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Poll
Question: Dumbest Bitcoin Purchase of 2017? (Lost $$ by Spending it!)
Lost over 500k. vs BTC kept! - 0 (0%)
Lost over 200k. vs BTC Kept! - 1 (12.5%)
Lost over 100k. vs BTC kept! - 1 (12.5%)
Lost over   50K  vs BTC kept! - 1 (12.5%)
Lost over   20k vs  BTC kept! - 0 (0%)
Lost over     5k vs  BTC kept! - 1 (12.5%)
Lost over     1K vs  BTC kept! - 1 (12.5%)
Lost under   1K vs  BTC kept! - 0 (0%)
Kept all my BTC in 2017! - 2 (25%)
Made over  1K on BTC spent! - 0 (0%)
Made over 10k on BTC spent! - 0 (0%)
Made over 20k on BTC spent! - 0 (0%)
Made over 50k on BTC spent! - 0 (0%)
Made over 100k vs BTC spent! - 0 (0%)
Made over 200k vs BTC spent! - 0 (0%)
Made over 500k vs BTC spent! - 0 (0%)
Prefer not to say, too much pain! - 0 (0%)
Prefer not to say, too much joy! - 1 (12.5%)
Don't matter BTC=$0. Tulips! - 0 (0%)
Does not apply I own < 1 BTC! - 0 (0%)
Total Voters: 8

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Author Topic: What is your dumbest Bitcoin Purchase of 2017? (i.e. if I'd only kept the BTC!)  (Read 199 times)
Searing
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December 06, 2017, 11:28:59 AM
 #1

So if you knew back in the far-off days of Jan 1st, 2017, with BTC below $1,000.00 USD what you know now, as it creeps to $13,000.00 usd

How would use or not use your bitcoin differently?

In my case, I got some equip for $10,104.00 USD that if I'd kept the 4.108 BTC as of this moment, I'd have $57,419.89, if I'd kept the BTC!

you can do a link to your experience (like I did below) or thru the tears, type them out here


https://bitcointalk.org/index.php?topic=1976753.msg25843156#msg25843156


on the other hand

perhaps you made a killing, spending some BTC, we'd also like to hear that (it is windy up here crying on the microwave tower) Sad

anyway, my experiences, with spending BTC in 2017. (there are others, but after you read the link, you will see I have no desire to look further...the horror! Ack!)

scary to think, what 'boneheaded' moves I can make in 2018...if BTC continue to go up in 2018 and beyond (groan!)

anyway, share with us, so we don't feel alone on our bonehead moves, with 20/30 hindsight....

silly hobby

(see the poll)




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December 06, 2017, 11:37:15 AM
 #2

Buying BTC with BCH around about the bottom ~$330  Roll Eyes

Have to mindful of this when diversifying BTC into alts, that your alt has to rise faster than BTC to be worthwhile.



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December 06, 2017, 11:45:47 AM
 #3

Buying BTC with BCH around about the bottom ~$330  Roll Eyes

Have to mindful of this when diversifying BTC into alts, that your alt has to rise faster than BTC to be worthwhile.



I am leaving all my fork coin alone. At least for 1 year and 1 day. Captial Gains/etc. With my luck, I move it and IRS will call

it a taxable event (money from the sky $$$) (could happen according to CPA) or pay income tax on it by moving it or spending it!

I mean, the IRS did just try to go after 15 million people with a blanket injunction for all info on Coinbase. Any idiot idea is possible with crypto by the IRS!

So many forks are gonna come out (probably 12 up to Jan 2nd, 2018 ...so far) how the heck will you keep track? So any forks on BTC will have to stand

on their own for 1 year and 1 day. Then maybe, I'll cash them out (some of them) Smiley


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December 06, 2017, 11:53:42 AM
 #4

It was investing my coins in forex around January lost almost 1BTC to the forex market, just for the price to be this high by december Embarrassed
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December 06, 2017, 01:06:53 PM
 #5

Buying BTC with BCH around about the bottom ~$330  Roll Eyes

Have to mindful of this when diversifying BTC into alts, that your alt has to rise faster than BTC to be worthwhile.



I am leaving all my fork coin alone. At least for 1 year and 1 day. Captial Gains/etc. With my luck, I move it and IRS will call

it a taxable event (money from the sky $$$) (could happen according to CPA) or pay income tax on it by moving it or spending it!

