My Bitcoin Story (console me)

[BitProdigy]

I just need to get this off my chest…

I found out about bitcoin in 2011 by listening to the Stefan Maleneoux (f$#% spelling) Podcast. It was just after the big crash from $30 and the price was hovering around $3. My first reaction was skepticism of course but I took the time to read the Satoshi Paper and did my research and poked around on some forums and came to the conclusion that this bitcoin thing was legit, and possibly the future of money for the world.

At some point I got a bonus at work that was rather substantial so I thought I'd use that bonus money to dabble in this Bitcoin thing. I bought 500 BTC for about $1500 bucks on TradeHill. I then used some of those bitcoins to purchase some Casascius coins. I bought 10 1 BTC casascius coins and one 25 BTC Casascius coin. (all of which were the 2011 with the error) I made an offline wallet with encryption in a flash drive made 3 copies of it and bought a safe to store the coins and the flash drive in and gave the other two encrypted flash drives to two trusted people with safes as well and I was done and happy.

Some time passed and I was watching the price religiously. Almost an entire year passed and it was only hovering around about $5, and my best friend bought a motor cycle, and he needed someone to ride with, and I wanted a motorcycle. So I cracked open the safe, put in my password, and since TradeHill was out of business created an account on MtGox and sold all of my coins in my wallet at $6 a piece, and I went and bought a motorcycle for $3000. (which I still have, Ninja 250r)

A while later I moved out of state and the price of bitcoin was around $200, I was so sick with myself for what I had done that I was kind of delirious and so as a going away gift I gave all 10 of my 1 BTC Casascius coins to the 10 closest people to me in my life. And so I was left with only the 25 BTC casascius coin.

I owned 500 BTC and 11 of the most valuable collectable items that will ever exist, and I was left with just the one 25 coin. It is safe to say I will never own 500 BTC ever again in my life for as long as live.

AFter the climb to $1200 and crash, and with a new job, I started buying again. I have not even recovered the 10 BTC I gave away yet but it's cool. The experience taught me a valuable lesson. Don't underestimate Bitcoin and what it can do. In the moment it seems silly to invest so much in what seems like such a crazy dream, but do it anyway. And I also learned the secret investment strategy for Bitcoin which is this: Buy low, Buy high, and keep buying and buying and buying. Just keep converting worthless fiat into Bitcoin at every step of the game, ignore the price, and convert fiat into bitcoin at a steady and consistent rate. Never sell. Never convert bitcoin into fiat, it is always a bad move in all circumstances, especially considering you can buy anything you need with bitcoin now.

Sometimes when I think about it, or I do the math in my head, I feel like I just got kicked in the stomach and I need to throw up. But I keep buying more bitcoin every check I get, and I won't stop until I'm getting paid in Bitcoin directly. Hopefully my story is interesting to you. Cheers.

[QuestionAuthority]

Hey, don't worry about it. Bitcoin will crash back down to $1 eventually and you can buy back those 500 coins and get ready for the next jump to $1000.

[seriouscoin]

Hey, don't worry about it. Bitcoin will crash back down to $1 eventually and you can buy back those 500 coins and get ready for the next jump to $1000.

The OP sounds alot smarter and happier than dumb ass like you.

We know you lost money thro bad trading.... get over it dumb fck. The fact that you just turn hater because you sold your coins cheap means you only care about making "money"

Now you can go buy some scamcoins and pray, ok pumpkin?

[Bit_Happy]

"...and sold all of my coins in my wallet at $6 a piece"
I had ~100 BTC that I sold around $7.00, so I know something about how it feels. The "rally" from $1.9996 to ~$7 took so long and the price seemed pretty high at the time.

[seriouscoin]

"...and sold all of my coins in my wallet at $6 a piece"
I had ~100 BTC that I sold around $7.00, so I know something about how it feels. The "rally" from $1.9996 to ~$7 took so long and the price seemed pretty high at the time.

Ehhh.... i sold over 1k btc when it was ~$9

I dont cry like a bitch like some of the "hero members" on here tho. I'm actually happy for bitcoin and community. Remember, the early TXs are needed for btc to grow.

