Thanks for this advise, I hope many of us (newbies) will learn from this and avoid wrecking before even starting to sail through our journey in cryptocurrency. The importance of this forum, especially for beginners in cryptocurrency, can not be over emphasize.
I also want to mention that it's not too late to start, if you get things right from this moment onward, you will definitely gain back the money you've lost, meanwhile this should not be the source of your motivation, because if that's all that motivate you, you might not end up getting the best out of cryptocurrency.
Topic: Don't be like me (Read 743 times)
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Quite ballsy of a move by those people actually to pay "good money" to Youtubers. If I was starting out a brand new business off-crypto, I would not just pay off a large amount of my capital to them just for an exposure of my product. I can just imagine those people even handing out a script to Youtubers to say these lines while promoting their project throughout the video as a sponsorship. 
Unfortunately if you don't lose something you can't learn. I have been in crypto market since 2015 and i lost a lot until now. But that's good or i want to see it like good way 
When i lose something, that time i get new experience in my life so i don't do that again. Please don't be sad when you lose just don't play with your all money! You should always keep money for plan B.
When i lose something, that time i get new experience in my life so i don't do that again. Please don't be sad when you lose just don't play with your all money! You should always keep money for plan B.
Here are your mistakes.
+You were greedy, you aspired for heavy, quick wealth.
✓ always invest with your own capital, you broke that rule when you borrowed a lone like that to invest.
✓ never solely trust people who get paid to shill crypto-currency) on their channels.
√ you didn't see your loses Early enough or you ignored it
+You were greedy, you aspired for heavy, quick wealth.
✓ always invest with your own capital, you broke that rule when you borrowed a lone like that to invest.
✓ never solely trust people who get paid to shill crypto-currency) on their channels.
√ you didn't see your loses Early enough or you ignored it
Follow follow no make u rich rather u will fall because grace they can never be the same,please where your hand reach please stop they don't proceed because if u do stelling you go so,Socratic say stated that man be yourselves.this mean that always satisfied of what you have,don't borrows to be rich please, a world is enough to the wise
The biggest mistake Ive ever made with crypto was I took a 1200$ loan in 4th quarter of 2021to invest in a meme coin that later tanked down to 70% loss, I was deluded with 100k BTC by December and also the beginning of a bigger altcoin season, I wish I listened to some advices on here instead of relying on some crazy youtubers, my own crypto journey started with huge loss i hope I will make them back some day, if you are new to crypto do not take me step.
At least no knowledge is waste, I believe you have learnt from your mistakes because the greatest mistake in life is not learning from your past mistakes. Also not all that glitters are gold. Before investing next time you have to understand the concept of timing because timing is one of the strategy wen it comes to Crypto currency.
The biggest mistake Ive ever made with crypto was I took a 1200$ loan in 4th quarter of 2021to invest in a meme coin that later tanked down to 70% loss, I was deluded with 100k BTC by December and also the beginning of a bigger altcoin season, I wish I listened to some advices on here instead of relying on some crazy youtubers, my own crypto journey started with huge loss i hope I will make them back some day, if you are new to crypto do not take me step.
Too bad you lost what you borrowed to invest but at least you have gotten a bigger knowledge and experience on how crypto-investment is all about.Do not always rely on social media information especially when it comes to BTC and crypto investment because everyone will drop videos claiming to be expert in crypto but after you follow their steps you will loose all you suffered to save. I hope you have learnt from your past mistake?
It's almost same story with all crypto investors, one way or the other everyone have lost some money but the way forward is to stay strong and never give up you will end up making back more than you've lost.
It's a pity you lose such an amount in meme coins. It's a lesson well learnt listening to paid YouTube promoters. Meme coins are described as shitty coins, it's unfortunate you fall into it by investing wrongly.
Next time don't be in a haste to invest in any hype coin by YouTube promoters without DYOR properly well.
Next time don't be in a haste to invest in any hype coin by YouTube promoters without DYOR properly well.
Try before you do that, all loans, $1200 and cheated almost 100k Btc, first you do some discussion and questions in this forum, I'm sure you'll be fine, youtubers lie more than the real thing, 70% edit youtuber channels, which is impossible to make possible.
OP, if you are starting over or doing something new with crypto, discuss it here if you are in doubt about doing so and avoid getting scammed.
OP, if you are starting over or doing something new with crypto, discuss it here if you are in doubt about doing so and avoid getting scammed.
The biggest mistake Ive ever made with crypto was I took a 1200$ loan in 4th quarter of 2021to invest in a meme coin that later tanked down to 70% loss, I was deluded with 100k BTC by December and also the beginning of a bigger altcoin season, I wish I listened to some advices on here instead of relying on some crazy youtubers, my own crypto journey started with huge loss i hope I will make them back some day, if you are new to crypto do not take me step.
Nobody is perfect and nothing goes perfect as per our expectations in our life we just try our best to have good results & that efforts make us indulge in positive activities. You faced loss you came here you got positive suggestions with experience, that could guide you the actual way of investment. I also invest in crypto about one year ago. I faced loss a lot, I got my pockets empty. But I started again without regret and got well results. Mistakes lead to experience and experience leed to success.It's never too late to start again your efforts with deep knowledge and investigation.
Mistakes are made for lessons,and those mistakes are the experience one gets as well.If there is no mistake,one cannot improve,and one cannot take corrections as well,so it is not even good to regret a mistake made because those mistakes made are the experience you've had in that field.
There are some mistakes you made here since you said that you were new in crypto and just started your journey.
1. Never think to get profits instantly when you are new, better to focus on learning first.
2. Don't use a big amount of money on the first journey, $50 - $100 is enough to start your crypto investment. Then, you can use a bigger amount of money when you think you already have enough knowledge and experience in crypto investment.
