Don’t repeat my mistakes. I had everything, now i am broke

After reading all these bitcoin success stories around here, i decided to share my story of failure, in order to protect people from the mistakes i made. I have no intend to ask for a help, but a bit of moral support will be very helpful. I am very ashamed of my ignorance, it's hard to admit it, but i will try.

I was into bitcoin for about a 2 years. All that time i was buying btc and hodling, never sold a single satoshi, waiting for times when i could spend it without converting into fiat. I was lunatik about how cryptocurrency will make a world a better place (and i am still is), this ideology changed my life. My family and friends, which mostly are people from my christian community, never supported these interests. We were always arguing about gambling component and how our religion is against it. And about bank system, etc.

I wont brag you how much i had btc, but for me and my family it was a very big money.

And i did couple major mistakes. Frankly, i think i did EVERYTHING wrong and it ruinded my life.

  • I borrowed money to buy crypto
  • I kept other people's crypto in my wallet
  • I never thought enough about securing my wallet
  • I have lost cold mind and become obsessed

So, first of all, i was so blinded with bitcoin success, that i was maniacally looking for a money everytime the price was dropping. Especially last half a year, if i had no money, i started borrowing as much, as i could return in 2018, "after some saving". It was very obviously for me that price will be higher and i will easily return the debt… But that's not a main problem.

You remember how i was obsessed with crypto? So i began to attract all relatives, friends and coworkers in cryptocurrency investing. Well, my boss was interested, but not as much to deal with "registration and stuff". And he gave me some money, so i could buy coins for him. At first, ammounts was so small, i didnt bother to make a separate wallet for him. And all the time i was thinking that soon it will be done. But as price was growing, boss became more interested and start to invest more and more money, never bothering to make himself a wallet. And i didnt thought much about it aswell. That was a big mistake.

And finally, the main reason i am telling this story. I think you already know what happened. I lost my wallet. I had only 2 copies of my wallet, "cold storage" as i thought. One on usb stick, and one on my old laptop, that i was using only for cryptocurrencies. I was stupid enough to keep both copies in one place, but this is not that fact that have destroyed me. My obsession pushed me to check my wallet all the time, not only looking online in the blockchaine, i had to check it by logging into wallet on my "cold laptop", and sometimes to check if usb-stick are working properly. Yep, i am idiot, and deserve to suffer, i know. One time i was stupid enough, to check both laptop and stick, after that i was distracted by a phone call and i forgot about everything. Went to a bedroom, got sleep and went to the job at the morning. when i returned from work, i found out that i had been robbed, they took both laptops (one new and that "old one" with a usb-stick in it) and some minor other things. Some time has passed, the police said they will take care of my laptops as soon as they catch all the murderers and stuff… Frankly, that's normal for my country i did not expect more. Wallets were encrypted with a password, no movement in my addresses. To be honest i doubt that the robbers understood what they had stolen. Btw, seed have been saved in txt file… On the same laptop and usb-stick.

Now i am broke, boss fired me, threatens me and has already contacted all possible employers in our town. I owe money to everyone i know. And the worst thing, that i have no support from my family and friends… They just saying things like "we told you!". I am depressed and completely confused in my believes, my loved ones and everything else.

Today i am going to an interview for some job. I will try my best to get things done. But you have no idea how it is tough to knowing you have lose everything. So please, don't make such mistakes. Secure your wallet, make some copies, don't keep all the copies in one place, and PLEASE NEVER BORROW money to buy crypto!

Sorry for my english and God bless you!

submitted by /u/simpl3guy
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Bitcoin – The Currency of the Internet

Everything You Need to Know About Ethereum, Bitcoin's Biggest Rival Cryptocurrency

But Bitcoin isn't even the best-performing cryptocurrency around — especially now that it has lost 40% of its value from its peak at the start of this week to around $ 12,000. That means Bitcoin is up around 12-fold this year. By comparison, rival Ethereum has seen its value jump more than 60 times from …
Google Alert – bitcoin

Starting a new company called Apple Unlimited! Please don’t confuse this with our competitor, Apple. We did “borrow” all of their code, but we claim to follow the wishes of the great Steve Jobs, because the new guys that took over are ruining everything and censoring everyone!

Starting a new company called Apple Unlimited! Please don't confuse this with our competitor, Apple. We did "borrow" all of their code, but we claim to follow the wishes of the great Steve Jobs, because the new guys that took over are ruining everything and censoring everyone! submitted by /u/ltblackwater
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Bitcoin – The Currency of the Internet

We really need to start pushing for SegWit support. Stop waiting for the Lightning Network to fix everything.

