Man lost everything to Crypto - page 4.

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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

I can say I'm sorry for this Steven guy but I don't understand why his story should be relevant in any way. Every day there are people who are ruined because of wrong or poor life choices, it's sad to say but they won't be the last. Unless the point of this thread is that this kind of things happen just because of the cryptos...

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Quote from: ChrisPop on July 02, 2022, 06:09:13 AM

Quote from: coinerer on July 02, 2022, 01:46:49 AM

The activities of this guy are like gambler. Gamblers often drink alcohol and take drug in his body. Because at some point big loss destroys their humanity. Which forces them to take drugs. This makes them forget about that loss for a while. Which has happened to this guy and has caused a great loss of his life for his Addiction.

Nobody is forcing anyone to do anything. I believe that everyone has the power of choice. You always have at least two options, no matter how much you lost in life. Think about disabled people.. they could just as well indulge into alcohol and/or drugs to cope with their suffering, but yet many of them are grateful for still being alive and try to make the best of it.

This is exactly why not only gamblers, but a lot of traders should seek psychological advice. The emotional and psychological part of trading is underemphasized.

Certainly a good point you brought up and it might be applicable to a certain degree. In markets there is also behavioral economics. It is a bout herd behavior, about trust relationships, manipulation and public influence (see Elon Musk with DOGE on Twitter). If you are new to the game it is really hard to discern what is true, and what is not. And even then you might be better off following what is not true because it seems to better be resonating with the masses. Markets are a tough playing field. To an extent it counts more what all people around you do compared to what you would personally do. Kind of sad but I think it is the reality we have to deal with to a certain degree.

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Quote from: Elbecca on February 06, 2022, 05:38:14 AM

Most lost comes from wrong investment tho and lot of taxes that's why I see IRS as a better avenue because it pays investors in USDT when they hold$IRS instead of knocking on your door collecting tax . IRS is funding a world wide space program so we can all go to the moon

what is the IRS?
I don't think we can avoid taxes if crypto has been recognized by the government, especially now that many countries are taking advantage of the proceeds from selling crypto from existing local exchanges.

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Quote from: Davidvictorson on July 02, 2022, 07:34:23 AM

He trained himself to be a trader but missed out on one of the most important aspects of crypto-trading, emotional intelligence. To a degree trading is like gambling. If we consider the neurobiological processes that comes into play. When you are winning in gambling a lot of dopamine is being released and it makes you feel good and happy. It is the same process that takes place when you are making profit in crypto-trading. You feel good. You feel happy. And you always want to feel that way isn't it? So you return to it and throw caution to the wind especially when you are low in emotional intelligence and then you lose.

He mishandled his emotions which is really needed in trading. You could possibly lose everything if you are not aware of its risks. Crypto investment needs a long process of learning and research. There are also basic strategies that you have to apply and you must be skeptical in picking coins to invest with. Too much greed will occur if you can't handle your emotions right. You should still know your limits and handle your finances wisely.

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Quote from: BITCOIN4X on July 02, 2022, 10:59:16 AM

Quote from: Davidvictorson on July 02, 2022, 07:34:23 AM

He trained himself to be a trader but missed out on one of the most important aspects of crypto-trading, emotional intelligence. To a degree trading is like gambling. If we consider the neurobiological processes that comes into play. When you are winning in gambling a lot of dopamine is being released and it makes you feel good and happy. It is the same process that takes place when you are making profit in crypto-trading. You feel good. You feel happy. And you always want to feel that way isn't it? So you return to it and throw caution to the wind especially when you are low in emotional intelligence and then you lose.

I don't think that person has gambled with bitcoin and its trading. He will never lose anything if you understand how the story series is made. I think he couldn't have access to his wallet which was a fatal mistake and it has cost the guy 5-10 bitcoin. Darker45 has explained it well, you shouldn't just read the title to reply.

My thoughts exactly after reading this article. The fact he lost his private keys or seed phrase was the only issue here, not some gambling addiction. The fact he ended up in a crypto rehabilitation centre was no doubt due to the depression of losing of Bitcoin that he had worked hard to acquire, rather than poor trading. Sounds like he was doing ok until he lost of assets. There's no talk of any degen leverage plays.

Quote

He doesn’t know where the addresses are and has no idea as to how to recover them.

If anything it sounds like he wants to blame his addiction to trading (whether successful or not) to simply losing his Bitcoin. The media simply ran with it, as it was an interview.

