Topic: I went bankrupt when I joined in cryptocurrency - page 12. (Read 2113 times)
There is a foundation mistake made by this gentleman, and that is he has no foundation or rudimentary knowledge of cryptocurrency before investing, other than those he read from news and the ones by his friends. And after registration he was fighting the market when he saw that his capital is going down by investing more as the bearish market becomes more thereby committing more money to cut cost while actually he was doing the opposite. Thirdly he was trading under emotional pressure. These mistakes are costly ones that will always wreck any newbie.
Cryptocurrency market is closer to a casino... fluctuation it shows is much greater than what you'll see in normal stock markets.
I don't think it's ok to invest everything into crypto trading.
I don't think it's ok to invest everything into crypto trading.
That really makes people nervous if they enter the crypto market. However, there are still people who are rich in cryptocurrency. It can be purposeful and well invested.
I believe this man is to blame for his own grief. Investing all the money in cryptocurrencies is stupid. If he had invested wisely, he would never have found himself in such a situation.
You are the only unfortunate one, mate. Most of the other users have been able to make a fortune out of cryptocurrencies and that is why they have continued to be a part of the community.
If you are one of the unfortunate ones who joined in Dec 2017 when market was at peak, then I cannot do anything but feel bad for you. My condolences.
If you are one of the unfortunate ones who joined in Dec 2017 when market was at peak, then I cannot do anything but feel bad for you. My condolences.
I'd say there is nothing else to do at this moment but to charge it to experience. Sad story to read really, but the first sight of him throwing anything he can sell just to get into the crypto market was already a mistake. It was unwise so to say.
Remember that smart investment are those that did came from savings. Selling valuable assets to turn it into another investment is unwise unless we can afford to lose them. Cryptomarket is a tricky playground, what may seem to be an easy ride could be one hell of a roller coaster experience.
So as with many of you, i too would say, never be deceived easily. Invest only what you can and stay away from greed. Earning enough should always be a standard.
Remember that smart investment are those that did came from savings. Selling valuable assets to turn it into another investment is unwise unless we can afford to lose them. Cryptomarket is a tricky playground, what may seem to be an easy ride could be one hell of a roller coaster experience.
So as with many of you, i too would say, never be deceived easily. Invest only what you can and stay away from greed. Earning enough should always be a standard.
When you come to Crypto investment there is no guarantee that you will benefit in a short span of time. That is why many people in Porum remind you that you only invest the money you can afford to release, because the risk of investing in crypto is very high and this will only create depression and frustration in the part of your investment that will be lost.
momentum is everything.. not all investor would have a happy ending and colorfull story, espescially for those who had missed the momentum. just make sure we only use our idle money to put in to this kind of investment.
The only advice I can give to you is don't put your every eggs on one basket,and don't invest everything o cryptos.If you have more money divide them invest only you can hold the lost if anything happens.Like 25%. Invest another 25% on lands.They make little income but the land prizes getting high day by day.May be you can sell that land 2X+ within next 10 years.Crypto is good but not too good.Risk is always attracted anything that give high profits. I highly recommend you to read these THE BILLION DOLLAR(book),BILL GATES WAY (book),rich dad poor dad(book)
Learn from your mistakes.Success will be yours
Learn from your mistakes.Success will be yours
He's knowledge is not sufficient that's why he lose all of his investment. In the story he doesn't research or study anything how cryptocurrency works, he relies only in news that people become millionaire in crypto. It is true that some people become millionaire but the question is how they do it? He trades without any knowledge about trading i think it's his fault.
The person in the story said himself that crypto is a new field, what did he expect? It's obvious that there will be higher risks and you need to study thoroughly, anyway don't get depressed, the situation still might change, hope his family will be ok
Feels bad man for this story. But don't worry this is not the end of crypto, bitcoin will go 20k one more time and make it sure if that happen sell everything.
I am sorry for you. But before you invest in this market, you should definitely know that you need to do research. I hope this is a good experience for you and you will be able to compensate for your damages.
First, this is not my story, this is a story that a couple, their happiness may be shattered when the husband invests in cryptocurrency and now he is in danger of losing all the money he has invested. And this is the whole story told by the husband
"In early 2017, I went out with a bunch of friends and heard about a new investment field, cryptocurrency, and at that moment, the field seemed not to be a trend, so I just laughed and ignored it. However, as you know, the storm came in August and October of 2017, the news and media constantly talk about the strong growth and terrible price of bitcoin and of course, I've heard a lot of people become millionaires in that time. Although I have been very careful and understand that high profits will come with high risk but over time, the curiosity and the constant news attacked me, which made me plunge into investment.