What is SegWit ?

The formal title "Segregated Witness (Consensus layer)" had Bitcoin Improvement Proposals number BIP141. It is intended to solve a blockchain size limitation problem that reduces Bitcoin transaction speed. It does this by splitting the transaction into two segments, removing the unlocking signature ("witness" data) from the original portion and appending it as a separate structure at the end. (https://en.wikipedia.org/wiki/SegWit)

What's the problem?

It has been more than 3 months since SegWit was activated. The current level of support for Segwit is abysmal at only 13% of all transactions using SegWit (http://segwit.party/charts/). If everyone right now switched to a SegWit supported wallet, the mempool would likely be empty again allowing for instant transactions once again. While we're all looking at the Lightning Network to solve the congestion issues, the is a much easier and faster fix right in front of us and that is SegWit.

Why isn't everybody using SegWit yet?

That is likely due to the fact that some very large exchanges have yet to activate SegWit on their site yet. Once they do activate SegWit , we should see the number of SegWit transactions rise up. This doesn't just benefit the users as the exchanges themselves will also pay less fees. In other words, we need to pressure all big exchanges into activating Segwit. Not next year, not next month but NOW.

How can I check if my wallet is Segwit compatible?

Good news is, most hardware and software wallets use SegWit. SegWit (P2SH) addresses begin with a “3”, like multisig addresses so they are easy to spot. If your wallet address does not begin with a 3, then it's not SegWit compatible. Those are the addresses we need to get changed and updated to SegWit compatible ones.

So who hasn't activated SegWit yet?

It's time to name and shame the exchanges that haven't activated SegWit yet. You can find a list of all major exchanges and players that have activated SegWit right here: https://bitcoincore.org/en/segwit_adoption/ If your wallet or exchange is NOT highlighted in green, it means it still hasn't activated SegWit yet and needs some serious encouragement from their paying customers. Those will either be marked in yellow as a work in progress or marked in white as planned. Neither of those two statuses are acceptable. It has been more than 3 months now and neglecting to activate Segwit is becoming a serious problem for the whole blockchain and needs to be dealt with right now.

You can help speed up SegWit activation!

This is where big numbers hold big power. You can all help by first checking if your wallet is SegWit compatible (needs to start with a 3). If it's not SegWit compatible, then please make whoever provided the wallet is aware of this issue you are facing and request them to provide a SegWit wallet as soon as possible. So for example if you have a wallet on Coinbase, you will notice it has not activated SegWit yet. You help the cause greatly by sending the exchange support a message that you want to see SegWit activated on their exchange. If you want to take it one step further, you could move your Bitcoins and other funds away from your non-SegWit wallet and exchange to one that does have SegWit activated.

The time for action is now. If you have any questions, please ask them.

tl;dr: SegWit adoption is seriously low. If we can increase it we get faster transactions at lower costs.

submitted by /u/ForeverDutch92
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Bitcoin – The Currency of the Internet

I’m likely one of the Coinbase 14,000 that the IRS now has targeted. I will report EVERYTHING that occurs to this community.

I got into BTC in a big way this year (over $ 20K purchased on Coinbase). To my unfortunate surprise, that technically puts me on the list that Coinbase was ordered to handover to the IRS. I do not blame Coinbase and am satisfied that they fought against the action.

However, since I believe that this is highly overstepping taxpayers rights as well as conflicts of parity: i.e. does the IRS get notified if I invest 20k in mutual funds? I intend to document any and all interactions I have with any government body here for this community to review.

I want all of us to be vocal, transparent, and prepared to protect our assets under due process.

I have dutifully paid U.S. taxes since day one of my working life. I have not profited one cent as of yet with any cryptocurrency, since I have not sold one Satoshi of my holdings. I plan to arm myself with the most practical legal advice available to me and, if it comes to it, support from bitcoin-friendly financial advisors that know their stuff.

Thanks for listening. HODL on.

EDIT: Looks like I got the tax year(s) wrong; thanks for setting me straight. Keeping this post up as my sentiment about this action remains unchanged.

submitted by /u/DankLard
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Bitcoin – The Currency of the Internet

Everything changed after 10,000…….

  • My wife doesn't think I'm crazy
  • My friends want to know more
  • My mother brags to other people about her son
  • General dissenters everywhere are stunned
  • I think about how I can take care of the ones I love
  • My manhood is 4 inches longer (not really)

  • Most important: I have a lot more confidence in this investment / experiment / experience

submitted by /u/the2urn
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Bitcoin – The Currency of the Internet