My absolute biggest mistake in my entire life. Learn from my mistake, please.

[jabo38]

I once formatted over 17000 bitcoins in 2010 when gpu mining first started because I couldn't get a clean install of cat after an uninstall.

Used Gparted and it wasn't worth reconstructing the partition.


~BCX~

Holy shit, you lost 17k bitcoins?

Didn't loose them, he abandoned them and rewrote over them. With today's tech, they could have been recovered fairly easily.

[kelsey]

If your biggest mistake in life involves how much money you didn't make then your life's going pretty ok if you ask me

[Spoetnik]

i did the same and had sold out for 80 bucks or something and i could have had like 28 grand for one coin not long ago..
it happens doing this shit ..what can you do ?

[Nobitcoin]

Woulda Coulda Shoulda sounds foolish living in the past.

[interlagos]

People often forget, that if they did something different in the past, they would be observing an alternative version of the future, where many things could be different. So if you held some NXT longer, you might have shifted yourself into a parallel reality, where NXT went nowhere. The way events have unfolded is the way the Universe teases you, plays with you. If you made profit from an investment, then by all means it is a positive outcome, not a biggest mistake. Life is a game, play it, see what you get

[Este Nuno]

i did the same and had sold out for 80 bucks or something and i could have had like 28 grand for one coin not long ago..
it happens doing this shit ..what can you do ?

Think about all the people that dumped LTC at $0.25 only to see it hit $50.00 or the guy that bought a well used 6990 from Smoothie for 25,000 LTC.

That was a $1.25 Million GPU at LTC peak.


~BCX~

I sold LTC at 0.05 on BTC-e way back. Also tried to mine some on my 4850 but stopped after a day because I didn't like the fact that it was making it run so hot.

LTC for pennies was the best investment opportunity for anyone other than people who could have bought BTC back in 2009/10. 

[Spoetnik]

i did the same and had sold out for 80 bucks or something and i could have had like 28 grand for one coin not long ago..
it happens doing this shit ..what can you do ?

Think about all the people that dumped LTC at $0.25 only to see it hit $50.00 or the guy that bought a well used 6990 from Smoothie for 25,000 LTC.

That was a $1.25 Million GPU at LTC peak.


~BCX~

oh yeah man jeez LOLOL

ya that woudl be a waaaaaaaaaay bigger amount to cry about for sure !
i started this when Cryptsy was about 2 months old so i was too late for a lot of cheap coins

[Equate]

well , it reminds me of that pizza for bitcoins thread - https://bitcointalk.org/index.php?topic=137.0;all

At that time OP was happy that he could buy pizzas with Bitcoins and nobody could have predicted that BTC will be worth this much . Anyways crying over past seems useless.

[ifightformerkel]

imagine would you will think when bitcoin hit in october 2015 12.000 Dollar
or NXT reach a marketcap of 2 billion dollar = 100x times higher then now.

you will think, why i dont buy it when it was so cheap

nobody know what the future will bring

i would dont think about "old mistakes" because you can not make it undo,
think only what can happen in the future, and maybe it happen or not.

But when you do nothing, you will regret it, even when your dream dont come true.

[bitkilo]

There's nothing you can do but just move on.
I'm sure there's bitcoin stories with bigger loss of opptunity than this.
Could you imagine throwing out your hardrive with millions on it, or paying 10k btc for a couple of pizzas.

[ifightformerkel]

There's nothing you can do but just move on.
I'm sure there's bitcoin stories with bigger loss of opptunity than this.
Could you imagine throwing out your hardrive with millions on it, or paying 10k btc for a couple of pizzas.

THIS!

In 2020 everyone will think, could you imagine hunderts of people buying in 2014 altcoins for hunderds of BTC who are nothing worth today.
Everyone will shake their heads, when 1 Bitcoin is worth then 120.000 Dollar.

Nobody knows what the future bring.

[Este Nuno]

NXT sounded too good to be true. So when you saw that it was real and actually existed you shouldn't have sold(of course you know this now and this is the point of the thread).

But most IPOs turn out to be shit. I think people should be more likely to sell them as soon as they can rather to hold them. NXT was a special case as it was touting itself to be a game changer. Most IPOs are not ambitious as NXT was.

Look at the IPOs that we've seen recently - Craigscoin? Craigslist on the blockchain? Who gives a shit. Archcoin? "The Profit Network"? No comment.

If a project is really attempting to build a next generation crypto like NXT was, then yeah, you should probably hold it. Especially hold it if you see that the project is not just vaporware.

The last IPO I can remember that actually seems to be doing good things is VIA with their counterparty alternative. And the fact that they have Peter Todd coming out with his research like he did recently benefits everyone. Was very happy to read that when I saw it. I've never bought any IPO though including VIA, and I don't own any VIA but I'm happy that good things are coming out of their project.

