I spent all my saving on bitcoin, now i am broke

[Doms]

I read in one of the boards here that USBs tend to lose power after a few years of inactivity, rendering it useless after a couple of years. Better think of better ways to store them BTCs. You aren't broke as you still have $100 and you can still save. Only time will tell whether your decision to bury your BTC (at current prices) is right or wrong. But since time is on your side, and you still have other means of income, you are not doing bad at all.

[Superbitzz]

i suggest you not to do so just for security measure. i think we should be careful bucause there is always a chance o breaking the stick so be careful and try to use USB and some thing else.

[npredtorch]

20 years from now those USB sticks might be obsolete just like those floppy disks that we thought are the way to the future but now it's just a collectors item but then again someone can still get those information even if they are not use just like those guys who's job is to transfer data from an old Betamax or VHS to CD or USB.

Come on people, for those who said that USB sticks will be obsolete and being not functional after 20 years , please don't make it complicated. He just said that he plans to get it after 20 years , everything is okay, cause ANYTIME he could dig and take it in the soil in his backyard under the birdbath and transfer the btcs before the USB sticks become obsolete. IKR 

[chek2fire]

you are not broke.. you still have money.. 6 Bitcoins

[relq]

Just don't go all in invest all our money into bitcoin, better saving some of your money. Saving on bitcoin in USB still have a risk though, many people on this topic already mention about the power.

[btccashacc]

you are not broke.. you still have money.. 6 Bitcoins

Your six bitcoin will be worth 6k Dollars, if the price hit 1k dollars again, i personally save my own bitcoin for long term investment, i trully believe that bitcoin's price will be skyrocket,
at least after halving you will gain some profit, thus you are not broke actually

[betohell]

Just don't go all in invest all our money into bitcoin, better saving some of your money. Saving on bitcoin in USB still have a risk though, many people on this topic already mention about the power.

yeah do not be swayed by the lure to get a big profit. if you do not want bitcoin you save exhausted because you spend. better save your bitcoin in usb. I think it would be helpful

[Jasad]

well i have good news or bad news, this week i took out all my saving from my bank 3500 and bought some bitcoin

i now have a total of 6 bitcoins,  


last night i bought 5 usb sticks and 2 waterproof boxes,  i put the box inside of the other box then the 5 usb sticks in the middle of the box,  afterwards i went into my backyard and dug a hole underneath the bird fountain,

i dug the hole almost 3 feet under. Then i buried it back and placed the bird fountain back.  

The bird fountain has been in the same spot for many years so i am not worried about forgetting where i buried it, and grass doesn't grow underneath it.

so there we have it,  I buried a total of 5 bitcoins, i plan to keep it there for 20 years. The 5 bitcoins cost me about 2300USD


The 6th bitcoin i keep it on my cellphone and i plan to spend it online,


Now i only have 100 dollars left in my bank,  i am basically broke,  my whole saving gone!


Was this a bad idea?   after i buried it i was starting to feel like it was a bad idea,  

i also did not put a hard password on it because i thought i would forget


but i wasn't planning on using my saving for anything, and the bank doesn't give me any interest for it,

i've never invested in anything , possibly because i don't have much money


anyways.. it's just money.. i'll save some more

i figure in the future, it might be way too expensive to own even 1 bitcoin,



i am now a proud owner of 5 bitcoins


this is my bitcoin story,


here are some pictures of the box and bird fountain, its not the exact ones that i own but similar

do you think its was a briliant idea?have you think about security of your 6 bitcoins?i think you should find better place to burried your bitcoin,becuase your spot might broken because earthquake
and people mentioned about usb stick that not working if not used for long time.

[Cantoner]

Well we had let you several advices i understand you wanna let the coins and the wallet connected to them stopped and not being at computer and cellphone is one road but  you should choose others ways to protect your bitcoin,otherwise you risking to loose your coins because a stupid act.(saving into the usb)

[dippididodaday]

I try to think of all the things that can go wrong and you loose bitcoin: earthquake, fire, EMP (electromagnetic pulse), water flooding, break-in and theft, forget password, HACKERS aawwww!!

Solutions for these hazards is: different locations and different storage devices and practice the password regularly and maybe in watertight, fireproof, highly secure vaults in different locations store also different media (like old fashioned disks too). The password I don't have solution for this. If you for some reason suffer sudden unexpected permanent damage to the head and loose memory your screwed.