An interesting aside... is it not the case that only when you sell for $ you realise the taxable gain (needing to look up how my tax authority will handle this).
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December 06, 2017, 01:10:34 PM
 #6

So if you knew back in the far-off days of Jan 1st, 2017, with BTC below $1,000.00 USD what you know now, as it creeps to $13,000.00 usd

How would use or not use your bitcoin differently?

In my case, I got some equip for $10,104.00 USD that if I'd kept the 4.108 BTC as of this moment, I'd have $57,419.89, if I'd kept the BTC!

you can do a link to your experience (like I did below) or thru the tears, type them out here


https://bitcointalk.org/index.php?topic=1976753.msg25843156#msg25843156


on the other hand

perhaps you made a killing, spending some BTC, we'd also like to hear that (it is windy up here crying on the microwave tower) Sad

anyway, my experiences, with spending BTC in 2017. (there are others, but after you read the link, you will see I have no desire to look further...the horror! Ack!)

scary to think, what 'boneheaded' moves I can make in 2018...if BTC continue to go up in 2018 and beyond (groan!)

anyway, share with us, so we don't feel alone on our bonehead moves, with 20/30 hindsight....

silly hobby

(see the poll)





If I have not wasted my Bitcoins back then on 2015, I would have been a millionaire right now. But I was a fucking dumb asshole back then.

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December 06, 2017, 01:41:19 PM
 #7

The last thing I bought with BTC was phone earlier in the year with Purse.  It was around $500 at the time, and would now be worth something like $2500.

Still, I don't see it as a dumb purchase.  There's no guarantee that BTC would continue rising and it was a perfectly good deal at the time.

The pizza dude had the right attitude.  IIRC he said that it was a "good deal at the time".  Not worth judging our actions based on hindsight.

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December 06, 2017, 03:40:03 PM
 #8

I made a recent calculation towards the end of November, roundabout the time Bitcoin was at $10k or thereabout: multiplying all the BTC I'd already sold as a trader by $10k and minus all the income I've made from selling BTC prior to that, I've "lost" over $20k. However, I couldn't have kept that BTC had I wanted to: I earn solely in crypto, and have managed to hold most of my alts, exchanging them for BTC or selling BTC to pay the bills and upkeep, family etc.

So that's completely out of the equation.

Also, I have purchased a fair number of goods and services but none of them could have been paid for with fiat, so I also have to exclude those (and they aren't regrets anyway!).

But the dumbest things I've done is gamble away Bitcoins. Now fiat-wise, I already know I've lost perhaps close to 1.5k since 2016, just a rough estimate as I stopped counting after losing 1k when BTC was below 1k, I more or less put a halt to gambling. But when I login to all my casino accounts and see the various losses... it's over 1 BTC. So yeah. That's foolishnes.

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December 06, 2017, 04:31:46 PM
 #9

Buying BTC with BCH around about the bottom ~$330  Roll Eyes

Have to mindful of this when diversifying BTC into alts, that your alt has to rise faster than BTC to be worthwhile.



I am leaving all my fork coin alone. At least for 1 year and 1 day. Captial Gains/etc. With my luck, I move it and IRS will call

it a taxable event (money from the sky $$$) (could happen according to CPA) or pay income tax on it by moving it or spending it!

An interesting aside... is it not the case that only when you sell for $ you realise the taxable gain (needing to look up how my tax authority will handle this).


The catch is...this is a 'separate asset" it is NOT BTC...thus by moving it to a wallet you have established it has 'worth' thus a taxable event..ie money from the sky!
and taxed accordingly...not saying it is likely they could go this way say 1 out of 10...but they could ...there are court cases just becasue you don't know you have
income...and find out later you still have to pay taxes on it and penalties....

we only have the 2013 IRS guidelines to go by...that cuts you some slack...no hard and fast rules

in my case it is not worth the risk ..I could not afford at 50% tax rate this year to eat the taxes on free BCH fork money

so for me, it lives and dies on my bitcoinchain...untouched in any manner....

frigging IRS can jam you up on simply "intent" as a taxable event

if you have enough BCH or whatever that you can eat the taxes in this unlikely event do so by all means

myself, shudder....not gonna happen....it can die or live as a fork on my bitcoin addresses

by the by some other 9 btc's pop'd out ..one is 18c on futures..this is gonna get fricking weird as hell

again, likely you are correct and I'm just being paranoid as heck...but the IRS did just go after 16 million folk on Coinbase wanting everything
real names/pswd etc the works...so who the frack knows

the IRS continues for the last 2 years to obey Congress and make some clear-cut rules on crypto....probably because they have more slack
by NOT doing so and like the autonomy....hide in the weeds as it were

anyway, my view on this.....frack it ..not gonna worry about free money from the sky till things get more clear cut

(get me off this planet)

brad





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December 06, 2017, 04:35:52 PM
 #10

The last thing I bought with BTC was phone earlier in the year with Purse.  It was around $500 at the time, and would now be worth something like $2500.

