Man lost everything to Crypto - page 12.

bitbollo

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Trading Is not gambling. Ok yes we are calling about crypto trading Grin

But even gambling Is not Just gambling if you understand what you are doing and how to play.
A news like that Is very sad because some One has destroyed a fortune/cash earned with fatigue.
Meanwhile some One has earned a lot of money... Probably this is the Classic lesson you can learn from Life....

Gyfts

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Quote from: romero121 on January 20, 2022, 03:50:17 AM

drug, cryptocurrency and alcohol

I corrected the OP, we can blame drugs and alcohol for ruining his life. Had it not been crypto, it would have been something else to gamble on as he fed his drug/alcohol addiction. I'm rather surprised it isn't in your title, but I suppose we need to blame crypto currency for someone making bad choices in life? Even absent of the drugs and alcohol, people make poor choices. It's not fair to attribute those bad choices on anything than the individual themselves.

m2017

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Quote from: romero121 on January 20, 2022, 03:50:17 AM

Real-time incident of an user who trained himself to be a trader. Got addicted and lost everything. Steven is the person who kept adding more cryptocurrency to his portfolio. In an interview he mentioned drug, cryptocurrency and alcohol has destroyed his life. In the beginning Steven knew what he's doing. Later he ended up losing around 5-10 bitcoins. He don't know any information about the addresses and now struggling to recover it.

He says trading is gambling. He has learnt by his own and has always been a good trader. Now he spends day in one of the rehabilitation centre in Scotland.

Data : Man Lost Everything to Crypto

If we were told a similar story about a person, but with the participation of not cryptocurrency, but fiat, then we would not even pay attention to it. There are traditional traders in the stock market too, right? But we don't get sad stories about them, do we?

This story is similar to the fates of many other people who have lost everything in their lives, with the only difference that cryptocurrency are included here. But I have big doubts that Steven's life was destroyed because of bitcoin or other crypto.

Topic title " Man lost everything to Crypto", should be renamed "Man who lost everything because of his addictions, weaknesses and mistakes" and "Crypto" have nothing to do with it.

hatshepsut93

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Quote from: pooya87 on January 20, 2022, 04:20:12 AM

This has been happening from the first day altcoin market started. A lot of newbies get into the market thinking they are experts after making a big profit when a shitcoin they bought gets pumped but obviously since they have no understanding of the market they end up losing all their money including the profit they made.
This case you posted about is the same with an additional addition on top which would have been better if you changed your topic title to "... lost to addition" instead.

Of course altcoins are much more riskier and worse in their risk/reward ratio, but it's also very easy to lose money by daytrading Bitcoin, especially with leverage. Lots of newbies have very wrong perception that trading is a good way for earning money if you have "skill". The only people who make consistent profits from daytrading are manipulators and insiders.

Questat

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Trading and gambling probably the risk are equaly same but the difference is gambling pure of luck but trading results are depend on our skill to predict the market and according to the article that his mistakes was always be all in during trading which this can lead him to huge loss and from it he lost everything to crypto but fortunately currently he was on rehabilitation to healing his addicted but he worried this will happend to other people

But the good thing about trading is we can make ourselves improve our strategy get the best results unlike in gambling that we just rely upon luck, nothing else. But what OP has stated was an addiction that causes losses, this becomes a common reason why people fail to reach their goals. I don't know how it feels like that as if you are still in your mind, you can actually control it.
It is really hard to hear people lose everything in crypto but I think it was good in a way to help them realize that there is no easy moeny in crypto. Many just underestimate the market.

Coin_trader

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Quote from: Henrobakkara on January 20, 2022, 07:40:32 AM

Quote from: romero121 on January 20, 2022, 03:50:17 AM

Real-time incident of an user who trained himself to be a trader. Got addicted and lost everything. Steven is the person who kept adding more cryptocurrency to his portfolio. In an interview he mentioned drug, cryptocurrency and alcohol has destroyed his life. In the beginning Steven knew what he's doing. Later he ended up losing around 5-10 bitcoins. He don't know any information about the addresses and now struggling to recover it.

He says trading is gambling. He has learnt by his own and has always been a good trader. Now he spends day in one of the rehabilitation centre in Scotland.

Data : Man Lost Everything to Crypto

How did he lose the address? if for any reason someone stopped trading for some time and you are still able to access to PC where you logged into your account and still have your login info, then you are good but I want to believe that this guy couldn't access his PKs or passwords to his trading account due to other substance and not cryptocurrency itself. Maybe he just further got depressed realizing how much crypto worth he lost because of his drug addiction.

I really doubt that reason too. But since he is involved on drugs and alcohol, there's a high possibility that he loss his private while his mind is not clear. A person that has an addiction problem usually has a deep personal problem that's he might be not in the right mind in some part of his life especially on trading and handling his cryptocurrency.

