Why I left BTC

[Raoul Duke]

So, what did you end up buying with your Bitcoin currency OP?

Nothing, ofcourse. He was "investing"... Unless you count the Euros he bought when he sold the BTC.

Support bitcoin sure, but support it with words not with your children's inheritance.

How about using bitcoin for what it's useful instead of treating it like a lottery/a cult/a stock? Did that ever cross you mind?

[Jonivdb]

So, what did you end up buying with your Bitcoin currency OP?

Nothing, ofcourse. He was "investing"... Unless you count the Euros he bought when he sold the BTC.

Why the quotes?

How about using bitcoin for what it's useful instead of treating it like a lottery/a cult/a stock? Did that ever cross you mind?

You are ofcourse here because bitcoin will make the world a better place?

[Raoul Duke]

So, what did you end up buying with your Bitcoin currency OP?

Nothing, ofcourse. He was "investing"... Unless you count the Euros he bought when he sold the BTC.

Why the quotes?

Should I ask you the same question?

How about using bitcoin for what it's useful instead of treating it like a lottery/a cult/a stock? Did that ever cross you mind?

You are ofcourse here because bitcoin will make the world a better place?

Exactly. Glad you understood.

[m3g4tr0n]

I sold, the value was at that point 670$ I took a loss of 30%.

Good news, you can buy back in today and get 140% of the coin you sold.

[porcupine87]

I waited for several months, following coinmarketcap. I enjoyed watching all developments, and learned that the markets where actually quite predictable. A coin that rose with 1000% was likely to drop far more in just a few days.

So you have made a lot of money when it was predictable. Why do you complain? (no, no market is predictable!)

I never really liked the fact that half of the bitcoins are owned by 100 people. In this way bitcoin is not much different then "real" money, where half of the global money is owned by 100 people.

This just unknown and likely not true. Addresses with big amounts might be a cold storage and belong to many individuals. On the other hand any individual can hold many addresses. And that half of global money (you mean a tiny percetage of all assets and wealth?) is gold by 100 individuals should be false, too.

In stocks I have a few simple rules:
- if a stock drops 10% consider to sell
- if a stock drops 20% consider to sell or have good arguments why not
- if a stock doesn't give you any profit for 3 months it is unlikely it will give you profit over the course of the year, so consider to sell

Or you make the rule, that you buy, when a stock drops by 20% because it likely drops not further.

You just have to evaluate based on your investment horizont (longterm-shortterm) and informations where you invest your money. Are you risk avers? Can you affort to take a high risk? So you have other investments which will maybe with a 20% 10fold?

In my opinion the expected value of one Bitcoin is well above the given price. Something like: 50% it will go down to 10$ and Zero. To 50% it will 10fold. So this is green to hold/buy. I might be wrong but I take the chance!

[Jonivdb]

So, what did you end up buying with your Bitcoin currency OP?

Nothing, ofcourse. He was "investing"... Unless you count the Euros he bought when he sold the BTC.

Why the quotes?

Should I ask you the same question?

How about using bitcoin for what it's useful instead of treating it like a lottery/a cult/a stock? Did that ever cross you mind?

You are ofcourse here because bitcoin will make the world a better place?

Exactly. Glad you understood.

By solving banking problems for criminals?

[BitOnyx]

500$ ? It is not even a big deal. I have no idea why you even bother to write this topic.

[Jonivdb]

Or you make the rule, that you buy, when a stock drops by 20% because it likely drops not further.

Likely?  I have witnessed 3 stock crashes already, and one thing I have learned is: when all the news is bad, it's probably not going to get good any time soon. Some stocks recover and some stocks do not ever rise again.
So trust me it can always drop more.

500$ ? It is not even a big deal. I have no idea why you even bother to write this topic.

Because I think there are a lot of people in my situation who take this tiny loss in silence, so I think one of these story's deserves to be told. I never said it was a big deal.

[Ibian]

Aint a stock.

[Soros Shorts]

So, what did you end up buying with your Bitcoin currency OP?

Nothing, ofcourse. He was "investing"... Unless you count the Euros he bought when he sold the BTC.

Why the quotes?

Should I ask you the same question?

