Topic: Do you have empathy for rekt "investors"? - POLL (Read 329 times)

All true, but that undermines CNN's narrative. Losing in trading, by trying to time the market is completely different type of animal than investment losses (it's even treated differently for tax purpose in the UK, where he's from). If panic trading indeed played a big role in his losses, then not mentioning it by CNN is dishonest, at very least.

I won't rule out the conspiracy theory angle, but most newbies buy the top and sell the bottom a few times before calling it quits. It sounds like he probably did just that with his foray into altcoins. I did it myself as a newcomer: sold the bottom on BTC, then started chasing the losses by gambling with alts. I got dumped on several more times before learning my lesson.

If he sold into altcoins near $6,000 and then panic traded through the recent altcoin apocalypse, 96% paper losses doesn't sound impossible to me.

^^ life of new traders right here. they're completely ruled by emotion and yet foolishly think they can beat the market. this is what it means to "pay tuition."

you have to just let these people get rekt. it's just part of the market---in fact, successful traders are profiting from their follies. many of these noobs will just leave the space entirely, writing off crypto as a scam. a small minority of them will bounce back and actually study markets and trading strategies and will learn to beat the market.

on some level, i've got sympathy, but i also understand this is a crucial aspect of markets. this is fear and greed and playing out. their fear and greed is the reason my orders get filled.

But investing in such an amount that you can not afford and have to borrow, then invest all of this.. it is simply gambling, and nothing more.

You might be onto something here. 96% is very unlikely. Maybe if he measures his losses from portfolio ATH, not initial investment. Otherwise he'd have to panic-sell/FOMO back in at least once or twice.

Considering that CNN are not famous for high standards and ethics lately, it's very much possible that they paid that poor chump few hundred quids to tell his sob story.

Or lets take a look on this part:

How many guys do you know/heard of, so fascinated with Bitcoin that would spent years studying and tracking (?) it without owning any, just to buy in during obvious pump?

Well there are different kinds of investors around us, some of them are too smart to even know the term loss in their life. Some are totally dump who just throw their money in some unknown shit coins.
On the other hand gamblers who don't only suffer by themselves but their whole circle of friends and family suffer with them. I feel sorry for their families which depends on them.

Yes, we have all made some mistakes one way or the other ourselves which means no one is above it. The only difference is just the level of mistake we ended up making, which in his case, it is one horrendous mistake to make. Nevertheless, no hope is lost, as there would still always be seasons to the market and at some point later on, if he is patient enough, he should still be able to get back on his feet. He is not someone I know, so feeling sorry for him should not even be a thing and no one is above mistake, so feeling despair for him does not sound cool as well. So, I am totally indifferent.

Sean Russell has decided to lay his own bed the way it deemed please, even though he ended up laying his bed wrongly, but what he should be doing now is to learn from his past mistakes, take a chill pill and then see how he would be able to make good decisions in the long run. We all make mistakes, it is how we pick up from the mistake that counts, but feel sorry for him or feel despair for him is none of my biz.

we can't do anything about investors who buy at peak prices and sell at panic prices we should be consistent in life and control emotions whenever we are entering any financial markets

This is a very dangerous article and it seems to me that it is even created to scare people. if someone reads the whole article then it can conclude that the article object is destroy the bitcoin image.

In November of last year the price of bitcoin had the minimum of $6500 and the maximum of $10,000. he bought between $6500 to $10,000. So he does not have many losses. Why the hell was he talking about it in the press? why he does not show when he sold and bought altcoins? show us proof that he's telling the truth.

not at all. for example take a look at this one: https://bitcointalksearch.org/topic/bitcoins-management-and-exchange-5027920 (it will probably be deleted soon though). it is an obvious newbie who thinks he can become super rich by just buying cryptocurrencies. he is literary telling others that they can "earn $1000+ per day" just by entering. there are a lot of newbies who think this way or fall for these lies and lose their money and get rekt!

I am seeing the exact same trend with most people that I know locally.

They either,

Bought BTC way too late at $20K and sold it at $6K and started gambling with trading alts to "break-even" which lead to even further losses

OR

Bought BTC way too late at $20K and sold at like $6K back in April and shorted at $6K instead and lost even more money and then when they assumed that $10K would break, they bought at $9500 and sold at $6K again and went short and the process repeated until they ran out of BTC.

I think this is the mesaage that needs to be transmitted to all these unfortunate Bitcoin owners. Hard not to say it without sounding like a deluded cultist but the rationale os deeper than mere history... Even economists know there is something deeply flawed with the current money system, something that is bound to give.

Hopefully, Bitcoin owners will be encouraged to at least try using their coins and seeimg for themselves that it works better than fiat, while waiting for the inevitable recovery.

P.S. I can empathise, we all know their situations and are probably in this because we sought similar freedoms. I can sympathise as well, that their timing wasn't good. But big picture, while mass adoption has yet to happen, timing is a fleeting concern.

no i never feel anything for "idiots" who don't listen to anyone. and you can not call them "investors" either. what you are describing with that quote is the classic example of an idiot who was blinded by greed and was deaf to all the warnings. and we have had a lot of them, specially in the altcoin market as they were being promised constantly that they will be rich if they buy such and such shitcoin!

however, losing money while investing in a natural thing. there is nothing wrong with it and the real "investors" aren't sad for losing money so there is no reason for us to feel empathy for them. a real investors knows where to put his money and when to pull it out and unlike altcoins investing in bitcoin has never been a bad thing even if price went a little lower than what you bought it at.

i'm not gonna lie. i feel a tiny bit of schadenfreude when i see stuff like this. it just makes me chuckle because i've been there as a noob trader/investor. as traders, we call it "paying tuition." most everybody gets rekt early on, blows up their account. one of my first experiences with crypto was chasing litecoin in april 2013 (because bitcoin was "too expensive" hahaha). it turned out i was buying into the first post-crash bull trap. i got massacred so much worse because i was in LTC rather than BTC.

these are lessons new investors and traders need to learn. it looks easy. you think, "i'll just buy low and sell high!!" right, haha. then you get greedy on the way up, refusing to sell. then you let your losses run on the way down. and you buy altcoins with no regard for the altcoin market cycle.

noobs get rekt---it's a fact of life. most traders lose money, then they give up and quit. and unfortunately, some are dumb enough to invest their life savings.

i try to impart whatever knowledge i can to help noobs avoid the pitfalls of new traders, but like i said, most of these people are gonna get rekt. they're greedy (that's why they came) and they don't know what they're doing. then they're gonna sell the bottom. at some point all you can do is shrug. this is how markets work.

I usually have more to do with my own time and feelings than feel pity or despise for someone who decided to get greedy enough to gamble the market without any investment knowledge. Even without investment knowledge, he should have been smart enough not to make such move, but indeed there are so many others like him.
Well, all hope is not lost aa long as he can find how he has gone wrong, learn as much as possible to be able to make better investment decisions in the future when another opportunity comes, because it will definitely come as long as the market keeps evolving .

I sometimes feel bad for them, as i have lost in this bear market as well, so i am sympathetic. But i am not sorry for the people who invested more than they could lose. Reckless investing with money you dont have is something i dont support

I'm not going to give CNN any clicks, so I'm just going by what was quoted here.

I'm indifferent.  He looks young, and it also sounds like he has a job that will allow him to make a financial comeback, so it isn't the end of the world for him.  Plus it's his own fault for buying something like bitcoin back in 11/2017 when it was rising so fast.  He just wanted a piece of the action, which is understandable, but he got in at the wrong time AND put too much money into it.  Then he compounded his mistake by buying BCH.  That's on him, and hopefully he learns from this.

Good part is the results have no despise him voted. People do not despise the people who got rekt which is a good start, we are showing hope for humanity, I am not sure if it is 100% honest but considering its anon to vote it must be honest thought. I thought people would be glad that others lost money as well if they lost money and only be alright with people who made less money than they made if they gain profits, apparently it is not like that and I stand corrected.

I feel pity towards US because I am one of those people who got rekt during nano drop in price deals, I think we should have been smarter before investing and be careful and get in and out correctly.

Every people takes full responsibility about their actions, and where they invest their earned money is their freedom of choice. But this scenario looks like gamble and like many people who has problems with gamble, he just dont know then to quit.

Regarding that person Russell and his investment in BTC I just say that he is not some kid and he should known what he was doing at that point. But in one moment he have 500k$ and he decided to wait for what, maybe 1 million $? Even after BTC is start to losing value he have enough time to sell and make big profit since price in November 2017 is from 6400-10000$, and price is hold above 10k$ all through January and even reach 11500$ in March 2018.

So why is he wait to price drop to 6000$, maybe he did not know that there is "Sell Button"? This is happening to people who have no idea what they are doing. Two big mistakes, investing life savings and invest in something he did not know how it works - is he learned a lesson from this?