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Topic: My $11k bitcoin odyssey - page 2. (Read 5257 times)

full member
Activity: 238
Merit: 100
We must become the pitiless censors of ourselves.
July 17, 2014, 09:57:47 PM
#72
Look it is a learning curve. I'm sure you are not the only one who had to live thru it and lost a ton off K.
I myself was scammed and scammed again, even my mining efforts came out to be negative.
The advantage now is that I have the right experience to take on something different... within the BTC world of course.

Best of luck to you.

Mind if I ask what that may be? I have so many ideas now about disintermediation personally and how I might be able to apply it to some industries of which I am a part btw. That's been pretty valuable just in terms of possessing what I hope is a prescient perspective on the world.
full member
Activity: 238
Merit: 100
We must become the pitiless censors of ourselves.
July 17, 2014, 09:54:44 PM
#71
I generally sit down to write about something because it has somewhat of a therapeutic effect. You know, the whole 'get the demons out' thing. Well, I'm not sitting down. I'm reclining in boxer briefs in a newly bought house and my daughter is offering to shove some green play-doh in my nose in between the plot points of "My life as a teenage robot".

We bought the house through really careful saving over three years, mainly, and a couple well-timed promotions, which got our earning potential high enough for a decent mortgage.

Great. House, car, decent job, health, some money in the bank. Some money in the bank. Some money in the bank.


I first learned about bitcoin in 2011 off metafilter. It piqued my interest because I had argued with a thesis advisor for a couple years starting in 2006 that virtual currencies and properties were just as salient as our real life ones and to the extent that they could be made limited, just as valuable. Anyway, I had little money in 2011, and I didn't quite fully understand the problem that the blockchain solved.

Fast forward to March 2012. I had just gotten married and had a bit of cash. Again, I hear about bitcoin on mefi and it's now at $70.00 or something (this recollection may be inaccurate). I had enough then to have 700 BTC now if I had thrown my weight at it--and I was seriously contemplating doing it (I still remember the pause I had when I was opening my car door before I went to work, mulling it over in my head from the night before: if I lost that much I would be a fool, wouldn't I?)

I didn't do it.

December of 2013 rolled around and now I knew I was a fool. My heart pounded. I had missed my shot.

No, I hadn't.

I started buying in February all the way through the downtrend.

Then, I got into mining: a large group buy investment, script asics since the beginning (dual miner, grid seed, g blade, black widow, thunder, a train where each engine you add slows you down).

All told I have probably thrown 11k (maybe more) or so at BTC in varying ways and I have about 6.5BTC to show for it. It depresses me when I really think about it. But, here I am in my boxer briefs in my new house all the same (they're black btw). I guess there is some solace in being in your underwear in a house you own.

I am trying to turn this into a positive any way that I can, demons out notwithstanding.

Thanks for the read.

Perk up! You gambled what you could afford to risk- that was a smart move! You were just as likely to have lost it all! Cheer up! Bitcoin is still young! The glory days are still ahead of us!

Thanks, the irony is that I thought the more conservative gamble was diversifying with some mining, but I'm only at roughly 20% of where my BTC position should have been had I just bought (20+BTC).
full member
Activity: 238
Merit: 100
We must become the pitiless censors of ourselves.
July 17, 2014, 09:51:06 PM
#70
Honestly a great vacation with my family now is worth more to me than any financial gains in the future.

This is a difficult decision, and is the nature of a highly volatile currency that will eventually be deflationary in nature.

Is a great vacation with your family this year, worth more to you than multiple great vacations with your family in the future?

Good economic thought experiment. I would argue that the vacation now is a certainty whereas the future multiple vacations stand a chance of not happening altogether. I would also argue you get more value out of vacations take earlier in life because you can draw on that experience for a longer time.
legendary
Activity: 1652
Merit: 1007
DMD Diamond Making Money 4+ years! Join us!
July 17, 2014, 05:31:16 PM
#69
I m gonna say the only thing I keep repeating these days on this forum: BUY more, don't cry and be a man. Smiley
Bitcoin is going to be huge in the next couple of years and IMO we might NEVER have this kind of opportunity to make some serious money this way in our lifes. Get yourself a couple hundered BTC and wait. Just wait.
member
Activity: 106
Merit: 10
July 17, 2014, 04:21:04 PM
#68
Look it is a learning curve. I'm sure you are not the only one who had to live thru it and lost a ton off K.
I myself was scammed and scammed again, even my mining efforts came out to be negative.
The advantage now is that I have the right experience to take on something different... within the BTC world of course.

