Crypto: a place where everyone makes money, but few secure it - page 6.

0t3p0t

sr. member

Activity: 1736

Merit: 357

Peace be with you!

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 actually happened to me once way back 2017. I mismanaged my Bitcoin or cryptocurrency earnings and that ends up so badly. And I already learned from that mistake. I am now starting to try my luck again with crypto so hopefully I can do it one more time one day.

BABY SHOES

sr. member

Activity: 294

Merit: 433

HODL - BTC

When we have passed where the phase of making money is easy in the sense of making a lot of money but from them there is no ability to manage finances then maintaining wealth is difficult especially when the style is higher than usual, this is what becomes trapped where they lose due to uncontrolled spending of their money.

It is quite important indeed how the lesson occurs, because if we have lost our wealth it is impossible to come back again, one thing we need to do is money management must be good and use it as wisely as possible not greedy for lifestyle sometimes people forget this.

While people lose in crypto, there are many, starting from buying shitcoins that have no price, trading high leverage futures, investing in the wrong coins but they ignore bitcoin for the long term.

Gio vanna

jr. member

Activity: 30

Merit: 1

The funny thing that with the knowledge you ain't still safe from losses you still gonna experience that shit because losses are inevitable (just like batman though he has good knowledge but ain't still safe in Gotham).
But the knowledge can help in managing those losses and risks. That why you got to be smart too know the best time to invest or as
@hugeblack said learned and considers Bitcoin a long-term investment and starts with DCA. With that your losses and risk will reduce.

hugeblack

legendary

Activity: 2702

Merit: 4002

Everyone who comes to invest in Bitcoin as a tool for quick profit ends up losing his money, and then he either has learned and considers Bitcoin a long-term investment and starts with DCA and over time learns more trading strategies or leaves the market and describes Bitcoin as a scam. In either case, think about Bitcoin. As a way for getting rich quick is wrong.

criptoevangelista

sr. member

Activity: 448

Merit: 691

In ₿ we trust

Once you get to know this world it is practically impossible to leave, I consider getting to know the cryptographic universe as a mental expansion, nothing will be the same as before.

The vast majority come for money and after losing money there is only one destination: lose more money or start studying to understand the whole dynamic.

CODE200

sr. member

Activity: 1484

Merit: 323

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.

HeRetiK

legendary

Activity: 3122

Merit: 2178

Playgram - The Telegram Casino

Keeping wealth is probably almost as hard as gaining wealth.

Especially if you got wealthy by catching a lucky break, diversification -- i.e. risk management -- becomes very important if you actually want to stay wealthy. And crypto is notorious for both lucky breaks and questionable risk management so it's no wonder if people tend to lose most of their gains again. It's definitely not just a crypto-thing tho, as Helena Yu already pointed out.

Churchillvv

member

Activity: 66

Merit: 5

Eloncoin.org - Mars, here we come!

Money management has always been a problem, with people failing. As Helena Yu said, it doesn't just happen in the crypto world; it happens in almost every industry. People then try to impress the world with luxurious lifestyles that cost them almost everything, living the rest of their lives in regret.

I have heard of a lot of smart people who lack financial knowledge but remain successful because they are wise in other aspects. For instance, I have heard of individuals who made a huge profit from Bitcoin, and because they couldn't handle it, they just employed people to teach them or help them invest, and these experts helped them maintain this wealth, so they didn't fall back to square one. The fact is, even if one is not money-wise, they should be wise in other aspects.

Hewlet

full member

Activity: 490

Merit: 225

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.

if you've heard of this phrase, "let him that stand take hid lest he falls" it would make much sense to you why this happens most of the time and it's not just peculiar to crypto.

When you've attained certain height in a thing or have witness certain breakthrough doing a particular thing, their seems to be this tendency of being too relaxed and in some cases, you might even ignore the fundamental strategies that led you to the top and before you know, the only way from the top which is the ground becomes your end point.

Even on this forum, their are people that where zealous while heading to the top of the rank in the forum and as soon as they rank up and join a particular signature campaign, the quality of their post might drop and some will even go too low to the extent of be raking forum rules and the unfortunate ones might get their account blocked. No matter ones level of achievement or financial attainment, it's very necessary to know that what lies ahead is far bigger than whatever we've been able to achieve and so we continue pressing on .

dothebeats

legendary

Activity: 3542

Merit: 1352

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.

Helena Yu

hero member

Activity: 742

Merit: 633

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.

libert19

hero member

Activity: 2520

Merit: 952

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.

Topic: Crypto: a place where everyone makes money, but few secure it - page 6. (Read 810 times)