Topic: How I became poor through Bitcoin and Altacoin (Read 1308 times)

The biggest mistake you made was investing the whole 10BTC to trade, why not invest 10% or 20% of your total capital? which is a fundamental rule in trading, you could had started with a proportion of your capital and gradually grow your investment using a good  money management while investing the whole capital amount to a suicide because price does not arespests anybody.

Dude, if you've only dealt with btc and eth, then you're not likely to lose unless you're looking for short term trades, and even with that, bitcoin has broken ath recently so you shouldn't be at a loss. Etherium is for long time holding so you may want to just keep your eth safe for now

This is what usually happens when someone takes absolutely unnecessary risks in a field that they do not know. Obviously the lost money can not be recovered, but the altcoin market has enough potential to provide you with the means to pay your debts, but you have to negotiate with your creditors to obtain a longer term to pay your debts.

Meanwhile, continue working hard on airdrops, signature campaigns and forums such as https://deeponion.org/community, where active participation is well paid.

Control your emotions in trading dont let your emotions make you poor join the bhounty and join airdrop to get additional tokens

You are learning the hard way, as have many others that trading crypto is no easy task. At any point the market can take a big drop or rise a lot and you will get taken for a lot if you are on the wrong side of it. Unfortunately, there is no way to predict these market moves.

Op I think you misunderstood sigwithx activation that happened in August, since you keep saying that that is the reason you lose your 10btc in ethereum and bitcoin trading. Sigwith only make people to make money since that time and not losing money!  Though I think Those that lose money  since August are Maybe  margin traders not coins flipping between ethereum and bitcoin. I think you should learned how trading work before venturing into it again as this has alot to do with the whole process and success in your investments.  Hope next time you will be able to recover your loss! Good luck.

Thats really big trouble and you should never have taken the graduate loan for the trading! Thats ridiculous man and its never advisable to put the money from loan to something which has got less odds of surviving in the log turn.




For now you should be working very crazy day and night to pile up those 10 BTC which seems impossible in a month time. I mean you should start working on al the available option and keep the leisure outside your to-do-list. That mean only one thing, work hard and grab those millions before you start getting into more trouble. Remember pal do not loose hope and get frustrated with this, just stand up and work on possible ways of earning. Get real job as well as part time intern or something. It will give extra share too.

You did a big mistake. How you can invest your all bitcoins ?. Never invest your all money. Do you know you can start with less amount like 50$ to just start after getting some info and experience you would invest more. Anyways you could hold them do you know price is higher than before. If you're going to start again then i suggest you manage at least 1btc and invest it but this time you have to be smart .

You fall in the trap of bitcoin trading. All the people are saying that making profit with bitcoin and cryptocurrency is very easy like you just invest and wait.

You thought it is easy to get rich easily so you loaned money and you invested in bitcoin. You should have studied all the advantages and disadvantages of bitcoin trading before loaning 10 bitcoins. Or maybe you should have buyed only 0.5 btc or lower and try the system to see how it works.

Dont invest anymore in bitcoin because you are not ready right now. You lost a huge amount of money and now you are determined to get it back so you would try every method that offers huge profits. Eventually you will loose all your bitcoins because you are nervous

You can choose bounty campaign of ICOs to start again. After finishing ICO you will get tokens from them. then sell it to buy Bitcoin

You should not have invested such a large capital to buy such risky assets which are not backed up and you started trading without knowledge which cause you to loose your coins.You should have contributed a little and hold it for long time and gain profits as btc rose 3-5 times from July to at present or should have earn some btc from campaigns and then invest in digital currency but still there is risk so you need sound knowledge if you want to survive in long run and reap profits.

the OP has the balls to gamble that 10btc risking all of those without proper knowledge on what hes dealing at.this is the baddest thing he has ever done,he just wanted to earn to help hes dad but risked it all just like thay..this serves a bad example to all aspiring traders that dont ever try to venture here in crypto if all your mind set is to EARN BUT NOT TO LEARN..

Limits are important but some people see crypto trading as an easy move to make a lot of money without learning or understanding what they are embarking on. Who does that ?

In as much as someone can even try it with a small amount of money and get scolded for it, 10 BTC is a whole lot of money to just throw away like that. I still do not understand what the OP is driving at, but it sounds impossible, most especially for a loan.

Since he said he traded with them, except he bought shitcoins, there is no way he won't still have all the 10BTC gone since it is not like all altcoins are $0 in value right now. And looking at that time he bought them to now, and which apparently he bought the bitcoin with fiat, he should still be able to have some funds left or just chill for the altcoins to get pumped back.

