Topic: My First Crypto Mistake (Read 386 times)

There is nothing wrong with making mistakes. Because it helps you learn faster and it's better to look at mistakes as an opportunity to gain experience. Moreover, we don't have the option of "make no mistakes" to choose from.

I dare to suggest that you will not find anyone here who has not made a single mistake with crypto. This is a kind of "steel tempering", which allows you to remove the veil from the eyes and turn on the mind and makes you "stronger". Congratulations on your enlightenment and now look at bitcoin in a completely different way. Without this unpleasant experience, you might not have come to this point.

I also learnt crypto trading the hard way. I had an opportunity to buy Bitcoin when the price was $1000 but neglected it. Although then I was recovering from a ponzi scheme so anything online related that had no physical attributes reflected ponzi to me. If only I was privileged to read Satoshi's white paper early I would have known my stand better in crypto investment

I hope you kept her, well? If I weren't married before coming into crypto, I would keep or marry any lady who is finance savvy with domesticated character. That trait is rare, I know. Women aren't generally shrewd when it comes to business, so any woman seen in that regard should be treasured. BTW, you could still have done a DCA on Bitcoin even as far back as 2018 during its ignominious crash for someone who knew about Bitcoin pre–2017. Even now, it's still not too late to buy and hodl Bitcoin.

When I came across your contribution to what op posted here, it reminded me of my friend who is still suffering from the loan he took from his company to buy Shitcoins with the hope of doubling his money but he ended up loosing his job because he was unable to pay back due to the dip. My own mistake was not buying bitcoin when my girl friend told me, but I later regretted it when I was told in 2017 that I would have become a rich man had it been I bought bitcoin then.

You are not alone  on this. I almost spend my hard earned money due to FOMO during that time that a lot of speculations about bitcoin going to the moon. I could end up the same misery experienced by OP. But i always believe, there is no guarantee in every investment. Though you take risk, but sometimes you still end up losing. Good thing OP you are starting to recover and hopefully, it will be for sure gains this time as you prioritize bitcoin over shitcoins and you know already investing on the amount you can afford to lose.

We have sometime made mistake we regret, but we do learn from them and make others learn from it as well.

Some one sometime ago told me to invest in Crypto-Currency and make two times of my investment, i ask if it was a Ponzi scheme, we have to calculate sometimes before investing in business so we won't end up suffering and regretting our discussions.

I've got a worse mistake than you and it was when I didn't buy that much when it's under $1k. Well, my financial status speaks for myself during those years and I'm incapable of doing that.

We all have learned in our past mistakes but we're doing better this time. And we're more decided to hold at least any amount of bitcoin until the next years to come.

One of my first mistake into the crypto world is I didn't buy any bitcoin at the time of 3k USD. One of my biggest regrets in life is a huge chance to have a 1 BTC in my entire life; next is getting FOMO because of the market dip, and I lose too much money in that next I guess, is not having a good time checking with the technical analysis of the coins recently get busy and forget what the current movement of the price it's all about the specific time to hold if you make a short term watch the market if not make a long term containing the assets.

First, 2nd, third mistakes...it all just the same. I'd think I was too emotional that dare not to control it.

And the funny thing is that this is not just what happens to newbies, even old-timers are still having this, it's a common mistake that everyone does. And the sad reality is that this happens from time to time, especially during the bear season.

Buying high during the ATH and then selling them during the corrections? This is actually we see in the market and people keep complaining their own mistakes.

Laughing...

I had to laugh for some seconds before dropping this post. Firstly, thanks for sharing and then ;
I discovered that every single newbie that discovered bitcoin and made the newbie mistake actually discovered bitcoin at the bull period.
This is always the time that newbies discover bitcoin because of the news of bull. When they discover, they will hasten and buy at almost ATH, waiting patiently to take profit, it will dip.
Lolz... crypto is a mystery.
It's normal, it also happened to me and it will keep happening to newbies.

There are always same stories with you OP, that they invest their hard earned money or sell their precious possessions just to invest in crypto, and yet still end up losing. My first mistake is quite similar to you, i started taking loans just to invest in crypto, and after that i realized that there's no guaranteed profits in crypto, so one should never take loans because that will bring bigger problems in the future. The best advice in crypto is to always invest what you can afford to lose. And always make crypto as you side job, not your main source of income. That way, you will not be rekt.

