Man Invests 20 In Obscure Cryptocurrency

Date:

Man Invests $20 In Obscure Cryptocurrency Becomes Trillionaire Overnight Newsweek

Crypto: Man invests $20 In Obscure Cryptocurrency and Becomes Trillionaire

When Chris Williamson put $20 into cryptocurrency Rocket Bunny, he didnt expect to become a trillionaire overnight.

The Georgia nursing school student had dabbled in cybercurrencies for around eight months and invested in the currency on Monday. On Tuesday, its value had soared to more than $1.4 trillion.

I woke up, its like 9 a.m. and I always check my phone to check how my crypto, to see how its doing and I like looked at it, Im waking up, and Im just like, Naw, Im sleeping,’ Williamson told Fox 5 Atlanta.

The student from Manchester, Georgia, then rushed onto the Coinbase cryptocurrency trading app, barely believing what he was seeing.

Williamson said that when he tried to move the currency into another wallet to withdraw, it wasnt showing the same price, so he contacted Coinbase.

Coinbase replied with a short answer saying it was looking into the issue, and tried to contact Rocket Bunny but never heard anything back.

So, thats when Im like, Okay, Im just going to have fun with it at this point. So, I went to , Williamson told the news network.

You know when you look at it, its like you know theres no way Im ever going to get this amount of money, he said.

Williamson was expecting the large sum of money to quickly disappear from his account, but instead it grew. He determined that he bought into the correct online coin, and that it wasnt a scam.

A Guide To Cryptocurrency

A glossary.Cryptocurrencies have gone from a curiosity to a viable investment, making them almost impossible to ignore. If you are struggling with the terminology, let us help:

Bitcoin.A Bitcoin is a digital token that can be sent electronically from one user to another, anywhere in the world. Bitcoin is also the name of the payment network on which this form of digital currency is stored and moved.

Blockchain.A blockchain is a database maintained communally, that reliably stores digital information. The original blockchain was the database on which all Bitcoin transactions were stored, but non-currency-based companies and governments are also trying to use blockchain technology to store their data.

Cryptocurrencies.Since Bitcoin was first conceived in 2008, thousands of other virtual currencies, known as cryptocurrencies, have been developed. Among them are Ether, Dogecoin and Tether.

Coinbase.The first major cryptocurrency company to list its shares on a U.S. stock exchange, Coinbase is a platform that allows people and companies to buy and sell various digital currencies, including Bitcoin, for a transaction fee.

Crypto finance.The development of cryptocurrencies spawned a parallel universe of alternative financial services, known as Decentralized Finance, or DeFi, allowing crypto businesses to move into traditional banking territory, including lending and borrowing.

Dan Beckerman, AEGs chief executive, said he didnt think Crypto.com would go the way of Staples.

Man Invests $ 20 In Obscure Cryptocurrency And Becomes Billionaire Overnight

When Chris Williamson invested $ 20 in Rocket Bunny cryptocurrency, he didnt expect to become a billionaire overnight.

The Georgia Nursing School student had dabbled in e-currencies for about eight months and invested in the currency on Monday. As of Tuesday, its value had climbed to more than $ 1.4 trillion.

I woke up, its 9am and Im still checking my phone to check how my crypto is, to see how its going and I like to watch it, I wake up, and Im like Naw, I Im sleeping, Williamson told Fox 5 Atlanta.

The Manchester, Georgia student then rushed to the Coinbase cryptocurrency trading app, barely believing what he was seeing.

Williamson said that when he tried to move the currency to another wallet to withdraw it, it was not showing the same price, so he contacted Coinbase.

Coinbase responded with a short response saying it was investigating the issue and tried contacting Rocket Bunny but never heard back.

So thats when Im like, Okay, Im just going to have fun with that at this point. So I took to Twitter, Williamson told the news network.

You know when you watch it its like you know theres no way I can get that amount of money, he said.

Williamson expected the large sum of money to quickly disappear from his account, but instead it increased. He determined that he had purchased the correct part online and that it was not a scam.

Its a lot of money that I could never spend in my life, so Id be fine with it, Williamson said.

Recommended Reading: Vanguard Short Term Investment Grade Bond Fund

Technologyapple Employee Sacked After Labelling Women Full Of S*** In Sexist Rant

Less than two months after their initial investment in late February, their lives changed.

It was their dads birthday, and instead of giving him a card, they made him a millionaire.

