Bitcoin Forum

History:
    Back at the beginning of 2012 in january, i closed out a 24 month CD at my bank, withdrew the 3500USD and went on to spend it as usual ( I was no money crunch, I just didn't want it tied up any longer by letting it renew). and now I'm continually saddened by my foolishness. I say this because about 6 months prior to that event, I HAD heard of BTC from a MUCH more techie friend than myself and he had told me to buy in. I was interested in the concept but relinquished it.

Point:
    At the time i closed the CD, BTC was ~4USD per coin. Since i had no immediate need for the cash, had i invested it in BTC @ 4USD each, receiving 875 BTC, and sat on it until avalon launched their bulk chip orders and ordered 10K on the first day. I would have 10000 chips now and using Burnin's Bitburner XX OC'ed to 450Mhz, I would be sitting on 4.5TH/s, churning out 4500USD a day at current difficulty.
the Manufacturing cost of ~150USD per board from burnin * (10000/20) = 500*150 = 75000USD. while i dont currently have the money to have them made. im sure burnin and i could have arranged something ( the first x days mining profit are payment)

Conclusion: i whiffed off the easy life, over the next 5 years, i could have expected that theoretical rig to net almost 3million USD in BTC.

The 'coulda woulda shoulda' approach to investing is always dangerous.  I'm sure many of us wished we had bought bitcoins when the bubble burst from $32 to $2 in late 2011.  I wish I hadn't stopped mining back then, or sold bitcoins in 2011 that were generated on a lowly GPU that at today's price was generating $100 per day.  If only... if only... you'll be much happier abandoning all such thoughts.

Bitcoin is itself an insidious trap.  If your ASIC mines a bitcoin today do you sell it to cover the ASIC's cost and electricity requirements, or do you hold it for another 3 years and hope to get $1k for the bitcoin?  Or wait longer?  In fact, why use bitcoins at all when their value tomorrow is 'guaranteed' to be worth more than today?

Send some, save some. The smart way.

Doesn't seem like you thought the whole thing through enough. "Bought chips", but don't have money to have them assembled? Wheres the logic in that? Also you bought ASICMiner devices...Didn't think that one through either did you? If you did, you need to do better research next time.

If you continue going all in blindly, be ready to eat more loses, or just cut you loses now and chalk it up as a lesson.

Avalon has burned a lot of customer though, I will say. But with someone shady like that, you have to be ready for the possibility of them screwing you. At least Avalon was honest initially about chip numbers, unlike BFL who have done their best to hide that fact.

I wanted to start least year with BitCoins, but quit because I hated the loading period of the Blockchain. I could have been a lot richer right now. But whatcha gonna do? Man up and try to earn something!

+1

Truer words have never been spoken.   

If it makes you feel any better, you ignore the fact that if those chips had arrived then you would not be hashing at the current difficulty, because the current difficulty would be much higher (you wouldn't be the only one to get those chips!), and your return would be much lower.

Absolutely. Applies to both ends,  not just buying in.

At the rate prices are falling, I expect to see bargain bins of ASIC miners at the dollar store in about six weeks.  ;)
If I were to buy an ASIC or fifty for the sake of distributed transaction processing, I would probably use fiat.

I've got a good o e for you. I started learning about bitcoin in early 2012. Finally in summer 2012 I decided to get a BFL FPGA rig to try mining. It arrived in late October 2012 and dealing with getting it all set up wasn't a priority. I had other projects going on. The miner SAT IN A BOX until early March of this year when I finally got it going! Oct '12 to March '13 would have been a nice time to have 800mh/s going 24/7.

And I have no one to blame but myself..... Oh well

I did not invent McDonalds and now I'm poor because of it.

OP is a fucking pussy.  Man up.

You deserve an award, maybe golden butterfly ?

I have lost 75 btc due to greed ;)

i bought 100 coins 2011 just before the bubble, didn´t sell, then mtgox got hacked, account locked,.. i just forgot about this stupid crap, truly ashamed of having thrown real money out a digital window.
march 2013 someone starts talking to me about bitcoin and it takes a while before i recall this japanese scam site where ... and he says mtgox- the biggest exchange - and bitcoin just reached 55,- €.
uhh, more than 5 k € out of nowhere ! i contacted mtgox - the coins were still there! i cashed out immediatley thinking what a lucky day...
then i stared at the chart and saw it rising. looked like it was rising for a longer time... uupps... wtf...  so i bought back and lost 10 btc in the first few moments touching them. then i started reading about it...