Bitcoin Forum

Everything wrong, first of all i learned late about bitcoins (4/11), second i mined from 4/11 to 10/12, i expended the money i gain from bitcoins intro more hardware to add hashpower, i ended having about 2.5ghash/s by 9/11, them i had to stop mining because of the combination of the price drop and a 300% increase in power cost, by 11/11 i already stopped mining and selled all the hardware.

So basicly i started with my HD6870, ended up a 6850, 4 5850, and 2 6950, but by the time i had all of that i had to stop, there was not oher choice, the power cost increase was the killer.

i did nothing on 2012.

By February 2013 i started mining again with the only HD5850 i had left im a attemtp to rise enoght for a Jalapeno and im not even sure if its real or not... so far i have mined 2BTC so im half way to go...

I live a bit on the limit because of a crappy half time job because im a student, so i cant put real money intro it. Worse thing, i had a look intro the my old 2011 wallet(i was looking for any remaining bitcoin, found 0.13), on 2011 i mined and selled a total of 539 BTC! ouch!

You are not the only one who made mistakes and is not rich.

Yup, sometimes you just get unlucky and your timing is bad.  Life sucks sometimes.  That being said, you should believe in your own intellect and also always be trying to position yourself for when things go right.  Sometimes you get unlucky, but you gotta just get back up on that horse.  You can fail over and over, but all it takes is getting it right once and you're set.  JK Rowling couldn't find a publisher to sell her Harry Potter books for a long time.  They didn't know how to market them.  But she kept sending them out until somebody took a chance on them.

I used to have >$100k and pretty much lost the lot.

The thing is to not let it put you off but at the same time learn from it.
Try to remember that actually losing real cash is different than anything you read in a book. When the reality sets in on what it means then we really understand what those numbers on the page actually mean to us. From that point on we set a motive on checking those BTCJam listings etc and exercising some discipline.

Most millionaires have been bankrupted or close and come back from it, not letting it keep them down.

I think in your case it sounds like you overspent and undercapitalised. You're in common company there - that's what kills most startups.

*bashes head against desk repeatedly*

HOW DO YOU LOSE THAT MUCH MONEY?! I'm sorry, but you may as well have thrown it off a bridge, mining should never be treated as a real long term investment.

The way everyone should look at bitcoin is...

Think of a price

Wait for price of bitcoin to become the price you thought of.

It's just a matter of time on how long it will take.

you didn't do everything wrong. In fact you only made one mistake: selling bitcoins.

https://i.imgur.com/nz5Hy3s.jpg
One MILLION dollars.

Did you start using Bitcoin to get rich?  ::)