Crypto: a place where everyone makes money, but few secure it

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Quote from: libert19 on January 09, 2024, 08:35:22 AM

I was reading coinconfessions, and it occurred to to me that most of those who are in crypto go through a phase where they make lots of money, but eventually lose it all or most of it due to wrong decisions taken due to having lack of financial knowledge.

Some start fresh with lessons learned and make it back, for some having huge unexpected money come and gone creates a downward spiral that they feel hard to get out of, almost like they were better off not having this unexpected wealth come in first place.

You see the way we have poor people and rich people, use that scenario to describe this your thread and you will understand better. Some people fell in the wrong side of history due to war, slavery and unfair nature, that's why they are where they are but some manage to make it to the good side, crypto security of some people is the same thing as fallen to the wrong group of orientation.

You are in these forum, you are a lucky champ. Trust me, there thousands of people that are into crypto that doesn't know the existence of this forum to have adequate information and the ones they get don't tell them these. What they teach them is registered in this centralized exchanges, do this and that, set up your kyc and then buy from p2p and you are good to go. These is why many of them don't understand anything and even cry bucket of tears when there investment in meme coins crashes over and over.

Don't worry, if you value your investment, money and time then they will do the proper things, they will learn it hard way or soft ways because to can't change people or tell them everything.

Bitstar_coin

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The impact of losing it all in crypto is more severe than in other aspects of life. It is only in crypto someone can make a huge amount of profit within a few days of joining especially during the market bull period. Most people get confused or carried away with such money, they hardly know how to preserve it for continuous investment. It is common knowledge that the majority of new investors only care about how to make money in crypto but never border to care how to keep it from going to zero.

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Quote from: AicecreaME on January 27, 2024, 10:44:37 AM

How come they can make a lot of money in cryptocurrency but lose it due to lack of knowledge? It doesn't make any sense to me at all.
You can't make a lot of profits in cryptocurrency if you lack knowledge about it, luck won't even help you every single time. Looks like you're just promoting your blog here, nobody would even read such stories if they are all like that.

Friend, it is possible to make a lot of profit in cryptocurrency and lose it yes, in the sense that you are hodling it in your wallet there and expecting more volatility but never knew that it has gone to its highest level and waiting for dropping. So at that point that it has increased, you can know and calculate your profit without selling because you are still expecting more increase and if suddenly the crash comes like bear, you are making loses from your profit if you had cashed out. So that is how I believe some people get loses in crypto. This pattern has been happening every season of bull and bear because hodlers don't know the right time to cash out. This same scenario has happened in the two previous halving bull run and there will be hodlers that will further experience it in this year's halving bull run.

If you don't know the appropriate time to cash out then you will probably fall into losing your profit or some of it. Therefore, it is better to set your profit limit and when it gets to that point you cash out to be safe of regrets.

Gaza13

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Quote from: CODE200 on January 09, 2024, 09:57:53 AM

Good thing that before I got into crypto, I already have some financial knowledge that I've learned in my business classes back in college and highschool, they were all profound so it's a good thing that I have those because when I first got my money in crypto, I didn't overspend on it and I didn't even waste every money that I've earned in crypto, everything went to the necessities and most of them was returned as an investment in other stuff, big deal that I was advised by my friend who introduced me to crypto that I should never hold on too much, if the opportunity to make a profit is there, always take that opportunity no matter what and for that I'm thankful to that friend.

Agree with what you said before entering the world of investment, sometimes we study first before starting, if we have gained knowledge and we don't just think about profits, this investment also has risks that we need to know.

Many people are afraid to enter the world of investment, because many people lose money there. If I personally want to continue to take these risks, in my mind it is better for me to take risks at a young age even if I fail, and I will not give up because of my failure. Experience is a person's best teacher in life. If we ever take a risk we never know what the results will be.

DrBeer

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Quote from: libert19 on January 09, 2024, 08:35:22 AM

I was reading coinconfessions, and it occurred to to me that most of those who are in crypto go through a phase where they make lots of money, but eventually lose it all or most of it due to wrong decisions taken due to having lack of financial knowledge.

Some start fresh with lessons learned and make it back, for some having huge unexpected money come and gone creates a downward spiral that they feel hard to get out of, almost like they were better off not having this unexpected wealth come in first place.

This is not a problem with the cryptocurrency market alone. It is a problem with people who do not know how to manage their money. Most often it happens when a large amount of money unexpectedly "falls" on a person. Or the amount of money that a person does not own regularly in his or her usual life. And then everything goes according to the "classical scheme" - "beautiful life", purchase of expensive status things supposedly "increasing" the status of the owner of the money, unreasonable spending....

