Topic: From Mining to Gambling: A Rollercoaster Ride in the Crypto World (Read 499 times)

Through Op's story, I think my best friend also learned lessons about himself
- control greed
- lack of knowledge about the field of participation
- Loose capital management
...
In cyberspace, we have tons of different things that can make us lose money or make money. We can look back at some easy forms for us to access. But the OP's story is that this is a very large asset and not rational enough to manage it. People will lose their sanity when continuous failure with gambling is a sign of an addiction. But if after this failure you do not see the lessons for yourself, this will easily repeat itself in another form, and the mistake will always belong to you.

Mining hasn’t been profitable for a while. Especially after ETH went POS, it killed many home miners pretty much. Sure there are bitcoin ASICS but the machines are very expensive and you need to know people in the power industry to get great rates on electricity, it’s very difficult to do it in a personal home.

From time to time some new coin might come out and be slightly profitable but many miners these days are barely making anything.

Why is mining no longer profitable? And I also didn't see the OP mention that he stopped mining altogether. What I saw him say was that he got addicted to futures trading and then gambled and lost a significant amount of money. It can be said that he was attracted by the large profits from futures trading and gambling and forgot about his mining job.

Those who can maintain mining until now have had a lot of profits, they will not easily ignore a field with that passive income, IMO. I believe the op is still mining bitcoins regularly.

I understand how you feel, especially when mining isn't that profitable anymore, there are few people that I helped to set their miners up and they bought the miners for passive income only, the idea of holding for long isn't in them, and when Bitcoin mining isn't that profitable anymore they decide to look for other means, they even start selling their miners.

In your own case OP, it seems you got tired of mining, just like these people that I helped, the mistake I see here is going for gambling when you can learn some else, something based on skills, which I believe will give better result than something that's all about getting lucky.

You choose the wrong niche, learn from it, and a piece of advice for you, it's better to be in mining right now than to stop mining, if you still have your equipment you better fire it up, because very soon, maybe after the bitcoin mining, you will see how profitable Bitcoin will be again, the value might be times three of what it is right now.

Op's story is very tragic, a lot of money was lost. To me, it seems like there might be an addiction problem here, considering the losses involved and losing one time after another without stopping.
Addiction is a serious problem, that may require professional help.
The good news is that if you managed to earn a lot before, perhaps you can do it again. However, it's important to make a plan on how to make sure you don't lose the money again. Maybe there's someone you deeply trust, someone who can manage the funds. Maybe there are other more relevant ways of dealing with it. Good luck!

Imagine you have a lot of money in your hands but you let it go, or from wealth to nothing. Now that you've learned your lesson, the question is, is it worth it? Doing gambling and being controlled by your emotions, because from the look of it, you have been swayed by your emotions and keep on playing gambling despite losing a large amount at first. You should be content in the moment you have over $100,000, and after you lose the $10,000, you should not waste anymore of that because $10,000 is not a little amount of money; it is a big thing. Anyway, we can't blame you. You had money at that time and maybe had momentum to earn more, but that's what made you lose your desire to earn more and not be content with what you have right now. Well, it's not too late for you to earn that much again. You've earned a lot of money with your skill and knowledge. Do it again, but don't make the same mistakes again. Think of your future before you decide, and also stay away from gambling if possible.

I don't think it's all down to luck. Before, I was losing and then winning again, not quickly but definitely. I believe the casino prevented me from winning. After my last withdrawal of $45,000, they held it and manually confirmed it. Following that, my winning streak came to an end.

Gamblers who are already addicted will always think that they will be able to recover all losses experienced with only 1x jackpot.
But in fact it will only be the next loss, and you will not be able to stop.

A big mistake is that it's too easy to make a deposit on gambling without knowing how to treat gambling.
There are many people who are already professionals in gambling, but they still have restrictions or rules that they should not break.

Moreover, you have to risk your identity for a defeat and no profit you get.
If you do spot trading well and learn how trading can pay off, you won't be stuck in a gambling dilemma that you're not good at.

It is obvious, given the experience that you easily get $100k in 14 days, you have this belief that you can still recover the losses since you have done and win it before, surely you can win it again.  But alas, luck is not in your side that time so you lost all your winnings in just 3 minutes.  A strong lesson can be acquired from your experience and that is knowing when to call it a day and stop chasing losses.

