I Lost Everything From Mt.Gox's Bankruptcy

[RancoffPeter]

     To begin this, I'm a 59 year old dad of 4 wonderful children(3 boys 1 daughter). I worked as a Firefighter for more than 20 years, and for he last few, I've been a Janitor in a high school in South Carolina. About a year ago I discovered Bitcoin, after hearing about it on the News one day, and from that moment I became hooked on this radical new thing. Where I can store my money because as many of you here are, I'm worriesome of the price of the Dollar eventually crashing and naturally worried of the U.S Government as well(Though I don't oppose Governments entirely) In December of 2013, I exchanged most of my 401k(My retirement fund) as well as most of my savings, into Bitcoin. That was over $400,000 or around 600 Bitcoin at the time. I believed Bitcoin was the future of all currencies and was set to replace the U.S Dollar following it's inevitable crash. As a IDIOT(I'm punching myself with my left hand as I type)
     I kept most of my Bitcoins in Mt.Gox, hoping to sell them off at a high price and then buy them again at a low price, buy low, sell high. What I didn't know, was that 750,000 Bitcoins were stolen from Mt.Mt. Gox(I'm guessing mine is among those), and even when Mt.Gox halted withdrawals, I remained optimistic that everything would be resolved soon, as Mt.Gox went through previous issues before and everything turned out fine. What I didn't know was that Mt. Gox would go bankrupt, the day I read that the exchange fell was the day I cried like never before. I still haven't told my wife or children, I'm too embarrassed. My retirement is out the window, My life is out the window.

Out of sheer desperation have I posted this, Thank you so much.

My Bitcoin Address: *Removed by moderation team*
"Yes I do have a house, a wife, and kids. For most of my life I've saved up that money, and then in a few days it was gone."

[franky1]

     I kept most of my Bitcoins in Mt.Gox,

most?
so you do have bitcoins, you do have a family, a janitors income, you even have a house, internet, and a computer..

you have not lost much then.

im sorry but you just have to bite the bullet and realise, no one is going to give you $400k

[RancoffPeter]

Yes I do have a house, a wife, and kids. For most of my life I've saved up that money, and then in a few days it was gone

[KWH]

Yes I do have a house, a wife, and kids. For most of my life I've saved up that money, and then in a few days it was gone

If you sunk your savings in BTC AND Gox......what were you thinking? Well known that Gox was in serious trouble for a long time now.

[Snorek]

It is really unfortunate but world was never fair. I lost all my money too and I don't think that people will help you or me. They rather rob us from more, suck already poor people more and more. Nobody cares about others. That is the law of this world - if you are unfortunate, you gonna die alone.

[KWH]

It is really unfortunate but world was never fair. I lost all my money too and I don't think that people will help you or me. They rather rob us from more, suck already poor people more and more. Nobody cares about others. That is the law of this world - if you are unfortunate, you gonna die alone.

It's up to you to look out for yourself, not anyone else. Decisions have consequences, good or bad. All the warning signs for Gox were they, some chose to ignore them.
Pick yourself up, dust yourself off, learn from mistakes and work harder and smarter.

[manobra]

Hi! Same happened to me!

I've bet all my bitcoins in a cassinocoin and lost almost everything!

Bitcoin address: skuajbdkshahadndbdjshsbsdjdjsndj

Tks for understaning my situation...

[bennybong]

Hey I have no house, kids, computer and now no money. Have been sofa surfing for the past month now. Signed on the dole last week. I thought I was just about to get my hands on a life changing amount of money (for a broke 23yr old). Then just like that, after 3 months of tension, mtgox disappeared. I only used them because I had a verified account, cancelled my fiat withdrawals in Jan (£10k and 4k) and then bought Bitcoin. Never to see them again. My money was lost the moment I deposited my coins to them. I'm not asking for handouts but there are many many others with similar stories. For me, it's just going to be a lot harder and take much longer to get where I want now, what I had planned for months. Regrettably I have submitted a refund request from black arrow today so if they do decide to refund me I should be able to get by for a bit. But like I say, I'm 23 with no real commitments. Your story does really suck and unfortunately all you (and other gox victims) can do is beg at this time. As demoralizing as it is.

[Akka]

Sorry to here that, but I honestly can't understand how someone can invest everything they have into something experimental like Bitcoin.

Have you heard "Never Invest what you can't afford to loose" before? There is a reason why many Bitcoiners said that.

I kept most of my Bitcoins in Mt.Gox, hoping to sell them off at a high price and then buy them again at a low price, buy low, sell high.

So trading is a zero sum game. You are aware that for everyone who wins at trading, there is someone who looses. You used your entire savings for trading, where you can loose all.

