My 2,000 BTC is all gone :(

[molecular]

ITT: Attention-grabbing title to brag about an irresponsible gamble.

FTFY

anything wrong with that?

I don't think so!   It got my attention.

"Took $15,000 from husband to earn a car speculating on bitcoin" would've done it for me, too.

[Rassah]

ITT: Attention-grabbing title to brag about an irresponsible gamble.

FTFY

anything wrong with that?

I don't think so!   It got my attention.

"Took $15,000 from husband to earn a car speculating on bitcoin" would've done it for me, too.

Not exactly "took from husband" as the HELOC is in both our names. It's more like "took money from join checking account without bothering to ask my husband." I hear it is a very frequent problems with guys who have wives (my SA goon friend's wife maxes out his cards all the damn time). At least my money wasn't being thrown away on something useless, and was put into what was a fairly secure investment at the time.

P.P.S. Not only am I the financial expert in the family (saved parents a few $10k through refinances and other financial tricks, bailed friends out financially, etc), I also fully fund my husband's IRA ever year, and let him keep the resulting $2,000 tax return that he gets from it (that's on top of the $500/paycheck I put into my own 401k. Retirement first, Bitcoin as a bonus second). I'm not all bad

[Herodes]

ITT: Attention-grabbing title to brag about an irresponsible gamble.

FTFY

anything wrong with that?

I don't think so!   It got my attention.

"Took $15,000 from husband to earn a car speculating on bitcoin" would've done it for me, too.

Not exactly "took from husband" as the HELOC is in both our names. It's more like "took money from join checking account without bothering to ask my husband." I hear it is a very frequent problems with guys who have wives (my SA goon friend's wife maxes out his cards all the damn time). At least my money wasn't being thrown away on something useless, and was put into what was a fairly secure investment at the time.

P.P.S. Not only am I the financial expert in the family (saved parents a few $10k through refinances and other financial tricks, bailed friends out financially, etc), I also fully fund my husband's IRA ever year, and let him keep the resulting $2,000 tax return that he gets from it (that's on top of the $500/paycheck I put into my own 401k. Retirement first, Bitcoin as a bonus second). I'm not all bad

Great stuff, keep it up!

[goxed]

Nice car by the way. How many D cells does that thing take!  

120 ?  http://imabattery.blogspot.com

[Monster Tent]

So, my husband owns the house (the mortgage is in his name), but a few years ago we opened a HELOC (Home Equity Line of Credit) together, with both our names on it. Some time last summer, I borrowed $15,000 from the HELOC without really asking for permission or telling my husband about it. I told him eventually (he asked about it after seeing a transfer on the monthly statement). I used that entire $15,000 to invest in bitcoins, and bought about 2,000+ of them.
Anyway, as of last Sunday, it's all gone. No more 2,000+ BTC. All gone poof 

You must have an understanding husband or you now use the new car to live in 

[SgtSpike]

Nice car by the way. How many D cells does that thing take!  

120 ?  http://imabattery.blogspot.com

Did you purposefully link to a blog that accepts Bitcoin donations?

[BigFigurez]

Isn't this a good thing? BTC rose so whenever you invested should be at least +50% by now

[n8rwJeTt8TrrLKPa55eU]

This thread is precious in the light of all the screaming "deflationary currency prevents spending and will kill the economy!!!".

This, this, this!

[SgtSpike]

This thread is precious in the light of all the screaming "deflationary currency prevents spending and will kill the economy!!!".

This, this, this!

It's an interesting psychological situation.  Because things become cheaper and cheaper as you go along, you think, "Wow, this car would have cost me 9000 BTC last year, but now I can buy it for only 1500 BTC, that's a steal!"  Nevermind that you'd be able to buy it for 375 BTC the next year.

[Gyrsur]

This thread is precious in the light of all the screaming "deflationary currency prevents spending and will kill the economy!!!".

This, this, this!

It's an interesting psychological situation.  Because things become cheaper and cheaper as you go along, you think, "Wow, this car would have cost me 9000 BTC last year, but now I can buy it for only 1500 BTC, that's a steal!"  Nevermind that you'd be able to buy it for 375 BTC the next year.

that's called deflation: hold it until there is no other possibility. which is good for an asset but not for a currency.

