Topic: I went bankrupt when I joined in cryptocurrency - page 8. (Read 2131 times)
Though the strategy seems okay but its a matter of luck also. As you said earlier, there are some becomes millionaires in investing. Maybe because they are pioneers , equipped with really good strategy and very lucky indeed. The world.of cryptocurrencies is full of surprises. You will have to face the fact that you needed to experience loss and have all the risk just to be successful. This is the cycle and we can somehow lessen it if we learn from that experience.
The first rule of the cryptocurrency world is not to invest what you can't afford to lose. I'm very sorry for what happened but first of all it's your fault, too many people think to get rich in a very short period of time, huge mistake.
Quite unfortunate, but that's just how things go in this field. Make one wrong move and you're done for! This person got influenced by the hype which led him to making the wrong decisions. This is a mind game. Therefore we need to be smart. Smart enough to be able to keep on riding the waves. Throwing in almost everything we have into something we do not fully understand is like suicide. And this is because of greed! The idea of being able to earn quick and easy with crypto is like a day dream. This is hard work which requires time, our brain, and tons of patience.
Sorry to hear that story, But for me, If we go into investment specially cryptocurrency, Dont think that you will become a millionaire too and take risk investing without enough knowledge. But that is life we need to accept our loss and fails.
When bitcoin hits the news for positive growth that’s a sell signal, not a buy signal. Sorry for your loss if you sold. Just hodl. But thanks for buying my coins back then!
Most crypto users in their earliest stages in crypto have similar stories of tragedies. Crypto is not difficult to understand yet entails quite a lot of stuffs as new projects enter the Blockchain. Users need to stay updated by reading or learning about the general market trend before executing their thoughts on investing in crypto.
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?
Crypto trading indeed seems very complicated and real tests adrenaline, when we run it, except for them who are professional and experienced. In trading, anyone can experience loss, if they don't understand well how it works and how technically.
Whatever form of failure you experience, doesn't mean you're destined to endure it forever. Learn what you can from that bad experience and move on to the future you want. You must know, that your past's not the same as your future and not what you did yesterday, but what you're doing now.
It's a sad story, if only he researched and seek crypto knowledge before investing, he wouldn't have been in that mess.
Crypto can give scary especially when you see your fund decreasing, your action thereafter define your knowledge of Crypto. Patience is key at times.
Crypto can give scary especially when you see your fund decreasing, your action thereafter define your knowledge of Crypto. Patience is key at times.
No matter how profitable it is, never be in a hurry to join the multitude in any investment that you have not taken time to study and get a hold of at least the basics. Learn to manage your risks and avoid investing with what you cannot afford to lose. A bad move coupled with an unprepared mind is a big disaster waiting to happen. Lastly, learn to control your emotions, especially in Cryptocurrency.
Cheers
Cheers
The first rule of any investments either cryptocurrencies or stocks is first.. Never invest what you can't afford to lose. If the husband had prior crypto trading experience it would have been better in making better decisions. But my believe is that our experiences today shape us for a better tommorrow.
Somebodies luck is certainly not every man's luck. The husband should have studied first all there is to know about cryptocurrency. He should have equipped himself with all the necessary "tools" needed in such a tremendously unpredictable field of investment such as knowledge/proper skills, courage and most especially ton of patience. It is not a game that can be mastered in just one sitting. Well Sir [the husband], its all under the bridge now, and i'm so sorry that you've learned your lesson in the most shattering way.
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?
Every commodity market including cryptocurrency will test you with risk and kindness as a trial which's true. Each of us has a different experience in each forum that comes in turn. Trade and investment always coupled with the risks of each, and we are obliged to try as hard as possible to endure emotions and increase patience. Every new or old investor, there is no chance to evade (nor can it avoid) from what has been determined by the market. Each of the investors will experience it equally and evenly. Cryptocurrency's very speculative, they go down and go up very fast if you have faith in that, I don't think there's another way but to hold it for longer.
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.
[...]
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,
What is your opinion of this story?
This guy in story failed miserably because instead keeping to his word holding to bitcoin until it will gain value again he decided to buy altcoins (?!). This was his failure. If he would stick to bitcoin, he would never loose money until he have sold them, and he wouldn't before price rise again.[...]
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,
What is your opinion of this story?
So this was his biggest failure, he didnt listen to himself.
I think your summary of this story is wrong also, its not about whales, its not about mystic moves of market, it was this guy from this story own mistakes. We cant blame others for own mistakes can't we?
After reading it till the end he has given some suggestions, his mistakes as a advice for others. This is what happens when you are not proficient enough of what you are doing. He says that he was profitable but not sell them listening to others. This is lack of home work & basic theory of being greedy while you are witnessing a huge green candle. People are fallen in unrealistic trends in a minute where they need education. Studying in schools for 12 or 13 years to be eligible to come as a complete personality. But in investments? Where are we? Due to failure of a wrong practice we shouldn't underestimate the value of the Crypto Currencies. Don't be a trap of others. Learn well before doing anything.
I really appreciate because you shared your experience but from your story actually cryptocurrencies are not wrong but Your step is wrong, why do I say that, because until now I didn't feel bankrupt even though my asset crypto value dropped 60% from May, so be patient if your assets go down wait until the value goes up again 
I think that no one knew in 2017 what will happen to Bitcoin in 2018, so many have invested all their money in cryptocurrency in order to get the maximum income, but as a result, on the contrary, they lost everything. Therefore, you need to be very careful in investing in Bitcoin and Altcoins, since the market is not predictable.
Cryptocurrency is a very risky venture, a lot of persons have gone bankrupt through this... There are a bunch of persons who think it's a get rich quick kinda scheme, so they plunge all they got into it with a proper research or analysis... But, after a good research and hard work, they will come back to make some profits again.
Why'd you give up and then started blaming the market? Man up and take responsibility for your actions mate. Don't blame crypto that you got scared and wanted to return the investments you made. Besides, It was you that let the voices of others affect your decision making. Blaming is a very easy thing to do. But at least put your hand on your heart and ask yourself first, am I blaming the right thing?
It is known that investing in cryptocurrencies is riskier than the other investments, because the market is unstable and the price are always volatile. So you don't have to invest more than what you afford to lose. Also, you have to be patient a little bit, it requires time until the prices start to increase again.
Many investors who have failed, for some reason begin to blame it on bitcoin. But usually, these people are to blame for their failures. This market requires continuous improvement of knowledge if you want to achieve real success.
Jump to: