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Topic: Ego and too much confidence are dangerous in investing. (Read 416 times)

sr. member
Activity: 966
Merit: 391
Underestimate- nothing
I don't like investing in altcoins despite their reputation because most people don't do any personal research about a project before investing. FTX should be a lesson by now, but people don't listen, and that's the problem: people invest in projects that will increase in value by 10 to 100 times without considering the risk behind it that is the number one thing in cryptocurency always research before investing. Like they say experience is the best teacher.
hero member
Activity: 1190
Merit: 543
fillippone - Winner contest Pizza 2022
2021 I started my journey here in crypto, I was lucky because I was able to invest in other cryptos before it went all the way up. NFTs, P2E games, airdrops and hyped shitcoins lol. Of course I earned a lot and since it's my first time I became very confident thinking I'm so smart lol Grin. I have more money to spare, so I end up investing left and right carelessly thinking i will earn more but the truth is majority of those i have invested are lost money because of bear market, scam projects and rugpulled shitcoins. I think I am not for crypto Sad.
Ego is very bad and It can make us to nit bother about making enquiry that will lead to getting more information about the project we want to invest in. If we have too much ego we will not be able to flow with people and lack information that is need to get to the next level.  knowledge is a big thing we need to sort for because it will give us guidelines on how to go about our crypto journey. We learn from each other and no man island in the cryptocurrency market.
sr. member
Activity: 994
Merit: 441
2021 I started my journey here in crypto, I was lucky because I was able to invest in other cryptos before it went all the way up. NFTs, P2E games, airdrops and hyped shitcoins lol. Of course I earned a lot and since it's my first time I became very confident thinking I'm so smart lol Grin. I have more money to spare, so I end up investing left and right carelessly thinking i will earn more but the truth is majority of those i have invested are lost money because of bear market, scam projects and rugpulled shitcoins. I think I am not for crypto Sad.
We know pride is the root of downfall. Pride is dangerous anywhere, not just in investment or business. Many people like you have fallen by boasting such thoughts. Your life has a lot in common with mine. I have also earned a lot in life from this bitcoin forum. But I didn't succeed like you, I went down a lot. At one time I also had many invested coins in which I saw a lot of money. But due to market dumping those invested coins are now completely destroyed. So I have made a decision in life and am living with that decision. I am converting all my earnings into my country's money without investing it or using it for anything.
newbie
Activity: 2
Merit: 0
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sr. member
Activity: 728
Merit: 444
Plato, one of the greatest philosophers to have ever lived, had a saying which goes "I know that I know nothing". Ego would blind you. Overconfidence will lead you astray. I would guess that you are a "solo- investor".  I mean that you are not in any crypto community where you would have gotten guidance, mentoring and advice. In my estimation, no matter many years you have spent in the crypto ecosystem or how much money you have made you should take caution and be teachable. You should never stop learning. I do believe that the more knowledge you acquire, the less ego you'd have.
sr. member
Activity: 1316
Merit: 422
Catalog Websites
You've forgotten the "Do your own research" thing when putting your money into a shitcoin that's still weak in fundamentals a second time. Your carelessness has gone beyond what it should not do, investing in Cryptocurrencies especially shitcoins is much riskier than investing in high end coins like Bitcoin, ETH and BNB. It is important to do thorough research before investing in shitcoins, overall Cryptocurrencies are still considered highly volatile speculative investments, so buy as you can afford the risk.
sr. member
Activity: 2086
Merit: 283
Vave.com - Crypto Casino
Hmm, this is happening to all. I assume only a few people in crypto can say they are not facing this in their crypto life. I also lost the chance during the 2017-2018 bullish market. The thought was the same as you, and hold them for becoming a millionaire lol (kidding). But my bad I was so stupid and lost them all due to the bear market starting.
Yes it's true, usually when someone who is not used to dealing with the cryptocurrency market, I think they will also feel the same way because most of them will definitely be tempted when they have succeeded in earning big income from their first investment and think that they can earn more bigger than what they got at that time if they put all the funds they had back into random coins without looking at the fundamentals and intrinsic value of the coins they wanted to invest so that in the end they had to suffer losses because they were too obsessed with getting rich quick.
sr. member
Activity: 1918
Merit: 328
Well, at leas you learnt your lesson from this, and you will definitely not repeat the same thing in your entire life. And, by sharing this, I hope a lot of other newbies will also learn from your mistake and do their due research before investing any money into any coin/token no matter how much hype it is getting within the community.