I also think you got triggered by that situation making you lose control over your gameplay.  It is a good thing that you realized your mistakes and made certain adjustments after that.  I believe most of the readers learned a lot of lessons from your story.

I searched for a video about what you mentioned but couldn't find one. And yes, easy come, easy go!

I was familiar with the casino and had completed a KYC verification. It's difficult for me to stop because I believe I can recover my losses. Yes, my big mistake was depositing large amounts, like $1,000. I don't know, maybe I won't stop, but they are gone.

Can you explain to me why your TXID direct to BSC chain? https://blockchair.com/bnb/transaction/0xa602aa6ab5a8acf6d0d47c490d7c26b05c7b9f732fbfdafd35e9e610fb179125
[/quote]


After I withdraw my winnings, I transfer them to my Binance wallet and then to the cold wallet.

after losing that money, the next day I won $3,000 and lost it immediately because I thought I could recover the $100,000. Then, every day I was getting a $180 daily bonus, making it $500 easily, and then, boom, I lost. I lost more than $5,000 after that $100,000. But I think the casino stopped me from winning anymore. Who knows?

I will never win that amount again, and it's still on my mind. However, I am done. I don't want to lose more money trying to recover what I lost.

I didn't win the $100,000 all at once. It was a gradual process. For instance, the first time I won $970. Then I played with that and won $2,000. I continued in this way, reaching $5,000. Each time I withdrew my winnings to a separate account and retained $500 or more, which I then used for further play. If I ever lost, I would replenish the amount from that account and continue playing. I always believed in this strategy and was confident that I could recover any losses because I thought I knew the game well and was skilled at it. However, in the end, I lost all of my money.

I mean it is not about this being real or not, the upsetting part is that, even if OP is lying, that doesn't mean that there aren't any people like this in the world. I have actually met with people who lost all their 700k in gambling and not like they had anything else. This dude had no money at all, he was just a worker somewhere, he is still working for salary, he made money from trading bitcoin, he bought it when it was super cheap, he gambled some and turned that into 700k too, and then lost it all, believing his winning streak would continue.

This is real, I have seen him, I have met him, he is a "sort of friend" of mine, I was there when he won, I was there when he lost, this is a real story. So yeah, these type of things do happen.

You have had quite a rich and eventful life experience from mining to gambling, it seems, with a slight and short-term deviation towards trading. To be honest, you can get confused in these numbers, wins and losses, and can get tired of reading your text.

What's the moral of this story? Does gambling (as well as trading) lead to poverty? It seems to me that the old well-known expression will fit here: easy come - easy go. You would have been better off focusing on mining.

Wouldn't it be better for this topic to be in the "gambling" section?

An incredible story, but I think that the main theme in it is not cryptocurrencies, but excitement. Have you ever watched a video about ludomaniacs? Your case is a typical scenario of a gambler's behavior. After a small loss, there is a desire to restore everything and after that, each bet becomes bigger and bigger until the deposit is completely reset. It looks like a very unsuccessful Martingale strategy. Don't be upset, as they say: money came easily and left easily.

No apology needed as far as I'm concerned, your experience that you shared is a big lesson for anyone that cares to learn from your mistakes. Lesson learned from you is that it's very dangerous to to chase loses in gambling, and any other challenges that confronts us. He who fights and run away, lives to fight another day, so when your loses exhausts your budgeted capital for the day's gambling, then it's better to retreat and live to gamble another day. So in summary, chasing loses leads to desperation, where you only realize how far you'd gone, only when the whole money is lost.

With your experience, I hope you give gambling a break, and stick to mining or bitcoin trading, they're far safer, not like gambling that you depend solely on luck to make profit or win.

It seems that it is because of your greed that you don't think about stopping after experiencing your first loss at gambling. This is what many gamblers, beginners, and veterans often experience because in gambling, you always see many temptations. And it should be that after you successfully earn $100k in 14 days, you stop gambling and focus more on trading while learning more.

But it seems that you are increasingly tempted by gambling, making you deposit more money. That's gambling that can make you rich overnight or poor overnight. Many people have experienced this and now they have ended tragically.

Hopefully, you can learn from your mistakes and not repeat them. If you are still mining and can still make a profit, you could continue. But if you can learn trading so you can make a profit. You can still get up and make your experience the best teacher and never repeat it.

