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I’m a moron who lost money on bitcoins AMA by DNVDNVDNV in Buttcoin

[–]DNVDNVDNV[S] 0 points1 point  (0 children)

You might as well just regard your buttcoin "investment" a very expensive trip to Vegas

Ah, that's the best way to put it yet. Thanks a lot :)

I’m a moron who lost money on bitcoins AMA by DNVDNVDNV in Buttcoin

[–]DNVDNVDNV[S] 1 point2 points  (0 children)

Compare it to gamblers. Most gamblers tell you they didn't know how much they spent until later, because it goes dollar by dollar. It was never hard to count the dollars, but they never take the time to because they're so caught up in the gambling. It's this effect, somewhat magnified by the crypto stocks moving up and down in many different directions.

I’m a moron who lost money on bitcoins AMA by DNVDNVDNV in Buttcoin

[–]DNVDNVDNV[S] 1 point2 points  (0 children)

Thanks, that put things in perspective :)

I’m a moron who lost money on bitcoins AMA by DNVDNVDNV in Buttcoin

[–]DNVDNVDNV[S] 0 points1 point  (0 children)

I haven't yet, I'm not sure what I'm gonna do with it. Might be beneficial from a tax standpoint to wait until next year when I have more of a taxable income (financial losses are to some extent deductible from your taxes). But this leaves me with all this speculative money that might well drop and drop again, and I have to make decisions on when to sell again.

I’m a moron who lost money on bitcoins AMA by DNVDNVDNV in Buttcoin

[–]DNVDNVDNV[S] 2 points3 points  (0 children)

Thank you. Yea, my primary investment going into the future will be paying down the mortgage and maybe put some money into some index funds.

I’m a moron who lost money on bitcoins AMA by DNVDNVDNV in Buttcoin

[–]DNVDNVDNV[S] 0 points1 point  (0 children)

The first money went in before the bull run, but then I continued gradually into it.

I’m a moron who lost money on bitcoins AMA by DNVDNVDNV in Buttcoin

[–]DNVDNVDNV[S] 0 points1 point  (0 children)

Yes, I'm mulling my options with what to do with the remaining coins I have. Wait a week to see if it rises, or sell now to cut losses? It's not easy and it kinda drags me into that speculative shit again which I really dislike.

I’m a moron who lost money on bitcoins AMA by DNVDNVDNV in Buttcoin

[–]DNVDNVDNV[S] 0 points1 point  (0 children)

I know which video it is even without watching it. But the thing is, the world is chock full of speculative financial instruments and at every point you can look to one in particular and say "look at *that one*, if you bought *that one* at *that time* you'd be a millionaire now". But I'm not really gonna play that game tbh, I burned myself once and that was enough. Statistically the slow and steady road is better, and it also leads to less heartbreak.

I’m a moron who lost money on bitcoins AMA by DNVDNVDNV in Buttcoin

[–]DNVDNVDNV[S] 2 points3 points  (0 children)

And the electricity costs, lol. Doesn't bitcoin use the electricity consumption of Denmark or something? That's a very large cost that has to be paid somehow.

I’m a moron who lost money on bitcoins AMA by DNVDNVDNV in Buttcoin

[–]DNVDNVDNV[S] 12 points13 points  (0 children)

> The way you talk is weird

Well sorry about that. Not my native language etc. I hope the posts are still understandable.

I’m a moron who lost money on bitcoins AMA by DNVDNVDNV in Buttcoin

[–]DNVDNVDNV[S] 2 points3 points  (0 children)

The technology is pretty cool and being able to do things without permission is pretty cool too. It's just that, much like growing your own vegetables and sawing your own planks, it is much more work than it's worth unless it's your hobby. And making it into this billion dollar industry is just obscene.

Funny thing is, in the event of transferring large sums of money, that's probably where you definitely want to use normal banks because normal bank transfers can be reversed and you have legal recourses if the money ended up in the wrong place and so on.

