Former Journalist Recounts Losing $7 Million Trading Crypto

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Former Journalist Recounts Losing $7 Million Trading Crypto

Former journalist, Derek Rose, recently recounted his story of losing over $7 million USD in the cryptocurrency markets. Mr. Rose had invested his life savings into cryptocurrency, using leverage trading to grow his account by 3,500% in a matter of months, before his trading account was liquidated.

Also Read: Peter Thiel Is Long on Bitcoin, a “Deeply Contrarian Investment” 

Former Journalist Invested Life Savings Into Crypto

Former Journalist Recounts Losing $7 Million Trading CryptoMr. Rose stated his initial hesitation in telling his story in a public forum, stating his expectation that people may think he is an “idiot.” Mr. Rose concedes that such an assessment may be “kinda true”, recounting that he “ignored the advice of [his] friends, a financial adviser and random people on the internet in making larger and larger bets on bitcoin and similar instruments.” These investments, Mr. Rose states, “paid off until they didn’t,” resulting in the loss of a “small fortune.”

Mr. Rose stated that his “first moves” in the cryptocurrency markets “were smart,” reaping the rewards of “patience and careful research.” Mr. Rose states that “rather than take profits and, say, buy a house, [he] bought more bitcoins.”

Mr. Rose first invested in bitcoin in 2013, “when they were worth less than $100.” He authorized Coinbase to “take $25 out of [his] US bank account each week, buying a quarter of a bitcoin for $25.” Mr. Rose adds that “when I moved from New York to New Zealand later that year, I needed cash. So I stopped those withdrawals and later sold half of my 10 bitcoins for around $500 to pay off some debts. D’oh!”

The Allure of the 2017 Bull Market

Former Journalist Recounts Losing $7 Million Trading CryptoMr. Rose stated that “Around May of last year, when bitcoin topped $2000 and another cryptocurrency called Ethereum hit $400, I decided that while I had made a big mistake, there was still time to rectify it. A wild idea hit me: cash out my entire US retirement account and put it into cryptocurrency.“

“Single and in my mid-forties, I was ready to take a risk and shake things up. It was nerve-wracking withdrawing my entire life savings — $3500 each day to avoid hitting Coinbase’s $25,000 weekly limit. Of course, the market crashed soon after I started my plan, but I stuck with it and it bounced pretty quickly.”

Six Figures Becomes Seven

Former Journalist Recounts Losing $7 Million Trading CryptoMr. Rose stated that he “bought half a million dollars in Bitcoins when they were less than $8000, only to see their value rise to over $14,000 in a few short days.” Again, Mr. Rose purchased more BTC, in addition to “just about every cryptocurrency I could buy on margin on Bitfinex.” These investments saw Mr. Rose turn “around $70,000 into $3 million by placing leveraged bets on two cryptocurrencies called EOS and Iota in a few weeks during November and December.”

Mr. Rose stated that at the peak of the cryptocurrency frenzy during December 2017 his “account was worth over $7 million,” adding that he “had borrowed $14 million to buy more cryptocurrencies.”

Mr. Rose was “paying thousands of dollars a day in interest” on his positions, however, with “each $1000 rise in bitcoin’s value, [he] was making about half a million dollars. “In those heady days, Mr. Rose stated, “bitcoin was making $1000 gains every other day.”

$7 Million Dollar Liquidation

Former Journalist Recounts Losing $7 Million Trading CryptoMr. Rose recounted text messages exchanged between he and his friend before his account was liquidated.

One acquaintance stated “If you are right that having 1 BTC [one Bitcoin] is impressive in the future then what you have now is more than enough. So you can sell a bit and hold some cash,” to which he responded “I want to own a sports team though […] And have a yacht. These things add up quickly.” Mr. Rose’s acquaintance pleaded “If you are right, then half your bet is enough. If you are wrong, you are broke.”

Despite the dramatic loss, Mr. Rose states “While I have a lot of regrets, cashing out my entire life savings to invest in cryptocurrency isn’t one of them. This was a huge blow, but it didn’t wipe me out.” Mr. Rose adds that “Overall, despite my Bitfinex liquidation, I’m still doing better with my investments than I would have if I had stayed in index funds.”