And a series of tragedies began to take place from here, in the first stage, I was still very careful and calculating, not greedy but this job is really too much pressure, the market situation makes me tense and tired. In addition, the news and people constantly gave me confidence and made me hope the price of bitcoin increased to $50k and because of that, I decided not to sell anything and then as everyone knows, the market has begun to decline in 2018. Again, I continue to comfort and encourage myself, everything will be fine, I'm still profitable, bitcoin will increase again, so I searched the bottom of the bitcoin and started throwing money into the altcoin and holding on to the long term.
And life is not a dream, the price of the whole market fell, bitcoin almost touched 6k and the common mentality of everyone, seeking restoration and light of hope. I became a short-term trader but with the horror of the market, my capital began to become smaller and smaller, until one day, I almost lost everything, mental breakdown, depressed mood and depression, a very inhibitory emotion, all created something very chaotic, often arguing with my wife unreasonably."
And here is my comment on this story, never think you can become a millionaire in this market when you are just another prey of the other, whales always create beautiful scenery and pictures of the future, that is not true. Play with passion, instead of playing with greed and everything we have, accumulate more experience and absolutely should not give up the main job.
What is your opinion of this story?
"In early 2017, I went out with a bunch of friends and heard about a new investment field, cryptocurrency, and at that moment, the field seemed not to be a trend, so I just laughed and ignored it. However, as you know, the storm came in August and October of 2017, the news and media constantly talk about the strong growth and terrible price of bitcoin and of course, I've heard a lot of people become millionaires in that time. Although I have been very careful and understand that high profits will come with high risk but over time, the curiosity and the constant news attacked me, which made me plunge into investment.
And a series of tragedies began to take place from here, in the first stage, I was still very careful and calculating, not greedy but this job is really too much pressure, the market situation makes me tense and tired. In addition, the news and people constantly gave me confidence and made me hope the price of bitcoin increased to $50k and because of that, I decided not to sell anything and then as everyone knows, the market has begun to decline in 2018. Again, I continue to comfort and encourage myself, everything will be fine, I'm still profitable, bitcoin will increase again, so I searched the bottom of the bitcoin and started throwing money into the altcoin and holding on to the long term.
And life is not a dream, the price of the whole market fell, bitcoin almost touched 6k and the common mentality of everyone, seeking restoration and light of hope. I became a short-term trader but with the horror of the market, my capital began to become smaller and smaller, until one day, I almost lost everything, mental breakdown, depressed mood and depression, a very inhibitory emotion, all created something very chaotic, often arguing with my wife unreasonably."
And here is my comment on this story, never think you can become a millionaire in this market when you are just another prey of the other, whales always create beautiful scenery and pictures of the future, that is not true. Play with passion, instead of playing with greed and everything we have, accumulate more experience and absolutely should not give up the main job.
What is your opinion of this story?
I think the main reason why he end up being bankrupt when joining cryptocurrency is that he lacks some knowledge about it. The cryptocurrency business like trading, investing and gambling is a very risky thing to go into. If you don't have the knowledge about it, you will end up losing all of your funds. And one thing is that make sure to be aware of what circumstances that may occur in your crypto life when you starts to join in.
First, this is not my story, this is a story that a couple, their happiness may be shattered when the husband invests in cryptocurrency and now he is in danger of losing all the money he has invested. And this is the whole story told by the husband
"In early 2017, I went out with a bunch of friends and heard about a new investment field, cryptocurrency, and at that moment, the field seemed not to be a trend, so I just laughed and ignored it. However, as you know, the storm came in August and October of 2017, the news and media constantly talk about the strong growth and terrible price of bitcoin and of course, I've heard a lot of people become millionaires in that time. Although I have been very careful and understand that high profits will come with high risk but over time, the curiosity and the constant news attacked me, which made me plunge into investment.
And a series of tragedies began to take place from here, in the first stage, I was still very careful and calculating, not greedy but this job is really too much pressure, the market situation makes me tense and tired. In addition, the news and people constantly gave me confidence and made me hope the price of bitcoin increased to $50k and because of that, I decided not to sell anything and then as everyone knows, the market has begun to decline in 2018. Again, I continue to comfort and encourage myself, everything will be fine, I'm still profitable, bitcoin will increase again, so I searched the bottom of the bitcoin and started throwing money into the altcoin and holding on to the long term.