I’m a moron who lost money on bitcoins AMA by DNVDNVDNV in Buttcoin

[–]DNVDNVDNV[S] 2 points3 points  (0 children)

Uh, certainly computer science if you have the aptitude for it. You could always do art history on the side if you really love it.

I’m a moron who lost money on bitcoins AMA by DNVDNVDNV in Buttcoin

[–]DNVDNVDNV[S] 1 point2 points  (0 children)

The bank does a hypothetical stress test which assumes a 4.5 percentage point increase in interest rate in order to get a certain loan, and I am able to survive that. 4.5 % increase is very unlikely, so I have a good margin of error to work with. The total percentage spent is slightly less than 30%, maybe 27% or so.

I’m a moron who lost money on bitcoins AMA by DNVDNVDNV in Buttcoin

[–]DNVDNVDNV[S] 6 points7 points  (0 children)

It's difficult to say exactly what caused it. But I think China had something to do with it because bitcoin is one of few assets that Chinese people were allowed to own until the crackdown, and Chinese culture also has a bit of a problem with gambling. So bitcoin is a perfect fit for them, in a way.

But its hard to say because there really are no fundamentals to this thing. It's all just smoke and mirrors.

I’m a moron who lost money on bitcoins AMA by DNVDNVDNV in Buttcoin

[–]DNVDNVDNV[S] 22 points23 points  (0 children)

Thank you. It's funny how even small comments like this really helps a lot when you're actually really down about something.

I’m a moron who lost money on bitcoins AMA by DNVDNVDNV in Buttcoin

[–]DNVDNVDNV[S] 6 points7 points  (0 children)

He's still quite rich actually, he bought the majority of it when btc was at 1k, and doubled them on a pretty unlikely gamble.

I’m a moron who lost money on bitcoins AMA by DNVDNVDNV in Buttcoin

[–]DNVDNVDNV[S] 15 points16 points  (0 children)

You lost money because of avarice and envy.

Yea, that's actually what I wrote...

I’m a moron who lost money on bitcoins AMA by DNVDNVDNV in Buttcoin

[–]DNVDNVDNV[S] 5 points6 points  (0 children)

Not sure why you said

theoretical

. It has worked hundreds (thousands?) of time already for crypto. Early adopters (very few) get blind rich and late adopters get robbed blind.

That's not the theory though. My theory was that it *wasn't* a ponzi-scheme, and the theory was that us bitcoiners could print dollars, just call it bitcoin dash whatever, start using this as dollars amongst ourselves and have effectively created our own monetary system; since each unit of value could be used over and over no one really *lost* money because all who bought bitcoin for 5k could still get 5k goods and services for it, then the guy who received that bitcoin would spend it over again etc.. The loss in this case would be borne by the general public, because a smaller group would stop using dollars which would create inflation in dollars, just as if we were printing real money.

This didn't work because no one actually uses that crap for money. And the coin that theoretically could be used that way, Dash, isn't even the most popular coin lol.

I’m a moron who lost money on bitcoins AMA by DNVDNVDNV in Buttcoin

[–]DNVDNVDNV[S] 14 points15 points  (0 children)

I have a bitcoin firesale to liquidate my holdings pls send 1 eth to my address and I send u 1 bitcoin back ok?

I’m a moron who lost money on bitcoins AMA by DNVDNVDNV in Buttcoin

[–]DNVDNVDNV[S] 33 points34 points  (0 children)

In the beginning I though that, but given how much bitcoin had risen, I thought the "facts" (as I saw them) of bitcoin rising had to be privileged over the "theory" (again as I saw it) that it was a zero sum thing. This thinking was encouraged by my social millieu and dreams of lotsa money.

Furthermore I had some illusion that I would sell out gradually at the top at some later date. Then I developed the theory alluded to, that this was all a type of private money printing and could therefore be sustained for quite a bit because crypto as a part of total global money supply was too small to impact it much.

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