How about using bitcoin for what it's useful instead of treating it like a lottery/a cult/a stock? Did that ever cross you mind?

You are ofcourse here because bitcoin will make the world a better place?

Exactly. Glad you understood.

By solving banking problems for criminals?

Yes, I might well be considered a "criminal" in certain jurisdictions just because I believe no authority has the right to know exactly how much wealth I have. Or because I want to send money to family overseas without excessive restrictions. Or because I simply want financial freedom.

[Raoul Duke]

So, what did you end up buying with your Bitcoin currency OP?

Nothing, ofcourse. He was "investing"... Unless you count the Euros he bought when he sold the BTC.

Why the quotes?

Should I ask you the same question?

How about using bitcoin for what it's useful instead of treating it like a lottery/a cult/a stock? Did that ever cross you mind?

You are ofcourse here because bitcoin will make the world a better place?

Exactly. Glad you understood.

By solving banking problems for criminals?

When you thought you would "win" big money that didn't seem to bother you, but now all of a sudden it does bother you. At least you've now shown us your true face: the face of an hypocrite.

[Rols]

Last year in november when both bitcoin and altcoins where getting really good results I bought into bitcoin. The profits seemed amazing, and working in the IT I wanted to learn more about this coin, see if it could mean anything for me apart from making some profit.

I have experience with investing, I own quite an amount of stocks so I tought it would be interesting to see how bitcoin compares with the stock market.

I invested 500€, at the time bitcoin was around 800$. For me 500€ was not a big amount, it's quite small compared to what I have in stocks. But I knew that what I invested I should be prepared to lose.
Of that amount I put half into alt coins.
One of the altcoins being Quark. You all know that story, people were shouting on the forums it would break all records. Quark was by far my biggest disappointment. It was a very poor investment on my side that I should have seen coming. But that's easy to say now ofc.
After that I decided to convert all altcoins back to bitcoin. This must have been around Christmas. I didn't made really huge profits or losses with doing so, apart from the quarkcoin. I had invested 70€ in Quark, and lost about half of that. In % this is quite high a loss.

I waited for several months, following coinmarketcap. I enjoyed watching all developments, and learned that the markets where actually quite predictable. A coin that rose with 1000% was likely to drop far more in just a few days.
I learned that like Quarkcoin, there are still plenty of scams around that trick enough people into buying and then dump (pump & dump). Auroracoin was the latest I followed. I saw it rising to what? 40$? More? Now it's back to 2$, and all the way down people were shouting that people that sold were stupid.
I also learned that the course of, alt-coins especially, can be manipulated by selling really low or buying really high.
And I learned that even the big players here, are not safe for hackers. Many sites have been hacked, and many more will be. Even if you store your bitcoins safe & local, the price will still be affected every time there is a hack.
I never really liked the fact that half of the bitcoins are owned by 100 people. In this way bitcoin is not much different then "real" money, where half of the global money is owned by 100 people.

In stocks I have a few simple rules:
- if a stock drops 10% consider to sell
- if a stock drops 20% consider to sell or have good arguments why not
- if a stock doesn't give you any profit for 3 months it is unlikely it will give you profit over the course of the year, so consider to sell

For a while I ignored this wisdom, I think the volatility of the market did affect my judgement here. It fell to over 20% loss for a few times. At one point I had a 60% loss(!), after it dropped a few times.
I was waiting and holding, thinking that it does have some potential. Then the bancrupty of MtGox went down. I couldn't ignore it anymore, I hadn't made a loss, it was down 20% and there was no sign of any good news that would allow for a recovery.
I sold, the value was at that point 670$ I took a loss of 30%.

I did enjoy the time I played around with these virtual currencies. Bitcoins are a cool & nice toy, but that's what it is, and once people stop playing with it I don't think the market will hold.

Since then I did kept checking the market seeing red figures nearly every day, with the exception of a few pump & dumb coins. Right now it's at 450$ I believe, so I feel like I made the right decision.

I wanted to write down my story. You only read success story's, people who made huge profit, who got in near the start. I wanted to show that you shouldn't invest now to make a profit. Buy it to play with it sure and find out what this coin is that everyone talks about, but since your buying in late expect to make a loss.

Sorry that you lost money.


short story.

