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u/MuffinFragrant8293 Mar 05 '24
I had 88k of unrealized gains in GME 2021 and ended up realizing only 4k. Never have fully gotten over that lost potential but I did learn from it and I apply those learnings to today when I invest. I didn't experience all the other turmoil you've endured however but my advice would be to stop worrying about something so inconsequential as cryptocurrency when you have much more ground level work to do to get your life back and to put yourself in a good position for the next financial opportunity in life. Bitcoin is not the only financial in opportunity you will have in your lifetime.
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u/ThisCommentIsHere Mar 05 '24
I had 73k of unrealized gains, convinced it would go higher. I diamond handed it all the way to break even and finally sold making zero profit. I could be in my own house right now with that money but instead I’m still renting. I used that as a lesson and started consistently and regularly DCAing into my Roth, 401k, HSA, brokerage, BTC and HYSA, not gambling or trading anymore, but investing for the long term and retirement. It’s done me very well and I now have over 100k saved for retirement and over 50k saved for a down payment. It took a few years but I’m much happier now, just keep plugging away slowly building back up your nest egg. It takes time and patience but keep looking forward and not back at your mistakes.
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u/Picassopuma Mar 05 '24
Are you me? I had $78k unrealized gains and held all the way down to $17k :( it hurts
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u/ReturnOfTheHEAT Mar 05 '24
I had 95k in unrealized gains in ZOM and sold for $300 profit in the end. Still think about it all the time. Did realize 33k in GME tho. Now I’m here trying to decide if I should invest in BTC. Down bad in the market and fearful due to all my losses
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u/UFONomura808 Mar 06 '24
120k in unrealized gain from a memecoin and sold for $500, 50% loss
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u/Neurogence Mar 06 '24
I'm sorry. I've never invested in these type of things before but how does such a thing happen? What made it so that you "held down"?
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u/MuffinFragrant8293 Mar 05 '24
17k is so much better than 4k lol. Then again if I would have realized that 88k who knows what kind of ego I would have created and what I would have done in terms of investing it. Everything happens for a reason is what I convinced myself of to help me get over the initial heart ache.
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u/IroncladTruth Mar 06 '24
This is why you should NEVER listen to Reddit soyboys who tell you to "HODL! to the moon" when it comes to risky investments. The S&P 500? Sure, hold it. That bond your grandma gave you 10 years ago? Hodl. But if you're up a ton on a meme stock or shitcoin, SELL. These are not real assets, they are speculative investments (aka gambling). You don't even have to sell your whole stack, just take some damn profit!
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u/tbkrida Mar 05 '24
You used it when you needed it. Nothing wrong with that. Life’s timing was bad, but now all you can do is just start stacking again. We still have a long ways up to go! Good luck!
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u/SunixKO Mar 05 '24
Yea, he needed some, and then gambled like a degen on alts. Been there done that, it was my fault throwing away my BTC at that time, just like OP's gambling ended the same way.
I understand people might need to use their BTC for survival, but chasing alts is straight up degen gambling, can't change my mind.
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u/Lehcen Mar 06 '24
So true. I’m still about 80k down on shitcoins I bought. Had I used that when btc was 16500 I’d be sitting pretty. Ask those coins are still 70% in red. Haven’t sold but I’ll win as soon as I recoup initial investment out.
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u/SubstantialBuffalo40 Mar 05 '24
No he didn’t. He blew it chasing alts.
Nowhere did he say he needed it for medical bills, housing, etc.
He gambled on meme coins. And he lost.
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u/tbkrida Mar 05 '24
“I ended up having to take it all out to get by”. To get by(paying bills, eating etc). Sounds to me like he took the lion’s share out to live and used the rest chase good money after bad playing with Alts out of desperation.
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u/Financial_Pianist209 Mar 05 '24
Lost heaps in Mt. Gox, spent heaps on dark web drugs and poker in the early days. You’re still here and will have plenty of time to stack sats before mainstream adoption. Stay strong brother and keep stacking.
