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

[parmatiya]

If this is real, OP will be rich in 20 years, because only hardcore holders (actually burying your wallet is a hardcore holder) will hold BTC for that much amount of time, so by then, a single person owning 5 BTC will be a rarity, which means OP will be wealthy as hell.

It is not necessary to be in 20 years. if the bitcoin is very popular, in 10 years, the price will be 250,000 dollar each.

[rickadone]

If this is real, OP will be rich in 20 years, because only hardcore holders (actually burying your wallet is a hardcore holder) will hold BTC for that much amount of time, so by then, a single person owning 5 BTC will be a rarity, which means OP will be wealthy as hell.

It is not necessary to be in 20 years. if the bitcoin is very popular, in 10 years, the price will be 250,000 dollar each.

Wow that's so optimistic of you that the price would be $250,000 in 10 years I mean it's already nearly 6 years with bitcoin circulation and our ATL is currently at ~$1000 but yeah I know what you're gonna say.
That was when bitcoin wasn't too popular. Anyhoo, $250k is nearly impossible to reach without trillion, quadrillion even, dollar investors.

[gogodr]

So op, have you dug up your btc yet to put them on paper. USB is going to be dead in 20 years. May want to take that into consideration.

[dippididodaday]

I don't know if any one mentioned this, but usb sticks use flash chips. and those can degrade over time if they are cheap, specifically if they don't get powered on regularly, the electric charge held in the chip (the bits) degrades.

it was mentioned in one of the first pages and argued a lot.

the important thing about cold storage is to make sure you have multiple backups from it so in case one was lost/damaged/... you have the option to recover the funds. and it doesn't matter what method you use. even paper wallet can be damaged.

Yes our current "paper" money is better material as the woodpulp paper we use to write and type on. The "paper" money is actually a combination of cotton, linen and synthetic fibers (before WW1 the fibers were made of silk), and is quite durable. Using only paper (woodpulp type) is very risky. Multiple backups, different media types and location spread of storage of it is best imo.

[leonix007]

Well, assuming you actually followed through with this, you are either incredibly confident or incredibly stupid.

I'm not saying it is necessarily a bad investment, but you must be very confident in the future of Bitcoin and its ability to maintain value over long periods of time. $2300 USD is a fairly large investment, and I hope that you pay attention to the market and play it right so you can make some money off of it.

Good luck with your investment.

you've made my day Dude! funny, can't stop smiling while reading this post. I don't actually believe such people who will hide investments such as this exist.

[goinmerry]

Broke?  You are not broke you just kept what you think would rise someday. Actually that is a genius work you done there. You bought 5 bitcoins at 2300 now the price of that buried coins is getting more larger. You posted at  May 2016 and in just a month and look how much you profit. Better than bank right?

[amine14madrid]

It is nice to see that there will be now more people that is holding their coin now and that is nice because you see now that the value of the Bitcoin is rising slowly so that is really nice.
But it will be really hard to know when the value stops rising and that is really hard also to predict.

[qiman]

I wish I had savings to invest in bitcoin but I just joined the brigade of unemployed so I just have to work hard to earn bitcoin instead. All things are good if you invested and now it has gone up.

[DomesticTrader]

I don't know if any one mentioned this, but usb sticks use flash chips. and those can degrade over time if they are cheap, specifically if they don't get powered on regularly, the electric charge held in the chip (the bits) degrades.

it was mentioned in one of the first pages and argued a lot.

the important thing about cold storage is to make sure you have multiple backups from it so in case one was lost/damaged/... you have the option to recover the funds. and it doesn't matter what method you use. even paper wallet can be damaged.

That is really bad indeed and that is because you are greedy and you dont have even the patience to wait a longer time to sell it because as you can see now you see that the value of Bitcoin is becoming higher so that is really nice for people who already have Bitcoin.
The only thing now that they have to do is just sell it on the right moment and than make some profit.

[sishendaoye]

If this is real, OP will be rich in 20 years, because only hardcore holders (actually burying your wallet is a hardcore holder) will hold BTC for that much amount of time, so by then, a single person owning 5 BTC will be a rarity, which means OP will be wealthy as hell.

It is not necessary to be in 20 years. if the bitcoin is very popular, in 10 years, the price will be 250,000 dollar each.

To be honest I hope the price to be so high but I do not believe that the price per Bitcoin is going to be that high. It is going to be somewhere ion the thousands but I just do not see 250,000 happening.

[Icathia]

That is such shame you dont need to use all of your money to spent into bitcoins idiot. Dont you learn that on school dont invest all of your money that will go bad.

[GermanFoobla]

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

That is not very clever of you because there are always people who tell you dont invest all of your coins at the same time because you will regret it and there you go.

[Iceborn]

That is such shame you dont need to use all of your money to spent into bitcoins idiot. Dont you learn that on school dont invest all of your money that will go bad.

Some people like it to take some risks I must say that if you can make  some nice profits with the bitcoin I also would do this because its not very wrong to do this if you can...
I must say its not very bad due to the risings right now you can make some very nice profits right now.

[el kaka22]

I don't know if any one mentioned this, but usb sticks use flash chips. and those can degrade over time if they are cheap, specifically if they don't get powered on regularly, the electric charge held in the chip (the bits) degrades.

it was mentioned in one of the first pages and argued a lot.

the important thing about cold storage is to make sure you have multiple backups from it so in case one was lost/damaged/... you have the option to recover the funds. and it doesn't matter what method you use. even paper wallet can be damaged.

Yes our current "paper" money is better material as the woodpulp paper we use to write and type on. The "paper" money is actually a combination of cotton, linen and synthetic fibers (before WW1 the fibers were made of silk), and is quite durable. Using only paper (woodpulp type) is very risky. Multiple backups, different media types and location spread of storage of it is best imo.

That's right, it is necessary to have multiple back-up in case of worst case scenario you are already prepared.
I only back-up my BTC to paper and offline. I guess we should came up with something unique and safe for our BTC to exist in the next 10-15years.

[goinmerry]

That is such shame you dont need to use all of your money to spent into bitcoins idiot. Dont you learn that on school dont invest all of your money that will go bad.

He is broke when he posted it. But now he got a few profit from it. It is almost doubled at the price now so it is an idiotic way at first but he risked it all for this future. He is a winner now.

[Alauria]

Spending will be not the best thing that you can do and that is because the value of Bitcoin is rising slowly so that is perfect for people who are holding their Bitcoin.
Because they have maybe the opportunity to sell it and that should be perfect for them if that would be possible for them.

[sbtctalk]

Should i follow suit and dump all my fiat savings into bitcoins?

[romero121]

That is such shame you dont need to use all of your money to spent into bitcoins idiot. Dont you learn that on school dont invest all of your money that will go bad.

He is broke when he posted it. But now he got a few profit from it. It is almost doubled at the price now so it is an idiotic way at first but he risked it all for this future. He is a winner now.

If he had spent now, as quoted he might be profited but right now during the rising time he doesn't have any more to grab the profit.

[pinkpanther03]

Bitcoins is just like an investment,  We are not obligue to put all our savings into Bitcoins.
better for us to be wise.

[mayax]

you should put how much you can afford to lose without affecting your life at all.