Henrobakkara

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Quote from: romero121 on January 20, 2022, 03:50:17 AM

Real-time incident of an user who trained himself to be a trader. Got addicted and lost everything. Steven is the person who kept adding more cryptocurrency to his portfolio. In an interview he mentioned drug, cryptocurrency and alcohol has destroyed his life. In the beginning Steven knew what he's doing. Later he ended up losing around 5-10 bitcoins. He don't know any information about the addresses and now struggling to recover it.

He says trading is gambling. He has learnt by his own and has always been a good trader. Now he spends day in one of the rehabilitation centre in Scotland.

Data : Man Lost Everything to Crypto

How did he lose the address? if for any reason someone stopped trading for some time and you are still able to access to PC where you logged into your account and still have your login info, then you are good but I want to believe that this guy couldn't access his PKs or passwords to his trading account due to other substance and not cryptocurrency itself. Maybe he just further got depressed realizing how much crypto worth he lost because of his drug addiction.

buwaytress

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The issue here was gambling. Which is all this guy did, really, which he says himself, so a bit of a misleading title. He'd have made a lot more and kept his day job if he actually DID get into Bitcoin and just held.

Addiction. Don't matter if it's drugs, alcohol, sex, gambling, pain. Addiction is a quick path to ruination if you don't recognise it and trim it to manageable levels.

JohnSmithK

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I thought this post was related to some ponzi scheme due to which many crypto investors are loosing huge amount of their savings. One news was related to squid game crypto where it wipes out all the money. Squid Games crypto reached a price of US$2,800 before plummeting to zero and wiping out all the investor wealth. These instances shine the spotlight on how the popular new investment asset class is also a breeding ground for fraudsters. That the value of any crypto asset can change drastically in the blink of an eye is what most investors are now aware of. Similarly, QuadrigaCX was once believed to be the biggest of its kind in Canada. It started in 2013, much before Canadians thronged to risky crypto assets like Bitcoin and Dogecoin in huge numbers. In December 2018, the founder CEO Cotten died in India at age 30. In its investigation, the Ontario Securities Commission (OSC) found that QuadrigaCX was nothing but a ‘modern technology’ wrapped Ponzi scheme that ran on a pyramid structure. The bubble was destined to go burst when the exchange could no longer cover payments to older users through money from new depositors.
So i would suggest please beware before investing in crypto.

davis196

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Quote

In an interview he mentioned drug, cryptocurrency and alcohol has destroyed his life. In the beginning Steven knew what he's doing. Later he ended up losing around 5-10 bitcoins.

I don't think that drugs,alcohol and crypto destroyed his life.His addiction destroyed his life.His addiction is his own internal problem.Putting the blame on external factors(drug,alcohol,crypto) is not the right path for curing his addictions.
Trading can be turned into gambling,if you have no risk management and you always go for the high risk leverage trading.The lack of emotional control can ruin everything for every trader out there.

NeuroticFish

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Quote from: romero121 on January 20, 2022, 03:50:17 AM

In the beginning Steven knew what he's doing.
[~snip~]
He says trading is gambling.

This is quite a contradiction. I would say: in the beginning Steve thought he knows what's he's doing.
Trading is not gambling if one knows how to do it. At least in trading one has stop-loss at hand. Or, if that's not used, one will have to learn patience and wait (hold) until the price is right again.
Unfortunately too many think they know what they're doing, hence so many tragedies.

Lucius

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Well, this story has nothing to do with Bitcoin, but with a man who became addicted to alcohol, drugs, and gambling. Why this is even emphasized as a kind of crypto story when it is more than clear that it is something completely different - and besides, to believe someone who has ruined his life with drugs and alcohol for years that he even owned Bitcoin is completely unreasonable.

I would keep a low profile in his place, and not try to sell his tragic story to the media who wouldn’t even write about it if he didn’t mention Bitcoin.

Smartvirus

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Quote from: romero121 on January 20, 2022, 03:50:17 AM

In an interview he mentioned drug, cryptocurrency and alcohol has destroyed his life. In the beginning Steven knew what he's doing. Later he ended up losing around 5-10 bitcoins. He don't know any information about the addresses and now struggling to recover it.

He says trading is gambling.

It's obvious Mr. Steven knew nothing of cryptos or whatever digital means of doing business he was involved with except his drugs and alcohol. Narcotics are some of the most addictive substances on the planet that one should be heavily involved in and from the way Steven seems to nail the reasons to his fall out, it just might be the drug and alcohol issue that drove him nuts!
These substances are meant to paralise or make you go numb and that's not a very good state for someone who wants to trade life to be in while trading.