Storj is another one actually. And Ethereum. So yeah, I guess there are a few. As long as people can tell the difference between a Storj and another one of Bittrex's flavours of the week, then putting some money down on good projects could be a good thing. Personally I don't think it's hard to tell when a project is shit, but obviously that's not the case when hundreds, or even thousands of BTC get funneled in to all these Bittrex IPOs.

If another IPO comes out promising things like NXT did on that sort of wildly ambitious scale, I might consider buying a little bit  if the people behind the project seem sincere. But if you're the type of person who can't tell the different between a NXT type of IPO and the next money grab, then just don't bother and save your money is my advise.

what you think with Crypti ( xcr ) ? 

I don't know too much about it, but I think their intentions sounds good. Wanting to create a currency that actually gets used and adopted by consumers and merchants is on the right track for sure. Only thing I don't really get is the proof of address part. I don't know who validates that proof, whether it's a central authority or not. Even if it is a central authority for the short term that's not necessarily too bad or anything. But in the long term there should be plans to decentralise that part of it I think.

[alicea]

Well, just wanted to make myself more angry at myself than I have been for the past year. Always thinking about this big mistake. How much I could have had, if I had not been naive and greedy. An investment of 0.05BTC, about 50$ at the time, gave me the following. When NXT released, I thought nothing of it, and sold for I think about 2.5BTC in total. I could have done all of the things I struggle to do now because of lack of funding (businesses, services, etc)

My mistake will haunt me for the rest of my life.



Please learn from my mistake. Hold onto IPO's this big for as long as possible. If you can, just buy it, get it in your wallet, and forget about it for a month or 2...

*Sigh*

This is the common mistake. People are selling their coins and are crying some time later. Everybody must understand that fast business is not a business. Waiting makes the value. The buyers have to buck up. The free market realigns downwards - it's obvious. But it is in your, and your and your interest that we sell at good prices. So we all should learn from mistercoin's mistake and use our brains.

BTW: which coin is better-promising: a clone that's dev has ran away after a week and there's no possibilities to use the coin OR a clone with present dev and some possibilities to spend it or make investments with the coin? Reply on the market, please.

[ed_teech]

I doubt these opportunities ever rise again. Holding your bitcoin right now hoping to be a millionaire is far from achievable. Bitcoin had it's media boom. The next big move may be from a very big company promoting some form of currency on a blockchain used by the masses.

It may not be bitcoin.

[kalus]

hindsight is 20/20.

[bitbets]

OP still made really good percentage gains on his 0.05 btc investment.

[Zer0Sum]

I once formatted over 17000 bitcoins in 2010 when gpu mining first started because I couldn't get a clean install of cat after an uninstall.

Used Gparted and it wasn't worth reconstructing the partition.


~BCX~

Holy shit, you lost 17k bitcoins?

Didn't loose them, he abandoned them and rewrote over them. With today's tech, they could have been recovered fairly easily.

Also when Gox got hacked in June 2011 I lost 1400 BTC I was never able to get back due to not being able to verify an account I had.
~BCX~

Makes me feel better about MintPal screwing me for 1.5 BTC this week

[jibble]

...
Please learn from my mistake. Hold onto IPO's this big for as long as possible. If you can, just buy it, get it in your wallet, and forget about it for a month or 2...

*Sigh*

You chose to not take a gamble. This is like saying you were going to, but didn't, buy a lottery ticket with a specific number that then happened to win, calling your decision NOT to buy an irrational mistake, and then concluding that in the future you should go out and buy every lottery ticket. Great way to lose lots of money.

The mistake is this sort of thinking. If you were to buy every alt-coin/platform at launch, you'd lose *a lot* of money in the end. The only way to reliably make outsized returns investing is to really know more or have better analysis than the rest of the market. Of course, everyone thinks that they do. Most do not. It's hard.

Can you explain how you would of lost a lot of money?

1btc investment in NXT would yield right now 3400 btc . It has been much higher priced than now also.

There are at least 10 other IPO coins that have yielded over 1000-2000% profits

If you invested 1 btc into every single coin ever created , just from the profits of NXT coin you would still be over 2900 BTC in the black

This doesn't include possible price increases in litecoin, Dark , Doge , Qora even yielded almost 10,000% profit from the beginning of their lives

You would of made literally 1000-2000% min from all the top 30-40 coins if you had bought them near to release.

There is no evidence to suggest you would lose "a lot" of money if you had invested in every single coin at launch , in fact there is conclusive proof you would almost be a millionaire if not an actual millionaire if you had done so

[Puberty]

I feel the same way too OP. Instead of investing 0.5 BTC or 1 BTC into the NXT IPO, I spent the whole time watching porn and masturbating with my finger up my butt. I could be a millionaire now.

[Digicoiner]

I can see your amount of Nxt in the genesis block.  I missed the IPO by a couple of days.  I had my double encrypted hash ready to send.  On the positive side your story is proof that at least one of the original stakeholders have distributed their entire stake.  I'm sure many of the other original stakeholders have done the same.