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When did you invest, and why did you feel you needed to sell it off so fast? I bought some bitcoin when I thought it had reached the bottom at $800 a couple yea

When did you invest, and why did you feel you needed to sell it off so fast? I bought some bitcoin when I thought it had reached the bottom at $800 a couple years ago, but I was wrong and it kept sliding all the way down to $250 a coin (and stayed that way for a year and a half, that was rough to see the price every day, I eventually stopped watching it for about six months), but I held on to it, and the current price is ~$2500. Like take the stock market downturn that happened in 2008. People who sold lost their shirts, but people who held onto it for a few years saw the market completely rebound and reach even more all time highs. I'm not saying it's always smart to have this behavior, and there was a period where it looked like Bitcoin might not ever recover in price, but if you only invest what you can afford to lose (and I have, I could lose everything I invested and I'd be sad but not destitute), then you should be able to weather these storms.

richardknop 9y ago
I invested when BTC was around 1100-1200, don't remember exactly. It then fell bellow 1000 to low 900s (quite quickly) and I panic sold. It was sometimes last year before it went to rise to almost 3000. I guess I am not a type of person who can take the stress of investing in something so volatile. I am trying to live a fiscally responsible and frugal life and this was probably the riskiest investment I have ever made. I only invested a small amount. I could have easily lost all of it and it would make almost no difference to me. But I'm trying to save money to buy a property now so I will stay away from any kind of investments until I buy a house/apartment.
- cableshaft 9y ago
  I'm glad to hear you only invested a small amount. Hopefully you can just take it as a life lesson and not be filled too much with regret. I've certainly made mistakes that have cost me money in the past. A few examples: dropping out of school (and later returning years later once tuition had tripled), missteps in my career, a period of unemployment exacerbating my credit card debt, etc. It is probably best to wait until you've bought the property. That property is an investment as well. I don't mean in the "buy a house and sell it later for big bucks" variety, it's an investment for more comfort in your life and future. I'm about ready to start saving up for a house as well, and it's going to be hard to stop throwing in $100 here, $100 there towards crypto and only put it towards a downpayment, but I need to start doing that. Also stop buying video and board games for awhile. I'll have to only play the stuff I already have and never got around to playing for awhile. It's going to be hell :)
  - richardknop 9y ago
    Yes, for me it was only a 1 week salary I invested and only lost 1 third of it so when it was all over I lost maybe 2 days wage. So I felt sad for a while but I have forgotten about it relatively soon. And it was a good lesson to learn. I am planning to probably buy a property either end of this year or early next year so I am nearly there. My saving discipline will soon pay off! Yes I think if you stop throwing $100 here and there at crypto, over 2-3 years that will translate into a nice lump sum of cash. Can be a basis for a deposit to buy a house. With games, I'd suggest buying games which you'll be able to play for a long time so you minimize these costs. For example, I bought Starcraft 2 for £35 and you can play that game for years. It was a deal including all 3 single player campaigns which are fun and then there is a massive multiplayer world where you can incrementally improve and challenge yourself playing tougher and tougher opponents.
    - cableshaft 9y ago
      You just reminded me that 2 years ago I bought Heart of the Swarm and I have yet to install it or play it. I should do that. I didn't even realize the third one came out already either. Thanks for that. Also congrats on having the savings discipline to save up for the house!
      - richardknop 9y ago
        I just finished Wings of Liberty campaign recently, might try some multiplayer games first to see if I can play with real people without losing horribly. I might play Heart of the Swarm and Legacy of the Void later. There is also 4th campaign called Nova Covert Ops. But the pack I bought only contained WoL, HofS and LofV so I will probably skip that one.

richardknop 9y ago

I invested when BTC was around 1100-1200, don't remember exactly. It then fell bellow 1000 to low 900s (quite quickly) and I panic sold. It was sometimes last year before it went to rise to almost 3000. I guess I am not a type of person who can take the stress of investing in something so volatile. I am trying to live a fiscally responsible and frugal life and this was probably the riskiest investment I have ever made. I only invested a small amount. I could have easily lost all of it and it would make almost no difference to me. But I'm trying to save money to buy a property now so I will stay away from any kind of investments until I buy a house/apartment.

cableshaft 9y ago
I'm glad to hear you only invested a small amount. Hopefully you can just take it as a life lesson and not be filled too much with regret. I've certainly made mistakes that have cost me money in the past. A few examples: dropping out of school (and later returning years later once tuition had tripled), missteps in my career, a period of unemployment exacerbating my credit card debt, etc. It is probably best to wait until you've bought the property. That property is an investment as well. I don't mean in the "buy a house and sell it later for big bucks" variety, it's an investment for more comfort in your life and future. I'm about ready to start saving up for a house as well, and it's going to be hard to stop throwing in $100 here, $100 there towards crypto and only put it towards a downpayment, but I need to start doing that. Also stop buying video and board games for awhile. I'll have to only play the stuff I already have and never got around to playing for awhile. It's going to be hell :)
- richardknop 9y ago
  Yes, for me it was only a 1 week salary I invested and only lost 1 third of it so when it was all over I lost maybe 2 days wage. So I felt sad for a while but I have forgotten about it relatively soon. And it was a good lesson to learn. I am planning to probably buy a property either end of this year or early next year so I am nearly there. My saving discipline will soon pay off! Yes I think if you stop throwing $100 here and there at crypto, over 2-3 years that will translate into a nice lump sum of cash. Can be a basis for a deposit to buy a house. With games, I'd suggest buying games which you'll be able to play for a long time so you minimize these costs. For example, I bought Starcraft 2 for £35 and you can play that game for years. It was a deal including all 3 single player campaigns which are fun and then there is a massive multiplayer world where you can incrementally improve and challenge yourself playing tougher and tougher opponents.
  - cableshaft 9y ago
    You just reminded me that 2 years ago I bought Heart of the Swarm and I have yet to install it or play it. I should do that. I didn't even realize the third one came out already either. Thanks for that. Also congrats on having the savings discipline to save up for the house!
    - richardknop 9y ago
      I just finished Wings of Liberty campaign recently, might try some multiplayer games first to see if I can play with real people without losing horribly. I might play Heart of the Swarm and Legacy of the Void later. There is also 4th campaign called Nova Covert Ops. But the pack I bought only contained WoL, HofS and LofV so I will probably skip that one.