How I lost almost 300,000 USD in seconds

ranggawulung

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Quote from: Compr on November 16, 2017, 09:13:48 AM

Bought 329 Segwit2x Futures on Bitfinex.
Sometime around the 6th.
Took a gamble yes I know, but after looking into it I believed Segwit2x would be the chain we all use as the real Bitcoin
News comes out that the fork is being called off, by the time i hear it about an hour later I check the futures price and it's trading at a whopping 90$ each
Moral of story :
Don't ever put almost half your portfolio in something risky like a forks futures

Ooh, I sincerely sympathize with you. But why did you contact these futures. I think there is absolutely no one to blame for your loss. You need to have your sober head on your shoulders, so that no such trouble occurs. Undecided

dhka

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What? Half of your portfolio? I mean, no matter how confidence you are but speculating with half of your portfolio is just too massive

Personally I wont put more than 10% for a speculation
I hope it was money you got from crypto as well, not from depositing your cash

sonny123

newbie

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that was a sad experience, but dont give up you can still get it back nxtime, that's how it goes either you earn fast or lose fast.But nevertheless don't quit😊.

Hordrick

member

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There is always a risk on the markets, for that it is the market. Therefore, it is worth to carry eggs in three baskets, and not in one.

Yakamoto

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Quote from: Compr on November 16, 2017, 09:13:48 AM

Bought 329 Segwit2x Futures on Bitfinex.
Sometime around the 6th.
Took a gamble yes I know, but after looking into it I believed Segwit2x would be the chain we all use as the real Bitcoin
News comes out that the fork is being called off, by the time i hear it about an hour later I check the futures price and it's trading at a whopping 90$ each
Moral of story :
Don't ever put almost half your portfolio in something risky like a forks futures

Well, this is definitely one of the most expensive lesson stories I have heard on this forum, and I have heard of some very large (and verifiable) stories of people losing a lot of money for one reason or another.

I can see some of the reasoning for your options and why they seemed like a good idea, I find it surprising that there was such a plummet in value over such a short period though. It's a shame that such a large portion of your portfolio was vaporized over the course of that small period of time.

I'll just comment on what I'd do personally in this situation; I would rather maintain constant watch on any news about the fork, but even that is subjective and there is a high chance that I would fuck it up and potentially lose more.

kueyen

member

Activity: 140

Merit: 10

Just goes on to show you that you shouldn't gamble and put all your eggs in one basket. Cryptocurrencies are not different than other means of investing, guys. Make sure to be careful out there.

HabBear

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Activity: 1106

Merit: 638

Quote from: Compr on November 16, 2017, 09:18:27 AM

Yeah, I learned a lesson.
Hard one.
Sold my futures at $160 each the next morning and took the L

What did you buy them at? How much of a loss was this? How many contracts did you buy? How much do you have left to work with? Are you wiped out?

Tough loss for you, literally, but your sharing of the story will help someone be a tad more cautious. Thanks for sharing.

irsykes

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Activity: 1479

Merit: 273

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Quote from: Compr on November 16, 2017, 09:13:48 AM

Bought 329 Segwit2x Futures on Bitfinex.
Sometime around the 6th.
Took a gamble yes I know, but after looking into it I believed Segwit2x would be the chain we all use as the real Bitcoin
News comes out that the fork is being called off, by the time i hear it about an hour later I check the futures price and it's trading at a whopping 90$ each
Moral of story :
Don't ever put almost half your portfolio in something risky like a forks futures

sorry to hear that, but at least you learn some experience. for now rest your body, your mind, and rest from trade for a couple days, maybe weeks to get your mental good again, that is what i always do when loss big amount of money

Oliver2

member

Activity: 132

Merit: 10

Anyway, I do not recommend playing futures, because the risk of futures is too high and the technical requirements are high, if there is a loss, then there may be nothing.

jonval21

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Merit: 111

I love the Cryptocurrency world

that is a really a huge amount of money, sorry for you, is good to know what happened to you, some people learn from your bad experience.
thank you for let us know about your history.

kiver

full member

Activity: 210

Merit: 100

sorry for your lost but i think you learned your listen already no need to say morals here. i would never that huge amount of money in fork despite what ever they said about it unless it gets released then maybe i would think about investing in it

Decimation

member

Activity: 244

Merit: 43

I feel like this is fake, but then again if this really did happen to you, rip. You must have a lot of money to mess around with if you are throwing hundreds of thousands around like that.

