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Izumi Konata
May 4, 2012

by Ralp
:69snypa:

FMguru posted:

because its a matter of settled scientific fact that the first v1.0 version of something is the most perfect and ideal version and all that later versions do is mess things up

so bitcoin as the first cryptocurrency is therefore the best cryptocurrency and will be the one that the masses will adopt

alan greenspan, satomi hitodashi, the illuminati, crystal skull co., ground-floor magic card users, ati cardusers ltd. et. al. co., et. al. ltd :agree:

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Herman Merman
Jul 6, 2008

quote:

Desperate personal advice sought after buying at $800 on credit. (self.BitcoinMarkets)
submitted 7 hours ago * by throwaway9020115

Throwaway because I'm well-known around these parts. Posting here because I won't get anything useful from the idiots in /r/Bitcoin :ironicat: - and besides, you guys are family when I'm on my main account.

Sooo... I bought $20,000 worth of BTC just before the December bubble at around $800 or so. Half of that was basically my life savings up to that point, and the other half was on credit cards (I know, I know).

It seemed like a sure thing, and boy did I rejoice when it hit $1200 and I'd made $10,000 in a few days for doing nothing.

It was my first bubble though, so I failed to sell in time and just hodled. When the rally came again I failed to spot that top too, and just hodled. Then the next rally came to $600 or so and I failed to spot that too, and hodled.

Also took some punts on some alts too - Peercoin (lost loads of money), Dogecoin (lost loads of money), Reddcoin (make money, but didn't get out at the top and still hodling), then most recently Stellar (lost 45% of my investment) and Bitshares (lost 20% of my investment).

I don't know what to do. Coins go up 1000% all around me every week, but whatever I do I pick something that inevitably crashes the week after. It's almost like clockwork. I don't buy during obvious peaks, yet everything I buy declines immediately afterwards.

Right now, out of my original $20,000 I have $5000 remaining and still owe $10k to the credit card company. I can afford the interest, have a good job and I'm not poor - just in a sucky situation.

I'm now on antidepressants after a year of chronic depression and constant anxiety attacks. I can't look at the price without getting blue, after eleven months of straight losses. On three occasions through alt-trading I was, on paper, $60,000 in profit - and failed to cash out a single dime every single time. Now I'm 75% in the red! Sometimes I can't get out of bed because I'm depressed at how I could turn such epic wins into such epic losses again and again and again.

I feel reasonably smart, but greed gets the better of me ALWAYS.
so close in so many ways

OJ MIST 2 THE DICK
Sep 11, 2008

Anytime I need to see your face I just close my eyes
And I am taken to a place
Where your crystal minds and magenta feelings
Take up shelter in the base of my spine
Sweet like a chica cherry cola

-Cheap Trick

Nap Ghost

Herman Merman posted:

so close in so many ways

sever

FMguru
Sep 10, 2003

peed on;
sexually

Herman Merman posted:

It was my first bubble though, so I failed to sell in time and just hodled.
if only there was some magical cant-fail 100% accurate formula that tells you when youre at the very peak of a bubble so you can sell out...

and he still doesnt understand that the $1200 bitcoin never actually existed, that it was the product of a bunch of mtgox bots trading imaginary coins back and forth and that not one person managed to cash out at that price or any price

The Management
Jan 2, 2010

sup, bitch?
if you can't identify the greater fool, it's u

I love these stories, though, because they remind me to take profits when my stocks are up instead of holding forever until they come back down again.

Dr. Honked
Jan 9, 2011

eat it you slaaaaaaag
these stories remind me not to a be a retarded child whose only motivations are greed, sloth, and wilful ignorance

Izumi Konata
May 4, 2012

by Ralp
honked again, desu,et.al.

surebet
Jan 10, 2013

avatar
specialist


vOv posted:

it looks like you 'lock' coins on chain A by sending them to a special output, and then you can 'create' coins on chain B by proving that you locked them. so nobody holds them, they're completely unusable

burner addresses aren't new, but being able to retrieve coins from an address with no one in charge of the private key would be new

:tenbux: says it'll point to a private service

surebet
Jan 10, 2013

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specialist


Herman Merman posted:

so close in so many ways

https://www.youtube.com/watch?v=8QuSuKcrAeU

surebet
Jan 10, 2013

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specialist


FMguru posted:

and he still doesnt understand that the $1200 bitcoin never actually existed, that it was the product of a bunch of mtgox bots trading imaginary coins back and forth and that not one person managed to cash out at that price or any price

what are you on about, plenty of people sold on gox for 1200$

oh you mean cash out like get actualmoney in your hands, not numbers on a fictitious ledger on a site that implodes months later

Dren
Jan 5, 2001

Pillbug

Dr. Honked posted:

a retarded child whose only motivations are greed, sloth, and wilful ignorance

mods

VAGENDA OF MANOCIDE
Aug 1, 2004

whoa, what just happened here?