3. Avoid using loan money for crypto investment, just use your extra money. Use the money that you can afford to lose, that's what people often say for the recommended funds to use in crypto investment.
4. Investing in meme coins are too risky for a newcomer. As far as I know, the meme coin is one of the hardest types of crypto coins to invest in because mem coins are very very unpredictable and have no fundamentals. Most meme coins are only used by the whales to earn huge profits by using pump-dump schemes. A newbie is probably difficult to follow this pump-dump scheme.
I hope you can take a big lesson from your first huge loss and never do the same mistake in the future.
1. Never think to get profits instantly when you are new, better to focus on learning first.
2. Don't use a big amount of money on the first journey, $50 - $100 is enough to start your crypto investment. Then, you can use a bigger amount of money when you think you already have enough knowledge and experience in crypto investment.
3. Avoid using loan money for crypto investment, just use your extra money. Use the money that you can afford to lose, that's what people often say for the recommended funds to use in crypto investment.
4. Investing in meme coins are too risky for a newcomer. As far as I know, the meme coin is one of the hardest types of crypto coins to invest in because mem coins are very very unpredictable and have no fundamentals. Most meme coins are only used by the whales to earn huge profits by using pump-dump schemes. A newbie is probably difficult to follow this pump-dump scheme.
I hope you can take a big lesson from your first huge loss and never do the same mistake in the future.
If you are borrowing money to invest in cryptocurrency, I believe the coin you should buy is bitcon, why will you borrow money and end up investing in meme coin which I believe by now the coin will be dead, I won't really advise you to borrow money to invest in cryptocurrency, it kind of risky for you to invest what you can't afford to lose, so how will you be able to repay your loan now that your coin price is down by - 70%. Incase if you are borrowing money to invest in cryptocurrency bitcon is a nice coin which I believe if you can hold you will never sell at lost. Atleast I believe you have learnt your lesson and i believe the mistake won't happen again.
im sure everyone make mistake, but its all become your experience to be better.
it doesn't metter to believe to youtubers or anyone but using loan money is a big mistake and i hope next day your problems are resolved
it doesn't metter to believe to youtubers or anyone but using loan money is a big mistake and i hope next day your problems are resolved
never trust a meme coin. on the bright side, you can take this incident as a lesson and become better next time.
To me youtubers and other social media influencers are just there to shill projects they are not scrupulous about. Many influencers are pure advertisers that shill projects not minding how genuine it is. It's only the newbies that will fall victim to shillers' contents. I once fell victim to this kind of trap before I discovered what it's entails. I wish I listened to some advices on here instead of relying on some crazy youtubers, my own crypto journey started with huge loss i hope I will make them back some day, if you are new to crypto do not take me step.
that's why it is always best to do your own research instead of completely relying on what someone says. these youtubers have their own agenda and helping the people who watch them is not always on their priority list.
I'm sorry about your lost in crypto but I believe you have learnt from your mistakes because the worst mistake is falling in to it again.
Experience is the best teacher
For every successful man and woman their must be ups and down.
I hope your mistakes didn't make you change your mind about crypto.
Experience is the best teacher
For every successful man and woman their must be ups and down.
I hope your mistakes didn't make you change your mind about crypto.
Stay away from YouTubers, articles, media - they add nothing useful.
Yes you are right it's just too late for me to find this out now but thanks anyway it won't happen next time, I think those YouTubers are also hoping that the coins they bought pumped in value using YouTube as the fake hype base.
Loan is bad for crypto unless you are a pro at investing and trading then you can try loan some times when you feel the timing is right but for someone who is just starting their crypto journey it's wrong.
A very deep and valuable experience. I don't know what made you make that choice at that time. But what is certain is that this is a valuable experience to be more careful in the future. Many people may also have similar mistakes with their own lessons. Me too. I also have several mistakes that I consider very meant to me. But, similar mistakes should be not twice done. SO, we must be careful and also smarter later so that we will avoid such mistakes.
This should be also about the learning process.
This should be also about the learning process.
There are people that actually got their lives changed for the better because they took loans to invest in crypto, what doesn't work for me might work for others, if I have to give advice on this topic I'd say try understanding who you are first, some things aren't just programmed to work for you don't blame me.
From my perspective your point to me is accepted and encourageable, because long times ago i been making such emphasises that what actually come easy for you might be difficult to the next one or person.But the last thing that i can as well encouraged someone to do, is to take loan from somewhere else and invest into cryptocurrency, i know it always be favourable to people but it's not eighty percent (%80) of people will be lucky to come out with potential profit and return the loan back from the source, investing in cryptocurrency, i will merely advice someone to use he or her spell finance to adventure into it, and especially the capital you can lost and bear it, without been depressed over thinking about the lost.
The biggest mistake Ive ever made with crypto was I took a 1200$ loan in 4th quarter of 2021to invest in a meme coin that later tanked down to 70% loss, I was deluded with 100k BTC by December and also the beginning of a bigger altcoin season, I wish I listened to some advices on here instead of relying on some crazy youtubers, my own crypto journey started with huge loss i hope I will make them back some day, if you are new to crypto do not take me step.
That's okay, what's done is done. You learn the lesson and don't do that again.
It is why many are being discouraged when they ask for advice on borrowing money to invest in crypto. It's never been so good because of these experiences and I hope that there won't be any more experience just like yours although that's impossible.
I'm wishing that you'll still be able to recover from that and your emotion won't tie you down because you really will conquer it. Pay the debt first and have a good start and build up your portfolio with what's left to you.
There were tens of thousands of bitcoins and I didn't keep any accounts. I'm not sorry. The debtor pays attention. Those who have money don't know what to do
Here, when the price of Bitcoin goes down, if you can't buy something, you can see that there is a possibility of profit. The reason is that if the price of Bitcoin goes down
Then the price of all the tokens will go down and if these tokens can be bought then it will be seen later that a good profit can be obtained from these tokens.
Then the price of all the tokens will go down and if these tokens can be bought then it will be seen later that a good profit can be obtained from these tokens.
Another experience can be a very worthy lesson for others.
By telling your own experience here, you actually can help others with your experience as a lesson. It is done to warn everybody that is especially new to the crypto industry, to be more careful, wise, and also not panic In buying or selling something.
We must also take some analysis before buying a certain coin, moreover with the big amount of money.
It is also important to diversify our capital money to invest, never put it only in one coin.
I will also always tell others and newbies especially, it is better to buy in-the-top coins than new hype coins because they are too risky for a beginner.
By telling your own experience here, you actually can help others with your experience as a lesson. It is done to warn everybody that is especially new to the crypto industry, to be more careful, wise, and also not panic In buying or selling something.
We must also take some analysis before buying a certain coin, moreover with the big amount of money.
It is also important to diversify our capital money to invest, never put it only in one coin.
I will also always tell others and newbies especially, it is better to buy in-the-top coins than new hype coins because they are too risky for a beginner.
The worst mistake you could make now would be to run away from bitcoin altogether & not return. You make a mistake but don’t sit around crying about it forever. Get back up & try again, I would advise you to just buy & continue to DCA into bitcoin. Leave the alts & NFT games to the degens.
Yeah that's definitely true. Giving up now on crypto will only worsen everything and that doesn't sound as a solution anyways; you made a wrong choice so you shouldn't kill your self for that...alot of us do make wrong choices too even in the crypto world; someone sold out 1200 BTCs at a peanut price but look at what one btc Worth's today, he can't even but back one bitcoin let alone the quantity he sold out 
The worst mistake you could make now would be to run away from bitcoin altogether & not return. You make a mistake but don’t sit around crying about it forever. Get back up & try again, I would advise you to just buy & continue to DCA into bitcoin. Leave the alts & NFT games to the degens.
The biggest mistake Ive ever made with crypto was I took a 1200$ loan in 4th quarter of 2021to invest in a meme coin that later tanked down to 70% loss, I was deluded with 100k BTC by December and also the beginning of a bigger altcoin season, I wish I listened to some advices on here instead of relying on some crazy youtubers, my own crypto journey started with huge loss i hope I will make them back some day, if you are new to crypto do not take me step.
your outpouring is very touching
....if you buy Bitcoin then you are never wrong
your biggest mistake is to borrow money from the bank to buy shitcoin..
hope you can learn from your big mistakes
The biggest mistake Ive ever made with crypto was I took a 1200$ loan in 4th quarter of 2021to invest in a meme coin that later tanked down to 70% loss, I was deluded with 100k BTC by December and also the beginning of a bigger altcoin season, I wish I listened to some advices on here instead of relying on some crazy youtubers, my own crypto journey started with huge loss i hope I will make them back some day, if you are new to crypto do not take me step.
I think well of you that you are a champion firstly, not many will loose from something and still stay at it. It is really tempting to take loans to invest in coins especially when you think you are so certain of profit. However you must try as much not to begin investment in any uncertain venture like crypto with borrowed money, it is a bad mojo for it.
You made two wrong decisions of which the first one was listening to some fake youtuber who don't have any knowledge about market and only promotes these scam coins as paid advertisement and earn their money but investors loose their funds in them.
Second you invested in some shitcoin on his behalf without making any prior research yourself which caused you to suffer such a big loss.
Above them you took a loan of $1200 which goes against the market rule that invest what you afford to loose and loans need to be repaid so overall it was bad decision and have seen many people going this way but that's wrong of which the @OP has given proofs how he suffered such loss.
Second you invested in some shitcoin on his behalf without making any prior research yourself which caused you to suffer such a big loss.
Above them you took a loan of $1200 which goes against the market rule that invest what you afford to loose and loans need to be repaid so overall it was bad decision and have seen many people going this way but that's wrong of which the @OP has given proofs how he suffered such loss.
Sometimes we need to experience failure before we can realize our mistakes that will teach us a huge lesson. Its unfortunate that you believe those youtubers creating hype for a certain coin but its your greed who put you in that position. Anyway it happened already so its a lesson not only for you but for everyone who dont fill their minds with knowledge before investing their money.
Now take time learning and be wise to avoid repeating the same mistakes again.
Now take time learning and be wise to avoid repeating the same mistakes again.
The biggest mistake Ive ever made with crypto was I took a 1200$ loan in 4th quarter of 2021to invest in a meme coin that later tanked down to 70% loss, I was deluded with 100k BTC by December and also the beginning of a bigger altcoin season, I wish I listened to some advices on here instead of relying on some crazy youtubers, my own crypto journey started with huge loss i hope I will make them back some day, if you are new to crypto do not take me step.
Oh that is very sad story and that's a big amount of loss. But this testimony is 100 percent sure helpful to users who new in investing some coins. And the lesson learn here is that you should not trust what you saw in social media like youtube or other media. But that mistake you've done you can still fix it by paying your loan and like what they said above you can pay it by your own money not from investment but from your salary in your work.
I think you take a loan and can pay it later not because of you'll get profit from your investment but another way of getting money like from a job for example. It would be bad if you just loan money and doesn't have a way to pay the loan then that's very bad compared to losing 70% of your money from investment. Not only you lose your money but also can't pay the loan which will give you problems on how to pay it. Most of us have bad experience with money and in your case, you shouldn't believe everything on YouTubers as most of it are only making content about crypto but only to make them earn money from advertisment on YouTube. Better ask opinions from people in this forum and do more research .
