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6405 clicks; posted to Geek » on 20 Dec 2013 at 10:09 AM (2 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-12-20 09:55:04 PM  

Aexia: In case you missed this epic post at Reddit:

I discovered Bitcoin a few years ago. I today greatly regret that the moment I liquidated the inheritance I didn't place the entirety of it into Bitcoin. With Bitcoin on the verge of making it very, very big I began performing arbitrage six months ago. The rising adoption has created volatility which makes it very good for arbitrage. I know of people that have made A LOT of money doing this, but I have now lost A LOT of money.

I am consistently misjudging the movement of the markets. I buy in and sell, not holding any long term positions. On the 19th, I bought 250 coins at $800; it was quickly rising and I was worried I would not be able to buy in at that price ever again. Immediately after my purchase it began tanking. I tried to hold my position hoping it was just temporary and would return to $800 and increase from there. After hitting around $600 it began to increase again, I viewed this as reaffirming my projection. It rose again to around $700. I held my position into the 20th, it dropped to $500 and that was my sell point hoping to minimize my losses. I lost $75,000 in an almost 24/hr period. This was my fastest and almost largest single trade loss. If I had continued to hold I would be able to sell right now with minimal losses.

I have "made" money on trades, but overall the losses have kept me in the red. As of today, over the past 7 months I have lost a total of $410,000. The inheritance was supposed to be split between my younger sister and I, giving us each $375,00 + half of the house (not worth much, rural area, etc).

However, I don't have a legal obligation to provide her with half of the money, that was a verbal contract between my father and I, the in-writing legal stuff allocates it all to me. I made the mistake of telling her that I invested the money in Bitcoin; she has read the news etc on it, so she is under the assumption that there is a lot more money than there actually is. Regardless, I have already paid her first year of college tuition in cash anyway, this was around $30,000. I also bought her a used car to take to college ($5,000). We later found out they don't want freshman to have cars?? So we might sell it and I can give her that money. Ultimately, in addition to other living expenses, bills, car, etc I have around $280,000 left which is currently all liquid.


This was not epic. This is stupid. This person is stupid. I am now stupid for wasting my time reading this. I will ask you to never again regale us with anything from reddit.
 
2013-12-20 10:24:17 PM  

Aexia: In case you missed this epic post at Reddit:

I discovered Bitcoin a few years ago. I today greatly regret that the moment I liquidated the inheritance I didn't place the entirety of it into Bitcoin. With Bitcoin on the verge of making it very, very big I began performing arbitrage six months ago. The rising adoption has created volatility which makes it very good for arbitrage. I know of people that have made A LOT of money doing this, but I have now lost A LOT of money.

I am consistently misjudging the movement of the markets. I buy in and sell, not holding any long term positions. On the 19th, I bought 250 coins at $800; it was quickly rising and I was worried I would not be able to buy in at that price ever again. Immediately after my purchase it began tanking. I tried to hold my position hoping it was just temporary and would return to $800 and increase from there. After hitting around $600 it began to increase again, I viewed this as reaffirming my projection. It rose again to around $700. I held my position into the 20th, it dropped to $500 and that was my sell point hoping to minimize my losses. I lost $75,000 in an almost 24/hr period. This was my fastest and almost largest single trade loss. If I had continued to hold I would be able to sell right now with minimal losses.

I have "made" money on trades, but overall the losses have kept me in the red. As of today, over the past 7 months I have lost a total of $410,000. The inheritance was supposed to be split between my younger sister and I, giving us each $375,00 + half of the house (not worth much, rural area, etc).

However, I don't have a legal obligation to provide her with half of the money, that was a verbal contract between my father and I, the in-writing legal stuff allocates it all to me. I made the mistake of telling her that I invested the money in Bitcoin; she has read the news etc on it, so she is under the assumption that there is a lot more money than there actually is. Regardless, I have a ...


Ah, yes. One of those. This guy is not actually investing. He has a gambling problem. His sister will never see another farking dime from him.
 
