Bitcoin Forum

Since I joined the Bitcoin bandwagon in November 2013, this is how much money I have put into Coinbase to purchase bitcoins.


Currently I only have 12 BTC, yes just 12, valued at $5367............. I have lost about 11 bitcoins investing in Alt coins (one of the Alt coins I put a huge amount of went form 80 satoshi to 2 satoshi and the devs left the coin, so I consider that money gone). I also have about 2 BTC worth of LTC but given my luck i might as well consider that gone too.


I need 1BTC to be $1355.375 in order to break even. So I have to bank on BTC going above ATH again. And if by some chance 1BTC passes $4k mark I will have $40,000 and I will be very happy (this is the only thought that keeps me from being depressed right now).


If I waited and spent that $16K now, I could have had 36 bitcoins in my posession.




How much of a fucking idiot am I?


I don't even know how the fuck I was able to spare $16K form Nov 2013 to now since I don't even have any savings myself (but no debts either)

Go look up the definition of hodl.

Day trading.. don't do it.

Also yes, HODL.

First of all, investing in Bitcoin expecting to get a return is extremely dumb. Do you also invest in your PayPal balance? USE Bitcoin, investing is stupid.


Lucky for you the chances of that happening are pretty good.

Kittehcoin bagholder? haihaihaihaihai

Why is it stupid when it has proven itself to be the best investment opportunity of my lifetime?

Yes, but I prefer to be known as Kittehcoin whale ;)

Explain to me the mechanic in Bitcoin that gives it a positive expected value? pro tip: there isn't.

When you buy Bitcoin you are essentially gambling on the price, its gambling not investing. There is nothing "magic" in Bitcoin that causes it to increase in price.

Any stock you buy is gambling as well because no one on this earth knows if the price will be higher in the future. 

You are perfectly correct with that statement. One difference is that the company may be appreciating in value due to it making a profit, thus increasing the stock price, but for the most part stock trading is also gambling.

I want it NOW... now when I'm 50+

Haha. All you can do is hodl long enough and hope that Bitcoin reaches that amount sometime in the future. I'd put the coins you have in cold storage and use this time to try earn some more coins to lower the margin a bit.

You cant predict future. I could feel like fucking idiot myselves not going all in under $150/BTC and sell near ATH, but I dont.

That's what I'm doing.... no more investing in alt shitcoins. I'm considering buying more LTC though since it's the only reputable alt coin and basically bitcoin #2.  I've never even downloaded a wallet because I'm scared of my HD crashing or me accidentally deleting the wallet file.



Wise


but I do feel like I've learned a lot... but after losing about $10k

You are not an idiot, you just invested your money, which isn't paying off.

Just hold the 12BTC that you have, stop investing in altcoins for now, just hold your bitcoins.

I think most people tend to lose out investing in shitcoins than actually turn a profit. I don't think buying some LTC at this point will be a bad investment. I'm sure it'll rise again soon along with Bitcoin.

And just back up your wallet files to several places. Put them on a USB stick and a few CDs/DVDs etc.

I hate to see these stories because I believe in the value of BTC. Not only as a currency but an investment too. I would be loosing a lot of sleep if I had bought BTC in Nov 2013 at $1200 each too especially now. At this point I would have to agree with your strategy of hold for now and wait for the price to go up. AND STOP BUYING THESE ALT COINS.

I have found better ways to invest my BTC rather than the hold strategy but unfortunately for you, at the price you paid, none of them would work for you  ???

Do research how usefull coin is first, I mean how many merchants accepting it. I think LTC is master in speculative investing, but you cant do much else with it.

Sounds like you have been over active for a relative novice
Still chances are you will eventually make money on the position if you hold on

A very big fucking idiot frankly.

There's no room to "invest" in Bitcoin anymore. The highest price I'd predict it getting from now is about $500. Bitcoin will never ever reach anything above $500 worth again. It's dead franky, you're just wasting your money.

yea well i bought 2,800 once for the price of a zimbabwe $100 trillion note.  hodl.

Day trading is very tricky, its about patience, you cant just jump in and expect to make profits.  you should have play with a little at a time, thats what I did,  I also lose btc but very little.  There are a lot pumpers and dumpers out there, so you have to watch for those type of groups.  you must learn not to jump in fast when prices are high or when is dead. like dogecoin rigght now and vertcoin.

This is destructive thinking that will lead you to sell at your break even point.  It will tgen continue to rise into next bubble, you will panic buy back at a loss and then lose money again as you panic sell the crash.

