Lost money on bitcoin reddit
Bitcoin is a fickle beast. And one man found out the hard way just how fickle it can be when he lost his life savings. The unnamed Reddit user bet everything he and his partner had on the cryptocurrency but it really didn't pay off. In a post to the social media site, the man explained what happened and warned others about the dangers. Writing in a Bitcoin subreddit, the man said: "I completely messed up guys, my life savings are gone for good, I have learned a devastating hard lesson.
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Content:
- Elon Musk Tweets Diamond Hand Emoji Amid Bitcoin Crash, Netizens React
- Bitcoin owner will lose $260 million if he can’t remember password
- Cryptocurrency pump-and-dump schemes: What you should know about these scams
- Justice News
- 4 Things to Consider Before Investing in Cryptocurrencies
- Welcome to the stonk market
- Bitcoin falls by 29% as $2.5 billion of crypto liquidated. What caused the plunge this time?
- A Redditor has nearly found $5 million of lost Bitcoin
- Reddit user 'lost £300million worth of Bitcoin after mum threw out broken laptop'
Elon Musk Tweets Diamond Hand Emoji Amid Bitcoin Crash, Netizens React
James never paid much attention to the stock market. The year-old has worked for 20 years at the same aerospace company in Cincinnati, coating jet-engine parts with a protective layer of aluminide. He lives in Cheviot, a working-class Ohio suburb just minutes from his childhood home. He is a thoroughly ordinary guy. This past January, WallStreetBets was the staging ground for a populist uprising against the financial establishment that took the stock market and media by storm.
The news primarily revolved around GameStop, the struggling video game retailer, and how WallStreetBets pumped its stock price to unprecedented heights, nearly bankrupting institutional investors who had shorted its stock in the process. The fallout from the mass trolling effort continues—WallStreetBets is still hyping up meme stocks—and if current political trends hold, it will fundamentally change how the industry is regulated.
This tectonic shift began in March , when a bunch of bored, homebound, mostly millennial dudes turned to Reddit to learn how to trade stock options. If those subreddits advocate investing like a boomer dad, then WallStreetBets is a swarm of rowdy bros playing out their wildest Wolf of Wall Street fantasies.
These bros have no interest in generating steady returns of 10 percent each year. They want to get rich fast. Getting rich fast appealed to James, who requested the use of his first name only.
In a matter of weeks, he went from saving up for a down payment on a home to living paycheck to paycheck. Within weeks, his Robinhood account value increased by thousands. Options are attractive because they have essentially infinite upside. For a premium, a buyer can purchase the right, but not the obligation, to buy or sell a stock at a predetermined price within a specified period of time.
Three-quarters of options contracts expire worthless —some finance professionals place that figure higher, at 90 percent—which is why, traditionally, only the most well-heeled investors dabbled in them. That power dynamic shifted to the people during the pandemic, and not just any people but the financial shitlords of WallStreetBets. Truth is, some of the WallStreetBets fellas were racking up six-figure account balances long before the GameStop short squeeze—it was almost impossible not to.
The stock market initially took a dive in March , when the world economy was brought to a screeching halt by quarantine orders. Then the Federal Reserve made it clear it would do anything to keep the U. The monetary policy worked wonderfully, at least in terms of the stock market; it has been on a bull run ever since, and the Redditors who bought the Covid dip made thousands. During his residency, he became enamored with Tesla, the electric car manufacturer headed by Elon Musk.
Brad hated cars. He hated the smog they produced and the startling number of patients admitted to his hospital each year from car accidents. Tesla cars had zero emissions and used artificial intelligence to prevent collisions, and he was convinced the company would one day dominate the automobile industry.
Options trading was a hobby at first. Some people thumb Instagram or check their fantasy football team when they have downtime at work. Between testing biopsy samples for cancer cells, Brad checked Robinhood and researched stocks. Emboldened by his early success, he bought dozens of call options on Tesla throughout , and as Tesla stock soared, his hobby turned into an obsession.
Brad was a paper millionaire. He had long been fascinated by famed options trader Nassim Nicholas Taleb and his musings on the nature of randomness. Taleb was one of the few investors to thrive during the financial collapse, carried by his barbell investment philosophy. Medium-risk investments make no sense under the barbell method.
Instead, Taleb argues people should be both hyper-conservative and hyper-aggressive, placing their investments on either end of the financial risk spectrum so they can simultaneously guard against and take advantage of rapid, unexpected change. The pandemic was the exact kind of outlier event Taleb adherents dream about. They exit their position the moment the market moves against them.
A person with diamond hands rides out the swings. Even among this distinguished class, Brad stands apart. Many WallStreetBets members believe it is the single most successful trade in the history of the subreddit.