Truths be told, if he ever traded at all or owned the funds he claimed to loose, he lost it to trading not cryptos. It's not like cryptos have places where lost coins are stored or something, it's a give and take between traders, brokers and traders. Trading is a highly professional thing that one has got to be really grounded in before going live trading. One who regards it as gambling is one who didn't know what he was doing and as such, it did caught up with him because, he was gambling on trades and not sticking to any principle.

Fortify

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Quote from: romero121 on January 20, 2022, 03:50:17 AM

Real-time incident of an user who trained himself to be a trader. Got addicted and lost everything. Steven is the person who kept adding more cryptocurrency to his portfolio. In an interview he mentioned drug, cryptocurrency and alcohol has destroyed his life. In the beginning Steven knew what he's doing. Later he ended up losing around 5-10 bitcoins. He don't know any information about the addresses and now struggling to recover it.

He says trading is gambling. He has learnt by his own and has always been a good trader. Now he spends day in one of the rehabilitation centre in Scotland.

Data : Man Lost Everything to Crypto

Someone who is mixing alcohol and drugs while trying to build their knowledge in a new field is destined to fail. It might give you a delusion that you are being productive, energetic and useful when you're taking certain drugs but it will definitely take a negative toll over a prolonged period. It will generally make you disorganized and overconfident in your abilities, which when mixed with money management are a terrible mix. It can distort your decision making which is essential when you are analyzing information and statistics during your working hours. Some people have a few hits of success, which can be easy in an upward trending market, then falsely assume that they are somehow skilled enough to make a long term career out of it.

Mpamaegbu

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Quote from: romero121 on January 20, 2022, 03:50:17 AM

Data : Man Lost Everything to Crypto

Bad press, that's all I see there. I read that article and wondered why it wasn't titled – Man Lost Everything to Crypto, Drug and Alcohol.

It's the proverbial giving a dog a bad name in order to hang it. Crypto wasn't the only thing alleged to be responsible for his down fall. Why not highlight others too in the headline if the press weren't mischievous towards crypto?

batang_bitcoin

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Trading is no exemption with the risk that it has the same with gambling. 5-10 bitcoins is likely the amount that I need to be for good with retirement.
That's hard to accept that he has lost that much and he's aware of it. His actions would really end up with the wrong decision and he should've stopped when he sees that there's nothing good happening to him anymore as he trade. He has the mentality of a gambler and that's hard to control when you've got that much fund.

lovesmayfamilis

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His biggest problem is that he abandoned his education. Everything went to the fact that sooner or later he would fall. Is it reasonable to expect anything from an uneducated person, addicted to alcohol, drugs?
Even if he was a first-class trader, but not understanding his addiction, and being in an unreal world for himself, the loss of his funds was expected.
The conclusions are that crypto has nothing to do with it. You should not associate your vices, which he could not cope with, with cryptocurrencies.
A sober mind and the right education have never failed people who properly manage their income and are firmly on their way to success.

Bttzed03

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Quote from: Darker45 on January 20, 2022, 04:22:18 AM

I see incoherence and irrelevance in this article. I am not even sure if this story really happened in the first place. It seems the person hasn't lost everything to crypto. Neither did he lose everything to trading. It seems he simply lost access to his Bitcoin. But why the addresses? Does the article mean wallets? We don't memorize addresses. We don't lose them as if they're passwords or seed phrase or PIN.

It seems this site has ran out of articles to publish.

I'm having a mild headache and reading the article made it even worse. I thought he was hack or became a victim of phishing when I read the He doesn’t know where the addresses are and has no idea as to how to recover them in the article. It's really odd because the website is about bitcoin but the author seems ignorant and didn't bother to ask this Steven for clarification.

DdmrDdmr

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This seems to be a more elaborate description of Steven’s story (I figure the name is not real though):
https://metro.co.uk/2022/01/06/inside-castle-craig-the-rehab-centre-helping-cryptocurrency-addicts-15857987/

It seems to me that you can replace "crypto" with "gambling" and you’d get the same story. The profile depicted in the article shows a person prone to gambling, that would just as easily have gone over the top with betting sites if you ask me.

He invested and got obsessed with the stock market, gold, and was already into all sorts of substances before getting into crypto in 2014. Crypto was just the final straw, and he even states that he bought BTC basically for purchasing substances on the Dark Web (at least at the beginning).

The above article does not mention the loss of the BTC addresses, which likely, in any case, refers to a wallet mnemonic. Being piled on substances, I figure he lost it along with his wallet. Not the best state of mind for being one’s own bank …

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Trading can be part of the gambling of taking the risk but of course, trading requires knowledge, patience and understanding of how the market works. Always analyze all the things not all the time it gives you a good profit. If you think you are doing well at the start make sure you are ready for the next trade. I guess he might extend himself to force a revenge trade just to earn back his losses. It's not ideal to focus on trading if you are not taking it well always manage the risk and don't put a single bag in just a trade and investment.

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