Wow, this is really a very valuable experience, and glad that you understand it and are aware of this.
Meme coin is indeed very hype. I've played there too and failed, but not as much as I bet.
Playing on meme coins is like gambling, especially new meme coins that only follow Doge or Shiba Inu. It's a shame to risk a lot of money there.
Fortunately, you have realized and hopefully, it will not happen again to take new coins, especially those that do not have good fundamentals.
Meme coin is indeed very hype. I've played there too and failed, but not as much as I bet.
Playing on meme coins is like gambling, especially new meme coins that only follow Doge or Shiba Inu. It's a shame to risk a lot of money there.
Fortunately, you have realized and hopefully, it will not happen again to take new coins, especially those that do not have good fundamentals.
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Really? It's a "high risk, high reward" kind of decision and I cannot think of anyone loaning a large amount, as you mentioned that it changed their lives for the better, to invest to crypto. I love Bitcoin even with its unstable price, but I wouldn't do such risk to dig myself into more debts in the future. Curious to those people that you're mentioning though.
The biggest mistake Ive ever made with crypto was I took a 1200$ loan in 4th quarter of 2021to invest in a meme coin that later tanked down to 70% loss, I was deluded with 100k BTC by December and also the beginning of a bigger altcoin season, I wish I listened to some advices on here instead of relying on some crazy youtubers, my own crypto journey started with huge loss i hope I will make them back some day, if you are new to crypto do not take me step.
What a pity, many people have been in such an ugly scene before which has caused lots of havoc but its always good to learn from ones mistakes in order to avoid reoccurrence, there's a thread on the forum which talks about "share your costly lesson about Cryptocurrency" in which I also drop my own side of the story and i recommend you to also share yours on the same thread so others can learn from there too.
There are people that actually got their lives changed for the better because they took loans to invest in crypto, what doesn't work for me might work for others, if I have to give advice on this topic I'd say try understanding who you are first, some things aren't just programmed to work for you don't blame me.
That' was a very bad step to take but well, no much remorse now..just put yourself together and understand that failure isn't a sign of backwardness but misconduct.
I also appreciate how you made out time to advice people over here not to fall a victim of the same mistake you made
The main problem is that you failed to understand that the durability, monetization policy, accessibility and privacy in Bitcoin is not guaranteed to any other alt coins as far as I'm concerned.you also failed to understand which alt to invest and so much had confidence in YouTubers(if they really knew it was cool to trade with, then why didn't they do it thierselves? Think twice and be strong, sorry for your loss
I also appreciate how you made out time to advice people over here not to fall a victim of the same mistake you made
The main problem is that you failed to understand that the durability, monetization policy, accessibility and privacy in Bitcoin is not guaranteed to any other alt coins as far as I'm concerned.you also failed to understand which alt to invest and so much had confidence in YouTubers(if they really knew it was cool to trade with, then why didn't they do it thierselves? Think twice and be strong, sorry for your loss
Thank you very much to share such a painful personal story, meme coins are more like gambling than investments, if they gain attention they go up and if they don't, one might lose all their funds so, it is never a good idea, and specially when the price is already at peaks because of all attention and fear of missing out, surely there is a downward movement ahead of that. All the more bad to take loans over that for such investments, I hope OP is able to recover his losses and be stable again
I think OP knows what gonna happen to him after investing these meme coins. He is probably aware of that situation but he likes to invest and wasted his money, and he can neither blame us for reminding him. That OP is right, "don't be like me". Although we can afford to lose our money, however, it was not the reason why we commit loans, borrow money from others for that sake but we are doing this for a profit and to grow our capital. And we can also pay our debts.
The biggest mistake Ive ever made with crypto was I took a 1200$ loan in 4th quarter of 2021to invest in a meme coin that later tanked down to 70% loss, I was deluded with 100k BTC by December and also the beginning of a bigger altcoin season, I wish I listened to some advices on here instead of relying on some crazy youtubers, my own crypto journey started with huge loss i hope I will make them back some day, if you are new to crypto do not take me step.
Don't be sad. It's also an experience, which will help you avoid greater losses in the future. May you earn back your losses in the coming months. I am also in great loss now. I understand your mood. But I always encourage myself to get out of the dilemma. 
You made a great mistake,how can you borrow money to invest on crypto,and didn't even invest on good coin like bitcoin,you invested on memecoin that one can not really trust,because it might go down and not up for long time and if you are not patient enough you will sell your coin which will lead to shortage,well you have learnt your lesson,I'm sorry about your loss.
The biggest mistake Ive ever made with crypto was I took a 1200$ loan in 4th quarter of 2021to invest in a meme coin that later tanked down to 70% loss, I was deluded with 100k BTC by December and also the beginning of a bigger altcoin season, I wish I listened to some advices on here instead of relying on some crazy youtubers, my own crypto journey started with huge loss i hope I will make them back some day, if you are new to crypto do not take me step.
Everyone, before starting to invest in cryptocurrencies, should have notions of investment in general, and personal finance, such as the following.
1) Have an emergency fund for unforeseen events.
2) Do not invest money that you need in the short or medium term, depending on the term of your investment.
3) Never borrow to invest in highly volatile assets, and even less based on what you have heard from some Youtubers.
Etc.
Read about personal finance and investing before investing in anything else.
The biggest mistake Ive ever made with crypto was I took a 1200$ loan in 4th quarter of 2021to invest in a meme coin that later tanked down to 70% loss, I was deluded with 100k BTC by December and also the beginning of a bigger altcoin season, I wish I listened to some advices on here instead of relying on some crazy youtubers, my own crypto journey started with huge loss i hope I will make them back some day, if you are new to crypto do not take me step.