If you don't have money now, I think you should find some bounty campaigns to join now. With tokens you receive, I hope that you can trade again.

I am very sorry for your losses.

There is not much left to do with your current situation,
except to wait for a good return from your investment and if there is a possibility to ask time from the lender or lending firm (I'm unaware of graduate loan policies).

CryptoCurrency trading is not like forex.
Cryptocurrencies are like an asset and which belongs to you after buying.
So if you haven't bought shit coins/tokens than there is a possibility of price increase in future.

You're not the only one made that mistake, people often think that make money with cryptocurrency is just like an easy game for children and they can earn as much as money as they want but they're wrong. Nobody can earn money from trading cryptocurrency without any knowledge and experience but there are a lot of people still do that. At the moment when the price of Bitcoin keep increasing very quickly I think it's really hard to earn 10 BTC in few months unless you have a lot of money to invest. But I think it's impossible for you at the moment.

Please, if you are about to make a big decision, ask for someone's opinion or post on this forum to let us help out. I am sorry for what happened to you. But nothing cannot be rebuilt again. For now, mourn your failure and start afresh. Bitcoin is a world of good opportunities.

You may want to start collecting bitcoin again through this forum. Your dad can wait a little bit longer. What is done is done. Do not blame yourself or give up. Good luck, mate!

You have probably very little time left for the payment. The first thing is to not get stressed up on the situation much. You will have to take control of your anxiety and emotions so that it would become possible to look for some other ways instead of just reading the books from the library about best investment policies. My advice for you is to contact some expert and follow the steps advised by him to manage with the cooperate payments.

You really have encountered the most difficult experience in bitcoin. I am sorry for you but you shouldnt have been careless with your decisions. Cheer up, rise up and stop thinking of how much your lose was. Join the airdrops, social media campaign and make yourself rank up. Goodluck buddy!

I cannot understand how you are poor when you invested money back in January and you are trading bitcoin,are we on the same planet ,the price of bitcoin was on a rally for the past year and it has broken new grounds every month and how come you end up in a loss when everyone earned a hundred percent profit,are you telling that you invested everything back in altcoins if so i can understand the loss you have encountered,other than that there is no way you could be at a loss if you are particularly dealing with bitcoin alone.

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.

its been difficult time for you and i am so sorry to hear that. i think what you can do now is trying to get survive in trading and doing another things like chasing airdrop or doing signature campaign or bounty campaign to earn some money. i think you still have a time to earn some money if you really wants to tried. never give up because you have the best time to do to earn money in bitcoin, read more in here and other sources so you can pay back your debt in january.

That was huge money mate, i think you should learn proper trading first before you invest huge amount of money and while learning put your money in bitcoin and place it in your trusted bitcoin wallet to generate income at the time you studying trading.
And mate it is not good to get loan and invest it because the income you generate will be going for the interest of your loan much better to work first and save some money then invest it.

In my opinion, you would be definitely a millionaire if you had kept your bitcoins holding till  the moment.
But alas, You have made a bluder. First you should learn about cryotocurrency trading like what to do in such condition.
It is always profiable if you keep holding your bitcoin for a long term, even long term strategy is history behind earlier cryptocurrency millionaires.

sorry for your lost but that huge amount of money in such a short time is crazy you should have never stepped into something you have no basic knowledge of if you had these 10 bitcoin you could have hold them buy ethereum or any other stable coin any way good luck on what's coming with your life

But how much have you lost? all the bitcoins that you had? not even the most dumb trader would be able to lost everything, if you had 10 bitcoins, you did not even diversify that balance?
let me tell you that you are dumb as fuck, maybe you were trading only with one position of ten bitcoins each, and this is why you lost it all.
But why you are blaming segwit fork? it makes no sense, because it got cancelled a few days ago, and you said that it happened on july..

If you are still holding your tokens, then you still have hope, because it is going to PUMP no matter what, it is not going to crash forever, you might even get back your 10 btc that you have used in Trading with some profits, all you have to do is to patiently wait for the right time for you to sell it, because if you are going to panic and sell it, then I guess you have to worry about it.

You should know that you are not supposed to trade with the money that you cant afford to lose and never go in debt to invest in something so risky, but if you only trade with eth and btc you supposed to be not suffered high lost, if you keep btc then you will get profit the price of the eth is also not changing too much, do you buy other coin to trade?
10 btc is a lot of money, you can't expect to get that much in few months, try to offer your skill, or work part time job will be the answer

I can't imagine your situation mate. Though my question is how can segwit, which is last Aug affected your bitcoin or altcoins? Bitcoin has soared before and after segwit, so there's no chance for you to lost. Maybe you lost if during the China crisis but you should know that its better to hold on that kind of situation. Well to start you should get a capital and buy bitcoin in dips and just hold. Looks like trading is not for you and maybe rushing into it made you lose as well. So just take your time buy in dips and hold on your bitcoin for long term.

there will be segwit2x the new B2X coin from bitcoin after BCH and BTG ..
Hold your bitcoin on the market that will give you B2X free for BTC you save ..
Perhaps with this segwit2x provide great benefits for BTC holders..
if not mistaken B2X will happen on 16 nov.

One reason of your poority is that many people here posts that it's very easy to trade with bitcoin and you can easily get much money but that is joke of course, if everyone gets profit from trading, then who loses?
Learning on mistake is good but not so good on 10 bitcoin. Why weren't reading much about segwit and etc things? When you are in crypto related job, you have to know it's past and present too, topics here could help you about segwit.
Now you can't bring back lost money, can't suggest anything but work hard in real life, internet isn't only way of escape, get another loan to fill this one and then fill that one with working.

Pls don't get me wrong, I didn't say i saw segwit as an opportunity because I never knew about it then until all was lost.. I only got to know more about segwit now...
It's a sad thing that I lost..
I'm not venturing into trading at all. I'm only following up in airdrops just to raise up some fund...

It's obvious that you should stay far, really far from anything related to trading. I understand that people want to take advantage of Bitcoin's market, but an important aspect is that you should know what your limits are in terms of your understanding of this market, etc. You just blindly jumped into something you don't know anything about, which explains how you burned through your capital. It's sad to see someone lose that many coins/money, but this market isn't a joke or a fun thing -- mistakes in this market can and likely will result in severe losses, and in your case, it did unfortunately.

This is a sad story but i didn't understand what really happened to you because your english is very bad, maybe you should stop using google translator and try to write your own sentences, maybe they will be more readable than those.
but it is very annoying the way that you lost ten bitcoins, were you trading with segwit futures? maybe you are talking about Bitcoin Cash, that was the fork that happened on August (on the period that you were trading)
it is a very confusing thread anyway..

the first you must learn about trading, must use low capital money
if you have skill and experience you can incraese youre capiatl money
the first maybe you can follow bounty program, after get bitcoin , you can invest in ico project and trading

You're saying that you saw SegWit as an "opportunity to trade" but SegWit is not a separate coin.  SegWit was activated on Bitcoin's mainnet about two to three months ago and is gradually being used by major services.  It implements a new transaction format in which witness data is separated from the transaction and is not seen by legacy nodes, thus raising the effective block size without a hard fork.

Your wording implies that you still don't know what SegWit is, even after losing your money.
I'm guessing you were trying to trade futures for the potential hard fork SegWit2x, which has now crashed as the fork is unlikely to occur.  I'm sorry for your loss.
You seem to have a gambling problem.  You shouldn't be loaning money to spend on risky investments.

IMO, you should stop dealing with crypto altogether, to avoid the risk of ever digging yourself deeper into a financial hole.  I doubt that you have the emotional maturity for dealing with it.

I got to at $2800 then like i said before  i never knew what segwit was at that time, it was my first time of coming across it..i didnt do my own research properly... I just saw it as an opportunity to trade. If I knew what I know now... I would hold it in Bitcoin..
I don't need you to believe me because I'm enjoying my freedom from now to Dec.. January is scarying for me..

Wow, how could you lost more than 10 bitcoins? you could just hold them, it was below $2500 on July and now it is upto $7200 each bitcoin, it seems a little bit shady i dont believe you  not even in a single word of that.
You could have triplied that money during these moments because bitcoin has went up so quickly, i dont know why you have lost all that money because of Segwit.. and it did not even happened because it got cancelled yesterday.

How I became poor through Bitcoin and Altacoin
I joined Bitcoin trading June/July and that's the worst mistake of my life, thinking i could trade..
I got 10btc through graduate loan to pay back in January only for me to venture into Ethereum and Bitcoin trading. 
Then segwit took place, it's was like a news to me, I saw all my coins crashed.. all i wanted was to make some income and help my dad but I got into money debt.. right now I left with fears of January..
Thou free airdrops has been my only hope for now..

Can someone advice me on how to start again.