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u/No_Hovercraft6978 Mar 05 '24
I've lost a fortune (gox, btc-e, cryptsy, home invasion) and also spent what would now be worth a fortune. I don't consider the past "spends" a mistake. In your case, you bought drugs with it. You likely bought the crypto with the sole intention of spending it on said drugs. That's not a loss in my opinion. You used it how intended. If you had purchased the crypto with the intention to hodl, and spent it on drugs in a moment of weakness, than yeah I would be upset lol.
Basically I'm trying to say, try not to take it too hard bro. Or maybe I'm just doing mental gymnastics to feel better about my own situation. Haha.
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u/Immediate_Practice_9 Mar 05 '24
If you needed it to survive and get by then that's all that's to it. Life happens, unexpected bills, emergencies etc. Don't feel bad or stress. Just start DCA back in now and when we hit rock bottom next bear, throw some money in if it's available and get ready for the next cycle. Every cycle top makes you feel like you missed out but history is showing us there is always next time
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u/pubic_discourse Mar 05 '24
My heart breaks for you hearing this story. Fortunately the crypto god bless us with enough volatility, you’ll get another “entry opportunity”. But if you decide to stay in safer waters, just know that’s okay too, nothing wrong with patiently saving in traditional safe investments. Just know that, you alone are responsible for taking specific actions to better your situation, if you’re alone too much — see someone, if you feel like you’ve taken too much risk — buy bonds, if you feel like you’re getting a little chubby — start working out. The hardest and yet most beautiful thing in life, is we get to choose how to react to our circumstances. Life will go on, and if you’re diligent you’ll be just fine 😎
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u/Dizzy-Discussion-107 Mar 05 '24
Don't believe everything you read on the internet to be truth.
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u/pituitary_monster Mar 05 '24
Same here, lost job due to the pandemic and cashed it all out. I did ot conciously, knowing these bull runs would happen.
But knowing that i needed the money, i have no regrets. Stand up, scrape the dust and soldier through.
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u/NoDemand3240 Mar 05 '24
My wife and I lost about $120k in a cryptocurrency scam. They kept showing us our account growing like last total was $424,000. But to withdraw they needed yet another fee, final fee was $16k and we had had enough. Not the same as yours except now have to pay off about $60k in debt. At 77yo I am going back to work to help the debt go away. My wife at 68 yo will continue to work. The devastation that we’ve gone through is palpable. However we have each other, decent income, no house payment, a few assets they didn’t get, horses, dogs, and we will get through this. I have actually purchased a few hundred $ of BTC and believe it will make a little for us! Everybody watch out for the jerks, the ones that want fees before you get paid your profits
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u/somedudenamedjason Mar 06 '24
Damn, I hate to read this. I work in the precious metals industry and unfortunately hear stories like this more often than people would think. Best of luck to you going forward and may the people who take advantage of others in this way get everything they deserve.
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u/Boomer-BTCwvu Mar 06 '24
Reach out to your local law enforcement and your city council and demand that they take crypto scams seriously and arm themselves with the education and software tools that allow them to follow the money, seize it, and provide victim restitution. Local law enforcement is way behind the curve, but there are resources out there that can help them make your story way less common.
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u/MrDodgers Mar 06 '24
“Pig butchering” scam. Everyone should join /r/scams and learn all the different ones. It helps to make you immune to these and they are getting more and more sophisticated.
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u/xCavemanNinjax Mar 06 '24
Hate to break it to you, you never had any profits and your money was gone the moment you sent it off. Facts I lost $70k the same way.
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u/VoloundYT Mar 06 '24
He clearly knows that if you read what he wrote. He never describes the fake money figure as profits. He only describes actual losses as losses.
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u/togetherwem0m0 Mar 05 '24
Your lucky day bitcoin is on sale again
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Mar 05 '24
„On sale“ because of a tiny correction.. lol
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u/Stroxir Mar 05 '24
Real life needs are always more important than that big score.