What is your response to Mr. Rose’s story? Share your thoughts in the comments section below!

Images courtesy of Shutterstock

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The post Former Journalist Recounts Losing $7 Million Trading Crypto appeared first on Bitcoin News.

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Presidential Candidate Adam Kokesh Launches Crypto-Fueled ‘Book Bomb’

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Presidential Candidate Adam Kokesh Launches Crypto-Fueled 'Book Bomb'

The American libertarian and anti-war political activist, Adam Kokesh, is running for the 59th quadrennial U.S. presidential election in 2020. Kokesh says his platform is simple, because as soon as he is elected, he plans to sign one executive order to dissolve the entire federal government. In order to spread his message, Kokesh is raising money to deliver a copy of his 2014 book ‘Freedom!’ in every single residential mailbox in New Orleans right before the Libertarian National Convention.

Also Read: Coinbase Launches Cryptocurrency Trading Tax Calculator

The Book Bomb: ‘Dissolving the Federal Government in a Peaceful, Orderly Manner’

Adam Kokesh is running for president of the United States during the 2020 election cycle. In contrast to the variety of bureaucrats running for office who plan to make government bigger, Kokesh intends to end the federal government in its entirety. His platform is a mix between Dr. Ron Paul and Vermin Supreme, two candidates who ran for president during multiple elections. In order to get his message out, Kokesh plans to raise funds ($143,000 USD) to print and deliver copies of his book ‘Freedom!’ to every mailbox in the New Orleans region. Kokesh says he hopes to deliver roughly 205,000 copies just before the Libertarian Party’s National Convention. The promotion called “Operation Big Easy Book Bomb” was announced on March 15.  

Presidential Candidate Adam Kokesh Launches Crypto-Fueled 'Book Bomb'

The fundraising will be completely transparent and all funds earned will be documented on Steemit and other platforms. The book will also include a letter describing the Kokesh platform for 2020.  

“The platform is simple — When elected, I will swear in, walk to the White House, and sign one executive order — This executive order will lay out the process for dissolving the federal government in a peaceful, orderly manner,” explains Kokesh.  

With it, I will be resigning as President to become “Custodian of the Federal Government.” The executive order will appoint heads of each federal department, or “Custodians” who will be instructed to carry out a mostly predetermined plan for their departments The only authority that I will retain will be to replace Custodians if they are unable to complete their responsibilities or are not faithfully executing the plan.

Presidential Candidate Adam Kokesh Launches Crypto-Fueled 'Book Bomb'

Fueled by Crypto

Fans of the Kokesh campaign and the upcoming “Book Bomb” can donate using Paypal, but much of the Kokesh electoral funding is “fueled by crypto.” For the Book Bomb fundraising, Kokesh is accepting payments in bitcoin cash, dash, ethereum, bitcoin core, litecoin, and monero. Further, the plan for Kokesh to distribute the books has also been bolstered by organizations such as Steemit, Dash,, and the Libertarian Party.

“When I was in jail for civil disobedience and surrounded by all the great libertarian books that friends had sent me, I realized that we needed one ultimate conversion tool — So I combined all of their best features into one, easy-to-read, 100-page proclamation of ‘Freedom!’,” Kokesh emphasizes.  

The fundraising begins today, and the closing date will be March 25, 2018. Kokesh has added three types of sponsorships for the book drive which includes the ‘Historic Sponsorship’ ($3K or more), Millennial Sponsorship ($700), and the Centennial Sponsorship ($70). All of the funds will go towards the New Orleans ‘Book Bomb’ and any funds not used will be directed towards the next city.

You can read more about “Operation Big Easy Book Bombhere

What do you think about Adam Kokesh running for president of the United States? What do you think about his ‘Book Bomb’ idea? Let us know in the comments below.

Disclaimer: is a supporter of the Adam Kokesh ‘Book Bomb’ alongside organizations like,, and the Libertarian Party.

Images via Pixabay, Steemit, Adam Kokesh 2020, and the book Freedom!

Do you like to research and read about Bitcoin technology? Check out’s Wiki page for an in-depth look at Bitcoin’s innovative technology and interesting history.

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