Valuations on cryptocurrencies have exploded in 2021.

After years of being either ignored or sneered at by Wall Street, cryptos including established players like bitcoin and lesser-known altcoins are enjoying unprecedented investor interest.

Bitcoin is up nearly 70 per cent since January, and dogecoin, which was started as a joke and is still worth less than a dollar, is up more than 11,000 per cent, according to Coindesk.

Chevron Right Icon

Dont put in any money that you arent willing to lose.

But cryptocurrencies are also extremely risky, unregulated investments.

Prices are known to swing wildly. And digital currencies bring other unique kinds of risk, such as the potential for a hacked server, a deleted file or a lost password that could leave investors locked out of their funds forever.

James and Tommy rolled the dice, each initially investing $200 . They also presented the idea to their mum, dad, sister and a few other family members.

My mother and sister were skeptical but they each put in $100, too, Tommy said.

After a few weeks when it was up about 300 per cent they put another $100 in each, and then it kept going up.

In total, the group put in nearly $8000 .

What Is Shiba Coin

Man invests $20 in obscure cryptocurrency, becomes ...

Shiba inu was created less than a year ago an obvious spinoff of dogecoin, which features a Shiba Inu dog as its mascot. It may have been a joke of a joke, but not many people are laughing now.

Shiba coin, which goes by the ticker symbol SHIB, is up more than 11,000 per cent in the past 30 days, according to the site CoinGecko.

Earlier this week, Ethereum co-founder Vitalik Buterin made headlines by donating $1 billion worth of shiba coin to a COVID-19 relief fund in India.

The crypto, known informally as a memecoin or altcoin, has also won a handful of celebrity backers from former boy band stars to NFL pros.

Backstreet Boys star Nick Carter is seen frequently tweeting the hashtag #Shiba and #ShibArmy.

As an enthusiast and investor in cryptocurrency, seeing the announcement about SHIB and Ethereum creator Vitalik Buterins donation to India was very exciting, Carter told CNN Business in a statement.

I believe there is an incredible future for crypto – especially knowing how it can be used for good and more importantly, to save lives.

Chevron Right Icon

There is an incredible future for Crypto.

NFL star Antonio Brown tweeted Wednesday to his over 1 million followers that he too has invested in this cryptocurrency.

The shiba business is booming and crypto is the way to go, Brown told CNN Business on Thursday. Its a new way of investing.

Also Check: Invest In Stock Market App

Total Shib Token Holders

A fourth figure to be worried about is Shiba Inu’s base of roughly 753,000 token holders, per Etherscan. Even though this figure is rising, it’s a pretty small number of investors considering that SHIB has pushed above an $11 billion market cap.

For some added context, over 76 million people worldwide had a unique Bitcoin wallet on Blockchain.com, as of August 2021. Meanwhile, Ethereum has an estimated 10 million users. The point being that major cryptocurrencies need a broad base of users to become mainstream. Shiba Inu simply doesn’t have that, as of right now.

Crypto: Man Invests $20 In Obscure Cryptocurrency And Becomes Trillionaire

  • Pin

Crypto: Man invests $20 In Obscure Cryptocurrency and Becomes Trillionaire

Join us in todays video as we show you Man invests $20 In Obscure Cryptocurrency, Becomes Trillionaire Overnight. Crypto investor says he woke up a trillionaire. The cryptocurrency craze has minted a new generation of wealthy investors some overnight. Thats what happened for one Georgia man. Chris Williamson invested about $20 in a cryptocurrency called Rocket Bunny and it did what bunnies do it multiplied.

He woke up one morning and looked at his phone to check his investment and found he was a trillionaire. Be sure to watch the whole video for the full details about this and in addition, do us a favor and like the video and subscribe and turn on the notification bell. Well see you in the next video!

#ChrisWilliamson

Read Also: Barclays Investment Bank New York

Beyond Bitcoin: Inside The Insane World Of Altcoin Cryptocurrencies

Bitcoin has reached a dizzying all-time-high of over $63,500, but the world of cryptocurrencies outside of Bitcoin is even more insane.

It was a Saturday morning in December and Adam was feeling bold.

He’d made thousands of dollars on a single trade the night before, and was feeling lucky. But Adam wasn’t trading on the NASDAQ, pumping GameStop stocks or investing in a startup. He was about to sink $2,500 into a cryptocurrency called DeTrade.

