The biggest problem is people failing to taking profits when their crypto is growing higher, the greed in human won't make them secure the profits, some will believe that it's the only beginning, that the price will move even higher, if you don't secure your profit you are not in any real profits yet.
I was also a victim of this mistake few times but I have learned, not fully understanding how crypto cycle works can punish anyone, but we can't all be wise anyways, some people must lose for others to win, it's just how things are.
Some failed to listen and learn from others mistake, as something like this have been discussed many times on the forum, even little mistakes that cost people to lose their crypto assets, I ended up getting a hardware wallet to increase the security of my asset, many still risk leaving thousands of dollars worth of crypto on hot wallets.
Topic: Crypto: a place where everyone makes money, but few secure it - page 3. (Read 811 times)
Not only in the crypto space, but in any financial platform, I think there are many people who cannot fully manage money. Again in the crypto space I have seen many people who have made a lot of money without proper knowledge but they have not been able to keep that money for long. They have suffered due to lack of adequate knowledge. The point here is that I think many people are lucky enough to own a lot of money. They think they can own more money the same way they got it. As a result of such ignorance they lose their wealth. For some reason it is easy to get money in the crypto space, but keeping that money is not an easy.
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.
It should not surprise anyone that this is the case, regardless of how unlucky a person can be they will always have a few opportunities during their lives to turn it around, and a few people can take advantage of those opportunities and change their lives but the majority fails to do so.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.
And this happens because they either fail to realize the opportunity they have in front of them, or they somehow realize what is going on, but they cannot keep whatever they got from the opportunity as they spend it in stuff they do not need or they squander it by investing in other projects which turn into a scam and steal their money.
Greed, in crypto or not, is a habit that cannot be separated from a person's nature because that is the main character of every person who wants to produce anything with a method that is fast and not full of challenges, usually resulting from convenience.because you are lulled by what you get easily and feel that you will be able to get it again, so you don't take action to anticipate that if you don't get it easily, there could be an alternative that doesn't make you worse off in a situation that ends up having its own difficulties.But all of that cannot be separated from knowledge that is not updated all the time, especially about crypto, where there are always updates that must include updates in whatever you want to do.
Without controlling greed everyone will have difficulty achieving success. Greed is a human habit and needs to be filtered in certain ways to avoid undesirable things. The habit of thinking about getting rich quickly and the mindset of working faster to generate profits is madness that needs to be discarded because something you want to achieve must definitely take a lot of concrete action.That's why greed can destroy someone and greed can also lead someone to experience losses, especially when they are in investments. Anticipatory steps are needed and as much as possible people must think rationally to produce something because it is actually not easy.
financial knowledge is one of the most basic things to be successful in investing and various other things in life. for example, there are people who earn a little but they manage the money well so it can increase a lot, but there are also people who earn a lot but because of their high lifestyle and tend to spend their money on things that are not important in the end they have almost nothing.
that is the importance of financial knowledge for a person, because by relying only on that, a person can change his life. especially when they get large profits in crypto investments, with the financial knowledge they have, they can use the investment profits for something more profitable or better understand their priorities, instead of using the money for consumptive things that are not actually important to them.
that is the importance of financial knowledge for a person, because by relying only on that, a person can change his life. especially when they get large profits in crypto investments, with the financial knowledge they have, they can use the investment profits for something more profitable or better understand their priorities, instead of using the money for consumptive things that are not actually important to them.
People who are not used in handling huge amounts of money will always be irresponsible with how they spend it because they will always have this mindset that they will still have lots of leftovers after buying something that is clearly worth a huge chunk of their money. Those who are used to holding huge amounts of money tend to use it to generate more money, whereas people who don't will just find a way to secure the next purchase and 'save' whatever's left of that money.
True, this is what happens to most people today as well as to me. I'm not used to holding a lot of money and when I want to use it, I think I'll have a lot left over so it's okay until I don't realize it's running out. Really need to learn how to control and manage money, that's my problem too.This is what used to happen to me too, if there was already a good amount of money in my bank account, enough to sustain me for good time, I tended to get complacent with taking profits, i.e, wouldn't even bother to press sell button. Lately, I have gotten rid of this habit and now I secure profits, irrespective of whatever amount I already have.
This is why Warren Buffet has no respect for crypto investors, they don't earn their wealth by making smart decisions, they just happen to invest in the correct coin at the correct time and sell it.
Oh that tells it, now I respect his opinion, prior I used to not and disregarded him completely, considering him to be a folk who's ignorant about crypto sector.
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Greed, in crypto or not, is a habit that cannot be separated from a person's nature because that is the main character of every person who wants to produce anything with a method that is fast and not full of challenges, usually resulting from convenience.because you are lulled by what you get easily and feel that you will be able to get it again, so you don't take action to anticipate that if you don't get it easily, there could be an alternative that doesn't make you worse off in a situation that ends up having its own difficulties.But all of that cannot be separated from knowledge that is not updated all the time, especially about crypto, where there are always updates that must include updates in whatever you want to do.
