MultiversX Tracker is Live!

Great Moments In Crypto History: In 2013, a 23 year old yolo'd a $1.25 million inheritance into Bitcoin that belonged to him and his sister. It didn't go well.

All Cryptocurrencies

by COINS NEWS 12 Views

Need advice on inheritance, arbitrage, family, etc. Please, I am becoming desperate.

The Bitcoin boom has been wonderful for some people, obviously, but I am really struggling. Last year my father passed away (my mother passed away from cancer many years ago), and my sister and I were left with a large inheritance. I am 23 and my sister is only 17 (parents had us when they were somewhat older. The inheritance was placed entirely in my control to be split between my sister and I. He did not want her to have access to the money until she turned 21. I am tasked with assisting her with college payments, etc. I chose to liquidate the majority of the assets and was left with around $750,000. I am bitter about this because I was ripped off by a shifty individual taking advantage of my ignorance on some things. I should have gotten much more than I did.

I discovered Bitcoin a few years ago. I today greatly regret that the moment I liquidated the inheritance I didn't place the entirety of it into Bitcoin. With Bitcoin on the verge of making it very, very big I began performing arbitrage six months ago. The rising adoption has created volatility which makes it very good for arbitrage. I know of people that have made A LOT of money doing this, but I have now lost A LOT of money.

I am consistently misjudging the movement of the markets. I buy in and sell, not holding any long term positions. On the 19th, I bought 250 coins at $800; it was quickly rising and I was worried I would not be able to buy in at that price ever again. Immediately after my purchase it began tanking. I tried to hold my position hoping it was just temporary and would return to $800 and increase from there. After hitting around $600 it began to increase again, I viewed this as reaffirming my projection. It rose again to around $700. I held my position into the 20th, it dropped to $500 and that was my sell point hoping to minimize my losses. I lost $75,000 in an almost 24/hr period. This was my fastest and almost largest single trade loss. If I had continued to hold I would be able to sell right now with minimal losses.

I have "made" money on trades, but overall the losses have kept me in the red. As of today, over the past 7 months I have lost a total of $410,000. The inheritance was supposed to be split between my younger sister and I, giving us each $375,00 + half of the house (not worth much, rural area, etc). However, I don't have a legal obligation to provide her with half of the money, that was a verbal contract between my father and I, the in-writing legal stuff allocates it all to me. I made the mistake of telling her that I invested the money in Bitcoin; she has read the news etc on it, so she is under the assumption that there is a lot more money than there actually is. Regardless, I have already paid her first year of college tuition in cash anyway, this was around $30,000. I also bought her a used car to take to college ($5,000). We later found out they don't want freshman to have cars?? So we might sell it and I can give her that money. Ultimately, in addition to other living expenses, bills, car, etc I have around $280,000 left which is currently all liquid. Now, if you took the time to read all of that, thank you, sorry it was so long. What I am looking for is advice on how to trade. How can I guarantee that I earn high returns? What are good resources on how to trade Bitcoin? Are there any good books to read on trading? General information I may be missing?

I know I can earn this money back, I just need to figure out how. If there is an experienced trader out there that is in need for funding I am willing to work out a deal where we can work together on this. I need to see a proven track record of success though. Thanks for your time. I know a lot of people are going to respond negatively to me, I know I fucked up. I really, really, need advice though so please don't downvote me just because I am an idiot.

submitted by /u/FinancialPeach4064
[link] [comments]

You can get bonuses upto $100 FREE BONUS when you:
πŸ’° Install these recommended apps:
πŸ’² SocialGood - 100% Crypto Back on Everyday Shopping
πŸ’² xPortal - The DeFi For The Next Billion
πŸ’² CryptoTab Browser - Lightweight, fast, and ready to mine!
πŸ’° Register on these recommended exchanges:
🟑 Binance🟑 Bitfinex🟑 Bitmart🟑 Bittrex🟑 Bitget
🟑 CoinEx🟑🟑🟑 Huobi🟑 Kucoin.