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Breaky Bitcoin Blues

  • 10-09-2018 1:51pm
    #1
    Registered Users Posts: 1,907 ✭✭✭ Slideways


    I was having the porridge this morning with a few colleagues, and the chat came around to cryptocurrency. Turns out they all got roasted buying bitcoin, Ethereum and other coins during the bubble in November and December of last year. Two of the lads are going to sell their remaining coins this week, and put the whole thing down to getting greedy and falling for a classic pyramid scheme. One other lad (a hard-living Scot) was threatening to track down an ex-colleague of ours and ‘put the slipphery wee kunt in a grave’ for talking the group into buying these coins in the first place.

    One of them was worth almost 900k Aussie dollars at the height of the bubble. He was boasting back in December about buying a yacht, moving to Puerto Rico, and shacking up with some local bird with his epic crypto gains. His investment is now worth less than 3k.That’s shocking stuff. You’d hear very little these days about the space in the papers, or on the telly. Did anyone here lose the arse of their trousers gambling on these coins, and did you learn a lesson? Has it any future at all? Was it greed, stupidity, or a mixture of both that caused young lads to throw their savings into this stuff? You’d have to stroke your chin and wonder what they were thinking.


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Comments

  • Closed Accounts Posts: 1,630 ✭✭✭ Woke Hogan


    I work with a few lads who invested in crypto currencies last year, and they're all regretting it now. I can't help but laugh at those fools, you could see it was a bubble from a mile away.


  • Registered Users Posts: 13,096 ✭✭✭✭ callaway92


    Woke Hogan wrote: »
    I work with a few lads who invested in crypto currencies last year, and they're all regretting it now. I can't help but laugh at those fools, you could see it was a bubble from a mile away.

    Thank you captain hindsight


  • Closed Accounts Posts: 907 ✭✭✭ Under His Eye


    Pyramid scheme from the get go. Zero sympathy for those suckers.


  • Registered Users Posts: 4,459 ✭✭✭ valoren


    It's all a modern day tulip mania. Been happening for centuries and will continue to happen.
    I read about bitcoin in 2009 but to actually own them was such a technical mind melt I ignored it.

    We're a nation of gamblers not investors and something like Bitcoin and Crypto was always going to dupe risk takers.
    Same with pyramid schemes which always manage to find 'investors' here.


  • Users Awaiting Email Confirmation Posts: 1,518 ✭✭✭ Ciaran_B


    I know nothing about crypto but when I saw ads on the side of Dublin Buses selling Crypto services I knew the jig was up.


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  • Closed Accounts Posts: 1,630 ✭✭✭ Woke Hogan


    callaway92 wrote: »
    Thank you captain hindsight
    Grow up.


  • Posts: 17,733 ✭✭✭✭ [Deleted User]


    Slideways wrote: »
    ...........

    One of them was worth almost 900k Aussie dollars at the height of the bubble........His investment is now worth less than 3k..............

    I'm struggling to see how that's possible tbh. We aren't 99.7% off peak values.


  • Registered Users Posts: 912 ✭✭✭ chakotha


    I cashed out in July and lost 60% of initial investment.


  • Registered Users Posts: 13,096 ✭✭✭✭ callaway92


    Woke Hogan wrote: »
    Grow up.

    Odd comment


  • Registered Users Posts: 19,061 ✭✭✭✭ kneemos


    Was this a porridge binge?


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  • Registered Users Posts: 13,667 ✭✭✭✭ partyjungle


    I made a profit off of it. I first started using bitcoin when it was worth about $500. I used to buy drugs of the darkweb with it. Unbelievably handy. I happened to have a small amount when it jumped but sold when it was worth around $2000. I went on to do a ton of daily trades. It was so easy to make money tbh. It's so volatile. Buy at X, sell at X+1. Repeat ad nauseam. I bought some ethereum a few days ago when it hit 180. I find it bizarre when people freak out and sell when it hits its lowest point or refuse to sell when its high to lock in some profit. Some people just aren't made for it.


  • Registered Users Posts: 13,667 ✭✭✭✭ partyjungle


    Or maybe I just got lucky. The amount of people online claiming they know what they are talking about is insane. Nobody really knows whats going to happen.


  • Registered Users Posts: 68,333 ✭✭✭✭ seamus


    It's standard bubble greed and naivety that burned people. The same old nonsense about crypto was being spouted that we heard about property back in the 2000s.

    The age-old rule still applies; once the dogs on the street and the taximen are giving investment advice, you've already missed the boat and the wheels are about to come off.

    If your colleagues are talking about it over lunch and your Ma is asking you about it, sell up.

