Time for some humble pie. We’ve all made mistakes along the way in our Bitcoin journey. If you’re brave enough to share one of yours, please do. I’ll start 👇🏻
Discussion
Compass Mining 🤦♂️ Ugh
I responded to hell thread
Lol
Took hits on Celsius and FTX. Seriously put in depression for a while.
Ugh, sorry to hear. That pain is real. I guess all the mistakes end up being a learning experience, hope you’ve moved past the emotional part. Your health (mental and physical) matters the most. The good news is its still so early.
Feel like a veteran now. Live and learn. ❤️
This shall pass 🤗
Moved Funds from Blockfi => Celsius chasing “yield”
Spoiler Klippsten Rang a ₿ell i heard. I lost all my shit coins and minimal amount of ₿
Wow, good on you for saving what you could. I was 🤏 this close to going into Blockfi early on but luckily didn’t. Live and learn.
Tell you in person sometime 😅
Started heavy is Ethereum first because I thought NFTs and Defi had had more value than hard money Bitcoin. I finally made the full pivot earlier this year.
Good on ya though. And thats gotta be one of the most common. The flash of nfts and defi has drawn in so many. It’s also burnt most of them as well unfortunately.
I spent almost a year working for a shitcoin company where my job was to make ads, memes, and blog about shitcoins. I learned a lot. Such as: Don’t shitcoin.
That’s actually really interesting to me. What was the vibe at the company? Was it genuine ‘we’re making something great here’ or was it more like ‘yeah we are just trying to milk this sucker for all we can while we can’?
No, they really believed in what they were doing. Still do, even after pivoting because their app was a failure. The guy who founded it was an old friend of mine from my hometown. He was one of the first people I knew who was into bitcoin, and he built a bitcoin tipping app for Facebook that actually worked. But then he decided to create an iPhone app that would be like Venmo for crypto and created his own ERC-20 rewards token as a way to pay users for sending USD to each other. Then the app became a mobile crypto exchange that kept adding new tokens. They couldn’t get built it right, took a year to launch the Android version, and couldn’t operate in a bunch of states for regulatory reasons so it never took off. They cut the marketing budget to near nothing because they were running out of seed money.
After that, I left and they changed gears and merged with a company that was building an identity layer KYC-friendly fork of EOS and built a DeFi platform. It still sort of exists, but they have such a small user base that I can’t imagine why they haven’t just pulled the plug on it. We’ve kept in touch, and he really believes that bitcoin’s time has come and gone, and what they’ve built is somehow better. I’ve stopped trying to change his mind.
Damn. I’m convinced that it’s largely ego that keeps people from coming back to bitcoin once they are at that stage. Their brain and self can’t process ‘going backwards’ and admitting it was right in their face the whole time. There is a humility required many don’t have. Some friends of mine bought BTC and sold it (made $ at the time) but won’t get back in now because it would only be a reminder of how much they screwed up by selling. So they focus on ‘the next bitcoin’.
We are our own worst enemy in these ways. Bravo to you for realizing and hopefully your friend will come to this realization someday.
You’re not wrong. I think he let his early success in bitcoin cloud his judgment, and he decided what the world really needed was more a government-friendly blockchain that onboarded people through their legal identity documents and had exponentially faster block time than bitcoin. He thought the Lightning Network could never succeed, and as far as I know, still does. It’s sad, he could just have built a bitcoin product that interfaces with Nostr. But instead, he’s lobbying Congress for crypto-friendly regulations that would specifically help his company.
Ugh, and thus not really advancing or improving anything. Same game as before just different buzzwords. He’s on the carousel just going in circles.
I like to be optimistic though, maybe someday he’ll come to.
Thanks for sharing that. 🙏🏻
Significant amounts of eth and ltc from 2016-17 lost forever
Ugh, the ‘significant’ part hurts regardless. Never fun, even with a token you may dislike.
Orange pill whole family ( ret dad, ret. father in law etc…) but they kept their corns in voyager for the yield .
Bought OG shitcoins like eth and Litcoin in 2017 sold at a 20% loss bc I wasn’t used to the volatility. Had a little bitcoin too but didn’t understand how it was different from the rest. Come 2020 funny money and stimmy checks I started being very interested in how to store my wealth. Come today I’m a full blown maxi saving with Bitcoin, spending it where I can that accepts it
That doesn’t sound too bad honestly. And a 20% loss isnt the worst either. 2020 was a perfect storm where stimmy $ and tons of free time turned people into degens and the flash of shitcoins and wild trading was too overwhelming.
My worst mistake wasn't shitcoining. Although I did plenty of that the first couple of years.
It wasn't trying to trade and getting rekt (Although that certainly happened).
It was putting my ENTIRE Bitcoin stack split between Celsius and Blockfi and leaving it there for almost a year for the yield.
I was a complete idiot, and the maxis of BT educated me about what and insane and utterly nonsensical risk that was. I was incredibly lucky to have learned that lesson before the yield platforms imploded or I would have lost everything.
Listen to the maxis, they know what dangers lurk out there.
Whoa! Major bullet dodged there. Props to the one’s who helped and props to you for listening.
Knew about both bitcoin and Austrian economics since 2016 but never stacked then because i was convinced it could never scale
I spent 3 months taking a crypto TA course 🫣
Susie! Thats kind of incredible tho… i bet you still walked away with something right? 3 months can be a long time.
Worked at the company that invented the slogan “blockchain not Bitcoin”
🤮
Are you okay!? Did they hurt you?
I had to go though the journey to get where I am today
This is it. Everything we all go through, even the loss and pain are rungs on the ladder to where we are. Hopefully we are all better for it. Life lesson there.
And best part is, if you’re still doin it right you can laugh looking back.
max pain
Bought altcoins and thought they would outperform Bitcoin and return more BTC over time.
Think majority of people dabbles into altcoins. The most humble and smart thing you can do is educate yourself en become Bitcoin only 🤝🏼
This is it. Honestly, even up until recently i’ve felt the allure of ‘just a quick trade’ to make more $ for btc… the flash and volatility can suck people in.
Kinda worries me for the uneducated but everyone needs their own trial by fire in some respects.
The best lessons are always the hardest and most painful lessons.
Moved from Armory wallet to blockchain.info wallet back when there were funds being stolen. However, I thankfully did not lose any of my stack.
🙏🏻
Me from 2010 until 2 weeks ago “I’ll get some Bitcoin later.” Also tried mining shitcoins during that time 🤦♂️
I bought NEO because it was the Chinese EtHEreUm
🤦♂️
Honestly though, there have been worse pitches to fall for
