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Author Topic: What are the biggest mistakes you've done with Bitcoin?  (Read 17369 times)
sedeki
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April 02, 2013, 10:35:46 PM
 #1

As the topic says, What are the biggest mistakes you've done with Bitcoin?

I'm trying to gather just a list on things that have gone wrong. This can be terrible backup stories, client hacks, reversing at MtGox and such.
I don't want to gather a list of hacks of commercial sites in particular because there are plenty of information on that already.

I will post everything I find on this very simple website:
http://sites.google.com/site/whoissatoshi/bitcoin-mistakes


Don't be shy!


EDIT: Please add some context, interesting details etc to make it a nice story.
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dancingnancy
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April 02, 2013, 10:37:42 PM
 #2

Gamble about 150 BTC away around 5-10 dollar range.

Next biggest was to sell most of my coins on the way back up @ $26.



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April 02, 2013, 10:38:38 PM
 #3

Lost 25 BTC by sending to what I thought was my instawallet... But it wasn't. Instawallet is just a bit richer because of my stupidity.

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April 02, 2013, 10:40:41 PM
 #4

Day trading Alt-currencies in the past like Solidcoin,Iocoin and Ixcoin.Lost at least 100 btc doing that.

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April 02, 2013, 10:40:47 PM
 #5

Lost password to my first encrypted wallet. I have 0.4 BTC in there and no way to get it out. I know one day that'll be worth like $150,000 hahaha...   argh

I'm also invested in the BAKEWELL mining asset on Bitfunder, which appears to have been some sort of scam.
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April 02, 2013, 10:41:52 PM
 #6


Next biggest was to sell most of my coins on the way back up @ $26.

Yeah I really hate the fact that I needed money back at the $20 level and sold most of my coins Sad
sedeki
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April 02, 2013, 10:47:07 PM
 #7

Okay guys, updated.
Hopefully someone will learn something from this.
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April 02, 2013, 10:55:55 PM
 #8

My final BTC trade was at 2.94 BTC/CAD, pretty much the bottom of the first decline. Haven't touched bitcoin since, started reading up on it with the recent price spike. So many regrets right now.
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April 02, 2013, 10:59:38 PM
 #9

Selling and buying Bitcoins too often at the wrong price.

Buying a 6 month mining contract from a guy who ran away with the money (didn't recover everything).

Trusting Mt.Gox is a reliable company.
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April 02, 2013, 11:05:10 PM
 #10

Sold 25 coins at price $45/BTC.
dancingnancy
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April 02, 2013, 11:06:47 PM
 #11


Trusting Mt.Gox is a reliable company.

Hit the nail on the head there.  They have been holding our bitcoinica funds for around a year now.



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Lethos
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April 02, 2013, 11:07:56 PM
 #12

Since getting involved in bitcoin I made 2 pretty big mistakes;

Selling a large portion of my bitcoin stash, when it was worth £9.
It's true I needed the money, unforeseeable situation meant the bitcoins I held, was a big life line to me.
Then to watch it jump upto £75+ over the next few months.
It just hurts to realise if I could of held out, I'd be have 8x that figure, which I admit I might of been able to do.

My other big mistake was "gambling/investing" with my bitcoins via assets on GLBSE.
The only upside is ASICMiner (investment) turned out so profitable it made up all my loses in all the assets which didn't.
I learnt a valuable lesson, it's rare that any investment can beat price fluctuation of Btc itself, the few that do, you lucky if you ever notice it.

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sedeki
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April 02, 2013, 11:18:07 PM
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Buying assets on an informal stock exchange seems very risky to me.
Although if you're lucky you can really get a significant piece of a business that you believe in.

But again, totally risky.
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April 02, 2013, 11:22:49 PM
 #14

As the topic says, What are the biggest mistakes you've done with Bitcoin?

I'm trying to gather just a list on things that have gone wrong. This can be terrible backup stories, client hacks, reversing at MtGox and such.
I don't want to gather a list of hacks of commercial sites in particular because there are plenty of information on that already.

I will post everything I find on this very simple website:
http://sites.google.com/site/whoissatoshi/bitcoin-mistakes


Don't be shy!

My greatest mistakes:

1) Did not buy any when it still was cheap arount 5$

2) Did not buy any when it was rallying over 10$

3) Did not buy any when it was rallying over old ATH 32$

and so on...

So I will prepare for the next dip - I will fund my Mt Gox account and buy lots of coins if and when we get 20-30$
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April 02, 2013, 11:24:38 PM
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I learnt a valuable lesson, it's rare that any investment can beat price fluctuation of Btc itself, the few that do, you lucky if you ever notice it.
Amen brother
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April 02, 2013, 11:29:40 PM
 #16

Lost about 200BTC on GLBSE  Cry
sedeki
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April 02, 2013, 11:34:38 PM
 #17

aren't we going to get a thread full of

"sold(or converted) too low / bought too high?", "lost wallet", "oops sent to wrong address", "got scammed" and "gambled coins"Huh

What else is there? I guess "DIDN'T START SOONER!" Which basically everyone in the world has...

I mean the problem with most all of these is:

1) burgeoning technology growing pains... wallet.dat issues, long string wallet issues...
2) actually used bitcoins for something. Unless you're then turning those conversions into something that outperformed bitcoins, everyone who's ever gotten rid of them "AW MAN LOST" ... the flipside is, if noone would have ever gotten rid of them they'd not be valued where they are. So no, if you held out you might not have more money right now. Which again, implies cashing out. What price point and point in time were you comfy with having cash?
3) volatility turning something that seemed like a sound investment into completely retarded shit. This is a bigger problem than just using them, its undermining to its advancement if someone who bought reddit gold a month ago realizes what they ended up paying for it. It just hit another all time high of 116.4 as i typed this. I don't know many people who'd be inspired that in a month from now they could have triple what they're going to use the currency for today...
Initially I was looking for weird stories like, "my dog ate the USB-drive that held my wallet.dat" or something.
I'm interested in the story around it.

EDIT: I changed the first post to reflect this.
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April 02, 2013, 11:48:24 PM
 #18

Formatted a hard drive with unbacked-up 10BTC wallet........ confident that I would find a backup of it someday....... someday..... Cry

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April 03, 2013, 12:04:02 AM
 #19

Nothing.

I regret no decision although if I had the chance to go back knowing what I know now about the future I would have done a few things differently obviously, but given the information I had at the time I think I made good choices all around, choices that were based on empirical evidence and sound conservative reasoning.

My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right)

If however you enjoyed my post: 15j781DjuJeVsZgYbDVt2NZsGrWKRWFHpp
sedeki
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April 03, 2013, 12:05:22 AM
 #20

Nothing.

I regret no decision although if I had the chance to go back knowing what I know now about the future I would have done a few things differently obviously, but given the information I had at the time I think I made good choices all around, choices that were based on empirical evidence and sound conservative reasoning.
Well said.
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