Man lost everything to Crypto - page 9.

kotajikikox

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Quote from: lalabotax on January 21, 2022, 05:20:16 PM

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.

In my opinion, it is only an expression of disappointment. He failed in trading Bitcoin, then he blames it as another type of gambling. I suspect this man traded by using a reckless way. He may get some profits in the early of his journey, but he ruins everything because of greed and never thinks to learn properly. If he learned properly during trading the Bitcoin, he must know how to manage his asset. Then, he must apply a safe way to ensure he won't lose everything.

He traded with complete greedy attitude and that is what happens here , because what he did is very confident in what will come not knowing or not accepting the fact that he is in the middle of losing and not he lost everything and this is a really hurtful scenario .

I hope this will never come in my way though i know how to manage my funds but of course greed sometimes take over.

Ultegra134

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Quote from: dunfida on January 21, 2022, 04:55:25 PM

Quote from: Ultegra134 on January 21, 2022, 04:15:24 PM

Not quite understanding what's the purpose of the whole article is, apart from gathering a few clicks. Anything that can become an addiction is harmful, especially if it has to do with money. Trading is a form of gambling, it's unpredictable, I wouldn't blame anyone but myself if I was in his shoes. I do understand him, though, the anxiety it caused me was tremendous, I wouldn't do it ever again.

When it comes to emotional damage on which things could really affect you then it is possible specially if this one dealing off with money which it is really understandable on how people do really reacts nor

would really do in terms on the moment they had lost money.Addiction on something doesnt really give out something good but rather goes the opposite.If you arent that prepared in terms of

losing money then any forms of investment shouldnt really fit you out and its better to avoid it rather than coming into this point.

There are many ways you could potentially lower the risk and be on the safer side, such as holding, staking assets, and generally, trying to accumulate cryptocurrencies.

It doesn't always have to cause anxiety, yes, it is a stressful procedure and risk is always involved, even when holding. Currently, the market is suffering a severe crash, which is stressful, however, I'm hoping it will recover in the near future.

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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.

In my opinion, it is only an expression of disappointment. He failed in trading Bitcoin, then he blames it as another type of gambling. I suspect this man traded by using a reckless way. He may get some profits in the early of his journey, but he ruins everything because of greed and never thinks to learn properly. If he learned properly during trading the Bitcoin, he must know how to manage his asset. Then, he must apply a safe way to ensure he won't lose everything.

dunfida

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Quote from: Ultegra134 on January 21, 2022, 04:15:24 PM

Not quite understanding what's the purpose of the whole article is, apart from gathering a few clicks. Anything that can become an addiction is harmful, especially if it has to do with money. Trading is a form of gambling, it's unpredictable, I wouldn't blame anyone but myself if I was in his shoes. I do understand him, though, the anxiety it caused me was tremendous, I wouldn't do it ever again.

When it comes to emotional damage on which things could really affect you then it is possible specially if this one dealing off with money which it is really understandable on how people do really reacts nor

would really do in terms on the moment they had lost money.Addiction on something doesnt really give out something good but rather goes the opposite.If you arent that prepared in terms of

losing money then any forms of investment shouldnt really fit you out and its better to avoid it rather than coming into this point.

Ultegra134

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Not quite understanding what's the purpose of the whole article is, apart from gathering a few clicks. Anything that can become an addiction is harmful, especially if it has to do with money. Trading is a form of gambling, it's unpredictable, I wouldn't blame anyone but myself if I was in his shoes. I do understand him, though, the anxiety it caused me was tremendous, I wouldn't do it ever again.

titular

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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

You should change this title to "Man Lost Everything to a Gambling Addiction". Which would be much more accurate.

People don't realize every type of investing is a form of gambling and can become very addictive. I find it interesting when the price begins to crash hard, you will see depression and suicide hotline numbers posted all around Reddit in the crypto forums.

Imran232

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

I really feel sorry for his loss. I hope he will recover his health and money. Best wishes to him.
I always stay away from gambling websites and even gamblers who gamble for a living.When I started my journey, I didn't know anything about bitcoin, but I didn't go to any gambling website to play games to multiply my earnings. Trading will be a gamble for you if you treat trading like gambling. Look, trading is not gambling, but if you trade only to make your money 2x to 100x a day, it is like you are trying to gamble. But the traders who trade for a daily 1% to max 30%-40% profit are real traders. They learn it because real traders didn't tell you that you could multiply 100 times your money in a single day with trading. Only a gambler would say that to you. That is why I always keep a distance from gamblers, but in trading I believe a daily 1-5% profit is enough.

terrorJR

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wait a minute, from what I read in the article it doesn't say he lost in trading but what I caught in the article he lost the address he had which contained 5 to 10 bitcoins besides that he was also addicted to alcohol, and drug use.
what does trading say? what is the correlation between losing the address he had and the address he lost?
I don't even understand when he blames bitcoin for his own fault

isaac_clarke22

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Well reading the article, I kind of having a mixed feelings about the guy as there were a lot of factors. Good thing he's still working his way out of addiction through rehab though, but surely the scars of losing that amount will surely remain. Wishing the guy the best though.
Crypto isn't just for everyone and that's for sure.

lixer

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Quote from: Mauser on January 21, 2022, 07:40:05 AM

Doesn't really sound to me like it's a crypto problem but rather a wrong life choices problem. Struggling with substance abuse he should have never put all his money into crypto trading. Maybe he lost control of his actions, but then his family or friends should have helped. Bring addicted to drugs or alcohol and then go into trading is a very bad idea. Both drugs and alcohol cloud your mind, make you less productive and will harm your body. I am pretty sure he wouldn't have made the same mistakes if he had been sober. Hope he will recover soon and can maybe make some of his money back.