The promise of free money brought a million new members to WallStreetBets in As some of them have since learned, every gold rush inevitably goes bust. Oscar, a year-old litigation attorney in Los Angeles who is not identified by his real name, discovered WallStreetBets during the pandemic, but he had already been trading options for 10 years—and poorly at that. For Oscar, though, this was the price of doing business. He figured he had to be willing to kiss away half a million dollars if he ever wanted to make enough money to escape the drudgery of middle class, workaday living.
That cavalier attitude made him a natural fit with the masochists of WallStreetBets, and their strange mix of aspiration and nihilism. Until the recent frenzy, he held the proud distinction of being the top poster of all time, according to analytics site Subreddit Stats. The jobs underwhelmed him. I was having a quarter-life crisis. Is this it? Is this my life? WallStreetBets provided an escape, a place to combine his interest in finance with his creativity and warped sense of humor.
Haupt eventually gravitated to a more conservative investment style but found his calling as a WallStreetBets gif maker. The posts racked up tens of thousands of upvotes and would frequently make it to the front page of Reddit, where they could be seen by users outside the WallStreetBets community. In November , he wrote and filmed a satirical CNBC interview with two of his Morgan Stanley co-workers, a stunt for which they were promptly terminated.
The interviewee in the sketch, a stereotypical WallStreetBets character, twice mentions masturbating to photos of Elizabeth Warren. He now sells windows for a living and has no immediate plans to return to finance.
And not just right, but contrarian right—right when other people were wrong. Both his parents were educators. His friends, meanwhile, lived in enormous Beverly Hills manses and had second homes in Hawaii. The opportunity to break free came in the form of BlackBerry, the former smartphone giant that you probably assumed was out of business but Oscar saw as grossly undervalued. BlackBerry, once the go-to device maker for serious business executives, had long since jettisoned its cell phone division to focus on cybersecurity and enterprise technologies, and specifically, operating systems for electric vehicles, an industry that was rapidly growing.
Little did he know BlackBerry would be one of the stocks that would fuel a revolution in retail trading. Late last year, a few enterprising WallStreetBets members pointed out that a lot of the meme stocks WallStreetBets members were long on, such as BlackBerry and GameStop, were also being shorted by hedge fund investors.
Not only could WallStreetBets members make tons of money, they realized, they could simultaneously pummel those bastards on Wall Street.
By January, word got out that a bunch of day traders were costing institutional investors billions. People poured into the subreddit with the hope of doing their part to bankrupt a few hedge funds. By the end of trading the next day, half of his TD Ameritrade balance was gone.
The announcements sent the share prices of those companies plummeting and caused an absolute uproar among day traders, as well as anti-establishment political and cultural voices.
Scatterings of protestors took to actual Wall Street in New York and street corners around the country. The outrage eventually made its way to Capitol Hill, where on February 18, the House Financial Services Committee called on Robinhood, Melvin Capital the hedge fund that shorted GameStop and posted a 50 percent loss in January , and the founder of both Citadel an institutional investor that had bailed out Melvin and Citadel Securities which paid Robinhood millions for the right to execute its users' trades to answer for any supposed collusion.
Their testimonies all denied wrongdoing. He even went so far as to suggest that the true culprit was overregulation. Robinhood only halted sales of meme stocks, Tenev said, to comply with capital requirements codified in Dodd-Frank, a law passed in the wake of the recession that aimed to prevent financial institutions from engaging in overly risky behavior.
The irony was rich—Robinhood, a company named after the English folk hero who stole from the rich and gave to the poor, defending a decision that hurt retail investors to the benefit of hedge funds, by citing a piece of legislation intended to protect the everyday Joes on Main Street from the fat cats of Wall Street.
At the very least, more Congressional hearings are scheduled. Maybe Oscar and the others who witnessed thousands of dollars vanish from their trading accounts will one day see justice.
But the path forward for WallStreetBets is uncertain. Prior to the pandemic, it had , subscribers, and one could find actually thoughtful market analysis amid the juvenile shitposting. Now the group has 10 million subscribers trying to jump on the latest gold rush.
Now you have everyone posting about the same two or three stocks. Institutional investors can no longer rely on due diligence; when evaluating a company, they must also account for the fickle hive mind of online retail investors, who can wreak havoc.
In January, retail investors accounted for twice as much trading volume as the pre-pandemic average. That same month, WallStreetBets added more than 6 million new members.
And it looks more like a throne the more you dig into the numbers. But he was able to take advantage while the getting was good. He jumped ship before the GameStop boom went bust. This story has been updated to clarify the nature of TD Ameritrade's restrictions on meme stock trading, as well as the difference between Citadel and Citadel Securities. United States. Type keyword s to search. Today's Top Stories. How to Trim Your Beard at Home. Great Classic Films to Stream on Netflix. Witthaya Prasongsin.