Finally, I have seen someone who confessed about the wrong move to subscribe to signal groups, you will only get nothing but loss because nothing is promised as a trader even when they give you good trade, it can be invalidated in less than an hour. What painful about the signal groups that many people don't know is that they will collect subscription fees from them and after adding them to the signal group, they don't make anything and the owner of the signal group goes unpunished. Funny how someone will just draw a line and give it to people and he/she doesn't trade it, if it is that profitable, I'm sure that he will keep the strategy to himself enjoying the profit alone without sharing the recipe. 


Jesus! $100k is a big damage man, sorry about that but damn, you learn the hard way because I'm not sure why it's difficult for some people to quit at some point. I know it's easy to quit and say with mouth but there are some profits that I will make at some point in my life that I will have a break and withdraw my money to an external wallet and then have a rethink of the next move. If you do that, you will even have time to think properly about the next move and what to do about the gambling strategy.

Leaving such a win is even a big risk because I'm pretty sure that if you wanted to withdraw that amount from the casino, they would probably say you should undergo some KYC requirements especially if you are new to the casino, we have seen many cases like that in this forum. If you have done that, starting again with a $1k deposit will let you easily know your missed step and when to quit because I know that if you have lost $1k like 3 times, you will not make the next deposit but sorry for the hard experience, you can still bounce back, never give up.

According to your story, it sounds like you're want to blame gambling as the reason you lose your money. Gambling is definitely will make you lose in the future, but your fault was gamble all of your funds, you're lack of self control.

I'd say it's dumb for looking to earn money through gambling, even trading is still 50/50.

Can you explain to me why your TXID direct to BSC chain? https://blockchair.com/bnb/transaction/0xa602aa6ab5a8acf6d0d47c490d7c26b05c7b9f732fbfdafd35e9e610fb179125

I thought that you're sharing a happy ending on this but not this time. The lesson that we can learn here is, it's not about how big profit or win that we get.

But it's about on how we're able to save or keep that profit that we make. Because for some who wins a big amount, the thought that it can easily be spent is there because you've got it easily as well.

If you're the type of person that secures every profit you make, taking out the bankroll or capital you've got and then continue gambling with your profits, that's okay. However, if you're also gambling everything after all the winnings and capitals you have, the problem is on you.

I hope that you can recover from this experience and thank you for sharing.

OP I thought I would hear a story like generating cheap altcoins via mining, then depositing them on casino, gambling for fun and repeating the same to get that pleasure you get when you quickly mine, deposit and get the desired fun but what you wrote is truly a sad loss.

Loss is a loss, we can't mask it, it affected his finances and mental health negativity. It's very important now for him to not try to gain what he lost because that is the moment when gambling addiction starts. OP has to forget what happened, imagine it was a fairy tale with good beginning and bad ending but it ended and that's all. OP just don't try to gamble for recovering your loses, you'll lose more. Only gamble for fun if you can, if not, then just forget it.

from depositing 20 dollars , going to 20,000 dollars? damn that is a sign of Loss chaser mate and indeed that this is a sign of you now best in gambling world because there is no place to chase losses .
the moment you sat on the table better to know how to limit your capacity in expecting and in spending .

it is always sad to see how gamblers need to learn the hard way while they can just learn from the mild way.

I'm sure that this is a story that you will keep bumping in your mind to remind you not to gamble again or learn first to know how to limit your budget.

You started well by mining the bitcoins but then you lost the way of thinking you can make good money in future trading and gambling.

First of all, you treated future trading as gambling and that is why you lose money. You need to learn trading first, the use of stop loss and all other stuff so you know how to take your positions and how to prevent yourself from being liquidated. If you just jump in the future trade by following some signal groups. you will lose in the mid to long run.

And then comes gambling and there is nothing more riskier than to gamble with your money. You did just that and since gambling is easy and requires no knowledge does not that you will make easy money here too.

I hope now you understand what wrong you have done  with yourself and how will you prepare better for the future.

Based on the story that you experienced, you went into an investment that you had no idea about, just like a signal on Wattsapp, and you lost a lot. I think that right here there was something wrong done.

