losses from bitcoin

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Posted: #1

How many guys here lost money here even though they won their bets because bitcoin went down less than a $1000 dolllars. This is just bad how long can this go on.
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Posted: #2

I took 500 out a few days ago and put into my book except for 80 bucks...one of the bad things about it.
 
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Posted: #3

I usually end up losing $ 20 to $ 30 on it between fees and value change. But, the very first withdrawal I did with Bitcoin, I made an extra $ 150. That was a pleasant surprise at the time.


 
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Posted: #4

and now I am in blocked list for credit card deposits. I hate to go to cvs everytime for moneygram
 
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Posted: #5

Would never wager with bit coins.  I got all of my Computer Files hi-jacked and had to pay bit coins to the person to get them back.

Bought $3000 in Bit Coins one day and the next day they were only worth $2700.

That sucks and I would never deal in Bit Coins again!!!!

 
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Posted: #6

Quote Originally Posted by In2it:

Would never wager with bit coins.  I got all of my Computer Files hi-jacked and had to pay bit coins to the person to get them back.

This sounds extremely shady. 

Did you contract the police? 
 
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Posted: #7

Very very Shady!!! there is nothing worse than going to CVS to use money gram. Who the hell wants to leave the house!!
 
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Posted: #8

Quote Originally Posted by jdr016:

This sounds extremely shady. 

Did you contract the police? 

Actually contacted the FBI.  They said they do not recommend paying but the only way I would probably get my files back was to pay.  Bought $3000 in Bit Coins to pay and they transferred them to my account and the next morning the value went down to $2700.  That is pure CRAP IMO.  Did pay and got my files back.

 
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Posted: #9

Yeah, I cashed out 2000, and wasnt familiar with how coinbase worked Withdrawel and they had no phone number to confirm that I was withdrawing correctly. So I only sold 100, to make sure it ended up in my account. Meanwhile while I'm waiting, the 2nd day , I notice my 1900 balance dipped to 1788, so I'm like hope it goes back up, two hours later down to 1650. At that point, I just sold what I had left, so basically lost 250 of my winnings in a two day span. Sickening.
 
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Posted: #10

Quote Originally Posted by TyDarius:

Yeah, I cashed out 2000, and wasnt familiar with how coinbase worked Withdrawel and they had no phone number to confirm that I was withdrawing correctly. So I only sold 100, to make sure it ended up in my account. Meanwhile while I'm waiting, the 2nd day , I notice my 1900 balance dipped to 1788, so I'm like hope it goes back up, two hours later down to 1650. At that point, I just sold what I had left, so basically lost 250 of my winnings in a two day span. Sickening.

Exactly my point......Bit Coin is a Scam.....I talked to the guy I bought from and I guess the spread is 20-30% on any given day.

BEWARE!!!

 
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Posted: #11

its a market, thus highly variable.  a year ago it was at $350/BTC.   Had you made a deposit and held, you would have almost tripled your money.   Its risky, you can win or lose, and you have no control...but, it does provide flexibility considering its almost impossible to use moneygram or any other resource to get cash offshore, or payouts back onshore...
 
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Posted: #12

lol @ having to go to cvs

everyone hates going there to re up



 
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Posted: #13

Quote Originally Posted by In2it:

Exactly my point......Bit Coin is a Scam.....I talked to the guy I bought from and I guess the spread is 20-30% on any given day.

BEWARE!!!


Not a scam at all. Like LonghornHoosier said in post # 11. It is a market just like the stock market, only it fluctuates at a much more quicker pace. If it goes up, you make money. If it goes down, you lose money. Real simple. 
 
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Posted: #14

as soon as u deposit or withdraw to coinbase get it out of there


WTF would u leave it in there for


stupid thread
 
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Posted: #15

Bitcoin transactions are irreversible. Once a Bitcoin transaction is broadcast to the network it can’t be revoked. So a hacker who accesses the PC that stores your Bitcoin wallet can send your entire Bitcoin fortune to another wallet—and there’s nothing you can do about it.
 
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Posted: #16

Quote Originally Posted by Getty3:

Bitcoin transactions are irreversible. Once a Bitcoin transaction is broadcast to the network it can’t be revoked. So a hacker who accesses the PC that stores your Bitcoin wallet can send your entire Bitcoin fortune to another wallet—and there’s nothing you can do about it.

another reason u dont leave it in there
 
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Posted: #17

Hi all,

My name is Peter and I am the Community Manager at Cloudbet.

If you're interested in betting with cryptocurrencies, please do visit the new special forum area here:

https://www.covers.com/forum/39398/bitcoin-betting

I am also happy to answer any questions you may have around bitcoin or indeed bitcoin betting.

Thanks!
Peter @ Cloudbet

 
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Posted: #18

Bitcoin is not a scam. It’s very volatile so the prices can fluctuate in 20-30% range within 24 hours. Bitcoin is extremely volatile compared to the traditional currencies. You will lose money when bitcoin price drops but you can win when its price rises. That’s why it’s risky, but it is justified by the potential profit. Never know when you will lose or gain.

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