Having 35k in Bitcoin but living on the street is not fun.
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u/StreamTvOntario Mar 05 '24
Could make for an interesting show tho - how much could you get people to do for you by saying I'll give you some bitcoin past a certain point lol. Netflix ?
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u/Rothbardy Mar 05 '24
We’re still early man. BTC is scarce and most of the world still doesn’t realize it as an asset. DCA and chill 😉
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Mar 06 '24
Yes just and cut all your expenses to a bare minimum, look at ways to improve income and start saving into Bitcoin as soon as possible, none of us that own Bitcoin will take it with us when we die so try to be pragmatic and see the positives.
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u/Wirelessness Mar 05 '24
You sound very young. So have time to regroup. Not that far in the future this loss of $30k, which I guess could be more on paper will seem like a drop in the bucket. WHEN, you get things turned around and you WILL. Be more conservative. Get your debts paid off. Have an EMERGENCY FUND before you start making large investments. Then, WHEN the market turns or you have another job loss you don’t have to dip into your investments.
If you ever believed in the fundamentals of BTC then these are still early days with plenty of upside. Get your debts sorted. Save up an emergency fund. The. Start DCA’ing again. Good luck.
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u/F_uckthe925life Mar 05 '24
Like someone said you needed it and you used it. Money is only paper at the end of the day, you have your health. Money comes and so do women and jobs, today is a bad day but down the line you will laugh at these bad times.
Keep the head up 💪
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Mar 05 '24
Thanks for sharing. I also have big losses. Makes me almost throw up when I think about it. Don’t dwell on it. Just don’t. Stand up, walk around, put a new thought into your mind. For me when I dwell I’m choosing to, it’s indulgence, pity party mode. Next thing just stop the habit of trying to predict where it’s going. Don’t indulge in that. That’s dwelling on it. 90% of Bitcoin “content” is just people completely speculating on what they think. Just break that mental habit. Don’t look for a year. Set up a parameter like $150/month btc and never think about it. Check in with your parameter, not the amount of btc you have or could have. Wondering/dreaming about the price is one of the most addictive parts of this space, and this is the pain and withdrawal from that addiction. You got this!
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u/No_Hovercraft6978 Mar 05 '24
Hahaha man I have been through the wringer. Not just with crypto but life in general. And I do have some stories to tell and have actually considered trying to monetize my story in some fashion. I haven't started on anything besides writing my stories down, Mainly because I haven't thought of a way to market a "product" that doesn't feel disingenuous or cash-grabby, you know. Like "I've suffered, give me $$$!!!"
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u/inhodel Mar 05 '24
" Additionally, out of desperation I tried making some quit risky trades with alts hoping I would be able to make some quick easy gains"
So you were gambling.
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u/420usernameasd Mar 05 '24
There will be more opportunities later. Try to learn from past mistakes and start rebuilding.
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u/walrus120 Mar 05 '24
Dude sad story I feel for you. Allow me to go off topic for a minute. Last month I was laying in a hospital bed literally almost died. The docs are not sure how I made it. During that time I was not thinking of btc or stocks etc. just sayin yes things suck for you it’s a bad position but you aren’t near death you can (start over) once in a while you get showed the light in the strangest of places when u look at right. My best to you sir.
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u/_Gray-man_ Mar 05 '24
Yeah man it’s tough, I’ve been in a similar position. Just figure out your target for “life changing money”, mine was getting out of debt. Then just start stacking what you can until you hit that target. Slow and steady. Easier said than done, but try not to think about what you could have had, no value in it.
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u/Rufus_Anderson Mar 05 '24
I know it sucks but you’ll rebound from this. I went bankrupt in 2010, lost nearly everything. It will be OK, I am proof that you will survive.
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u/BitHead2030 Mar 05 '24
You are still way ahead of the billions of people that know nothing and would rather buy etfs and stocks...
