I had eight Bitcoin when they were worth about $400. I'd check the price every day and read the speculations on the subreddits. It became a bit nerve-wracking for me thinking that BTC could potentially plunge in price to nothing, so I sold at $400. About six months later the price went moon. Oh well.
Ask HN: Anyone lost a lot of money with NFTs/Cryptos? What's your story?
31–40 of 41 posts
Re: Ask HN: Anyone lost a lot of money with NFTs/Cryptos? What's your story?
#32Earlier quoted context omitted.
I've been into Bitcoin since 2012 also, so people sometimes think I'm rich hahaha. I don't think my net worth ever surpassed $200k.
I'll NEVER understand people. If you knew about BTC why not buy and hold it? Around 2012-13 a lot of us would talk fervently about how BTC would take over. We all wanted to have at least 21 BTC to be "in the club". I like to think we all kept our promise to each other and are still in the club :)
Well, life happens and you can't know the future. I was poor as fuck in 2012. I had just moved back to the US after spending all my money on a couchsurfing adventure in another country. I was living in a house with my girlfriend who didn't tell me I wasn't supposed to live there until I had actually flew to Tacoma, a city halfway across the country from everyone I knew. I got a job working at a gas station and I imported nootropics from China to sell on a couple of message boards. This guy offered to buy $100 of noopept with Bitcoin so I accepted. I had heard of Bitcoin from Silk Road and thought it was a really cool concept. I lost some bitcoins in an exchange hack/inside job? Bitfloor. Traded on BTC-E and actually came out ahead on that. Didn't sell in the 2013 bullrun. Got bored of crypto and sold almost all of it in 2016, just before the next bullrun. Got into stocks and lost money there. Played around with some defi stuff in 2020. Cashed out some profits on that next bullrun. Lost $20k on Anchor. I think I still have like $50k left of crypto. Need to check into that. Got .65btc, 11 eth, 1000 atom, 3000 polygon, and small amounts of other random stuff. It's funny how I'm not even a whole coiner anymore. I think when I got into crypto BTC was almost $10
Re: Ask HN: Anyone lost a lot of money with NFTs/Cryptos? What's your story?
#33Solo mined 100BTC on CPU back in 2009 or 2010. It wasn’t even worth a dollar. I formatted the drive that had them on it (I had forgotten about them) and probably threw it away a good few years before it even spiked the first time to like $4.
I don’t waste much time thinking about it, I know I would have sold at $4, or $8, or $1000 and then just been kicking myself as it hit new highs. Better to have just lost it completely and have the story to tell.
Re: Ask HN: Anyone lost a lot of money with NFTs/Cryptos? What's your story?
#34yes i was gambling and lost around 20k to collapsed shitcoins
Re: Ask HN: Anyone lost a lot of money with NFTs/Cryptos? What's your story?
#35I don’t know if you would count it as “lost” but as a college student I mined 35 bitcoins and then ending up selling them at $30.
Re: Ask HN: Anyone lost a lot of money with NFTs/Cryptos? What's your story?
#36I've been trying to go 100% crypto since 2012. Been putting pretty much every penny I can into it since then. Of course Theres been ups and downs. One time I got hacked by downloading a RAT off a torrent for a virtual machine and lost 10,000 ETH, now worth like $20,000,000.00 so that was annoying. Then of course just the price swings, I'm down nearly $2million since the high point, so is that "lost"? Never was stupid…
Crypto is going to be worth so little next year you may as well sell it all and buy back. Btc is about to collapse
Re: Ask HN: Anyone lost a lot of money with NFTs/Cryptos? What's your story?
#37Earlier quoted context omitted.
Interesting experience but I use Bitcoin, Bitcoin Cash actually, every day almost. Not sure why in 2023 people keep saying it "doesn't work". Why say that? BCH just works and always has since 2009.
> BCH just works and always has since 2009. BCH didn’t exist in 2009
BCH was BTC in 2009, iirc
Re: Ask HN: Anyone lost a lot of money with NFTs/Cryptos? What's your story?
#38Earlier quoted context omitted.
We knew about casinos even longer. It doesn't compel us to go all-in on zero. And from the technical point of view bitcoin was maybe an interesting idea for the few early ears, and then it was clear that it failed for any legitimate use. It was true 10 years ago and still true today.
Plenty of legitimate uses exist today. It didn't go mainstream and replace your debit/visa card.
Nope. The only actually working use case for bitcoins (and all other tokens too) is law avoidance. For that, sure, it is great. Transferring sums across borders without complying with AML laws and without declaring them (so law avoidance), receiving salary in tokens and not paying taxes (law avoidance), paying bribes (law avoidance), buying forbidden shit (law avoidance) and the list goes on. None of those are legit use cases. And for legit ones bitcoin is simply not competitive due to atrocious performance and user experience. PS: before you say Lightning - that is not a bitcoin, but a new centralized system which completely reneges on the decentralization promise and is still shitty, with idiotic channels and rules about them.
Re: Ask HN: Anyone lost a lot of money with NFTs/Cryptos? What's your story?
#39Earlier quoted context omitted.
It's not that simple... How do you know how long to hold? I bought a bunch of bitcoin for under $100 each and sold them for ~$1000 each at one point. Should I have held them longer? Sure, but how could anyone really know that? How do you resist the urge to realize the >10x gain in a short term? After it went up to ~1200 it crashed down to 200-300 for years before it recovered and skyrocketed to new heights. If you ha…
1. Until USD inevitably collapses under the weight of its own indebtedness and fraud. 2. Yes, you made a mistake. Use the "Rake Method" many of us have preached for a decade. No guessing needed, profit taking can even be automated. It's all very simple. 3. Yes, a great buying opportunity. 4. Yes, I bought a lot around $150's. Using the rake method you can't go wrong. If it's more cash than I need I buy gold. Easy. An…
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