We've seen it many times in the past, tokens/coins which with temporary hypes are generally the reason for newbies to lost money since they invest late and then when the token falls and fails to gain value again, they realize they did a mistake but there's no point then.
hero member
Activity: 2282
Merit: 795
2021 I started my journey here in crypto, I was lucky because I was able to invest in other cryptos before it went all the way up. NFTs, P2E games, airdrops and hyped shitcoins lol. Of course I earned a lot and since it's my first time I became very confident thinking I'm so smart lol Grin. I have more money to spare, so I end up investing left and right carelessly thinking i will earn more but the truth is majority of those i have invested are lost money because of bear market, scam projects and rugpulled shitcoins. I think I am not for crypto Sad.

Investing in cryptocurrency takes time. If you started last 2021, then you must have not fully comprehended or understood the processes of cryptocurrencies and its aspects. Just like a normal investment, it will take some time before you actually profit from it. Though the difference is that in cryptocurrency, you can either win/lose your investment depending on when you started.

Since you mentioned that you invested during its bear time, it will definitely take some time before you could maximize its potential. It has been months since the price of BTC has been stable around the $20,000 but you should take note of the incoming fork this 2024.
hero member
Activity: 798
Merit: 1045
Goodnight, ohh Leo!!! 🦅
2021 I started my journey here in crypto, I was lucky because I was able to invest in other cryptos before it went all the way up. NFTs, P2E games, airdrops and hyped shitcoins lol. Of course I earned a lot and since it's my first time I became very confident thinking I'm so smart lol Grin. I have more money to spare, so I end up investing left and right carelessly thinking i will earn more but the truth is majority of those i have invested are lost money because of bear market, scam projects and rugpulled shitcoins. I think I am not for crypto Sad.
Having confidence pays off very much at some point, it all depends on the situation you're facing.
The truth is that you were overwhelmed by too much greed; that's exactly the reasons why you thought it'll pay even much more to invest in NFTs and all those bunch of scammy and shitty coins, that'll prolly devaluate as time fades , instead of appreciating.... Then when the same thing keeps happening, they'll simply fold up and your cash is gone.
Having confidence pays because you should atleast Trust the project you've choosed and that, should be from different selfproven observations.. onlike BTC, the survival time alone and its scalability could prolly convince anyone that's serious in having a good investment.

Sandra 🧑‍🦰
hero member
Activity: 2702
Merit: 716
Nothing lasts forever
2021 I started my journey here in crypto, I was lucky because I was able to invest in other cryptos before it went all the way up. NFTs, P2E games, airdrops and hyped shitcoins lol. Of course I earned a lot and since it's my first time I became very confident thinking I'm so smart lol Grin. I have more money to spare, so I end up investing left and right carelessly thinking i will earn more but the truth is majority of those i have invested are lost money because of bear market, scam projects and rugpulled shitcoins. I think I am not for crypto Sad.

That feeling of regret can make you feel shitty about yourself but don't lose hope as long as you are here.
Many of us would have committed the same mistakes as you did but we learn from our own mistakes and you should too.
Also, everyone becomes a good trader in a bull market but not many can survive the bear market.
Hold yourself up with whatever you have and wait for the bull run again and then take the profits out while you still have them.
Sustaining profits is the biggest challenge in investing where many fail.
hero member
Activity: 2268
Merit: 588
You own the pen
At this point, if you want to come back, you will always welcome and consider to stick into bitcoins because no matter what happened with its price, it always bounces back through the years. Unlike those altcoins where you think that they will gonna make you rich once they are pumped when the Bull runs come, in reality, they will sink before the bull runs and their true colors will show and will not gonna make you rich because they will run away with your money and your investment will forever gone.
legendary
Activity: 2268
Merit: 1655
To the Moon
...Of course I earned a lot and since it's my first time I became very confident thinking I'm so smart lol Grin. ..