The only thing I don't understand is why you let it lead to such an amount to grow even more instead of stopping it. Did you think that if you continued, you would still be able to recover what you lost to them? That's probably what you thought; that's why you were put in that situation. This is just proof that if you don't have knowledge, your investment capital will just go to waste. That's really a lesson learned, not only for you but also for other communities here.

We have many stories like this. First of all you lost in Future trading because you dependent on the signal group. Regarding this loss I will say that please learn some fundamentals and learn much as you can. And in future trading I will recommend that fist start with little amount and only invest 2 to 3% of your portfolio. And get some experience how the market is moving. If you will get some knowledge so you will get some profit. And never depend on anyone. Make your own analysis.

Secondly your loss in gambling. First I surprised when I saw that you won $100000 in 14 days. You were lucky at that time and You should have skipped. And I am also thinking how you have given you all winnings in just 3 minutes. This is a good experience by the way you should now leave the gambling. This will be good for you and for your health. If you are getting some profit from mining so you should continue this.
From winning $100000 more mining machines could be bought. So next time be careful. And never do gambling. This is a humble advice.

The combination of two ways to make money can bring distraction easily, you've learn your lesson, as a crypto miner you are free of losing your money, all you need is to monitor your farm and sell when the time is right, but futures is something different, it's full of risks and you need to learn a lot before starting to trade, it's easier to learn how to configure mining rigs but not like futures trading.

If you started this journey as a trader you would have messed up everything, maybe all the money you use to buy those Asic miners would have been wasted on gambling, it's highly possible, this is why I don't advice beginners to go for trading.

If you want peace of mind with crypto, buy Bitcoin with your spare money and hold it in a open source wallet, or even a hardware wallet, if you like mining its also a good way to accumulate Bitcoin, start mining and hold until BTC makes new all time high.

I can't understand why you don't believe me. I didn't create this to have fun. I was genuinely hurt by it. I'm sharing my experience to warn others not to trust casinos because they can be damaging. If I had a million dollars that day, I believe the casino would have taken it. I've shared some transaction IDs (TXIDs) from my wallet to the casino. Please check them out.

I'm really grateful for your support, buddy. You're absolutely right, I'm taking this as a valuable lesson. It's tough when you need $100 for everyday needs and there's nothing in your pocket. I'm still processing how I ended up betting such a large amount, but I'm determined to learn from this experience. Your advice means a lot to me. Thank you.

Why not true ?
Txid.   0xa602aa6ab5a8acf6d0d47c490d7c26b05c7b9f732fbfdafd35e9e610fb179125
Txid.   0xa387f42141f9632d36d4592b8eb6cf6e6a6a214a638ea3b9d276b184c57106f6
Txid.    0x6b0b0e4a6018d0cb3e50f2bc6692fbcf0e64ad553e974bc98c996be572941451


Still two transaction i made

This story of yours is the typical result for people that gain quick rich since you will be more greedy on entering more risky investments because you accumulate your money in an easy way.

It’s very hard to get over on this kind of lose but this lesson will surely gave you a valuable experience in the future to be more careful when you start earning again in a regular way. I’m almost gonna experience like this but I always manage securing my initial investment when in profit so that I can’t lose it all just like what happened to you. Bounce back stronger!

1.Maybe you should move this thread to the Gambling Discussion forum, since you are writing about crypto gambling. This forum is about discussions that are directly related to Bitcoin.
2.I find it hard to believe your story. Can you post some kind of proof? Transactions of the blockchain? Screenshots from casinos?
3.I guess that you have formed some kind of gambling addiction. Winning 100K via gambling makes you think that you could win 1M, which is totally delusional. The casino always wins at the end of the day and gambling is supposed to be for fun only. This is not a way to make money consistently or to become rich quick. Quit gambling ASAP. This isn't a healthy behavior.

Yeah I’ve been a miner also in the past and what you experienced basically happened to many miners in the past. Miners should just mine and nothing else.

Many tried to trade and they lost all their mined profits. And some even tried the crypto casinos and also lost it all on dice. It’s because mining doesn’t really pay as much as trading or gambling and why many get greedy and went up going bust.

It was a nice read, unfortunately, it had a sad ending. And yes it was a roller coaster ride, as a fellow gambler, I know how you feel when you win that big and thought that you can continue to win or at least manage your own capital. But lo and behold, just like most of the gamblers here, most of the time we lost control of ourselves, our decisions behind clouded and all we want is to get back what we lost initially and chase it.