I am a supporter of a simple but working concept - from the received profit to distribute (the proportions of the situation can be slightly adjusted) to :
1. 1/3 - formation of a financial cushion in stable assets
2. 1/3 - investments
3. 1/3 - for household expenses

This allows you to spend wisely, plus take care of your future

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Quote from: AicecreaME on January 27, 2024, 10:44:37 AM

How come they can make a lot of money in cryptocurrency but lose it due to lack of knowledge? It doesn't make any sense to me at all.
You can't make a lot of profits in cryptocurrency if you lack knowledge about it, luck won't even help you every single time. Looks like you're just promoting your blog here, nobody would even read such stories if they are all like that.

In my opinion, there is no luck that will always come when we do something, of course we have to have the knowledge so that we don't make mistakes in what we are going to do, because if someone who invests or trades doesn't have good knowledge about it then there is a very big possibility they will suffer losses from what they do without based on the knowledge they have.
In the crypto world, we have to have good knowledge to be able to make a profit and we also have to really look after our wallet so we don't lose access to the crypto wallet we have.

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Quote from: libert19 on January 09, 2024, 08:35:22 AM

I was reading coinconfessions, and it occurred to to me that most of those who are in crypto go through a phase where they make lots of money, but eventually lose it all or most of it due to wrong decisions taken due to having lack of financial knowledge.

Some start fresh with lessons learned and make it back, for some having huge unexpected money come and gone creates a downward spiral that they feel hard to get out of, almost like they were better off not having this unexpected wealth come in first place.

You're right, it's easy to lose money in crypto, despite the potential for high returns. I experienced it myself, making a small, curious investment that unexpectedly boomed during a market surge. However, this lucky experience fuels a dangerous misconception - that getting rich in crypto is easy and reliable. This leads people to throw money at various investments, hoping to strike it rich. But with this "get rich quick" mentality, significant losses are almost inevitable. Approaching crypto cautiously and with thorough research is crucial, acknowledging its volatility and inherent risks. Grin

AicecreaME

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How come they can make a lot of money in cryptocurrency but lose it due to lack of knowledge? It doesn't make any sense to me at all.
You can't make a lot of profits in cryptocurrency if you lack knowledge about it, luck won't even help you every single time. Looks like you're just promoting your blog here, nobody would even read such stories if they are all like that.

umbara ardian

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Attributing it solely to quick money or the "poor" origin paints an incomplete picture. Crypto's a double-edged sword – it can reward savvy investors with skyrocketing returns, but it can also punish the impulsive and greedy with brutal dips. It's more about knowledge, risk management, and understanding the game, not your social standing or the source of your initial investment.

And let's face it, financial intelligence transcends crypto. Anyone can fall victim to bad spending habits, regardless of their crypto holdings. True wealth isn't about hoarding cash, digital or otherwise, it's about understanding its value and using it wisely. Frugality isn't about deprivation, it's about conscious choices, prioritizing needs over wants, and building a solid financial foundation for the future.

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Quote from: Adreman23 on January 16, 2024, 02:24:27 AM

In crypto, many may encounter financial losses due to wrong decisions, such as not holding or selling too early. Some may hold onto assets, believing their value won't decrease, while others might make regrettable choices like buying questionable coins with their Bitcoin or Ethereum. I mention this because I've personally experienced it, and no matter how much I blame myself, I can't undo the past. It's essential to accept it, move on, and learn from the experience.

Crypto has a high chance of losing all the money due to small mistakes. We know that just like investing money in crypto, there is a high chance of losing it. If you want to profit from crypto, you need to invest in crypto with a good understanding of crypto. If you can use the right timings and invest, if you can't be successful in investing, I think I can't be successful in any way. Sometimes there are many opportunities in crypto to invest and make good profit. Must be used.

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Earning a lot of money and holding the money earned are both a matter of strategy. But making huge amounts of money isn't limited to crypto entrants. Apart from cripto there are many other industries around the world from which many people can earn huge amount of money. Even if a person earns a lot of money in his career, it does not mean that he can keep the money he earns. I saw on social media during the last soccer world cup, a brazilian soccer superstar star Neymar who lost all his hard earned money in one night due to gambling. Thus it is not unusual for someone to lose money if they start using their hard earned money for dishonest activities.

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Quote from: Helena Yu on January 09, 2024, 09:00:21 AM

This is not only happen in crypto, but other industry too.

Many athletes and celebrities makes a lot money, but not all of them can maintain their wealth because they don't understand about money management and investment, they use almost of their money for their lifestyle.