College Slice

Dr. Honked posted:

a retarded child whose only motivations are greed, sloth, and wilful ignorance

a rational actor

OJ MIST 2 THE DICK
Sep 11, 2008

Anytime I need to see your face I just close my eyes
And I am taken to a place
Where your crystal minds and magenta feelings
Take up shelter in the base of my spine
Sweet like a chica cherry cola

-Cheap Trick

Nap Ghost

Dr. Honked posted:

these stories remind me not to a be a retarded child whose only motivations are greed, sloth, and wilful ignorance

dsyp

Izumi Konata
May 4, 2012

by Ralp

:respek:

vOv
Feb 8, 2014

surebet posted:

burner addresses aren't new, but being able to retrieve coins from an address with no one in charge of the private key would be new

:tenbux: says it'll point to a private service

nah you can still spend the output, it's just that the miners won't let you spend out of it unless you can prove that you 'locked' the coin on the sidechain (the obvious way would be that in order to unlock the coin you have to include an ID of a transaction that locks it on the other chain, idk how it actually works)

Dren
Jan 5, 2001

Pillbug

Herman Merman posted:

so close in so many ways

quote:

Bitcoin seems in a death spiral from which there is no reprieve. I have no hope left. Of course it won't die, but what... I'll watch it go to $200, then $100, then $50? Every day is just bad news after bad news.
Should I just cash out now and take the monumental loss, and have to pay off the credit cards for a decade two years - or stay in the game because 'it's got to get better one day, right?'.
I'm too scared to short or leverage anything.
Pretty desperate for intelligent advice. Sorry that this isn't about TA or trading. Hope you understand.
*
A note - please DON'T tell me anything like "Don't over-invest / only buy what you can afford to lose / shouldn't have bought on credit" - I know. I loving cry into my pillow some nights because I loving know, but it happened. I want to turn this around. *
Edit - wow, many replies so far. I'll get through them all.
I'd just like to clarify that I am not in dire financial trouble in any sense, I am not nearly bankrupt, I do not need a second job, I don't need a debt repayment plan and I earn $79,000 per year with no dependents, owning my own apartment. What I have done is hosed up a rather large amount of Bitcoin trading ($20k is a fair whack by anyone's standards) and I'm looking for advice on how to proceed, ideally in a market-oriented sense.

Boxturret
Oct 3, 2013

Don't ask me about Sonic the Hedgehog diaper fetish

Herman Merman posted:

so close in so many ways

same

Dren
Jan 5, 2001

Pillbug
No amount of money is worth your health and your state of mind. No gains you see in Bitcoin with that $5k are going to offset the cost of your medications and trips to your psychiatrist, credit card interest etc...
Finally, if you were not so stressed out on this, it sounds like you'd be doing better at your job and maybe even grabbing a few promotions. Your personal productivity and talent can produce gains far in excess of what Bitcoin can give you, if only you find it within yourself to focus on your career. And unlike Bitcoin, those gains are more or less guaranteed.
It's not the end of the world bro, pick yourself up and go clean up your life. You can always come back to Bitcoin from a better position and in a more responsible manner. Trust me the odds of you missing out on some crazy moonshot get lower every day, so put down the FOMO and focus on your life for a little bit.

indigi
Jul 20, 2004

how can we not talk about family
when family's all that we got?
wow... they're acknowledging that bitcoin might be over





ask not for whom the butt tolls

Dren
Jan 5, 2001

Pillbug

indigi posted:

wow... they're acknowledging that bitcoin might be over





ask not for whom the butt tolls

maybe not so much

quote:

A lot of people in here will tell you to just sell and settle whatever debt you can just so you can start your (very) slow recovery. I think that's pretty piss poor - albeit reddit-approved and safe - advice. If you take that advice, you will essentially be practicing the great tried and true strategy of buy high, sell low. In other words, you'll be doing what any investor worth anything will tell you to NEVER do: trade on emotions and fear.
Listen, you already made the mistake of gambling what you can't afford to lose and you're already 75% down. You screwed up, and poo poo happened. However, there's not much more you can lose, and I'm pretty confident bitcoin won't go down to 0. If most markets and history have shown us anything, it's that what goes down usually goes back up. Bitcoin is in a slump, but that's happened several other times in its history (once even going down 90%+!). There is a very good chance it will bounce, and after such a long downtrend, it'll probably be sooner than later. Do you really want to be on the opposite end of the equation you so lament being in time and again? Do you want to get out and eat your losses right before the market rebounds?
My advice to you is consider your money lost, and don't look at bitcoin for 12 months. Clear your head, get better, stop trading, pay the interest and come back in a year's time. You may just be very pleasantly surprised.

stoutfish
Oct 8, 2012

by zen death robot
what caused this sudden realization that bitcoin can't possibly be relevant now.

Boxturret
Oct 3, 2013

Don't ask me about Sonic the Hedgehog diaper fetish

Dren posted:

If most markets and history have shown us anything, it's that what goes down usually goes back up.

yeah like pets.com and the hindenburg

indigi
Jul 20, 2004

how can we not talk about family
when family's all that we got?

