When Losing Bitcoin Feels Like Losing More Than Just Money.

[Ab de villiers]

Seriously having to lose the sum 2  BTC It a very painful thing, but checking out again the painful part and biggest lost is having wait for 8 good years of discipline and patience. Having to hold Bitcoin for that long, passing through market crashes and still keeping conviction.

That why we shouldn't treat Bitcoin security as something that we can deal with later, not only knowing that accumulating is important but also having to understand that having to protect what we are accumulating is very important too.

When the price of Bitcoin drops a little, we get scared and the person loses 2 Bitcoins for which he worked hard and patiently for so long and later he does not get anything for it. Of course, this is a very bad shock for him. It is like someone who bought a lot of Bitcoins and later forgot the password of his wallet and till now he could not get his Bitcoin back. Although he should try and accumulate Bitcoin once again because the price is down and if he does DCA slowly, he can accumulate 1 Bitcoin by next year, but this has taught him a lesson that any important asset or money should be protected and his mind should be sharp for it.
The way people are losing Bitcoin is quite sad but this is a good lesson for everyone. Some people have invested for so many years, they should also protect themselves from such mistakes.  In fact, the sad thing is that accumulated Bitcoin little by little for 8 years, and when it came time to take profit from it, Bitcoin was not available.

[Joy- maker]

This investor isn't at fault for the loss of Bitcoin, the ones at fault are cold card, they had to be punished and justice done. You should seek your rights in court even knowing it's hard to win, I see it as the only way.

Nobody said the investors are at fault, we all already know that the coldcard wallet owner or the developer is the one to be blamed. I can't really tell whether this happened due to negligence or as a deliberate act, and if those who are affected decide to challenge them in court they will definitely win the case, because the coldcard owner or developer need to pay for all the damages. I really feel for those who were affected, because I have seen many posts on Reddit so far showing that a lot of people lost their fortunes.

[Rgram]

Nobody said the investors are at fault, we all already know that the coldcard wallet owner or the developer is the one to be blamed. I can't really tell whether this happened due to negligence or as a deliberate act, and if those who are affected decide to challenge them in court they will definitely win the case, because the coldcard owner or developer need to pay for all the damages. I really feel for those who were affected, because I have seen many posts on Reddit so far showing that a lot of people lost their fortunes.

In as much as we can’t fault them, we should be reminded that, there were other means presumably to me more sophisticated pathway to private key or seed phrase generation but, based on the fact that no vulnerability was found in the previous means, it did remain a standard that did work. These updates existed but weren’t used and it’s okay for open source wallets to not notify on these things.
It’s still an eye opener though on how we should react to updates and not always rely on previous methods that have proven to be safe with the advent of updates.

[AmoreJaz]

This investor isn't at fault for the loss of Bitcoin, the ones at fault are cold card, they had to be punished and justice done. You should seek your rights in court even knowing it's hard to win, I see it as the only way.

Nobody said the investors are at fault, we all already know that the coldcard wallet owner or the developer is the one to be blamed. I can't really tell whether this happened due to negligence or as a deliberate act, and if those who are affected decide to challenge them in court they will definitely win the case, because the coldcard owner or developer need to pay for all the damages. I really feel for those who were affected, because I have seen many posts on Reddit so far showing that a lot of people lost their fortunes.

This is the reason why it is always advisable keep your coins in your own wallet where you have your own keys. Because a third party storage will be very vulnerable to potential threats and not all of them are accepting their liabilities to their clients.

[freedomgo]

This investor isn't at fault for the loss of Bitcoin, the ones at fault are cold card, they had to be punished and justice done. You should seek your rights in court even knowing it's hard to win, I see it as the only way.

Nobody said the investors are at fault, we all already know that the coldcard wallet owner or the developer is the one to be blamed. I can't really tell whether this happened due to negligence or as a deliberate act, and if those who are affected decide to challenge them in court they will definitely win the case, because the coldcard owner or developer need to pay for all the damages. I really feel for those who were affected, because I have seen many posts on Reddit so far showing that a lot of people lost their fortunes.

The developer should really be accountable of all the damages it has caused. But I guess no developer would want this way either, whatever we call this, things sometimes happen beyond our control even if a lot claims that its due to negligence or whatsoever.

Instead of pointing fingers who's at fault, I think its best to just learn from this incident. Let's all be mindful to our wallet and secure every updates as much as possible. Having a hardware wallet isn't enough, being cautious should be more practiced all the time.

[Orpichukwu]

This is the reason why it is always advisable keep your coins in your own wallet where you have your own keys. Because a third party storage will be very vulnerable to potential threats and not all of them are accepting their liabilities to their clients.

It’s advisable, but some people still consider that advice as being expensive because they can’t take good care of their own private key and will always choose a third party over themselves to do the security job for them while they are indirectly handing their coin to danger.

[TedMosby]

So, it's the shift from ambition to hope. I was once in a position where I had to sell all my BTC holdings because of financial hardship. At that moment, I was feeling the same way. It wasn't about the money anymore. It was more about something I had been fighting for, hope for a better future. Stacking whenever I could, holding through thick and thin, etc.

