JFC, $360k? Most 25 year olds would pay off their loans or try to buy a house with that.
Nicholas Pinto, a 25-year-old social media influencer, accumulated more than $360,000 in President Donald Trump’s cryptocurrency to attend an “unforgettable Gala DINNER” with the commander-in-chief. The food, though, was forgettable. “Trash,” Pinto texted Fortune during the banquet. “Walmart steak, man.”
Something to remember when reading these numbers is that they aren’t real money, they’re the possibility of real money.
For example if we ignore the initial coin launch where it spiked wayyyy up and then crashed hard, the price of the coin was ~$16 per coin at the time of the event and likely the number being used in the article.
However just a month or so prior the coin was ~$8 per coin. So if this person was brand new to the crypto game they only needed to have $180k. Now 180k is still some major money and getting that exact exchange requires some luck. However that’s not the point. The point is that this individual never had $360k, they only ever had at worst $180k. (It’s possible they bought the coin at launch, lost it all and kept it, so maybe they had $720k and that got halved.)
But remember, crypto coin trading is gambling. If 38 people walk into a casino, walk up to a roulette table and each puts $10k on every number 1-36, plus 0 & 00 guess how much money the winner gets? $360k. We write the article about the person who won $360k. The other 37 people are just “the others”.
Now if I risk $10k and win $360k I absolutely cash out and call it a day. I’m a winner. But if I don’t cash out… Do I still have $360k? I have chips. What if instead I spend the next few months at the casino? What if I spend years in the casino? If I’m lucky my chip count goes up. If I’m unlucky my chip count goes down.
Don’t get me wrong. There is potentially real money here, but only if I cash out. Let’s go back to our social media influencer. They had $360k when the coin was worth ~$16 per coin. The coin is down and now worth ~$13 per coin or $292.5k. But you know gamblers. Never quit on a winning streak. Never leave on a loss.
So did this person have the ability to have $360k, sure. Did they have $360k, no. (Also this assumes the crypto exchange you have your “money” in allows you to cash out, which is not a certainty. Sometimes they limit how much you can take out at a given time. Sometimes they don’t have the money, remember FTX?)
JFC, $360k? Most 25 year olds would pay off their loans or try to buy a house with that.
Something to remember when reading these numbers is that they aren’t real money, they’re the possibility of real money.
For example if we ignore the initial coin launch where it spiked wayyyy up and then crashed hard, the price of the coin was ~$16 per coin at the time of the event and likely the number being used in the article.
However just a month or so prior the coin was ~$8 per coin. So if this person was brand new to the crypto game they only needed to have $180k. Now 180k is still some major money and getting that exact exchange requires some luck. However that’s not the point. The point is that this individual never had $360k, they only ever had at worst $180k. (It’s possible they bought the coin at launch, lost it all and kept it, so maybe they had $720k and that got halved.)
But remember, crypto coin trading is gambling. If 38 people walk into a casino, walk up to a roulette table and each puts $10k on every number 1-36, plus 0 & 00 guess how much money the winner gets? $360k. We write the article about the person who won $360k. The other 37 people are just “the others”.
Now if I risk $10k and win $360k I absolutely cash out and call it a day. I’m a winner. But if I don’t cash out… Do I still have $360k? I have chips. What if instead I spend the next few months at the casino? What if I spend years in the casino? If I’m lucky my chip count goes up. If I’m unlucky my chip count goes down.
Don’t get me wrong. There is potentially real money here, but only if I cash out. Let’s go back to our social media influencer. They had $360k when the coin was worth ~$16 per coin. The coin is down and now worth ~$13 per coin or $292.5k. But you know gamblers. Never quit on a winning streak. Never leave on a loss.
So did this person have the ability to have $360k, sure. Did they have $360k, no. (Also this assumes the crypto exchange you have your “money” in allows you to cash out, which is not a certainty. Sometimes they limit how much you can take out at a given time. Sometimes they don’t have the money, remember FTX?)
Were not taking about the grifters who got the premine. The attendees very much spent USD to buy this shitcoin