Read all the responses. I spent the money because I've been tracking bitcoin for a long time, and I felt confident that I understood the markets. Even if I completely failed as a trader, I should expect to get a fair chunk back. I put in $1200 because as a student it was everything that didn't need to go towards housing.
I expected it to grow very fast. Bitfloor seemed reliable, and many people seemed to be trading on it. I thought it was sound. Even if I lost 100%, I expected the loss to come from my failure as a trader, not from my exchange's failure as a business.
If I do get my money back, I will probably try to join a different bitcoin exchange, though more carefully. I've been trying for almost a month(since btc was about $90 before the crash) and it's incredible how difficult it is to trade bitcoins.
Yes its not the first time someone had last money on "time sensitive investment opportunities" aka gambling. And yes there are lots of people who do that with 100% of their disposable income. They also usually lose it all.
I totally don't care what he wanted to buy, or to chastise him for his investment decisions; I'm just curious if people are generally moving their money into Bitcoin in an attempt to move "off the grid" financially, or if this was an investment.
I expected it to grow very fast. Bitfloor seemed reliable, and many people seemed to be trading on it. I thought it was sound. Even if I lost 100%, I expected the loss to come from my failure as a trader, not from my exchange's failure as a business.
If I do get my money back, I will probably try to join a different bitcoin exchange, though more carefully. I've been trying for almost a month(since btc was about $90 before the crash) and it's incredible how difficult it is to trade bitcoins.
Maybe I'll open my own exchange.