Topic: I spent all my saving on bitcoin, now i am broke - page 17. (Read 25417 times)
Broke? You are not broke you just kept what you think would rise someday. Actually that is a genius work you done there. You bought 5 bitcoins at 2300 now the price of that buried coins is getting more larger. You posted at May 2016 and in just a month and look how much you profit. Better than bank right?
Well, assuming you actually followed through with this, you are either incredibly confident or incredibly stupid.
I'm not saying it is necessarily a bad investment, but you must be very confident in the future of Bitcoin and its ability to maintain value over long periods of time. $2300 USD is a fairly large investment, and I hope that you pay attention to the market and play it right so you can make some money off of it.
Good luck with your investment.
I'm not saying it is necessarily a bad investment, but you must be very confident in the future of Bitcoin and its ability to maintain value over long periods of time. $2300 USD is a fairly large investment, and I hope that you pay attention to the market and play it right so you can make some money off of it.
Good luck with your investment.
you've made my day Dude!
funny, can't stop smiling while reading this post. I don't actually believe such people who will hide investments such as this exist. 
I don't know if any one mentioned this, but usb sticks use flash chips. and those can degrade over time if they are cheap, specifically if they don't get powered on regularly, the electric charge held in the chip (the bits) degrades.
it was mentioned in one of the first pages and argued a lot.
the important thing about cold storage is to make sure you have multiple backups from it so in case one was lost/damaged/... you have the option to recover the funds. and it doesn't matter what method you use. even paper wallet can be damaged.
Yes our current "paper" money is better material as the woodpulp paper we use to write and type on. The "paper" money is actually a combination of cotton, linen and synthetic fibers (before WW1 the fibers were made of silk), and is quite durable. Using only paper (woodpulp type) is very risky. Multiple backups, different media types and location spread of storage of it is best imo.
So op, have you dug up your btc yet to put them on paper. USB is going to be dead in 20 years. May want to take that into consideration.
If this is real, OP will be rich in 20 years, because only hardcore holders (actually burying your wallet is a hardcore holder) will hold BTC for that much amount of time, so by then, a single person owning 5 BTC will be a rarity, which means OP will be wealthy as hell.
It is not necessary to be in 20 years. if the bitcoin is very popular, in 10 years, the price will be 250,000 dollar each.
That was when bitcoin wasn't too popular. Anyhoo, $250k is nearly impossible to reach without trillion, quadrillion even, dollar investors.
If this is real, OP will be rich in 20 years, because only hardcore holders (actually burying your wallet is a hardcore holder) will hold BTC for that much amount of time, so by then, a single person owning 5 BTC will be a rarity, which means OP will be wealthy as hell.
It is not necessary to be in 20 years. if the bitcoin is very popular, in 10 years, the price will be 250,000 dollar each.
If this is real, OP will be rich in 20 years, because only hardcore holders (actually burying your wallet is a hardcore holder) will hold BTC for that much amount of time, so by then, a single person owning 5 BTC will be a rarity, which means OP will be wealthy as hell.
I don't know if any one mentioned this, but usb sticks use flash chips. and those can degrade over time if they are cheap, specifically if they don't get powered on regularly, the electric charge held in the chip (the bits) degrades.
it was mentioned in one of the first pages and argued a lot.
the important thing about cold storage is to make sure you have multiple backups from it so in case one was lost/damaged/... you have the option to recover the funds. and it doesn't matter what method you use. even paper wallet can be damaged.
I don't know if any one mentioned this, but usb sticks use flash chips. and those can degrade over time if they are cheap, specifically if they don't get powered on regularly, the electric charge held in the chip (the bits) degrades.
That is pretty bad to let it go that far, you should never go and gamble with your savings you have worked so hard for that money and now it is all gone. You will have to start from the bottom again.
is this for real?
man, u sure go to great lengths to keep those bitcoins. what happens if the uses stop working when u take them out?
anyways, diversifying your investments would be a better choice than putting everything in one basket no?
man, u sure go to great lengths to keep those bitcoins. what happens if the uses stop working when u take them out?
anyways, diversifying your investments would be a better choice than putting everything in one basket no?
Well, for starters you should atleast know how to conserve your money. And if you think that putting all your savings into bitcoin is good. Then you're wrong since you're against the rule about putting all your eggs in one basket. Because whenever you lost your bitcoin or maybe someone just have hacked you're account then you will be broke and exactly what have happened to you. Think before doing things and always have a secondary plan on doing things.
Well, you have my opinion, and that is that your money was well spent. To become rich obviously you'd have to make some sacrifices on your lifestyle. You've gotta save hard and constant, man.
But it's pretty illogical for someone to save their BTC in a fountain?
? Where did you get that idea from?
But it's pretty illogical for someone to save their BTC in a fountain?
? Where did you get that idea from? 
well i have good news or bad news, this week i took out all my saving from my bank 3500 and bought some bitcoin
i now have a total of 6 bitcoins,
last night i bought 5 usb sticks and 2 waterproof boxes, i put the box inside of the other box then the 5 usb sticks in the middle of the box, afterwards i went into my backyard and dug a hole underneath the bird fountain,
i dug the hole almost 3 feet under. Then i buried it back and placed the bird fountain back.
