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Topic: What are the biggest mistakes you've done with Bitcoin? (Read 18442 times)

sedeki (OP)

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What are the biggest mistakes you've done with Bitcoin?

April 02, 2013, 10:35:46 PM
Last edit: April 02, 2013, 11:42:34 PM by sedeki

As the topic says, What are the biggest mistakes you've done with Bitcoin?

I'm trying to gather just a list on things that have gone wrong. This can be terrible backup stories, client hacks, reversing at MtGox and such.
I don't want to gather a list of hacks of commercial sites in particular because there are plenty of information on that already.

I will post everything I find on this very simple website:
http://sites.google.com/site/whoissatoshi/bitcoin-mistakes

Don't be shy!

EDIT: Please add some context, interesting details etc to make it a nice story.

dancingnancy

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Re: What are the biggest mistakes you've done with Bitcoin?

April 02, 2013, 10:37:42 PM

Gamble about 150 BTC away around 5-10 dollar range.

Next biggest was to sell most of my coins on the way back up @ $26.

Piper67

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Re: What are the biggest mistakes you've done with Bitcoin?

April 02, 2013, 10:38:38 PM

Lost 25 BTC by sending to what I thought was my instawallet... But it wasn't. Instawallet is just a bit richer because of my stupidity.

Beta-coiner1

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Re: What are the biggest mistakes you've done with Bitcoin?

April 02, 2013, 10:40:41 PM

Day trading Alt-currencies in the past like Solidcoin,Iocoin and Ixcoin.Lost at least 100 btc doing that.

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nameface

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Re: What are the biggest mistakes you've done with Bitcoin?

April 02, 2013, 10:40:47 PM

Lost password to my first encrypted wallet. I have 0.4 BTC in there and no way to get it out. I know one day that'll be worth like $150,000 hahaha... argh

I'm also invested in the BAKEWELL mining asset on Bitfunder, which appears to have been some sort of scam.

nameface

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Re: What are the biggest mistakes you've done with Bitcoin?

April 02, 2013, 10:41:52 PM

Quote from: dancingnancy on April 02, 2013, 10:37:42 PM

Next biggest was to sell most of my coins on the way back up @ $26.

Yeah I really hate the fact that I needed money back at the $20 level and sold most of my coins Sad

Winnopeg

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Re: What are the biggest mistakes you've done with Bitcoin?

April 02, 2013, 10:55:55 PM

My final BTC trade was at 2.94 BTC/CAD, pretty much the bottom of the first decline. Haven't touched bitcoin since, started reading up on it with the recent price spike. So many regrets right now.

malevolent

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Re: What are the biggest mistakes you've done with Bitcoin?

April 02, 2013, 10:59:38 PM

Selling and buying Bitcoins too often at the wrong price.

Buying a 6 month mining contract from a guy who ran away with the money (didn't recover everything).

Trusting Mt.Gox is a reliable company.

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giantdragon

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Re: What are the biggest mistakes you've done with Bitcoin?

April 02, 2013, 11:05:10 PM

Sold 25 coins at price $45/BTC.

dancingnancy

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Re: What are the biggest mistakes you've done with Bitcoin?

April 02, 2013, 11:06:47 PM

#10

Quote from: malevolent on April 02, 2013, 10:59:38 PM

Trusting Mt.Gox is a reliable company.

Hit the nail on the head there. They have been holding our bitcoinica funds for around a year now.

Lethos

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Re: What are the biggest mistakes you've done with Bitcoin?

April 02, 2013, 11:07:56 PM

#11

Since getting involved in bitcoin I made 2 pretty big mistakes;

Selling a large portion of my bitcoin stash, when it was worth £9.
It's true I needed the money, unforeseeable situation meant the bitcoins I held, was a big life line to me.
Then to watch it jump upto £75+ over the next few months.
It just hurts to realise if I could of held out, I'd be have 8x that figure, which I admit I might of been able to do.

My other big mistake was "gambling/investing" with my bitcoins via assets on GLBSE.
The only upside is ASICMiner (investment) turned out so profitable it made up all my loses in all the assets which didn't.
I learnt a valuable lesson, it's rare that any investment can beat price fluctuation of Btc itself, the few that do, you lucky if you ever notice it.

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gollum

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Re: What are the biggest mistakes you've done with Bitcoin?

April 02, 2013, 11:22:49 PM

#12

Quote from: sedeki on April 02, 2013, 10:35:46 PM

My greatest mistakes:

1) Did not buy any when it still was cheap arount 5$

2) Did not buy any when it was rallying over 10$

3) Did not buy any when it was rallying over old ATH 32$

and so on...

So I will prepare for the next dip - I will fund my Mt Gox account and buy lots of coins if and when we get 20-30$

nameface

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Re: What are the biggest mistakes you've done with Bitcoin?

April 02, 2013, 11:24:38 PM

#13

Quote from: Lethos on April 02, 2013, 11:07:56 PM

I learnt a valuable lesson, it's rare that any investment can beat price fluctuation of Btc itself, the few that do, you lucky if you ever notice it.

Amen brother

PinkBatman

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Re: What are the biggest mistakes you've done with Bitcoin?

April 02, 2013, 11:29:40 PM

#14

Lost about 200BTC on GLBSE Cry

lophie

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Re: What are the biggest mistakes you've done with Bitcoin?

April 02, 2013, 11:48:24 PM

#15

Formatted a hard drive with unbacked-up 10BTC wallet........ confident that I would find a backup of it someday....... someday..... Cry

Will take me a while to climb up again, But where is a will, there is a way...

hazek

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Re: What are the biggest mistakes you've done with Bitcoin?

April 03, 2013, 12:04:02 AM

#16

Nothing.

I regret no decision although if I had the chance to go back knowing what I know now about the future I would have done a few things differently obviously, but given the information I had at the time I think I made good choices all around, choices that were based on empirical evidence and sound conservative reasoning.

My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right)

If however you enjoyed my post: 15j781DjuJeVsZgYbDVt2NZsGrWKRWFHpp

doobadoo

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Re: What are the biggest mistakes you've done with Bitcoin?

April 03, 2013, 12:08:13 AM

#17

Paid a hooker from addresses that had lots of Satoshi Dice Dust in it without a fee. Took so long to confirm i fell asleep. Hooker stole my car! Woke up with blue balls.

"It is, quite honestly, the biggest challenge to central banking since Andrew Jackson." -evoorhees

malevolent

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Re: What are the biggest mistakes you've done with Bitcoin?

April 03, 2013, 12:10:11 AM

#18

Quote from: doobadoo on April 03, 2013, 12:08:13 AM

Paid a hooker from addresses that had lots of Satoshi Dice Dust in it without a fee. Took so long to confirm i fell asleep. Hooker stole my car! Woke up with blue balls.