Buy high and sell low, a very wrong decision that I've ever made during my early days in crypto. Coz I thought that I could manage to hold during the bear season but my emotions made me hard and fall to selling on a losing end.
I keep remembering those days and even there is a time I think about quitting but  I realize committing mistakes is not usual, instead, this helps us to correct our mindset and to learn how to control our emotions, especially during the difficult times.

My first crypto mistake was not selling a Shitcoin (Hydro) at all time high and holding it till it dumps to zero. I never believed that could happen. I thought it was a great project.
From. $5000 usd to approximately nothing in 2017

As investors, there are many mistakes that we make during our journey in the crypto world, but a good investor is one who learns from his mistake and does not cry over the past. I made a mistake several years ago as Fomo took control of me and I sold my Ethereum for a cheap price, if I were a long-term investor I would have made more than 20K dollars but I rushed and regretted it. So we all have to learn from each other's mistakes and be patient with investing even if it costs us to wait for years.

So sorry to hear that, but this is a really big mistake. Actually, this may be one of the suitable decision if you have enough understanding about crypto amret and also what coin you must hold.
Likely a family that sells their house to buy Bitcoin at the very right time and then now they are happy so much. But in this case, the mistake is because you didn't analyze it first and you are still very new to the crypto world. so that you have not experienced and understood how to do that.

I was like this when I started to give cryptocurrency a thought, when I started getting enthusiastic about it, I was ready to invest everything I had at the time, I was looking for every way possible to just own cryptocurrency, my feeling was "everyone is doing it, I should also do it", thank goodness, I escaped a scam scheme that would have left me wretched both financially and health-wise.

Nothing would have been wrong with my sudden quest to own cryptocurrency and my enthusiasm for it, but something was wrong in the sense that I didn't give myself to studying about it, I didn't make effort to learn it's rudiment, I just want to become a Crypto-Lord overnight, and it was a wrong adventure. Thank God, I didn't have to learn my lesson in the hard way.

I feel we should learn to accept the fact that good things would take time and efforts to yield, yeah, it should take time, the fact that it takes time with efforts and perseverance would give a tremendous worth to it, and nothing would be as rewarding as that: when your efforts finally pays off.

@op, sincerely, this is truly hilarious and educating at the same time, a true representation of what "Edutainment" should truly be like.

Truly, we all have made mistakes, great mistakes, some costlier than the others, I personally have made alot of crypto mistakes, but the most one I can never forget and that am still yet to recover from is the mistake I made in 2020, I made that mistake 3 months before the mega bull run that drove bitcoin to an all time high of $68k+ and eth to over $4k+ started, yes, I had over 50 eth in my possession which I bought with all my life savings at the price of about $300 each, I waited for it to moon, but unfortunately, it didn't, out of frustration and anger, tired of waiting, I sold everything at the price of $250 each, I used the money to buy a used car and a land, 3 months down the line, eth hit over $1k per coin, I felt like shit, few months later still regretting this mistake, car developed serous fault, I spent every penny I had trying fix it, but it didn't work, I ended up selling the car off at over 90 percent loss, I was rekt, this was how I fell back to zero, my business collapsed, everything went to hell, I had to start again from square one..
Today, the only thing I can boost of is the land I bought, which have appreciated in price some how, but then, my impatience cost me the chance to become a millionaire, I still regret this mistake.

If I want to say about my mistakes then it will be a big story. But my first mistake was that I also thought Bitcoin is a scam and sold btc when market crashed by becoming a panic seller. In that way I lost a huge amount. But now I try to research before any trade or any investment.

My Biggest mistake in Crypto was during 2017 or 2018 market crash,  I was part of the people that bought the top because I just heard about how profitable that my friend was , and too I don't have any experience of , TA , FA . I was just a blind investor coming in new to buy and the whole market crashed on me. The worst case scenario was cashing out at the bottom of the market because I was thinking that everything was going to zero so instead of loosing all is better take out the remaining funds.

