I never sell everything for cryptocurrency @jrcomel.
All I can say is I was a dumbass for not buying in 2013. I had the cash in hand......I think he should develop a plan B, but I concede to being a pragmatist.
@jrcornel May be he knows something we all have missed :D
You're a risk taker @jrcornel that's all I can say. If you win you'll do it a big way. A loss will be a learning curve. Anyway, wish you all the best. Followed you.
You only get to live once...
Crazy now is a good story later, and living life different than orinary is extraordinary.
Selling everything to invest into crypto when you already have an established family and putting your childrens future at risk... thats more than risky thats just stupid.
There are other ways to get into crypto. Plus trading can destroy investments if your not experienced.
That's a tough decision in my own opinion. Didi's family might be lucky and it plays out as expected, considering the fact that there is a lot of interest in cryptocurrencies. But, I don't support all your belongings. It's crazy you know😆
hiii @jrcornel, thanks for sharing the story. i think that 39 year old man take right decision because day by day its going up and high., i hope best wishes for him.
Camping sounds fun anyway & soon they'll be set for life!
That a real gamble or an unconditional love for crypto, since no one can predict what happen in crypto currency the next few years, we dont know what hsppen to him as well. He might gain, the better or lost everythingm
Good for him to see the value ahead. I don’t think I would have gone as far as he did though for the children’s sake. But I hope it all works out well for them.
BALLSY!!!
Right at the moment, he's looking pretty foxy!
I don't know about selling absolutely everything... but I see the potential (depending on when he bought) It's at $5700 right now, so if he got in when it was around $4000, he has a good chance of making 4x his initial investment. I see it going over $28,000, but by 2020??? From what I understand 80% of BTC is minted already so the potential is there.
I think this is smart move. Be hard to convince anyone but he could always cash out a long the way if it starts to drop to much
He's not the only one, but he is maybe someone that talks about it in the media. Further, The Netherlands (where I am from) is pretty safe in both social security AND ways to spend BTC on actual real life stuffs. We've all heard about him now, here, that's cool. But as I said, he's not unique, he's just visible, and also doing it as a fully societal equipped person, as opposed to people from this country that go all the way because they really have not another choice or feel like they don't. Making yourself visible is interesting in itself, it feels like he is into self-marketing as well when doing so, which isn't an awful thing in itself, I'm not trying to say that. - I also wanted to sell my house in BTC in January 2016, bt due to circumstances, it was eventually better to not sell at all.
Wow.. Cryprocurrency is booming right now, but investing all ones belongings is too risky. It is always wise to invest what one can afford to loose.
no.
Congratulations @jrcornel, this post is the third most rewarded post (based on pending payouts) in the last 12 hours written by a Superhero or Legend account holder (accounts hold greater than 100 Mega Vests). The total number of posts by Superhero and Legend account holders during this period was 21 and the total pending payments to posts in these categories was $772.46. To see the full list of highest paid posts across all accounts categories, click here.
If you do not wish to receive these messages in future, please reply stop to this comment.
Could be very tempting to sell everything, and buy Bitcoin for all of it!! But this is still in the begininng of the cryptocurrency-era...It is still too early to guess if this gets adopted by the masses...like everyone is predicting...
I have investet a fair amount of money in cryptos...hoping mass-adoption will be huge...No more work for me then!!
Give him credit for taking a shot, if he's right he's family will be set for life. If he's wrong, he may no longer have a wife.
The investor in me couldn't do it, diversification is to key to me.
yes it is amazing. 4 days ago wrote about this too. https://steemit.com/bitcoin/@bayuya/going-all-in-in-exchange-for-bitcoin-is-it-a-coin-flip-or-guaranteed-future-value
I suggest he be careful, or he know what he is doing. It would have been good if he had only put 40 percent his sold things there.
living a minimalist lifestyle isn't so bad in and of itself
if he get's rich while doing so.
that's just
GRAVY