[Rassah]

This thread is precious in the light of all the screaming "deflationary currency prevents spending and will kill the economy!!!".

This, this, this!

It's an interesting psychological situation.  Because things become cheaper and cheaper as you go along, you think, "Wow, this car would have cost me 9000 BTC last year, but now I can buy it for only 1500 BTC, that's a steal!"  Nevermind that you'd be able to buy it for 375 BTC the next year.

Granted, had I waited two weeks, I could've had almost $10,000 more. Though it may have been just as likely that as soon as it had reached $22.5, it went down to $15 again.

[Rassah]

that's called deflation: hold it until there is no other possibility. which is good for an asset but not for a currency.

What's the difference, really? I'll refuse to sell my appreciating stocks and commodities, just like I'll refuse to sell my appreciating Bitcoin... And most of the wealth out there is in assets, not USD...

[niko]

This thread is precious in the light of all the screaming "deflationary currency prevents spending and will kill the economy!!!".

This, this, this!

It's an interesting psychological situation.  Because things become cheaper and cheaper as you go along, you think, "Wow, this car would have cost me 9000 BTC last year, but now I can buy it for only 1500 BTC, that's a steal!"  Nevermind that you'd be able to buy it for 375 BTC the next year.

that's called deflation: hold it until there is no other possibility. which is good for an asset but not for a currency.

Could you elaborate on "not good for a currency" part? I am still failing to see a real problem (not the academic mumbo-jumbo theories that come and go). You buy and sell things as you see fit, you correct for inflation or deflation when discussing "real" value over a period of time, and that's it. If you want to hoard, go ahead and hoard and even die like an old, poor fool if you choose to do so. Or remember that the economy might shrink, leading suddenly to a relative surplus of coins - now you can buy less than yesterday with the same coin you saved.

[dank]

All money will soon lose value, as it's useless.  Focus on what makes you happy.

[Gyrsur]

This thread is precious in the light of all the screaming "deflationary currency prevents spending and will kill the economy!!!".

This, this, this!

It's an interesting psychological situation.  Because things become cheaper and cheaper as you go along, you think, "Wow, this car would have cost me 9000 BTC last year, but now I can buy it for only 1500 BTC, that's a steal!"  Nevermind that you'd be able to buy it for 375 BTC the next year.

that's called deflation: hold it until there is no other possibility. which is good for an asset but not for a currency.

Could you elaborate on "not good for a currency" part?

a currency where the value of it is constantly growing may prevent not too few people to use it as a currency to spent it easily and buy things for daily live. such a currency may be too valuable to buy ordinary things with it. but this are only thoughts. if I spent a large amount of bitcoins I would immediately buy the whole amount back through fiat money which means I use only the transaction functionality of it. but could be this is not preventable within the adoption phase and will persist until the value of bitcoin is roughly estimated.

EDIT: look at what e.g. MtGox (fees), SatoshiDICE and FastCash4Bitcoins is doing since a while. it is in exactly the same way as described above.

[Vince Torres]

Lmfao a financial expert that takes the equity from their house to buy a virtual currency.

[SgtSpike]

Lmfao a financial expert that takes the equity from their house to buy a virtual currency.

It was a calculated risk, and it paid off.  Far better than the people who take equity from their house to buy a new boat IMO!

[cointell]

I wonder how well that strategy will work out for this guy...

http://www.reddit.com/r/Bitcoin/comments/18f3pd/i_have_my_entire_retirement_and_savings_invested/

[Gyrsur]

I wonder how well that strategy will work out for this guy...

http://www.reddit.com/r/Bitcoin/comments/18f3pd/i_have_my_entire_retirement_and_savings_invested/

lead to the question what is the value of bitcoin and is this value untouchable?

EDIT: it's very hypothetical but not unfeasible: a ban of BitCoin by United Nations (www.un.org/en/ecosoc/) because of undefined reasons (at the moment) is a possible risk.

[repentance]

that's called deflation: hold it until there is no other possibility. which is good for an asset but not for a currency.

Most people who don't plan on bequeathing their wealth to someone else are intending to liquidate their assets at some point - whether those assets are BTC, property, or Berkley Hathaway shares.

While everyone should make provisions for living comfortably in retirement, quality of life in the meantime also matters (after all, with official retirement age nearing 70 in many Western countries, a lot of people aren't even going to live to retirement age).