Topic: I Lost Everything From Mt.Gox's Bankruptcy - page 2. (Read 2523 times)
Mt Gox were one of the worst things to happen to cryptos. Nevertheless now that they are gone it adds legitimacy to this new exciting technology that allows lesser tech savy people an entry into crypto-currencies. Lets move forward, add accountability to Bitcoin and other coins and forget that Mt Gox ever existed.
Well this just goes to show DONT put all your savings in 1 asset in 1 place.
Mistake number 1 in regards to Mt.Gox. 
Well this just goes to show DONT put all your savings in 1 asset in 1 place.
some of you make me sick. it's easy to look back and call people out as reckless for entrusting mtgox with their money (i saw the warning signs, and was repeatedly called out for spreading FUD on the topic), and if this is true, then OP is surely beating himself up over ignoring those red flags. He doesn't need any of you to remind him.
But to blame the victim here is just sickening. Losing money on an investment is nobody's fault but the investor. However, having your money stolen is a crime. I worry about the future feasibility of a currency if the community answer to such high profile thefts is simply, "well, you should have known better. it's your own fault." just... wow.
But to blame the victim here is just sickening. Losing money on an investment is nobody's fault but the investor. However, having your money stolen is a crime. I worry about the future feasibility of a currency if the community answer to such high profile thefts is simply, "well, you should have known better. it's your own fault." just... wow.
I entered the bitcoin world in 24 december 2013, almost sent my coins to gox when they are $200+ above market, but didn't when I learned that wire tranfer's tax are high and people are complaining about withdraws taking months or not happening at all. Your history almost was my story, except the house, children and the 20 year job.
Let me start by saying I'm sorry that this happened to you.
Let me finish by saying, it is your own fault.
This. I'm sorry for you, but you did bring it upon yourself. Let me finish by saying, it is your own fault.
Let me start by saying I'm sorry that this happened to you.
Let me finish by saying, it is your own fault.
Let me finish by saying, it is your own fault.
wow.. I don't know what I'd do if I was this guy..sorry for your loss, really man..wow.
Let this remind us all that bitcoin...:
...was not conceived as an investment vehicle. It is a currency. "Investing" real money in something like bitcoin is insane. Invest no more than you can loose completely.
...unlike dollars, allows you ownership of your coins. If you don't have exclusive control of your private keys, then you do not own any bitcoins. When using exchanges, exchange and get out immediately.
...is volatile. Far to volatile to not hedge. If you suddenly find bitcoin is 80% of your wealth then you should sell some for gold, real estate, financial instruments, etc. Diversify!
Sorry man. It sucks that you lost so much.
...was not conceived as an investment vehicle. It is a currency. "Investing" real money in something like bitcoin is insane. Invest no more than you can loose completely.
...unlike dollars, allows you ownership of your coins. If you don't have exclusive control of your private keys, then you do not own any bitcoins. When using exchanges, exchange and get out immediately.
...is volatile. Far to volatile to not hedge. If you suddenly find bitcoin is 80% of your wealth then you should sell some for gold, real estate, financial instruments, etc. Diversify!
Sorry man. It sucks that you lost so much.
My feelings go out to you. I'm very sorry to your loss. I hope you and your family will be able to recover from this financial blow.
To everybody else:
Please, please do not invest your life's savings in some highly speculative investment opportunity - no matter how great you think that investment opportunity is. Only invest money you can afford to lose.
And please... Do not entrust a company that is industry-renowned for its incompetence with your life's savings.
To everybody else:
Please, please do not invest your life's savings in some highly speculative investment opportunity - no matter how great you think that investment opportunity is. Only invest money you can afford to lose.
And please... Do not entrust a company that is industry-renowned for its incompetence with your life's savings.
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I Quantum Leap to different worlds when I sleep...
I feel for you but ULTIMATELY GREED GOXED YOU AND EVERYBODY ELSE! You do realize the whole Point of BITCOIN is to replace the dollar not sell it for one!By Selling Bitcoin for DOLLARS you are KEEPING IT DOWN! and you all deserved what you GOXED for trying to do it! I lol at you fools because if you REALLY BELIEVED in BITCOIN! YOU WOULD NEVER SELL IT FOR A DOLLAR and you GREEDY FOOLS would never be in this mess to begin with !but like they say a FOOL and his MONEY are always soon PARTED 
When I first heard of btc I thought of using gox, but then I read about the verification process, withdrawal problems (they had those more than a year ago). You didn't just make one mistake, you were continuously testing your luck.
1. Used exchange that had issues.
2. Invested all your savings
3. Kept all money on 1 exchange
4. Tried trading with all of it at once
Just admit you were greedy, thought you'll just throw the money in and take out 10 times more, no sweat.
1. Used exchange that had issues.
2. Invested all your savings
3. Kept all money on 1 exchange
4. Tried trading with all of it at once
Just admit you were greedy, thought you'll just throw the money in and take out 10 times more, no sweat.
there is not any age of learning and taking lessons. I no agree you lost materials. You are still honest. This is much valuable then matter. There is still big chances and honest exchanges around as well. It's hard but keep your faith and attack by laws to mtgox or whoever resposible to get some of your funds back at least. I promise you will feel better when started doing smtg little on this.