Well to be honest my first crypto mistake was actually not to trust bitcoin enough to invest in it when I first came to know about it.
At that time bitcoin was trading around $250 but of course it was a huge amount for me back then which I couldn't afford to lose.
But at the same time I wish I could have invested at least some money into it and hold on to it.
And then there are other mistakes like participating in pump and dump groups, signalling groups and ofcourse later on Bitconnect !!

A great pointer and eye-opening thread, wasn't much of a big fan not until my bro traded he's coin's to feed the family during the pandemic.
I was thinking could this be another ponzi scheme at first, but gradually I have seen both the merits and demerits, and the merits of Bitcoin are much more better than the losses.
It's not too late to start now as I wished I knew about it much earlier!

I don't call any people who sold their Bitcoin or cryptocurrency to take profit and by something to enjoy their lives from car to real estate or other assets are stupid or make mistakes.

It is only meaningful for your life if you can enjoy it. Owning 1 or 10 Bitcoin or millions of dollar in altcoins and never sell it to take profit, enjoy life are something wrong. I don't recommend to do so. Because you can not know what will happen in future. So make sure when you see a good profit, take it, enjoy your life but also make sure to reserve part of your portfolio for higher All time highs. If new ATHs reach, ok you can take profit and get more money. If there is no new All time high, nothing is wrong, you already have profit in hands and actually enjoy your life with your profit.

Smiles .... As hilarious but captivating the first picture was it does at the same instant send a strong message borne from experience.

How hurting! But I think it's out of personal experience and those of others the we really learn getting better and wiser at what we do.

Thanks for sharing this experience it's an eye-opener to many, as it would help them not to learn from personal experience but from yours through your shared story.

Ouch! That will surely hurt, no doubt. It's a big loss no matter how we look at it. I've been using both wallets you mentioned for quite some time now but I haven't had any issues with them. Nonetheless, I will love to read about your incident. Besides, narrating what happened to you on the day will also help alert newbies and prevent them from falling victims to such deceit.

We've all had similar experiences, you are not the only one to go through that.  In the past, I have also read stories of people selling different things to invest in the markets, from cars to flats. In fact, I read an article about people who had sold their houses, invested in cryptocurrency and lost all their money to it. It really is a rollercoaster ride. And, not only the market can cause problems, but the whole technology is not without its own problems, and if you're not careful, you can easily end up investing in a scam and lose money.  But, if you do manage to ride out the rollercoaster, the rewards can be great. A lot of people are attracted to this industry because they are investing in something completely new, something that others don't understand.

As always, the best thing to do is be vigilant, and remember not to put all your eggs in one basket.

Always be open to learn not just new things but almost everything related to cryptocurrencies and investments. Those experience of yours are common for the majority who got in during the hype.

I can't remember the actual first experience that I've got but one memorable is when I didn't sold during the peak and then the crash has came. But good thing is that I'm firm with holding and was able to recover.

This question triggers a lot of regrets of what could have been. I was a part of the first participants in a scheme that turned out to be a ponzi but was centred around crypto as at the time when crypto just started becoming a thing. It was a pyramid scheme and had already been allotted 0.03btc pending another 0.03btc from my supposed downline. There was an option to move this crypto i had already to another wallet from this platform while I waited for the remaining 0.03btc, but i didn't rather i wanted to move all at once. While waiting to receive the other one, the site crashed and never came back up! my btc lost till date.

 My first & biggest mistake remains not moving the crypto i had as my intuition wanted me to.  

My biggest mistake in my cryptocurrency career was that I was too complacent and not having a “second thought” mentality before dealing with that hacker/scammer. As a result, I fell for this trap by engaging with that malware and then I lost $12k of my assets combined in those 3 Metamask/Trust Wallet accounts.

I was having bigger plans during that time, but that one tiny mistake had ruined it all. Since I cannot get it back anymore because the blockchain is irreversible, I’ll just treat it as my “penalty fee” to the hacker for not doing good enough to prevent myself from getting hacked. It’s my first time to experience getting hacked in crypto and for sure I won’t be forgetting that day. However, it’s time to move forward and get back to business as usual so that I could refocus myself to slowly recover.

