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Ex-bitcoiner reporting in. (self.Buttcoin)

ex_crypto_user が 投稿

Hello, this post is probably useless, but I feel like I need to confess to "cleanse" myself. I was all crazy about bitcoin since 2013. I did all the crazy stuff - GPU mining, trading on questionable exchanges, having a price alert set on my phone, watching charts all day, reading bitcointalk all day, convincing my friends and family to get in...But after the bubble has burst, I slowly realised all the downsides, either the technical (TX limits, hidden TX fees via inflation, long confirmation time), economical/political and social (most people around BTC are just crazy. I met some really brilliant people, but their economical and technical insight is usually ignored by the community).

I sold all my holdings at around 400 USD/BTC. Luckily I did not lose any money. Looking back to my BTC days, I feel like it was some kind of drug addiction haze. Since I quit, I gained some free time. I can't believe how much time per day I spent just watching bitcoinwisdom and reading the to-the-moon posts at bitcointalk. (Just checked, the same people are still posting the same stuff over and over). I used the time to do some real business (aka producing value) here and there and I made more ActualMoney(tm) in half a year than I would made from my BTC stash if BTC would go to 4000 USD. Funny thing is, I even did some stuff for a BTC-related company, when asked if I wanted to be paid in BTC I politely rejected and took fiat instead.

It was a life lesson. I actually learnt something about technology, money and people. But now is time to never look back and I hope to never fall for such a craze in my life again.

Friends, don't let friends use BTC.

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[–]shinsmax12 26ポイント27ポイント  (1子コメント)

Your sins are forgiven

[–]Eggmont 21ポイント22ポイント  (1子コメント)

Welcome to the Butt side of the farce

[–]ex_crypto_user[S] 12ポイント13ポイント  (0子コメント)

Luke, I am Satoshi

[–]DrMoneyMaker 8ポイント9ポイント  (2子コメント)

Welcome to the light son, you made it across the bridge of despair. May you dwell in this place for the rest of your days.

[–]PWNY_EVEREADY3 5ポイント6ポイント  (1子コメント)

He will ride eternal, shiny and chrome! Witness him!

[–]ArchangelleDovakin 3ポイント4ポイント  (0子コメント)

He lived, he died, he lives again.

[–]BiPolarBulls 6ポイント7ポイント  (3子コメント)

Good post, and welcome to the dark side :)

I can fully understand the early days, with GPU mining and everyone running their own node, but it has changed into something completely different these days. (which is why I am interested in todays mentality of Bitcoiners).

It is an interesting but poorly designed (and even more poorly executed) experiment, But I think as you do, the results are in, and the conclusions made.

[–]ex_crypto_user[S] 3ポイント4ポイント  (2子コメント)

Agreed. It is an interesting computer science experiment, which got out of hands. Some of the issues could probably be fixed technically or institutionally, but the very concept of mining is flawed.

[–]neovngr 0ポイント1ポイント  (1子コメント)

mining is flawed.

why?

[–]Sparkwitch[🍰] 0ポイント1ポイント  (0子コメント)

It inspired the processing race.

The idea behind mining was that, like SETI@home, a bunch of people would have bitcoin mines in the background of their PCs and thus keep the operation fundamentally decentralized. Everyone would be invested because everybody would have the potential to be rewarded.

Instead, in order to win the most coins, larger and large coin farms were constructed. First as solo operations and then as conglomerates. At which point there's functionally zero reward to mining outside of a conglomerate...

...and functionally zero reward to mining inside of a conglomerate with anything less than a giant coin farm.

Gigantic faceless organizations wind up controlling all the world's mining and, by extension, the blockchain. The fundamental intellectual gem behind Bitcoin - massively decentralized security - disintegrates as a result of its own reward structure.

[–]Leprecon 7ポイント8ポイント  (3子コメント)

I feel like it was some kind of drug addiction haze. Since I quit, I gained some free time. I can't believe how much time per day I spent just watching bitcoinwisdom and reading the to-the-moon posts at bitcointalk.

.

I used the time to do some real business (aka producing value) here and there and I made more ActualMoney(tm) in half a year than I would made from my BTC stash if BTC would go to 4000 USD.

Reminds me of what they say about linux; Linux is free, if you don't value your time.

I bet 80% of bitcoiners would get a better ROI just working for minimum wage.

[–]BeentheredonethatAus 3ポイント4ポイント  (0子コメント)

Linux is free, if you don't value your time.

Ain't that the truth. I only learned all the odds.and ends because I was travelling for work. And there was nothing to do in a hick town with no real internet.

