Bitcoiner gambles his kids college fund on bitcoin, loses half of it. Asks for advice on how to convince his wife investing more in bitcoin is a good idea. (np.reddit.com)
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436 ups - 133 downs = 303 votes
205 comments submitted at 20:07:10 on Apr 3, 2014 by blorg
"Getting lucky" implies that I just stupidly stumbled upon them by chance and mindlessly threw money at them - akin to buying a lottery ticket. I didn't. I researched them for several weeks prior. It was a risky move but I never put in any more than I couldn't afford to lose, and so far, it's paid off beautifully. Likewise, I've since cashed in and received my principle, so this is all gravy, at this point.
Anyway, I'm not saying you should 'invest' in them, b/c yep, they could go to zero. But, I am saying that crypto-currencies (similar to Bitcoin) are definitely the next evolutionary step in money or banking (maybe not totally replacing conventional money, but they will certainly be a supplement to some extent) - so it makes sense to get involved, early on. And having said all that, right now, Bitcoins are the strongest/best crypto-currency on the block.
So in the end, don't fucking risk your college fund on them. That's foolish - but people worldwide are still getting on board, so I still think it makes sense to own them. Time will tell very soon. (probably in the next 2-3 years we'll know if they're a dud, or here to stay.)
> I researched them for several weeks prior.
Welp, I'm sold. We've got ourselves a god damned bonafide Warren Buffett here. Where's my curse jar? I've got a fortune to make!
heh, I never said I was an expert, so yeah.... keep mocking, I guess. But as for being an expert - it helps, but that's the beauty of it - you don't need to be, to see that crypto-currencies are the next evolutionary step (if not, addendum) to conventional money.
Some people hate seeing others become successful. Haters gonna hate.
I think people are hating on your tone rather than your success. Basically you're commenting on a post wherein a man displaying signs of gambling addiction is talking about how to convince his wife to buy bitcoins after losing half of the kid's college fund from crashes and all you have to say is 'welp, I made money gambling on bitcoin and my wife respects me.' It's a bit condescending.
It's almost like commenting on a post about someone whose life has been destroyed by heroin and saying 'Well I do heroin and I'm still fine even though I've experienced some negative side effects, don't downvote me just because I can handle my drugs." My point is that you're going off on a tangent about yourself when it has little to do with what this other man is going through.
Fair enough, but I was replying to his snide and ignorant tone that they're akin to something dumb, like Magic Beans. OK, yes, they are - if you go by what the haters say. It's ignorance. And, that's not an insult, it's true. People say silly things when they're lead by ignorance.
So, yeah, as I said, haters gonna hate - and I don't expect anyone to like me for having them, but I'm just happy my wife is still cool w/ it. Either way, they're not Magic Beans. Do a bit of reading, they're actually a pretty good idea.
Also, I take issue w/ your metaphor w/ heroine. That implies they're inherently dangerous or a bad idea. They aren't. Don't take my word for it - research yourself, you'll see they aren't that dangerous or scary. Check out www.weusecoins.org
The guy was making a joke. Not to mention that in the tale of jack and the bean stalk, the magic beans made Jack rich in the end so it really shouldn't offend you. As for myself, sure I'd love to have bought in earlier and sold pre-crash but I personally don't consider bitcoin a worthwhile investment at this point. It's too volatile for the sort of investment I'd consider.
Heroin isn't inherently dangerous (or well it is, but so is investing) and bad.
Some people function very well even if they shoot up once and again.
At the end of the day, you got lucky. Stop trying to pretend that you knew BitCoins was going to rise a couple of thousand percent.
And there's no hate train against BitCoin (except from perhaps governments). A lot of people are quite fed up with how BitCoin-promoters can't see clear when it comes to their beloved currency. Anything ever is good for BitCoin, getting rich on it wasn't luck and all who lost stuff was just stupid.
It's like people like them (you?) don't have any reality checks in place.
> Some people hate seeing others become successful. Haters gonna hate.
Are you fucking serious? Who's "hating?" You're just parroting bog-standard day-one investment advice and acting like it's some amazing wisdom you came up with all on your own that's guided you to a magical windfall rather than just blind, dumb luck. People are just (rightfully) mocking your smug and cavalier attitude.
>Who's "hating?"
All the downvoters.
>You're just parroting bog-standard day-one investment advice and acting like it's some amazing wisdom you came up with all on your own that's guided you to a magical windfall rather than just blind, dumb luck.
No, you're implying that I'm some mindless fanboy. That's not true, at all. I already said it's incredibly risky and that most importantly, you should not spend more than you can afford to lose on Bitcoins. (ie- do not spend your education fund on them.)
>like it's some amazing wisdom you came up with all on your own that's guided you to a magical windfall rather than just blind, dumb luck.
Yeah pipe down there, dude. I said I researched it for weeks, but that doesn't make me anyone special, at all. I'm no expert. I'm just a guy that did some homework. Hate all you want, but that's it.