Buy hodl
Buy hodl more
Repeat

Be happy when it rises.  Your investment goes up.
Be happy when its falling so you can buy hodl at a discount

Doesn't day trading mean you buy and sell on the same day? How much patience do you need in a day? And fuck vertcoin... I bought someone of that too but haven't looked at it since it dropped almost in half right after I bought some. I hope its not a threat to LTC, fuck vertcoin




I'm not selling at my break even point... I did not risk this much money just to get it back after experiencing so much stress and sadness. I want to come out on top. If we see another bubble and break ATH... I am thinking of selling around the $2000 mark just in case that ends up being a barrier. But I have to see how fast we get there, and if we quickly shoot past $2000 I will hold til $3000/btc, or sell as soon as we drop 15% from ATH. I could keep holding and hope that there is another bubble after that sometime in 2016 but I would rather take some profits and get back in at a lower price since all the bubbles so far have come down and created better buying opportunities. Something I should have done while I was ahead since Nov.

But I suck at investing/trading... what do you guys recommend?

you shouldn't write your litecoin off, litecoin is a good coin..

just hold and wait, btc will break the 1k mark by the end of the year :)

no you just dont know how to trade, and bitcoin will reach 700 again and stop looking it as a product and treat it like a currency.

Its okay, you learned your lesson though right? :)

This is why I have been saying for the past one year or so, that no one should invest in any alt-coin (perhaps with the exception of Litecoin). People who own huge quantities of them will make sparkling posts here, claiming that their coin is soon going to the moon. Once the hype is over (and after the OPs sell their coins), the prices will crash to almost nothing. You will end up losing your money and Bitcoin ends up losing a potential user.

ALT coins is just a pure gamble  :)

Its why i dont invest in any of them.  ;)

I've been trading with alt coins for a while and it's very hard to make a decent profit and know when to sell when the price is dropping.

Like everyone has said, hold onto your coins, if you break even at the $1300s it's possible we'll see that figure again soon, it's already been there once.

Why do you write off the 2BTC in litecoins?  If you don't like the chances of litecoin the perhaps you should trade it for BTC?  If you're calculating the values of your currenct BTC stash and considering it to be $5367, pushing in those two more BTC bumps you up another 1k$,  I think that's signficant.

Actually I'm hoping LTC has another bubble again. I bought in at $30... it's like $11 now, I feel like I should buy some more while it's "cheap" to cost-avg but too demoralized from all the ass raping

The prices of all these alt-coins are dependent on Bitcoin. When the Bitcoin exchange rate goes up, theirs also increases. Currently Bitcoin is in a bad state, and it disproportionately affects the alt-coins.

i had a nitemare i kept my bitcoins away from the cops and sold $262,122 at once, and my dad+mom nearly killed me

Dafar, to be honest, we learn from our mistakes.  Personally I have not found out btc until after the 1k rise.  I did very many stupid things as well (btc related).  At least your in now because literally, of all the people I know, I do not think 1 of them even knows what bitcoin is.  In a year things should be better (to make up for any losses etc)

Aha, I think I see what you mean.  Still, don't get too discouraged.  I think that tracking the price ratio between btc and ltc could be a profitable game to play, but I'm too scared to try day-trading.

Thanks for this eye opening info for all newbies, to never consider alt coins.

I'm thinking you would have done better if you would just buy low and sell high from the start.  Instead of going all in and taking on a large amount of risk.

hold for long, but not for short
to gain money in a big lie, you have to know it's a lie

I think that investing fiat currency in BTC is often dangerous, but don't worry that with a good trading maybe you are able to have back your money. Good luck mate  ;)

Don't invest in alt coins, bitcoin is the number one and It has the biggest potential no need to invest in other shity alt coins 0.0

I'm sorry for your loss. Investing in cryptocurrencies is very risky to begin with, not to mention day trading (altcoins). It is very hard to keep track of that unless you've gained a lot of experienced.
I've started with a 0.0001 BTC balance in august last year (for altcoins only). In 3 months time I've turned it into ~2BTC.

Day trading is so difficult, at least you still have something left after trading.

 ???
What are you talking about?
Since BTC hitting $1k to ~Jan/Feb 2014 I've seen several announcements of big pumps, like 90% were true.
Since then like 1 in 5 "promising" coins goes to the moon.
Blackcoin appreciated like 100x in 2 months.
Aurora 30x.
Just investing in Doge before Wolong's pump + one of two Blackcoin 10x pumps would give you 50x profit.

I would say it is a gamble, but bitcoins used to be a gamble too.

