Topic: Bitcoin Losers - page 6. (Read 5330 times)

I doubt you could find a more speculative and volatile market than crypto... down 50% is nothing in this game. Buy on dips, lower your average and hodl for a few years

He said that he lost his life savings...

I doubt he would have bought a new xbox one considering all his savings were around 1000 or 1200 $.

In some parts of the world 1000$ is like 4-5 monthly wages if not more while for western European or american with a good job is almost play money.

You got swept up in the "mania" and put your entire life savings into 1 BTC; that's the problem. [The fact that you have a "family to feed" and your entire life savings is at $1,000 is another issue for some other time.] Clearly you did this out of a pure profit motive (i.e. easy money) and got burned. It should have occurred to you that mixing a "mania" with "all my savings" wasn't a good idea. Just let this be a lesson about how to divest your money in the future.

I'll be honest though, I've made some stupid mistakes with Bitcoin in the past. But I've learned from them and that's why I'm still here.

Saying is easier than doing. If every one is like Warren Buffett, every one is millionaire even billionaire.

You lost enough to buy an Xbox One and a few games.  Hardly life changing.  And if you had picked a safer investment, say the S&P 500, you'd have a 3-4% return by now.  Another $50-60 bucks.  Hardly life changing either.  Total amount isn't enough to hold you over long if you lose your job or have a medical emergency in either case.

First you need to decide how risk-adverse you are.  Bitcoin is the most highly volatile investment in the universe.  If you can't handle the swings you should invest in something safer with lower potential returns.

Second you need to decide how much you think bitcoin is fundamentally worth.  Not by looking at the charts, but by analyzing the value.  Saying "well it went up 10,000% in a year!" is a speculative attitude.  Saying (for example) "well if it takes 5% of the market of gold, which I think it can, it's worth X" and "if it takes 10% of paypal's business it's worth Y" is trying to put a price on the value.

Third you need to define your time horizon.  Do you plan to cash out in a year to put a down payment on a house? Then you don't want to invest in something so volatile.  Are you thinking well maybe it will pay for the kid's college in 10 years, but I'm still not going to hold my breath and save? Then maybe you want to buy some bitcoin.

After determining all that, it's a simple matter to determine if you think the current price is cheap, you're willing to take the risk, and you should buy more and are willing wait it out.

You just speculate it and hope to earn quick money. When the price is down, you fear you are losing money. I suggest when the price is up to the level you bought at the price, you sell all of your bitcoin and keep fiat. It is risky investment for short term.

You haven't lost anything unless you sell.

Just hold that 1 BTC and be patient.

It wont be much longer before the folks that bought at the top of the last bubble are making a decent gain.  Probably within a few months, 6 months max.

The only thing you can do is hold on to the coins and hopefully you'll become a bitcoin winner.

Dont worry,
Keep your coins and have patience. You didnt lost so much for now. You can learn from your mistakes, but if you ell your coins now you will end up loosing double.
Hope you will be happy at the end of 2014 ( BTC at 2000$) ..only my opinion..
BR

If you bought another one when it was at $350, you would be a winner!  Buy another now and it only has to go to $800.  As other people mentioned, just buying once is more risky than buying once a month.  

Did you forget to log out of your "Minecache" account before posting this?

Exactly.  Life savings? Holy shit, man! Unless you're a teenager living at home, no one should invest their freaking life savings in anything!  Well, the eggs are all in one basket now, you really don't have any other option but to hold.  I would suggest selling as soon as you break-even, if you're lucky.

I feel sucky about bitcoin too. Heard for it first time in 2012. Told myself ill buy some, forgot about it, got back in 2013....december...fuck me and my memory. Tho i didint buy anything in december...i waited and got in on 400 and earning ever since.

I'm not American.

That's your prerogative.

I bought at 1100................

and 900..

600/500 .  Dropped a lot in the 600 range.. actually got my 4 S1 miners around than, soo.. I feel like a mini loser LOL.

Although I also feel quite proud to have the balls to HODL and be apart of what I see as a force of freedom from the banking cartel.

If you were wealthy enough to EVER own a business (be a slave-owner) you were doing far better than most Americans. Your story doesn't add up. I suspect you are a liar.

Well honestly I have also lost in bitcoin exchange but It gonna be at the moon soon.

Yes, life savings. Business went bankrupt during recession. Not everyone is born with a silverspoon stuck up their backside.

Again, nowhere have I said that I wanted quick money for anything nor pleaded that I have a family to feed as those expenses are covered with my day job. I repeat I invested for my families FUTURE not be some sort of spiv and I'm interested in hearing from people in a similar situation to myself. Not people like you who are trying to put words in my mouth.