Still, I don't see it as a dumb purchase.  There's no guarantee that BTC would continue rising and it was a perfectly good deal at the time.

The pizza dude had the right attitude.  IIRC he said that it was a "good deal at the time".  Not worth judging our actions based on hindsight.


yeah...i needed the tax deduction badly (50% tax rate this year) with the 25% compressed deductions on computer equip (office) to 1 year
to stimulate spending in USA and this 25% came off my gross income as well......as applied to taxes I KNEW I was gonna owe..thus for 25% risk
seemed like a fair bet rather then give 50% to IRS.

Then again 1 BTC was a bit less than 2500.00 so ouch! who'd a thunk it

always have reasons at the time for what you do with crypto if nothing else you have SOME ego protection

god help me IF I'd had gotten a 2.5k motorcycle that now is worth 5x that amount ...yech


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December 06, 2017, 04:50:45 PM
 #11

Maybe this is not from this year, but on 2015, i bought more than three iPhone 6S PLUS with bitcoin, they were more than $1800 at that moment i guess.

And it costed me around four-five bitcoins if i am not wrong, it was at earlier 2015.

Now i could have more than $65,000 that is insane, i can not even think about it because it makes me crazy easily.

And there is another; I spent more than two bitcoins on an online casino when the price was less than $150, i was gambling with a friend next to me.

Now it could be worth $26,000, that is crazy oh my god.



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December 06, 2017, 04:50:45 PM
 #12

Sometimes I blame myself for buying some personal online phone nubers and a cellphone without any significant purpose in this summer. The lost profit is just about some hundreeds but I still could have those money. Anyway while I'm reading such posts like yours I feel much better Smiley Hopefully your purchase is worth those money.

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December 06, 2017, 04:57:03 PM
 #13

In my case, I invested in some altcoins. The prices in USD are not consider losses but if I kept the BTC, the USD value will be higher. I am still lucky considering not making any losses. On the other hand, i might made good gains if the market is in my favor.

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December 06, 2017, 04:59:25 PM
 #14

Maybe this is not from this year, but on 2015, i bought more than three iPhone 6S PLUS with bitcoin, they were more than $1800 at that moment i guess.

And it costed me around four-five bitcoins if i am not wrong, it was at earlier 2015.

Now i could have more than $65,000 that is insane, i can not even think about it because it makes me crazy easily.

And there is another; I spent more than two bitcoins on an online casino when the price was less than $150, i was gambling with a friend next to me.

Now it could be worth $26,000, that is crazy oh my god.

spent 1 BTC in Jan to have 3 titan cubes fixed (miner) and some add ons

duh!

they are still working though $2.50 USD per day! Now

again duh!


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bill gator
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December 06, 2017, 07:40:15 PM
 #15

That's funny, because I literally was thinking about how disappointed I have been with my decisions over the past year and how many bitcoins I've spent on idiotic things. I sold 2 Bitcoins right at the start of the year, because I needed some cash for rent, food and to just survive and now looking at what those coins would be now.. I could definitely use the extra $25,000 now, and probably could've still survived without cashing in those couple coins.

I've made some bone-headed decisions over the years with bitcoin, but if we're strictly trying to narrow it down to 2017 then I would have to say that buying abbot $500 worth of steam games and items for .5 of a bitcoin right at the beginning of the year. Instead of some shitty games i don't play anymore, I could have $6,000 in my wallet right now; I would take that trade any-day, but I guess hindsight is always 20/20.

All in all, every bitcoin purchase hurts me when I look back and think I could have thousands of dollars instead of these stickers, games or the few luxurious pizza parties I threw myself over the past year.

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December 06, 2017, 07:45:06 PM
 #16

I have bought tons of Steam games for a total of 75€. I would have around 1000$ right now if I wasnt so into games. I think its the dumbest thing on this thread for sure.. I could have waited and buy a used miner or something to invest in and still have change for some great games..

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