Without controlling greed everyone will have difficulty achieving success. Greed is a human habit and needs to be filtered in certain ways to avoid undesirable things. The habit of thinking about getting rich quickly and the mindset of working faster to generate profits is madness that needs to be discarded because something you want to achieve must definitely take a lot of concrete action.That's why greed can destroy someone and greed can also lead someone to experience losses, especially when they are in investments. Anticipatory steps are needed and as much as possible people must think rationally to produce something because it is actually not easy.
That's a regular dilemma when we try to manage our finances. Take this, Bob has an enormous amount of money that was won in gambling or maybe from lotteries. However, money earned that way might lead to disastrous decisions. See, this money came easily with no hard work/skill, etc, merely luck, and when that happens, a person can go insane. They end up doing expenses they never meant to do in the first. They start feeling happy they have a big balance so they don't think much about re-investing it OR growing that money to more! It's like luxury taking over your head.
Coming back to the crypto-related investments, it is nothing different than that. In the end, it's money with value so decision-making never changes there. In crypto, you have very less opportunities or ways to invest. You can maybe stake or hold your crypto but nothing more than that. Moreover, while holding you go through hundreds of emotions that can lead to losses and unwanted selling. It takes a lot of effort in crypto as compared to the real world financing.
Coming back to the crypto-related investments, it is nothing different than that. In the end, it's money with value so decision-making never changes there. In crypto, you have very less opportunities or ways to invest. You can maybe stake or hold your crypto but nothing more than that. Moreover, while holding you go through hundreds of emotions that can lead to losses and unwanted selling. It takes a lot of effort in crypto as compared to the real world financing.
Such situations are a regular occurrence in the cryptocurrency space. Human nature's inherent greed can lead to thoughts like "I've earned a lot now; I can earn even more." As you correctly pointed out, this mindset often leads to significant mistakes and, ultimately, the loss of everything. So, there's probably nothing to be done about it except gaining a lot of experience through making mistakes and learning from them. It seems one needs to go through challenging experiences to truly grasp the importance of sound financial decision-making.
Greed, in crypto or not, is a habit that cannot be separated from a person's nature because that is the main character of every person who wants to produce anything with a method that is fast and not full of challenges, usually resulting from convenience.because you are lulled by what you get easily and feel that you will be able to get it again, so you don't take action to anticipate that if you don't get it easily, there could be an alternative that doesn't make you worse off in a situation that ends up having its own difficulties.But all of that cannot be separated from knowledge that is not updated all the time, especially about crypto, where there are always updates that must include updates in whatever you want to do.
Well it's probably because making a lot of money doesn't really happen to them often or regularly. That's why when they got lucky earning huge money, the most common things they'll think of is "where do I spend my money?". It's somehow understandable since you're living your average life where you don't usually get to experience making a lot of money. And when opportunity comes, you would want to buy the things you want that you cannot usually afford. But sometimes people in this situation tends to be more impulsive with their spending because they believe that they still have a lot of money.
Even if you earn a lot here in crypto or in any other field, but all of your spendings are just expenses without return, that money wouldn't last. Without proper knowledge in managing your finance, you won't have any idea how to make your money circulate so it can grow bigger.
Even if you earn a lot here in crypto or in any other field, but all of your spendings are just expenses without return, that money wouldn't last. Without proper knowledge in managing your finance, you won't have any idea how to make your money circulate so it can grow bigger.
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.
I guess it's normal for beginners finding it hard to secure their earnings most especially that they are still feeling overwhelmed with the amount of profits they are getting.They will only know its value once they're completely lost, only to realized that they should have managed it wisely so that their earnings will grow instead.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.
However, it takes real knowledge and patience to secure your income by not wasting it on unnecessary wants. Otherwise, it would end up being lost because you are not wise on your decision making and only regret its consequences afterwards.
Inability to secure wealth happens in every department not only the crypto world.Investing an income starts from having this mindset of making more money with the money you have.It is said that we use money to make money.People who lavish their wealth without having the mentality of saving,investing don't think of the future.
You are forgetting that there are a huge number of people in the world who do not have spare money to make money and invest. The money they have is just enough for them to exist in this world. And on the other hand, there are people who have huge capital, such that they do not need to think how and where to invest to increase their capital. They do not need to think about the future, they are provided with money for the rest of their lives.
Inability to secure wealth happens in every department not only the crypto world.Investing an income starts from having this mindset of making more money with the money you have.It is said that we use money to make money.People who lavish their wealth without having the mentality of saving,investing don't think of the future.
Investing in crypto, especially new coins, is always risky. Bitcoin has long-term potential, but the market is still volatile, making long-term holding inevitable.
Many people jump into crypto with a profit-seeking mentality, without thorough research, and are easily susceptible to FOMO and falling into price traps, leading to losses. Even investors with knowledge can fail if they do not manage risk properly and have a consistent investment strategy.