    A couple of colleagues claimed to be sticking some money in it, they may have lost on it, I dunno.
    One Aussie colleague managed to gather a ****load of coins way back in 2010/11, for no real reason. Just fncking about on the internet, installed a miner, load of coins, pure luck. In 2017 he mostly cashed out before it went crazy, paid off some huge tax bills, bought some stupid amount of land like 200 hectares in Tasmania and threw 2 million dollars into a pension account. His reasoning was that he was now set up for retirement, he had a few coins to keep him going day-to-day, but he would still need to keep working while still having the freedom to not have to worry about being paid a huge salary. In his words, if he didn't do it this way he would have, "blown the whole lot of it up my nose and died at 35".

    The concept is sound, the fact that it's a pure free-market unregulated currency means that it's always going to be abused by investors/speculators. Even if bitcoin were ever to become a real currency, it will be forever intensely unstable and unreliable.


  • Registered Users Posts: 1,794 ✭✭✭ Aongus Von Bismarck


    A complete scam of course, and it just goes to shows what happens when large amounts of people who don't understand economics, the creation of wealth, and the systems behind it, attempt to 'get rich quick'.


    That said, not everyone lost money. Over 90% of people did. I made some money off Bitcoin completely by chance. A number of us here at the bank in Frankfurt bought some of them a number of years back. We had intended to give them to one of C-Suite in the bank as a joke present - the 'future of money'. We didn't however, as he died of a massive heart attack before we had the opportunity to do so.


    Anyway, we forgot about them, until last December, where we saw that each coin was valued at over 10k dollars a pop. We cashed them all in at 14700k a pop, which wasn't the height of the bubble, but no point getting greedy with this sort of thing, and ending up being a bag-holder/owner of worthless digital 'beany babies'.


    I paid the required tax on the profits, and was able to purchase a small holiday home in West Cork with the proceeds. I also had enough left over to purchase a golf course membership down there, as well as a Paul Henry painting for the kitchen. So all-in-all, a pleasant experience.


    Don't even bother reading about it these days. There's this idea that those of us who work in traditional banking are terrified of bitcoin. We aren't. It's silly libertarians playing silly games with silly virtual money.


  • Site Banned Posts: 1,463 RIGOLO


    A complete scam of course, and it just goes to shows what happens when large amounts of people who don't understand economics, the creation of wealth, and the systems behind it, attempt to 'get rich quick'.


    That said, not everyone lost money. Over 90% of people did. I made some money off Bitcoin completely by chance. A number of us here at the bank in Frankfurt bought some of them a number of years back. We had intended to give them to one of C-Suite in the bank as a joke present - the 'future of money'. We didn't however, as he died of a massive heart attack before we had the opportunity to do so.


    Anyway, we forgot about them, until last December, where we saw that each coin was valued at over 10k dollars a pop. We cashed them all in at 14700k a pop, which wasn't the height of the bubble, but no point getting greedy with this sort of thing, and ending up being a bag-holder/owner of worthless digital 'beany babies'.


    I paid the required tax on the profits, and was able to purchase a small holiday home in West Cork with the proceeds. I also had enough left over to purchase a golf course membership down there, as well as a Paul Henry painting for the kitchen. So all-in-all, a pleasant experience.


    Don't even bother reading about it these days. There's this idea that those of us who work in traditional banking are terrified of bitcoin. We aren't. It's silly libertarians playing silly games with silly virtual money.

    So that would be economists and leaders of large financial institutions like yourself then ...


  • Registered Users Posts: 7,055 ✭✭✭ JohnnyFlash


    seamus wrote: »
    The concept is sound, the fact that it's a pure free-market unregulated currency means that it's always going to be abused by investors/speculators. Even if bitcoin were ever to become a real currency, it will be forever intensely unstable and unreliable.




    How is the concept sound, dude? Bitcoin mining is an environmental disaster (using way more electricity than the entire island of Ireland), the scene is awash with wash trading, spoof orders, painting the tape, and other scams that have been banned in other markets for decades. It's slow, expensive to use, if you forget your password then you've lost your bitcoin forever, theft is rife. It's one of the most retrograde technological developments ever created.


  • Closed Accounts Posts: 636 June Fat Wrestler


    How is the concept sound, dude? Bitcoin mining is an environmental disaster (using way more electricity than the entire island of Ireland), the scene is awash with wash trading, spoof orders, painting the tape, and other scams that have been banned in other markets for decades. It's slow, expensive to use, if you forget your password then you've lost your bitcoin forever, theft is rife. It's one of the most retrograde technological developments ever created.

    You're conveniently ignoring the decentralisation aspect and the benefits of the blockchain.


  • Banned (with Prison Access) Posts: 2,494 ✭✭✭ pleas advice


    I don't know what a blockchain is


  • Registered Users Posts: 13,667 ✭✭✭✭ partyjungle


    I don't know what a blockchain is

    A type of distributed decentralised database.

