Buying Bitcoin was a worst decision of my life

[danherbias07]

about to the main OP, i must say that maybe you dont understand the risk or how the trading world works, let me ask you something in a possible future scenario:

if after the halving comes and the price grow up x2 or x3, purchasing bitcoins will be the best decision of your life?

not because you lost money with bitcoin means bitcoins is a bad decision

btw im so sorry about that you lost money.

That is a pure positive comment. I love it. Now I am all boost up to work more. Thank you for that man. I hope the one who started this is reading your comment now.

[yankeebob]

Buying Bitcoin was your worst decision of your life?  Well, I know one thing about you. You've never been married. lol

This made me laugh.  True...to true.

[wnetwork]

When I first found bitcoin, it was just play money (no value). Had some fun trading for bits. Paid nothing for them. A year or 2 later, the value went up to a dollar (1 bitcoin = 1 usd). Then another 1 or 2 years, imagine my shock when I heard the news about bitcoin. I was like, "Wait, don't I know this 'bitcoin'?". I went digging in my computer files and found the bitcoin folder with the wallet. I was shocked at how many bits I have collected.

[Bitcoininspace]

Have you considered doubling down and bitcoin cost averaging your position? You said you're down 50%, you could lower that percentage by buying bitcoin now at the 50% discount. Here's some math to help you think it through...

Hypothetical Initial Purchase: 2 bitcoins at $500 each (since you said you're down 50% right now).

Additional Purchase Option 1): Buy 2 more bitcoins at $245, total cost of your position of 4 bitcoins is $1490 and your total cost per 'coin drops to $372.50.

Additional Purchase Option 2): Buy 4 more bitcoins at $245, total cost of your position of 6 bitcoins is $1980 and your total cost per 'coin drops to $330.

Additional Purchase Option 3): Buy 10 more bitcoins at $245, total cost of your position of 12 bitcoins is $3450 and your total cost per 'coin drops to $287.50.

The real question is - do you think bitcoin will go up in value in the future? If so, you should "double down" and drop your cost to a level that you can break even on faster.

You sir are a genius. Math is truly beautiful, I am going to tell that to all my friends now that bought in at 600-700€ a piece, that either buy more or sell it and cry about it later.

[Pyr3x]

I lost coin on Mt. Gox but that hasn't deterred me from bitcoin, I strongly support it still and will for the foreseeable future.

[mtnsaa]

I'm very new to Bitcoin and I'm so glad to hear some people still support it even with all the ups, downs and scams. On the other hand, I understand OP position, we are all in the same boat, Bitcoin can be worth thousands or nothing in the next years. With other investments, you can lose money, but there's a least a natural course of action. With Bitcoin we never know and that's both terrifying and awesome!

[mayax]

I'm very new to Bitcoin and I'm so glad to hear some people still support it even with all the ups, downs and scams. On the other hand, I understand OP position, we are all in the same boat, Bitcoin can be worth thousands or nothing in the next years. With other investments, you can lose money, but there's a least a natural course of action. With Bitcoin we never know and that's both terrifying and awesome!

Then be prepared to lose and don't come to forums for whining if this thing will happen. Many people are doing that without common sense and shame.

They know that Bitcoin is a niche market full of scammers, black market, speculative trading;  they want to make money overnight but if they lose, it's the end of the world

[TheGr33k]

There are ups, downs and scams with pretty much everything you do in life. Whenever you hand someone $ you have to absolutely sure of their qualifications, reviews and experience. It's dog-eat-dog in these stretching and newly-budding financial markets. Bitcoin has been doing a good-job of weeding out those who don't truly follow the zeitgeist and IMO is moving in an extremely positive direction.

[chennan]

There are ups, downs and scams with pretty much everything you do in life. Whenever you hand someone $ you have to absolutely sure of their qualifications, reviews and experience. It's dog-eat-dog in these stretching and newly-budding financial markets. Bitcoin has been doing a good-job of weeding out those who don't truly follow the zeitgeist and IMO is moving in an extremely positive direction.

Man, I haven't heard anyone mention the Zeitgeist in a long time.. lol, well it's funny, people sometimes loose concentration on a purpose.. rather they focus solely on the here and now, not about the distant future of a better tomorrow.

[TheGr33k]

There are ups, downs and scams with pretty much everything you do in life. Whenever you hand someone $ you have to absolutely sure of their qualifications, reviews and experience. It's dog-eat-dog in these stretching and newly-budding financial markets. Bitcoin has been doing a good-job of weeding out those who don't truly follow the zeitgeist and IMO is moving in an extremely positive direction.

Man, I haven't heard anyone mention the Zeitgeist in a long time.. lol, well it's funny, people sometimes loose concentration on a purpose.. rather they focus solely on the here and now, not about the distant future of a better tomorrow.

I always smile when people even understand what I'm talking about after the mention of zeitgeist hahaha. We have been consistently moving towards a stronger protocol and a more valuable bitcoin.

People are only focused on "I bought 10 bitcoins at $1,000 each and now they're down 80%!", but in reality you heard about bitcoins years too late and you don't even fundamentally understand where they're headed or why they exist so you probably should've avoided purchasing them uninformed in the first place.

[chennan]

There are ups, downs and scams with pretty much everything you do in life. Whenever you hand someone $ you have to absolutely sure of their qualifications, reviews and experience. It's dog-eat-dog in these stretching and newly-budding financial markets. Bitcoin has been doing a good-job of weeding out those who don't truly follow the zeitgeist and IMO is moving in an extremely positive direction.

Man, I haven't heard anyone mention the Zeitgeist in a long time.. lol, well it's funny, people sometimes loose concentration on a purpose.. rather they focus solely on the here and now, not about the distant future of a better tomorrow.