Your experience is far from unique, as many of us have been through it. Many make mistakes, but not many realize their mistakes. You are already on the right way if you don't blame someone else for your mistakes. From now on, your bitter experience will stop you from such hasty decisions with hype projects. Now you know exactly what to invest in?
Thank you very much to share such a painful personal story, meme coins are more like gambling than investments, if they gain attention they go up and if they don't, one might lose all their funds so, it is never a good idea, and specially when the price is already at peaks because of all attention and fear of missing out, surely there is a downward movement ahead of that. All the more bad to take loans over that for such investments, I hope OP is able to recover his losses and be stable again
The biggest mistake Ive ever made with crypto was I took a 1200$ loan in 4th quarter of 2021to invest in a meme coin that later tanked down to 70% loss,
So sorry to hear that. But, there are at least two mistakes here.First, the first lesson to understand when going to invest in the cryptocurrency is "never use a loan to make an investment, because it means that we may not be ready or able to afford the possibility of the loss"
The second is about investing meme a coin.Meme coin is not worth for long term investment,moreover the new meme coin. This is only a game of pump and dump with super hype spread by many infleuncers, marketers, and also other parties who only wantto take the profits from the hype. Ater that, it will be gone.
You can get mislead on here too, not everyone are crypto experts here and some never learned from their lessons, if you don't use your own sense you will be lead astray, listen to advices and choose the right one for yourself.
Well, some people's success comes from copying to the other strategy but in order to get successful, you need to invest, not just in money but also in knowledge. The more you read and apply it on the field the more you will learn and I think having enough experience is a great help once you are in crypto market.This forum is your best guide if you didn't have a single clue on what to do with owning a crypto currency, be it altcoins or Bitcoin. As long as you you can manage the risk since most newbies will suffer from big lose due to lacking of knowledge. It's better to learn on your own and do a lot of research since every piece of information will probably help you to survive in this market.
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Loaning to invest into something unpredictable is the last thing you'll ever do with your money. Meme coin or not, you really screwed up in that part. Even if I was a full time trader or even a whole holder of Bitcoin, the money I used to invest to those won't come from any borrowed money nor loan.At least you realized where you went wrong. I can't say anything in the "crazy youtubers" part since I never really watched any of them except when I was learning day trading back in the days.
Regardless I wish you the best to get back your losses one day.
You can get mislead on here too, not everyone are crypto experts here and some never learned from their lessons, if you don't use your own sense you will be lead astray, listen to advices and choose the right one for yourself.
You did well for accepting your own mistake because not everyone are able to admit their mistakes it's why they never grow, let this be an unforgettable lesson for you so that it won't repeat itself, trading msitakes for knowledge is the fastest way to grow and sometimes they comes with some costs.
Mistakes will indeed provide good learning not to repeat them in the future. but now we can also learn from the mistakes of others.OP taking out a loan to trade and buying meme coins was the right decision, but it cost him a lot because he didn't do his research first. Research is very important before investing and knowledge of trading is also needed, in order to know when is the right time to enter the market and when is the right time to exit. If the OP has suffered a loss of up to 70%, that is not a good situation, because the interest on the loan will still run. Fatal mistakes for using borrowed money and not having good trading skills and knowledge.
The biggest mistake Ive ever made with crypto was I took a 1200$ loan in 4th quarter of 2021to invest in a meme coin that later tanked down to 70% loss...
You can't take a loan and solely rely on crypto pumping so you can make profit to repay your loan, now that's very wrong, crypto is volatile and the market prolly may not be in your favor when your loan/debt is due, if you have other sources of income, or businesses of any sort, something you can take money from and pay back your loan if the market is down as of the time to pay, then taking a loan may not be too much of a bad idea. Mind you as well, that you should "only invest what you can afford to lose", crypto isn't a get rich quick thing, neither is profit in anyway guaranteed, so as you invest, you must at all times consider profit and also possible loss. But the difference is this, if you invest in a good, long term coin like Bitcoin, and with your own spare money, then even if there is a plunge or correction phase, you'll not have to panic and then sell, you'll be patient and wait for the price to bounce back up again.
You did well for accepting your own mistake because not everyone are able to admit their mistakes it's why they never grow, let this be an unforgettable lesson for you so that it won't repeat itself, trading msitakes for knowledge is the fastest way to grow and sometimes they comes with some costs.
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The biggest mistake Ive ever made with crypto was I took a 1200$ loan in 4th quarter of 2021to invest in a meme coin that later tanked down to 70% loss, I was deluded with 100k BTC by December and also the beginning of a bigger altcoin season, I wish I listened to some advices on here instead of relying on some crazy youtubers, my own crypto journey started with huge loss i hope I will make them back some day, if you are new to crypto do not take me step.
You have made the mistake, what you need now is to learn from it and use it for future betterment.There is nothing bad to borrow if you are a working class and will have no isssue to pay in time, or if you have other means to pay. But if you borrow and not having any means to pay back is when something is wrong.
You make a good point when you said if she's working class but the profitable cryptocurrency investment advice is to only invest the amount people can afford losing which I believe mean asking for a loan to invest in a crypto is never a good idea and this is one of the reasons why Binance has an issue with the UK government through their margin trading scheme 
~snipped~
Although I also think not everyone also loses because of the trade using borrowed money from the Bank. But most will have different pressures that have an effect in making decisions when trading. The biggest mistake Ive ever made with crypto was I took a 1200$ loan in 4th quarter of 2021to invest in a meme coin that later tanked down to 70% loss, I was deluded with 100k BTC by December and also the beginning of a bigger altcoin season, I wish I listened to some advices on here instead of relying on some crazy youtubers, my own crypto journey started with huge loss i hope I will make them back some day, if you are new to crypto do not take me step.
