Topic: How I became poor through Bitcoin and Altacoin - page 2. (Read 1308 times)

Hey sport,
Honestly I think you should forget about altcoins trading, the only people you will make rich are the brokers.
Try to get a real job in the real economy and make some real money!

This whole post makes no sense ... if you just left 10 BTC (at that price) to sit you will be swimming in money by now.

So what did you do with 10BTC, sold or exchanged them?

I still do not understand how you lost all your money....  

You got 10 BTC through graduate loan and you ended up throwing everything into thin air.
As much as I really want to believe this, I am still finding it hard to. There is no way someone will just opt into trading with that kind of money without finding out first all that is needed to know about trading and if you actually did, I am not sure the name I can give you right now.

From 10 BTC to free airdrops ?
Since all your coins crashed, there is no need selling them back and at least it is not like you have lost all, just hold on and be patient, they may get pumped back except of course you are now a bagholder of shitcoins.

I see that you are panicing, but is it really vice to use money on investment books at this point? Of course if you have a good public library system in your country (I don't know where you are from) then reading is good. And you have two months before you have to pay, maybe you can study other options for paying / other kind of loan. Do you dare to tell us where you are from (understand if not.)?

Thanks for your advice I will still stick on airdrops, I don't know what awaits me in January because that's when the loan Cooperative  will be needing their payment..
Please how do I get the book written by Alexander Elder. All I need is encouragement to face up things within me.

Hey man, i (partially) feel your pain.
I started trading in May, just after the first alt-coin jump was on us.
I lost about 60% of all my coins, now i'm at around +60%.

Trading crypto has the same 'rules' as regular trading.
What i took away from it was:

- Always have a plan and stick to it: Before you step into a trade, decide what your plan is and try sticking to it.
- Leave your emotions at home: You shouldn't trade money you can't afford to lose. I'm sure someone else said that before, but i can't stress it enough.
To me, even losing that money sometimes feels like shit, i have no idea how that would feel with money you CAN'T afford to lose.
- Try sensible, baby steps. Be glad with 10% returns instead of 200% gains.
- Don't put all your money on one horse, but diversify. That way losses on one coin aren't pulling the whole of your portfolio down
- Read up on all of this. A good book that was handed to me: Trading for a living by Alexander Elder
- Don't always sell when your coins are going down. Unless it really is a shitcoin, things will probably look up in the future. Just stay away from stepping onto a FOMO train at the wrong time.
You (almost) NEVER want to buy a coin at it's ATH (all time high). You never know when it will get back at those levels again.

Don't despair. There has been plenty of opportunity in the past, but there is a lot of opportunity in the future still.

sad to hear your story but you can just always start new beginning again just by selling off your hard earned tokens/coins on the airdropped youve joined then buy some nice altcoins or small amounts bitcoin to hold it up again for a few months and see if their value has pumped or not. you shoud'nt give up if you failed once, rather try and try until you succed. so cheer up and goodluck to your ventures.

Come on! I am a trader and there is no way you can just lose everything like that even if you totally messed up not selling at the right time. First and foremost, July till date has brought some remarkable difference in the value of those Alts and it cannot be that bad that he won't still be able to realize the value he bought those BTC in fiat back in July if he should sell for loss now.

Unless he is bagholding shitcoins, he should just relax and watch them get pumped back for him to realize profit on them. I am still trying to place what he is saying though, cause he did not really give good explanation, but there is no way he can lose everything as far as I am concerned.

I experienced some loss likewise when i started into trading in Bittrex...I think it was around May of this year that I enamored by some of my Facebook friends who showed how they earned some Bitcoin trading alts back and forth. Little did I realized that many times it can be a big trap especially if you are not always watching the coins you invested with. Due to many factors, some coins just lost a big part of their value...one example is PTOY where value slide to 75% less (am still holding them now wishing that maybe at least I can take back 50% of what I invested).

I can feel your pain but this can be happening because trading can be a tricky thing. Had I just hold to my Bitcoin it could have been valuable now and am not stuck with worthless altcoins. This is the reason why right now I don't easily buy ICO coins or tokens am making sure that there is really a big potential for the new project to make it in the real world and not get squeezed in the digital world. By the way, Bittrex is one of the best exchanges I experienced so far especially for a newbie like me.

Trading cryptocurrency can be a good way to make some money online but we should equip ourselves with the knowledge and the tools that we can use in wading the sea of opportunities and thorns.

Never underestimate other peoples greed in business. By that I mean that if loaning money and buying altcoins would be effective way to get rich, everyone would have done that already. And not just that, those people who have money to lend wouldn't have lended you the money but invested in altcoins themselves. Because that is not happening, it's not so good idea after all.

Do you have any opportunity to take some other loan that you can buy back bit by bit and get some money from work? And then, if you dare to put some very small amounts (tens of dollars) to altcoins or some other risky business if you are really sure what you are doing. Forget the idea of getting rich, that never works.

So sorry hearing about that, please don't let it affect you too much , all that is lost can be recovered , next time just make sure you fully understand the investment you are going into. Everything will be fine

You should never be trading with capital that you can't afford to lose. Even successful full-time traders should have a year or two worth of living expenses saved in case of a downturn in trading performance.

I would avoid trading until you have studied the fundamentals, the price charts, and have learned about risk management. You can't just launch into trading without any system in place to maximize gains and minimize losses. That's what most people do, and that's why 80% of traders lose money.

For the start of trading, you can choose the Altcoin.If you want to go with  bitcoin, you need of more dollar as compared to dollar need for Altcoin.
If you inverse in Altcoin means, you will have one advantage.
I.e, You will get double or triple of profit.


Ya true .If you had hold till this August means, you will become a Billionaire or millionaire today. HODL is the key for Success.

This is unfortunate for you. You may have been very happy now if you just put it in bitcoin against USD but because it is segwit and it was cancelled indefinitely then luck is not on your side. You should have been more careful especially that is money that you cannot afford to lose. You have learned your lesson and you may get to trading again if you have some funds and learn from this mistake to never jump into something without knowing it first. Many people immediately get on to trading even without knowing the basics first and that's why many have been burned. Anyway, I hope you will be able to find some funds to pay your debt in January. You can participate in several campaigns in altcoin section.

So you have lost around 10 x $2800 = $28k and now you have to pay back that amount in january?
How you gonna pay those debt? Only through airdrops I don't think you will be able to pay all those amount unless you will become extremely lucky.

You lost all those 10 btc or you still have some of those amount?

Its sad to hear if you told the truth . Because frankly buying in July and today either you had hold it you would have made more than double the money within 5 months itself. Either you have gambled and lost it or something you would have done is invested in some unknown altcoin and that crashed it and you lost the money.

If you do try to read up again on the things on what OP said then for sure you would say different thing. Those past months he took a loan 10 BTC and make up some trades which you can able to read up he did bought altcoin and we dont know how much he allocate on bitcoin and altcoin purchases and also he does mean on the bitcoin cash fork for sure not talking on this present b2x fork.

It just really show that trading is very risky specially if you are not that expert to begin with. That's a lot of money that have you lost and I'm so sorry to hear your situation right now. I think you have made a lot of mistakes in your journey and should have stop when half of your investment is lost already, but I think you continue to gamble in hope that you can recover unfortunately you have lost all.  I'm not really sure how the free airdrops would help you, but you can try so that at least you can have some free money in the end.

If you have lost all money. I think you can start again by receiving the free token in airdrop projects or joining in bounty campaign of ICO projects. You will have tokens and try to trade again.