2013-12-21 03:31:15 AM  
This thread:  https://bitcointalk.org/index.php?topic=7216.0

Most of these people appear to be living, literally, in the basement.  Why not spend a little bit of that sweet, sweet Bitcoin and upgrade your living conditions?  I thought there was big bucks in this?
 
2013-12-21 06:56:32 AM  

whooter: This thread:  https://bitcointalk.org/index.php?topic=7216.0

Most of these people appear to be living, literally, in the basement.  Why not spend a little bit of that sweet, sweet Bitcoin and upgrade your living conditions?  I thought there was big bucks in this?




I suspect the answer to that question begins with "do you accept bitcoins?".

Like that heirloom in your home that you think is worth millions of dollars, the true value is only found if you can find a pawn shop that agrees.
...Or in bitcoin's case, enough suckers willing to trade cash for codes.

/I think the Chinese investors were the secret to it achieving such a high value recently.
/people who trade cash for coin and don't plan to cash out anytime soon.
 
2013-12-21 07:43:21 AM  
God, I love Bitcoin threads. Anybody else old enough to remember the heady days before the .com bubble burst when employers were luring in new employees with stock options? I remember a friend of mine boasting about how he was a millionaire on paper thanks to his stock options. Yeah, you can guess how that ended.

/ Maybe some places still do this but no company that I've worked for in the last decade or so
 
2013-12-21 11:01:55 AM  

Smashed Hat: Anybody else old enough to remember the heady days before the .com bubble burst when employers were luring in new employees with stock options? I remember a friend of mine boasting about how he was a millionaire on paper thanks to his stock options. Yeah, you can guess how that ended.


I worked for 3 companies which gave out stock options, including a .com right at the peak of the bubble. The first 2 went nowhere, but the third one (after the bubble) eventually paid for a big chunk of the down payment on my house. Many of the Bitcoin millionaires are also cashing out real money, like this guy who bought an apartment with some leftover coins.
 
2013-12-21 11:53:29 AM  
Someone explain this to me like I'm a child: how do people make any money off of bitcoins?
 
2013-12-21 01:03:50 PM  

The Incredible Sexual Egg: Someone explain this to me like I'm a child: how do people make any money off of bitcoins?


Buy them low and sell them high. There will be a handful of basement dwellers that will accidentally make some cash this way. But most of them will screw up and lose their shirts. The people who actually clean house on this will be the same people who always do.
 
2013-12-21 03:53:01 PM  
Seems to me that there are a lot of people who have never mined, owned or traded cryptocurrencies spreading their "wisdom" in this thread.

The Incredible Sexual Egg: Someone explain this to me like I'm a child: how do people make any money off of bitcoins?


Same way people may money of pork belly futures, stocks or other currency trading. It is all pushing numbers around without ever touching a real product.

Cryptocurrencies are just the new kid on the block and they're more volatile than the more established stuff.
 
2013-12-21 04:59:59 PM  

Farking Canuck: Seems to me that there are a lot of people who have never mined, owned or traded cryptocurrencies spreading their "wisdom" in this thread.


You don't have to stick your hand in a fire to know you're gonna get burned.
 
2013-12-21 07:34:00 PM  

The Incredible Sexual Egg: Someone explain this to me like I'm a child: how do people make any money off of bitcoins?


By getting into it at the beginning, convincing a bunch of people it's awesome and has real value and then selling out all your bitcoins before people realize you're lying.

Speaking of which, I just started mining Dogecoins which are actually much better than bitcoins and guaranteed to increase in value.  They've already gone up 900% in the last week or so!  You guys should think about buying them soon.

/ducks
 
2013-12-21 08:01:08 PM  

TappingTheVein: ModernPrimitive01: can someone explain bit coins to me in 5 sentences or less? I want to know what all the fuss is about but too lazy to read financial articles

1. It's private currency.

2. The money supply is controlled by an algorithm which regulates creation of new bitcoins and keeps the supply under an all-time cap.

3. It is very difficult to trace bitcoin transactions.

4. It is very difficult to forge bitcoins or commit fraud with respect to the actual currency itself.

5. It's a trap.


It is generally only useful when purchasing illegal goods or services.

Is for tech geeks that know Obama will continue to devalue the dollar but won't admit it.
 
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