The bird fountain has been in the same spot for many years so i am not worried about forgetting where i buried it, and grass doesn't grow underneath it.
so there we have it, I buried a total of 5 bitcoins, i plan to keep it there for 20 years. The 5 bitcoins cost me about 2300USD
The 6th bitcoin i keep it on my cellphone and i plan to spend it online,
Now i only have 100 dollars left in my bank, i am basically broke, my whole saving gone!
Was this a bad idea? after i buried it i was starting to feel like it was a bad idea,
i also did not put a hard password on it because i thought i would forget
but i wasn't planning on using my saving for anything, and the bank doesn't give me any interest for it,
i've never invested in anything , possibly because i don't have much money
anyways.. it's just money.. i'll save some more
i figure in the future, it might be way too expensive to own even 1 bitcoin,
i am now a proud owner of 5 bitcoins
this is my bitcoin story,
here are some pictures of the box and bird fountain, its not the exact ones that i own but similar
i now have a total of 6 bitcoins,
last night i bought 5 usb sticks and 2 waterproof boxes, i put the box inside of the other box then the 5 usb sticks in the middle of the box, afterwards i went into my backyard and dug a hole underneath the bird fountain,
i dug the hole almost 3 feet under. Then i buried it back and placed the bird fountain back.
The bird fountain has been in the same spot for many years so i am not worried about forgetting where i buried it, and grass doesn't grow underneath it.
so there we have it, I buried a total of 5 bitcoins, i plan to keep it there for 20 years. The 5 bitcoins cost me about 2300USD
The 6th bitcoin i keep it on my cellphone and i plan to spend it online,
Now i only have 100 dollars left in my bank, i am basically broke, my whole saving gone!
Was this a bad idea? after i buried it i was starting to feel like it was a bad idea,
i also did not put a hard password on it because i thought i would forget
but i wasn't planning on using my saving for anything, and the bank doesn't give me any interest for it,
i've never invested in anything , possibly because i don't have much money
anyways.. it's just money.. i'll save some more
i figure in the future, it might be way too expensive to own even 1 bitcoin,
i am now a proud owner of 5 bitcoins
this is my bitcoin story,
here are some pictures of the box and bird fountain, its not the exact ones that i own but similar
bro you're not broke, you have fortune hidden in your backyard, just hope that someday what ever you did this time will reward you big in the future. keep praying, and about the 1btc left on your cellphone, you can use that to earn more bitcoin, search in google there are lot of ways how to increase bitcoin using 1 bitcoin. goodluck mate
if you buy a bitcoin in the years 2012-2013 when the price is high and hold it until this year. maybe I'd say you're still in a fallen state. because the price is still below standard I hope you can be patient and do not sell your bitcoin because it will harm you. I'm sure the price will revert to $ 1000 so be patient
Can the USB stick last that long? I heard the electron will migrate and leak out. The information will be lost.
I have had some problems with usb sticks before in my life. I had some music on it but even tho I deleted ther music on that usb the space was still not being empty. The USBs are not a good idea to store your private keys or wallet.dat file(s) because it can be self corrupted or lose the information within 10 years, so the best idea to store sensitive data is to have many backups physical and virtual(like dropbox google drive etc.)
It is better if you are going to put always a back storage for your important files, I'm using yahoo for back upping my files.
Especially those files with important information.
Definitely not a good idea putting all your life savings into a volatile asset. Knowing that wild fluctuations are a common thing on this market, what you did is plainly stupid and brave at the same time. But idk, whatever happens, you know that it's all your fault. All you need now is to not check on the price every minute and just hope for the best.
Best of luck, mate.
Best of luck, mate.
If this is true well i can say hes not totally broke but instead hes lucky if he still have his bitcoin for today because as you can see the price of bitcoin is rising since halving event is about to be happen on this july and by that time he can actually sold he bitcoin to and he can already earn profit with and aswell as he can get back his saving and store it again in another safer place than bitcoin and really if he dont sell after halving well hes totally broke because chance of bitcoins price well go down.
You took a right decisions to buy bitcoins, and spend all your money on investing bitcoin.. you'll not lost your money if You ask me, even I though you'll get lots of profit with them. but planing and burying your coins for 20 years is not a good Idea in my eyes,
I don't know what is your job or what are you doing, you can listen to me or not, but if you see the today's price of bitcoin you will know that you are in profit right now, If I were in your place I would sell these bitcoins now for Dollars and buy again bitcoins, thats we call trading, and then after halving I'll sell them again when the price of bitcoin will reach a new milestone..
we can't predict about 20 years but at least we know about next halving and we are sure that the halving will be profitable.
I don't know what is your job or what are you doing, you can listen to me or not, but if you see the today's price of bitcoin you will know that you are in profit right now, If I were in your place I would sell these bitcoins now for Dollars and buy again bitcoins, thats we call trading, and then after halving I'll sell them again when the price of bitcoin will reach a new milestone..
we can't predict about 20 years but at least we know about next halving and we are sure that the halving will be profitable.
Can the USB stick last that long? I heard the electron will migrate and leak out. The information will be lost.
I have had some problems with usb sticks before in my life. I had some music on it but even tho I deleted ther music on that usb the space was still not being empty. The USBs are not a good idea to store your private keys or wallet.dat file(s) because it can be self corrupted or lose the information within 10 years, so the best idea to store sensitive data is to have many backups physical and virtual(like dropbox google drive etc.)
Can the USB stick last that long? I heard the electron will migrate and leak out. The information will be lost.
I have had some problems with usb sticks before in my life. I had some music on it but even tho I deleted ther music on that usb the space was still not being empty. Jump to: