Man lost everything to Crypto - page 5.

Franctoshi

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Quote from: romero121 on January 20, 2022, 04:50:17 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.
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

They said experience is the best teacher and this should be a very big lesson to him.

Quote from: romero121 on January 20, 2022, 04:50:17 AM

Got addicted and lost everything.

• If it's addicted to trading, I would say greediness played a major role by him not investing the amount he can afford to loose.

Quote from: romero121 on January 20, 2022, 04:50:17 AM

Later he ended up losing around 5-10 bitcoins. He don't know any information about the addresses and now struggling to recover it.

• Carlessness was part of him too , having up to 5 -10 Bitcoin in your wallet without considering the risk factors involved in storing cryptos into account and have two or places he secured his keys.

Quote from: romero121 on January 20, 2022, 04:50:17 AM

In an interview he mentioned drug, cryptocurrency and alcohol has destroyed his life.

• Having himself got involved with Drugs and Alcohol was still part of his problem, persistent of exposure Alcohol or drugs over a long period time will thus bioaccumulates and may have negative impact to his brain leading him to easily forget things or misbehave.

Asiska02

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He mentions bitcoin as one of the things that wrecked him, but perhaps the drugs and alcohol to which he was addicted killed his life. As these two have negative effects on the human body, his addiction to them could cause him to forget his addresses. He should not be citing bitcoin as one of them, even if I'm sure he's been rehabilitated due to the damage that drugs and alcohol did to his bodily system.

BlackBaron

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Quote from: romero121 on January 20, 2022, 04:50:17 AM

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.

that's the step he should take, rehab will be aware of him, crypto trading risks, I always imagined there is no way to do crypto trading without definite knowledge, i tried with a small capital the same fate i experienced as Steven, realized all that was the best thing for me who lacked trading knowledge, making long term investments the best thing.

asimi.io

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Yes, No doubt Its happening from the first day, Its an absolute perfect example for newbies that all you first understand what the crypto currency is and how its works. No need to invest anything before searching about the crypto. Patience and good searching needed before investing in any currency you are gonna invest.

Ozero

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

In our world there is a law of conservation of energy. It is universal and therefore it can be applied to all processes and phenomena of our life. In the world of cryptocurrencies, everyone cannot make a profit, because in order to make a profit, someone must lose their money. Cryptocurrency does not create wealth. It redistributes their equivalent - money. Therefore, in the world of cryptocurrencies, there will always be those who make a profit as well as those who incur losses.

saxydev

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Quote from: romero121 on January 20, 2022, 04:50:17 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

This is what stake and gandom are doing, promoting those players playing on thousands of usd/game. No responsability in the crypto gambling industry

Minecache

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Quote from: leverageguy on July 01, 2022, 12:24:55 AM

It’s the trader’s expectations that make them take the wrong steps. Cryptocurrencies can get you profits only if you understand them and their movements. But if you start gambling for no reason, you will end up making losses and that’s what is wrong.

Yes, cryptocurrency is volatile and too risky so we shouldn't put all our expectations and money on it, it's nothing more than a gamble.
Cryptocurrencies, like other investments, can be risky, but they also generate returns

In the world of investment, if you study hard, research the market and have the necessary knowledge about the market, know how the market works, you will be a winner but if you just rush in and expect miracles to work for you, you will fail.

leverageguy

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It’s the trader’s expectations that make them take the wrong steps. Cryptocurrencies can get you profits only if you understand them and their movements. But if you start gambling for no reason, you will end up making losses and that’s what is wrong.

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This story has demonstrated the need of having a basic understanding and experience about wallets in general, as well as knowledge about keys, both public and private keys. Because, in order to avoid such an incident, someone who has earned such a large amount of Bitcoin should have a comprehensive understanding of wallets. I'm going to use this event as a cautionary tale in order to protect my crypto holdings.

henyo26

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I can relate to this.. although I didn't lost it all but still so devastating that I need to recheck my decision-making and priorities in life.

Now, I am thinking to open a small business hopefully I can recover from the mess.

blockman

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Quote from: henyo26 on February 06, 2022, 04:25:12 PM

I can relate to this.. although I didn't lost it all but still so devastating that I need to recheck my decision-making and priorities in life.

When you hold that much, it's going to make you think about what's in it for you in the future. And that's a serious decision making that you should do, securing an exact amount that will make your life better in the future or until your retirement. You won't gamble with it and as much as you can, you'll add but if you can no longer add then you have to hold and bear with it. Know your priorities when you have that much wealth.

Quote from: henyo26 on February 06, 2022, 04:25:12 PM

Now, I am thinking to open a small business hopefully I can recover from the mess.

Good luck, there's always the 2nd chance around and for the person that OP has shared to us, hopefully he gets well in that rehabilitation center.

LUCKMCFLY

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Quote from: e_abrams on February 04, 2022, 11:20:23 AM

Quote from: Hamphser on February 01, 2022, 03:14:21 PM

Quote from: e_abrams on February 01, 2022, 02:02:15 PM

Trading becomes gambling when one doesn't know what they are doing. It takes a lot of knowledge to trade successfully. And if this unfortunate person was mixed up with drugs, I don't think cryptos were the reason for his downfall.

We know that if you do deal up with drugs then it would really be just normal that you would really be on a certain state on which you couldnt really think off well or generally speaking to be on your own self.

This is why its not really good on dealing up something when you are influenced by something and drugs isnt something that could really be removed out easily and trading does need lots of focus
and knowledge for you to sustain out.If you do trade but you are having some drug problems then i could say that this is the root of all problems.

Indeed. Frankly, one should avoid even casual alcohol use while trading. I generally don't drink to begin with, I can't even imagine drinking while trading. That would be a very poor choice.

This is very true, in people alcohol makes them believe like superman, that they have powers and that they can do anything, but the effect that is taken in trading is similar to when a person enters a casino and drinks a lot of alcohol , thinks that he will always win and it is not like that, in some way he becomes disinhibited, but his most hidden emotions can come to the surface, as well as he can remove other emotions, such as panic, fear, among others that are somewhat controlling at the moment of making decisions.

Viscore

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Quote from: romero121 on January 20, 2022, 04:50:17 AM

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

Actually trading is not a gambling if you just follow the correct strategy.You will consider it as a gambling if you dont have enough knowledge about the markets.It is a gambling if you dont know how to control yourself from making losses.And it is a gambling if you think that trading is a quick easy money.

If you play like professional trader and follow your plan and strategy, you will success. Knowledge,skills,patience,self decipline,money management,and risk management. These are key in order you to become a successful trader and if you dont have these, then you should have avoid trading.

Wawa2013

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Quote from: UmerIdrees on February 06, 2022, 06:58:10 AM

Quote from: skarais on February 05, 2022, 05:15:37 PM

There are many ways for crypto users to lose their money and that is not only due to price fluctuations but also due to failing to secure their asset storage wallets. Steven is one example of why you need to have a backup for your wallet be it private keys or seeds. He lost his investment because he failed to gain access to the storage wallet, he is currently trying to recover it.

In addition, trading can become like an activity like gambling if the trader just does it without analysis and only relies on luck due to price fluctuations. Some time ago Elon Musk created hype for doge, some people made big profit while many of them also lost huge amount of money after the hype was gone. The best lesson from investing is to always do it very carefully and don't put 100% of your money into an investment if you don't have any other spare money that can make you forget your losses. If you don't want to lose everything, then always consider the risks.

You can control and minimize the losses in trading by applying different money management and technical analysis skills. However if you are too careless or due to lack of knowledge, you forget your seed, passphare or shared it with anyone, then there is no way that you can recover your loss. Its sad when i hear when people tell that they have the crypto in a particular wallet but they cannot access it because they have lost the seed.

There are various things that make people lose their crypto, if they lose crypto while trading I still understand. Maybe his analytical skills are not good,
so take the wrong decision. And also losing crypto because we experience losses when trading can we compensate for the losses we experience
by getting profits in the next trade. But if we lose crypto because we don't store private keys properly it's very careless. It was really an unnecessary
loss, because private keys are very important. If we lose our private keys, it means we will lose our crypto forever, because the crypto will be stuck
in the wallet forever. We have to keep it in the safest place and don't let other people know about it. Hopefully people who have lost crypto due
to losing private keys can learn from their mistakes. Please read on this forum or we can even find it in articles on the internet, which explains how
we should keep our private keys safe and not easy to be stolen.

coinmanhere

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Ok so drugs, alcohol and trading hmm i would be more suprised of he haven't lost everything and still doing good.

UmerIdrees

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Quote from: skarais on February 05, 2022, 05:15:37 PM

There are many ways for crypto users to lose their money and that is not only due to price fluctuations but also due to failing to secure their asset storage wallets. Steven is one example of why you need to have a backup for your wallet be it private keys or seeds. He lost his investment because he failed to gain access to the storage wallet, he is currently trying to recover it.

In addition, trading can become like an activity like gambling if the trader just does it without analysis and only relies on luck due to price fluctuations. Some time ago Elon Musk created hype for doge, some people made big profit while many of them also lost huge amount of money after the hype was gone. The best lesson from investing is to always do it very carefully and don't put 100% of your money into an investment if you don't have any other spare money that can make you forget your losses. If you don't want to lose everything, then always consider the risks.

You can control and minimize the losses in trading by applying different money management and technical analysis skills. However if you are too careless or due to lack of knowledge, you forget your seed, passphare or shared it with anyone, then there is no way that you can recover your loss. Its sad when i hear when people tell that they have the crypto in a particular wallet but they cannot access it because they have lost the seed.

Elbecca

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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

skarais

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There are many ways for crypto users to lose their money and that is not only due to price fluctuations but also due to failing to secure their asset storage wallets. Steven is one example of why you need to have a backup for your wallet be it private keys or seeds. He lost his investment because he failed to gain access to the storage wallet, he is currently trying to recover it.

In addition, trading can become like an activity like gambling if the trader just does it without analysis and only relies on luck due to price fluctuations. Some time ago Elon Musk created hype for doge, some people made big profit while many of them also lost huge amount of money after the hype was gone. The best lesson from investing is to always do it very carefully and don't put 100% of your money into an investment if you don't have any other spare money that can make you forget your losses. If you don't want to lose everything, then always consider the risks.

mia_houston

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Quote from: Albescent on February 04, 2022, 03:29:39 AM

@Uneng I agree. Despite the Cryptocurrency market being highly volatile, there are many chances of earning profits.
One needs to have proper knowledge and understanding about the crypto before buying it. Don’t just go with the hype and only choose coins with real world usage.

Profit and loss is a common thing in investing, these two factors are the consequences we get in trading in the market, but of course all traders only want profits from the trades they do, that's why trading also requires extensive knowledge in reading movement analysis market, by having knowledge of market analysis, many traders can at least avoid losses even if not 100%, but at least they will not lose like traders who trade or invest only by relying on hype or instinct.

Lanatsa

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Quote from: Ryker1 on February 04, 2022, 06:47:56 PM

Quote from: e_abrams on February 04, 2022, 11:20:23 AM

Frankly, one should avoid even casual alcohol use while trading. I generally don't drink to begin with, I can't even imagine drinking while trading. That would be a very poor choice.

Well that is a big mistake if you do that.
Though everyone experiences downtimes in trading, which is normal -- and it is up to you whether you stay with it and linger on it for a long time or move on as quickly as possible because we are aware of the risks that come investing in this type of business. However, when we earn a large sum of money, most of us become dissatisfied and turn to gamble, where we become hooked, which has a negative impact on our business and causes us to go bankrupt. And when we lost everything, we prefer to blame trade for everything. This could be a valuable lesson for all investors to learn.

On the time that you do make yourself confident then you would definitely be able to experience more mistakes yet you would really be molding yourself to be a gambler like mind

on which a very common behavior for someone to do so whenever they had make out some good profits on which they would really be greedy on some point which would really made them

lost track and would really be not following their initial strategies or goals which is really very wrong type of behavior if you do ask me.Invest on what you can afford to lose and don't
go beyond those limits.

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