I just felt emotionally attached to my BTC holdings. I know it's not good. People say, "Don't marry your bag," but I just can't.

For me, that situation is like finishing a movie series that you really like. You already became emotionally attached to the story, characters, etc. When you suddenly don't have any BTC anymore, it feels like the finale finally end. You ask yourself, "What do I do now?"

I want to own BTC again and start stacking again, but it also means I have to start a new series. It's really difficult to start something new after you feel like the previous one was the peak.

[m2017]

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.

Ah, another victim of Coldcard. 2BTC is a significant loss, especially considering its potential future value.

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.

This is the typical path for most (small) BTC-investors. Or do you think every BTC-investor throws money around left and right and buys bitcoin with their spare cash?

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.

Bitcoin can be considered an alternative pension fund.

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.

That means this user’s conviction in bitcoin was weak. The fact that a Coldcard was compromised doesn't mean bitcoin is a bad investment. Instead of blaming bitcoin for the failure and the shattering of his dream of future prosperity, he should have taken some precautions himself. For instance, he kept all his bitcoin holdings in one place. Had he never heard of diversifying risk?

The weak despair and give up. The strong analyze past mistakes to prevent them from happening again and take steps to rectify them.

People let their guard down and placed their full trust in a single manufacturer, forgetting the fundamental principle of owning bitcoin: total personal responsibility for one's assets.

Incidentally, that Reddit user mentions bitcoin-ETFs, claiming he should have invested in those instead. This is clear proof that bitcoin isn't for him. I’d say he is a classic customer of the traditional banking system; his place is keeping his money in a bank account (where the bank, not he, handles any problems that might arise).

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

As I understand it, for him, this was ultimately money wrapped in the hope of a financially secure future.

[Itz-prisigold]

So, it's the shift from ambition to hope. I was once in a position where I had to sell all my BTC holdings because of financial hardship. At that moment, I was feeling the same way. It wasn't about the money anymore. It was more about something I had been fighting for, hope for a better future. Stacking whenever I could, holding through thick and thin, etc.

I just felt emotionally attached to my BTC holdings. I know it's not good. People say, "Don't marry your bag," but I just can't.

For me, that situation is like finishing a movie series that you really like. You already became emotionally attached to the story, characters, etc. When you suddenly don't have any BTC anymore, it feels like the finale finally end. You ask yourself, "What do I do now?"

I want to own BTC again and start stacking again, but it also means I have to start a new series. It's really difficult to start something new after you feel like the previous one was the peak.

I might not really know how you felt at that particular stage in life, but one thing is for sure that was the hardest decision for you to make. It's very natural to become attached to your holdings, because you have spent years stacking Bitcoin, you also watched your holdings grow slowly, and at some stage it becomes more than just mere number on the screen. You made a lot of sacrifices and you also hard strong hope on your holdings.

Imagining how you even sold your coins just because of financial hardship must that even made the situation more tough. Most especially when selling your coins was never your choice, but because if the situation at hand. But trust me, you selling your coins in that kind of situation doesn't mean you failed. Let's say, you just used your savings for what it was actually meant for, helping you out during time of hardship.

I will advise you to not let past situation define your future. If you eventually get back to a more comfortable position, starting all over again stacking Bitcoin is not a bad thing, even though it feels like starting a new movie. Your previous investment ended in a way that was never your plan, doesn't mean you can start a meaningful journey again. And your past experience will make you have a better plan now, because experience is the best teacher.

[Powerjumboo]

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 people lose something valuable, it becomes unbearable to bear. In short, the pain of losing something valuable is immense; whenever you think about it, it feels so bad that it cannot be expressed in words. Those who have never lost anything in their life will never understand the pain of losing. It will be very difficult for a person who has saved two Bitcoins after eight years of hard work and suffering and lost them, because the pain of losing these Bitcoins after eight years of hard work and suffering will haunt him for the rest of his life. But I would say that he should definitely use a hardware wallet and keep it very secure. Due to this lack of security, his Bitcoins may have been lost. When a valuable thing is kept with oneself, its security must be ensured at the highest level, otherwise it will be lost like this.

[Inwestour]

The developer should really be accountable of all the damages it has caused. But I guess no developer would want this way either, whatever we call this, things sometimes happen beyond our control even if a lot claims that its due to negligence or whatsoever.

Instead of pointing fingers who's at fault, I think its best to just learn from this incident. Let's all be mindful to our wallet and secure every updates as much as possible. Having a hardware wallet isn't enough, being cautious should be more practiced all the time.

Maybe having just one hardware wallet isn’t enough, because if you make even a single mistake with your cold wallet, all the funds stored on it could potentially be stolen. So perhaps it makes sense to have two or three wallets. That way, you’d have an extra layer of security. But I agree with you that you always need to be extremely careful and never enter your seed phrase anywhere, because doing so could potentially result in losing all the coins stored on that wallet.