Topic: I am a loser. My only question now is, how do I tell my wife - page 7. (Read 2081 times)
You made a very big mistake in the first place that was very risky of you to mortgage your house without the consent of your wife and now you can not even recover from it am so sorry but you just have to admit it that you lost
I mortgaged my house to buy $300,000 of ETH at 800. I dod not tell her. This house was paid off in full. Now I cant make the mortgage payments with my job. I cant even sell the ETH easily because I live in NH. Should i keep holding? Tired of making excuses about wherr all the money is going. I guess I'm what you call a loser. Thanks everyone.
Yes, You are. Sorry, cant deny it.
But You are not the biggest loser. You have balls to admit, where this cryptoshit has brought You. There are many much bigger losers, who hide their heads in sand and whisper: "HODL".
Sorry, I wish, I could tell You that You will get some of Your money back, but I dont believe its going to happen.
Lol. Are you pretending to be some kind of sage or something? There is a reason why so many people say that HODLING is a really tough strategy to master and it is possible to earn humongous profits in certain cases.
People who HODLED Bitcoin, Litecoin, Ethereum, Ripple etc ever since their inception upto 2017 must have become instant millionaires due to their remarkable patience levels which goes to show how effective this strategy is.
Coming to the op, I personally think that you took a big risk, but that definitely does not make you a loser. Man up and admit your mistake to your wife and follow through with whatever punishment gets awarded to you. Don't invest what you are not willing to lose people.
HODLing is a boiled frog strategy, nothing else. You cant have a strategy in scam scheme. You may only have some luck with timing, unless You are not scheme master.
You have been HODLing at least 50% off of Your money, Im OKAY with if You decide to proceed. I (unlinke bitcoin enthusiast who know for sure, "raise will come") can not even quarantee You, that price will not raise anymore. It may, if they find new supply of morons, who insert their real savings into this scheme.
So I dont know, if HODLing now, can bring some of Your losses back. But what I do know is: in long term BTC will stop existing. And I speak relatively here. BTC wont see year 2020 at any price level, like current. It will be 90% down from today.
Mark my words. I have said it already in this forum, if You read my posts. You are warned.
I mortgaged my house to buy $300,000 of ETH at 800. I dod not tell her. This house was paid off in full. Now I cant make the mortgage payments with my job. I cant even sell the ETH easily because I live in NH. Should i keep holding? Tired of making excuses about wherr all the money is going. I guess I'm what you call a loser. Thanks everyone.
Yes, You are. Sorry, cant deny it.
But You are not the biggest loser. You have balls to admit, where this cryptoshit has brought You. There are many much bigger losers, who hide their heads in sand and whisper: "HODL".
Sorry, I wish, I could tell You that You will get some of Your money back, but I dont believe its going to happen.
Lol. Are you pretending to be some kind of sage or something? There is a reason why so many people say that HODLING is a really tough strategy to master and it is possible to earn humongous profits in certain cases.
People who HODLED Bitcoin, Litecoin, Ethereum, Ripple etc ever since their inception upto 2017 must have become instant millionaires due to their remarkable patience levels which goes to show how effective this strategy is.
Coming to the op, I personally think that you took a big risk, but that definitely does not make you a loser. Man up and admit your mistake to your wife and follow through with whatever punishment gets awarded to you. Don't invest what you are not willing to lose people.
ETH is down by -20% today, by the end of the week it will below your 50.
Take your losses, and get out with some skin, stay to the end and get nothing.
It's going down, ETH was always a over-hyped SHIT-COIN.
I don't have any skin in the game because I use crypto for what it was intended - a currency - not an investment. For that end its served me quite well. Thus my holdings are nonexistent.
I read some of your other posts, looked at your trust history, and I just have to wonder, who gave you a merit??
I have just one advice for you and that advice is in a single word. I know you may not like it but I feel it should be your best bet looking at the current state of the market. HODL!
When you are losing, you might choose to cut your lose because you can buy more cheaper from it also. Trading might help you but you have to understand the movement of the market. You can explain that on your wife by telling how volatile the market. You buy at higher price expecting that it going much higher and make you rich but it differently happen. Holding is what you do and buy at this dip and make it profit.
Take the loss and start paying. Divide the instalments.
right now your only option is to cut your losses and possibly even dump ETH that you have been hag holding all this time down to below $100 and next time try to educate yourself and use this bad experience to not repeat it again.
Having 12% of your original investment is pretty close to nothing. I am going to take the bold stance of disagreeing with you here -- ETH might go down to $50 but the fact is there is a huge ecosystem of projects built upon it, some of which have a lot of future potential, and it will never die out completely.
In all likelihood he probably won't be in a position to make this bad of a decision again for quite some time, but even if he was, I'm sure the lesson he learned is engrained pretty deep.
ETH is down by -20% today, by the end of the week it will below your 50.
Take your losses, and get out with some skin, stay to the end and get nothing.
It's going down, ETH was always a over-hyped SHIT-COIN.
I mortgaged my house to buy $300,000 of ETH at 800. I dod not tell her. This house was paid off in full. Now I cant make the mortgage payments with my job. I cant even sell the ETH easily because I live in NH. Should i keep holding? Tired of making excuses about wherr all the money is going. I guess I'm what you call a loser. Thanks everyone.