[–]ex_crypto_user[S] 1ポイント2ポイント  (1子コメント)

I see that parallel too. I spent a lot of time learning Linux. But I actually use that a lot my daily job, but only for servers and programming. Linux on desktop is still difficult to use (though much easier than back in the days when you had to write down HSync lines of your monitor in X11.conf). Yet still I see my colleagues fiddling all day trying to get the printer/webcam/Skype/whatever to work on Linux.

On desktop, most people do better with a Mac or Linux.

[–]deep_fried_buttshillin' like a villain 1ポイント2ポイント  (0子コメント)

I see this with co-workers from time to time. My setup is a headless desktop with Linux, and a Windows laptop running an X server. SSH in, export DISPLAY, zero lag with GigE, and zero fiddling. No idea why anyone would want to mess with the Linux desktop clusterfuck when all those problems are already solved by the copy of Windows that came with the computer, and 99% of what we do with Linux is text based.

[–]scammerwatch1 4ポイント5ポイント  (5子コメント)

How about we test your faith with a little temptation? :)

/u/changetip 450 bits

[–]ex_crypto_user[S] 7ポイント8ポイント  (1子コメント)

My wallet actually still has some pennies, but I deleted it - can't afford to have the 40 GB blockchain on my SSD drive :)

[–]Felinomancy 3ポイント4ポイント  (0子コメント)

40 GB blockchain

Eh, my anime backlog is several times bigger...

on my SSD drive

YOU MONSTER! Boys, we're gonna need pitchforks here!

[–]lordrothschild 8ポイント9ポイント  (1子コメント)

Whoah, what just happened here!?

[–]scammerwatch1 4ポイント5ポイント  (0子コメント)

I just gave OP $450,000 in buttcoin*.

*Refer to the USD/BTC exchange rate in 2140.

[–]real_actual_doctor 1ポイント2ポイント  (0子コメント)

back on the horse!

[–]Zotamedu 3ポイント4ポイント  (2子コメント)

Welcome. Will you be joining us in the lucrative market of comedy gold mining?

[–]ex_crypto_user[S] 5ポイント6ポイント  (1子コメント)

Sure. But please don't tell the bitcoiners. I am still writing trading bots for them for $1000.

[–]BiPolarBulls 0ポイント1ポイント  (0子コメント)

And that is "ActualMoney" too ! Kind of poetic justice.

[–]libertariandictator 3ポイント4ポイント  (4子コメント)

Everything is black or white.

[–]F21Global 2ポイント3ポイント  (0子コメント)

Sorry for your loss when BTC hits the moon! ;)

[–]lolfuckyou123 1ポイント2ポイント  (0子コメント)

Greed is a powerful drug.

[–]IntroshineBitcion realist 1ポイント2ポイント  (0子コメント)

I sold all my holdings at around 400 USD/BTC

Nice move.

[–]TheWhiteNashorn 1ポイント2ポイント  (1子コメント)

You still held onto your Dogecoin right?

[–]ex_crypto_user[S] 0ポイント1ポイント  (0子コメント)

I skipped that one, but I did YAC, Quark, LTC, NMC if I remember. Wallets are probably still lying somewhere so there is still hope to get rich.

[–]thecosmic1 0ポイント1ポイント  (0子コメント)

some of the people who bought in 2013 and sold at 1100 (or 800 or 700) might disagree with you. It's not bitcoin's fault that you are a crappy trader.

[–]AussieCryptoCurrency 0ポイント1ポイント  (0子コメント)

Hello, this post is probably useless, but I feel like I need to confess to "cleanse" myself. I was all crazy about bitcoin since 2013. I did all the crazy stuff - GPU mining, trading on questionable exchanges, having a price alert set on my phone, watching charts all day, reading bitcointalk all day, convincing my friends and family to get in...But after the bubble has burst, I slowly realised all the downsides, either the technical (TX limits, hidden TX fees via inflation, long confirmation time), economical/political and social (most people around BTC are just crazy. I met some really brilliant people, but their economical and technical insight is usually ignored by the community).

The problem is the proportion of uninformed loudmouths is greater than any time in the past: there's literally hundreds of people there that will argue that bankers and fiat are evil, therefore Bitcoin is great. That fringe element has always been there, but never did it so greatly outweigh the people who code or provide actual value.

, I feel like it was some kind of drug addiction haze. Since I quit, I gained some free time.

It's very similar: I've been in both. Both states are removed from reality by far fetched dreaming.