Best way to buy / sell? Nothing but bad luck so far.

[WBA7]

Long time lurker, first time poster. Not sure if this is the right place to post this, feel free to move to another board.


I first bought into BTC in 2013 for $1,500 when the price was around $80 per coin-all I could afford at the time.

I lost it all about 1 year later when Mt Gox shut down, not being able to recover anything despite their 'claimant page'.

I then bought (a lot less) coins in 2018. When btrade.io got bought by Kraken recently, Kraken made a mistake with the 2FA migration, and I am unable to recover my account despite multiple attempts / contacting them. Fortunately, this time it was 'only' 0.7 BTC.

You get the theme...


With prices being the way they are as of recently, I am (perhaps somewhat understandably) quite depressed about the entire situation. I could retire multiple times over if it wasn't for the Mt Gox incident.


So, my question to you:

- Do you think it's still worth investing at this stage?
- If so, how best to go about this? Is it safest to buy coins from an exchange, then immediately transfer it into an offline wallet on my computer?



Apologies if this comes across as a rant, last year hasn't been great, this year is looking the same, and I had way too much time to think about 'what if Mt Gox hadn't gone down'...

[shield132]

Buying coin from an exchange and then immediately withdrawing/transferring can turn an alarm for them.

Also, you have to choose right time because these days, price easily goes from 32K to 39K, it plays in this interval and I guess 7K USD is a good profit, doesn't worth to waste.
It's hard to suggest whether today is the right day to enter into market or not. Price can easily go up to 50K and even more but it can easily freeze on 40K and soon we will see it lower than 30K. It's hard to predict to my mind and personally I don't even give this kind of suggestions because I have seen people on reddit who sold their house and bought bitcoins when price was 20K. It was a bad days for them, so, that's why I mostly prefer to don't give direct suggestions.

Also, remember! Not your keys - not your coins.

But I guess it should be okay if you register on finance, buy bitcoins and finally withdraw on your cold wallet. I hugely doubt you have so terrible fate with exchanges that millions of people will feel a loss.

[exstasie]

I first bought into BTC in 2013 for $1,500 when the price was around $80 per coin-all I could afford at the time.

I lost it all about 1 year later when Mt Gox shut down, not being able to recover anything despite their 'claimant page'.

I then bought (a lot less) coins in 2018. When btrade.io got bought by Kraken recently, Kraken made a mistake with the 2FA migration, and I am unable to recover my account despite multiple attempts / contacting them. Fortunately, this time it was 'only' 0.7 BTC.

So you never filed a claim for Mt. Gox? No record of anything? Even if so, if the amounts are high enough (I don't know how many BTC we're talking about), you could still consider hiring a lawyer in Japan to lodge a protest with the trustee.

As for Kraken, have you spoken with a lawyer? At these prices, it might be worth it to have a lawyer at least send them a threatening letter. Especially if your btrade.io account was verified, that would be a slam dunk. They tend to ignore you and shuffle your queries through front line customer service reps until you actually represent an actual legal threat.

Do you think it's still worth investing at this stage?

Yes. A 10x from here is very possible.

If so, how best to go about this? Is it safest to buy coins from an exchange, then immediately transfer it into an offline wallet on my computer?

Probably, yes. Some will recommend P2P but for inexperienced newbies that's a great way to get scammed. Send your coins to cold storage and HODL.

Apologies if this comes across as a rant, last year hasn't been great, this year is looking the same, and I had way too much time to think about 'what if Mt Gox hadn't gone down'...

99% of people around here dream about the coins they used to own. It's a common theme with Bitcoiners. It's only natural since everyone spends or sells their coins at some point, and it seems to never stop going up.

[mk4]

- Do you think it's still worth investing at this stage?

Investing is subjective. A lot of us think that bitcoin is going to be far more expensive than it's current price in the future, but some people think the opposite. Do your own research and come up with your own conclusion, as you must do with anything you're planning on investing in.

- If so, how best to go about this? Is it safest to buy coins from an exchange, then immediately transfer it into an offline wallet on my computer?

Depending on where you live, probably just buy from your local exchange. Or better, buy from no-KYC services such as LocalCryptos[1] and HodlHodl for better privacy.

And yes, immediately transfer the funds to a reputable non-custodial wallet. If you need help learning about wallets:

• https://bitcointalk.org/index.php?topic=1631151.0
• https://cryptosec.info/wallets

[1] https://localcryptos.com/
[2] https://hodlhodl.com/

[TheUltraElite]

Whenever the bitcoin prices spike, I see a couple of accounts being created and making such a thread crying about their big loss, many times about MtGox or some other exchange hack. Might be purely a coincidence, because nothing can be proven here being the internet.

I would still suggest going for the legal route in the MtGox incidence. No idea what condition it is in currently but fact that you never did get involved in the money lost makes me wonder.

For investing, there is on hard and fast rule as to when you should invest. Currently the price is high, hence not the time to buy if you are thinking to, rather the time to sell. By now you should have understood this much.

Buying from top exchanges is what I prefer to suggest, possibly one where you can get verified easily and what your local users commonly use so you can get a backup team to support when things go wrong there. Problem you might have with p2p exchanges is the lack of sellers/buyers at ATL/ATH prices respectively.

[cryptoaddictchie]

- Do you think it's still worth investing at this stage?
- If so, how best to go about this? Is it safest to buy coins from an exchange, then immediately transfer it into an offline wallet on my computer?

Yes still good to enter but you need are gonna get worried after it dumped for quite sometime then better to do a short term trading. If you gonna buy now, then make sure you are ready to see red portfolio for a while cause possibly there is a correction that might retrace its current price.

Yeah what you mentioned is good. Buy from an exchange and if you have a hardwallet kindly transfer it there for better security.

[zanezane]

Whenever the bitcoin prices spike, I see a couple of accounts being created and making such a thread crying about their big loss, many times about MtGox or some other exchange hack. Might be purely a coincidence, because nothing can be proven here being the internet.

I would still suggest going for the legal route in the MtGox incidence. No idea what condition it is in currently but fact that you never did get involved in the money lost makes me wonder.

Everyone wants to share their so called story so nothing we can't do about that, rule of the Internet, take every information and testimonies with a grain of salt.Mt.Gox incidence is a thing of the past, claiming at this moment will not be taken seriously, besides the owner is sentenced and a double jeopardy is a big no-no. The problem back then was that they trusted Mt.Gox with their bitcoin, there were wallets back then so why still go that route. If you want to invest, you might as well aim for the long term because the bull run might be over very soon.

[Findingnemo]

So, my question to you:

- Do you think it's still worth investing at this stage?
- If so, how best to go about this? Is it safest to buy coins from an exchange, then immediately transfer it into an offline wallet on my computer?

Yes, probably in the next 10 years you can see the same ROI for the current price.

Yes, there are lot of good exchanges out there so it is safe to buy there and immediately move to wallet like electrum which give you private keys so even if you lost the device you can still import the same address into other device with the key you have.

[JooBra]

What happened to you is my biggest fear. You had really bad luck. I think you should looking to invest in some altcoins. Do a good research and maybe in year or two you can recover at least part of lost funds. There are some really promising altcoins and little investment can pay out big.

[Wexnident]

Investing is all based on your own situation, and not based on what we think. We don't really know you, nor your financial situation, so it's a lot better to judge it for yourself. Just make sure to follow one thing, invest what you can lose.. Investments can be called the same as gambling tbh, and they're all a 50/50 chance of profits and loss, nothing about that can be changed. Judge the market for yourself, and invest what you can afford to, and not everything you could (unless you're prepared to go all-in, which is probably bad since you'd probably be affected by your emotions).

As for buying, well up to you as well. Check local exchanges and if it doesn't suit your taste, go to exchanges, then immediately move them to noncustodial wallets. Not your keys, not your coins, always remember that.

[Kittygalore]

What happened to you is my biggest fear. You had really bad luck. I think you should looking to invest in some altcoins. Do a good research and maybe in year or two you can recover at least part of lost funds. There are some really promising altcoins and little investment can pay out big.

Have to be careful about these altcoins though, there are some that are created just to be a quick cash grab for the creators of that coin. To OP, my advice is read about Keynesian Beauty Contest, the gist of it is that the most successful of all the choices is not the opinion of an individual but the one of the public. Keep that in mind when you are planning to buy coins. What happened to OP is a thing of the past so the best that we can do about it is learn and reflect from it.

[maydna]

So, my question to you:

- Do you think it's still worth investing at this stage?
- If so, how best to go about this? Is it safest to buy coins from an exchange, then immediately transfer it into an offline wallet on my computer?

Getting a bad experience with Mt. Gox is painful because many people lose their money and many of them desperate. But life must go on, and if you still want to involve in the crypto world, you can invest at this stage, but you don't have to invest with big money if you don't want to get another bad experience. Perhaps, you can prepare your own wallet by installing the app's wallet for desktop or mobile phone or buying a hardware wallet.

You can buy bitcoin from an exchange, send it into your wallet and hold it for some time. You should have a target price to sell because if you don't do that, you will confuse what price you should sell, and even if you hold for a long time, you will not sell it because you don't have a target price to sell.

[TheUltraElite]

Yes, probably in the next 10 years you can see the same ROI for the current price.

Bit early to say but seeing the price rise, probably the people back in 2009 were speculating in the same manner about the price as well and now if they had been holding from 100$/BTC to 40k$/BTC - that is a massive profit if they manage to hold for this long and sell it as well. The only thing that one needs to keep in mind is not to get swayed by people who keep talking shit about everything and have a negative view to everything in life.

Your interest in Bitcoin is making profit and hence you buy at low and sell at high. Dont listen to people who try to discourage you from doing so, they never got into bitcoin because of their own little insecurities and now they are jealous of you.

Still one of the problem what we face, is getting a proper exchange to trade, for many countries out there this is tough.

[Findingnemo]

Yes, probably in the next 10 years you can see the same ROI for the current price.

Bit early to say but seeing the price rise, probably the people back in 2009 were speculating in the same manner about the price as well and now if they had been holding from 100$/BTC to 40k$/BTC - that is a massive profit if they manage to hold for this long and sell it as well. The only thing that one needs to keep in mind is not to get swayed by people who keep talking shit about everything and have a negative view to everything in life.

Your interest in Bitcoin is making profit and hence you buy at low and sell at high. Dont listen to people who try t discourage you from doing so, they never got into bitcoin because of their own little insecurities and now they are jealous of you.

Still one of the problem what we face, is getting a proper exchange to trade, for many countries out there this is tough.

Buy low and sell high is the way to make profits from investments but since OP is asking for long term then I won't suggest him to do trading. If he got the decent amount to invest then he can make decent profits in the next 3 or more years while HODLing.

Even in bitcointalk there are some thread when people urge to sell their cryptos when bitcoin gets into double digits, imagine their condition right now.