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The Official Crypto Wealth Speculation Thread The Official Crypto Wealth Speculation Thread

05-27-2022 , 02:01 AM
Quote:
Originally Posted by daxile
I've seen some talk of Tom Dwan having like 7 figures in crypto on reddit. Obviously none of it confirmed but I can see it.
I ran into him at a crypto related event earlier this year. Based off the people he was hanging out with, this is likely true.
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05-27-2022 , 04:04 AM
Quote:
Originally Posted by DuckRivers
I ran into him at a crypto related event earlier this year. Based off the people he was hanging out with, this is likely true.
What does this even mean? Who he hangs out with is completely irrelevant.

According to many of his peers he's a ~broke loser at this point. This is relevant.
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05-27-2022 , 02:43 PM
Quote:
Originally Posted by MastaAces
What does this even mean? Who he hangs out with is completely irrelevant.

According to many of his peers he's a ~broke loser at this point. This is relevant.
I guess “broke” is relative, and he could be a liar/con artist, but on one of the cash game streams in the last year or so , he basically said that he just bought a place in NYC that he hadn’t even seen in person yet, and he also bought a place in Los Angeles which was his main residence.
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05-27-2022 , 03:07 PM
Quote:
Originally Posted by daxile
I've seen some talk of Tom Dwan having like 7 figures in crypto on reddit. Obviously none of it confirmed but I can see it.
Based on this video from 2021 he only recently got into crypto:

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05-27-2022 , 05:25 PM
if tom were making big money from crypto then it's even more unexcusable to abandon the challenge
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05-30-2022 , 03:53 PM
Quote:
Originally Posted by rickroll
let's say I deposit using $100 in bitcoin when bitcoin is worth $100 so i deposit 1 bitcoin

i'll now have $100 in my account and they have the bitcoin

i run it up a bit and withdraw $500, but now bitcoin is worth $1000 so I receive half a bitcoin in my account

only deposited once but irrc i was shocked by the lack of fees they had in the process, i've had dealing with other "pay in crypto" options before that basically added an extra 10% in fees (i think these were the companies who were immediately moving it to fiat and thus wanted to account for this cost when you paid the crypto option

so i genuinely believe they held onto a lot of the crypto deposits both speculatively and to hold for cashouts

ie i deposit 100, they pay $3 in fees swapping to USD, I later withdraw $100, they pay $3 in fees swapping USD to bitcoin and of course you never truly get a fair rate because of the spread (even without fees if you just bought 100 of btc then sold it back immediately before the price changes you'll now have like $98 cause of the buy/sell spread), they need to wait 2-3 days for the account to clear with the bank before sending to me and also eat a transaction fee on sending to my wallet so that $100 in and out costs them $8+
I'm new to ACR and did well in a Sunday Million. Decided to cash some out in BTC for the first time. Requested $5k on Friday night at 7pm PST and it was in my wallet by 9:30a on Saturday. I believe there was a fee of apprx $3. If they are, in fact, speculating more than just a trivial amount, then that's a business model headed for insolvency in a market crash. I was surprised that the max cash out was $10k. That seems like they're preventing a bank run. But they did cash me out immediately on a Fri/Sat which doesn't scream liquidity problems, although $5k is less than a rounding error. Either way, I was very pleased with the ease and speed of the transaction.
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05-30-2022 , 06:23 PM
Quote:
Originally Posted by sickhuman
move SethSethSeth to #1
Top 3 for sure
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05-31-2022 , 01:22 AM
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Originally Posted by pocket_zeros
they were saying the same about people buying in 2019 "it's too late" "everyone knows about it now" "you missed the boat" - and look at the price action from 2019 onwards -
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05-31-2022 , 10:29 AM
Someone told me SethSethSeth died.

also not mentioned before:
Trevor Pope

Dan Colman has also done quite well with crypto. Jake Schindler also.
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06-02-2022 , 01:01 AM
Big Huni
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10-02-2022 , 08:39 AM
Quote:
Originally Posted by Mike Haven

Just found this post. Notice that the linked thread from my site is from early 2013 -- almost 10 years ago!

However, I have a sad postscript to the entire situation. Note that in my post about iamhiv losing all of his bitcoin, I stated that it was lost heads up to BradL (Brad Libson). I also mentioned that I learned about this because I had just played poker with Brad.

What I didn't mention was that Brad asked for my advice on what to do with his bitcoin. He told me that he had "about $50k in bitcoin", which checks out, because iamhiv posted on my site, "I almost busted his account before he ran up 2500BTC off me from his last 40BTC."

Bitcoin was trading at about $20 on 1/23/13 when I played that game and had that conversation with Brad.