Best of luck to you.
hero member
Activity: 672
Merit: 500
July 17, 2014, 04:10:25 PM
#67
Looking at my old PMs it's crazy to think where things are from just a few years ago.  I have a PM of where I sold a guy an Xbox game for 1.5BTC.  Older ones I was buying useless crap for 15BTC
legendary
Activity: 1204
Merit: 1001
RUM AND CARROTS: A PIRATE LIFE FOR ME
July 17, 2014, 12:21:22 PM
#66
I generally sit down to write about something because it has somewhat of a therapeutic effect. You know, the whole 'get the demons out' thing. Well, I'm not sitting down. I'm reclining in boxer briefs in a newly bought house and my daughter is offering to shove some green play-doh in my nose in between the plot points of "My life as a teenage robot".

We bought the house through really careful saving over three years, mainly, and a couple well-timed promotions, which got our earning potential high enough for a decent mortgage.

Great. House, car, decent job, health, some money in the bank. Some money in the bank. Some money in the bank.


I first learned about bitcoin in 2011 off metafilter. It piqued my interest because I had argued with a thesis advisor for a couple years starting in 2006 that virtual currencies and properties were just as salient as our real life ones and to the extent that they could be made limited, just as valuable. Anyway, I had little money in 2011, and I didn't quite fully understand the problem that the blockchain solved.

Fast forward to March 2012. I had just gotten married and had a bit of cash. Again, I hear about bitcoin on mefi and it's now at $70.00 or something (this recollection may be inaccurate). I had enough then to have 700 BTC now if I had thrown my weight at it--and I was seriously contemplating doing it (I still remember the pause I had when I was opening my car door before I went to work, mulling it over in my head from the night before: if I lost that much I would be a fool, wouldn't I?)

I didn't do it.

December of 2013 rolled around and now I knew I was a fool. My heart pounded. I had missed my shot.

No, I hadn't.

I started buying in February all the way through the downtrend.

Then, I got into mining: a large group buy investment, script asics since the beginning (dual miner, grid seed, g blade, black widow, thunder, a train where each engine you add slows you down).

All told I have probably thrown 11k (maybe more) or so at BTC in varying ways and I have about 6.5BTC to show for it. It depresses me when I really think about it. But, here I am in my boxer briefs in my new house all the same (they're black btw). I guess there is some solace in being in your underwear in a house you own.

I am trying to turn this into a positive any way that I can, demons out notwithstanding.

Thanks for the read.

Perk up! You gambled what you could afford to risk- that was a smart move! You were just as likely to have lost it all! Cheer up! Bitcoin is still young! The glory days are still ahead of us!
legendary
Activity: 3416
Merit: 4658
July 17, 2014, 12:19:35 PM
#65
Honestly a great vacation with my family now is worth more to me than any financial gains in the future.

This is a difficult decision, and is the nature of a highly volatile currency that will eventually be deflationary in nature.

Is a great vacation with your family this year, worth more to you than multiple great vacations with your family in the future?
legendary
Activity: 896
Merit: 1000
July 17, 2014, 10:23:14 AM
#64
I honestly get where you're coming from. There is always that slight sting of missing out on amazing chances; but all we can do, is move past it. It's not like we all have clairvoyance right? And if we did, these sort of chances would never happen.

I've also missed a whole bunch of chances in the past (both with bitcoins and with altcoins). Now I just bide my time and let things come as they may. After all, there are much more worse things that can be lost other than an opportunity.

This is why im not going to miss the ethereum bus! I will buy some ether.
It's fair that you want to catch another bus. I on the other hand, am not entirely convinced that's a bus worth getting on. But we'll see what happens. That's the beauty of this type of hectic and fast-flowing market, you never know where you'll end up until you're there.
legendary
Activity: 961
Merit: 1000
July 17, 2014, 09:46:30 AM
#63
Makes me glad I put mining in the too hard basket straight away.
full member
Activity: 238
Merit: 100
We must become the pitiless censors of ourselves.
July 17, 2014, 09:41:38 AM
#62
Well, $660 is quite a bit less than $1000, but I get your point.

You could have gotten 21.07 BTC for the same price that you paid for the 20 BTC.

Somewhere along the thread I got the impression that the OP bought his BTC for $450.  Although I just checked bitcoincharts.com and it says the price was around $800 in February, so I think it was a bit more expensive than that.  Yes, you're right, it would have gotten me a little over an extra bitcoin had I waited.

It's a mistaken impression. My average buy price was probably about $675. I bought through to the downtrend.
full member
Activity: 238
Merit: 100
We must become the pitiless censors of ourselves.
July 17, 2014, 09:40:27 AM
#61
Well, on the bright side, you could have done what I did.  I bought about 20 BTC a couple weeks ago when the price was $650.  The price has since gone down to about $617, I could have gotten them for about $1,000 cheaper.  Oh well, I'm still confident that it'll go up to above the price where I bought it in the long run.

