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I am a 23 Year Old and I started a Bitcoin business in 2014 and failed. Rebuild still in progress

cshann

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Apr 27, 2017
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I actually had never heard of the millionaire fastlane until today and I am loving this forum. My boss sent me a link from a thread this forum and I have been reading all the great tips on here since.

I have always wanted to be a business owner and build for something for myself rather than be stuck in a cubicle wearing out the ctrl + v on my keyboard. I graduated top of my high school class, was an all state 3 sport athlete, partied all the time, and just generally thought I was something special. Big secret is, I went to a tiny private school and that bubble was popped when I went to a large university. I spent my first year just partying and acting like I was a big deal, all the while pretending that my course load would be the same as it was in high school and I could just get by without putting in any effort. This lead to a crappy GPA and I lost my scholarship. Back at home, my Dad, who was supporting me, declared bankruptcy after a company he started was shut down due to some very unfortunate errors he made while structuring.

To cope with the stress, I got into drugs big time. If it was a pill or I could smoke it, I was going to try it. I developed an addiction to adderall (never had ADHD) and developed some pretty severe anxiety and depression issues. Ended up quitting after a year of heavy, heavy use. Still have lingering psychological effects from that time of my life that I am working out of currently (social anxiety because that stuff makes you extremely paranoid). I got clean at the beginning of 2014, while continuing to fight severe anxiety and depression.

While that year and a half long binge came to a close, my roommate and I started a bitcoin mining company. One of his classes had an assignment to build a business plan. He showed it to me and we thought we could actually make the thing work. We ended up agreeing to a deal with a publicly traded company. They would take us on as a subsidiary and get a portion of our IP, while funding us 200k to buy the equipment, hire a technician, collocate the servers, etc. We signed a legit asset purchase agreement and everything, had it registered with the SEC, yet the money never came. About 25 broken promises later we cut our losses with them, went belly up on our apartment/office that we figured we could hold over until the money came in, each went into substantial personal debt, and then had to start class in the fall. We could have pursued legal action, but couldn't afford it. This was tough on me especially while I am having to figure out how my school will be funded when I can't get a loan and my family can't help me out due to their financial issues.

Fast forward 3 years and I am graduating school in a few weeks (a year late due to some time off and degree program changes), I just got promoted from warehouse monkey to basically a business development role at another startup (ecommerce business), and things are getting much better.

I love this forum so far and hopefully I can use this tool to continue to personally develop while also offering some insight to people who may come across some similar life situations as I have in the past 5 years.

Anyways thanks for having me and I look forward to cracking open the millionaire fastlane very soon.
 
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Roli

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Jun 3, 2015
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I actually had never heard of the millionaire fastlane until today and I am loving this forum. My boss sent me a link from a thread this forum and I have been reading all the great tips on here since.

I have always wanted to be a business owner and build for something for myself rather than be stuck in a cubicle wearing out the ctrl + v on my keyboard. I graduated top of my high school class, was an all state 3 sport athlete, partied all the time, and just generally thought I was something special. Big secret is, I went to a tiny private school and that bubble was popped when I went to a large university. I spent my first year just partying and acting like I was a big deal, all the while pretending that my course load would be the same as it was in high school and I could just get by without putting in any effort. This lead to a crappy GPA and I lost my scholarship. Back at home, my Dad, who was supporting me, declared bankruptcy after a company he started was shut down due to some very unfortunate errors he made while structuring.

To cope with the stress, I got into drugs big time. If it was a pill or I could smoke it, I was going to try it. I developed an addiction to adderall (never had ADHD) and developed some pretty severe anxiety and depression issues. Ended up quitting after a year of heavy, heavy use. Still have lingering psychological effects from that time of my life that I am working out of currently (social anxiety because that stuff makes you extremely paranoid). I got clean at the beginning of 2014, while continuing to fight severe anxiety and depression.

While that year and a half long binge came to a close, my roommate and I started a bitcoin mining company. One of his classes had an assignment to build a business plan. He showed it to me and we thought we could actually make the thing work. We ended up agreeing to a deal with a publicly traded company. They would take us on as a subsidiary and get a portion of our IP, while funding us 200k to buy the equipment, hire a technician, collocate the servers, etc. We signed a legit asset purchase agreement and everything, had it registered with the SEC, yet the money never came. About 25 broken promises later we cut our losses with them, went belly up on our apartment/office that we figured we could hold over until the money came in, each went into substantial personal debt, and then had to start class in the fall. We could have pursued legal action, but couldn't afford it. This was tough on me especially while I am having to figure out how my school will be funded when I can't get a loan and my family can't help me out due to their financial issues.

Fast forward 3 years and I am graduating school in a few weeks (a year late due to some time off and degree program changes), I just got promoted from warehouse monkey to basically a business development role at another startup (ecommerce business), and things are getting much better.

I love this forum so far and hopefully I can use this tool to continue to personally develop while also offering some insight to people who may come across some similar life situations as I have in the past 5 years.

Anyways thanks for having me and I look forward to cracking open the millionaire fastlane very soon.

Awesome story dude! Take these things as a positive, plenty people your age come on here and they haven't had any failures behind them, because they haven't tried to do anything yet, they have zero experience.

You do, meaning you have an opportunity to learn, you have recognised your failings, meaning you have the chance to make them your strengths, you sound determined to work hard and smart, which should stand you in good stead. Read The Millionaire Fastlane like you say you want to, and I would also reccommend Mindset by Dr. Carol Dweck, it will basically break down that early part of your life that you mentioned and explain why you partied hard.

You will have so many aha! moments that your face will be in a permanent state of surprise while reading :eek: in fact, if you haven't already, read it first. It's an easy read and you'll whizz through it.

Good luck bro, I look forward to hearing more about your journey
 

KSR

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Feb 28, 2017
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Australia
Great story! Shame to hear about the Bitcoin failed start-up -- let's hope soon enough you'll be able to fund your own start-up soon.

Do you know what you'd like to dabble in? Me personally, I'm always dabbling in new things and coming up with new ideas (it's a problem due to not sticking with one thing). Like right now I've got a wicked domain which I was going to make a cheaper Gaming accessories e-Commerce store; created the website, logo, social sites and all -- but now I'm going to change that into a News website (the name is catchy!).

Keep going man, glad your life has picked up! See you on Forbes.
 
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