Current Events > Man who put 120k into crypto last year lost 96% of his investment.

(+) Yeah! (+)

https://money.cnn.com/2018/09/11/investing/bitcoin-crash-victim/index.html

An estimated $400 billion has been wiped off the value of major cryptocurrencies since January.
Sean Russell's life savings were among them. Russell rarely played the stock market and had little investing experience when he put around $120,000 into bitcoin in November 2017. He was stunned when that turned into $500,000 in just one month. "I think there was one morning where I woke up, where I made about 12,000 ($15,600) in one morning on my investment and it just kept going," said Russell. "I was thinking, wow, that's mortgages paid, that's holidays that I've always dreamed of." The dream didn't last for Russell, who works as a property developer in the United Kingdom, buying homes and fixing them up. The price of Bitcoin surpassed $20,000 in December before collapsing. It now trades at $6,300.

Russell attempted to mitigate his losses by shifting money from bitcoin (XBT) to an offshoot called Bitcoin Cash and other cryptocurrencies including Ethereum and Ripple. But that didn't work, and Russell says the paper losses on his initial investment have reached 96%. "It was devastating, quite traumatic, really," Russell said. "I've seen stories on the news of billionaires going bankrupt, and you think how can that be? How on earth did you lose that amount of money? And yet, here I am in that position."

That is too bad. He should have cashed out when when his investment doubled.
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Should've tapped out when he was in the plus.
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Just hold through the dip.
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sucks.

meanwhile, ive made 50 cents on my dogecoin investment!!!!
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i would've taken out the initial investment amount and played with the profits.
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Who the hell puts their life savings into speculative? This seems incredibly, incredibly dumb. I'm sympathetic but only to a small point.
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XplodnPnguins92 posted...

i would've taken out the initial investment amount and played with the profits.

...why has this never occurred to me

brb coming to terms with the knowledge that I'm an idiot
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This is hilarious.
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XplodnPnguins92 posted...

i would've taken out the initial investment amount and played with the profits.

Sound financial advice.
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This kind of news makes me feel somewhat better for passing up buying bitcoins when they were $17
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BlockAddition posted...

This kind of news makes me feel somewhat better for passing up buying bitcoins when they were $17

Why even after the crash you would still have 370x more than you invested.

I hate myself for using what would be tens if not hundreds of millions of dollars now for an oz on the Silk Road back in the day.

https://www.youtube.com/watch?v=61Q6wWu5ziY" data-time="

https://www.youtube.com/watch?v=xK3yuxrmCac" data-time="
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"Crypto isnt a ponzi scheme"

Lmao
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lol
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hes just gotta hold hell be fine
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A fool and his money...
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Turtlebread posted...

hes just gotta hodl hell be fine

ftfy
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Haha
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Dude traded his bitcoin for bcash and ripple, he deserves his losses. He's not in it for the tech, he just wants to make money.

iClockwork posted...

https://www.youtube.com/watch?v=61Q6wWu5ziY" data-time="

Who da fuck is dat chin
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clearaflagrantj posted...

Dude traded his bitcoin for bcash and ripple, he deserves his losses. He's not in it for the tech, he just wants to make money.

Yeah and he lost 100k+. He failed. He could have quit and made $380,000.
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Dude just got greedy

How you not sell some at ath?
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It's almost like investing in fake money might not work out.
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Coffeebeanz posted...

It's almost like investing in fake money might not work out.

I put in 10 k, turned it into 30 k. Took out my 10 k initial investment, and the remaining pure profit is currently worth about 14 k.

I basically have a little over 2 bitcoins I got for free. Worked out for me.
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