    A giant ledger that everyone has access to. Each trade is shared onto it.


  • Registered Users Posts: 1,552 ✭✭✭ WhiteMemento9


    Augeo wrote: »
    I'm struggling to see how that's possible tbh. We aren't 99.7% off peak values.

    It depends on the holdings. Stuff like BitConnect actually was a proper pyramid scheme which went from hundreds to worthless almost overnight. Verge is another one that had ridiculous valuations at one point and has lost almost all value. Plenty of other altcoins went from big valuations to fractional amounts off height value. It is hard though to see how 900k ----> 3k happened but it is possible if holdings were in absolute trash coins


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  • Moderators, Society & Culture Moderators Posts: 15,605 Mod ✭✭✭✭ Manic Moran


    I'm about breaking even right now. Running a small loss. Didn't sell when I should have, but it's all completely academic until I actually press the 'sell' button.

    I've well into five figures into it. The rule is "Don't put in what you can't afford to lose". I'm sure as hell going to notice if I lose it, but neither am I going to be on the streets or begging during retirement.

    Since I don't need it to live, I'm just going to keep holding. If it goes up again, fantastic. If not, well, I wouldn't be the first person to lose money on an investment.


  • Closed Accounts Posts: 5,997 ✭✭✭ Ipso


    It will come in useful to buy shotguns and beans when Immortan Joe takes over.


  • Closed Accounts Posts: 778 Jack Moore


    Slideways wrote: »
    I was having the porridge this morning with a few colleagues, and the chat came around to cryptocurrency. Turns out they all got roasted buying bitcoin, Ethereum and other coins during the bubble in November and December of last year. Two of the lads are going to sell their remaining coins this week, and put the whole thing down to getting greedy and falling for a classic pyramid scheme. One other lad (a hard-living Scot) was threatening to track down an ex-colleague of ours and ‘put the slipphery wee kunt in a grave’ for talking the group into buying these coins in the first place.

    One of them was worth almost 900k Aussie dollars at the height of the bubble. He was boasting back in December about buying a yacht, moving to Puerto Rico, and shacking up with some local bird with his epic crypto gains. His investment is now worth less than 3k.That’s shocking stuff. You’d hear very little these days about the space in the papers, or on the telly. Did anyone here lose the arse of their trousers gambling on these coins, and did you learn a lesson? Has it any future at all? Was it greed, stupidity, or a mixture of both that caused young lads to throw their savings into this stuff? You’d have to stroke your chin and wonder what they were thinking.
    I don’t u derstand this
    Bg has fallen from a peak of 17 k to a current 5.5 k so how has he lost 99.7%


  • Closed Accounts Posts: 5,997 ✭✭✭ Ipso


    Jack Moore wrote: »
    I don’t u derstand this
    Bg has fallen from a peak of 17 k to a current 5.5 k so how has he lost 99.7%

    It depends when he bought, he might have got in very early. And he may be looking at losses the way people looked at house process back in the day.


  • Closed Accounts Posts: 778 Jack Moore


    Ipso wrote: »
    It depends when he bought, he might have got in very early. And he may be looking at losses the way people looked at house process back in the day.

    No I get how he got up to 900k
    But 900k at peak is worth 300k now


  • Closed Accounts Posts: 5,997 ✭✭✭ Ipso


    Jack Moore wrote: »
    No I get how he got up to 900k
    But 900k at peak is worth 300k now

    Right, I get you. Unless his broker charges "miscellaneous" fees.


  • Moderators, Music Moderators Posts: 19,597 Mod ✭✭✭✭ Mr.S


    Have invested quite a bit - money that has been leftover from regular savings over the last ~2 years, have sold at a few points when it was silly high but always re-bought / "reinvested".

    Sure, could have made silly money if I sold everything back in December '17 - but so be it, I have no doubt it will go up again :) I don't see it as a loss until I actually sell, and I do believe it will climb up again. The tech is interesting and the projects are ambitious, so worth a punt :)

    Although, it would be a different story if I invested money I didn't have, or needed it. Some people in my office went absolutely nuts and then sold at a huge loss when they realised it wasn't a get rich overnight thing.


  • Registered Users Posts: 7,055 ✭✭✭ JohnnyFlash


    Ipso wrote: »
    Right, I get you. Unless his broker charges "miscellaneous" fees.

    Might have bought altcoins. Some of them have lost >95% of their value.


  • Closed Accounts Posts: 24,777 ✭✭✭✭ Devin Easy Guitar


    No point selling now, ride it out and see what happens is my plan.


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  • Closed Accounts Posts: 4,791 JJJJNR


    Just spent a year researching projects, happy to say I'm down 5% and looking to get more in the next few weeks.


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