Besides that. Do you have experience in trading. Do you know what you are doing or did you just trade, cause it's so "simple"? In that case you basically gambled with your savings.

Next there was this wonderful ne currency given to you. One where you don't have to trust anyone else and the first thing you do is just trust it all to some company. (That's something I really can't understand. Why, why store you coins on an exchange, goes for everyone who didn't gamble, er trade there)

Sorry, if you story is true at all, it seems to me like you went all in without having any clue what you where doing. If not for Gox you would probably lost you money somewhere else anyway, maybe the next casino.

[glcbitcoin]

I'm very sorry for your loss.  Putting all your trust in MTGox.  That's just not thinking, or being lazy.

[keithers]

If this is really true (I am having a hard time believing), then I am really sorry. You need to seek legal counsel and try and get into one of the class action suits. You need to be on the list of people owed money.

[dbbit]

    To begin this, I'm a 59 year old dad of 4 wonderful children(3 boys 1 daughter). <snip>

In December of 2013, I exchanged most of my 401k(My retirement fund) as well as most of my savings, into Bitcoin. That was over $400,000 or around 600 Bitcoin at the time. I believed Bitcoin was the future of all currencies and was set to replace the U.S Dollar following it's inevitable crash.<snip>

No, you didn't. I get it you're trying to use the 1st person narrative to get your point across - most likely in the hopes the media picks this up. But it's not going to happen.

See, Mt. Gox wasn't an exchange. It hasn't been for half a year. You couldn't exchange one thing for the other, and actually get hold of the other thing. It was merely a timing-based speculation tool. And it has been for many many months.

By "suspending" the ability to withdraw USD, and not doing an arbitrage against other exchanges, they created a floating rate that was a pure flight of fantasy, held up by the people who speculated on the other side.

So having money in there meant that you were doing extremely high-risk speculation, tantamount to stock options. Everybody on that exchange knew they ran the risk that Mt. Gox could have opened up USD withdrawal again at any moment, which would have caused an instant arbitrage across the Mt. Gox exchange, and a guaranteed 30% collapse.

Yet, people still did it - and fair enough some made money that way, as you could do with stock options. However, nobody at the age of 59 would have put all their life savings into a position that was that risky in the first place. Didn't happen.

[C10H15N]

Welcome to the School of Hard Knocks.  

[hostmaster]

there is not any age of learning and taking lessons. I no agree you lost materials. You are still honest. This is much valuable then matter. There is still big chances and honest exchanges around as well. It's hard but keep your faith and attack by laws to mtgox or whoever resposible to get some of your funds back at least. I promise you will feel better when started doing smtg little on this.

[EvilPanda]

When I first heard of btc I thought of using gox, but then I read about the verification process, withdrawal problems (they had those more than a year ago). You didn't just make one mistake, you were continuously testing your luck.
1. Used exchange that had issues.
2. Invested all your savings
3. Kept all money on 1 exchange
4. Tried trading with all of it at once

Just admit you were greedy, thought you'll just throw the money in and take out 10 times more, no sweat.

[thejewelrytech]

I feel for you but ULTIMATELY GREED GOXED YOU AND EVERYBODY ELSE! You do realize the whole Point of BITCOIN is to replace the dollar not sell it for one!By Selling Bitcoin for DOLLARS you are KEEPING IT DOWN! and you all deserved what you GOXED for trying to do it! I lol at you fools because if you REALLY BELIEVED in BITCOIN! YOU WOULD NEVER SELL IT FOR A DOLLAR and you GREEDY FOOLS would never be in this mess  to begin with !but like they say a FOOL and his MONEY are always soon PARTED

[chrisLG]

My feelings go out to you. I'm very sorry to your loss. I hope you and your family will be able to recover from this financial blow.

To everybody else:

Please, please do not invest your life's savings in some highly speculative investment opportunity  - no matter how great you think that investment opportunity is. Only invest money you can afford to lose.

And please... Do not entrust a company that is industry-renowned for its incompetence with your life's savings.

[RodeoX]

Let this remind us all that bitcoin...:

...was not conceived as an investment vehicle. It is a currency. "Investing" real money in something like bitcoin is insane. Invest no more than you can loose completely.  

...unlike dollars, allows you ownership of your coins. If you don't have exclusive control of your private keys, then you do not own any bitcoins. When using exchanges, exchange and get out immediately.

...is volatile. Far to volatile to not hedge. If you suddenly find bitcoin is 80% of your wealth then you should sell some for gold, real estate, financial instruments, etc. Diversify!

Sorry man. It sucks that you lost so much.  

[darkota]

wow.. I don't know what I'd do if I was this guy..sorry for your loss, really man..wow.

[Lauda]

Let me start by saying I'm sorry that this happened to you.
Let me finish by saying, it is your own fault.