Yes, I was one of those people. The ones that got duped by promises of easy money. Shame on me for not being smarter, but thankfully I was able to get a little bit of my initial investment of $100 back. So when they "paid everyone back, they valued their coin on a 5 day average prior to the suspension of their site. So I got about 0.5 BCC, which by the time I got it pulled out of the site was worth about $14. Not a great return on my investment, but it served me right. I should have done more research and looked past the hype, but I was new to the world and didn't know any better. But I thought it would be interesting to see if I could take that $14 and bet back to even. Here is where I have gotten so far.
My first move to recoup my investment was to buy into @cfminer. I spent 3.1 SBD for a 0.27% share in the operation of the mining rig. Granted it is not a big share, but I bought in on the second round and SBD was kind of in the crapper when I bought it as well. So I bought 1790 Doge at $.0068 for a total cost of $11.96 and converted it to 2.815 SBD using @blocktrades service. The rest of the 3.1 SBD I already had in my account. @cfminer has been running for about an month now and I have seen a return of 0.284 SBD. Not great, but with the market down, profitability on mining is down so it is to be expected. If the pace continues, my ROI should be September or October in terms of SBD. When I bought it, SBD was worth $4.10 USD so my return of 0.284 SBD would be worth about $1.16 USD but at SBD is currently trading around $5.65 making my return worth $1.60 USD. That is approximately a 38% increase in return value. Some math now started with $14, subtract the $11.96 and now add the $1.60. Not looking so good right now, my $14 is now worth $3.64. Yikes.
Fear not. I put that $2.04 to work along with some help from my massive holdings from my Bytecoin mining with totaled 400 coins that I netted about $2.62 in value. So my trading account is sitting at $4.66 in value. For the most part I have focused me investments in XMR and DOGE, because those are what I am more familiar with, but I did try dabbling in some super cheap coins like AIR and DCN. I have worked that $4.66 to a value of $9.75. That is a rate of return of 109%. Look at that, if I can sustain that growth month over month, I should be able to turn that $4.66 in to about $47 million. Seems realistic. Maybe Bitconnect crapping out, was the best thing that ever happened, I mean look at the math, in two years I am going to be wealthier than I can ever imagine.
All kidding aside. It is going to be a slow trek back to even from my naive investment. I have along way to go. Of the $100, I have earned back $13.39. Got another $86 to go, should be an interesting ride.
Oh, on a side note. I have 0.009 BCC that I would be happy to donate to someone if they want it. I don't know if I even have enough to meet the transaction level to move it. It is just sitting in my HITBTC account rotting.
You'll make it slowly, there is not such a thing as easy money, thanks for sharing.
Rooting for you earn you millions. I hope to post my story soon too. Thanks.
Who knows what the future holds. Maybe the lessons learned from having to work hard earn that money back will pay dividends in the long term. Certainly taught me a lot about trusting promises of easy money.
So true. We will see how things go as time moves forward. My flaw is repeating the same mistakes over and over again.
It is a great story of how you recover and get back up on your feet after losing. I have known you for awhile now and I am glad for your great attitude and practical ideas in crypto gathering. Hope that the road will be smooth even though bitconnect was a setback for so many. I was also tempted to invest many times but decided not to in the end.
Hello there!
This post has been upvoted as a thank you for supporting @sexywhalebot.
Have a sexy and profitable day! : ]
I feel your pain, I've blown up (completely lost) my entire account twice because I thought I knew better. I've made literally every single mistake there is possible to make, despite knowing I was making those mistakes.
On my third attempt I luckily skimmed the bottom and recovered, and now I do all right. Sometimes you have to pay for the lessons you learn...
I lol'd at the dumpster fire pic :-)