And life is not a dream, the price of the whole market fell, bitcoin almost touched 6k and the common mentality of everyone, seeking restoration and light of hope. I became a short-term trader but with the horror of the market, my capital began to become smaller and smaller, until one day, I almost lost everything, mental breakdown, depressed mood and depression, a very inhibitory emotion, all created something very chaotic, often arguing with my wife unreasonably."
And here is my comment on this story, never think you can become a millionaire in this market when you are just another prey of the other, whales always create beautiful scenery and pictures of the future, that is not true. Play with passion, instead of playing with greed and everything we have, accumulate more experience and absolutely should not give up the main job.
What is your opinion of this story?
"In early 2017, I went out with a bunch of friends and heard about a new investment field, cryptocurrency, and at that moment, the field seemed not to be a trend, so I just laughed and ignored it. However, as you know, the storm came in August and October of 2017, the news and media constantly talk about the strong growth and terrible price of bitcoin and of course, I've heard a lot of people become millionaires in that time. Although I have been very careful and understand that high profits will come with high risk but over time, the curiosity and the constant news attacked me, which made me plunge into investment.
And a series of tragedies began to take place from here, in the first stage, I was still very careful and calculating, not greedy but this job is really too much pressure, the market situation makes me tense and tired. In addition, the news and people constantly gave me confidence and made me hope the price of bitcoin increased to $50k and because of that, I decided not to sell anything and then as everyone knows, the market has begun to decline in 2018. Again, I continue to comfort and encourage myself, everything will be fine, I'm still profitable, bitcoin will increase again, so I searched the bottom of the bitcoin and started throwing money into the altcoin and holding on to the long term.
And life is not a dream, the price of the whole market fell, bitcoin almost touched 6k and the common mentality of everyone, seeking restoration and light of hope. I became a short-term trader but with the horror of the market, my capital began to become smaller and smaller, until one day, I almost lost everything, mental breakdown, depressed mood and depression, a very inhibitory emotion, all created something very chaotic, often arguing with my wife unreasonably."
And here is my comment on this story, never think you can become a millionaire in this market when you are just another prey of the other, whales always create beautiful scenery and pictures of the future, that is not true. Play with passion, instead of playing with greed and everything we have, accumulate more experience and absolutely should not give up the main job.
What is your opinion of this story?
He is bad for investing without proper research. Also "invest what you can afford to lose" always remember that. 2017 also was the year of bullrun why would you invest in it when its already high, invest when it is in its lows, So that you can take profits. This is purely greed by the husband.
After reading the story OP posted, it is mostly due to the greed that resulted the person mentioned in the story to lose so much of his money with his investment into crypto-currencies, I think he should really try to stop arguing with his wife and start to communicate more with her, as people who suffered from depression would usually requires a lot of support and care from their family members for them to recover from it.
People seems to ignore the basic advise when they enter cryptocurrency world, "only invest what you can afford to lose". This will keep you sane.
Regarding news about Bitcoin touching $50k, don't be a sheep. Use your own diligence.
Regarding news about Bitcoin touching $50k, don't be a sheep. Use your own diligence.
Experience like this is what i have always used to defend some people who are now easy to panic if they will sell their cryptos every time the market will fall. I will always told those bully guys that it easy for you to criticize the panic people if you did not try to lose huge amount because of holding but for your story we should learn from this mistakes that we should always take care of every decision to make that we should know that investing in Crypto currency is very risky because the price is really unpredictable.
Everyone has its own feild, and if you are not lucky on crypto feild maybe there are some other feild for you. So I suggest to find another ways to earn. I believe that crypto is profitable but sometimes it will also spend on your luck. And if you are not lucky and get bankcrupt on this feild you are free to go and have another ways for good.
Experience like this is what i have always used to defend some people who are now easy to panic if they will sell their cryptos every time the market will fall. I will always told those bully guys that it easy for you to criticize the panic people if you did not try to lose huge amount because of holding but for your story we should learn from this mistakes that we should always take care of every decision to make that we should know that investing in Crypto currency is very risky because the price is really unpredictable.
Meaning all wasn't right with some decisions but hope you and your colleagues are not giving up soon. Trust me there are better days ahead which you could take advantage of refrain some of the incurred loses.
Jump to: