When Losing Bitcoin Feels Like Losing More Than Just Money.

[Joy- maker]

There was this post I came across today while scrolling through reddit, this person lost 2 bitcoin after 8 years of stacking. Frankly speaking, what touched me was not even the amount this person lost, but the sentence he made "it is not about finishing the race first, at this point, i just want to finish"  that line stayed in my head.

Here on Bitcointalk we are more focus on discussing about bitcoin in terms of price, cycle, ETFs, adoption, and numbers going up, meanwhile, behind every wallet there is a real person who have spent years making sacrifices to accumulate bitcoin.

And there was a part in the post where he said that bitcoin gave him peace of mind because they had inflation, a weak currency and financial uncertainty, And this made him to see bitcoin as form of protection, and not a get rich quick scheme or investment.

This is where things got serious, this dude was not only questioning his security set up, he even questioned his belief in bitcoin itself, and this made me think of something we rarely discuss here on bitcointalk which am going to leave you guys with this question.

When people lose their bitcoin investment what exactly do they lose? because it is not only money.

[IceLincoln]

When people lose their bitcoin investment what exactly do they lose? because it is not only money.

It’s so sad and disheartening losing anything of value and the worse part is when you have no way of getting it back, that is, it’s gone forever…… The feeling is overwhelming.
For the man who lost 2BTC as well as every other holder, they didn’t just lose their bitcoins, they lost their years of hard work, years of accumulation, years of sacrifices and sweat, dreams and life goals. It is absolutely more than just money. All the years of efforts in accumulating and holding, just snatched away by an undeserving person, and sometimes you begin to feel regrets and question yourself.
People commit suicides for such situations..
My prayer are with all the victims, I pray justice finds the perpetrators.

[Livingleged]

~snip
to leave you guys with this question.

When people lose their bitcoin investment what exactly do they lose? because it is not only money.

Since after the COLDCARD incident I’ve also sat to think about how the victims are holding up, to be very honest I’ll say losing those bitcoins will be much deeper than the monetary value Wch is attached to those coins. Some represent hope, assurance and confidence Wch was lost in just a moment.
I am sure this person took years to accumulate this 2BTC that he lost and he believed he was holding something that couldn’t be taken away from him easily. since it’s bitcoin, we all believed it’s the most secured in term of edges again inflation. Now losing those coins will just mean losing his future at once and that’s very unfortunate.
I’ve read so many heart touching story coming from this incident, a lot are actually broken ant this moment and lost trust in bitcoin and I cannot even blame them. It’s painful when disappointed by what you’ve trusted all your life.

[PrivacyG]

Time, confidence, security, family, some of them even their life.  Everyone who has worked many years for that Bitcoin has pretty much wasted all that time and had it thrown in the void, impossible to get it back again when they could have spent it in a different way.  For example with their family.

Confidence in every thing.  Planning to work hard with your spouse on making money and investing it all in to Bitcoin for a better future or for the kids and having your hard earned money disappear all of a sudden.  It definitely makes you question Bitcoin, your plans, you probably ask your self why you were so stupid to believe in some thing like this.  Not to even mention people who are probably arguing with their spouse right now because they wasted time and saved a lot of money for nothing.

Family because some victims will now have to go abroad and work to at least partially recover what money was lost.  Some of these Bitcoin addresses were probably addresses people were transferring every thing they could save for their kids future.

Life for obvious reasons.

[Upgrade00]

This is where things got serious, this dude was not only questioning his security set up, he even questioned his belief in bitcoin itself

From what I read he was really just questioning how he could lose it all after following the text book guidelines that everyone will give for securing your assets. It's one thing to make a silly mistake and suffer a loss for it, another to do the right things and still suffer one.

When people lose their bitcoin investment what exactly do they lose? because it is not only money.

It is that, you're losing years of hardwork stacking to build your portfolio and the potential value it could have become down the line.

[Emjay24]

There was this post I came across today while scrolling through reddit, this person lost 2 bitcoin after 8 years of stacking. Frankly speaking, what touched me was not even the amount this person lost, but the sentence he made "it is not about finishing the race first, at this point, i just want to finish"  that line stayed in my head.

Another ColdCard victim pouring his heart out.. My good wishes are with him. This scam really hit a lot of struggling people

Here on Bitcointalk we are more focus on discussing about bitcoin in terms of price, cycle, ETFs, adoption, and numbers going up, meanwhile, behind every wallet there is a real person who have spent years making sacrifices to accumulate bitcoin.

