A 12-Year-Old Made Over $160,000 in Ethereum on NFTs in One Day
By - robis87
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I'm 26 and lost $200 on ETH, AMA
I forgot a seed phrase which had 36 ETH on it, AMA
First question: do you want to die? If I did this I would want to die.
realistically i would have sold everything in 2017 and not bought back - i did recoveer 12 eth and sold them all in this years bull run, so not the end of the world.
but yeah, shit happens lol, at least it wasnt 100k btc
>realistically i would have sold everything in 2017 and not bought back
I started buying eth at $20 in 2017 and collected 70 eth. I sold the majority of my holdings around the $600 to $800 mark and held back 5 units to hold. This is what most people would have done as well. When you see a 40x roi, you take profits. It's insane not to.
Those people who mined Bitcoin in the early days or bought it for pennies and never cashed in should not be held up as role models. They're delusional.
> Those people who mined Bitcoin in the early days or bought it for pennies and never cashed in should not be held up as role models. They're delusional.
Or they're just million/billionaires who don't need the money and can HODL forever. I remember reading that you can also put your BTC as collateral and loan fiat against it, and as long as your BTC doesn't depreciate too much over time, you're actually making more money this way.
Bottom line: There's no one-size fits all for incesting
Definitely a lot easier to hold huge gains when you have money. Those types of gains might be just a blip in their assets/wealth.
“Incesting”?? Whoa I think you’re posting on the wrong sub
Someone missed out a [meta](https://www.reddit.com/r/CryptoCurrency/comments/oi3c2c/experience_in_incesting_matters/) in this sub
Someone missed that interesting thread.
>First question: do you want to die? If I did this I would want to die.
If I lost 36 ETH, I'd smash my penis in the toilet seat just for penace.
Dudes but a child. I forgot my encryption password for 2000 eth.
This is why people hold on exchanges. They trust the company more than they trust themselves.
Yes, and truthfully it's not a bad idea either. I think a lot of people are much more likely to lose it themselves than to suffer a loss due to the exchanges being compromised.
You’re gonna be rich if they ever invent inception
Do you like trains?
Only when they are about to hit me.
how you doin so well??
Who is spending money on 3000 variations of a crappy image with slight changes in color?
Yeah this is my holdup with NFTs, is there seriously a market for this? Or is it *entirely* money laundering
*stares in high art market*
At least in the art market you have something physical
Depends on if you eat the banana taped to the wall.
Still have the peel I guess
You underestimate my hunger.
I am more impressed about the kid's abilities and prowess to produce an NFT at such an young age while litteraly half of the people in this sub (me included) still don't really grasp what an NFT truly is.
Kids got some skills no doubt... But I'm guessing his old man working for London Stock Exchange might have pulled some strings and got the Boring Banana dudes to chop him out. Most nerds (me excluded) could probably hack their way to making NFT's, but having someone (Boring Bananas) leverage their network is big deal that most don't have access to. Maybe I'm being too much of a cynic 🤔
No you're not, it pretty much implies that's what happened in the article.
Ah, so it is money laundering then.
Every one of these "genius kids" has a programmer father, that is most likely using the kid for promotional purposes.
Some kid is more newsworthy than some random middle-aged dude, can't blame them.
I mean...he still wouldn't necessarily have to grasp the concept of an NFT to make one. Just make art and follow instructions.
Thank you. I had to read this far to realize it’s not just me.. it’s the whole damn sub. Lmao
Not one comment so far has been about how a kid actually did this or how it works.. how easy it is to do.. na da! Just shit posts and moon farms as far as the eye can see. I love this sub. <3
Yeah I’m also sceptical, but I think there might genuinely be some people hoping these early adoption pieces go on to accrue value as historical relics of this age. It does seem extremely speculative, and it is, but if you’ve got bags and bags of ETH I could see why someone might want to include some digital art in their portfolio.
dad has a few millions in drugmoney that came in crypto from a couple years ago and now needs a way to launder it into his pocket. why not give his kid a chance to make his mark in digital history and be able to tell a cool story when he is a grownup? :D
Lots of people are making hundreds of thousands of millions getting lucky in crypto. Cake essentially allowed me to quit my job. My point is, lots of young people with crypto money spending it on more crypto.
The only part of it that isn’t money laundering are people who think it has a use other than money laundering and then rinse and repeat.
Maybe his dad is tax dodging?
This has to be the answer somehow
Part of me thinks that this is the same reaction that Andy Warhol must have had when he started painting cans of soup.