While in cryptos, most people lost their money because lack of knowledge e.g. invest in ponzi, trust in centralized exchange, and invest in altcoins.

It's not everyone that makes money in crypto investments, some invest in scam projects, others in crypto Ponzi and they lose their investment capital leaving them worse off than when they ventured into it, but if an investor is able to carry out research and know the right crypto to invest in like Bitcoin, then in the long run there'll be a huge ROI for the person. So there's potentials to make money in crypto, but the investors have to choose wisely.

Making money and losing it is not perculiar to crypto investments, it can happen in any other lucrative industry like sports and entertainment, stock, real estate and others, without knowledge of money or financial management, there's a good chance that the person can become broke after experiencing money windfall. So knowing how to manage wealth is as important as making it in the first place.

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Indirectly, this tells us all that knowledge and learning are very necessary if you really want to benefit in a field including in crypto.
We must be aware that being in crypto can be done by anyone but not everyone can make a profit in it regardless of whether it is said to be luck or not in the end knowledge and learning are very important to support the experience that will be obtained later.

The problem today is when there are so many people who flock to be in crypto because they are only lulled by other people's invitations but do not have a basis of knowledge and do not even want to learn more about what crypto is that makes them just like getting lost on a road that should be very good which in the end feels cheated because they don't know what they are doing and feel disadvantaged afterwards.

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Financial responsibility is not solely a function of wealth accumulation. It's about developing skills and knowledge to manage money effectively, regardless of the amount. Financial literacy empowers individuals to make informed decisions, set realistic budgets, and avoid impulsive purchases, regardless of their income bracket.

One's experience with financial scarcity can influence spending habits, but it doesn't define them. Individuals who've faced financial hardship might develop a strong sense of value for money, leading to responsible spending habits even when their financial situation improves.

Ultimately, spending habits are driven by individual values and priorities, not just the size of one's bank account. Some people prioritize experiences and personal fulfillment over material possessions, regardless of their income. Conversely, others might value financial security and long-term investments, even with significant wealth.

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Quote from: Assface16678 on January 21, 2024, 04:53:24 PM

Quote from: ichsan ardi on January 21, 2024, 04:30:14 PM

Quote from: libert19 on January 09, 2024, 08:35:22 AM

I was reading coinconfessions, and it occurred to to me that most of those who are in crypto go through a phase where they make lots of money, but eventually lose it all or most of it due to wrong decisions taken due to having lack of financial knowledge.

Some start fresh with lessons learned and make it back, for some having huge unexpected money come and gone creates a downward spiral that they feel hard to get out of, almost like they were better off not having this unexpected wealth come in first place.

This means that the person is not ready to be rich. Many people who win the lottery suddenly become rich and end up being poor again because they are not ready to have a lot of money. It's not how much money we have but how we manage that money. That's why rich people go bankrupt. can become rich again, while poor people who become rich can become poor again, it's all about whether we are ready or not, that's what I think

It's not that they are "not ready"; it's more like they are not "responsible" with the money. You see, when a poor family or average family suddenly has a lot of money, for example, winning the lottery, what do they do or think first? Yes, the things they want are their desires and things that are not important, but because they can't afford them in the past, they will buy them. They will not think of securing the money first or how they can maintain the money or make the money grow. That is the common mistake of most people who get a lot of money instantly. They will not think of their future instead they will follow their desires as they want to experience the things that they can't when they don't have the money. We can't blame them. You will not be excited to experience the luxurious life right? But it is wrong to abandon the future.

Is there such thing as moment to be ready to get rich? Poor ones on what they can have with their money are still valid, that's their money in the first place. We're just having negative impressions simply because we are not in his achievement and we just became part of criticism. Once we are in that position, it will be hard with application. I myself is guilty of that; it is easy to set standards through words such as engaging to investments, buying franchises for my own. But once I got that money, for sure I'd be somewhat giving myself a treat for hardwork. But in this industry, things are a bit more complicated; as long as you are involved then expect that you will always be at risk of loss.Not because you are here in this industry for years it would mean that you will never commit a mistake. You'd make money on frequent instances howeverif you will not be able to manage it properly then things won't be different.

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Quote from: libert19 on January 09, 2024, 08:35:22 AM

I was reading coinconfessions, and it occurred to to me that most of those who are in crypto go through a phase where they make lots of money, but eventually lose it all or most of it due to wrong decisions taken due to having lack of financial knowledge.

Some start fresh with lessons learned and make it back, for some having huge unexpected money come and gone creates a downward spiral that they feel hard to get out of, almost like they were better off not having this unexpected wealth come in first place.

