I spent all my saving on bitcoin, now i am broke - page 8.

peta4e

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Quote from: BitHodler on September 22, 2016, 04:17:16 AM

Quote from: gendang on September 22, 2016, 04:05:42 AM

not broke if OP get back his 5 btc because it is already profit if want to sell now, or maybe he already sold it at highest rate before halving because this is an old thread,

People have great plans and high expectations about them hodling their coins for a very long time, but as soon as the price starts to go up, these plans go to waste as people are too tempted to sell their coins.

Due to the lack of communication from OP's side I seriously think he already have sold his coins which I could understand if he sold at the peak in June.

What you said is correct, initially people will say that they will prefer to hold them for a long term, but as soon as they see price climbing, they will start selling their coins to secure profits.

BitHodler

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Quote from: gendang on September 22, 2016, 04:05:42 AM

not broke if OP get back his 5 btc because it is already profit if want to sell now, or maybe he already sold it at highest rate before halving because this is an old thread,

People have great plans and high expectations about them hodling their coins for a very long time, but as soon as the price starts to go up, these plans go to waste as people are too tempted to sell their coins.

Due to the lack of communication from OP's side I seriously think he already have sold his coins which I could understand if he sold at the peak in June.

greBit

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Activity: 714

Merit: 500

Quote from: erickkyut on September 21, 2016, 10:51:35 PM

You will really become broke if you spent your bitcoin savings. If you all do is withdraw and did not do any deposits, you will really lose all of your bitcoin in your wallet. If you invested it instead of spending it, maybe it already earned so much profit. Next time, think wisely how you will spend your bitcoin. Don't be a one day millionaire.

Yeah and spending all of them at once is not a good idea at all, we know that future is uncertain so its always good to be ready with an back up, if he would have saved some of them then those coins would have taken care of him at a moment.

gendang

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not broke if OP get back his 5 btc because it is already profit if want to sell now, or maybe he already sold it at highest rate before halving because this is an old thread,

groll

sr. member

Activity: 336

Merit: 250

I enjoyed reading your story. I thought you lose your bitcoin because the usb sticks you put under the bird fountain gone wet. Grin

Do not feel that you are broke. You have 5 bitcoins under the ground and the good thing is you will be able to dig it out anytime when you think that bitcoin price will drop. But of course it is unlikely to happen since bitcoin price will going up at the end of this year, that is according to them. Wink

And to tell you the truth, I have no savings. Even a $100. So I am broke-r than you.

Fatanut

legendary

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That's not entirely a bad idea if you do have any way of having your own food, shelter, and clothing without using any money. For example, growing your own food will be really essential for your situation. The money that's left on you should be enough to make you survive until the Bitcoin's price increase. I guess you don't have any other business that you can use that amount of money on, to be honest, that 6 bitcoins wouldn't give you that much compared to how much time you'll wait.

erickkyut

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You will really become broke if you spent your bitcoin savings. If you all do is withdraw and did not do any deposits, you will really lose all of your bitcoin in your wallet. If you invested it instead of spending it, maybe it already earned so much profit. Next time, think wisely how you will spend your bitcoin. Don't be a one day millionaire.

MONKEYJUNK

sr. member

Activity: 434

Merit: 250

Don't know why you buried it, you can buy a safe box or put the pen drives in a bank or something like that.

NOTE: the pen drives will break in few years and maybe you can loss all your money, next time try to use a paperwallet mate

edit: and invest in altcoins instead of bitcoin

Milkduds

full member

Activity: 224

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The whole idea of investing in bitcoin for me would be able to turn it into cash quickly. So sitting on it and hiding it for a long time goes against how I see bitcoin. Not saying it is wrong to want to sit on it,just believe people need to go about life in general in a balanced manner.
Perception can often lead us astray leaning to far one way or another.

poplolnman

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Quote from: 1Referee on September 21, 2016, 06:45:04 PM

Quote from: Vikingr on September 21, 2016, 06:29:51 PM

Quote from: RodeoX on September 21, 2016, 12:25:33 PM

So this guy bought bitcoin when the price was about $450 and now that they are $600 he's broke? lol

he is a lucky person and he also saw a price of $750 in the mid of the year so he got about 80% or more profit with that bitcoins. But I think he is saying it because he have buried them and is unable to use them for his needs. He should have to keep them in his living wallet.

