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

[Fatanut]

That's not entirely a bad idea if you do have any way of having your own food, shelter, and clothing without using any money. For example, growing your own food will be really essential for your situation. The money that's left on you should be enough to make you survive until the Bitcoin's price increase. I guess you don't have any other business that you can use that amount of money on, to be honest, that 6 bitcoins wouldn't give you that much compared to how much time you'll wait.

[groll]

I enjoyed reading your story.  I thought you lose your bitcoin because the usb sticks you put under the bird fountain gone wet.   

Do not feel that you are broke.  You have 5 bitcoins under the ground and the good thing is you will be able to dig it out anytime when you think that bitcoin price will drop.  But of course it is unlikely to happen since bitcoin price will going up at the end of this year, that is according to them.   And to tell you the truth, I have no savings.  Even a $100.  So I am broke-r than you. 

[gendang]

not broke if OP get back his 5 btc because it is already profit if want to sell now, or maybe he already sold it at highest rate before halving because this is an old thread,

[greBit]

You will really become broke if you spent your bitcoin savings. If you all do is withdraw and did not do any deposits, you will really lose all of your bitcoin in your wallet. If you invested it instead of spending it, maybe it already earned so much profit. Next time, think wisely how you will spend your bitcoin. Don't be a one day millionaire.

Yeah and spending all of them at once is not a good idea at all, we know that future is uncertain so its always good to be ready with an back up, if he would have saved some of them then those coins would have taken care of him at a moment.

[BitHodler]

not broke if OP get back his 5 btc because it is already profit if want to sell now, or maybe he already sold it at highest rate before halving because this is an old thread,

People have great plans and high expectations about them hodling their coins for a very long time, but as soon as the price starts to go up, these plans go to waste as people are too tempted to sell their coins.

Due to the lack of communication from OP's side I seriously think he already have sold his coins which I could understand if he sold at the peak in June.

[peta4e]

not broke if OP get back his 5 btc because it is already profit if want to sell now, or maybe he already sold it at highest rate before halving because this is an old thread,

People have great plans and high expectations about them hodling their coins for a very long time, but as soon as the price starts to go up, these plans go to waste as people are too tempted to sell their coins.

Due to the lack of communication from OP's side I seriously think he already have sold his coins which I could understand if he sold at the peak in June.

What you said is correct, initially people will say that they will prefer to hold them for a long term, but as soon as they see price climbing, they will start selling their coins to secure profits.

[diodio5]

not broke if OP get back his 5 btc because it is already profit if want to sell now, or maybe he already sold it at highest rate before halving because this is an old thread,

I think that makes the loss when investing in bitcoin because they do not have the patience or they are wrong in choosing to buy bitcoin prices, as often happens after I bought later bitcoin bitcoin prices to be down very low and it cost me dearly

[boybugs18]

you could not be broke this time if you sell it now because your in a profit for sure or if you know that your going broke the tendency is your mind is thinking how to cope up with the situation.

[Eliteman12]

Well it is not good that you took all your money from bank. You could leave 500$ there or so, because who knows what will happen in future and maybe you will need that money, and when you don't have it now...

But With bitcoins, i think you have huge security now, as i don't think that someone will ever find it unless you mention where you keep these bitcoins, but if you're smart you will keep your mouth shut.

[DPAY2016]

Bitcoin is secure, not price. Nobody could predict if tomorrow price will drop to 1 us ot 10k.
Algo is secure.

[randy8777]

Well it is not good that you took all your money from bank. You could leave 500$ there or so, because who knows what will happen in future and maybe you will need that money, and when you don't have it now...

But With bitcoins, i think you have huge security now, as i don't think that someone will ever find it unless you mention where you keep these bitcoins, but if you're smart you will keep your mouth shut.

him putting nearly all his money into bitcoin is indeed not the right thing that he has done, but if he still have these coins, then the result isn't bad for once. normally these people sell their coins in panic when the price is going down, but he had the luck of having the block halving in front of him at the time he bought his coins.

[Noctis Connor]

If you had already 6 bitcoin then use that as trading but you use that to buy some gadgets and material you need to it is okay you need to learn from our mistakes sometimes you should turn your money again to bitcoin so that you can have it for trading and other like buying again when you made a profit.

[Eliteman12]

Well it is not good that you took all your money from bank. You could leave 500$ there or so, because who knows what will happen in future and maybe you will need that money, and when you don't have it now...

But With bitcoins, i think you have huge security now, as i don't think that someone will ever find it unless you mention where you keep these bitcoins, but if you're smart you will keep your mouth shut.

him putting nearly all his money into bitcoin is indeed not the right thing that he has done, but if he still have these coins, then the result isn't bad for once. normally these people sell their coins in panic when the price is going down, but he had the luck of having the block halving in front of him at the time he bought his coins.

That's right, if . I hope he will be smart and he will save his coins for enough time to get profit from them, and not lose money. Newbies often do mistakes like this, even i did it once.

And yes, he got in "Halving Train', But i can't say that there was a huge price rise this time... Price before halving was 440$, then there was huge pump for 2 weeks till halving to 600$, then halving, price still same, then bitfinex hacking, and price fell to 550$. He could sell his coins right now and earn from them, But i don't think that it is worth to dig them out, and sell everyone. too much effort spent to bury them.

