I Just Lost a Bunch of Money on Bitcoin. Here’s How I’m

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I’m a moron who lost money on bitcoins AMA

I was an unlikely candidate tbh. I know a decent chunk of economics both consumer and macro, and I saw through utopian crypto promises pretty easily. Yet I’m now down some 15-20k dollars from buttcoin investments. Why?
Well, a friend of mine became, briefly, a dollar millionaire in bitcoins. I was quite impressed and a tad jealous of this. Other friends, and podcasters, and internet communities in general, spoke constantly in very promising and adoring tones about cryptos, and my father did too (though few of these really invested anything of worth). And people are social creatures and it’s hard to stand up to peer pressure, and the promises of future wealth did the rest. So I developed a new theory of buttcoin:
Imagine you’re able to print monopoly money and make other people accept this as real money. Other people in turn accept them as money and start using them as such, and they start circulating. Now you and your group has essentially printed money; the cost is borne by other people as an inflation tax. I’m convinced crypto can theoretically work this way.
The problem of course is that cryptos are hardly ever used as money because they are too cumbersome to use. Real money is just faster and cheaper, yes cheaper, once you take into account all the crap you have to install, converting your money to crypto, and so on. So 98% of the value is just speculative.
Of course the crypto community is also exceptional at putting the blinders on. China has had a 6 month long crackdown on bitcoin since new year roughly, which is probably why btc has crashed. From reading cryptocurrency you’d never believe it, as every post about this is attacked with extreme skepticism bordering on nihilism (how can you really know anything from China, have you been there and seen It yourself?!1!) It was easy to get caught up in the bug when I started ‘’’’’investing’’’’’ in btc as I started at the beginning of the great rise from around 3k and ‘’’invested’’’ steadily throughout the rise, and then some more during the great fall. I wasted much more than I had thought, because I have to convert from my national currency to Euro to buy, then the coins all have different values that are expressed in dollars, so it’s hard to get a sense of how much you’ve wasted as you’re using all these different units you’re not used with, and which fluctuate to boot.
So I’ve been rather depressed about all this, but I hear the best way to cope is to accept what happened and move on. So here it is: I have accepted that I acted moronically with my hard earned money. The overall situation is not the worst however: I will soon start in a new job that pays reasonably well, I’ve just bought an apartment whose mortgage I can pay with some margin of error too. I’m more fortunate than most even after accepting this loss. I must focus on this going forward.
submitted by DNVDNVDNV to Buttcoin [link] [comments]

Y'all Gained or Lost Money on Bitcoin?

Since yesterday Bitcoin went up to $13900 so who gained and who lost money on Bitcoin today?
If gained, then when did you buy the bitcoin? And if lost then when did you buy it and did you sell it yet?
My story: I bought bitcoin when it was at $13.9K and lost money today but it's okay. It surely will go up again! What y'all think, will it go up or not?
submitted by Cryptomarket786 to Bitcoin [link] [comments]

More people have lost money on bitcoins than made money.

submitted by Vladamir_Putin_007 to Showerthoughts [link] [comments]

A lot of my friends still say bitcoin is a terrible investment. Has anyone lost money on bitcoin? You’d have to be pretty dumb imo

A lot of my friends still say bitcoin is a terrible investment. Has anyone lost money on bitcoin? You’d have to be pretty dumb imo submitted by hodlontowhatyougot to Bitcoin [link] [comments]

Bitcoin mentioned around Reddit: More people have lost money on bitcoins than made money. /r/Showerthoughts

Bitcoin mentioned around Reddit: More people have lost money on bitcoins than made money. /Showerthoughts submitted by SimilarAdvantage to BitcoinAll [link] [comments]

Bitcoin mentioned around Reddit: Has anyone lost money on bitcoin in the past week? How much and how do you feel about it? I'm a journalist and interested to know stories for an article for The Independent in the UK. /r/AskReddit

Bitcoin mentioned around Reddit: Has anyone lost money on bitcoin in the past week? How much and how do you feel about it? I'm a journalist and interested to know stories for an article for The Independent in the UK. /AskReddit submitted by BitcoinAllBot to BitcoinAll [link] [comments]