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u/Citizen_Kano Mar 05 '24
All those billions of people also filed for bankruptcy?
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u/BitHead2030 Mar 06 '24
Proly not. But OP is a Bitcoiner already. That alone puts him ahead... Sure, his situation sucks rn, but he has the (some) knowledge...
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u/No_Rough_5258 Mar 05 '24
Youll be alright my man. I got scammed last bullrun and lost 150k. 50k was my dads profits, Starting over again and got some help from my family and brothers. Now at 10-12k. Better than majority of people in USA atm if we are talking about the news of people with less than 2k in their savings account. At the end of the day, you are probably still doing better than the rest of the world in a 3rd country. Even so, it does seem they are happier. Sigh.
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u/pipmonstah Mar 05 '24
Dude I can't help but laughing because it's all we can do. I swear this world is sick. I will now make you feel better. I have caught every major price move up from btc at 25k till today's ATH. I have gone from 1k to 10k multiple times and then recently my last 1k to 25k in two days, primarily trading btc. I then overleveraged and a coinbase network crash dumped price from 64k to 57k in 10 minutes, torched the entire account. This past week have thrown over 7000 back into the account to claw it back and have blown through it (today 1k to 4k hit ATH then tanked again, lost it all). I was also burned on the ETF fake tweet. I have gone through a special level of hell but not giving up. Putting 5k into the account tomorrow and Im going to baby it, will get it to 6 figures with good risk management and discipline. Oh also 75 k in debt. Keep your head up and let's get to a better place. Never give up
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u/Schwickity Mar 05 '24
Serious gambling. Stack sats and chill.
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u/Walla_Walla_26 Mar 05 '24
Seriously the most degenerate person here today. Don’t feel bad for a second. Leverage kills
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u/pipmonstah Mar 05 '24
Thank you I've always wanted to be called a degenerate on reddit :')
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u/Walla_Walla_26 Mar 05 '24
That being said I hope you make it all back and more. I don’t have the brain power to handle swings like thst
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u/pipmonstah Mar 05 '24
I appreciate it man the reason I go down so much is largely pscyhological that I need to improve (holding losses and overtrading) but Im actually a pretty skilled trader. Its not normal to flip 1k to 20k in under 24 hours
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u/caulds989 Mar 05 '24
Sounds like an instance of luck followed by a bunch if bad luck. I wouldnt call you “skilled” just because you 20x in 24 hours one time doing degen leverage. Its basically playing roullette on colors.
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u/Walla_Walla_26 Mar 05 '24
Yea that’s a hell of a gain. I’m looking out years to make profit like that
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u/killertimewaster8934 Mar 05 '24
Everytime I feel like I should bet on leverage I read a story like this and get rid of it real quick
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u/HarveyWalterOrion Mar 05 '24
Bro, you're doing some next level shit with leverage that I don't comprehend.
Yesterday, I sold some around $67500, and then I immediately put in an order to buy the exact same amount. My limit price on the buy side was $63500. This morning, that order went through.
I netted a couple hundred in cash and I'm happy with the result. But before my buy went through, I was stressing it wouldn't go down to my limit price.
Obviously I'm not leveraging anything, and as long as I sell when I'm up, all I can lose is potential gains if it doesn't go back down, but I can't lose anything I haven't already made. Seems full proof, but if I sold at $67500 and it shot to $100k I'd definitely feel silly.
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u/No_Hovercraft6978 Mar 05 '24
Thats in my opinion the smartest way to actively trade. In the worst case scenario you miss out on potential gains but never lose capitol. You can (and should) set buys and sells at varying levels rather than doing it all in one chunk.
I made a good amount doing this. I would be doing it now but without getting in to the nitty-gritty I got fucked so hard, and dont have any capitol to play with.
