Man lost everything to Crypto - page 7.

dunfida

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Quote from: ReiMomo on January 31, 2022, 03:08:30 PM

Quote from: uneng on January 29, 2022, 01:56:25 PM

It looks like "man lost everything to his addictions" would fit better as the title of these news. Of course crypto investments are risky and it's possible to lose money if you pick the wrong coins or sell them at the wrong time, but it doesn't mean people are going to lose everything because of a bad move, exclusively.

Since he lost all he had I suppose it has something to do with his behavior, mindset, methods, strategies (or the lack of them) when investing, and not with his luck or crypto market itself. I just feel sad because news like this discourage average people to try experimenting cryptocurrency, as they imagine the same is going to happen to them, so they are going to lose everything as well. Tongue

Its an addiction and he was litterally addicted. When one is not in control of himself, he is addicted to it. People who have earned profits and have more confidence on Crypto often tend to fall into it. But many set limits to themselves in either investing or spending time on crypto. Yes all are behind money, and yes money is indeed needed. But need to take care of our health as well. A lovely platform to learn and earn money. Lets use it to the extend we need.

You should really put up some limits no matter what even if you do consider up yourself to be a pro or experience then it would be still sensible that you would really be setting up some limits because we know that

the market is totally unpredictable and if you do make money earlier but doesnt mean that you would earn profits on future trades to come.This is why everything should be on limit and in control.

if you do put yourself into that addicted mode then self control would be needed even though it wont be that simple but it could really be done.

TinaK

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Quote from: Ziskinberg on January 31, 2022, 05:13:03 PM

That's what happened when you are not focused with trading, we all know it's risky but having drugs and alcohol while trading will certainly destroy your game plan and you won't be able to concentrate on what you are doing.

That's a sad story and why bitcoin or crypto has been part of alcohol and drugs which is they are not relatively close. Bitcoin is a financial system that needs a focus, it's an investment that seriously needs knowledge and skills in order to become a trader. Crypto is not like a drug and alcohol that can be addicted quickly and I don't think that man should be blamed here because he is addicted to drugs and alcohol he gets lost all his portfolio.

I am sure this man was chasing his loss in order to sustain his alcohol and drugs and now he cants able to do that matter he lost everything

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That's what happened when you are not focused with trading, we all know it's risky but having drugs and alcohol while trading will certainly destroy your game plan and you won't be able to concentrate on what you are doing.

1-5 bitcoin is a huge amount, a person will find it hard to recover losing that amount especially if it's been consistent due to some management problem. What we need is discipline in order to focus on what we are doing, it's not addictive if you treat it like a job that you need to work hard and smart in order for you to succeed.

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Quote from: uneng on January 29, 2022, 01:56:25 PM

It looks like "man lost everything to his addictions" would fit better as the title of these news. Of course crypto investments are risky and it's possible to lose money if you pick the wrong coins or sell them at the wrong time, but it doesn't mean people are going to lose everything because of a bad move, exclusively.

Since he lost all he had I suppose it has something to do with his behavior, mindset, methods, strategies (or the lack of them) when investing, and not with his luck or crypto market itself. I just feel sad because news like this discourage average people to try experimenting cryptocurrency, as they imagine the same is going to happen to them, so they are going to lose everything as well. Tongue

Its an addiction and he was litterally addicted. When one is not in control of himself, he is addicted to it. People who have earned profits and have more confidence on Crypto often tend to fall into it. But many set limits to themselves in either investing or spending time on crypto. Yes all are behind money, and yes money is indeed needed. But need to take care of our health as well. A lovely platform to learn and earn money. Lets use it to the extend we need.

uneng

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It looks like "man lost everything to his addictions" would fit better as the title of these news. Of course crypto investments are risky and it's possible to lose money if you pick the wrong coins or sell them at the wrong time, but it doesn't mean people are going to lose everything because of a bad move, exclusively.

Since he lost all he had I suppose it has something to do with his behavior, mindset, methods, strategies (or the lack of them) when investing, and not with his luck or crypto market itself. I just feel sad because news like this discourage average people to try experimenting cryptocurrency, as they imagine the same is going to happen to them, so they are going to lose everything as well. Tongue

Sled

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Quote from: LUCKMCFLY on January 28, 2022, 08:49:10 PM

Quote from: randegibran on January 24, 2022, 02:21:45 AM

we have very often seen the reality that is happening at this time where a lot of miners have lost everything because they are in the crypto world even though the last few years bitcoin investment is very promising where a lot of people become millionaires because they invest in bitcoin in the long term so that it is different from today, we have absolutely no idea why it could cause them to lose everything, is the crypto world less promising, we hope that this is only temporary and the digital currency will soar again as it has in the last few years

Well, it is that many who dedicated themselves to mining and gave up, it is obvious that they lost everything, I don't know if you remember an article by cointelegraph that indicated that the AntMiner9 mining machines were going to be obsolete, that they were thinking of throwing them away because they already it was not profitable for the miners, about 15 days later the price of BTC rose and those mining machines were reborn like the phoenix, so mining for me will never be something unprofitable, the price can go down, and even some machines always have to be maintained, but the cost per profit I think is still positive in terms of profit.

The market seems to change and the competition is getting tougher almost every day which makes some people diversify their investment and sometimes going to sacrifice themselves for something. The huge expenses of mining while getting a small profit gives them a reason to give up. Well, people had to look an opportunity to the other areas and it was to see that investing/buying potential coins are meant good for now, not mining.

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Quote from: jamkesmas on January 29, 2022, 04:24:52 AM

this is not about losing everything but about how people control their emotions, everyone will lose anything if emotions are not controlled including family let alone crypto.

crypto won't take anything from us if we can control it. Crypto is where people do business in cyberspace. This is especially for people who have a business spirit, people who can control their passions, don't be tempted by money.
Crypto is business, Business is about feelings.

With trading, it's always associated with profits so its hard for traders not to be tempted with money. Since money is always the driving force of a trader so he can give his very best. But from OP's story, Steven has been overwhelmed with his profits so his addiction for crypto becomes unreasonable. He started to be uncontrollable. He even treats trading as gambling when in fact they're different. Gambling gives us more losses than gains, while trading has higher chances to make profits particularly if you can manage the risk and you are trading with high potentials coins.

9-planet

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Crypto is not Gamble, it depends on individual difference of making use of it as bitcoin is an digital currency and it can be used at any where, either in gambling platform or trading platform, as for the lost, man see it as gamble.

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this is not about losing everything but about how people control their emotions, everyone will lose anything if emotions are not controlled including family let alone crypto.

crypto won't take anything from us if we can control it. Crypto is where people do business in cyberspace. This is especially for people who have a business spirit, people who can control their passions, don't be tempted by money.
Crypto is business, Business is about feelings.

LUCKMCFLY

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Quote from: randegibran on January 24, 2022, 02:21:45 AM

we have very often seen the reality that is happening at this time where a lot of miners have lost everything because they are in the crypto world even though the last few years bitcoin investment is very promising where a lot of people become millionaires because they invest in bitcoin in the long term so that it is different from today, we have absolutely no idea why it could cause them to lose everything, is the crypto world less promising, we hope that this is only temporary and the digital currency will soar again as it has in the last few years

Well, it is that many who dedicated themselves to mining and gave up, it is obvious that they lost everything, I don't know if you remember an article by cointelegraph that indicated that the AntMiner9 mining machines were going to be obsolete, that they were thinking of throwing them away because they already it was not profitable for the miners, about 15 days later the price of BTC rose and those mining machines were reborn like the phoenix, so mining for me will never be something unprofitable, the price can go down, and even some machines always have to be maintained, but the cost per profit I think is still positive in terms of profit.

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Quote from: OgNasty on January 23, 2022, 06:23:49 PM

A story as old as time. I don't understand why people try to trade like it's a job. Sure, sometimes opportunities present themselves and you can take advantage. In order to do so though, you can't be 100% invested all the time. Most traders think they're going to jump from coin to coin and ride some invisible wave to millions. It just doesn't work like that. That's why CZ is the richest person in crypto and the leveraged traders are liquidated by the billions.

There's a reason why we're all taught the story of the tortoise and the hair as children. It applies to a great many things in life. Most of all trading. They say markets are a way for impatient people's money to flow to the patient, and I wholeheartedly believe that.

I think probably everyone reading this would have been better off grabbing their bags and setting up some sort of interest or liquidity pair with them and leaving them alone, yet I know that a good % of people reading this will go out and trade on leverage again, thinking they know better. All I can say is, RIP to your savings.

I think depend how to secure assets and manage with skill trading, if any one not have any skill and without less knowledge how much money deposit in cryptocurrency will gone. Before active as trader better have to know about market situation, every moment have whales make us panic selling coin in lower price. I think he loss more because can't manage how to be good trader, although many success trader ever loss but they keep hold and waiting for price back. Now trading is main job for many people and they not care with how many trader before loss assets because with trading easy how to earn profit depend entry buy and sell on right time.

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Quote from: randegibran on January 24, 2022, 02:21:45 AM

we have very often seen the reality that is happening at this time where a lot of miners have lost everything because they are in the crypto world even though the last few years bitcoin investment is very promising where a lot of people become millionaires because they invest in bitcoin in the long term so that it is different from today, we have absolutely no idea why it could cause them to lose everything, is the crypto world less promising, we hope that this is only temporary and the digital currency will soar again as it has in the last few years

your comparison is wrong because if you are not greed enough in crypto then you will never experience such kind of losses like what OP mentioned above because the smaller profit you can take is the brightest and safest you can have in this market.

I have been seeing many friends and colleagues that whos trading with small target income and yes they are successful , because the only problem here is when you start seeking for high and high value of your trading and that will end being a loser , so stop greediness and you will benefit surely .

randegibran

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we have very often seen the reality that is happening at this time where a lot of miners have lost everything because they are in the crypto world even though the last few years bitcoin investment is very promising where a lot of people become millionaires because they invest in bitcoin in the long term so that it is different from today, we have absolutely no idea why it could cause them to lose everything, is the crypto world less promising, we hope that this is only temporary and the digital currency will soar again as it has in the last few years

OgNasty

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A story as old as time. I don't understand why people try to trade like it's a job. Sure, sometimes opportunities present themselves and you can take advantage. In order to do so though, you can't be 100% invested all the time. Most traders think they're going to jump from coin to coin and ride some invisible wave to millions. It just doesn't work like that. That's why CZ is the richest person in crypto and the leveraged traders are liquidated by the billions.

There's a reason why we're all taught the story of the tortoise and the hair as children. It applies to a great many things in life. Most of all trading. They say markets are a way for impatient people's money to flow to the patient, and I wholeheartedly believe that.

I think probably everyone reading this would have been better off grabbing their bags and setting up some sort of interest or liquidity pair with them and leaving them alone, yet I know that a good % of people reading this will go out and trade on leverage again, thinking they know better. All I can say is, RIP to your savings.

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Quote from: sarmrakib on January 23, 2022, 11:06:19 AM

He is just shared his thought how could we become sure that he knows everything properly and after that lost everything .We all know that gambling can make you addicted but who will believe that trading can make you addicted .We all know that trading is a tough way to earn but really possible to control yourself .Its true that if you don't have the knowledge behind trading you may loose your fund like he has .I always suggest to ignore gambling and also suggest to study before enter on the market .I think we all need to take lesson from him that we need to more aware on that and control our mind from everything.

Well, learning is still very possible in trading no matter how hard it is. But considering the cause of his lost, its not about gambling but because he lets himself addicted with drugs and alcohol that made himself a non functional trader. If you are still on your right thinking, why won't you lost access on your wallet address when you know you stored a lot of bitcoins in it? So probably, Steven is really out of his mind that he can't control himself anymore and ends up living a mess now because he even lost everything as a trader. But anyways, he is now in the process of healing and hopefully he will still recover his lost bitcoins.

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He is just shared his thought how could we become sure that he knows everything properly and after that lost everything .We all know that gambling can make you addicted but who will believe that trading can make you addicted .We all know that trading is a tough way to earn but really possible to control yourself .Its true that if you don't have the knowledge behind trading you may loose your fund like he has .I always suggest to ignore gambling and also suggest to study before enter on the market .I think we all need to take lesson from him that we need to more aware on that and control our mind from everything.

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He had already mentioned the cause of his problems, why bring crypto currency into the picture??
His addiction to drugs and alcohol ruined his chances of hitting it big, I just wish he'll learn his lessons the hard way and retrace his steps, it's never too late

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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

that is why it is suggested to do money management. Without money management, you will only lose in crypto.

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Quote from: terrorJR on January 22, 2022, 01:27:38 PM

Quote from: coolcoinz on January 22, 2022, 10:42:09 AM

Quote

Trading is gambling. There’s no doubt about it.

You can already see he's biased and full of regret. Trading is not gambling, but it's not for idiots either. You can be a trader who trades with 10% of his money, waits for a big positive signal to buy and a trully negative signal to sell. Like when you buy after the price breaks the old ATH and don't trade with leverage, that's pretty smart. Holding long term and exiting with some money every time the price goes 2x is also smart. Going in with all your money on a trade with 20x leverage is the fastest way to a homeless shelter or a rehab and this guy is a living proof.

From the case here, it's not just about trading that ruined him, but alcohol and drugs that made him like that.
As for trading, I think he's just looking for excuses about the effects of alcohol and drugs that make him addicted.
technically things like this actually have no correlation but indeed I really agree with what you said even though it is indeed very far-fetched but trading is not for stupid people Grin

This is the reason why everyone can do trading but trading itself is not meant for everyone. And being stupid as you've said will never succeed in trading. But in the case of Steven, its not surprising really because he is addicted into drugs and alcohol so we cannot expect that he can do more good in trading, even if he's good enough in the past. And to think that he doesn't have any access on his wallet address, well he must be some kind of a trader who don't have any focus that's why he lost everything in crypto.

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crypto doesn't teach to gamble in my opinion, we only have to minimize losses during the current red market, if someone sells real assets for crypto and hopes that crypto makes him rich without effort, it's the same as playing gambling that makes your wealth run out and we can learn from crypto itself what is a good situation to enter and release the assets we have

Topic: Man lost everything to Crypto - page 7. (Read 2835 times)