Perhaps, no one wants to lose their money but instead, we want to grow it. I see many people had to commit loans to start their business, their investments. Whiles some had succeeded but some ended up losing their money and in huge debts. I'm not going to say it is a bad choice but comes this is a common scenario who have no money to start. But what I notice is that these people who badly lose their money are impatient people, they are always in a hurry, and have a greedy soul, and make them not able to control their emotions which leads to that sad ends.
I bet that many newbies will read your warning, "Don't be like me" and still go ahead to make the same mistake as you did. A lot of peeps want it hot and quick. They feel those who are conservative are unnecessarily so. I'm inclined to thinking that most people like to make their own mistakes and then learn from it than learning from the mistakes of others. Again, going forward, always remember that in cryptos there's nothing certain. It's all speculative and that's why the caveat of people not investing more than they can afford to lose always comes in.
Unfortunately, this is true. People rarely learn from other people's mistakes even though they are able to see their actions as they happened in real-time. Instead, we learn from what happens to us. There's a famous saying that goes something like this, you can't fail at something if you don't try, and if you're not trying then you can't succeed. Unfortunately, we tend to take this too literally.
The biggest mistake Ive ever made with crypto was I took a 1200$ loan in 4th quarter of 2021to invest in a meme coin that later tanked down to 70% loss, I was deluded with 100k BTC by December and also the beginning of a bigger altcoin season, I wish I listened to some advices on here instead of relying on some crazy youtubers, my own crypto journey started with huge loss i hope I will make them back some day, if you are new to crypto do not take me step.
Don't expect on a youtuber since they do everything just to hype up for views and for marketing of the coins they are promoting so its really better to listen on what majority thinks especially here in forum where people have freedom to speak what's on their mind and for sure you can get a certain knowledge about what information you are searching. Maybe next time you can do better and try to learn on your experience.
Again, going forward, always remember that in cryptos there's nothing certain. It's all speculative and that's why the caveat of people not investing more than they can afford to lose always comes in.
In my local forum there is a thread similar to this discussion. I always follow him and respond. From that discussion I get that most do not agree if trading using bank loan money. The problem is there are many risks to be borne, bank installment returns, emotional levels, uncomfortable in trading because there must be a profit target.
Although I also think not everyone also loses because of the trade using borrowed money from the Bank. But most will have different pressures that have an effect in making decisions when trading.
I bet that many newbies will read your warning, "Don't be like me" and still go ahead to make the same mistake as you did. A lot of peeps want it hot and quick. They feel those who are conservative are unnecessarily so. I'm inclined to thinking that most people like to make their own mistakes and then learn from it than learning from the mistakes of others. Again, going forward, always remember that in cryptos there's nothing certain. It's all speculative and that's why the caveat of people not investing more than they can afford to lose always comes in.
Stay away from youtubers, articles, media - they add nothing useful.
I wouldn't generalize like that, there are good articles and videos worth watching, but given the huge amount of media garbage (because everyone thinks they can be journalists, bloggers, or whatever) it's hard to find quality content. The average person who makes some investments must be informed, and if he lives in a complete blockade of the media, he will surely do himself more harm than good.
Those who knew how to sift through useful and important information last year could have predicted in some way that there would be a global market downturn, and react to it before it happened. There are also people on this forum who used the last ATH to their advantage, sold part of the BTC and then used it for good purposes - unlike those who waited for $100k.
The biggest mistake Ive ever made with crypto was I took a 1200$ loan in 4th quarter of 2021to invest in a meme coin that later tanked down to 70% loss, I was deluded with 100k BTC by December and also the beginning of a bigger altcoin season, I wish I listened to some advices on here instead of relying on some crazy youtubers, my own crypto journey started with huge loss i hope I will make them back some day, if you are new to crypto do not take me step.
Relying on other people is a big mistake in any business, especially using your money because you need to be responsible for every decision you make.You can hear or read other people's suggestions but behind that, you still need research to find more info so you can decide which you think is the best for you.
If you can sell a meme coin at the right time, you are making a profit because from 2021 to early 2022, you have a good time to sell all the meme coins and take profit but that depends on the coins.
I am sure you still have a chance to recover slowly from your losses but you need to work step by step because the market will be back to normal and will have time to rise again.
If you mean to say that OP would have been doing the right thing had he borrowed money to invest in Bitcoin and not in a meme coin, I beg to disagree.
Some memecoins are worthless and not worth investing was what I meant, example is the Wakanda Inu, some people could have borrowed money all because of Wakanda Inu, thinking it will increase like Shiba Inu. Thinking Wakanda Inu will do bigger, but the opposite is what happened. There are thousands of altcoins and many of them are risky, that was what I meant. I will prefer to invest in a coin that I know all-time-high is most likely guaranteed, that was the reason I chose bitcoin. Some people are smiling as they make big profit from memecoins, but some of the memecoins are very risky, what I hate the most is if the coin never reach all-time-high again.What I meant to say is that even if OP borrowed money for buying Bitcoin, it wasn't a wise decision. Only borrow money when the situation calls for it. I know that even billionaire companies take loans, but it is going to be a very different case for an individual who did not even manage to make enough savings for buying Bitcoin.
Bitcoin's price could remain low for years. It is possible that one's Bitcoin investment does not yield any ROI for years. What will happen if a person who does not have savings and borrowed money to buy Bitcoin suddenly lost his/her job? Or what if an emergency arises all of a sudden? What is he/she gonna do? Sell his/her Bitcoin at a loss? Loan more?