Welcome to the School of Hard Knocks. 
To begin this, I'm a 59 year old dad of 4 wonderful children(3 boys 1 daughter).
In December of 2013, I exchanged most of my 401k(My retirement fund) as well as most of my savings, into Bitcoin. That was over $400,000 or around 600 Bitcoin at the time. I believed Bitcoin was the future of all currencies and was set to replace the U.S Dollar following it's inevitable crash.
In December of 2013, I exchanged most of my 401k(My retirement fund) as well as most of my savings, into Bitcoin. That was over $400,000 or around 600 Bitcoin at the time. I believed Bitcoin was the future of all currencies and was set to replace the U.S Dollar following it's inevitable crash.
No, you didn't. I get it you're trying to use the 1st person narrative to get your point across - most likely in the hopes the media picks this up. But it's not going to happen.
See, Mt. Gox wasn't an exchange. It hasn't been for half a year. You couldn't exchange one thing for the other, and actually get hold of the other thing. It was merely a timing-based speculation tool. And it has been for many many months.
By "suspending" the ability to withdraw USD, and not doing an arbitrage against other exchanges, they created a floating rate that was a pure flight of fantasy, held up by the people who speculated on the other side.
So having money in there meant that you were doing extremely high-risk speculation, tantamount to stock options. Everybody on that exchange knew they ran the risk that Mt. Gox could have opened up USD withdrawal again at any moment, which would have caused an instant arbitrage across the Mt. Gox exchange, and a guaranteed 30% collapse.
Yet, people still did it - and fair enough some made money that way, as you could do with stock options. However, nobody at the age of 59 would have put all their life savings into a position that was that risky in the first place. Didn't happen.
If this is really true (I am having a hard time believing), then I am really sorry. You need to seek legal counsel and try and get into one of the class action suits. You need to be on the list of people owed money.
I'm very sorry for your loss. Putting all your trust in MTGox. That's just not thinking, or being lazy.
Sorry to here that, but I honestly can't understand how someone can invest everything they have into something experimental like Bitcoin.
Have you heard "Never Invest what you can't afford to loose" before? There is a reason why many Bitcoiners said that.
So trading is a zero sum game. You are aware that for everyone who wins at trading, there is someone who looses. You used your entire savings for trading, where you can loose all.
Besides that. Do you have experience in trading. Do you know what you are doing or did you just trade, cause it's so "simple"? In that case you basically gambled with your savings.
Next there was this wonderful ne currency given to you. One where you don't have to trust anyone else and the first thing you do is just trust it all to some company. (That's something I really can't understand. Why, why store you coins on an exchange, goes for everyone who didn't gamble, er trade there)
Sorry, if you story is true at all, it seems to me like you went all in without having any clue what you where doing. If not for Gox you would probably lost you money somewhere else anyway, maybe the next casino.
Have you heard "Never Invest what you can't afford to loose" before? There is a reason why many Bitcoiners said that.
I kept most of my Bitcoins in Mt.Gox, hoping to sell them off at a high price and then buy them again at a low price, buy low, sell high.
So trading is a zero sum game. You are aware that for everyone who wins at trading, there is someone who looses. You used your entire savings for trading, where you can loose all.
Besides that. Do you have experience in trading. Do you know what you are doing or did you just trade, cause it's so "simple"? In that case you basically gambled with your savings.
Next there was this wonderful ne currency given to you. One where you don't have to trust anyone else and the first thing you do is just trust it all to some company. (That's something I really can't understand. Why, why store you coins on an exchange, goes for everyone who didn't gamble, er trade there)
Sorry, if you story is true at all, it seems to me like you went all in without having any clue what you where doing. If not for Gox you would probably lost you money somewhere else anyway, maybe the next casino.
Hey I have no house, kids, computer and now no money. Have been sofa surfing for the past month now. Signed on the dole last week. I thought I was just about to get my hands on a life changing amount of money (for a broke 23yr old). Then just like that, after 3 months of tension, mtgox disappeared. I only used them because I had a verified account, cancelled my fiat withdrawals in Jan (£10k and 4k) and then bought Bitcoin. Never to see them again. My money was lost the moment I deposited my coins to them. I'm not asking for handouts but there are many many others with similar stories. For me, it's just going to be a lot harder and take much longer to get where I want now, what I had planned for months. Regrettably I have submitted a refund request from black arrow today so if they do decide to refund me I should be able to get by for a bit. But like I say, I'm 23 with no real commitments. Your story does really suck and unfortunately all you (and other gox victims) can do is beg at this time. As demoralizing as it is.
Hi! Same happened to me!
I've bet all my bitcoins in a cassinocoin and lost almost everything!
Bitcoin address: skuajbdkshahadndbdjshsbsdjdjsndj
Tks for understaning my situation...
I've bet all my bitcoins in a cassinocoin and lost almost everything!
Bitcoin address: skuajbdkshahadndbdjshsbsdjdjsndj
Tks for understaning my situation...
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