Bitcoin Forum

Bought 329 Segwit2x Futures on Bitfinex.
Sometime around the 6th.
Took a gamble yes I know, but after looking into it I believed Segwit2x would be the chain we all use as the real Bitcoin
News comes out that the fork is being called off, by the time i hear it about an hour later I check the futures price and it's trading at a whopping 90$ each
Moral of story :
Don't ever put almost half your portfolio in something risky like a forks futures

I'm sad for you... But it is more than risky to buy a coin that has not been fully confirmed by their own devs..  :-\

Yeah, I learned a lesson.
Hard one.
Sold my futures at $160 each the next morning and took the L
Could of held on till 300, but no way to know if I would of timed that perfectly or not

I think you did not noticed that B2X went to around 500$ again on around 10th a bit of patience would have really reduced your loss a lot. It was just a temporary pumping by I think all.those who were holding it.

Sorry for your loss, that's a huge amount. What convinced you that Segwit2X could be the main chain? Putting half of your portofolio - in a futures - of a shitty fork of Bitcoin. That's three big mistake.

I couldn't believe that there are actual people who thinks B2X/BCH/other fork could replace the original Bitcoin. These things has happened over and over again since 2014 by the same people/group (Bitcoin Classic, Bitcoin XT, Bitcoin Unlimited) yet people are still falling for it. Most people, including me, seeing those fork only as a way to make small gain by selling those coins immediately after the fork.

Wow, unlucky mate...that sucks. That was a bold move, but it looked like it was nailed on. The whole thing was an absolute mess from start to finish, it looked certain to go ahead....something fishy happened there.

Buying something that doesn't even exists is not just risky, but a gamble that consists of 100% chances of losing your entire capital that you put in.


What made you think that the community might go against the real Bitcoin and why? Don't say you never knew that the support they were trying to gain was not even 50% of the total mining volume.


That was ought to happen, and it happened because the community wanted it. I was surprised to see it even at that price after it was called off, how it even traded after cancellation and why, that's still a mystery.


Learnt a lesson is a good thing, but you risked in 50% of your total portfolio on 2x? Really, man?

While I would say whole crypto market is RISKY. If you wanna play trading in this market, you should always be ready to lose before thinking to gain.
However, this Futures thing is nothing but another way to make profits by Exchanges like HI-LO, Head-Tail, etc. How can you let users trade something which doesn't even exist! It remembers me of YoBit incident when DRACO coin was trading on YoBit but team never listed coin on Yobit. Funniest part is that you couldn't deposit or withdraw even TODAY.
So Exchanges keep playing such tactics, better be trade safe and only big coins.

The risk is really high to invest in 2x, especially investing with half of your portfolio.

But this is how trading work, the higher the risk, the greater the profit. If you make it this time, you will be laughing your way to the Bitcoin Exchanges.

So sorry to hear that mate. Similar story happened to me few years ago when I was trading forex. After that I put myself really strict rule that I should never risk more thatn %5 percent of money in one position. Hope you recover soon!

It's strange to know that bitfinex offered a futures contract on an underlying asset which doesn't actually exist and people are actually betting on it!! The futures contract is based on imaginary asset which was planned but not executed that time. How Silly!

I am sorry but such kind of betting is risky and I hope you took an informed risk on that. But sadly your plan didn't work well for you. Instead of loosing half of your portfolio to an already rich exchange owner, you could have done some charity to poor people.

Jokes apart! But I think you have learnt a lesson. Hope it will serve you better in future.

People can quickly get hoodwinked by scammers when they are greedy. You took a huge risk on something that was not

guaranteed, thinking that you would make a killing {greed}  and it did not pan out. You are lucky that you had the

opportunity to recover some of your investment, because you could have EASILY been out of pocket on this.  :( Next time,

re-think your strategy, before you invest in something that risky. We all learn through our mistakes, some are just more

costly than other.  >:(

That was a huge loss, and I'm sorry to say this to you, but how could you be so sure about seg2x? I don't know how you manage your risks, but I do think that when someone bets half of his portfolio must really have a high degree of certainty on what he is doing. There were so many news coming out, voting against 2x, that I just don't understand how you could have been so certain that it would probably become the main chain.

I'm just saying this, because if you were miss leaded by news, then you shouldn't really trust those sources of information again, so you can protect yourself from future losses.

That you is a massive loss, sorry to hear that. This could of been a success story it just shows how risky this business is.

Oh my god... I am really sorry for you. Of course this was a big gamble in the first place, but still, the way it went down is just not fair. I have huge respect for the calmness that you still seem to have. Do you think that the cancellation of the fork was planned beforehand or do you think that this was all legit?

