What Losing 25 Bitcoin Taught Me About Life...
Mind you, I was hit with constant ridicule when I tried to get others interested in cryptocurrency. No one else could see that this represented the future. People thought I was crazy for investing in a more powerful computer in order to mine faster. Heck, you could even mine on a laptop. I'd often leave my comp running while I was gone and then waited for that new tower to arrive.
And that's when the you know what, hit the fan.
Missing in action
As now, UPS and FedEx would just leave expensive electronics sitting on the front steps. Which is what happened to my new system. It sat on the steps for FIVE AND A HALF HOURS... Anyone could have just picked it up along with my costly new video card, since the company logo was visible from the street. So, I come home take the boxes upstairs and see a blank spot where my old computer was...
What the hell happened!
Turns out, an older person with no knowledge of technology, decided to "help me out" by "getting rid of that old thing" to make room for my new machine. I wasn't too worried as the BTC was only worth $25. Of course anything resembling a paper wallet was taped underneath my monitor, and that along with the tower was handed off to the garbageman. I even called them, but by then everything had already been dumped at the landfill.
Mind you, I was more concerned about the uh, "research photos" I'd lost than the cryptocurrency that could have just bought me a nice large pizza and soda. In fact, it hadn't been long since that famous first purchase was made for roughly 10,000 BTC. So who was I to worry about a measly 25, right? It's only when I think what they'd be worth today, that it gives me pause.
See, I thought I'd taken all of the proper precautions. Paper backup? Check, but I only made one copy, taped underneath my monitor when they were both thrown out. Emailed a copy to myself? Check, but neglected to log in after awhile and they shut my account down, then went out of business. Everything that could go wrong, did. This all taught me valuable lessons, one of them being: have a backup to the backup and don't trust email providers, they come and go.
So I started mining and visiting faucets again and this time I decided to use an online service. I'm sure you've all heard of MtGox? then you know what happened to the rest of my Bitcoin... After that, I decided to step back until the security situation improved. Life took over, but I still kept an eye on developments in the world of crypto. In spring/summer 2016, I saw the first message of some dude making $1000 from a blog post on a website called Steemit. Not wanting to be burned again, I thought "scam" and deleted it, thus losing my chance to become an early whale. The next year, I finally joined. Seeing all of the wild price swings (remember late 2017?) with STEEM and alts, Bitcoin, Hive and Leo, has given me a perspective I never would have had otherwise.
Learning and growing
There is no such thing as permanently missing out. Yes, you may see one wave roll by, but there will always be another one. The important thing is: be ready to ride. During most of that time, money was tight. But it taught me the vital importance of having something on hand in order to pounce on those opportunities when the time arrives. Look at the price of LEO six months ago compared to where it is now. I read here just recently that for roughly $200 one could have become a whale on LeoFinance. I've learned to do your due diligence, then be ready to act on it, which is why I bought my first LEO miners months ago. Watching that low price, took me back to 2009 when Bitcoin was new. I thought, "if I make a small investment and it goes bust, I won't have lost much. But if I sit on my hands and do nothing..." I clicked the button and joined the Pride.
The lesson is, as in life, you have to be willing to take a calculated risk and support something you love. The old, is being peeled away like the skin of an onion, revealing something new. Asking that girl out is a risk. Buying that new home. Relocating for that new job is also a roll of the dice. Right now, I own shares in a weed stock that has been pummeled due to the pandemic. And while this isn't financial advice, I'm using a mix of dollar-cost averaging and lump sum investing, because I believe we will get through this. It's a young industry, with the potential for explosive growth. Just like crypto and LeoFinance.
So the takeaway is to take nothing for granted. That while the road ahead may be bumpy from time to time, If you take the long view, you can weather the storm. Losing those Bitcoin taught me to prepare for the pitfalls in life and to be ready when opportunity knocks at my door.
Thank You So Much!
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Enjoyed a lot this post. I also lost dozens of Bitcoin early in 2015 which today would be worth a few hundred K's. Now I feel a bit better, Feels good to know that you're not alone.
Good work!
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Thanks, I know right? The person that threw it out was elderly and was trying to surprise me by getting my space ready, so it was all good. Although looking back and knowing the value now... That's a wole lotta LEO! lol!
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Wow! Tough luck. Nice to have people with this kind of experience in here though :<)
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Ugh, that is so horrible! I breaks my heart to read about it. I am sorry that it happened to you. My experience has been that I have been behind the curve on everything I have been involved in. I think being late to the party isn't as bad as having been there and then losing it.
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I like to think they're out there somewhere giving birth to new baby Bitcoin just waiting to find a home! The good thing is it gave me a sense of perspective as I'd rather have lost 25 Bitcoin worth $25 in 2011, than lose 25 Bitcoin now! :)
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That is a great perspective to have! I don't know as though I could feel the same way!