Taking a loan to invest is similar to gambling.
It depends greatly how the loan is also used and how can it be paid back. Clearly taking a loan for investing into crypto is dangerous and in most of the cases not a god idea. Still, many companies develop on debt/loans, people buy houses and cars with loaned money... actually with fiat hit by inflation it can even be a somewhat good business sometimes.
So it's similar to gambling only at the extent the many (wrongly) see crypto trading in a pretty much similar way as gambling. Unfortunately some even consider themselves traders.
Investing in crypto is risky and I can feel it. If we make a wrong step then our assets are at stake. In my opinion, it would be better if you want to start investing in crypto, so we choose to invest in coins that are trusted, especially if the capital that we spend is also big, it is too risky to invest in meme coins, especially for a beginner. Maybe this can be a lesson in the future so don't be too hasty and it's also better to start investing in trusted coins and top spots where it will be much safer and the prospects are also better.
I don't bother telling newbies to do research using google anymore because sometimes Google will lead them to crypto YouTubers, now I tell them to start their journey on bitcointalk by using bitcointalk search engine, I'm sorry for your loss OP but honestly it's not over you've learned and that's all that matters.
There is nothing bad to borrow if you are a working class and will have no isssue to pay in time, or if you have other means to pay. But if you borrow and not having any means to pay back is when something is wrong.
You bought memecoin? So sorry. It will be bad if the memcoin do not reach all-time-high ever again or if it remain as shitcoin or later become dead.
If you have bought bitcoin, you can still just hold it for years, all-time-high will again be possible.
Taking a loan to invest is similar to gambling. It can't be advised nor encouraged remember as a working class you depend on your salary for survival. I would rather encourage taking from the salary you received to invest maybe a certain quarter so that if the investment doesn't go the bullish direction there is always something to fall back on. Crypto investment is never a guaranteed investment so therefore one has to be meticulous about how the go about their investments You bought memecoin? So sorry. It will be bad if the memcoin do not reach all-time-high ever again or if it remain as shitcoin or later become dead.
If you have bought bitcoin, you can still just hold it for years, all-time-high will again be possible.
5W-KILO: you didn't make a mistake. You learned, and it came at a cost. Sorry that happened to you, but it's in the past. Start looking forward.
I advised on anther thread not to ever get discouraged. If you quit, you made a mistake. if you keep going, it was just a learning experience. Keep at it.
Remember the first rule of investing: "Don't invest what you can't lose".
You don't need 1200 bucks to start investing in crypto, you can start with 10 bucks. I started with 5. Just don't wait. Get your 5 or 10 bucks (or whatever you can get without getting a loan, and start moving!
I advised on anther thread not to ever get discouraged. If you quit, you made a mistake. if you keep going, it was just a learning experience. Keep at it.
Remember the first rule of investing: "Don't invest what you can't lose".
You don't need 1200 bucks to start investing in crypto, you can start with 10 bucks. I started with 5. Just don't wait. Get your 5 or 10 bucks (or whatever you can get without getting a loan, and start moving!
The biggest mistake Ive ever made with crypto was I took a 1200$ loan in 4th quarter of 2021to invest in a meme coin that later tanked down to 70% loss, I was deluded with 100k BTC by December and also the beginning of a bigger altcoin season, I wish I listened to some advices on here instead of relying on some crazy youtubers, my own crypto journey started with huge loss i hope I will make them back some day, if you are new to crypto do not take me step.
Unfortunately, you acted as if you were playing roulette in a casino. Meme coins are purely speculative cryptocurrencies behind which there is no product and its price is mainly created by marketing. $1200 is not an amount that will put you in debt for a long time, so you are lucky that this lesson cost you "only" that much. If you spend more time educating yourself about investing and doing research of projects, which is fundamental analysis, I'm sure you'll get your money back sooner than you think.
The biggest mistake Ive ever made with crypto was I took a 1200$ loan in 4th quarter of 2021to invest in a meme coin that later tanked down to 70% loss, I was deluded with 100k BTC by December and also the beginning of a bigger altcoin season, I wish I listened to some advices on here instead of relying on some crazy youtubers, my own crypto journey started with huge loss i hope I will make them back some day, if you are new to crypto do not take me step.
You made a lot of mistakes:
1. You invested more you'd afford to lose (even worse, borrowed money)
2. You invested driven by FOMO.
3. You didn't check the project thoroughly before investing (it could even have helped you "cool down" from that FOMO)
4. You have jumped in without having an overview on how crypto markets go (like for example many small projects are just short-lived pump and dump coins). Greed with no knowledge make FOMO even worse.
It's a costly lesson, but I've seen (heard of) worse. Take it as a lesson, learn even more and maybe someday you'll look back and smile thinking on how difficult your journey has started.
The biggest mistake Ive ever made with crypto was I took a 1200$ loan in 4th quarter of 2021to invest in a meme coin that later tanked down to 70% loss, I was deluded with 100k BTC by December and also the beginning of a bigger altcoin season, I wish I listened to some advices on here instead of relying on some crazy youtubers, my own crypto journey started with huge loss i hope I will make them back some day, if you are new to crypto do not take me step.
I'm curious when you bought that coin has there perhaps been a moment where its value has gone enough to cover credit, interest and some extra earnings for you?
If your answer is yes, then you're probably just too greedy and even if you had made a profit, you would surely have continued to invest until another great loss occurred. of course, the finger trigger is much easier if you spend "someone else's" money.
if from the beginning that coin only goes down, you need to think about your assessment and in the future keep in mind that you do not have the skill for such assessments.