Again, no, it's not akin to blind, dumb luck, at all. Winning the lottery is blind, dumb luck. Investing in emerging technologies, isn't.
> People are just (rightfully) mocking your smug and cavalier attitude.
Well, I'm being very blunt w/ my POV on it: I went 'all in' and so far it's been doing well for me. Yes, there, are a lot of foolish people (OP, for instance) who do very irresponsible and mindless things. (another group are the ones who go all-in when the price is exploding upwards - and then panic and sell when the bottom falls out.)
If you think I'm smug, that's your interpretation. But, this is reddit, people come here promote their views/beliefs. The main reason I replied, is b/c there's a huge (ignorantly based) Bitcoin hate train here, and I wanted to kind of counter-balance it w/ an actual positive story. (particularly one that included the term, "Magic Beans".)
Well you are just repeating marketing phrases without actually telling us what you researched for weeks (really ? weeks ? c'mon).
Btw > So yeah, people can mock if they like, but when I do the math, it was still obviously a very smart financial move for me.
That is not math, that is captain hindsight.
>Well you are just repeating marketing phrases without actually telling us what you researched for weeks (really ? weeks ? c'mon).
It was nothing spectacular, it was a political, small time radio show out of New Hampshire that regularly had promoters (and detractors) on their as guests. Likewise, one of the hosts was particularly keen on them.
But, if you want to get really technical, reading "Satoshi Nakamoto's" (fake name) paper on it was what really secured my confidence in them. The paper speaks for itself; the man's quite intelligent:
https://bitcoin.org/bitcoin.pdf
Finally, as I've always said, while I'm excited about them, I'm well aware that they could absolutely go to zero in just days (or sooner.) I'm not living any illusions in regards to Bitcoin themselves (but the model of a decentralized crypto-currency is here to stay.)
>That is not math, that is captain hindsight.
Again w/ the cynicism. When you fail at this, you're an idiot, but when you're successful it's dumb-luck. You can't win.
I'm really not trying to be harsh but that reasoning is the same as someone who just put everything on 26 in roulette, won and then "did the math".
If you had your reasons before you made any kind of investment, good for you (and I really mean it). But the result NEVER justifies anything.
You're not harsh, but you are (again) repeating the mistaken and debunked talking point that it was pure luck.
Yes, some luck was involved (that I just so happened to be a regular listener of that radio show, for instance) - but Bitcoins are not in existence b/c of pure, dumb luck - likewise, neither is their value. They were actually in development for many, many years. And like any technology, they were designed b/c of market demand, and given their finite amount and great utility they are perceived to have value. Now, yes, it's still incredibly volatile- but even that's been dropping as adoption rates are increasing.
I recommend checking out r/bitcoin so you can get in touch w/ some really well-versed folk. Yes, there is a lot of circlejerking there, but so is there a lot of circlejerking here (against them.) Or, if you want some more tempered/technical talk, go to r/bitcoinmarkets
> All the downvoters.
A downvote is not "hate." That's just ridiculous.
> I already said it's incredibly risky and that most importantly, you should not spend more than you can afford to lose on Bitcoins.
Right. That's the bit where you're parroting "investing 101" advice and acting like it's sage and profound.
> Hate all you want
There's that word again. Do you think you can just dismiss all criticism by calling it "hate?"
> Again, no, it's not akin to blind, dumb luck, at all. Winning the lottery is blind, dumb luck. Investing in emerging technologies, isn't.
Utter bollocks. There is no "research" at all one can conduct that will accurately predict Bitcoin's movements. You got lucky, plain and simple.
> Well, I'm being very blunt w/ my POV on it
That would be why you're receiving such a negative reaction.
> I went 'all in' and so far it's been doing well for me.
This kind of reasoning has consistently proven to be financially devastating for Bitcoin "speculators."
> Yes, there, are a lot of foolish people
Indeed. I'm talking with one now :)
> irresponsible and mindless things. (another group are the ones who go all-in when the price is exploding upwards - and then panic and sell when the bottom falls out.)
You just said you went "all in" yourself. If you continue to be "all in," erm, I hate to tell you this, but the price has been falling for weeks now.
> But, this is reddit, people come here promote their views/beliefs.
...and to discuss and/or disagree with them, which (again) does not constitute "hate" ...
> The main reason I replied, is b/c there's a huge (ignorantly based) Bitcoin hate train here, and I wanted to kind of counter-balance it w/ an actual positive story. (particularly one that included the term, "Magic Beans".)
Didn't you accuse me of implying you're some mindless fanboy? You're doing a pretty good job of demonstrating that for yourself.
> people worldwide are still getting on board, so I still think it makes sense to own them
lol so your financial future rests on the phrase "there's a sucker born every minute"? Sounds stable.