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Quote from: Davidvictorson on July 02, 2022, 07:34:23 AM

He trained himself to be a trader but missed out on one of the most important aspects of crypto-trading, emotional intelligence. To a degree trading is like gambling. If we consider the neurobiological processes that comes into play. When you are winning in gambling a lot of dopamine is being released and it makes you feel good and happy. It is the same process that takes place when you are making profit in crypto-trading. You feel good. You feel happy. And you always want to feel that way isn't it? So you return to it and throw caution to the wind especially when you are low in emotional intelligence and then you lose.

I don't think that person has gambled with bitcoin and its trading. He will never lose anything if you understand how the story series is made. I think he couldn't have access to his wallet which was a fatal mistake and it has cost the guy 5-10 bitcoin. Darker45 has explained it well, you shouldn't just read the title to reply.

FlamingFingers

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No doubt about the fact that trading is gambling if you are trading on high leverage, its much more easier to loose everything on trading futures than trading on spot, I told a friend of mine that any future trader who uses leverage of from x3 above is gambling, most especially those who uses x10 - x125, that's pure gambling, I guess that's what happened to the dude OP mentioned

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Don't be greedy with crypto trading or investing. When you start trading or investing then you need to more patience. Cz every successful trader have more patience. Many trader lost their money their emotion.You need to control your emotion also.For newbie, You need to read more article books about trading.

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He trained himself to be a trader but missed out on one of the most important aspects of crypto-trading, emotional intelligence. To a degree trading is like gambling. If we consider the neurobiological processes that comes into play. When you are winning in gambling a lot of dopamine is being released and it makes you feel good and happy. It is the same process that takes place when you are making profit in crypto-trading. You feel good. You feel happy. And you always want to feel that way isn't it? So you return to it and throw caution to the wind especially when you are low in emotional intelligence and then you lose.

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Quote from: Mr.sprin on July 01, 2022, 07:40:06 AM

Don't blame crypto when you lose while trading, when you start to enter the crypto world then you are ready to receive profit or loss but when you lose you blame crypto it is very unfair in my opinion, just like you trade when you go bankrupt then you will blame your merchandise that's a very stupid thing,

People like that are people who are unable to control their emotions and instead express their frustration when they lose in trading, in my opinion it is very important for us to understand and also do as detailed a market analysis as possible before we trade and obviously that was not done by that person so he lost and blamed crypto, indeed we admit that crypto has a very big risk if we are rash in trading or investing, but in fact some of them get profits and wealth from crypto because they analyze the market before investing.

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Quote from: coinerer on July 02, 2022, 01:46:49 AM

The activities of this guy are like gambler. Gamblers often drink alcohol and take drug in his body. Because at some point big loss destroys their humanity. Which forces them to take drugs. This makes them forget about that loss for a while. Which has happened to this guy and has caused a great loss of his life for his Addiction.

Nobody is forcing anyone to do anything. I believe that everyone has the power of choice. You always have at least two options, no matter how much you lost in life. Think about disabled people.. they could just as well indulge into alcohol and/or drugs to cope with their suffering, but yet many of them are grateful for still being alive and try to make the best of it.

This is exactly why not only gamblers, but a lot of traders should seek psychological advice. The emotional and psychological part of trading is underemphasized.

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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.

The activities of this guy are like gambler. Gamblers often drink alcohol and take drug in his body. Because at some point big loss destroys their humanity. Which forces them to take drugs. This makes them forget about that loss for a while. Which has happened to this guy and has caused a great loss of his life for his Addiction.

ChrisPop

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Not your Keys, Not your Bitcoins

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

People don't realize it. Trading can be EXTREMELY (and I mean it) rough on your mental health if you don't have equilibrium in your life. But that's also the beauty of trading - it goes hand in hand with your development as a person (emotional, social, financial, intellectual). See the contrast below:

Each day you wake up, firing up your monitors, get caffeinated, not moving. not doing any form of exercise. You nervously start analysing the markets thinking you have to make money today to pay your bills. You start 'hoping' the market will do what you want it to. It is evening and you lost 4 times what you hoped to make today. You go to the bar and indulge yourself in alcohol. You get up next day with a hangover and you restart the cycle. You don't have a journal, you don't learn from mistakes. Zero progress, only regress.
-----
You wake up, you meditate, you go for a walk, you journal, you hit the gym, you make the trading plan for the day, you execute the plan. At the end of the day - you journal your trades and your process including feelings, thoughts and what you could have done better.