Sadly, the scammer thinks less of all these and more of what they've obtained from the theft, where it pains most is that for those affected, it doesn't matter if you treated it as air-gapped device or not, if the PRNG was used for it and your seed phrases was achieved by the attacker, your wallet will still be drained.

When people lose their bitcoin investment what exactly do they lose? because it is not only money.

They loose hope for the bright future they envisioned with bitcoin, years of hard work and their hard earned money, I've seen people loose few stashes and what pain they go through, I can only imagine how someone who lost 8 years of hardwork would feel

[Crypto Library]

There was this post I came across today while scrolling through reddit, this person lost 2 bitcoin after 8 years of stacking. Frankly speaking, what touched me was not even the amount this person lost, but the sentence he made "it is not about finishing the race first, at this point, i just want to finish"  that line stayed in my head.
Here on Bitcointalk we are more focus on discussing about bitcoin in terms of price, cycle, ETFs, adoption, and numbers going up, meanwhile, behind every wallet there is a real person who have spent years making sacrifices to accumulate bitcoin.
And there was a part in the post where he said that bitcoin gave him peace of mind because they had inflation, a weak currency and financial uncertainty, And this made him to see bitcoin as form of protection, and not a get rich quick scheme or investment.
This is where things got serious, this dude was not only questioning his security set up, he even questioned his belief in bitcoin itself, and this made me think of something we rarely discuss here on bitcointalk which am going to leave you guys with this question.
When people lose their bitcoin investment what exactly do they lose? because it is not only money.

Actually, the Cold-card incident basically brought the phrase "invest as much as you can afford to lose" back into a stronger position. Otherwise, Bitcoin is the strongest currency and at the same time, the security of its network is very high. Then why are these phrases also used in connection with Bitcoin investment?

However, I would like to say here that in every investment, people do it with their earned money, and of course there are many stories hidden behind the earning of money, so it is not only about losing Bitcoin that one feels different, but also about facing such losses after losing one's own hard work and time.

I have my own uncle who, after working in the government, kept all his pension money in a local bank just because of the high interest rate, but later realized that the bank had scammed them before the maturity of his deposit. It has been many years now and he still has not received any decision on it and it does not seem that he will get it in the future, in his case too, the same thing happened, he lost all his hard work in one place.

Anyway, finally, I would say that we should never "put all our eggs in one basket", so that when the basket is hit, all the eggs will break together. So in terms of our investments, there should be diversification of assets, I think, gold, land property, Fiat currency and as well the stable currency and also the Bitcoin, we should balance everything and then hold the asset.

[Mrbluntzy]

When people lose their bitcoin investment what exactly do they lose? because it is not only money.

This kind of loss makes the victims lose both the time and effort they have put into accumulating the Bitcoin they owned. They also lose the financial security, which was the main purpose of the investment. This person saved in Bitcoin for the future so they could have financial security upon retirement, this money is what they kept to fall back on when they are old, but due to this kind of unfortunate loss, the person can just lose faith in the asset they believed in so much.

In this case, he doesn't have to lose hope in Bitcoin but should learn from the mistake that led to his wallet being drained, except if it was due to the recent hack of the Coldcard wallet.

[gracreavix]

For him to actually say that, it means he lost something more than the coins. I believe he is someone who has solid knowledge of Bitcoin since he has been investing for years. So what I will say is paining him is the years, months, weeks, days, and every second he put into accumulating Bitcoin. So he lost the reward for his discipline, patience, and consistency. Those are the emotional factors. That is what he actually lost.

He voiced that distrust in Bitcoin because his emotions are talking. I get it. It's a huge loss. I too would feel it. But such is life. Bad and good are always there.

[VivaMan]

When Losing Bitcoin Feels Like Losing More Than Just Money this has really happened to me as a person, it feels like my efforts for year's has been in vain, I totally feels depressed and lost of confidence, I just have to cheer up because I believe I still have opportunities to try again after realizing that it's volatile.

The emotional turman of losing Bitcoin is very high because it kills emotions and self decisions, regrets to see as making a financial mistake.

I see it as a experience and an opportunity to know the process, because every mistake is a lesson to learn.

[BIT-BENDER]

There was this post I came across today while scrolling through reddit, this person lost 2 bitcoin after 8 years of stacking. Frankly speaking, what touched me was not even the amount this person lost, but the sentence he made "it is not about finishing the race first, at this point, i just want to finish"  that line stayed in my head.