Every second person can tell such a story here on the forum. And this is explained by the fact that it was very easy to make money in the bull market, even for beginners. But then the bear market came and most of them lost what they had earned earlier. But now you have really more experience, which will allow you to save your deposit.
sr. member
Activity: 924
Merit: 329
Hire Bitcointalk Camp. Manager @ r7promotions.com
2021 I started my journey here in crypto, I was lucky because I was able to invest in other cryptos before it went all the way up. NFTs, P2E games, airdrops and hyped shitcoins lol. Of course I earned a lot and since it's my first time I became very confident thinking I'm so smart lol Grin. I have more money to spare, so I end up investing left and right carelessly thinking i will earn more but the truth is majority of those i have invested are lost money because of bear market, scam projects and rugpulled shitcoins. I think I am not for crypto Sad.
It is just a matter of believe and you must be that person who has a long time goal. There is nothing like being greedy when it comes to cryptocurrency, it is just your decision and you knowing what you are trying to achieve, I can buy a Bitcoin today at the rate of $60,000 and have a target, because I have the money and I don't want to put the money in the bank, so I will prefer to invest it on bitcoin for a specific period of time knowing fulling well that the price might go up. For me I prefer to invest in bitcoin them to put my money in the bank.
sr. member
Activity: 602
Merit: 411
Rollbit.com
2021 I started my journey here in crypto, I was lucky because I was able to invest in other cryptos before it went all the way up. NFTs, P2E games, airdrops and hyped shitcoins lol. Of course I earned a lot and since it's my first time I became very confident thinking I'm so smart lol Grin. I have more money to spare, so I end up investing left and right carelessly thinking i will earn more but the truth is majority of those i have invested are lost money because of bear market, scam projects and rugpulled shitcoins. I think I am not for crypto Sad.
you're not the only ones who think like that, I think almost all beginners in the crypto investment field experience something similar to what you experienced.
but all of that is good, because after all that has happened, make yourself think longer and more mature in investing.
legendary
Activity: 2268
Merit: 1379
Fully Regulated Crypto Casino
2021 I started my journey here in crypto, I was lucky because I was able to invest in other cryptos before it went all the way up. NFTs, P2E games, airdrops and hyped shitcoins lol. Of course I earned a lot and since it's my first time I became very confident thinking I'm so smart lol Grin. I have more money to spare, so I end up investing left and right carelessly thinking i will earn more but the truth is majority of those i have invested are lost money because of bear market, scam projects and rugpulled shitcoins. I think I am not for crypto Sad.
Maybe had the same effect. It sucks that greed really came out of us when we wanted more. But time cant be swayed so better accept that and move on. But of course when given an opportunity again I would boy hesitate to take profits all those I have loss in the bull market. We just need to be wise and not so greedy this time afterall the market is just going up and down.
legendary
Activity: 2338
Merit: 1084
zknodes.org
this often happens to those who get big results early on. Earn lots of money from NFTs, P2E games and some airdrops which provide great incentives.
and then they mismanage the money, invest in some scam and shitcoin projects because they didn't do their research and end up being a rugpull and their money is slowly disappearing.
It's quite sad to see such an unkind ending. everyone needs to learn from this incident in order to manage money well, know good projects and not be careless in anything.
legendary
Activity: 2478
Merit: 4341
eXch.cx - Automatic crypto Swap Exchange.
2021 I started my journey here in crypto, I was lucky because I was able to invest in other cryptos before it went all the way up. NFTs, P2E games, airdrops and hyped shitcoins lol. Of course I earned a lot and since it's my first time I became very confident thinking I'm so smart lol Grin. I have more money to spare, so I end up investing left and right carelessly thinking i will earn more but the truth is majority of those i have invested are lost money because of bear market, scam projects and rugpulled shitcoins. I think I am not for crypto Sad.

Everyone can be for cryptocurency but they first need to be equiped with the right information for them to be a abel to succeed in this market. This is an unregulated market so you'll be getting lots of scammers and scam project been portrayed as a legitimate investment and when you don't have the right information you'll end up believing the lies they're spreading and losing all your investment in the process. Good time you have be wakened form the dream you were in as many don't get waken until they have lost so much that there's nothing left to be convinced of this been a profitable market.

Just imagine you invested all the profits you made into Bitcoin, you won't be feeling as bad as you're feeling now because there's an assurance of your investment not going to zero and hope of been even more profitable in the future as Bitcoin reclaims new highs probably after the halving as it usually does from past history. Bear market are perfect for learning, so I'll advise you use this time to learn more so you'll be fully prepared when the bulls begin to get active again. Staying informed on the forum is one of the way you can stay ahead of the industry as everything gets discuss here that'll help you in the industry.
sr. member
Activity: 1316
Merit: 356
2021 I started my journey here in crypto, I was lucky because I was able to invest in other cryptos before it went all the way up. NFTs, P2E games, airdrops and hyped shitcoins lol. Of course I earned a lot and since it's my first time I became very confident thinking I'm so smart lol Grin. I have more money to spare, so I end up investing left and right carelessly thinking i will earn more but the truth is majority of those i have invested are lost money because of bear market, scam projects and rugpulled shitcoins. I think I am not for crypto Sad.
Early success is not really a success. There's no short cut in crypto. If you feel that crypto investing is not for you, the you can go back and backtest your investment strategy. You can also seek an advice to traders who have 3-5years of experience and follow them. We have to bear in our mind that investing in crypto is long term, there's some people who got rich in no time but we can only prove that our strategy is working if you can survive your port in 3 years of investment.
copper member
Activity: 2156
Merit: 983
Part of AOBT - English Translator to Indonesia
Your tittle was right ego and too much confidence are dangerous in investing. But you don't have to give up. Even me or everyone here makes mistake we are human far from perfect  Smiley damn I should being motivator right  Grin

But that is true back '21 I make dozen of money at least in my local currency and I am do as you do I invest 90% to VC right and left and ending up turn into ash but you know what we get the experience that is the best, we can't change the past but we can know from the past that we can use as a tool in future keep it up
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