I've had three friends pull their money out and walk away from bit coin over the past few days.
Well done market makers / manipulators!
Really? They didn't know going in that this happens? I am very careful to explain the risks and how these things work to my friends. Not one is less interested now than they were, which is to say most are quite sorry they didn't buy when I told them they should
Did your friends lose money?
He lost about 3-4K $... oh well
There was a lady who bought at $1000 posting on this forum who had to take out a loan on their house to buy her first BTC. Kept talking about her dad investing 3000 BTC and trying to convince her to make her first buy. I wonder what happened to her.
I'm still here
. Still reading... Still 'hodling'. I paid $1080 for each of my 11.1 bitcoins and have not sold - I rationalise this like so: bitcoin is only worth as much as someone is willing to pay for it right? And I refuse to sell them for less, which means they are still worth at least $1080 . Ergo, I have lost no money
. How's that for a comforting delusion?
That's not delusion, an unrealized loss is not a loss. I wish I had that strength-- if you continue your patience, you will be rewarded like so many else who have held. Hopefully, it's not rent money, and you don't need to touch it for several months or a year.
Mad props for even finding my post. Money is on loan against the house right? Need to calculate loan interest and compare it to BTC EV - Tough call. Good luck to you!!!
Thanks! I did do some calculations before buying the coins - the repayments on the house are so much anyway that a withdrawal of $12k hardly makes a difference (isn't that depressing).
Never really taken a risk like this before, but what the hell right? Besides, after reading about Bitcoin (my research at work took a backseat - oops) it's become a bit of an obsession... I only picked up on your post because I read this damn thread every day and have the bitcoinwisdom tab open all day to monitor the price. It's almost (almost!) worth paying $12k just to be a part of this ride..... well maybe not
that much
.
Debt is against my religion - going into debt to make a speculative investment feels so crazy to me that it blows my mind. I guess you US folks are so much in debt that you give zero fucks about going into debt a bit more.
That said, is clear that the average investment for participants in the market is growing. When I bought into BTC, throwing at it $5k was definitely a bold move, and above the average.
As an example, even rpietila, who had experience with gold and silver, bought in with only $10k, which anyhow was way above the average investment at the time he bought in. I guess the rule was:
"throw only play money you can definitely afford to throw to the trash bin; if BTC realizes its potential it will be more than enough".
This is changing fast and newcomers are starting to throw serious money to BTC, taking loans and so forth. That's a dangerous game. During the next boom and bust cycle expect "real life stories" of people who lost everything to BTC because of wrong choices, anxiety and poor understanding of the nature of BTC.
I guess that's what we get with mainstream attention.