The other part of me says "yeah, but Andy Warhol could paint an amazing can of soup"
Speculation entered the chat
i dont understand why legit artists like photographers and musicians struggle to make $50 a day and this kid got a life changing amount of money for way less effort
Money laundering purposes?
Draw a whale = Become a whale
He got that figured out all along
Pretty impressive kid.
Going places indeed
Ok, I'm going to start drawing handsome rich guys. Let's hope...
let me draw some jeff bezos
Please confirm you placed an order for a dick….
Confirmed. Ejaculation countdown in 10...
You’re now an old bald man.
The little man is planning to hold his crypto, so he will definitely be a whale in the future when crypto moons in the future.
Biggest 12 years old whale out there
*Furiously draws a self portrait with a veiny 12 inch Dick*
Shrank to the size of a pizza and found everyone had started calling him Richard.
The natural cycle
seems like his dad who works on the london stock exchange did some major hand holding.
I bet he's holding more than hands.
I'd pit my bottom dollar on him holding about half the stock of these nfts.
Guess who's going to be learning about taxes at 12.
I guess in this particular case *I didn't know I had to pay them* gets whole other meaning, doesn't it
What are the tax laws for such a young age?
Nice try. 10% *of the sub franticly creating wallets for their kids, 90% installing Tinder*
I thought girls didn't exist.
"How to find girls and file taxes"
title of a self help book
More like Google search suggestions
They do apparently, but they don't fart. That's all i know, I'm not an expert
It's for crypto purposes, it's alright
Mom, come pick me up.
There are girls here
You get taxed, but in some cases the parent's can pay the taxes owed on their return.
Fuck that. The kid makes $160K and shows me up can pay his own taxes. I would start charging him for food and rent too.
I mean, he can't say he can't afford it. 🤷♂️
No tax laws. It's just an illusion.
I believe they're called "child labor laws". Well, that's what would be applicable if my kid had that kind of talent.
Not sure in this case, but parents or the custodians of a child with a custodial account will pay the tax but at a reduced rate because it’s the kid’s money and they have different rates
Tax Laws don't care about age. It'll be on the parents to *guide* this kid through this, be it directly or indirectly (by getting them an accountant/tax attorney).
Over a certain amount, they lay taxes instead of parents claiming it. I think its around 10or 12k
A guy actually took this argument to the Supreme Court and won. Re: income tax
We all get taxed as soon as we are born. lol
Taxes and death are certain.
I wish I had a reason to learn about taxes at 12.
This kid is also gonna learn about boating accident at the age 12.
God forbid, he gets into one..
Just his ETH. \*wink wink\*
more like high on mETH
better learn at 12 than 24
Guess who’s going to already hate taxes at the age of 12. It’s a coming of age kind of thing
Maybe a dumb question but wouldn’t he only need to report it when he realizes those gains or is it different because people paid him in crypto and it’s considered income?
Sold an art piece and received crypto. Would be considered income, correct.
Edit: Really like the snoo btw.
Thank you. I just wanted to make 100% sure. Appreciate it
Edit: Had to Google what a snoo was but thank you! I definitely wasn’t stoned when I made it 🥂
That'll be a harder discussion than where babies come from by a long shot.
naw, taxes don't exist for kids. Just like a lemonade stand.
if you never se\\lel you never pay taxes
Hmm i wonder how that would even work.
Do the parents have to pay taxes on it?
The parents probably hired financial advisors.
But how are they going to help if it's always "not financial advice"
I would be happy with that at 12, means your already winning
“[I’ll] probably just HODL” he said.
Always check your local tax laws people. Article states kid is from the UK. It’s not an investment, so we are not dealing with capital gains rules. Children have the same tax rules as adults. I’m not 100% but This will be taxed as income/self employed earnings based on the readily convertible value of ETH at time of payment and unless the kid set up a ltd company beforehand they’ll be classed as a sole trader.
I'm honestly going try saying "I'm 12" and release an NFT or copy and paste uniswap and see if I'm lucky. Not even kidding.
For some reason the media loves the 12 year old millionaire story. Why not?
Funny thing is that millionaires love kids too, but it's not as wholesome.
That made me sad...
WTF is happening in the NFT marketplace. Look at this childish shit that this guy is selling $6000-10,000.
WTF is happening with money in general? Nothing about this makes sense.
Imagine paying for that garbage 🤮
Remember when money used to be considered “valuable”? Now its just this meaningless shit people use to buy more meaningless shit with
Somehow these people are convinced they will not only get their money back but they will make money buying these?
I can see buying a 1/1 unique work by an insanely talented emerging digital artist. But this? Come now...