It seemed safe. Adam had investigated the coin’s development team on LinkedIn, and watched a video of its CEO laying out a roadmap for the coin’s future. A newswire piece published on Yahoo touted DeTrade’s technology as advanced enough to disrupt cryptocurrency.

Bitcoin is very much back in the zeitgeist. On Tuesday, ahead of CoinDesk’s listing on the NASDAQ, it reached an all-time-high of over $63,000, exploding almost 10-times in value compared to the same date last year. But while for many people Bitcoin is synonymous with cryptocurrency, it’s not what crypto traders like Adam are interested in. Beneath Bitcoin and Ethereum, the second-best-known currency, is a strange underworld of different cryptocurrencies.

Just a regular day playing with altcoins, says Adam.

Man Invests $20 In Obscure Cryptocurrency Becomes Trillionaire Overnight At Least Temporarily

CRYPTO TRILLIONAIRE Chris Williamson EXPOSES Rocket Bunny Crypto GLITCH Investing $20 Overnight!

When Chris Williamson put $20 into cryptocurrency Rocket Bunny, he didn’t expect to become a trillionaire overnight. Yet, temporarily at least, that appeared to be what happened.

The Georgia nursing school student had dabbled in cybercurrencies for around eight months and invested in the currency on Monday. On Tuesday, its value had soared to more than $1.4 trillion. Coinbase later confirmed to Newsweek that was not the actual amount, and in fact was due to a “display error.”

“I woke up, it’s like 9 a.m. and I always check my phone to check how my crypto, to see how it’s doing and I like looked at it, I’m waking up, and I’m just like, ‘Naw, I’m sleeping,'” Williamson told Fox 5 Atlanta.

The student from Manchester, Georgia, then rushed onto the Coinbase cryptocurrency trading app, barely believing what he was seeing.

Williamson said that when he tried to move the currency into another wallet to withdraw, it wasn’t showing the same price, so he contacted Coinbase.

Coinbase replied with a short answer saying it was looking into the issue, and tried to contact Rocket Bunny but never heard anything back.

    “So, that’s when I’m like, ‘Okay, I’m just going to have fun with it at this point.’ So, I went to ,” Williamson told the news network.

    “You know when you look at it, it’s like you know there’s no way I’m ever going to get this amount of money,” he said.

    Don’t Miss: What Are The Best Investment Websites

    A 5350880% Gain In Under 15 Months

    The sixth and final figure that should terrify Shiba Inu investors is its 5,350,880% gain in less than 15 months. While this jaw-dropping gain is precisely what’s inspiring the FOMO surrounding this digital currency, history is quite clear that short-term gains of this magnitude rarely, if ever, hold up. Even Bitcoin’s gargantuan gains have come on the back of multiple pullbacks of at least 80%.

    History is most definitely not Shiba Inu’s friend.

    Only 91 Merchants Accept Shiba Inu

    One of the most glaring issues for a digital currency that’s been around for less than 15 months is that it has virtually no utility outside of a cryptocurrency exchange. According to online business directory Cryptwerk, only 91 mostly obscure online companies accept SHIB as a form of payment. Considering Shiba Inu is a payment-oriented token, its lack of involvement on the payment front in the real-world is highly concerning.

    You May Like: Where To Invest In Crypto

    Four Reasons Shiba Inu Is On Fire

    Named after the Japanese dog breed that inspired this meme coin, Shiba Inu has returned more than 5,350,000% since it debuted on Aug. 1, 2020. SHIB’s incredible success is the result of four factors.

    First, Shiba Inu has found its way onto a number of popular cryptocurrency exchanges in 2021. Investors having access to buy SHIB is the first step to potentially increasing adoption.

    Second, like Dogecoin, Shiba Inu is taking its bullish cues from Tesla Motors CEO Elon Musk. Musk recently adopted a Shiba Inu-breed dog named Floki and has been tweeting positively about Dogecoin and the Shiba Inu breed for months. Anytime a tweet remotely links to Shiba Inu dogs from Musk, buyers take their cue to pile into SHIB.

    The third catalyst for the company was the launch of ShibaSwap in July 2021. ShibaSwap is a decentralized exchange that allows investors to stake their SHIB in order to earn interest. Although staking is nothing new in the crypto space, the ability to generate returns via staking should encourage SHIB owners to hang onto their tokens for a longer amount of time.

    Fourth and finally, momentum is working in Shiba Inu’s favor. When an asset rises more than 5 million percent in less than 15 months, you can bet that investors are going to pile in for fear of missing out .

