Lost $87,000 of my savings in crypto

Jet.com Kafunk
Dec 8, 2018 69 Comments

So about 70% of my net worth. Debating throwing rest in to win it back.

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TOP 69 Comments
  • Microsoft / Eng Tier 1
    Do not throw the rest in to “win it back”.

    🤦‍♂️
    Dec 8, 2018 6
    • Square
      Thank yoÿ

      Square

      PRE
      Facebook, Google
      Thank yoÿmore
      😂
      Dec 8, 2018
    • Google fil
      You are the type of person the market manipulators are getting wealthy off of.
      Dec 8, 2018
    • New mdGG61
      It's going to 0
      Dec 8, 2018
    • Microsoft / Eng Tier 1
      Sigh.

      Even if you really think it is going back up, then put maybe 1% of your net worth into it.

      Absolute max 5%. And even that is irresponsible.
      Dec 8, 2018
    • New mdGG61
      It's seriously going to 0, you should sell the rest you have
      Dec 8, 2018
  • eBay martinw
    Go big or go home
    Dec 8, 2018 0
  • Google DayNNight
    Don’t leave us hanging , tell the complete story.
    When did you start investing? How much ?
    What was your net worth at its peak ?
    Dec 8, 2018 7
    • Jet.com Kafunk
      OP
      Not told. He was buying so I did. I figured if it made it to barbers to the moon it goes.
      Dec 8, 2018
    • Google fil
      It's the other way around. Once a pyramid scheme makes it to barbers it's time to sell. If barbers were using Bitcoin as a currency that would be a different story...
      Dec 8, 2018
    • Amazon Northman
      2007 my haircutter was talking about doing house flips and becoming a mortgage broker. These guys are the best indicator that a bubble is about to burst. Always bet against your barber.
      Dec 9, 2018
    • Jet.com Kafunk
      OP
      Amazon I agree. Lesson learned. I read it wrong.
      Dec 9, 2018
    • Facebook public2
      Haha I love it.
      Dec 9, 2018
  • Broadcom Ltd. rFkd21
    Look, bottom line reality is that crypto is not investment, it’s the wildest of wild ass speculation. Consider your losses sunk costs and move on with legitimate investments.
    Dec 8, 2018 2
    • Northrop Grumman iCallBS
      I’d still consider it an investment
      Dec 8, 2018
    • Symantec / Eng clarkadile
      Buying anything is an investment. This one is just not good.
      Dec 8, 2018
  • Amazon / Eng IAmJob
    70% of net worth. What is going on with your 401k
    Dec 8, 2018 3
    • Jet.com Kafunk
      OP
      Gambling. Atlantic City. It’s gone. I figure with high TC in tech no big deal
      Dec 8, 2018
    • Amazon / Eng IAmJob
      I would change that mentality dude. Get rich fast works for the lucky, not the skilled. Try more get rich slow schemes.
      Dec 8, 2018
    • Cruise Automation mocca
      Jeez. I think you have a gambling problem. High TC doesn't last forever, or do you plan to work until you die?
      Dec 8, 2018
  • Uber Hcdgjfddj
    Yeah, wait for Uber to go IPO and buy it!
    Dec 8, 2018 1
    • Snapchat MiseryLife
      No. Wait for LOCKUP and then buy it then to keep the prices more stable
      Dec 8, 2018
  • I recommend you find the riskiest startup and take most of your TC as options. What could possibly go wrong? You already had one near-bankruptcy in your life, what are the chances of another?

    Seriously, useful currencies are always backed by valuable assets. Precious metals were used as currencies for thousands of years. They could always be melted down and used for other purposes (silver : silverware then later photography; gold : jewelry/dental).

    In the 1400's Italy invented the idea of a bank where you could store the currency and then people could carry around certificates which could be exchanged at the bank for the metals. Up until the 1960's the US currency was literally titled, e.g. "USA $1 Silver Certificate" or "USA $100 Gold Certificate" and was in theory exchangeable for precious metal from Fort Knox. Literally France and many other countries started exchanging this when the USA went into money-printing mode in the early 1970's to pay for Vietnam and Space program at the same time.

    Nixon found a solution, he took the USA off the gold/silver standard, and put it on the oil standard. Nixon exited the 1944 Bretton-Woods agreement in 1973 ( https://en.wikipedia.org/wiki/Nixon_shock ) with a US-Saudi Arabia agreement that oil would be traded only in dollars. At the time Saudi Arabia was the largest producer of oil and the USA economy was 27% of world GDP. It does not read properly on top of the USA Dollar bill any more, it should say, "USA $1 Oil Certificate" because foreign countries have to buy dollars in order to buy oil. When IRAQ tried to start a non-US$ oil market, Bush Jr (Shrub) invaded and destroyed IRAQ.

