Topic: A lesson from other people's mistake can go a long way - page 3. (Read 424 times)

We all have different experiences, and we all have different means of learning. Many people don't want to believe what they hear about someone until they experience it for themselves. Some people do think there is some sort of error, and they experience some mistakes, but they don't take them seriously until they encounter them over and over again. Then they can start adjusting themselves and not making such mistakes again.
 
We can't change people's way of thinking; the best we can do is educate them on how to avoid falling into some sort of dangerous situation that can ruin their lives and how to avoid making some mistakes. That's the length at which we can go. It's now left for the person to decide what they want to do and what they should not do.

To the point i am sharing some mistake and lessons that I learned in the crypto journey.

1: As a newbie My first mistake was to send usdt to wrong address. I don't know that time that btc and Ethereum both has different address. As I remembered I sent usdt to Coinbase BTC address (Eth network) and the address of both was changed. I lost 40$ that time and learned that I should get deposit address of same token which I want to withdraw (Noob scene)

2: Second time I sent more than 1200$ to exchange and my mistake was that I didn't checked network on the the exchange. The token was on multiple chain and exchange listed ERC20 network while I sent Token in BSC network. Later exchange returned my token after 15 days and fortunately token price surges to 1700$ but I learned lesson that I have to check Network also when I send token.

3: once I send less than minimum token to exchange where I lost tokens as per rule of the exchanges and Lesson is obvious that we have to check minimum deposit token whenever we send payment.

4: I lost 600$ when I send token mistakenly to contract address of the token. I was in too hurry that I didn't even checked the address before sending. I learned that I have to double check before sending big amount.

5: I lost more than 1k$ when I send wrong contract token to Binance and unfortunately such token was not listed. I learned that I have to send first low amount (1 or two token) before sending all. I learned a lot but unfortunately lost big

In my case, luckily I have made few mistakes, but because I am cautious in general, and I tend to study a lot before making a financial move or in life in general.

On the other hand, I quite agree with mk4's advice, the only thing I would add is: keep it simple. The best way to get rich for the average person is slow and boring.

1. Don't trade, just DCA
2. If you really want to trade, only use a very small amount (and don't use leverage)
3. Use a hardware wallet
4. Don't get scammed: https://chainsec.io/scams
5. Don't make the common mistakes concerning wallet security: https://chainsec.io/checklist

Error or mistake is something that is almost fixed along side with the human character and everyone at some point tend to make some vital mistake in which he or she is regretful about and also uses this same mistake as point of reference or lesson so as to avoid same error twice.

But for some reason some folks actually like making these mistake intentionally even after being warned or given heads up about what is ahead or involved. Some actually believe that experience is the best teacher of which I do agree but I would to think that learning from other people mistake is actually the best especially when it comes to mistake that has to do with financial affairs.

The crypto (Bitcoin) space is filled with lots of opportunity and aslo scammers who are willing to pry on every error that any newbie or curious veteran can make and that's why it's important for newbie and amateurs to actually learn from some of the vital mistakes that other members have already done to avoid making such.

The bull season is closed by and alot of things will be happening so everyone should stay on the alert and also imply some of the skills and also take correction from the many mistakes that other have already committed to avoid making same mistakes of our own.

it would be nice for the community to drops tips and also past errors that he or she did that others can learn from to advance themselves or do you feel making the mistake ourselves is alot more experience than this?