There is only one difference between BTC vs altcoin gamble:
BTC: you're gambling on that it's value will rise.
ALTs: you're gambling on which coin will rise - no doubt some will, you just have to choose right one.

Given OP's fund I find it little strange he didn't invest a bit in mining rig, it would surely offset a percentage of his losses.

Some people just consider it a gamble thats why. And dont want to take any risk, its why some consider eye opening?

investing bitcoin in other alt coin and expecting to get a good return in a little time is day dreaming ,, first of all should have done that ,, secondly investing in a coin is a long term investment shouldn't think of it a day trade , so its better now that you wait for a long time now and pray that bitcoin get's to 4k value which my friend i dont happening any time soon ..

It is possible to make good money on altcoins.

Started my journey with 500 euro, went up to 9000 euro 2 weeks later. If you sell at that 9000 you are perfectly fine. If you waited like me... it crashes back to 3000 in 2 days.
So, still a nice profit as I sold it at 3000, but could have been much more!

My strategy was easy, between alot of altcoins, there are a few diamonds in the rough. So I took around 25 different altcoins which had a trading graph I liked and waited.

Sad about your loss, I don't have anywhere as much to invest in cryptos, but I think was affected your investment most is the BTC Price collapse that affected all other altcoins at the same time.

I think that you should consider different ways and aspect of investing in cryptocurrencies
ie: Long terms investment (HODL) and shot terms investment, safe(er) investment, and high risk high reward (which most altcoins are).

Considering these aspect you should adjust the capital investment per category.

As for you being a fucking idiot, I don't think so, there is always a risk with investing, it's just plain statistics, which means luck is still a prominent factor, and I'm sure that this made a better investor and gave you experience so that in it self is a value

Which coin was it you invested in that went from 80 sat to 2? You must've falled into the dumbest trap ever, I don't even remember any coins dropping like that so fast.

You should spend more time in the altcoin section of this forum if you are gonna daytrade altcoins, so you know what's going on and when to sell or buy. Never buy coins that are too new, most are made my devs that only make them for a quick pump and dump.

if you treat bitcoin and cryptos like some get-rich-quick whore, she'll treat you like some get-poor-real-fast, whore soliciting john. plus, if you keep your pants on longer, you'll be able to make calmer, more rational moves.

A lot of us lost a decent amount of $$ in the greater ship of fools theory.  THat being that there would be more people buying into altcoins and it'd be some sort of craze.  Instead, people just made more and more of their own coins diluting what little capital was being pumped into the altcoin market.

No point wasting your time regretting the past.

Look into the future and learn from mistake.

Thanks for all the responses. I have been buying more BTC around $550-$640... so I have well over $16K invested right now, but I'm only buying BTC. Not touching any more alt coins. I don't need to guess which one will explode and which one will sink since I always pick the wrong ones. I just really hope we see another BTC and LTC bubble, that's what I'm banking on. And hey... risking $20K in your late 20's for a chance to buy a house with BTC in the future? I'm okay with that.




Yes, I now stick with BTC only. And I've learned to avoid hype.. when a coin is getting a lot of hype it is a signal to either stay away or sell. I'm not touching shit like Darkcoin or Fluttercoin because I feel like the opportunity has passed and everyone is now talking about it on twitter. I rather buy something when no one is talking about it.



Kittehcoin, I think it's at 1 sats now but I'm still gonna hold on to it because there is no point selling for that low. I bought at 80 and it went to 110 but I was greedy and expected it to go above 200 so I held even when it fell past 60... I should have had an exit plan but I feel into the hype. Even pricks like Max Kaiser was hyping the fuck out of this coin and I feel for his trap... he is a pump n dump scam artist.

No need to worry about that, you just need to be little patient, btc is getting more popular in seconds, so its very possible next year it will be 10x higher than now.

Following that logic, Bitcoin should have always stayed at a rather low value. It's a catch-22. For a coin to be useful, it needs to have value. For a coin to have value, it needs to be useful.

You're not an idiot bud, this is all new for everyone. However anyone who reads this and then "invests" in an alt coin is. Most alt coins are created specifically to get your money into the pockets of their creators. So it sounds like your money went to a successful project.

My advice is that until you completely understand bitcoin, do not get sidetracked into alts. And once you understand bitcoin you won't want them anyway. 

Hodl and wait for 10k!!

Buy more to average down..

Average down is a very bad strategy. What happen if the coin go to 0?

These things happen. Just hold on to it and you'll get a return.

i have missed every train ever. im going to jump on a train. plus my cat is sick, i live alone, i cant pay the bills, kill me  :'(

At least you have been invested, what about us we are struggling here and waiting some giveaways