I also hope that nothing bad will happen to him, since he have no money at all at this moment (maybe from salary, but that's still not 3000$).

[KenR]

If you had already 6 bitcoin then use that as trading but you use that to buy some gadgets and material you need to it is okay you need to learn from our mistakes sometimes you should turn your money again to bitcoin so that you can have it for trading and other like buying again when you made a profit.

Bud,that comment of yours doesn't make any sense. Basically,you're asking him to buy bitcoins and lose them again.Not the purpose of this thread.

[Zadicar]

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

I just calculated  that  you bought your bitcoin on $460/btc which  you are already  gained profit  from it on  the current price of bitcoin. If i were you,  you shouldnt  dug those  bitcoin even how you  are broke since you could possibly make some thing that you would survive somehow because  its  a lot better   if you  hold a little bit more   on your bitcoin.

[eternalgloom]

So this guy bought bitcoin when the price was about $450 and now that they are $600 he's broke? lol

he is a lucky person and he also saw a price of $750 in the mid of the year so he got about 80% or more profit with that bitcoins. But I think he is saying it because he have buried them and is unable to use them for his needs. He should have to keep them in his living wallet.

The problem is that we don't know how everything is right now. Perhaps he sold all his coins to secure profits. Perhaps that his coins, or the majority of it are still untouched. An update from OP would be a welcome thing here.

op last active was today , would be nice to get an update from him right? but since he is planning to save the 5 bitcoin for very long term saving in bitcoin , i guess he just keep his bitcoin underground . the 'broke' that what op means are due he has spent the whole fiat money saving to buy bitcoin and buried it. so i guess he just have a great plan not the real broke.

Yeah, I would also like to see an update on this whenever he plans on selling or if he's already checked if it's still there :p
But it's better to wait until he takes another action, now it's just waiting that he has to do.

[Senor.Bla]

So this guy bought bitcoin when the price was about $450 and now that they are $600 he's broke? lol

he is a lucky person and he also saw a price of $750 in the mid of the year so he got about 80% or more profit with that bitcoins. But I think he is saying it because he have buried them and is unable to use them for his needs. He should have to keep them in his living wallet.

The problem is that we don't know how everything is right now. Perhaps he sold all his coins to secure profits. Perhaps that his coins, or the majority of it are still untouched. An update from OP would be a welcome thing here.

op last active was today , would be nice to get an update from him right? but since he is planning to save the 5 bitcoin for very long term saving in bitcoin , i guess he just keep his bitcoin underground . the 'broke' that what op means are due he has spent the whole fiat money saving to buy bitcoin and buried it. so i guess he just have a great plan not the real broke.

Yeah, I would also like to see an update on this whenever he plans on selling or if he's already checked if it's still there :p
But it's better to wait until he takes another action, now it's just waiting that he has to do.

this dude is a legend already. and as far as i understand he has not intention of selling them soon (but he is learning more about bitcoin and how to use paper wallets), so they are most likely still there.

[Evintiman]

So this guy bought bitcoin when the price was about $450 and now that they are $600 he's broke? lol

he is a lucky person and he also saw a price of $750 in the mid of the year so he got about 80% or more profit with that bitcoins. But I think he is saying it because he have buried them and is unable to use them for his needs. He should have to keep them in his living wallet.

The problem is that we don't know how everything is right now. Perhaps he sold all his coins to secure profits. Perhaps that his coins, or the majority of it are still untouched. An update from OP would be a welcome thing here.

op last active was today , would be nice to get an update from him right? but since he is planning to save the 5 bitcoin for very long term saving in bitcoin , i guess he just keep his bitcoin underground . the 'broke' that what op means are due he has spent the whole fiat money saving to buy bitcoin and buried it. so i guess he just have a great plan not the real broke.

Yeah, I would also like to see an update on this whenever he plans on selling or if he's already checked if it's still there :p
But it's better to wait until he takes another action, now it's just waiting that he has to do.

this dude is a legend already. and as far as i understand he has not intention of selling them soon (but he is learning more about bitcoin and how to use paper wallets), so they are most likely still there.

That is right. The bitcoin is still in the very early stage of development. The price will still rise a lot in the near future.

[yhlsqj]

When i saw your title, i thought you must biy bitcoin at 1200 usd, but you spent 450 usd per bitcoin, not be backed either, how can you be broke? In 2017 if bitcoin is 700 usd, you will think you are wealthy. After 20 years, I promise bitcoin will be 10,000 usd.

[doomistake]

You've got to be kidding. After you've spent most of your savings just to bought bitcoin and you're just gonna buried it under your bird fountain in your backyard? Why do it when there's a lot of ways on growing your 5 BTC? You can do some trading's here in bitcointalk and other things that might help you to grow your 5 BTC. I think it will be just a waste of time if you'll just gonna let it go like that. You'll remain broke if you're not gonna do anything about your 5 BTC that you bought. Then what is the reason why you bought 5 BTC if you're just gonna bury it. Give me a break.