The biggest mistake Ive ever made with crypto was I took a 1200$ loan in 4th quarter of 2021to invest in a meme coin that later tanked down to 70% loss, I was deluded with 100k BTC by December and also the beginning of a bigger altcoin season, I wish I listened to some advices on here instead of relying on some crazy youtubers, my own crypto journey started with huge loss i hope I will make them back some day, if you are new to crypto do not take me step.
Some had a good experience in meme coins and even make more profit as they were able to ride the hype but those who come and invest late, are those who suffer losses, and that was likely you did. I fought people not to borrow money for no reason but investing seems to be a reasonable thing but you have made it wrong and fallen into illusion and greed. What I mean is that you have been fooled by these mem coins who promise huge rewards but sadly, it was a big opposite happens to you.
If you mean to say that OP would have been doing the right thing had he borrowed money to invest in Bitcoin and not in a meme coin, I beg to disagree.
Some memecoins are worthless and not worth investing was what I meant, example is the Wakanda Inu, some people could have borrowed money all because of Wakanda Inu, thinking it will increase like Shiba Inu. Thinking Wakanda Inu will do bigger, but the opposite is what happened. There are thousands of altcoins and many of them are risky, that was what I meant. I will prefer to invest in a coin that I know all-time-high is most likely guaranteed, that was the reason I chose bitcoin. Some people are smiling as they make big profit from memecoins, but some of the memecoins are very risky, what I hate the most is if the coin never reach all-time-high again. The biggest mistake Ive ever made with crypto was I took a 1200$ loan in 4th quarter of 2021to invest in a xxx coin that later tanked down to 70% loss...
Never invest money you are not willing to lose, and never borrow money for risky investments - it is nothing but ordinary gambling. You could take that $1200, go to the casino and play roulette or blackjack, the chance is always on the side of the house - but maybe luck would smile on you that day.
Besides, reading your posts, one caught my attention, and it seems that the good old greed cost you a profit, you just needed to sell a lot sooner and be happy with less profit.
My greatest regret in 2021 is failing to take profits I made alot but failed to remove my gains later I lost it all, my advice to everyone is be on watch out for beat market this bull market have been around for too long now, all I'm expecting is a bull trap and a huge reversal so take profits in this crucial season
This is an important life lesson for you, and it's better to have learned it for $1200 than for a larger amount. For consolation, you haven’t actually lost anything if you don’t sell that coin now, but the question is whether and when its value will increase again.
There is nothing bad to borrow if you are a working class and will have no isssue to pay in time, or if you have other means to pay. But if you borrow and not having any means to pay back is when something is wrong.
If you mean to say that OP would have been doing the right thing had he borrowed money to invest in Bitcoin and not in a meme coin, I beg to disagree. This is my personal opinion. I think it is not really prudent for somebody to borrow money in order to invest. There is no investment that is risk-free and I guess it is unwise to risk borrowed money. You can risk your savings, yes, but not even all of it. If you don't have money, earn it first. Think of investment later.
never trust a meme coin. on the bright side, you can take this incident as a lesson and become better next time.
I wish I listened to some advices on here instead of relying on some crazy youtubers, my own crypto journey started with huge loss i hope I will make them back some day, if you are new to crypto do not take me step.
that's why it is always best to do your own research instead of completely relying on what someone says. these youtubers have their own agenda and helping the people who watch them is not always on their priority list.
You can also get bad advice here. For example, people here very often tell to buy the dip every time Bitcoin's price drops, even if there's a possibility of a long bear market. The reality is, trading is not easy, no one actually has any idea where the market goes, and the best strategy is to buy the asset that will perform well in long term and wait. So, stick to Bitcoin and HODL.
I really hope for you you can refund your loan.
The motto "invest what you can afford to lose" can also been seen as what happen if my investment go to zero, can I mentally withstand that lost and continue my life as it was.
The motto "invest what you can afford to lose" can also been seen as what happen if my investment go to zero, can I mentally withstand that lost and continue my life as it was.
I'm sorry about what happened to you.
The crypto industry is very risky and you really need to be very careful and know what you are doing.
In fact, any investment of money, in any business, such as Forex, MLM, stock market shares, starting a business is always risky and you should never invest more money than what you can afford to lose.
If it can comfort you, I’ve lost money many times over because of my misjudgments and lack of experience, as have many other people, but I’ve learned from my mistakes and moved on. I advise you to do the same.
The crypto industry is very risky and you really need to be very careful and know what you are doing.
In fact, any investment of money, in any business, such as Forex, MLM, stock market shares, starting a business is always risky and you should never invest more money than what you can afford to lose.
If it can comfort you, I’ve lost money many times over because of my misjudgments and lack of experience, as have many other people, but I’ve learned from my mistakes and moved on. I advise you to do the same.
There is nothing bad to borrow if you are a working class and will have no isssue to pay in time, or if you have other means to pay. But if you borrow and not having any means to pay back is when something is wrong.
You bought memecoin? So sorry. It will be bad if the memcoin do not reach all-time-high ever again or if it remain as shitcoin or later become dead.
If you have bought bitcoin, you can still just hold it for years, all-time-high will again be possible.
You bought memecoin? So sorry. It will be bad if the memcoin do not reach all-time-high ever again or if it remain as shitcoin or later become dead.
If you have bought bitcoin, you can still just hold it for years, all-time-high will again be possible.
The biggest mistake Ive ever made with crypto was I took a 1200$ loan in 4th quarter of 2021to invest in a meme coin that later tanked down to 70% loss, I was deluded with 100k BTC by December and also the beginning of a bigger altcoin season, I wish I listened to some advices on here instead of relying on some crazy youtubers, my own crypto journey started with huge loss i hope I will make them back some day, if you are new to crypto do not take me step.
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