markint

member

Activity: 329

Merit: 14

It was certainly a terrible decision. An investment decision must always be backed up with a serious analysis where there is no room for conjecture based on subjective perceptions. And taking into account the high volatility of this market, investing 50% of your portfolio in something so uncertain really was not very bright.

cammie16

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Activity: 462

Merit: 100

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Quote from: Compr on November 16, 2017, 09:13:48 AM

Bought 329 Segwit2x Futures on Bitfinex.
Sometime around the 6th.
Took a gamble yes I know, but after looking into it I believed Segwit2x would be the chain we all use as the real Bitcoin
News comes out that the fork is being called off, by the time i hear it about an hour later I check the futures price and it's trading at a whopping 90$ each
Moral of story :
Don't ever put almost half your portfolio in something risky like a forks futures

Yes, better to invest in more secure and trusted investments. That's the risk in investing in something, we may never know if we can get profit after the investment. There is always a risk. Anyway, lesson learned and than you for sharing it with us.

coachhip

newbie

Activity: 26

Merit: 0

It's too bad that you lost all that money. Next time you are investing in cryptocurrency be sure to spread out your investment over several different types so you won't have so much risk.

coinholic

full member

Activity: 518

Merit: 101

Quote from: Compr on November 16, 2017, 09:13:48 AM

Bought 329 Segwit2x Futures on Bitfinex.
Sometime around the 6th.
Took a gamble yes I know, but after looking into it I believed Segwit2x would be the chain we all use as the real Bitcoin
News comes out that the fork is being called off, by the time i hear it about an hour later I check the futures price and it's trading at a whopping 90$ each
Moral of story :
Don't ever put almost half your portfolio in something risky like a forks futures

That's just a bumber...one big loss, but one big learning for you. A lot would actually work for years before they could earn that amount..but you lost it in seconds. Now that should have told you something, right? Good thing is, your experience should make you smarter on your future dealings. I think that's your gain from your lost.

erickkyut

hero member

Activity: 1176

Merit: 509

Quote from: Compr on November 16, 2017, 09:13:48 AM

Bought 329 Segwit2x Futures on Bitfinex.
Sometime around the 6th.
Took a gamble yes I know, but after looking into it I believed Segwit2x would be the chain we all use as the real Bitcoin
News comes out that the fork is being called off, by the time i hear it about an hour later I check the futures price and it's trading at a whopping 90$ each
Moral of story :
Don't ever put almost half your portfolio in something risky like a forks futures

This is a sad news. We really can never tell what might happen. All we need to do now is move on and accept the fact that sometimes, we need to experience losses in order for us to learn. The good thing is that you only invested half of your portfolio and not the whole. You can still recover from your losses. Let's charge that to experience and keep on going. We never know, the next coin or token you will buy might give you huge profit next time.

Yanisumin

hero member

Activity: 648

Merit: 502

Quote from: Compr on November 16, 2017, 09:13:48 AM

Bought 329 Segwit2x Futures on Bitfinex.
Sometime around the 6th.
Took a gamble yes I know, but after looking into it I believed Segwit2x would be the chain we all use as the real Bitcoin
News comes out that the fork is being called off, by the time i hear it about an hour later I check the futures price and it's trading at a whopping 90$ each
Moral of story :
Don't ever put almost half your portfolio in something risky like a forks futures

I can relate to this.
I've lost a lot of money in the BCC hype where I bought some BCC at .28 per BTC then in seconds it was dumped.
This should be a reminder for all of us that despite the issues (of BTC, unconfirmed trasactions, higher miner fees) there is only one original cryptocurrencies and all are altcoins, and the king can't be dethrone by ordinary means, unless you destroyed it's system it won't die.
On the other hand there ain't no telling what will happen because it's price is purely on the holders. As a small holder I won't even have a chance to survive if they decide to dump their coins especially the billionaires.

Sad.

Quote from: castiel0504 on November 16, 2017, 11:08:59 AM

I see few people already said that... But i am interested in that part as well "What made you think that S2X is going to be next main chain" ? Awaiting OPs responses with huge suspense Cheesy

Sounds like someone is just making a huge bulk of money again (every S2X) Grin

Zarbout

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I don't think gambling is smart. What you did is gambling and 300k $ is big amount to invest in something like this.

saedasda

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Merit: 100

lesson learned dont put all money in one investment and learn how to use money management.

Topic: How I lost almost 300,000 USD in seconds (Read 1485 times)