A lot of my friends still say bitcoin is a terrible investment. Has anyone lost money on bitcoin? Youd have to be pretty dumb imo /r/Bitcoin

A lot of my friends still say bitcoin is a terrible investment. Has anyone lost money on bitcoin? Youd have to be pretty dumb imo /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

So I lost money on bitcoins /r/Bitcoin

So I lost money on bitcoins /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

People who lost a lot of money on Crypto like Bitcoin, what are you investing in these days?

submitted by tommygunz007 to AskReddit [link] [comments]

In 20 years, people will either be saying “Remember when you could buy bitcoin for only 3500?” or “Remember when everyone lost their minds and spent millions on useless internet money?”

submitted by eth_trader_12 to Showerthoughts [link] [comments]

To all those who think they have lost money on the last Bitcoin spike!

I bought my first crypto back in Feb2014... $720USD. Over time it went down to $150. Man, I remember how I got fu*ked over with this investment shit! So, I just wrote it off as a total lost, but did keep the paper wallet safe as you where suppose to. This kept me from buying more of course. Shame!!!
Hodl on! It's not over! It's just a question of time! Right now, I'm glad I did buy a bit
submitted by Luccio to Bitcoin [link] [comments]

I invested in bitcoin at $10k and withdrew it when it hit 11k. Within 2 days it’s up to 17k and I lost out on a lot of money. AMA.

submitted by PCisButter to casualiama [link] [comments]

Bitcoin works best when we've all got our hustle going and contributing to the accumulation of bits

None of this get-rich-quick mentality, or chasing shitcoins. That's how you get rekt. If you "lost" money on Bitcoin, look at the bigger picture. You've got to be a believer. You also need to be practical. Get a job. Keep your job. Save your extra money on Bitcoin. When you're ready to retire, Bitcoin will still be there
submitted by pimpingken to Bitcoin [link] [comments]

I heard Netflix made a Horror anthology about people who lost all their money on Bitcoin

Tales From the Cryptocurrency
submitted by BarelyLegalSeagull to Jokes [link] [comments]

I Describe success as the evidence of things worked and hoped for! remember, never envy success but focus on getting results. Have you ever heard about Bitcoin cryptocurrency trading or forex exchange investment? have you traded before and lost your money into the market or the hands of scams?? If y

I Describe success as the evidence of things worked and hoped for! remember, never envy success but focus on getting results. Have you ever heard about Bitcoin cryptocurrency trading or forex exchange investment? have you traded before and lost your money into the market or the hands of scams?? If y submitted by YuyaSahoshi to u/YuyaSahoshi [link] [comments]

On only 9 days in all of bitcoins history, investor who bought and held, would have lost money. On the other 2912 days everyone has made a profit.

Only 9 days in bitcoins prior history have traded above current levels. This means everyone who bought btc and never sold, on the 2912 other days of bitcoins history, have made money.
Those who bought on those 9 losing days have all lost less than 10% on their investment.
This same pattern has followed every single "bubble" in bitcoins history.
As someone who bought at $10 I've seen it many many times but more importantly the feeling I have right now is very very different from any previous occasion. One of two things is about to happen (and I'd bet my BTC on it)
1: we are about to enter another bubble cycle with a price run up to around $2500-3000 before a correction to $1500
OR
2: bitcoin has matured to a degree that we will continue to see single digit weekly average gains for the next few weeks before a much more minor correction.
Don't invest what you can't afford to lose, but also don't feel it's too late because historically only 9 days out of 2912 have been "too late" (and even those will evaporate over the next few days)
submitted by SlymaxOfficial to Bitcoin [link] [comments]

Paypal Market cap $97.7 Billions, Bitcoin market cap $ 101.5 billions, if delete lost coins bitcoin market cap around $ 80 billion. Which would you like to own in 10-20 years!? I would put my money on bitcoin!

submitted by GustafLilja to Bitcoin [link] [comments]

In 20 years, people will either be saying “Remember when you could buy bitcoin for only 3500?” or “Remember when everyone lost their minds and spent millions on useless internet money?”