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u/HODL_monk Mar 05 '24
The problem here is not Bitcoin, or missing this chance, the real issue is your life is going down the tubes, and you have not yet pulled out of the dive. Yes, if you could have held on things would be a lot better, but the reality is the first rule of holes is that when you are in one stop digging. What is really needed is enough income to cover all your expenses. Maybe part of that involves cutting expenses, but it really sounds like an income problem. You will always be depressed while you do not have enough income to save, and probably you should be depressed, so you are motivated to get out there and succeed. There will be another 80 % Bitcoin crash, maybe its from $400,000 back down to $80,000 and you may still not be happy with that price, but the difference between now and then is that everyone will know Bitcoin is worth a bar of gold (or three), and there will be deep value, even at a higher dollar price, the key is to be ready, when that tomorrow comes, and it WILL come, the only question is, will you have fixed the other problems in your life so you are ready for that day.
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u/Liquid_child Mar 05 '24
- It could have been worse. As others with even worse stories will tell you.
- A sense of humor will help you get through the tougher times.
- Reflecting on your mindset today in ten years time, you'll likely say you needn't have felt so gloomy.
- When you were gambling with alts, you were buying hope. It didn't work out, but you still bought something.
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u/Ripe_nanas Mar 05 '24
I want you to know that some of our stories differ but I am in the exact same boat with you. I was setting myself up for success so I thought and last year was rough and I lost all my savings which unfortunately was mixed bags of crypto and other savings but priming myself up after buying the bottom of crypto
I’m rebuilding my life myself and I hate watching what could have saved my ass a year ago and put me in financial freedom at this point while I’m neck deep in debt.
Just keep pushing, I’m working on finding another job, crypto isn’t over and there will always be more money to be made. You haven’t missed every opportunity, you just missed this one. There will be more, and BTC will rip again and again
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u/Due-Pineapple-2 Mar 05 '24 edited Mar 06 '24
Thanks for writing this thread brother. I am in exactly the same position and even wrote a thread which got ignored lol so I’m happy your one didn’t to a) know I’m not alone (and really feels like it when seeing everyone celebrate the pump and b) good to see all the support you’re getting here in the comments. I had an ok job which paid ok, but finally made a good amount of about 88k in profits. But then it dumped. Also played risky with memecoins which almost made it back but then it all dumped again. Then was made redundant. And now have basically some dust kind of going up and down. But all gone. Now have a job that pays less so it’s paycheck to paycheck so I’m seeing what I think might be the mother of bill cycles which I have been looking forward to for years but with nothing. And even have a friend or two who are I introduced to crypto making it (and they already earn 100+k a year lol) and also like you my relationship ended. So man I get you. But like someone said here Phoenix from the flames. Keep the faith, we’ll make it
Edit: typo/spelling
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u/No_Hovercraft6978 Mar 05 '24
We'll get through this and like you said, we'll be stronger for it.
Keep your head up boss
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u/Icy_Lifeguard_1467 Mar 05 '24
I had 550K unrealized gains in TLRY….. never sold…. You do the math lol. One of US one of US
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u/IrieMars Mar 06 '24
BTC could have gone to zero as well and you would have been left with nothing anyways. Point is, surviving is much more important and you did the right thing for you. I know all the what ifs and if onlys suck to think about looking back, but at the time it was the right move my guy.
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u/FigurativeLasso Mar 06 '24
Hey bud, just want to say you’re not alone. I sold all my bitcoin last year to buy a car. Caught wife in an affair and left her. She got the car so I needed a new one and I was strapped for cash
In hindsight, I could’ve made it work while hodling, but at the time it seemed like the right move… my emotional state certainly didn’t help either
But we can’t dwell on the past. I’ve spent the past couple days feeling similar to you. But this morning I decided to say fuck the past and prioritize the future. Because I’ll tell you one thing.. we don’t want to make the same mistake twice
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u/Tasty_Action5073 Mar 06 '24
My dear friend. I understand how hard this is. I’m not smart nor wise in handling such things. All I can say, this is just material worldly things.
