How a Teenage Entrepreneur Built a Startup on Bitcoin Riches(smallbusiness.yahoo.com) |
How a Teenage Entrepreneur Built a Startup on Bitcoin Riches(smallbusiness.yahoo.com) |
Here's what happened: in early 2012, he put all his money into Bitcoin. Then he cashed out when they peaked (probably around December 2013). Then he used the money to start yet another e-learning business/service.
I don't see what the point of this article is. He used money that was given to him to bet on speculate on a wildly fluctuating asset, and came out lucky. Now he's trying to invest his money sensibly. So what?
To me, the only interesting part of this article is that he pays most of his employees in Bitcoin. The rest is just fluff.
1. Gamble someone else's money
2. Luck into winning
3. Use the proceeds to invest in something a little less risky
4. Rinse and repeat
5. Be pointed to as an example of how entrepreneurism is a path to success, ignoring the vast majority who don't get past step 1
http://www.reddit.com/r/Entrepreneur/comments/25u81a/im_15_a...
Err, not sure if this is off to a great start. The skills to speculate bitcoin may not be the skills that get you ahead running an e-learning company. The kid comes off as incredibly dishonest.
That said, there is little to this story that seems impressive to me. Regardless of whether his family is rich or not, being given $1000 for easter is a big deal when one is 14, and therefore most of the rest of this kid's story is better attributed to good luck than talent. What's impressive is that he didn't spend all the bitcoin-windfall on video games, apps, and trying to impress his friends.
The kid took his grandma's money and bought and sold bitcoin at the right time.
His startup consists of himself and two other dudes.
This isn't Shawn Parker Napster impressive to me.
Is he smarter than your average 15 year old or myself when I was 15? Yeah but not that smart.
It would be kind of difficult to buy a Maybach with $100,000 given that even a used one costs more than that.
Putting the article's heavy dose of fluff aside, it would be interesting to know if Finman paid capital gains on the $100,000. Additionally, if he truly has "employees" that he's paying in Bitcoin, it would be interesting to know if he's properly doing withholding, since you have to pay that in USD.