You Mean "COINFESSION" mate and not Coinconfession?

anyway I love the comment about His Bully classmate and this what he said

Quote

The guy that used to bully me in school, and I secretly hate, asked me for trading advice. I wanted him to lose money, so told him to do the exact opposite of me and short support last week.

He made 9k profit and I got liquidated.

it sounds Joke but it is reality , that sometimes we are confident about what we are doing but the truth is we are still
having small knowledge and what we are putting is just a mindsetting that will bring us to more losing.

Maybe i will check that site from now and then because confessions there seems to be valid.

AmoreJaz

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Quote from: Moeda on January 21, 2024, 04:48:59 PM

Every business has profits and losses. Crypto investment is also part of the business. Of course we can get big profits, but we cannot escape losses. Most people experience losses because they don't get out at the right time. They get worried when they see the stock exchange is dropping, so they sell their assets. Of course, this method will result in losses. Apart from that, they are not smart in seeing coins that are worthy of investment. Not all coins on exchanges can survive for the long term. We need to research before investing.

in any investment, whether crypto or not, there will always be ups and downs no matter what. it is part of any business or investment. to be smart on this, one should always do his own due diligence before committing himself to any type of investment, in tangible or digital form.
if one is seriously considering any investment, he should do remember that it is his money, and so the responsibility to take care of his assets is all on him.
you can ask for assistance or opinion from others, but at the end of the day, you are the one who can weigh your actual requirements and necessary targets for your endeavours.

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Quote from: ichsan ardi on January 21, 2024, 04:30:14 PM

Quote from: libert19 on January 09, 2024, 08:35:22 AM

I was reading coinconfessions, and it occurred to to me that most of those who are in crypto go through a phase where they make lots of money, but eventually lose it all or most of it due to wrong decisions taken due to having lack of financial knowledge.

Some start fresh with lessons learned and make it back, for some having huge unexpected money come and gone creates a downward spiral that they feel hard to get out of, almost like they were better off not having this unexpected wealth come in first place.

This means that the person is not ready to be rich. Many people who win the lottery suddenly become rich and end up being poor again because they are not ready to have a lot of money. It's not how much money we have but how we manage that money. That's why rich people go bankrupt. can become rich again, while poor people who become rich can become poor again, it's all about whether we are ready or not, that's what I think

It's not that they are "not ready"; it's more like they are not "responsible" with the money. You see, when a poor family or average family suddenly has a lot of money, for example, winning the lottery, what do they do or think first? Yes, the things they want are their desires and things that are not important, but because they can't afford them in the past, they will buy them. They will not think of securing the money first or how they can maintain the money or make the money grow. That is the common mistake of most people who get a lot of money instantly. They will not think of their future instead they will follow their desires as they want to experience the things that they can't when they don't have the money. We can't blame them. You will not be excited to experience the luxurious life right? But it is wrong to abandon the future.

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Quote from: libert19 on January 09, 2024, 08:35:22 AM

I was reading coinconfessions, and it occurred to to me that most of those who are in crypto go through a phase where they make lots of money, but eventually lose it all or most of it due to wrong decisions taken due to having lack of financial knowledge.

Some start fresh with lessons learned and make it back, for some having huge unexpected money come and gone creates a downward spiral that they feel hard to get out of, almost like they were better off not having this unexpected wealth come in first place.

Every business has profits and losses. Crypto investment is also part of the business. Of course we can get big profits, but we cannot escape losses. Most people experience losses because they don't get out at the right time. They get worried when they see the stock exchange is dropping, so they sell their assets. Of course, this method will result in losses. Apart from that, they are not smart in seeing coins that are worthy of investment. Not all coins on exchanges can survive for the long term. We need to research before investing.

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Quote from: libert19 on January 09, 2024, 08:35:22 AM

I was reading coinconfessions, and it occurred to to me that most of those who are in crypto go through a phase where they make lots of money, but eventually lose it all or most of it due to wrong decisions taken due to having lack of financial knowledge.

Some start fresh with lessons learned and make it back, for some having huge unexpected money come and gone creates a downward spiral that they feel hard to get out of, almost like they were better off not having this unexpected wealth come in first place.

This means that the person is not ready to be rich. Many people who win the lottery suddenly become rich and end up being poor again because they are not ready to have a lot of money. It's not how much money we have but how we manage that money. That's why rich people go bankrupt. can become rich again, while poor people who become rich can become poor again, it's all about whether we are ready or not, that's what I think

Topic: Crypto: a place where everyone makes money, but few secure it (Read 807 times)