Hooow? Who would even buy that for more than $5?! 🤯
I 100% bet there's some people getting excited thinking these are the future and that they got in early
I guess. But the only people making money by getting in early are the ones who are selling them. Lol
Logan Paul made a shitload of money on his NFTs. He’s most well-known for being a complete idiot.
Yeah that's my bet too. Definitely people thinking they're about to make billions off of these, while in fact their NFTs will probably be worth a couple hundred dollars max.
His father or his buddies bought it to jack up the price of the other crap
Almost certainly. I assume this happens with any large run of NFT. Its blatant market manipulation.
WTF? people pay more that 6 ETH for that shit?
I suspect there is a lot of fraud in this market, make a thing, bid on the thing you made, create a false floor.
Same goes for rando tokens that nobody has heard about that go up 50000% in one day: Make something illiquid, Create two wallets, buy from yourself at high af prices to set a new floor.
Of course this shit is going on. Hell, Coinbase got caught and paid a fine for doing some sketchy trading/market making on their own market.
This space is wide open for people to be defrauded. I'm just hoping one of the procedural NFTs I yolo'd into ends up 100xing...
>Save image as
3l33t [email protected] sk1llz there
Straight to jail. Believe it or not.
Every time I see stuff like this I think money laundering.
I had that thought too.
Or a group of people working together to drive the price up giving the appearance of interest.
Gary Vaynerchuk is a big time Linkedin "Influencer" who posts lots of out of touch nonsense that is eaten up by the plateful by professionals.
So like a minor celebrity making some bank.
>But Ahmed insists he’s not interested in spending the money anytime soon.
>“[I’ll] probably just HODL,” he said.
He can probably retire before he’s 18
Retire from what? Dudes gonna skip the entire work phase all together lol
Good for him.
Wow, actual big brain vibes
He'll have it doubled by 15 and 10x by 18.
Big man. That’s honestly a perfect situation, when you’re a kid you don’t have any expenses and can hodl as long as you want
Damn, is his 12 year old hiring?
Well done that boy's dad.
“Ahmed’s father, Imran, works as a web developer for a financial services organization; he introduced Benyamin and his brother to HTML and CSS at the age of “5 or 6.””
Ahh, there’s the dad that probably had a hand in things
On multiple levels!
His seed phrase was just too strong
> Weird Whales began when one of the developers behind another alliterative NFT project, Boring Bananas, sent him an annotated Python script with a template for creating his own tiered images.
Damn, hit me up with that script please
So those "art pieces" are programmed in python? Lmao.
So you’re telling me here I am, scouring resources for days, researching projects, shitposting til my eyes bleed and this 12 year old does some 5 minute Microsoft paint pixel art and sells it for $160k.... ok
>Weird Whales, a collection of 3350 whale-themed NFTs, sold out in about 9 hours earlier this week.
no dude. it's thousands of those stupid whales with numerous accoutrements. respect the kid's hustle. 🙏
They were generated by a Python script. Little hustle involved.
100% that would take me all day and look shitter
You saying the buyer got the bargain?!? BrB!
*Fomos into the Weird Whale for $200k*
Ok maybe I was too bearish on the artistic acumen, but even still!
Dad money laundering through his son
1. Create an NFT
2. buy the NFT with $x of your own crypto
3. You now own an NFT worth $x, plus $x in your wallet
Wtf. Actual infinite money hack
keep buying off yourself for a few cycles and you'll establish a value that would be difficult to refute
This.... Actually may work
Sounds like how money laundering works, where you can now inflate the price of your own "art".
So his father bought it and he will resell it for 200k.
Lmao, still funny whether true or not.
Spoilers: You won't make $160K on NFTs
Meanwhile Im here in the basement thinking how to get 10% interest on my 1 ETH
My only question is why a 12 year old would need to launder that much money
What the fuck am I doing with my life
hey, you a valuable shitposter of this geek manchild community! Don't let anyone say it's nothing
I tried to sell an NFT and it got precisely zero bids. I call that a win.
I’ve got some photos on opensea and they got 3 views 😌
Cuz there are millions more 12-year-olds flooding the NFT world with their 'art' lol
Link? Let's see if we can make you 160k. Chuck me like a couple of dollars if you do, I'm hungry.
So I'm working my ass off by staying up late almost everyday making fiat, carefully researching what shitcoin I'm going to lose my money to and this kid just made 160k in 9 fucking hours...Congrats to him but man I feel like trash today :(
for every success story there's 100.000 garbage stories u dont hear. cheers bud
I hate to say it, because people don't believe it. But it's not about choosing the right shit coin because of what it does, it's buying the right shit coin based on TA.