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I feel you and most of us have a story that we've learned from. I myself sold 1 BTC for $20 and I was happy at that moment about it as it was like free for me to get it. I didn't understand cryptocurrencies at that point and it was a learning curve. But with that at least now I have some ETH and holding them as precious stones :)
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Live and learn, right? years ago, I tried to see if anyone could help me get them back, as soon as I mentioned tossed HD and MtGox, heads started shaking. One things for sure, you can bet I have my data backed up now! :)
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25 bitcoins... sorry for you, but you know what, if the good old times of Steemit will replicate on Hive you'll have the chance to score $1,000 blog posts and those somehow will compensate the bitcoin loss.
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I've just got that feeling, don't you? that we're on the cusp of mass adoption of crypto which will send prices skyrocketing. You can see it beginning to seep into the mindshare of governments and big investors. Once that happens, that crypto-wave will wash over us lifting all boats. I think between now and 2030, things will be very different, but in a good way.
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May all this become true :)
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Very well said. We sold all think more like investors. Taking a little bit of calculated risk, to make sure that we gain when a project we like takes off.
Exactly. I couldn't understand why others around me at the time failed to see the utility of cryptocurrency. It was so obvious to me that I wanted to share the future with others.
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It's still happening to me, although people are starting to take me more seriously, now they see that it has been working for me in the last 3.5 years.
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Haha, nothing beats solid results
I also find that I have nobody around me that is even remotely interested in this stuff.
Great story! Thanks for sharing!
And doing a backup of the backup is a good thing, but adding one more backup is even better :) I think that lot of us had similar experiences, and it looks that those are the best ways to learn things... and to know how to act with some new challenges in life...
We can draw a parallel with the LEO hack... Should they just give up and not do what they wanted? No... Fix the issues, add additional security patches, and move forward... The only way is forward... Blockchain tech always goes forward, there is no going back... ;)
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What do they say,the safest place to be is in a bank that's already been robbed. I couldn't agree more and the good thing is that it kept my mind in the world of crypto. I can still remember mulling over LeoFinance earlier this year thinking "should I?" So glad I dived right in. :)
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Wow! What a story.
You have a thing with words. This reads like a train!
It sure helps for fresh crypto investors to talk to a person like you. In fact, I might even use your story for some perspective when talking to people about crypto investing, in the near future.
Thanks for sharing this with us and I wish you all the best in the near future. Life is full of lessons for those who are willing to learn.
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Thank you so much and feel free to share it with others. I just imagine what I could do with 80k here on LeoFinance! :)
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You're welcome and I will do :<)
I guess there can only be one @onealfa.leo
Fine post. The sets keep rolling in with the rising of each tide. It's never too late to make a decision and start paddling to catch that wave. 👍 Excellent writing.
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Thank you so much, those were the good old days, when they couldn't even give Bitcoin away. Steve Jobs once said: "You can only connect the dots looking back." and when you know the history of cryptocurrency, you're excited for the future.
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WOW, 25 BTC down the drain. I feel you. But I also am all the way with you its never too late the ride some waves.
I never lost Bitcoin, but I missed out on a major opportunity back in 2013. When I decided to quit my job with a large international company back in summer 2013, and didnt want to start a new job immediately, I had loads of time, and a nice farewell bonus. It was back then that I learned about BTC. For days I investigated to possibility of mining BTC. But in the end I decided not to get into this: The whole debates about having to buy ASICs, and the cost of such machine, the increase of difficulty in getting proofs, I thought: Lets focus on fiat market to find some investment opportunities. Never it cross my mind to buy some BTC. With a market price of somewhere between 30 and 50$ (dont remember anymore), I would've been able to get some nice profits by now :)
I also missed the LEO one, but since a few weeks moved some of my HIVE into LEO. So hope for some mooning of LEO :)
Maybe KOIN will pay off, mined the first few days, and since then purchasing small quantities at a time. Now a major loss in percentage, but I bet on the fact the KOINOS team delivers something that will bring the market cap of KOIN to 50M$ easily.
In the mean time, some of my fiat investments made back in 2013 are paying of quite nicely. All investments in either a true startup companies or companies ready for scale up. High risk, since many startups and ready for scale up companies go bust; But when successful, the return can be massive. One of these investments did already increase 5 times in value. Another one in which I invested a larger amount already tripled in value. Sure, these are all book values, but still :) Some others are still rock bottom though... but to total is still very much in the positive side.
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I love to read and when I read about how the wealthy approach investing, it's through diversity. As a tech geek, I'd delve into the lives of the silicon valley startup founders, hoping to learn from the best. What was the magical pixie-dust they were sprinkling over everything that made their investments turn to gold?
Again and again, the answer was the same. They were smart, willing to make a big bet and made many of them. Make an investment, then when it doubled, sell half, and make another one. Over time, their big wins more than paid for their losses. Wash, rinse, repeat. They also all knew each other, being from the same "tribe." Would share tips and stock grants with each other so that they all prospered. Everybody wins. I hope that rising tide lifts all boats here at LeoFinance as well! :)
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That is probably why some get all and the rest less, much less. This is kinda insiders knowledge, and d*mn sure they invested and traded on such information :)