Its you can still earn what is lost. We learn our lesson, be greedy but do the math. If everything fails youcan still buy a rope. Kidding.

really not a small loss, the things you experience become a learning for us that never take a big risks for things that are not sure, but everyone have experienced failure and take lessons from it to achieve success, let bygone be bygone, life is very interesting, in the end, some of your greatest pains become your greatest strengths  ;)

Yeah I agree with CodyAlfaridzi here. You just made the biggest mistake of your life when you gambled that huge amount into something that's not sure. You are one hella big risk taker I've known so far. 300K isn't a joke and I'm sorry for your loss. I'm also wondering why you're certain that segwit2x will be the main chain because for me I never believed in any of those fork coins.

A very strange decision to invest in futures. I think you are to blame for this. The crypto-currency market is very unpredictable. Here you clearly need to understand and understand what you are doing. Otherwise, you can stay on the street.

I don't know what you mean by "mining volume", but if you mean hashrate you're incorrect.  They had between about 80-90% hashrate for the couple of months that miners were signalling for it.

This is not the only indicator of consensus, and it's likely that miners would switch to whichever chain was most profitable a little while after the fork, but they certainly did have that support.

---

With forks, I've personally taken the stance of just ignoring them.  I'm holding both chains and watching how it turns out if there are any more contentious forks going on.  Best not to make a judgement when it can change so easily.

It is really a big gamble dear. However,it is a big lesson for all of us. If you must gamble as such, then your has to be open 24hrs or contract it to professionals.

I see few people already said that... But i am interested in that part as well "What made you think that S2X is going to be next main chain" ? Awaiting OPs responses with huge suspense :D

Now that is spot on i  say. I myself have had greed blindside my logic and put all my eggs into one basket. Back in the day spain coin seemed like it might do something so i bought my $10,000. I had saved up and ended up loosing about 40%.

So you're futures are worthless now? I know the fork got cancelled but there will be another fork surely, can't these be used for the next fork?

Ouch! that's the saddest story I ever heard. Wish you could've get it back but price already dropped and we cannot do anything.
The moral story is the best advice you can give to people who almost do the same as yours.

That would be his ultimate luck if ever Segwit2x is accepted by majority of investors and Bitcoin enthusiasts but sometimes we predicted too much out of our emotions and excitement for the hard fork. If happened that Segwit2x is rocking since the fork until today, He is one of the luckiest investor of cyrpto-currency if you know what I mean. But, that's life. A sad life sometimes..

But if you were right? How would your profit be? Big wins require big risks, and sadly, the risks were against you as you lost here. :|

I know how you feel.That wasn't a good decision.You should have waited till the actual fork.Many companies and people were against segwit2x.That reason was enough to not invest such big amount in segwit2x futures.Don't lose hope and learn from this incident and don't do same mistake again :)

Always stay updated with the news and don't forget to put a stop loss limit to save your money from going to hero to zero.

Actually I am sad for your loss.  But what you have based on this data to invest such money in this way. I use a little amount of money in this type of investment. I am a person who likes to take risks, but I need to be crazy to make such a risky investment. I hope you will soon regain what you lost.

That's really a huge loss and I'm sorry for that, this will be a lesson mostly for the newbie readers who are hype into investing to crypto currency that is why never gonna trade most of your bucks as anything can happen to the digital coins. Always mind that there is a risk for everything the bigger you bet the chances for wins and loss will also big.

But for the fork that is not released yet is very big gamble, it is like 75% is the loss and 15% is the chance to profit from this strategy a very risky move, you should ride the boat of btc as the price is skyrocketing again.

Samething I heard about these bitcoin futures.
One guy lost $900,000usd from what I heard as he put all his life savings into it.

That is madness.

It is like gambling you life away with putting into something that is not definite.

Moral of story:
Repeat this 100 times - "I am an idiot and should not get involved in something i don't understand."

This is a very sad story but why would you even do something like this if i had that kind of money i would not risk it to maybe get more out of it or even to double it that is not possible there are no shortcuts in life you need to understand that.

It was a big gamble that never paid off because of events beyond the control of anyone who bought SegWit2X futures. Sadly, when the hard fork was cancelled the futures look so dim literally and figuratively. Yes, the big lesson here is we have to be careful of what we got into. Bitcoin has proven itself to be too resilient in the face of many hard forks and even if many would insists that Bitcoin can soon be replaced, it won't be happening soon. Bitcoin was not nailed by the barrage of bad news from China in September and just recently the attack from BitCoinCash proved to be unsuccessful. Bitcoin is now back in the game.

Damn dude... well i guess u still have more money then most people. So view it in that perspective.

That is really saddening, I do not like when people are ripped of that way. But that is part of the futures market : they are by definition very risky. However as you did, I would have naturally thought it would be activated.