    Anyway, there is NOTHING backing bitcoin. NOTHING. You cannot exchange bitcoins for AMD video cards used to create the bitcoin. You cannot exchange it for the electricity used to mine it. It's a totally worthless thing, and people who don't understand money or bubbles, are starting to learn about this right now!
    Dec 8, 2018 4
    • New qyxllla
      I was thinking the same way when I first heard about Bitcoin. Try to give it a benefit of the doubt and learn about it a bit more.

      There are crypto currency that are backed by gold and silver. You can buy those if you want asset backed crypto currency.

      No one is buying Bitcoin thinking it is backed by gold or silver. Actually, fiat currency is not backed by any asset either. If you don't believe me, try to go to the bank and exchange your fiat currency to some kind of asset. The banker won't even know what you are talking about.

      Not only that, they can also print fiat currency as much as they need. Fiat currency is inflationary.

      Bitcoin is a hedge against inflationary fiat currency.
      Dec 8, 2018
    • except as I mentioned in my posting the u.s. dollar is backed by the world oil market as OPEC sets the price of oil in US dollars. so as long as this is true there will always be a need for every country to buy US dollars.
      Dec 8, 2018
    • VMware BobbleHat
      The dollar is backed by nuclear bombs
      Dec 8, 2018
    • Amazon Northman
      The US dollar is a residual claim to a portion of the US economy because it is fiat currency in the country. God, crypto people slay me. Guess who you never hear lost millions in stupid crypto investments? Economics professors. How many billions of dollars in losses could have been avoided with some basic education in macro? Sigh. Bitcoin would only be an effective hedge against inflationary fiat currency if its price were not primarily driven by speculation and bubble dynamics, and if its price were tied in some way to a basket of goods.
      Dec 9, 2018
  • This comment was deleted by original commenter.

    • Broadcom Ltd. rFkd21
      You high?
      Dec 8, 2018
  • Google TK .
    Well that was dumb.
    Dec 8, 2018 0
  • Twitter / Eng T Rex
    Take that loss as an expensive education - if you are able to learn from it.
    If you are young, you have plenty of time to make to make more $$$ than you lost.
    When dealing with risky bets with high returns, key is to understand you might take heavy loss, then consider the number of bets you can place.
    Dec 8, 2018 1
    • Intuit NoL33tcode
      Let’s hope they were young since it isn’t a lot of money. Not like you can retire on just having $87k.
      Dec 8, 2018
  • VMware / HR iNwX20
    Sounds like you should hang out with r/wallstreetbets
    Dec 8, 2018 0
  • Sprinklr youmeweus1
    Bummer. But that’s why we diversify. Wouldn’t throw the rest in. Sunk cost fallacy to in my eyes.
    Dec 8, 2018 0
  • This comment was deleted by original commenter.

    • eBay jdytd6433
      I naively kept holding
      Dec 8, 2018
  • Northrop Grumman iCallBS
    Haha damn man I’m sorry
    Dec 8, 2018 1
    • Northrop Grumman iCallBS
      There’s always time to come back
      Dec 8, 2018
  • Amazon / Eng kQx3rt
    DOUBLE DOWNNNNN
    Dec 8, 2018 0
  • New TKpg12
    Oof, I'm sorry, I feel your pain. I bought Sears stock at $8 in summer of 2017 - I mean, it had fallen from $42 over the previous 2 years...what a steal, right?!

    When it fell to $5, I double-downed and it became the largest holding in my portfolio. I'm hanging on at 36 cents and going down with the ship.
    Dec 8, 2018 2
    • Google DayNNight
      Similar story with snap. Liked the interview by snap ceo so much, got in at 12. As the price dropped, it became largest holding in my portfolio.
      I too m going down with the ship.
      Dec 8, 2018
    • Symantec / Eng clarkadile
      Snap...
      Dec 8, 2018
  • Indeed LgIi76
    I’ve been buying since 2013, except for the last few months of 2017 when I sold a bunch. I’m still accumulating slowly for the next bull run.
    Dec 9, 2018 1
    • Cisco bitset
      Hope that turns out to be true
      Dec 9, 2018
  • Xchange Leasing / Ops
    AL1337

    Xchange Leasing Ops

    PRE
    Xchange Leasing, Fair.com
    AL1337more
    I lost $15k so I feel you man... I have friends who've lost $150k
    Dec 8, 2018 1
    • VMware / Eng
      Brett_K

      VMware Eng

      BIO
      Can't wait to retire...
      Brett_Kmore
      Jesus Christ!
      Dec 8, 2018
  • LinkedIn brapist
    You need diversity in your investment portfolio
    Dec 8, 2018 0
  • Airbnb Isoen6x
    Short them
    Dec 8, 2018 0

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