    Use In Illegal Transactions

    Guy Invests $20 In Obscure Cryptocurrency, Becomes A ...

    Bitcoin held at exchanges are vulnerable to theft through phishing, scamming, and hacking. As of December 2017, around 980,000 bitcoins have been stolen from cryptocurrency exchanges.

    The use of bitcoin by criminals has attracted the attention of financial regulators, legislative bodies, law enforcement, and the media. Bitcoin gained early notoriety for its use on the Silk Road. The U.S. Senate held a hearing on virtual currencies in November 2013. The U.S. government claimed that bitcoin was used to facilitate payments related to Russian interference in the 2016 United States elections. However, a 2021 study led by former CIA director Michael Morell showed that broad generalizations about the use of bitcoin in illicit finance are significantly overstated and that blockchain analysis is an effective crime fighting and intelligence gathering tool.

    Several news outlets have asserted that the popularity of bitcoins hinges on the ability to use them to purchase illegal goods. Nobel-prize winning economist Joseph Stiglitz says that bitcoin’s anonymity encourages money laundering and other crimes.

    Also Check: Invest In Real Estate With 500 Dollars

    Energy Consumption And Carbon Footprint

    Bitcoin has been criticized for the amount of electricity consumed by mining.

    As of 2015, estimated combined electricity consumption attributed to mining was 166.7 megawatts and by 2017, was estimated to be between one and four gigawatts of electricity. In 2018, bitcoin was estimated to use 2.55 to 3.572 GW, or around 6% of the total power consumed by the global banking sector. In July 2019 BBC reported bitcoin consumes about 7 gigawatts, 0.2% of the global total, or equivalent to that of Switzerland. A 2021 estimate from the University of Cambridge suggests bitcoin consumes more than 178 annually, ranking it in the top 30 energy consumers if it were a country.

    Bitcoin is mined in places like Iceland where geothermal energy is cheap and cooling Arctic air is free. Bitcoin miners are known to use hydroelectric power in Tibet, Quebec, Washington , and Austria to reduce electricity costs. Miners are attracted to suppliers such as Hydro Quebec that have energy surpluses.

    An Overnight Trillionaire Or Was He

    Christopher then tried to move his money to other wallets to test if it was a glitch or if he really had become the richest man in history. When the fortunes didnt seem to reflect in the new wallet, he reached out to Coinbase to find out what went wrong.

    Our team is currently reviewing your account to find the best solution, Coinbase emailed him. To date, Coinbase has yet to clarify to him what exactly happened to his account.

    if Im not invited to the #coinbase Christmas party this year Im going to be ticked off. I think Im being a pretty good sport about this considering yall got my account looking like Elon Musk.

    Christopher Williamson

    Christopher gets the feeling that hes not really a trillionaire, but says he wants to hold on to the feeling for as long as he can. However, if he were to get some good chunk of change from this investment, the first thing hed buy would be his sisters house, he told NewsNation.

    Aside from taking care of his family, Christopher would also channel his money towards health clinics that would allow him to pursue his 12-year long passion for taking care of ailing patients and helping them to get better.

    Don’t Miss: Best Investment Loan Interest Rates

    Advice From Tommy And James

    As for how Tommy and James plan to use their money, they arent entirely sure.

    They have yet to completely cash out their investment, and are holding out for something called ShibaSwap, a decentralised exchange platform.

    This has happened so quickly its hard to even comprehend the things you can do with this money, Tommy said.

    But the first order of business is to help mum and dad.

    My parents house needs a new roof, so Ill take care of that.

    Chevron Right Icon

    Its hard to even comprehend the things you can do with this money.

    For anyone thinking of trying to replicate the brothers wild success, James offers a word of warning: Dont put in any money that you arent willing to lose, he said.

    The meme tokens are very high-risk and you really dont know what is going to happen with them.

    We know this is not what typically happens, although shiba has changed our lives. When you see it fluctuate so much, it does keep you up at night.

    CNN Business Paul R. La Monica contributed to this article.

    Share post:

    Popular

    More like this
    Related

    Fidelity Investments Private Wealth Management

    Compare Fidelity...

    Barclays Investment Bank New York

    The Relationship...

    How Best To Invest In Cryptocurrency

    What Cryptocurrencies...

    Metlife Investment Advisors Company Llc

    Global Diversity...