Here on Bitcointalk we are more focus on discussing about bitcoin in terms of price, cycle, ETFs, adoption, and numbers going up, meanwhile, behind every wallet there is a real person who have spent years making sacrifices to accumulate bitcoin.

And there was a part in the post where he said that bitcoin gave him peace of mind because they had inflation, a weak currency and financial uncertainty, And this made him to see bitcoin as form of protection, and not a get rich quick scheme or investment.

This is where things got serious, this dude was not only questioning his security set up, he even questioned his belief in bitcoin itself, and this made me think of something we rarely discuss here on bitcointalk which am going to leave you guys with this question.

When people lose their bitcoin investment what exactly do they lose? because it is not only money.

Losing Bitcoin is same as losing an investment you have taking time to build there is no drama to it, if you lose Bitcoin you lost your funds regardless of the amount, you lost the time put in, you lost your effort.
I have not seen Bitcoin as an escape from inflation, it may seem that way until you really experience the volatile nature of Bitcoin because you can't actually use Bitcoin as a stable currency.
With Bitcoin we act dramatic because what else do you think someone who lost Bitcoin would be losing. It's same as someone losing his goods to fire or any other unforseen circumstances.

[Rashlyowl]

Here on Bitcointalk we are more focus on discussing about bitcoin in terms of price, cycle, ETFs, adoption, and numbers going up, meanwhile, behind every wallet there is a real person who have spent years making sacrifices to accumulate bitcoin.

And there was a part in the post where he said that bitcoin gave him peace of mind because they had inflation, a weak currency and financial uncertainty, And this made him to see bitcoin as form of protection, and not a get rich quick scheme or investment.

This is where things got serious, this dude was not only questioning his security set up, he even questioned his belief in bitcoin itself, and this made me think of something we rarely discuss here on bitcointalk which am going to leave you guys with this question.

When people lose their bitcoin investment what exactly do they lose? because it is not only money.

Beyond the money, there was actually much more lost, judging by what he said, he had lost his peace of mind along with the money. If I were in his position, I could describe a few things I would lose afterward, such as:

(1) Time
(2) Energy
(3) Opportunities for a better future
(4) Life plan I have devised through my BTC investments

The recent incident involving Coldcard offers a valuable lesson for us all.

[BABY SHOES]

8 years is not a short time, he also missed the previous cycle where at the time of high prices and more confident to stay HODL because he believes the highest record will definitely be broken if longer hold.

Now it's just gone over the Cold Card vulnerability... all users of this device are already pouring out his disappointment and sadness on many social media platforms.

A person also loses 1 bitcoin that has been built up over the years using the DCA strategy method... he also knows using Multisig is much safer, but he believes the seeds generated from the device will not be easy to guess... Now it's happening.
[1] https://www.reddit.com/r/Bitcoin/comments/1vdjlls/i_lost_my_one_bitcoin_in_the_coldcard_exploit/

Reminder: that security is indeed much more important than continuing to discuss investment strategies.

[Franklyn-wood]

There was this post I came across today while scrolling through reddit, this person lost 2 bitcoin after 8 years of stacking. Frankly speaking, what touched me was not even the amount this person lost, but the sentence he made "it is not about finishing the race first, at this point, i just want to finish"  that line stayed in my head.

Here on Bitcointalk we are more focus on discussing about bitcoin in terms of price, cycle, ETFs, adoption, and numbers going up, meanwhile, behind every wallet there is a real person who have spent years making sacrifices to accumulate bitcoin.

And there was a part in the post where he said that bitcoin gave him peace of mind because they had inflation, a weak currency and financial uncertainty, And this made him to see bitcoin as form of protection, and not a get rich quick scheme or investment.

This is where things got serious, this dude was not only questioning his security set up, he even questioned his belief in bitcoin itself, and this made me think of something we rarely discuss here on bitcointalk which am going to leave you guys with this question.

When people lose their bitcoin investment what exactly do they lose? because it is not only money.

When we loss Bitcoin it is not just the money that matters but also the time, many times we look at the investment seem like one have lost a furtune. Having learned, being extra careful and putting in hard earned money to invest with expectations of making huge profits back, but will be greatly sad to see all that have been invested on go in a twinkle of an eye despite all efforts to make it work.
Mental consciousness, loss confidence in Bitcoin.