I always smile when people even understand what I'm talking about after the mention of zeitgeist hahaha. We have been consistently moving towards a stronger protocol and a more valuable bitcoin.

People are only focused on "I bought 10 bitcoins at $1,000 each and now they're down 80%!", but in reality you heard about bitcoins years too late and you don't even fundamentally understand where they're headed or why they exist so you probably should've avoided purchasing them uninformed in the first place.

Weren't there like 3 other "Zeitgeist" films and things people were trying to include?  I remember only really diving in deep on the 1st one, and then after that didn't really look to more in it, but since it's the weekend, I might as well try to look all that stuff again to pump me up about the bitcoin pump

[TheGr33k]

There are ups, downs and scams with pretty much everything you do in life. Whenever you hand someone $ you have to absolutely sure of their qualifications, reviews and experience. It's dog-eat-dog in these stretching and newly-budding financial markets. Bitcoin has been doing a good-job of weeding out those who don't truly follow the zeitgeist and IMO is moving in an extremely positive direction.

Man, I haven't heard anyone mention the Zeitgeist in a long time.. lol, well it's funny, people sometimes loose concentration on a purpose.. rather they focus solely on the here and now, not about the distant future of a better tomorrow.

I always smile when people even understand what I'm talking about after the mention of zeitgeist hahaha. We have been consistently moving towards a stronger protocol and a more valuable bitcoin.

People are only focused on "I bought 10 bitcoins at $1,000 each and now they're down 80%!", but in reality you heard about bitcoins years too late and you don't even fundamentally understand where they're headed or why they exist so you probably should've avoided purchasing them uninformed in the first place.

Weren't there like 3 other "Zeitgeist" films and things people were trying to include?  I remember only really diving in deep on the 1st one, and then after that didn't really look to more in it, but since it's the weekend, I might as well try to look all that stuff again to pump me up about the bitcoin pump

There is a vast sea of zeitgeist mumbo-jumbo these days as many big-companies and even independent film-makers have jumped on the band-wagon! Definitely a fun weekend to just spend it getting hyped on Bitcoin films/stories. That's what I'm doing while I'm working

[anthonycamp]

when ceasar presented the coin to jesus only 100 years after become stable

[ObscureBean]

Well it's ok, you can still find some comfort knowing that your missing funds have been relocated to someone else's pockets    It's all part of the game, you win some you lose some. You need to lose some for others to be able to win some. In the immortal words of Kurt Cobain "Her milk is my shit, my shit is her milk" 

[TheGr33k]

Well it's ok, you can still find some comfort knowing that your missing funds have been relocated to someone else's pockets    It's all part of the game, you win some you lose some. You need to lose some for others to be able to win some. In the immortal words of Kurt Cobain "Her milk is my shit, my shit is her milk" 

What an ObscureBean you are. You must be a glass half-full kind of person because I can't feel anything except for resent, contempt and frustration when I think about how badly I could've used the money that's sitting in another's pocket

[Mickeyb]

Well it's ok, you can still find some comfort knowing that your missing funds have been relocated to someone else's pockets    It's all part of the game, you win some you lose some. You need to lose some for others to be able to win some. In the immortal words of Kurt Cobain "Her milk is my shit, my shit is her milk" 

If the OP is smart enough just to hold long enough I am sure he will get his money back and even make some profits. This is the future guys and I am definitely sure that in about 5 years, price will be much higher than just $500 where the OP got into.

Mark my words, this will happen!

[chennan]

Well it's ok, you can still find some comfort knowing that your missing funds have been relocated to someone else's pockets    It's all part of the game, you win some you lose some. You need to lose some for others to be able to win some. In the immortal words of Kurt Cobain "Her milk is my shit, my shit is her milk" 

If the OP is smart enough just to hold long enough I am sure he will get his money back and even make some profits. This is the future guys and I am definitely sure that in about 5 years, price will be much higher than just $500 where the OP got into.

Mark my words, this will happen!

5 years = $500? Psshh... please. Try $5,000 ... There have just been way too many good breakthroughs for bitcoin the last couple of months while the prices where dropping.  People and businesses have been innovating the way to invest and use bitcoins... there will be no major downturn in price ever again.

[dothebeats]

If the OP is smart enough just to hold long enough I am sure he will get his money back and even make some profits. This is the future guys and I am definitely sure that in about 5 years, price will be much higher than just $500 where the OP got into.

Mark my words, this will happen!

Well most of those who bought in that range are driven by emotions and lack of careful analysis on the matter. It's really a big help if you weigh your choices first before you decide. As I see it, everyone expects the halving to create a significant push in price. I hope so, so I can sell some and buy back again cheap!

To op, don't lose hope. Some even sold their houses and went all in to bitcoin.

[chennan]

Well most of those who bought in that range are driven by emotions and lack of careful analysis on the matter. It's really a big help if you weigh your choices first before you decide. As I see it, everyone expects the halving to create a significant push in price. I hope so, so I can sell some and buy back again cheap!

To op, don't lose hope. Some even sold their houses and went all in to bitcoin.

Haha, yes this... If you think about what people did to get bitcoins back in like 2012, 2013, 2014  it would make your head spin and cringe.  People have lost so much money when the hype took them to $800+ ... but hopefully the people who bought in at that price point didn't dump all there bitcoins back out at say like $300 when it was coming back down hard.  I can't imagine what the guy feels like that sold his house... lol I would be so pissed.

[Hugroll]

well prices are slowly climbing back up now so that should cheer you up. Try not to buy bitcoin when you feel like its doing good because at that point the price is most likely at the peak, a good time to buy bitcoin would have been around a week ago when the price was around ~240usd.
anyways i hope your loss diminishes and you don't think of bitcoin as a "life ruiner"