The best thing to do is tell your wife the truth
lesson learned you have to make wise investment if you can't sell eth you have to hodl it unti you have the chance to sell it.This would be the worst possible answer. If You take it as a lesson of investment, You havent learned anything. You are scammed, thats what it is.
I am not the kind of person that kicks a guy when he is down, so I will spare you that. The only option now, would be to cut your losses and to sell some of those coins to pay your mortgage payments for as long as possible, because you do not want to lose your house.
This buys you some time to put your house up for sale, so that you can sell the house on your terms and not on the Banks terms.
Then, after you sold the house, just rent a smaller place or buy a smaller house. 
Hope you get out of the hospital, after your wife was done with you, to do all this.
This buys you some time to put your house up for sale, so that you can sell the house on your terms and not on the Banks terms.
Then, after you sold the house, just rent a smaller place or buy a smaller house.
Hope you get out of the hospital, after your wife was done with you, to do all this.
i am not saying ETH is going to die anytime soon so i don't know what you are disagreeing with. all i am saying is that bag holding it while it continues dropping is not a good idea specially since you don't know how long is the dump going to last. it was above $100 and if it goes to $50 it means you lose another half of what you had.
if you truly believe in ETH (which i do not) then buy it back when the dump ended not bag hold all through the dump.
if you truly believe in ETH (which i do not) then buy it back when the dump ended not bag hold all through the dump.
My main disagreement is I don't think he should sell right now. I think the turnaround time will be pretty quick before it starts to go back up (within 1 month) but that's just my personal guess. Wouldn't make sense to get out and then get in again.
I mortgaged my house to buy $300,000 of ETH at 800. I dod not tell her. This house was paid off in full. Now I cant make the mortgage payments with my job. I cant even sell the ETH easily because I live in NH. Should i keep holding? Tired of making excuses about wherr all the money is going. I guess I'm what you call a loser. Thanks everyone.
If your story is real and your wife will know about this she will definitely kill you seriously. 
Damn it, dude, you made a huge gamble in this very wild and really volatile industry. I know we all make mistakes in our lives and we make terrible ones just like what you do and I think the best thing to do is tell her the truth about what you have done with the money you got from your mortgage and don't expect that your wife will be not mad at you. And to the Ethereum that you bought better to hodl it rather than selling it now and wait for the bearish market to cease and recover that's the only best thing I can think of about your situation right now because your $300,000 dollars worth of Ethereum bought on $800 dollars each is a serious money and if you sell it now you'll only get an amount of approximately $30,000 and it is not a good idea to do that. I know you're in a terrible situation and you might lose your house but its the consequences of your decisions that you made I just hope that you will survive it. 
right now your only option is to cut your losses and possibly even dump ETH that you have been hag holding all this time down to below $100 and next time try to educate yourself and use this bad experience to not repeat it again.
Having 12% of your original investment is pretty close to nothing. I am going to take the bold stance of disagreeing with you here -- ETH might go down to $50 but the fact is there is a huge ecosystem of projects built upon it, some of which have a lot of future potential, and it will never die out completely.
In all likelihood he probably won't be in a position to make this bad of a decision again for quite some time, but even if he was, I'm sure the lesson he learned is engrained pretty deep.
i am not saying ETH is going to die anytime soon so i don't know what you are disagreeing with. all i am saying is that bag holding it while it continues dropping is not a good idea specially since you don't know how long is the dump going to last. it was above $100 and if it goes to $50 it means you lose another half of what you had.
if you truly believe in ETH (which i do not) then buy it back when the dump ended not bag hold all through the dump.
I mortgaged my house to buy $300,000 of ETH at 800. I dod not tell her. This house was paid off in full. Now I cant make the mortgage payments with my job. I cant even sell the ETH easily because I live in NH. Should i keep holding? Tired of making excuses about wherr all the money is going. I guess I'm what you call a loser. Thanks everyone.
Try to ask the lender to extend the terms of payment as they will understand the situation. They will not easily to take your house without court order in which a very long process during trials and hearing. Tell your wife the truth and she will understand for sure or she will got mad at first but its normal. I just wonder how you will able to loan your house as collateral as a couple, both concent and your signatures are needed as the house is a conjugal property.
right now your only option is to cut your losses and possibly even dump ETH that you have been hag holding all this time down to below $100 and next time try to educate yourself and use this bad experience to not repeat it again.
Having 12% of your original investment is pretty close to nothing. I am going to take the bold stance of disagreeing with you here -- ETH might go down to $50 but the fact is there is a huge ecosystem of projects built upon it, some of which have a lot of future potential, and it will never die out completely.
In all likelihood he probably won't be in a position to make this bad of a decision again for quite some time, but even if he was, I'm sure the lesson he learned is engrained pretty deep.
I agree the story is total bullsheet.
If your house is worth more than $300k and already fully paid, it means you have not found your money on the street. Nobody dumps $300k on something they know nothing about.