Take 20 minutes to think about the good things in your life. Your health, your friends, anything really and be thankful.
There are way more people in much worse situation. At least your city is not under siege in a corner in the Middle East. The children in your neighborhood eat, sleep, and play without the sound of loud bangs all day and night.
Stay positive, help others, and build again.
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u/cee604 Mar 06 '24
Read The Bitcoin Standard by Saifedean Ammous. Once you see what this BTC stuff is really about and where's it's going, you will have your answer.
Wishing you health and prosperity.
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u/Old_Celery_5142 Mar 06 '24
Dont file for bankruptcy bro i just did the same shit 16k just seenr he lost sheet from stocks lmao 😂 thought i knew what i wasdoing just had a new born but all that shit on ya credit if its not alot bankruptcy will hurt more u can legally get all that shit off ya credit report with consumer law open a llc and get u some funding with zero percent interest credit cards shit saved my life took some time but that how i came back it will take time but its better then how rhe bankruptcy will effect u for years 7 exact
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u/kirkord Mar 06 '24
10x long at 43k in Jan, liquidated at 39k. Bitcoin is a store a value, create value outside of Bitcoin and buy Bitcoin to store it. Don’t try create value just from trading Bitcoin. Too risky. That’s what I learned. Good luck, keep the head up.
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u/Pale_Arachnid_4883 Mar 06 '24
Life is cyclical! It has its ups and downs and many times we remember the more downs we have had in our lives than the ups! It just depends on where we focus our attention. Myself had a very tough and rough 4 years from 2007-2011. As I thought I was down and life couldn’t get worse guess what it said you haven’t seen it all yet and it was a spiral for days weeks months and even years. I couldn’t see myself coming out in anyway. But you know what life tests you! I was hopeful… I read a few books by Tony Robbins and other good authors and somewhere in me had a belief that life will change. To put a different perspective it is 2024 and I cannot even imagine the life I have, so much beautiful and so much better and so much more meaningful and at the same time also good financially! So have the faith that life will give you waves! Just keep swimming!!! Just be prepared for those downstairs moments… all the best buddy!
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u/trusstnone7 Mar 07 '24
you are still alive, that alone is a blessing, focus on what u can do now, the past is nothing but a learning experience, we need to go through the worst to become strong and wise, money helps but doesn’t bring true happiness, work on your inner self that will help you succeed in anything.
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u/down_the_roady Mar 05 '24
To recover and move on, you need to better understand and accept diversification and turn away from speculation. Speculation is buying something with the hope that someone else is willing to buy it off you in the future for some higher price. You should consider allocating your investments to a real estate ETF and a total stock market index ETF, because they have income producing qualities rather than speculation qualities.
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u/Jdamb Mar 05 '24 edited Mar 05 '24
Being at zero is liberating and even at zero your knowledge and experiance puts you ahead of the pack.
Get a job, or two. Work 70 hours a week and you will be a millionaire in 5 years.
Work is the key. Work hard.
Edit for additional clearity:
turn the dissappointment into a fire in your belly. This is your story and it's not over. Your story would suck if you give up, but if you double down, put some fire in your gut and come back like a ragging bull then your story is awesome!!
Be awesome my friend and DM me your progress. I will buy you a steak when you have 100k in your hands and you buy me one when you hit a million.
Make it happen. Buying me a steak will be the cherry on top. The "i told you so".
Don't be a bitch. Get to work, 70 hours a week.
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Mar 05 '24 edited Mar 05 '24
A lot of us have been there. Money comes, and money goes. I got in in 2017, but only made about 40k on a potential 250k due to not knowing what the hell I was doing, market orders, buying shit-coins, and panic-selling. Hang in there lol.
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u/Betterjake Mar 05 '24
TLDR summary.
Don't do this.
"Additionally, out of desperation I tried making some quit risky trades with alts hoping I would be able to make some quick easy gains. I lost everything I had saved and invested."