However, after indicating he had $50k in bitcoin, he said, "Druff, I know you're good with money, and I respect your advice. What should I do with my bitcoin? Should I cash them out, or should I hold onto them?"

I responded with a diatribe about them being a "cute little science project" and that the $20 pricetag per bitcoin was bound to crash soon. "You have $50k, don't just let it disappear", I said to Brad, who wasn't flush with cash at the time. "Cash it out."

Another guy at the table rambled about how he was in tech and how he knew for a fact that bitcoin was a "scam". I knew it wasn't a scam, but I didn't bother to correct him. He kept rambling. Finally, between what I said and what that random guy said, Brad made his decision to cash them out. He thanked me, and that was that.

Last year, those 2500 BTC would have been worth $167.5 million at their peak.

Even today, Brad would be worth about $48 million if he just sat on them.

Brad, I am sorry. I'm really sorry.
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10-03-2022 , 05:28 AM
Whenever I hear stories like this, I'm glad I never owned bitcoin at price x (I did, however, own $10,000 worth of Amazon stock at an entry price that was $3 from today lol). Don't be too hard on yourself. It was his money and his decision. More importantly, he most likely would have sold his bitcoins at point y anyway and it's probably not unlikely that point would have been reached at a triple digit price.
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10-03-2022 , 09:12 AM
The problem with bitcoin is even if you had 100 BTC at say 1 dollar, at what point do you sell? It goes to 100 you probably end up selling - even now what would you do? If it gets to 500k people will look back and say man how stupid I was to sell at 20k - this goes on and on. Surely there are people who got insanely lucky with BTC but that's all it is - pure luck.
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10-03-2022 , 10:08 AM
Quote:
Originally Posted by pokerfan655
The problem with bitcoin is even if you had 100 BTC at say 1 dollar, at what point do you sell? It goes to 100 you probably end up selling - even now what would you do? If it gets to 500k people will look back and say man how stupid I was to sell at 20k - this goes on and on. Surely there are people who got insanely lucky with BTC but that's all it is - pure luck.
The same goes for people who invested in Growth stocks (Amazon, Google etc.) even Microsoft in the 1990s / 2000s who got in for <$5/share and watched their investment double / triple and took the money?

Either you take your profit and move on or buckle up for the ride.
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10-03-2022 , 10:36 AM
You could sell 10% of what you have left every time the price doubles. You don’t have to sell everything at one price point.
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10-03-2022 , 11:04 AM
Dwan was on HCL and met Weside who said one day he had been playing and getting coaching from Tom.

Wesley gave him pointers on crypto and I think beat Tom hu.
Wesley was one of the first I heard say to sell Luna to all players at the table.

I remember 3 poker players that pooled their bank rolls to pokers but ended up buying BC instead? for average $19, I thought Rasst was one but memory not good.

Sad to hear Aussie Matt maybe doing it tough atm, hope info is wrong and get to see him back in the big games. Love to see Matt Kirk v Keating.
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10-03-2022 , 11:49 AM
well if Dwan made a lot in Crypto, that will explain why they finally let him out of the dungeon
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10-03-2022 , 12:58 PM
What happened to matt kirk?
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10-04-2022 , 12:23 AM
Quote:
Originally Posted by SuperSwag
What happened to matt kirk?
Is it anything other than being very heavily invested in BTC which is down 60% the last year.
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10-04-2022 , 08:51 AM
Quote:
Originally Posted by SuperSwag
What happened to matt kirk?
On CoinPoker I saw Tony G playing 300/600plo and talking with the table and some railers he said Kirk owes everyone in LA from private games and apparently owes some bad people and that apparently he should 'lay off the drugs'. Take that for what it is, but unsurprising the guy is a massive whale and probably now busto.
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06-11-2024 , 10:21 PM
Quote:
Originally Posted by SillyInspector
Someone told me SethSethSeth died.

Randomly searched Seth's name today after I was listening to a Doug Polk video he got mentioned on (a 'back up against the wall score') and noticed this post. Seth is alive and lives on a tropical island, rolling in dough still. His screen name on 2+2 is sethseth, doesn't post anymore though.
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06-11-2024 , 10:34 PM
Quote:
Originally Posted by Birdseye
Randomly searched Seth's name today after I was listening to a Doug Polk video he got mentioned on (a 'back up against the wall score') and noticed this post. Seth is alive and lives on a tropical island, rolling in dough still. His screen name on 2+2 is sethseth, doesn't post anymore though.
I'd heard he went MIA a while back but hadn't heard anything since so good to hear hes living the good life from a somewhat dubious source
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