So hopefully, this could be a very expensive lessons for you and to other gamblers as well. I know it's hard to control our emotions, but just imagine what you could have done with that money that you already won without any sweat.

Find a gamblers anonymous meeting .

http://www.gamblersanonymous.org/ga/

G.A. is what you need. not BTC

Everybody has his own story but the only difference is the lesson you have derived from them. You wasted a fortune on gambling that's the act, but the truth is that you cannot change your past. Put this failure behind you and face the future with much enthusiasm and not with regrets. Gambling is not a predictable activity which is why it is important not to trust a certain pattern. You won using a strategy doesn't guarantee that you will get theasme result in a few minutes.

In future avoid chasing losses and ensure you maximize such big wins. This fund could have been invested in something else like Bitcoin would have been profitable. I am also encouraging you to have a gambling plan with a budget. You wouldn't have gambled with all your wins if you had a budget that you followed strictly. In most cases, gambling addicts might not be aware that they are gambling irresponsibly until they lose heavily or start facing financial problems. There is always a need to evaluate how you spend your money so as to certain loopholes. A gambling plan is also another means of overcoming gambling disorder.    

They will improve quickly.  Take it as a lesson.  Not as a LOSS.  Accept this was your fate and step ahead.

Your first step toward the right path is this.  You acknowledged the loss.  You made a Bitcoin Talk account and you told your story listening to what we think.

Once you realize this was a LESSON instead of a LOSS you will understand the reasoning behind it and you will understand why it was important to you.  You could of worked for many years and earned 100 thousand the hard way then fall into a gambling addiction and lose it all.  You 'made' the money fast and lost it faster with little to no effort.  You are fine!

Dollar Cost Averaging is very simple.  Buy Bitcoin every now and then.  No matter how much.  Studies show even one coffee worth of Bitcoin invested a day for years has done wonders in the past.

the OP should have stayed in mining. at least he has something to sell after certain period of time. going to futures as well is like gambling if you don't know yet about the market. i don't know how true that he got that kind of winnings, about 100k. but then again, he lost it all in gambling. he should not have followed his ego of playing it all. he didn't even set aside like few thousands of dollars. if he will continue his gambling habits, high likely that he will soon find himself in deep debt and trouble to those people he owed from. i understand a lot of gamblers are betting it all for the mere thought of recovering all the losses, but usually, what happens is the other way around. and it is already too late before you stop as there's no more left.

Every school should be teaching kids that gambling is not a money making method, it's a money losing method, the simple laws of math clearly predict that everyone who gambles will lose their money in the end. Trading is also a risky activity that has similarities with gambling - unlike with gambling the odds are not known so you can't prove that it's a losing game, but the common obeservation also shows that most traders go broke. People should learn from this and don't consider themselves to be one of those special gamblers or traders that will make money easily. If you want to make money, do something that has low risk and high chance of success, like mining.

 I can't do that. If I lose that money, it will have serious consequences and I cannot afford to recover from it. It would ruin my life and the lives of my family. When I lost that money, I convinced myself that I could easily win it back because it had happened many times during previous winning periods. For example, if I lost $3000, I would take another $3000 from my wallet and end up winning $7000 every time. I had placed my trust in this pattern, but it turned out to be a bad decision. I've been involved in this for about a year, and I don't feel like I'm addicted at this point. Yes, I used to think that I was truly addicted, but after the negative situation I experienced after losing "not my money," I realized how bad the situation could have been if it had been my own money.

I remember myself with you but mine is different, I lose my Bitcoins not because of gambling but because of random altcoins I bought using my earned Bitcoin on my different internet gigs before. I was new before in cryptocurrency market and these random altcoins lured me and also trading without proper knowledge made me lost also lot of Bitcoin instead of just holding it.

Without a doubt the path you have walked through is one that I would not wish to anyone as the losses you have suffered after having luck on your side are staggering, however I hope that you can recognize the the person that has been responsible for such a difficult journey is yourself and no one else, since you have taken a series of decisions that we often warn against in the forum, like following signals or gambling more than what you can afford to lose, so think about what you did and learn from it, because if there is a next time you could lose every single asset you have to your name if you are not careful.