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Quote from: 2stout on July 01, 2022, 05:39:38 PM

Seems unfair to blame this on crypto alone as there were underlying factors that played a bigger role and are actually the root IMHO. Take away the gambling, booze, and drugs and I bet this guy is still the game, but then again seems like the root could be an addictive personality/nature.

yes, reading the article, the title itself is misleading in my opinion. he lost everything because of other addiction like drugs and alcohol. if he had no other vices, i believe also that he is still in this game. however, some writers will write an article giving emphasis on crypto, which for me is not fair. people should be objective in reading similar articles and learn the true reasons why that person is in that state.

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Seems unfair to blame this on crypto alone as there were underlying factors that played a bigger role and are actually the root IMHO. Take away the gambling, booze, and drugs and I bet this guy is still the game, but then again seems like the root could be an addictive personality/nature.

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Quote from: n0ne on July 01, 2022, 05:18:43 PM

Quote from: Mr.sprin on July 01, 2022, 07:40:06 AM

Don't blame crypto when you lose while trading, when you start to enter the crypto world then you are ready to receive profit or loss but when you lose you blame crypto it is very unfair in my opinion, just like you trade when you go bankrupt then you will blame your merchandise that's a very stupid thing,

This is true, most of the time people loss out of their activities and. Point cryptocurrency as the reason for their loss. This needs to change. A proper learning about the market will let users to overcome such kind of confusions.

Unfortunately, this is always the narrative for these unlucky investors who wants to gain everything and then loose nothing in the process. I feel sorry for them because clearly, they aren't ready for the world of business or to be making investments. They are far better as salary earners, working with some institution and taking no risk at all.

I see a lot of human nature being displayed in Mr.Steve and the few others that often comes up with these narratives. They try to play the blame game, where they couldn't have been at fault, they did put in all the right moves and analysis but the market just keeps reaping them. His problems are his addictions and the think that's where he should keep that in check and maybe he could have a chance to lean from his mistakes. Otherwise, he isn't ready!

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Quote from: Mr.sprin on July 01, 2022, 07:40:06 AM

Don't blame crypto when you lose while trading, when you start to enter the crypto world then you are ready to receive profit or loss but when you lose you blame crypto it is very unfair in my opinion, just like you trade when you go bankrupt then you will blame your merchandise that's a very stupid thing,

This is true, most of the time people loss out of their activities and. Point cryptocurrency as the reason for their loss. This needs to change. A proper learning about the market will let users to overcome such kind of confusions.

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Quote from: Sebas.tian on July 01, 2022, 07:16:28 AM

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Learning how to trade properly is not easy, and we must be able to communicate with ourselves. therefore there is no term to finish studying. of course there is something wrong with him to spend his money, because many people also make trading as a support for their lives, why can't we look in the mirror from them, I think he has a bad mentality so he slumps

I agree with you, because is not advisable for someone to invest all his money on crypto investment which many people has lost a huge amount of money in their investment. Now that we are in bearish market, it will be favourable for anyone to hold and watch for the price of coins to increase higher before they can sell to make a good profits from the market. I think, many investors will learn from his mistakes because crypto investment is different from other investment because it's unpredictable,it can pump through this month and dump through out one year which many potential investors are used to in the community.

One issue is that usually you only get to hear about the success stories where someone sold his house and went all in on Bitcoin and became a multi-millionaire. Those who lose everything don't usually speak that out loudly. People can easily get caught in this dream bubble of doing the same and get rich quickly and easily. If a bear market is waiting around the corner right in that moment when someone decides to go all in, and even worse maybe with a leveraged position, it is game over. All in has never been a really good choice regardless of the investment choice. There is no such thing as a 100% safe bet.

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Don't blame crypto when you lose while trading, when you start to enter the crypto world then you are ready to receive profit or loss but when you lose you blame crypto it is very unfair in my opinion, just like you trade when you go bankrupt then you will blame your merchandise that's a very stupid thing,

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Quote

Learning how to trade properly is not easy, and we must be able to communicate with ourselves. therefore there is no term to finish studying. of course there is something wrong with him to spend his money, because many people also make trading as a support for their lives, why can't we look in the mirror from them, I think he has a bad mentality so he slumps

I agree with you, because is not advisable for someone to invest all his money on crypto investment which many people has lost a huge amount of money in their investment. Now that we are in bearish market, it will be favourable for anyone to hold and watch for the price of coins to increase higher before they can sell to make a good profits from the market. I think, many investors will learn from his mistakes because crypto investment is different from other investment because it's unpredictable,it can pump through this month and dump through out one year which many potential investors are used to in the community.

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