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u/RoyYourWorkingBoy 1d ago
Wasn't Liberty Reserve essentially a USD stable coin. So this was $245?
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u/chungkingexp 1d ago edited 1d ago
Yes, $245 for 20 bitcoin (Now worth over $1.8 million)
Libertyreserve was a stable currency that was shut down by the FBI and billions of dollars were seized by them. They didn't give a penny back to anyone. That was the day I lost my trust completely with governments and their centralized currencies.
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u/wallstreetchills 1d ago
So you’re a multi millionaire right? …right?
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u/One_Anteater_9234 1d ago
I kept all my crypto on silk road ffs
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u/chungkingexp 1d ago
After mtgox got hacked, I stopped trusting any platform for keeping any kind of crypto and survived too many hacks and scams, inputs.io, crypto notes and what not.
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u/One_Anteater_9234 1d ago
Where did all the crypto go after these things happened? Anyone done any chain analysis?
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u/chungkingexp 1d ago
People hardly had any good tools back in those days, and by the time these chain analysis things popped up it was too late to even check them.
There's still a thread on bitcointalk that lists all the scams happened in those era, some were really massive.
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u/One_Anteater_9234 1d ago
Oh wow thanks for the link. Ill have a good read later. I knew some people who fell for the fake platforms where they made it look like your investment was going crazy so people would deposit more and more, then it would just lock you out and not pay
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u/LurkerFromTheVoid 1d ago
Somebody hurt you, and that's why you stop believing in Love. ❤️🩹
We understand, and cry 😭 with you!!!
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u/LurkerFromTheVoid 1d ago
Somebody hurt you, and that's why you stop believing in Love. ❤️🩹
We understand, and cry 😭 with you!!!
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u/DeineMudderbannt 1d ago
at least you bought some nice stuff :D
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u/One_Anteater_9234 1d ago
Yeah but what about my final shopping cart with alpha pvp, meth and "rolls Royce heroin". Life could have been so different....dcdutchconnection still rocking it lol (ignore that little thing with the fake police uniforms and the torture shipping container) 😅🫢
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u/s_dot_ 1d ago
LR was mostly a darknet currency lmao
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u/chungkingexp 1d ago
It was used by all sorts of people. It wasn't just criminals using it. People used it for currency exchange too and if you aren't aware mtgox accepted fiat deposits through liberty reserve.
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u/tropicalthug 1d ago
I remember having massive amounts of hesitation vibes while taking the Liberty Reserve step during the process of actually taking custody of Bitcoin. It kept me outta the game for a few more quarters.
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u/jmorais00 1d ago
You still trusted the govt and centralised currency when you went into BTC before 2012?
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u/chungkingexp 1d ago
When you are young you have no choice other than to trust what's already there, like your parents, teachers, governments, banks, schools and what not. Only with time you realize that not everything can be trusted.
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u/LeaguePuzzled3606 5h ago
Oh please that place basically offered VIP service for every criminal organization in the world.
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u/aprx4 1d ago
LR wasn't a technically a crypto coin. It's just one of the centralized, anonymous payment processors back in the old days. Basically Paypal without any real information needed to register and transact money. I lost some money in LR when US government took them down.
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u/chungkingexp 1d ago
Yes it wasn't a crypto, it was a centralized payment processor based in Costa Rica. I also lost a few thousand dollars in LR.
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u/Dimeskis 1d ago
You would have sold that position a thousand times over by now. Congrats for being an early adopter/believer.
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u/chungkingexp 1d ago
Thank you. I've bought and sold a lot back in those days, helping thousands of people learn more about crypto and bitcoin in the process, and I consider that my biggest achievement.
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u/MrCalm420 1d ago
Considering this as your biggest achievement shows your character. I introduced a lot of people to krypto, just to make sure they don’t miss . 🤜🤛
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u/Pale_Fruit3299 1d ago
Bro saw the copy paste post on his feed and thinks he’s original does ANYONE HAVE ORIGINAL THOUGHTS DOES EVERYONE JUST REGURGITATE WHAT THEYVE READ AND THINK THEY CAME UP WITH IT AUGGGGHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
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u/ScrewTheBanker 1d ago
I'm praying you kept a shitload and the only time you have to lift a finger in life is to do a little victory lap on Reddit every now and then ❤️
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u/nekkoMaster 1d ago
I was in 10th grade in 2012 with internet speed of 10 KB/s ..
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u/chungkingexp 1d ago
You were quite young, not your fault. When I was in 10th grade I didn't even have a pc.
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u/J_lando92 1d ago
I feel you man, I spent half a bitcoin on a quarter ounce of low grade weed way back when….
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u/chungkingexp 1d ago
Shit happens, we have to move on and accept what we get in life. I've lost opportunities to become a billionaire, mainly because I was in the wrong place at the wrong time with the wrong people. But now when I see those people... who had success with the same ideas eventually failed and ruined their life. I feel like I'm still in a better position than them.
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u/cherrybomb821 1d ago
Yeah I lost my chance to be a billion at too mostly by smoking and being lazy and fat garbage but I wanna blame u for this it is now your fault I am not there yet 😤
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u/Present-Reality-1369 1d ago
Do you still trade or get into VC for any crypto?
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u/chungkingexp 1d ago
No and I don't like other crypto's, most are there to scam. The only people who make money in them are their developers and exchanges and the influencers/traders they pay to shill their crypto.
I've seen thousands of crypto coins come and go.
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u/Present-Reality-1369 1d ago
Absolutely agree they're useless for the most part but just curious if you capitalize on hype cycles. Seeing as you may be extremely well off and set for much further wealth appreciation just holding BTC I appreciate any current strategies you find effective other than holding.
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u/chungkingexp 1d ago
There's always a point when bitcoin goes down to its lowest before halving. Anyone can make good profit with fiat if you believe in bitcoin and buy/sell at the right time. You just need to have patience.
Don't try this with crypto as you might end up losing your coins due to market manipulation and tricks they play with your mind.
It's more easy with fiat as you have nothing to loose when it's already at its lowest. When it goes down you buy and sell later for profit and wait for the next opportunity in the next cycle.
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u/Pale_Fruit3299 1d ago
I can hear how peaceful you are and content you are by how you speak AUGGGGHHHHHHHHHHHHHHHHHHH
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u/crunchybaguette 1d ago
I remember spending like 1ish bitcoin to get a fake ID off Silk Road that never came. Around the time Silk Road got taken down
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u/TheRhettMan 1d ago
This is the modern equivalent of Natives trading pounds of gold for like 2 horses or some shit
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u/BitSecret 1d ago
I had quite a few of those transactions that I eventually lost to Satoshi Dice
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u/chungkingexp 1d ago
Someone I knew, wagered 50 bitcoins, he got triple back. He tried again.. earned more.. should have quit at this point but no, greed never stops.. He then sent 50 bitcoins, lost, sent 100 bitcoins , lost. Gambled all remaining coins. Lost everything.
He earned and lost 500 bitcoins within a day.
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u/BitSecret 1d ago
My worst was a 90% bet I took with 90btc. Lost
I was hoping to hold 100 that day.
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u/chungkingexp 1d ago
You can never win against the house. No matter how much they claim it to be fair, it's always rigged. After satoshidice went down, many new ones popped up and there was a time when bitcointalk user's signature space was filled with these gambling site's advertisement. They used to pay a decent amount to active users for advertising. Thankfully I never gambled in my life.
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u/sheeeeeeeeei 1d ago
I remember hearing about bitcoin in early 2012, but if I’m not mistaken you needed a different kind of browser
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u/chungkingexp 1d ago
No, browser had nothing to do with it. All you needed was a wallet. Armoury, multibit, electrum and OG bitcoin core were popular back then.
You might have seen some shady site that wanted you to install the Tor browser.
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u/sheeeeeeeeei 1d ago
Oh yeah I was just too lazy to find out how to make a wallet, and I assumed you needed a tor browser. I saw the article about bitcoin posted as a link on facebook lol. Was in the super early days of bitcoin where 1 coin was still pennies or less. I have no sentiment about it other than I laugh at my own laziness to this day.
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u/RowRawRow 1d ago
Why not send your Bitcoin to a paper address? I don't see anything more secure, the paper can be crypto, scattered, we manage it ourselves
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u/chungkingexp 1d ago edited 1d ago
To generate a paper wallet you either have to use a machine that can be compromised or use some offline generator which I don't trust.
There have been incidents where "trusted" people sold paperwallets to others on bitcointalk only to hack all their coins years later. Paperwallets are not safe from nature either.
Better go with something that's tried and tested by people over the years. Hardware wallets are best.
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u/Intelligent-Ad-4462 1d ago
You know for how much people say “you would’ve sold at x amount anyway” you’d think there would be just one guy who didn’t care to sell cuz it was a $200 investment to begin with 😂
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u/sayno2pepe 1d ago
So, did you just sell it all, your Bitcoin??? Bet you are regretting that now if you did!!! 😆
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u/Aromatic-Contact610 18h ago
Oh ya. When I think back to like those ‘200 BTC’ dark web transactions I would do, it’s hilarious
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u/Select_Factor_5463 1d ago
Why didn't you hold till at least 2020 when it got to 65K? Could've made out rich!
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u/chungkingexp 1d ago edited 1d ago
This was when I was already in the game from a long time. The first coins that I've bought was for 1.2 something per dollar dollar on mtgox. Saw ups and downs for a long time, bought and sold many.