So what's now stopping you from moving into requesting a loan from your neighbours, spouse, family, or anyone else that's close to you that can offer you one, or even moving to the bank to get a larger amount depending on your credit worth?
 
This is really a shameful act. Chasing losses to start with is every gambler's first mistake, and you were lucky enough to even win a large amount as a result of chasing your losses and also being reasonable enough to withdraw some of the winnings out of the casino and leave about $7,000, which you plan to use for another lucky try. When you end up losing the entire $7,000, did something not tell you that your lucky day has been exhausted and you should call it a day and move over to other life activities?
 
I just hope you learn your lesson from your experience, and I believe it's the first time you're trying this out, and you should also consider it the last time you make such a mistake; if not, you will end up turning into an addict, which might be as bad as selling your properties if you no longer have money to bet with.

After my initial loss, I found myself torn between two mindsets. One part of me reasoned that it was okay, and I could try again later, while the other urged me to deposit more funds in order to recoup my losses. When I realized that I had lost half of my funds, I felt overwhelmed and began making reckless bets, driven by the desperate need to win them back. In that moment, I was unable to think rationally about my actions. The shock of going from 100k to 0 was incredibly difficult for someone in my situation. The following day, I managed to make 3k, but I ended up losing it because I was still focused on recovering my losses. As a result, I have made the decision to stay away from that site because I cannot afford to continue playing, and I refuse to borrow money for this purpose. Additionally, I no longer believe that I will be lucky in that regard.

You learned a powerful lesson the hard way.  It hurts but we all learn things the hard way some times.

It is a very usual occurrence to win a lot at Casinos and then slowly depositing incremental values from reserves.  It is why gambling is so addictive and successful to the owners of Casinos.  Now get back into Bitcoin Mining or start Dollar Cost Averaging.  You did not lose much from your own Wallet.  Imagine you never lost over 100 thousand but only the money you deposited from your Mining and what ever else you had that was not a Casino income.

Stay safer next time.  Never risk this much again.  Or at least if you can not help it but continue the addiction and luck is on your side again, hand the reserves to some body else you trust and love.  Tell them out loud, NEVER hand me reserves for purpose of gambling.  If you can not help yourself, ask some body else to help you out.

You've shared your story. More hidden stories were there with most of the bitcointalk users. I don't know how why you did this. One should never chase the loss. What you've lost at the beginning is very small amount. Atleast you should have left it for the day. Maybe you could've got it back if you had tried it the next day. Anyhow your wrong choice had made things worse. In the fast moving world it is really hard to survive. Opportunities shouldn't be left, and you've missed a great opportunity and I don't know whether you'll get similar luck again or not. Take this a learning and focus on something else, if not you're gonna loss more and more as you've lost all the money won.

Hey everyone, I wanted to share my experience diving into the world of mining and crypto. I purchased three L3+ machines and enjoyed a nice profit from hashing on Nicehash for Bitcoin mining. However, with minimal knowledge, I delved into futures trading, following a paid signal WhatsApp group with just $500. I would enter trades with $200, experiencing some quick wins, making $50 or $100, but ultimately losing it all. Despite earning around $3,000 worth in BTC from mining, I lost it all in futures trading.

Then, I stumbled upon a crypto casino online. I deposited $20 and started playing various original casino games, winning about $350, all in USDT, only to lose it shortly after. Despite winning and losing amounts like $500 or $1,000 from subsequent deposits, I eventually found myself with just $50. I decided to play keno, choosing 10 out of 40 numbers. Luck seemed to be on my side as I made over $100,000 in 14 days. That night, I moved $85,000 to a cold wallet and left $7,000 in the casino to make a daily profit of $200. Additionally, I had $5,000 in Binance. The following morning, I eagerly joined the casino only to watch in dismay as I lost $7,000 in just 10 seconds. Frustrated, I deposited $10,000 from the cold wallet, only to lose it in less than a minute. I continued with a deposit of $20,000, experiencing the same outcome. Observing my substantial losses adding up to over $48,000, I then withdrew the remaining $43,000 from the cold wallet and wagered it all in the casino, losing it. Binance also suffered, and in the span of 3 minutes, I lost over $100,000.

That's my story, and I apologize if it was lengthy. I went to bed wealthy and woke up poor again.