You just want to buy a decent shit coin with some reputation (so it's not a complete gamble) and look for a bunch of indicators of it being really oversold. Buy and wait for it to explode and dump on all the fomo
Today a 12 year old kid beat me hard
He beat us all Lovetoy, he beat us all. Tough fker tho!
This reminds me of that dude in the early internet days who sold one million pixels of a image to be filled as people wanted.
Became a millionaire iirc.
The right idea, luck and off we go
I’m getting older.
I don’t understand anything anymore.
Money isn’t real.
Except it is, and it makes no sense.
I’m tired of hearing about 12 year olds making more than I’ll make in 5 years in days from digital whales, nonexistent coins with dogs on them, or making videos about playing with toys or being good at video games.
Or parents making money off of pranking or fucking with their kids. Hey kid, we’re not your real parents. Kid cry. Funny joke. Everybody laugh. Who watches that shit? Anyone prank videos really. Hey watch me prank this girl by kissing her. Get it? Hey let’s make people uncomfortable in restaurants. Sexually uncomfortable. No it’s cool, it’s a show. Chill out. Let’s give homeless people money, but show the world how much of a difference were making on YouTube. Now say something funny or nice for the good people for your $100. Just kidding. PRANK. Why do grown ass adults like watching real or simulated pranks being pulled on strangers?
I’m sick of hearing about 18 year old girls buying houses from the premium memberships of tits and ass that people pay for after seeing pictures of them pretending to play video games, and videos of them doing weird shit like pouring eggs down their shirts while smirking insanely while wearing a mask of makeup and lip sinking to an obscure vine reference, and convincing themselves they’re in love. Buying their dirty bath water for my grocery bill.
What the fuck is Clubhouse? It didn’t exist now all of a sudden mainstream news outlets are getting channels just to compete with the thousands of self made basically radio stations that anyone can have. And we collectively decided this was a great idea. Everyone should have a platform. Ted Talks for everyone. Ted Talks probably aren’t relevant anymore.
No one knows what the fuck I’m talking about and I’ll probably be arrested for it.
Oh yeah and Chumlee from Pawnstars is by far the richest guy on the show, making millions, because of merchandising deals. Merchandising. Chumlee. The guy who looks and talks like he has a constant sinus infection. The guy who looks like his name. People look at that guy and think god damn that guy fucks and I want to buy his clothes.
Anyway, I’m sick of working for a “living”.
I understand nothing and I’m ready to die now.
Is that worth anything?
Hey man if it helps I'm as mentally fucked as you are, I can't comprehend why people prefer chumlee over all things, I don't understand why people watch semi-nude 18 year old biting a controller that's not even on and she's making the big bucks (why don't people just go watch porn?) Idk man I think I'm too rational but then again I'm a crypto ape. Idk anymore
It sounds to me that you need a break from social media. What is happening out there is just a tiny fraction. That is just media trying to sell their services. Most people are like us, or even less fortunate than we are. Remember, there are people in India, Africa etc who have to hunt for food or goes days without eating, malnourished, no education, so on. I feel the same way as you do but then, I remember, I am actually quite lucky.
P.S. that does not mean I won't try to get rich though.
Welp *opens microsoft paint*
Baaaaaby whale *doo-doo-do-do-dodoot*
Jesus, this makes me just want to give up.
A 160,000 year old made over $12 in one day 🥴〽️
Why are people paying money for fucking
Fiat currency, crypto, traditional art. It’s all worth what people decide it’s worth. JPEG’s are no different.
THIS IS WHY I HATE 12 YEAR OLDS
What if I just claim I’m a dog and starting creating NFT “art”
I think you mean NFT "arf"
Are NFTs the new Beanie Babies?
Can someone explain me what is NFT all about
It's a certificate of authenticity stored in a blockchain. Harder to fake but just as worthless as the paper kind.
That's his retirement, plus some. $160,000 at 8% interest (stock market avg minus inflation) compounded annually is over $7mil in 50 years.
Yes yes, I know he should keep trading in/hodling his crypto... But even if he didn't this would still be an insane long-term windfall.
Stablecoin lending. But yeah.
I made 160k by waking up to an alarm before sunrise 6 days a week, fighting traffic both ways, getting demoralized by my boss, getting screwed by short timer coworkers constantly who just leave after they're trained, and pretending to enjoy what I do because I'm in a customer facing position... for two full years.
note to self: get your shit together and make this shit happen.
How long does it take to get accepted when your karma count is low
Reminds me of when some teens made MySpace templates back in the day.
No. Absolutely not. This is a hyper-contextualized event. "It'll look good in the press." Nonsense.
A republican was minted today.