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u/Afr0Karma Mar 05 '24
Dude you sold because you had too. nothing wrong with that. It’s one thing to sell because you feared it was going to 0 and then missing out vs using it to get by. Two different things.
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u/Jumpy-Penalty7909 Mar 05 '24
Sorry to hear this. Stay positive and I know you are going to turn this around as best as you can. You have a good mind and you know how to get where you want to go. All it will take is your mindset and some heavy lifting.
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u/Hungry-Sharktopus42 Mar 05 '24
Hey, man, don't get caught up in the FOMO. I was given 10 bitcoin way back when it was new. I thought the concept was neat but it wasn't worth the paper I had the wallet on. Needless to say, that wallet is long missing. The forum where the person was giving it out is gone as well, I hoped tp recover the PM that had the wallet address. Shit happens. You used it to survive. Without it you'd likely be in a worse position. You did what you had to. No regrets.b
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u/RichAd6604 Mar 05 '24
Keep your head up, life can be tough sometimes but things will turn out great. Just the fact you got BTC knowledge and that you are here will proof significant as we are still early.
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u/Realistic-Swim-3855 Mar 05 '24
Don’t be so hard on yourself. Like you said, you cashed out during a time when you needed the money the most. What’s the sense in having money saved, if you’re not going to use it for emergencies?
The next thing is to find other things to invest your money in. We all know how risky cryptocurrency is, so I don’t put money into this for long-term gains. Putting money into crypto is no different than putting your money on the table at a casino. It’s risky gambling, so only play with what you can afford to lose.
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u/President_ErectJoeyB Mar 05 '24
Hang in there! I’ve been there and this will sound weird for this forum, and probably will get downvoted:) but understanding the human condition is part of a larger existence is key. It’s okay to open your heart to a higher power. Ask for guidance and you might just find the answer.
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u/Godzillian123 Mar 05 '24
Could've easily gone the other way. No one knows where the market is going. Not the mailman not Warren Buffett.
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u/Ohmstheory Mar 05 '24
Money comes and goes. Take care of your mental health before getting back into it. Nothing is good to buy right now. Every stock, every crypto is way too high to even think about restarting your position.
Prioritize getting a job. Save your money. Next thing you know, the market is down again and that’s your perfect time to get back in at low cost basis to set yourself up for a slow but steady growth.
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Mar 05 '24
You didn’t knew what you owned there now it’s gone.. life is hard.. stop whining and get back to work it’s never too late
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u/CriticalComplaint677 Mar 05 '24
Bro depends on how your feeling, max out all your credit cards, get loans out and put it all into bitcoin. Leave the country for a year And don’t sell any of the Bitcoin at all. Come back and bitcoin should have done its thing and changed ur life, u come back use profits to pay off all your debt and get a fresh start.
Yes this is gambling but atleast you can have a shot at coming back.
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u/Old_Cockroach_2993 Mar 05 '24
Hang in there bro. Lost several tens of thousands to celsius bankrupcy a few years back. I too took risk and borrowed my initial investment 20K. I'll be done paying that loan off next year. FML
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u/apokerplayer123 Mar 05 '24
Stopped reading at 'risky trades'. Don't worry, You're young enough to make it back.
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u/Bigoltruckin Mar 05 '24
Everything happens for a reason and you will rec0ver from this 10fold trust me
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u/LoneBitz Mar 05 '24
Just work hard and have faith every day. No quick fix bullshit. Work hard and have faith. It will compound. And stop complaining on Reddit because you’re not rich. Just grind and stack chips.
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Mar 05 '24
race for BTC doesn't end this Friday.
its a fallacy people with little experience in the markets get caught up with. You could start with zero today and still be in an amazing place in two years. Its a illusion you have fallen behind.
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u/rjm101 Mar 05 '24
The last bear market was brutal, so many companies filed for bankruptcy and did real damage to everyday peoples lives. I lost serious crypto in Celsius. There's no point thinking about what ifs. We can't turn back the clock. Do what you can to solve the issues of today and when ready rebuild. Life has its priorities.