Investing requires not only research but also patience, discipline, and a strong mentality. Impulsive spending after making money is a sign of a lack of financial management plan, which is difficult to succeed in long-term investment. So, "The biggest risk in investing is not losing money, but losing your reason and discipline."
Many people jump into crypto with a profit-seeking mentality, without thorough research, and are easily susceptible to FOMO and falling into price traps, leading to losses. Even investors with knowledge can fail if they do not manage risk properly and have a consistent investment strategy.
Investing requires not only research but also patience, discipline, and a strong mentality. Impulsive spending after making money is a sign of a lack of financial management plan, which is difficult to succeed in long-term investment. So, "The biggest risk in investing is not losing money, but losing your reason and discipline."
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.
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.
Such situations are a regular occurrence in the cryptocurrency space. Human nature's inherent greed can lead to thoughts like "I've earned a lot now; I can earn even more." As you correctly pointed out, this mindset often leads to significant mistakes and, ultimately, the loss of everything. So, there's probably nothing to be done about it except gaining a lot of experience through making mistakes and learning from them. It seems one needs to go through challenging experiences to truly grasp the importance of sound financial decision-making.
True, this is what happens to most people today as well as to me. I'm not used to holding a lot of money and when I want to use it, I think I'll have a lot left over so it's okay until I don't realize it's running out. Really need to learn how to control and manage money, that's my problem too.
Actually, it's not a difficult problem for you or for anyone who still can't control money when you have it, because by then you can separate needs from desires. That's when you can manage your money very well because you will know that desires are not always based on needs, whereas those needs are definitely based on needs even if you don't want them yourself.
So it is not difficult for you to apply and study carefully, because to be able to manage money in a good way you don't have to go to school in a very special field. Because as long as you can continue to have money and make money regularly, you will definitely implement good things for yourself. Especially when there are more needs that you have to fulfill every month.
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.
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.
To sustain wealth is as hard as making it in the first place, because if an individual suddenly gets very rich, without a sound financial education the person will likely lose everything in no time and become poor.
In cryptocurrency, a newbie investor can become lucky and invest in a project that will give him many times ROI, but without carrying out research he can be unlucky and reinvest in a scam project, and losing everything. Also leaving their coins in a centralized exchange, if the exchange goes under all their money goes with it.
You'd be surprised to see some celebrities that used to live in the best houses and drives the best cars, living like ordinary people, they probably spent all their earnings on luxury, instead of investing for their future.
So financial education and carrying out thorough research before investing is key to securing wealth.
People who are not used in handling huge amounts of money will always be irresponsible with how they spend it because they will always have this mindset that they will still have lots of leftovers after buying something that is clearly worth a huge chunk of their money. Those who are used to holding huge amounts of money tend to use it to generate more money, whereas people who don't will just find a way to secure the next purchase and 'save' whatever's left of that money.
True, this is what happens to most people today as well as to me. I'm not used to holding a lot of money and when I want to use it, I think I'll have a lot left over so it's okay until I don't realize it's running out. Really need to learn how to control and manage money, that's my problem too.
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.
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.
Not everyone go in that situation but rather their are people didn't manage well their finances since they always think that they can get more but sudden unexpected things happen where their main source of profit stops and they earn less. That's the lesson learned from people who think they can get everything they want since they already have money but turn out to be broke again when they hit harsh reality for losing their money on unexpected matter.
So for newbies to avoid this to happen much really better to settle up their expectation regarding on this and they should focus more on how they can build their wealth so that they can always protect their assets and get long term growth for themselves.
If i havent done such thing in the past then im really that rich now i should say it again.
The important thing on here is that you should really know on how to move on and dont tend to look back into those past events or things had been done. You wont really be progressing if you do keep
on leaning back into those mistakes that you have done. Yes, it is really that indeed regretable but there's nothing we can do. If you do want to survive and do able to get another chance or opportunity
in the market then you should stand back up and deal up things accordingly basing up on what you have learnt.
I completely agree with that, because it has actually happened to me and people I know in this field. Although it is unlikely that the assessment covers the entire participating crowd, I see it as obvious because the principle of wealth is not for the masses, not only in the cryptocurrency space, but also in other industries. Other professions also reflect this problem.
I remember the story of a friend in the cryptocurrency market when, in the period 2020 - 2021, he earned nearly $20M from investing in crypto and had to admit his ability was worth it. Had such results, but then the Luna collapse caused him to collapse with his money, I think that is always a lesson for all and, no matter the size of the asset, it helps us more mature in the field we participate in.
I remember the story of a friend in the cryptocurrency market when, in the period 2020 - 2021, he earned nearly $20M from investing in crypto and had to admit his ability was worth it. Had such results, but then the Luna collapse caused him to collapse with his money, I think that is always a lesson for all and, no matter the size of the asset, it helps us more mature in the field we participate in.
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