If the OP was into secured investment, at least he could have gone into Bitcoin as there is limited supply. ETH does not have a limited supply and there is an annual cap on the increase of the limit. ETH is used to pay for the contracts to run on the Ethereum network (gas), and the orignial developer already said that $300/ETH wsa too high: the token was not design for this purpose, it was designed to remain affordable so people can create smart contracts.
So OP is not that gullible just too bored.
The correct reply was already given: you've almost lost already 900% no point in selling now.
If your house is worth more than $300k and already fully paid, it means you have not found your money on the street. Nobody dumps $300k on something they know nothing about.
If the OP was into secured investment, at least he could have gone into Bitcoin as there is limited supply. ETH does not have a limited supply and there is an annual cap on the increase of the limit. ETH is used to pay for the contracts to run on the Ethereum network (gas), and the orignial developer already said that $300/ETH wsa too high: the token was not design for this purpose, it was designed to remain affordable so people can create smart contracts.
So OP is not that gullible just too bored.
The correct reply was already given: you've almost lost already 900% no point in selling now.
Tell her what actually happened. It's not just a question of you being a loser. It's her right. The house belongs to her as well.
From that point, there will probably be a big fight. Maybe your marriage is over. But you're still in it together. And it's important to start thinking what to do next. Do not pay attention to those who just talk that you should HODL, many of them only have a few bucks.
Your life is in this bet, your future. Look for the contracts you signed, the loans. Check the conditions, the interest that are in it. Maybe you can find a loophole to extend the loans, improve interest terms.
Try also to change your lifestyle, find where you can save money. And just continue with ETH if you really believe in a valuation and you would put more money if you have right now.
From that point, there will probably be a big fight. Maybe your marriage is over. But you're still in it together. And it's important to start thinking what to do next. Do not pay attention to those who just talk that you should HODL, many of them only have a few bucks.
Your life is in this bet, your future. Look for the contracts you signed, the loans. Check the conditions, the interest that are in it. Maybe you can find a loophole to extend the loans, improve interest terms.
Try also to change your lifestyle, find where you can save money. And just continue with ETH if you really believe in a valuation and you would put more money if you have right now.
you are not a loser because price of what you bought went down.
you are a loser because of two things:
1. you invested more than you can afford to lose, and worst of all you invested money that didn't even belong to you. you basically borrowed money to invest.
2. you invested without doing research and worst of all you entered a market that you had no experience in. for example would you jump in the ocean if you don't even know how to swim? then why would you invest in an altcoin when you don't know what pump and dumps are?
right now your only option is to cut your losses and possibly even dump ETH that you have been hag holding all this time down to below $100 and next time try to educate yourself and use this bad experience to not repeat it again.
you are a loser because of two things:
1. you invested more than you can afford to lose, and worst of all you invested money that didn't even belong to you. you basically borrowed money to invest.
2. you invested without doing research and worst of all you entered a market that you had no experience in. for example would you jump in the ocean if you don't even know how to swim? then why would you invest in an altcoin when you don't know what pump and dumps are?
right now your only option is to cut your losses and possibly even dump ETH that you have been hag holding all this time down to below $100 and next time try to educate yourself and use this bad experience to not repeat it again.
I mortgaged my house to buy $300,000 of ETH at 800. I dod not tell her. This house was paid off in full. Now I cant make the mortgage payments with my job. I cant even sell the ETH easily because I live in NH. Should i keep holding? Tired of making excuses about wherr all the money is going. I guess I'm what you call a loser. Thanks everyone.
That's too much and it will cause so much anxiety because Eth coin still dropping and we still don't know how low will it goes down, no one doesn't want you to be in your shoes, and I don't want to give you will false hope that you can recover your investment it's time to talk to your wife about this but this is just a recommendation.
I mortgaged my house to buy $300,000 of ETH at 800. I dod not tell her.
Expect to be savagely battered with the frying pan.
No point in selling now. Write it off, forget about that ETH. Fix your life and if the crypto gods like what they see, they will reward you someday.
I mortgaged my house to buy $300,000 of ETH at 800. I dod not tell her. This house was paid off in full. Now I cant make the mortgage payments with my job. I cant even sell the ETH easily because I live in NH. Should i keep holding? Tired of making excuses about wherr all the money is going. I guess I'm what you call a loser. Thanks everyone.
however, you have already made the decision to mortgage the house to buy ETH. I want to invite you to solve the problem in a way, you must immediately work hard and sell half the ETH that you have with the aim of paying instalments for the next few months. and half of it you can hold and hope that ETH can rise in the future.Stupid advice, he bought $300,000 worth of ETH when it was at $800. Now ETH is $80 so if he sold it all he would only get $30,000, if he sold half he would get $15,000.
OP, best thing you can do is tell your wife. Also at this point there is probably not much point in selling as we can't go much lower, at least relative from your $800 to $80 loss you already suffered.
I would get a second job or work extra hours or something to make your house payments. Maybe talk with the bank for an Interest only loan for maybe a year or so to see how the market pans out.
I am sure given enough time ETH will rebound much like BTC did back from its 2013 high then crash in 2014-2015. Took a few years though, so you will need to make plans to ride it out possibly until 2020.
Jump to: