Almost lost a small fortune on crypto currency: Quadrigacx debacle

[stinkynuts]

About a year ago, when bitcoin was still hot, I purchased about $1,000 Bitcoin. I soon realized the limitations of bitcoin, and wanted to bail. But I decided to still hold my investment in crypto, except I transferred my bitcoin to ehtererum, using the Quadrigaxc exchange website.

Before I had transferred to ethereum, I was seriously contemplating buying $9,000 more in Bitcoin. I had my cash ready and found a bitcoin ATM. I was shocked at how much the ATM would charge for the transaction (if I recall correctly aboiut $700). I then knew bitcoin was a scam, or at least was impractical because of the high fees of acquiring and selling bitcon, not to mention the waiting times for transactions to occur and the increasingly ridiculous fees. Everything that I thought bitcoin was (an instantaeous, convenient, and nearly free way to transfer money to anybody in the world at any time) turned out to be false.

Over the next year I watched my investment grow from $1000 to 800, 500, 300, 200 and then $100.

I just went to check my balance on Quadrigacx, and it turns out that they could not find $100 million of bitcoin. The website has been shut down, and it seems many people will never see their money again, including one software engineer who put in half a million dollars.

I am so glad I trusted my instincts, and never put in the extra 9,000. That is a lot of money for me.

I hope no one has been affected by Quadriga's disaster.

 

[The "Bone" Ranger]

If I don't understand it, I stay away...glad you dint lose too much.

 

[Darts]

I hope no one has been affected by Quadriga's disaster.

I started a thread on this a while back. You're not the only member who lost money.

P.S. I think I heard someone was able to get $500,000 (more or less) out of this company after the founder died.

 

[Mable]

I was determined to figure how to use crypto-currency last year, and then invest. After having spent more than 72 hours studying this shit, I still did not have a clue of what was going on. I bailed.

 

[yomero5]

I don't understand why people are so stupid enough to "invest" in crypto currencies. It boggles my mind.

 

[malata]

from $.08/con to $20k/coin YR2017. Those who got in on the low end and out the other, made some serious money. The Coinbase USD wallet is covered by FDIC insurance up to a certain amount. Unfortunately, most aren't

 

[Darts]

from $.08/con to $20k/coin YR2017.

Typical "pump and dump".

""Pump and dump" (P&D) is a form of securities fraud that involves artificially inflating the price of an owned stock through false and misleading positive statements, in order to sell the cheaply purchased stock at a higher price."

 

[malata]

Typical "pump and dump".

""Pump and dump" (P&D) is a form of securities fraud that involves artificially inflating the price of an owned stock through false and misleading positive statements, in order to sell the cheaply purchased stock at a higher price."

though the concept itself is not fraud, the lack of regulation makes accountability non-existent. That being said, with this being traded in the Futures Market, you would think your investment is ironclad

 

[black booty lover]

I don't understand why people are so stupid enough to "invest" in crypto currencies. It boggles my mind.

In the "Buisness, Finance and Investing" section in TERB, I had been telling people to stay away from it in multiple threads. People get sucked into "FOMO" factor. They're nothing more than a way to transmit money, and there are lots of ways to do that. This shits not far off from a pyramid scheme.