[mindrust]

Twenty-fokin-years?

I hope that you won't get surprised to see how the hackers gotten smarter nowadays. You think you are safe but the word is out, you are not safe. In fact, you are pegged. More pegged if you don't do what i want and what i want is... half of your shit.

The thing is, don't get over confident about your security. It is a very bad thing. I would remove the photos immediately if i were you.

[Genius Einstein]

Wow i think that you are either a terrible liar or a very unlucky person

[dippididodaday]

I hope that you won't get surprised to see how the hackers gotten smarter nowadays. ]

hackers is probably the no1 reason for go broke cause they so smart with the tech I think. (I forgot this actually)

Jeez...so many things could make you loose your savings. maybe not all in bitcoin I guess is best.

(the vault idea is only worth it if you've got a lot of dough and don't want to utilize it in business which could yield ever better profits of course and help bitcoin-economy grow with added liquidity which is nice.)

[Blacula X]

Wow i think that you are either a terrible liar or a very unlucky person

http://vignette2.wikia.nocookie.net/clashofclans/images/c/ce/Why_not_both%3F.jpg/revision/latest?cb=20130824200436

[jdmorgan]

i did not put 1 bitcoin in each stick,   i put the 5 bitcoins together on 1 wallet, then just copied it to all the usb sticks,  

i never thought about doing that, now that i think about it, it would've been a better idea of putting 1 bitcoin on each stick, just in case one fails,  

i used usb's because i don't know how to make a paper wallet,  it was really confusing and hard when i read it online, i also don't own a printer


i don't see why they would stop working,  they are all different brands of usb and the box is waterproof, i think i should ok,

You did the right thing buying BTC, but I think you had better buying even a printer and did some paper wallet of your money..

The flash memory inside your USB stick will lost all data after 8 years without power.

Anyway why you are so desperate? You have only exchanged your fiat money for bitcoin.. you still have the money, just in a different way. A way that may reserve to you much more interest of keeping bucks in a bank today.

If you think you've made ​​the wrong choice, sell it to me

[Herbert2020]

I hope that you won't get surprised to see how the hackers gotten smarter nowadays. ]

hackers is probably the no1 reason for go broke cause they so smart with the tech I think. (I forgot this actually)

Jeez...so many things could make you loose your savings. maybe not all in bitcoin I guess is best.

(the vault idea is only worth it if you've got a lot of dough and don't want to utilize it in business which could yield ever better profits of course and help bitcoin-economy grow with added liquidity which is nice.)

it is not only about losing bitcoin to hackers but also publicly announcing where you are hiding your money and/or valuables with pictures looks like an invitation to robbers to try and steel them from him!

[numismatist]

i also did not put a hard password on it because i thought i would forget

Doesn't matter since the basics of the cryptography are unbreakable. Merely somebody digging in your gardens might have a more easy entry lever.

On the long term, you will not regret this.

[Wendigo]

I think Corsair manufactures a line of USB sticks that are pretty expensive and have a military grade protection like being waterproof and shock-and vibration-proof and these sticks are encased in aircraft-grade aluminum. However I wasn't aware that USB sticks can lose data if left unpowered for prolonged periods of time so it might not be a good idea to use these at all. What about burning your private keys on small CD's and putting these in the water proof boxes? If I were you I would have printed paper wallets instead and placed them in different hidden sports around the house.

[dippididodaday]

^ good ideas. I would add maybe do both. put it on a couple different small CD's and on paper wallets and then laminate the paper and even the CD's (or seal wrap them) so elements (like water) can't damage it (think double protection if you add water tight container) and put around house, maybe in the attic (or crawlspace under house) somewhere and at a couple different locations maybe in family member's gardens too. [offer to do a little garden work for them for this favor and look for a good spot out of site]

[BitcoinSupremo]

So you bought 6 bitcoins and kept them on USB sticks, well its not that is totally unsafe but you could have also bought a Ledger HW1 wallet which is a hardware wallet which works just like an USB, and their manufacturer say its lifetime is 30 years or 500.000 cycles which is safer and longer than a USB stick, you are still on time to buy one which costs only about 50 USD including shipping and no you are not broke, you have been very smart, after a few years one bitcoin may even go to 10.000 or 20.000 USD so just forget about them until then, but don't forget their password