Yeah, I agree that I as well don't think cryptocurrency is the problem here, rather I want to believe that he got addicted to alcohol and doing drugs and lost his ability to remember his passwords or logins. With time in the rehabilitation center he will get his memories back and will be able to access his logins but not sure what and how things will be possible as a crypto investor needs to take care lots of things while dealing with cryptocurrency based investments and losing memory might lead to big problems on top of that.

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Trading is a gamble for those who do not know the correct trading knowledge, they are just guessing without doing market analysis. I often find people or newbies like that. Trading depends on who is trading. Losing a lot of money in cryptocurrencies is not because crypto is a bad platform, but they can't control themselves. cryptocurrency is just a platform provider that can have both good and bad sides, depending on how it is used.

Leviathan.007

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That's very stupid and still, I feel for him and his life but I still he is responsible for whatever he do, some people may say he could do many other stuff and start blaming him for losing everything while if he could win a huge amount of money and get profit like many other traders just with luck everyone would think he very smart and professional trader, however still we cannot forget the lesson, even if you are a very professional trader and trust your still you still have to do money management and don't go all with any trader you make.

erep

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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 do we conclude from the news above because steven lost crypto assets due to gambling, lost access to wallets that had 5-10 bitcoins or even he added gambling traders. I hope he wasn't interviewed while drunk or under the influence of drugs because we don't get the real point of the case above, nor does it really make sense for his carelessness to manage a 10 bitcoin wallet without a phrase to access the wallet.

Mame89

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Quote from: pawanjain on January 21, 2022, 10:48:04 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

The article mentions that Steven lost his addresses in which he had about 5 to 10 bitcoins. This has nothing to do with trading or addiction.
This is the downside of being your own bank. If you can't handle your money then your will probably end up losing it.
With such a huge amount of money I wonder how can one possible lose the addresses. Didn't Steven had a backup or something ?
It's probably his own mistake. Sad to see people losing such huge amounts for carelessness.

Stories of asset loss like that I think we have often heard mostly because of carelessness. We should be grateful because we are not in the position described, at least with that story we will be more careful in using and storing any crypto assets we have.

suzanne5223

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Quote from: suzanne5223 on January 20, 2022, 06:42:37 PM

This is a sad story because the man spent his hard earning from the construction company where he work to get all the Bitcoins but this will also open the understanding of some people. I hope a lot of newbies with the people that say cryptocurrency trading is not gambling can read and learn.
I believe it was alcohol and drug that lead to the loss of the man though.

maybe a person who spends all the money he has to buy crypto, maybe that person is too obsessed with getting a lot of bitcoin, all need to learn if we don't fully understand bitcoin, we should learn first before investing, if we enter something that is not fully understood we understand, of course we will experience difficulties and most likely we will experience losses.

If the man is only obsessed with getting a lot of Bitcoin it would have be a fair decision because holding Bitcoin for a lifetime is a good decision but he's also involved in crypto day trading, alcohol, and drugs. The last time I checked crypto traders are advised not to take alcohol or drug if they are going to trade.
I believe much of everything and all work no play is what affected him because he was making good progress when he first started.

ChiBitCTy

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This is exactly why there's a reason any financial professional with a darn will always tell you that diversification is key. I'm a huge supporter of cryptocurrency (mostly bitcoin) but as a financial advisor I'm aware that this is an asset class that is highly volatile and speculative. I have written a detailed write up about how bitcoin and cryptocurrency is NOT a replacement for the stock market!! - https://bitcointalksearch.org/topic/m.55577767

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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

The article mentions that Steven lost his addresses in which he had about 5 to 10 bitcoins. This has nothing to do with trading or addiction.
This is the downside of being your own bank. If you can't handle your money then your will probably end up losing it.
With such a huge amount of money I wonder how can one possible lose the addresses. Didn't Steven had a backup or something ?
It's probably his own mistake. Sad to see people losing such huge amounts for carelessness.

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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.

Firstly there is a general advice in crypto that needs to be said again for emphasis, "Only invest what you can afford to loose".

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

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

It also occurs to me that the person in subject is of a frail character, gets easily addicted to things and finds it difficult to stop. If you are such an individual, seek help.

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

He don't know any information about the addresses and now struggling to recover it.

This i am certain is a long term effect of prolonged heavy drugs and alcohol consumption, loss of memory is a symptom of it. hypnotherapy may help him remember.

Anonylz

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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 think what destroy him most is drugs and alcohol, how can he mix those 3 together and expect to maintain a good sanity, if you are stressed already from trading i don't think taking drugs is the best thing for that person at that time, not to mention ones you are on drug you can loss your sense of reason and not in a good state to think properly and make good decision regarding his funds,
i hope he has learnt from this experience and decided to turn a new live here on, this is a setback which can happen to anyone but what matters most is getting back up and turn things around.

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Everybody is comparing this to "gambling" when in reality there isn't as much of a connection. "Crypto trading" isn't really advertised as "gambling" to the average newbie. There is a huge sub-culture and a whole network of influencers on youtube, tiktok and twitter telling people that they can make money by
1. Hodling
2. Investing (into random projects or NFTs)
3. Leverage trading

There is zero regulation over what can pass off as advice versus advertisement. There are no rules, no ethics. The influencer account with a million followers could as well be dumping his bags from anonymous wallets, or the "team" itself maybe doing it and there would be no way to figure it all out. These are natural hazards of the anonymity of crypto.

This often leads to false advertising and zero regulation over what can be passed off as legitimate. Somebody getting into a casino, knows that its gambling. It is hardly the same case for people who lose money in crypto. Bitcoin has nothing to do with it but crypto surely has a lot of rotting problems that cause people to lose money. It is better to acknowledge them.

Topic: Man lost everything to Crypto - page 9. (Read 2864 times)