Why? Why would you put your savings into a family of currencies notorious for being incredibly unstable?
It was devastating, quite traumatic, really," Russell said. "I've seen stories on the news of billionaires going bankrupt, and you think how can that be? How on earth did you lose that amount of money? And yet, here I am in that position."
billionares don't go broke just bankrupt, you were just an idiot
Because bitcult told him to.
Ah yes, the true /biz/ way. Buy high, sell low.
Gambling addiction
the dude 4x his portfolio (150k > 500k) and stayed all in. hard to feel sorry for that.
he was up 377,000 and didn't just pull out? bro what the fuck
Greed is a hell of a thing
People don't understand that with that kind of cash, you need to diversify, slice your capital and invest in different things so you don't risk losing it all at once
but people are dumb
Remember the guy who remortgaged his house and bought in when Buttcoin was at $19.8k? Lol.
Imagine if he did it when bitcoin was less than 50 cents
You know we old people have a similar saying, "Imagine if you bought stock in Microsoft, Apple or Amazon back in the early days." The hind sight glasses get taken off though when you realise you could have also done something like invested in shit like AOL and lost everything.
What's the deal with crypto at the moment? I mostly cashed out when it was good, but left a fairly small amount in there.
Should I just sell the rest of it? It's not exactly a helpful amount of money and I wouldn't be too upset if it became literally worthless but I could treat myself
On average it's still climbing if you look at the big picture and good things did happen this week:
https://twitter.com/iamjosephyoung/status/1039434900481269760
If it's money you can afford to lose, do whatever you want with it tbh.
Given the nature of crypto this isn't really something internet people can tell you imo.
Technically I'm at a loss from how much the price has dropped, but the money I put in was always yolo gambling money so I'm personally just gonna leave it as is.
I can't really think why but theres something about your username and moustache that gives me a feeling of confidence in your words, whats your policy on inter-party affairs?
Many of them will tell potential investors the exact opposite. "Invest responsibly" or "never put in more than you are willing to lose" are extremely common to hear. I'm not doubting that you've heard disturbing words from some cultists, but I just wanted to match your anecdotal evidence with some of my own.
I asked for my dad advice back when bitcoin first surfaced and someone offered me 2000 bitcoins for £200.
I really really really wish I hadn't taken his advice and had actually gone and gotten them because I could have later sold them at 19k apeice.
Hindsight is a bitch.
Except you would have cashed out much sooner than that.
I just can't imagine how rich the people who first invested in it at 0.050 cents a bitcoin are right now.
Glad this pyramid scheme is over
The real people to envy aren't the early buyers who inevitably cashed out early too, it's the guy who finds his old USB he once used to buy silk road drugs and a pizza this one time.
Crypto isn't a pyramid scheme and it's also not over. I don't trade it or know anybody that does, but it's pretty clear to see, even with 0 personal investment, that it's just an extremely volatile trading market; nothing more, nothing less.
Coming into every thread about crypto and calling it something while completely ignoring any and all evidence to the contrary doesn't make you right.
It's not technically a pyramid scheme but it works in much the same way, since the money comes from increasing numbers of investors without actually producing anything of value, rather than being tied to something of actual value like stocks.
Sadly the ride never ends. Unlike other forms of investment crypto has no products, businesses, or countries attached to it, nothing of intrinsic value is being gambled on, so people will continue being able to gamble on it no matter how many times it crashes.
Just gon leave this here
http://i.imgur.com/mKnK3cG.png
Also I got fucked over by greed as well.
Bought XRP back when it was like 40 Cents, bought 300 eur worth and had around 800 XRP.
It started raising in price, went up to like 3.20 so if I was to sell I would get 2720 Eur.
Ended up waiting through crash and sold for total of 700 Eur (Still made 400 profit) but could've made way more.
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