[Biodom]

"...and sold all of my coins in my wallet at $6 a piece"
I had ~100 BTC that I sold around $7.00, so I know something about how it feels. The "rally" from $1.9996 to ~$7 took so long and the price seemed pretty high at the time.

Ehhh.... i sold over 1k btc when it was ~$9

I dont cry like a bitch like some of the "hero members" on here tho. I'm actually happy for bitcoin and community. Remember, the early TXs are needed for btc to grow.

I know that it would not sound like much, but I assume that you are young. Programming or building businesses in bitcoin are a great venue for you to recover 500 BTC and then some. After all, 500BTC is "just" 300K, which is what some very good programmers are being paid in a year or even less.

[BitProdigy]

"...and sold all of my coins in my wallet at $6 a piece"
I had ~100 BTC that I sold around $7.00, so I know something about how it feels. The "rally" from $1.9996 to ~$7 took so long and the price seemed pretty high at the time.

Ehhh.... i sold over 1k btc when it was ~$9

I dont cry like a bitch like some of the "hero members" on here tho. I'm actually happy for bitcoin and community. Remember, the early TXs are needed for btc to grow.

This actually makes me feel better…. thanks serious coin!

[brian_23452]

With all due respect, why would anyone want to take YOUR advise?  By your own admission you failed as an investor.  Wouldn't we be better off listening to someone who was actually successful?

[fryarminer]

I was just burned by some idiot on Paypal last night. I lost 4 BTC. Thanks - your story made me realize other people have had it worse.

[blatchcorn]

With all due respect, why would anyone want to take YOUR advise?  By your own admission you failed as an investor.  Wouldn't we be better off listening to someone who was actually successful?

Ever heard of learning from mistakes?  

Just because he made a few bad decisions - and only bad decisions in hindsight - does not mean he cannot provide sound advice.

[TaunSew]

Yet if OP was in the same circumstances again he would had done the same thing again.  The proof is all those people who invest early in alternate coins and then make thousands (or more) and decide to sell.

I don't understand the rationalization but we live in a world where most people are into instant gratification.  I'm not really sure what thousands of dollars can get you in this world, beyond a toy like OP's motorcycle or the stories of people who sold to buy gaming computers.

[devphp]

Motorcycle is good. You will own those 500 bitcoins again, don't worry, the price doesn't look like it's going a lot higher and could go much lower over time, so just keep buying.

[cuddaloreappu]

and they say it is a currency, but it is an asset until it reaches 1million dollar each after which people will start using it as a currency

[Minecache]

I was just burned by some idiot on Paypal last night. I lost 4 BTC. Thanks - your story made me realize other people have had it worse.

can you expand to make others aware?

[Sindelar1938]

Thanks for sharing your poignant story
I have no real consolation to offer other than to wish you all the best for the future
God bless

[BitCoinNutJob]

The good thing is you recognized BTC as a wise investment in the first place so i have faith for your future. Keep plugging away and good things will happen again.  Trust yourself.

[Divinespark]

Terribly tough luck
May your fortunes turn around and you get the breaks you merit!

[Light]

Eh, if I were you I wouldn't regret the decisions you made. They were the right ones at the time. Personally, I like the notion of never letting the past hold you back, while you learn something from your mistakes you shouldn't berate yourself in the long term for poor decisions. At least you have 25BTC, there are people who have it a lot worse. I personally didn't do much buying until it popped up to $100 and I was around when it was worth 2c a pop. If anything I'd be happy with what you have, $15,000 US from like $80 is a pretty damn good investment for the span of three and a half years.

[Ron~Popeil]

I find myself wishing I had found bit coin much earlier. Other times I realize that if i had I would be posting threads like this one because I undoubtedly would have been one of those that sold at a nice profit and spent the money a long time ago. I also would have been one of those that had a lot of holdings in MT GOX. Instead I spent a lot of time reading this forum and learning from others mistakes before I bought a single satoshi. These stories make bit coin safer for newer bit coiners and I appreciate them. 

[LiteCoinGuy]

Hey, don't worry about it. Bitcoin will crash back down to $1 eventually and you can buy back those 500 coins and get ready for the next jump to $1000.

99% would not do that. thats the reason why he sold his 500BTC. most people are not patient enough.

when bitcoin drops 30%, they sell.