Bitcoin is not a stock. If you buy bitcoin for money then you should use it for sending it to someone. If you keep the bitcoin you should treat it as a lottery ticket.

[Jonivdb]

So, what did you end up buying with your Bitcoin currency OP?

Nothing, ofcourse. He was "investing"... Unless you count the Euros he bought when he sold the BTC.

Why the quotes?

Should I ask you the same question?

How about using bitcoin for what it's useful instead of treating it like a lottery/a cult/a stock? Did that ever cross you mind?

You are ofcourse here because bitcoin will make the world a better place?

Exactly. Glad you understood.

By solving banking problems for criminals?

Yes, I might well be considered a "criminal" just because I believe no authority has the right to know exactly how much wealth I have. Or because I want to send money to family overseas without excessive restrictions. Or because I simply want financial freedom.

Ah you mean you want to make the world a better place...for yourself.

In a perfect world I wouldn't really care, you can hide your money from the state if you want to. But we don't live in a perfect world. And we need to pay taxes for the services we get, even if we don't want to.
If everyone followed the law there would be no issues there. But there problem is that not everyone does follow the law, and any kind of criminal activity is very thankful for providing means for them to hide their dirty money, made from drug traffic, slavery, extortion, theft,smuggling,..these are the kind of activities you enable.

So don't kid yourself thinking you are here for the benefit of others, and that Bitcoin will make the world a better place to live in. You are here for selfish reasons, as you yourself have stated.

[Jonivdb]

So, what did you end up buying with your Bitcoin currency OP?

Nothing, ofcourse. He was "investing"... Unless you count the Euros he bought when he sold the BTC.

Why the quotes?

Should I ask you the same question?

How about using bitcoin for what it's useful instead of treating it like a lottery/a cult/a stock? Did that ever cross you mind?

You are ofcourse here because bitcoin will make the world a better place?

Exactly. Glad you understood.

By solving banking problems for criminals?

When you thought you would "win" big money that didn't seem to bother you, but now all of a sudden it does bother you. At least you've now shown us your true face: the face of an hypocrite.

Oh, I was here to make money (and to learn more about Bitcoin), I don't think I have ever denied that? I did felt uncomfortable knowing that Bitcoin enabled criminals, but I don't believe it affected my decision to sell.
I was just pointing out that your intentions to have bitcoin might not be so pure as you want us (or yourself) to believe.

[Acidyo]

This is like suffering through the ups and downs of four years of college, then dropping out the day before the final exam.

Woah.

[Raoul Duke]

I did felt uncomfortable knowing that Bitcoin enabled criminals, but I don't believe it affected my decision to sell.

It must've only affected your decision to buy, which is even worse.

[solid12345]

Bitcoin is good for trading the volatility. The buy and hodl days are over. You are doing it all wrong.

This is why I am on the edge of leaving crypto like the op personally. Some of us have day jobs and we don't have the time or money to sit around all day buying at the dips playing day trader. I want an investment I can feel safe buying, turning off the computer and coming back 6 months later. I am still unsure if Bitcoin is this solvent and alts definitely aren't that at this moment either.

[FeedbackLoop]

Bitcoin is good for trading the volatility. The buy and hodl days are over. You are doing it all wrong.

This is why I am on the edge of leaving crypto like the op personally. Some of us have day jobs and we don't have the time or money to sit around all day buying at the dips playing day trader. I want an investment I can feel safe buying, turning off the computer and coming back 6 months later. I am still unsure if Bitcoin is this solvent and alts definitely aren't that at this moment either.

Nice signature! For someone "with a day job"  and looking for "investments were I feel safe buying" you sure have a lot of shitcoins...

[Jonivdb]

I did felt uncomfortable knowing that Bitcoin enabled criminals, but I don't believe it affected my decision to sell.

It must've only affected your decision to buy, which is even worse.

I don't understand why you would assume that, but if you have to know I didn't realize it at the start.
But it brings up an interesting discussion. If we look at just the morals here, and forget about the money. Assuming that you know for sure Bitcoin is helping criminals, should you stop using it?

I think we all know what the answer is here.

[Ibian]

The criminal angle continues to be stupid. Fiat is where most criminal activity takes place.