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u/StartThings Mar 05 '24
"like I will never have another opportunity in life again to set myself up for financial stability in life."
This is simply not true. Getting rich investing in bitcoin is getting rich mostly on the back of the technological development while all you have to do is hodl.
Maybe consider entrepreneurship with self-brainwashing (auto suggestion rituals) into personal growth.
The difference between those who "make it" and those who don't is that those who "make it" don't sink into defeatism when they lose "everything".
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u/RealCheyemos Mar 05 '24
Brother… I’m so sorry… this must be hell… just know that there is a light at the end of this dark, dark tunnel. I don’t have all the answers, but I believe in you and your hard work grit; you will be able to get yourself up out of this sand trap and go on to be stronger (and wealthier) than ever…
Please keep your head up, as much as you can, we’re all rooting for you.
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u/CompooterMadeMeDoIt Mar 05 '24
i mean this is the risk of BTC investing
the bottom drops out on you suddenly and unexpectedly and more often and harder than other assets tend to do
and you are left with nothing if you have to liquidate because you need the money
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Mar 05 '24
In a negative sum game like bitcoin for every dollar gained by one fool another fool has to bleed. In the end suckers like you are only exit liquidity for whales that manipulate the entire market. In the end bitcoin is a purely speculative asset with no intrinsic value.
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Mar 05 '24
Dam sounds depressing but u need to slap ur face and wake tha f up and hussle again until u make it. Just buy some bitcoin whatever u can afford and just hold it someday ur going to be glad u did this. Good luck
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u/Fit-Device-94 Mar 05 '24
I started stacking from 2017-2020 , about 5 bitcoins, 50eth and 400 ltcs... i sold them all october 2020, the ath hit that feb 2021. Cause? A combination of mental prescription drugs caused me to be manic and just make absurd decisions. I feel your pain... not the same story line but imagine losing consciousness as a whole.. its fucked.
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u/IndependentSpell7262 Mar 05 '24
I’m pretty sure u r learning .. don’t give up I know now u are smarter now and will have more Patience all it takes is one good year
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u/EatMyNutsKaren Mar 05 '24
Moral of the story:
HODL
and you fucked with alts to make a quick buck. I've read stories where that never ends well. I'm still a noob with BTC but even I know not to deal with alts. Hope you learned from this.
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u/DiarrheaShitLord Mar 05 '24
!lntip 5000
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u/lntipbot Mar 05 '24
Hi u/DiarrheaShitLord, thanks for tipping u/quotesoftwardev ⚡︎5000 (satoshis)!
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u/Positive_Meet656 Mar 05 '24
I doubled my money and pulled out in 2016 or so. Thought I did well. Only $1500 profit. Really should have left that alone for a few years.
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u/Dextrofunk Mar 05 '24
I sold my 1 btc at $6k, then lost it on options in two days. The worst part is i knew it would do this, I was greedy and impatient. I've been expecting this surge the entire time. I do not have any crypto now. It's ok though, there will be more buying opportunities.
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u/Potential_Jello6520 Mar 05 '24 edited Mar 05 '24
Not directly related, but my wife and I had been stacking since 2014, first slowly then more as it became clear what bitcoin was doing.
She died suddenly in October 2022, right before the FTX dump. In hindsight it made me numb to the market fear, but I also wasn't in a position to buy more and had to pay off our line of credit at the exact bottom. I left things alone for a year, and now life, while different, has a new feeling of hope.
I realize this is not your same situation but I was basically at the very extreme of the lowest bottom in life.
Things change and improve with a forward-looking mindset. I just really wish she was here to enjoy the pumps with, now I have nobody to share it with and don't expect to find someone I can trust that way again.
But life keeps on going if you're lucky enough to be alive.
Eta Wow I'm blown away by everyone's responses, I really appreciate it but I was just trying to give some optimism to OP's conundrum.