Boxturret posted:

yeah like pets.com and the hindenburg

and Native American culture

vOv
Feb 8, 2014

Boxturret posted:

yeah like pets.com and the hindenburg

its why i'm still holding onto my enron stock. can't lose!

surebet
Jan 10, 2013

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specialist


Dren posted:

maybe not so much

literally everything in this second quote is terrible advice

yes you don't have much to lose, so keep that 5k at 20-30% on a credit card, moon

surebet
Jan 10, 2013

avatar
specialist




another_bitcoin_buisiness_in_trouble.gif

InShaneee
Aug 11, 2006

Cleanse them. Cleanse the world of their ignorance and sin. Bathe them in the crimson of ... am I on speakerphone?
Fun Shoe

Dren posted:

There is a very good chance it will bounce, and after such a long downtrend, it'll probably be sooner than later.

it's like when the roulette comes up red five times in a row, it pretty much has to be black next time. it's just statistics.

FCKGW
May 21, 2006

stoutfish posted:

what caused this sudden realization that bitcoin can't possibly be relevant now.

we're a week or two away from where the year over year chart for Bitcoin price goes negative.

Dixie Cretin Seaman
Jan 22, 2008

all hat and one catte
Hot Rope Guy

surebet posted:



another_bitcoin_buisiness_in_trouble.gif

im just going to assume here that mcx stands for Magic Card eXchange

The Management
Jan 2, 2010

sup, bitch?

InShaneee posted:

it's like when the roulette comes up red five times in a row, it pretty much has to be black next time. it's just statistics.

what does monty hall have to say about this?

The Management fucked around with this message at 06:38 on Oct 26, 2014

a cyberpunk goose
May 21, 2007

The Management posted:

what does montey hall have to say about this?

is a man not entitled to his goats?

NO says monty hall, who keeps the doors closed

AlbieQuirky
Oct 9, 2012

Just me and my 🌊dragon🐉 hanging out
Monty Hall was raised as an Orthodox Jew. Also, he is Canadian. And 93 years old.

Boxturret
Oct 3, 2013

Don't ask me about Sonic the Hedgehog diaper fetish
http://www.buttcoinfoundation.org/moolahmurder

Weatherman
Jul 30, 2003

WARBLEKLONK

:confused: it's still at least 5 months until april fool's?

Shipon
Nov 7, 2005

surebet posted:



another_bitcoin_buisiness_in_trouble.gif

im the 1488

Tayter Swift
Nov 18, 2002

Pillbug
existing wallets and all backups are going to be shredded

their vault is literally a filing cabinet

surebet
Jan 10, 2013

avatar
specialist


Sign up for Novauri beta and pay no transaction fees on your account. Forever. (Read comments for more) (novauri.com)
submitted 6 hours ago by MrMadden

Hi, this is Will from Novauri. We're accepting sign ups for our closed beta release, which is on track for March or April of 2015. Our rates will be extremely competitive, and if you sign up now, we'll waive your transaction fees on bitcoin purchases and sales forever.
It really bothers us that every major service today that lets you buy and sell bitcoin also wants to control your private keys. It bothers us even more given that these same services have started to freeze assets in the name of "KYC". Of course that's completely ridiculous, as the controls for knowing your customer are supposed to be when you open your account, not as an excuse to keep your money after you've made a deposit.
Why should you trust a bitcoin bank that has never had an independent financial audit of both fiat and bitcoin that insures a tiny fraction of total deposits? Especially when so many of them have been hacked?
Equally scary is the alternative, using a service that matches you with a local stranger who hopefully is honest and not a violent criminal.

Well we think that not having a choice sucks, and this is why we are building Novauri. Our design philosophy is simple: build a bitcoin purchase and sale service that builds on bitcoin’s strengths and keeps users in control of their money. With Novauri your money is fully controlled by you. We don’t pool funds or have access to your private keys. Novauri runs on proven technologies and is designed from the ground up by a team with many decades of experience building high risk financial products. Security like two-factor authentication and secondary passwords are standard.
Oh, and there's another thing. Because we don't pretend to be a bank, we don’t have to pay for the expensive security and insurance required to keep shared deposits safe. Our average prices will be lower than competitors because we are designed to be safe and don’t act like a bitcoin bank.
We believe the community wants an alternative that respects you enough to let you control your money. Please sign up for our beta to prove the demand is there. Our beta will go live in March or April of 2015.
Please show us your support and sign up. We won't spam you with email, and will keep what little information we are asking for safe. Thanks.

surebet
Jan 10, 2013

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specialist


"i don't understand how kyc works"
"not a bank!"
"we'll do free ach transfers without kyc"
"not a bank!"
"we don't need insurance or security, because we don't touch your butts, being the centralized ach emitter isn't an issue because eww fiat"
"not a bank!"

bucketmouse
Aug 16, 2004

we con-trol the ho-ri-zon-tal
we con-trol the verrr-ti-cal

Herman Merman posted:

the most recent incarnation is all about two-way pegging which is a lot less fun than it sounds

well all the transactions are still going to be barely legal yet consensual rear end to rear end in this incarnation so I don't really see a difference

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surebet
Jan 10, 2013

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specialist


i've yet to see a bitcoiner running around shouting he doesn't consent to n, it's on my bucket list

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