In 20 years, people will either be saying “Remember when you could buy bitcoin for only 3500?” or “Remember when everyone lost their minds and spent millions on useless internet money?” submitted by Jactus12 to Library_of_Alexandria [link] [comments]

To all those who think they have lost money on the last Bitcoin spike! /r/Bitcoin

To all those who think they have lost money on the last Bitcoin spike! /Bitcoin submitted by ABitcoinAllBot to BitcoinAll [link] [comments]

I traded back and fourth between alt coins ENJ and Bitcoin on Binance but overall lost money how does that effect my taxes?

I traded back and fourth between alt coins ENJ and Bitcoin on Binance but overall lost money (over $2000) how does it effect my taxes? Can I get a tax break if I didn't earn any profit? or do I have to pay tax on every transaction even though I lost money? If the latter is true, how is that a fair or logical system, someone could then hypothetically owe more money in taxes than what they initially put in to cryptos if they do a lot of trading....
submitted by ga1actic_muffin to CryptoCurrency [link] [comments]

Lost a bit of money today day trading Bitcoin, Ethereum, and Litecoin for the first time ($360 -> $114) on GDAX. I'm going to try to get some back, but need tips. Let me know if it is worth pursuing.

I'm doing pretty well with the coins I have held but have not had much luck timing the plunges. Anyone have any tips or tricks? I just graduated from college and am job searching, so I have some free time. I would like to just get back to what I had initially, and if all goes well, maybe mess with it further. The end of the grace period on my loans is looming and I would love to get any extra cash I can. Thanks!
submitted by LeListener192 to CryptoCurrency [link] [comments]

FACT: There are now 0 HOLDers who have lost money on BTC • r/Bitcoin

submitted by kybarnet to WikiLeaks [link] [comments]

THE STORY OF HOW I LOST ALL MY MONEY IN CRYPTOCURRENCY Virtual Bitcoins worth $425 million disappear I Just Lost Everything With Bitcoin  1 Year Update 6 People Who Lost Millions in Bitcoin HOW TO RECOVER MONEY, WEALTH, BITCOIN LOST TO SCAM

Fox Van Allen. The current bitcoin market can only be described as a dumpster fire. And I’m definitely feeling that pain. Like many of you, I bought into bitcoin for the first time back in Bitcoin prices plummeted today, shedding approximately half of their value as global markets were afflicted by widespread panic and liquidity problems. The digital currency fell to as little as In a devastating blow to the Bitcoin market, the company filed for bankruptcy and announced that it had lost around 850,000 Bitcoins, worth about $450 million dollars at the time, nearly $8 How Do I Recover My Lost Bitcoin Wallet? By Prashant Jha. Bitcoin, the digital currency requires a wallet just like your real-money, but since the Bitcoin is a digital form of currency and it’s basically a bunch of computer codes, you need a specialized form of wallet to keep it safe against the hackers and theft.. Bitcoin wallets come in many shapes and forms and some of the prominent types A July study by analytics firm Whale Alert found that YouTube users had lost $24 million in bitcoin and related scams in the first six months of 2020. That's up from $14 million over the prior

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THE STORY OF HOW I LOST ALL MY MONEY IN CRYPTOCURRENCY

To begin, you will need to sign up with MTI and find your account with Bitcoin recommended minimum is $100 worth of bitcoin account not funded within 7 days will be erased. However, you can ... Vlog - QuadrigaCX, how I lost my $500k+ life savings, how I am dealing with it so far.. - Duration: 32:45. Tong Zou 44,986 views Today we are looking at 6 people who have lost MILLIONS by losing or missing out on bitcoin in freak scenarios. These people all WOULD have been Bitcoin millionaires but because of bad luck or bad ... How the blockchain is changing money and business Don Tapscott - Duration: 18:50. ... How I lost $100,000 in Bitcoin, Litecoin, & Ethereum - Lessons Learned - Duration: 28:24. The last wealth has helped a lot of people who have lost money to various scam, ponzi schemes, trading, binary options, bitcoin. He is the ultimate wealth recoverer.

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