Man! You bought a risky coin that too at pumped price. How more can you go wrong. Regarding not having half of your portfolio in one coin stands good for altcoins but not for bitcoin. I always prefer 50-50 division between bitcoin and altcoins in my portfolio. This way you keep the dollar value of your portfolio somewhat stable. Never make a hasty choice in cryptocurrencies and that too with such a huge amount. Think sensibly! Altcoin trading seems easy but is way tougher because it is highly unpredictable.

If in doubt... hold bitcoin. It works 99% of the time.

lesson learned dont put all money in one investment and learn how to use money management.

I don't think gambling is smart. What you did is gambling and 300k $ is big amount to invest in something like this.

I can relate to this.
I've lost a lot of money in the BCC hype where I bought some BCC at .28 per BTC then in seconds it was dumped.
This should be a reminder for all of us that despite the issues (of BTC, unconfirmed trasactions, higher miner fees) there is only one original cryptocurrencies and all are altcoins, and the king can't be dethrone by ordinary means, unless you destroyed it's system it won't die.
On the other hand there ain't no telling what will happen because it's price is purely on the holders. As a small holder I won't even have a chance to survive if they decide to dump their coins especially the billionaires.

Sad.


Sounds like someone is just making a huge bulk of money again (every S2X) ;D

This is a sad news. We really can never tell what might happen. All we need to do now is move on and accept the fact that sometimes, we need to experience losses in order for us to learn. The good thing is that you only invested half of your portfolio and not the whole. You can still recover from your losses. Let's charge that to experience and keep on going. We never know, the next coin or token you will buy might give you huge profit next time.

That's just a bumber...one big loss, but one big learning for you. A lot would actually work for years before they could earn that amount..but you lost it in seconds. Now that should have told you something, right? Good thing is, your experience should make you smarter on your future dealings. I think that's your gain from your lost.

It's too bad that you lost all that money. Next time you are investing in cryptocurrency be sure to spread out your investment over several different types so you won't have so much risk.

Yes, better to invest in more secure and trusted investments. That's the risk in investing in something, we may never know if we can get profit after the investment. There is always a risk. Anyway, lesson learned and than you for sharing it with us.

It was certainly a terrible decision. An investment decision must always be backed up with a serious analysis where there is no room for conjecture based on subjective perceptions. And taking into account the high volatility of this market, investing 50% of your portfolio in something so uncertain really was not very bright.

I feel like this is fake, but then again if this really did happen to you, rip. You must have a lot of money to mess around with if you are throwing hundreds of thousands around like that.

sorry for your lost but i think you learned your listen already  no need to say morals here. i would  never that huge amount of money in fork despite what ever they said about it unless it gets released then maybe i would think about investing in it

that is a really a huge amount of money, sorry for you, is good to know what happened to you, some people learn from your bad experience.
thank you for let us know about your history.

Anyway, I do not recommend playing futures, because the risk of futures is too high and the technical requirements are high, if there is a loss, then there may be nothing.

sorry to hear that, but at least you learn some experience. for now rest your body, your mind, and rest from trade for a couple days, maybe weeks to get your mental good again, that is what i always do when loss big amount of money

What did you buy them at? How much of a loss was this? How many contracts did you buy? How much do you have left to work with? Are you wiped out?

Tough loss for you, literally, but your sharing of the story will help someone be a tad more cautious. Thanks for sharing.

Just goes on to show you that you shouldn't gamble and put all your eggs in one basket. Cryptocurrencies are not different than other means of investing, guys. Make sure to be careful out there.

Well, this is definitely one of the most expensive lesson stories I have heard on this forum, and I have heard of some very large (and verifiable) stories of people losing a lot of money for one reason or another.

I can see some of the reasoning for your options and why they seemed like a good idea, I find it surprising that there was such a plummet in value over such a short period though. It's a shame that such a large portion of your portfolio was vaporized over the course of that small period of time.

I'll just comment on what I'd do personally in this situation; I would rather maintain constant watch on any news about the fork, but even that is subjective and there is a high chance that I would fuck it up and potentially lose more.

There is always a risk on the markets, for that it is the market. Therefore, it is worth to carry eggs in three baskets, and not in one.

that was a sad experience, but dont give up you can still get it back nxtime, that's how it goes either you earn fast or lose fast.But nevertheless don't quit😊.

What? Half of your portfolio? I mean, no matter how confidence you are  but speculating with half of your portfolio is just too massive

Personally I wont put more than 10% for a speculation
I hope it was money you got from crypto as well, not from depositing your cash

Ooh, I sincerely sympathize with you. But why did you contact these futures. I think there is absolutely no one to blame for your loss. You need to have your sober head on your shoulders, so that no such trouble occurs. :-\