> crypto-currencies are the next evolutionary step
Do you even read what you write? Are you aware that you speak in marketing lingo? Do you realize people who don't fall for obvious scams can spot language like this a mile away? Even if you're honestly just an idiot, it's still fucked up that you're going to be scamming other stupid people, because no one else 1) hasn't heard of bitcoin until now and 2) will think it's a smart idea to buy into something that's already bubbled, popped, and is being actively regulated into obscurity as we speak.
You either convince people to buy your near-worthless drug-coins or they become totally worthless. You're part of a pyramid scheme, and that shit destroys peoples lives and savings.
Oh ok, so you're just one of the haters, looking to hate. Got it. I thought you actually wanted a conversation.
>You're part of a pyramid scheme,
Ugh. This is such a common talking point among the haters but this is just absolutely, 100% incorrect. Please understand what a pyramid scheme is: It's a centralized scheme where one person profits directly from other people below them signing up. This is absolutely not the case w/ Bitcoin, at all. That would require a centralized authority c/w a management structure to track all of this... This does not exist w/ Bitcoin. It's 100% decentralized, and there is no totem-pole like structure, at all. So it's literally impossible for it to be even somewhat considered a pyramid scheme. (now that's not to say that people couldn't create their own pyramid schemes using Bitcoins, of course they could - but that happens w/ conventional money already - and it's no slight against the nature of the Bitcoin network.)
Hate all you want man, but you need to stop being dishonest. They are nothing like a pyramid scheme.
edit: Here's the definition for a Pyramid Scheme:
pyr·a·mid scheme
"noun: pyramid selling; noun: pyramid scheme; plural noun: pyramid schemes
a form of investment (illegal in the US and elsewhere) in which each paying participant recruits two further participants, with returns being given to early participants using money contributed by later ones."
I see the downvotes are still coming in. Um, ok. Bitcoins, are by definition not a pyramid scheme - any more than conventional money is... (ie- not at all.) If you're complaining about my tone, well, I'm sorry - there's just so much ignorance here, and that's fine, that's not my issue - it's the outright arrogance and smugness that I'm taking real issue with...
I like how every bitcoiner responds to the "pyramid scheme" accusation the same way: by saying that it's a DECENTRALIZED pyramid scheme.
WTF? No. You're simply, 100% absolutely wrong. Understand what a pyramid scheme is:
"pyr·a·mid scheme
pyramid selling; noun: pyramid scheme; plural noun: pyramid schemes
a form of investment (illegal in the US and elsewhere) in which each paying participant recruits two further participants, with returns being given to early participants using money contributed by later ones."
There is no hierarchy, there is no totem pole of management - nobody owns Bitcoin itself. It's a network.
You're either intentionally lying or ignorant. I don't know which, but you're no where near to being correct, so stop spreading misinformation.
See here is your problem, you are so embroiled in trying to rationalize your bitcoin investment that you don't realize that you sound like an insufferable jag off. I think its fantastic that you have made a killing off of bitcoin, but that doesn't make it a good medium of exchange. Its horribly speculative and not nearly as liquid as cash. plus you get the unfortunate association with drug cartels and child pornographers. If its me reading the tea leaves these reareasons alone are indicative of how bitcoin will never make it as a mainstream currency. Botcoin has too negative of a stigma
>you are so embroiled in trying to rationalize your bitcoin investment that you don't realize that you sound like an insufferable jag off
Rationalize it? It's been (so far) one of the best financial decisions of my life, from an interest bearing perspective. I don't need to rationalize anything, as it's been generally up since I purchased, but most importantly: I am at zero risk of losing anything - b/c I already cashed in my principle.
As for the rest of your comment, it's ripe w/ strawmen: I never said it wasn't speculative (it absolutely is), I also never said it's a better alternative to cash, it's not - and it may never be, but it (or another crypto-currency) will be a nice supplement at the very least.
>Botcoin has too negative of a stigma
Well yes, among the people who are insistent on being willfully ignorant, and smug w/ their dismissive attitudes.
I sound like an insufferable jag off? OK, that's your opinion, but at least what I'm saying is generally correct. We still have people here calling it a bloody pyramid scheme, it's no where near one, at all. It's literally impossible given the nature of the decentralized model and the fact that it's creation and distribution are not controlled by any one centralized authority or owner(s).
Are you really that blind that you can't see that some early adopters tries everything to make people invest more and more into BitCoins? Early adopters that could mine a shit load of more coins than anyone else before the hype spread up.
Call it a ponzi-scheme, call it a pyramid-scheme or call it whatever you like. There are people who constantly keeps profiting by getting more people invested into BitCoins.
>I researched them for several weeks prior.
And so have most people who bought in when the price was > $500 and who are now losing money.
If you did research them, could you tell me what your expected value of bitcoin is in a year or so, and why you think so? Or, could you perhaps explain why you didn't sell at $1100 if you researched it so well?
I'm happy for you dude, but being one of the early adopters on a growing bubble does not make you smart or means the actual asset is legit. It just means you got lucky?