The problem is that we don't know how everything is right now. Perhaps he sold all his coins to secure profits. Perhaps that his coins, or the majority of it are still untouched. An update from OP would be a welcome thing here.

op last active was today , would be nice to get an update from him right? but since he is planning to save the 5 bitcoin for very long term saving in bitcoin , i guess he just keep his bitcoin underground . the 'broke' that what op means are due he has spent the whole fiat money saving to buy bitcoin and buried it. so i guess he just have a great plan Cheesy

not the real broke.

1Referee

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Quote from: Vikingr on September 21, 2016, 06:29:51 PM

Quote from: RodeoX on September 21, 2016, 12:25:33 PM

So this guy bought bitcoin when the price was about $450 and now that they are $600 he's broke? lol

he is a lucky person and he also saw a price of $750 in the mid of the year so he got about 80% or more profit with that bitcoins. But I think he is saying it because he have buried them and is unable to use them for his needs. He should have to keep them in his living wallet.

The problem is that we don't know how everything is right now. Perhaps he sold all his coins to secure profits. Perhaps that his coins, or the majority of it are still untouched. An update from OP would be a welcome thing here.

Vikingr

hero member

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Quote from: RodeoX on September 21, 2016, 12:25:33 PM

So this guy bought bitcoin when the price was about $450 and now that they are $600 he's broke? lol

he is a lucky person and he also saw a price of $750 in the mid of the year so he got about 80% or more profit with that bitcoins. But I think he is saying it because he have buried them and is unable to use them for his needs. He should have to keep them in his living wallet.

Lokfar

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Activity: 364

Merit: 250

Quote from: Chrismeister on September 21, 2016, 05:17:12 PM

Quote from: Iceborn on September 21, 2016, 05:12:38 PM

I think its even stupid to do this you can better invest a certain amount and than just wait on a price increase to make more money.
If you a investing you whole savings its very risky its the same as all in.

You are right about this, its just not smart to stack all your money into the bitcoin, I even call it stupid because in investments you never put in a full amount...
I hope you will make profit but its very risky!

Doing this is not worth it at all and I even think that its way too much, you can better start with low amounts and than step in more and more till you can say that you invested enough.
Its never good to invest the whole amount in one time and also not such big amounts.

Chrismeister

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Quote from: Iceborn on September 21, 2016, 05:12:38 PM

I think its even stupid to do this you can better invest a certain amount and than just wait on a price increase to make more money.
If you a investing you whole savings its very risky its the same as all in.

You are right about this, its just not smart to stack all your money into the bitcoin, I even call it stupid because in investments you never put in a full amount...
I hope you will make profit but its very risky!

Iceborn

sr. member

Activity: 266

Merit: 250

I think its even stupid to do this you can better invest a certain amount and than just wait on a price increase to make more money.
If you a investing you whole savings its very risky its the same as all in.

DPAY2016

newbie

Activity: 42

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But, 1 question remain? Why a fountain?

haankoammu

member

Activity: 115

Merit: 10

I praise your approach and your trust in bitcoins!

, You did make a big investment "regardless of the amount but the value it is worth to you", I think it's not a bad investment considering how the price changes "and keeping it out of your hand is very good IMO", You should still keep a decent amount offline as well though.

socks435

legendary

Activity: 2030

Merit: 1030

Privacy is always important

I think this thread made 2 months ago and i think op already got a solution about his problem.
And he moveon because he realize that the price right now for bitcoin is increased in high value.

draxcter

newbie

Activity: 15

Merit: 0

You didn't lose your savings if you look at it in this way, You merely invested them in a project, Although I don't think you should put all of them in it but still I see it as a good investment overall, Now you can actually make good profit with the movement and volatility of bitcoins.

bitdumper

sr. member

Activity: 266

Merit: 250

One world One currency, Bitcoin.

lol i must track this fountain from now. maybe i can have some good dreams of steeling it in james bond style :p i mean steeling the coins not the fountain anyway its what i will call an hard encryption but its physically not vertually

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