If Someone Posted on a Forum Claiming to Have a $45m Crypto Portfolio, Would You Believe Them?

z0s0 on 04/04/2021 - 18:53
Last edited 07/04/2021 - 20:50 by 1 other user

Strictly hypothetically of course. But let's say someone made this wild claim whilst refusing to provide any evidence whatsoever. Would it likely be the truth in your opinion?

Particularly when you consider that anyone inclined to post such a thing must be craving the attention and approval of his/her forum peers.

It's trivial to prove that you control a Bitcoin address, so if you happen to control an address holding a large sum of Bitcoin, then it would be very simple to provide some evidence to back such a portfolio claim.

EDIT:
Fellow ozbargain member "cloudy" wrote a great post highlighting the logical gymnastics required to make these claims credible:

https://www.ozbargain.com.au/node/615103#comment-10302391

Poll Options expired

  • 65
    Yes
  • 458
    No
Financial

Comments

  • MrFrugalSpend on 06/04/2021 - 22:39

    Maybe Ask them to send you $1000 because if they've made $45 million from not much they won't care to send you $1k to prove a point as its only 0.0022% of their money!!
    Be like an average person worth $100K sending $2.22.

    Could be an easy $1000 if they are legit!

  • [Deactivated] on 07/04/2021 - 00:01

    ………..

  • ImpulseMan on 07/04/2021 - 00:31
    -2

    For the life of me I don’t know how people can have millions locked up in say bitcoins and at any time they could get hacked or forget their password and be locked out.

    Is there any security for this shit? Like if your bank account is ‘hacked’ your covered by the banks. If your Bitcoin wallet is hacked aren’t you f*#%ked?

    • aerona on 07/04/2021 - 01:29

      Yes independent reserve is an Australian exchange that insures your coins in case of hacks for a fee of course. Rich people usually spread them through multiple wallets or hardware wallets.

      https://www.independentreserve.com/products/premium-accounts

      If youre holding millions, it would be $35000 AUD to cover 5Million per year. It is one of very few exchanges i believe.

      • ImpulseMan on 07/04/2021 - 08:52
        +1

        But like anything when it’s time to use that insurance policy will it hold. I would assume it would be slippery and would turn on a host of security issues and whether the fault was internal at any level.

    • techlead on 07/04/2021 - 14:17

      You should do some more research, its clear from your comment you are not abreast with the latest cryptocurrency news. :D

      Forgetting your password is not much of a problem now. Just make sure you keep your seed phrases in a safe place.

      As for security, its Fort Knox if you have a hardware wallet. Trezor or Ledger hardware wallets have yet to be hacked unless its user error.

      Like anything in life, there are risks, so make sure you understand something before you put your money in. That applies generally in life, not just cryptocurrencies.

      • Mistredo on 07/04/2021 - 16:53

        The problem is it is all tied to your seed/wallet, and the moment you lose it, it is game over.

        It is not just about getting hacked. There are accidents and crime.
        Imagine someone breaks into your house and threatens your life. They will get access to all your assets, and nobody will help you. There are no approvals, no chargebacks, nothing.

        If you had money in a bank and attempted to make a big transaction, it will become suspicious, and you will have to confirm it with your bank. Heck, even selling stocks, properties, precious metals requires some time, so it much harder for thieves to steal it from you but crypto? They just need 24 words from you.

  • Dack Smith on 07/04/2021 - 10:50
    -2

    Crypto currency is the new fad

    If you don’t invest in it you aren’t cool and hip

  • axlfan on 07/04/2021 - 11:03

    Would anything change if I believed v/s did not?

    On the other hand, if they offer a chunk of that to someone who did then Id be interested. :)

  • NatoTomato on 07/04/2021 - 13:36

    Ask them to post their private key so you can "inspect" it haha.

  • Fredfloresjr on 07/04/2021 - 14:08
    +1

    OP is mad because someone flexed harder than him.

  • RocketSwitch on 07/04/2021 - 15:00

    If I did or not, I'm still poor.

  • amos83 on 07/04/2021 - 15:56
    -1

    90% of you will have fun staying poor.. and you will never get it..

    your kids will ask you what were you doing when Bitcoin was below 100k and you would be saying you were trolling at the guys who were giving advice to invest in Bitcoin during the early days.. and what a dumb bitch you were… sorry kid but here have some vanguard ETFs it should keep you poor as well for the rest of your life…

    go back in ozb history and see the same dumb bitches argue when Bitcoin was around 5 to 20k…

  • mrhanky71 on 07/04/2021 - 16:19
    +1

    I believe them…. because I know people with portfolios of that size

  • Cluster on 07/04/2021 - 17:27
    +1

    It's really dumb for someone to claim they have a large fortune in crypto. All they're doing is setting themselves up for doxing, kidnapping and hammer time to hand over the keys.

  • quog on 07/04/2021 - 17:55
    -2

    Sure, but its not like they can actually purchase anything mainstream with it. Drugs, weapons etc sure.

    Your caryard is not gonna take it.

  • bargain huntress on 07/04/2021 - 18:48

    i thought people here might find this video interesting too;
    https://www.ozbargain.com.au/comment/10305235/redir

    • amos83 on 08/04/2021 - 13:45

      watched it… they have done their research by watching fancy internet videos and not by using Bitcoin and Lightning network.. so take his opinion with a grain of salt…

  • lnq on 07/04/2021 - 20:38
    +1

    there is an interview on radio 106.5, a guy acquire 3000 BTC in a range of 200$-300$, so yeah, this is nothing.

  • AlextheMeertkat on 08/04/2021 - 08:59

    That is what happens to those who bragg too much about their crypto success.
    https://www.independent.co.uk/life-style/gadgets-and-tech/ne…

    No need to mine you can come to the too talkative miner with a drill/baseball bat/iron/whatever.

  • inasero on 08/04/2021 - 09:52

    My answer is…who cares!

    If they're telling the truth - good on them

    If not, they're a poser.

    What difference does it make to how you live your life? Why waste your time and mental energy on this?

  • centrelink on 08/04/2021 - 11:46

    Who here gets pissed off when someone talked about money at all?

  • SlavOz on 08/04/2021 - 18:06
    +1

    Generally speaking, if someone was filthy rich to the tune of $40 million+, I doubt they would bother searching for the approval of anonymous strangers online, nor would they be readily advertising their wealth or disclosing their secrets to the world.

    Take it with a huge grain of salt, then flush it out. The internet is full of people who like to brag about the size of all sorts of things, from their bank account to their muscles and whatever else. It's child's play.

  • mr_asstight on 24/04/2021 - 10:34
    -1

    Could not care less what others doing with their money or how their investments turned out. I do have a problem with the taking down to others who didn't take the risk and trying to cause FOMO. Just because it worked for them doesn't mean it'll work for someone else.

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