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Bitcoin owner will lose $260 million if he can’t remember password
People generally equate bitcoin BTC with the entire cryptocurrency space. A variety of crypto-assets now make up the digital currency space. With this rapid increase in the number of different cryptocurrencies, investment interest in these virtual assets has also spiked. You too must be eager to ride the cryptocurrency wave and become a part of this budding culture. You can turn decent profits on your investment if you take into consideration the below points, and follow a calm and calculated approach. It is necessary to do some digging first.
Cryptocurrency pump-and-dump schemes: What you should know about these scams
On Weibo, the popular social media platform in China, the highly active crypto community is speculating on which cryptocurrency will be next to get a major pump after dogecoin and bitcoin jumped in recent days. Chinese internet users have been surfing on English-based social media platforms including Telegram chat groups and Reddit, where the most recent bout of trading frenzy started originally. The post also led to what appeared to be an accidental rally in shares of Tanzanian Gold Corporation, which has the ticker symbol TRX. He told CoinDesk many friends and family in China have been asking him over the past two days which tokens they should buy. Data from a December report by the China Securities Depository and Clearing Corporation shows there are more than million individual stock investors in China. Unlike the market in the U. The Chinese stock market is also highly regulated, with short-selling very rare. The circuit breaker rule, however, has been suspended since the beginning of when it was triggered twice.
Justice News
This type of scam is also known as pig butchering scam. The man lost all his money after being persuaded in what was to be the next Bitcoin. Find out what it is and how you can save yourself from falling to a similar fate. The victim posted about the incident on a reddit post. Anything would help.
4 Things to Consider Before Investing in Cryptocurrencies
An online trader has claimed to have lost a stunning amount in bitcoin after a simple error, and is begging a tech giant to help get it back. The anonymous Reddit user posted his conundrum on the Bitcoin subreddit as he pleaded with tech savvy individuals for advice on recovering the image in some shape or form. As a form of security, the trader claimed he tried to send a picture showing his passwords to the pal as a means of back-up in the event that something went awry. The friend immediately told him it was his responsibility and the user removed the photo from the app with the belief that it was stored elsewhere. However, fast forward to the present day, and the user told Reddit he had bought a new phone and had sought to back up roughly photos and videos from his old device. And it was only after seeking the password-filled image, when the trader was shocked to find that it was not there.
Welcome to the stonk market
In recent months, the internet has been rife with tales about young speculators making life-changing money on high-risk markets. These traders usually opt to stay anonymous, veiled behind alphanumeric wallet addresses, burner Reddit accounts, and cartoon avatars. Daniel Maegaard , 30, of Brisbane, Australia, made a fortune not once, but twice : First, by hedging bets on various cryptocurrencies from , then, more recently, by getting in early on the explosion of non-fungible tokens NFTs. Delivered weekdays plus a bonus Sunday feature. Unsubscribe whenever. Maegaard turned to Bitcointalk , a forum where a small but passionate group of early cryptocurrency enthusiasts talked shop.
Bitcoin falls by 29% as $2.5 billion of crypto liquidated. What caused the plunge this time?
Lee said she was on Facebook when someone reached out to her and said they could teach her how to make easy money investing in cryptocurrencies. I just can't believe it," said Lee. Another woman from Toronto, Mel, who also asked CTV News Toronto not to use her real name, said she invested in cryptocurrencies after connecting with someone on a dating website. She also started off with a few thousand, but kept investing more.
A Redditor has nearly found $5 million of lost Bitcoin
Prices of cryptocurrency like Bitcoin have dropped massively on May 19 after China reinforced the ban on cryptocurrencies. Musk who has been a supporter of cryptocurrency has however shown faith in Bitcoin. In his latest tweet, Musk has signalled that he has no plans to sell cryptocurrency despite the downfall in the market. The billionaire on May 19 tweeted, Tesla has "diamonds hands" by using the emoji for diamond and hands. Bitcoin and other cryptocurrencies faced a major downfall on May 19 and amid the bitcoin crash, tweet from Musk implies that he is not selling cryptocurrency.
Reddit user 'lost £300million worth of Bitcoin after mum threw out broken laptop'
Other cryptocurrencies have come along for the ride, and one of the odder beneficiaries has been Dogecoin—heavily promoted on Twitter in the past couple of weeks by Tesla CEO Elon Musk. Dogecoin started in December , at the peak of the first big bitcoin bubble. The idea was to have fun and be silly with a cryptocurrency that was cheap enough to mess around with—each coin was worth a fraction of a cent. They would tip each other dogecoins for amusing comments. The forum got into charity.
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