You still have significantly less loss than me (not to mention all the time and worry--setting up miners, shipping, waiting, pools, etc.)
full member
Activity: 238
Merit: 100
We must become the pitiless censors of ourselves.
July 17, 2014, 09:39:20 AM
#60
Its not just you who miss the train a lot people have decide but dint do it and then regret

I have once have over 1k BTC when the price are $7-8

And i sold them at $30

I earned and do i regret ?

Well, you sold at a good profit. You are on the plus side regardless, whereas I have ground to make up.
full member
Activity: 238
Merit: 100
We must become the pitiless censors of ourselves.
July 17, 2014, 09:38:09 AM
#59
You should keep focus on one thing and do it as best as you can. You didn't so there is losses

A little vague, but I get your meaning, I think; I should have stuck to just buying or just mining?
full member
Activity: 238
Merit: 100
We must become the pitiless censors of ourselves.
July 17, 2014, 09:37:03 AM
#58
I will not buy unless we go under 500.

Why not buy some now, and buy more if it goes under 500? There's a good chance we never drop below 500 again. When bitcoin hits 5000 you'll really wish you had bought at 620.


I feel like I have invested far too much already to be honest. I want to spend money on stuff now. Honestly a great vacation with my family now is worth more to me than any financial gains in the future.
full member
Activity: 238
Merit: 100
We must become the pitiless censors of ourselves.
July 17, 2014, 09:35:43 AM
#57
I honestly get where you're coming from. There is always that slight sting of missing out on amazing chances; but all we can do, is move past it. It's not like we all have clairvoyance right? And if we did, these sort of chances would never happen.

I've also missed a whole bunch of chances in the past (both with bitcoins and with altcoins). Now I just bide my time and let things come as they may. After all, there are much more worse things that can be lost other than an opportunity.

This is why im not going to miss the ethereum bus! I will buy some ether.

I got the t-shirt! I am wondering when it will be open to buy?
full member
Activity: 238
Merit: 100
We must become the pitiless censors of ourselves.
July 17, 2014, 09:34:53 AM
#56
I honestly get where you're coming from. There is always that slight sting of missing out on amazing chances; but all we can do, is move past it. It's not like we all have clairvoyance right? And if we did, these sort of chances would never happen.

I've also missed a whole bunch of chances in the past (both with bitcoins and with altcoins). Now I just bide my time and let things come as they may. After all, there are much more worse things that can be lost other than an opportunity.


That's a great perspective. The thing that stings though is not much I missed the opportunity, but that I failed badly at the opportunity. It's like I got called to center court to throw the basketball at halftime and I decided to get a pump out and deflate it instead.
full member
Activity: 238
Merit: 100
We must become the pitiless censors of ourselves.
July 17, 2014, 09:32:28 AM
#55
Trust me friend most if not all of us have a similar bitcoin story.  Don't even try to trade altcoins it will drive you insane when you look at a coin, choose not to or simply forget to invest and off to the moon it goes.  Don't even get me started about taking your money out at the wrong time..

Think of it as a learning experience preparing your for the perfect moment when you make all the right decisions.  HODL

Thanks for that.

I don't know when the perfect moment is, but my odyssey has ended at 6.5 BTC
full member
Activity: 238
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We must become the pitiless censors of ourselves.
July 17, 2014, 09:31:27 AM
#54
I remember really early on seeing people start mining it when the difficulty was extremely low.
At that time I didnt have a second computer to mine on, so I would have to tie up my computer,
and at the time I didnt think it was worth doing. Here I am now smashing my head on the table going
"why(smash), why(smash). Haha Oh well, I have since figured out ways to get back in the game.
Good luck!


Thanks very much. It looks like 6.5 BTC is where I end up. I, like you, face-palm the fact it could have been 20+ BTC if I had been smarter about it.
full member
Activity: 238
Merit: 100
We must become the pitiless censors of ourselves.
July 17, 2014, 09:29:57 AM
#53
There are still myriad ways to get into bitcoin and be successful. It starts with working hard. This is the same thing in bitcoin since I got into it in 2011. Its been a lot of hustle. I have made and lost a lot of bitcoins. It has been exhilirating and devastating. Such is life. I really enjoy it.

As for the ASICs, oh well. Was it greed or innovation?



I have been trying to find a way to fit into the ecosystem outside of just buying into it for a while. Met with Bitpay Sales Director, but they do not have any positions in my area.

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