[Agbam]

There was this post I came across today while scrolling through reddit, this person lost 2 bitcoin after 8 years of stacking. Frankly speaking, what touched me was not even the amount this person lost, but the sentence he made "it is not about finishing the race first, at this point, i just want to finish"  that line stayed in my head.
Here on Bitcointalk we are more focus on discussing about bitcoin in terms of price, cycle, ETFs, adoption, and numbers going up, meanwhile, behind every wallet there is a real person who have spent years making sacrifices to accumulate bitcoin.
And there was a part in the post where he said that bitcoin gave him peace of mind because they had inflation, a weak currency and financial uncertainty, And this made him to see bitcoin as form of protection, and not a get rich quick scheme or investment.
This is where things got serious, this dude was not only questioning his security set up, he even questioned his belief in bitcoin itself, and this made me think of something we rarely discuss here on bitcointalk which am going to leave you guys with this question.
When people lose their bitcoin investment what exactly do they lose? because it is not only money.

Actually, the Cold-card incident basically brought the phrase "invest as much as you can afford to lose" back into a stronger position. Otherwise, Bitcoin is the strongest currency and at the same time, the security of its network is very high. Then why are these phrases also used in connection with Bitcoin investment?

Those phrases are used to reduce the effect of emotional attachment and distress in cases of volatility and in such cases as this but we can all agree that accumulating what you can afford to lose over a long period of time becomes a huge sum of money.

And eventually when faced with this kind of situations you begin to question why you didn’t just use it for your discretionary spendings; a family holiday, a trip with a loved one, one expensive shit or the other would have been better than losing it to a totally unworthy fellow.

[MorganaX]

It's not easy to lose such an amount of Bitcoin, we all know how demanding it is to start something from the bottom, especially an investment that requires mental strength, discipline, focus and so much hard work. The whole thing gets crazier when the error wasn't actually from you, because I believe all the users of the coldcard wallet would have thought that their assets were safely kept since it's a cold wallet and they have their seed phrase kept secure and then all of a sudden something like this happens and you get to discover that what you felt is impossible to breach has been breached and all your years of work is gone down the drain just like that.

[Ojima-ojo]

At least we could have shared more in his pain if we know how he lost those 2BTC, but the saddest thing to experience is losing your bitcoin not to market crash, but to lost unexcahged manner, and from the look of things in recent times we have hard alot of wallet drains that have left many bitcoin investors in a devastating condition.


Most people accumulated bitcoin through DCA which takes them a long period of time and memories attached those those bitcoin accumulated, losing it just like that hurt's alot and is something I will never wish to experience that is why we need to take security serious.

[Agbe]

Losing bitcoin doesn't mean it will collapse. They are too different thing. Bitcoin is not a Ponzi scheme and he didn't lost it carelessly but the wallet was hacked. Well 2 BTC is a big amount of money and he was hoping to stabilize his financial life at the age of 50 but things do not work the way it was plan. But one thing he has to know is, how it happened. And different this can make someone who lost bitcoin to think twice but not to doubt on bitcoin because the blockchain is still moving without blockage. He lost the BTC in the ColdCard hardware wallet hack. Sorry for him. But this is not the first time such thing has happened so he should not doubt bitcoin future.
I understand his concern about the open and non custodial wallets safety in the future. Op you have to know that when you lost something valuable in your life, you will think wide and see vision in the future because of the pain.
Ojima-ojo he lost it in the recently ColdCard hardware wallet hack.

[CryptopreneurBrainboss]

When people lose their bitcoin investment what exactly do they lose? because it is not only money.

It feels like you lost more than money when you understand what Bitcoin stands for. Others see another currency when they look at Bitcoin but you see more than that because you see the potential in Bitcoin. Chances are too that you might lose motivation to invest furthermore after all your efforts has been for a waste. Bitcoin isn't just money but an asset and an asset is something that brings money into your hands and that's exactly what hodling Bitcoins does for you. If you were to lose your investment in Bitcoin, you have lost your stake in the future and not just the present profits that the market can currently offer you and that's why Bitcoin is so precious and rare.

[stadus]

I understand the sentiment of a person losing bitcoin, especially if he did accumulate it from his own hard-earned money and took it for several years before he came up with that precious amount. However, it should not reach to a point where we turn out worshipping our bitcoin or even fiat and see it like its completely alive that will determine what our future will be.

Bitcoin is just a tool, it can be replaced if we really want it. While it can solve our financial needs and can even help others through it, but it can also do harm to us if we love it so much as it can lead us being greedy and unrealistic. Bitcoin is still money, we should not treat it more than that.