A problem for our new users. That is, if we get a little idea from cryptocurrency, we think we are very wise.
I say this because I was in the same situation as you.When I'm new to cryptocurrency.Then I decided not to trade and started trading futures without knowing the subject of cryptocurrency.And eat a loss as big as you. I would not have made such a big loss if I had known a little bit about currency then. And if you trade with a good knowledge of cryptocurrency, you will not lose.

You're right. I do a 50% first and then watch price to see if it's still going up. Then do another 20% or 30% from the remaining unit if price continues north. Thereafter, I could repeat another 20%. If the asset is on a Cex, I will instantly place a ridiculously low buy order that can buy me all the quantities I initially had with the sale from the 20%. You've to be extremely patient to do that. However, if I suspect there's going to be a huge dump on the asset may be from news, I do a 90% cash out. Then monitor the asset to know if I will buy back. In this case, I don't set up a buy order. I exit the market and be on the sidelines.

Yep. When I heard about Bitcoin for the first time price was a little bit below $1k and since I couldn't afford one whole BTC ( to be more precise I didn't want to invest so much money in something I knew so little about) I bought several altcoins for few dozens of dollars each, thinking that if I can't own one whole bitcoin I can at least own bunch of shitcoins.

It's pretty obvious know how wrong I was but I have no regrets because i bought my first bitcoin (well part of it) later and even if I bought them then, chances are that I would have sold long time ago and i would advise anyone not to dwell on the past and instead focus on acquiring as much bitcoin as possible now.

"Sell some, hold some." Cool. Do you have a formula or method for this. Like say 50 - 50. That is sell 50% and hold 50% of the asset or you just do it randomly?

Definitely, you aren't the only one in that predicament. I once read stories of those who also sold different properties like houses and vehicles to invest in cryptocurrencies during the period in quote. Those are a typical example of people investing money thye can't afford to lose. Glad you survived it anyway. Even a few who didn't miscarry their profit from Bitcoin into altcoins couldn't wait for Bitcoin price to bounce back. They sold in panic during the persistent dip. For me, my first crypto mistake was thinking BNB wouldn't do more than $30 and then selling off my 270 BNB prematurely. Now, my take home from that experience is never to sell off every asset I've even when I feel it's going to dip. Sell some, hodl some.

This is some wisdom right here. Thank you 😊

I retained the idea of being a patient investor, but now I'm using that investing characteristic for actual decent investments(and now with proper allocation control) inside and outside the cryptocurrency space and not some dogshit token that doesn't make any sense in the first place lol.

Haha, I can relate on this post. I almost sell my car just to invest more on shitcoins way back 2017 and planning buy back brand new car after I get profit to my ICO investment. Good thing my wife hits me hard and make wake up in my delusion because the ICO that I’m planning to purchase experienced huge dip few weeks after token release. I almost experience that scooter picture If I really invest in crypto during that days when euphoria about getting rich is very contagious.

Wow. Since then, has this happened to you again?

The 2017 bull run was sure something else. I initially thought I was above everyone by being a "patient investor" by holding the shitcoins through the drawdowns. Turns out, it was a game of musical chairs. 🤷‍♂️ That's was definitely one way (albeit a painful one) to learn a lesson.

Davidvictorson, thank you for the story you shared.
Unfortunately, you are neither the first nor the last to have such an experience. It’s all part of the learning process.
My biggest mistake in the crypto is when in 2017 at the peak of the price of btc I decided to invest part of that btc earnings in some altcoins that completely failed in 2018.
I think each of us here has a similar story 

Not finding out about Bitcoin earlier   I could have bought when it was less than a dollar and sold at the ATH.

Just kidding; my first crypto mistake I believe was thinking I got in too late and rueing how much I would have profited if I had bought earlier, I should instead have been appreciating that I was still one of the early comers and taking advantage of that. I eventually got a hang of it after playing around with some altcoins and no major loss, but it's something I try to yeah newcomers to Bitcoin now.

Most people believe cause Bitcoin is relatively so expensive, buying $10, $50, or even $1000 worth would not be significant, and they will rather spend that money on a meme coin to get a million tokens for the same amount, instead of a few thousand sats.

One of the first mistakes I made two (2) years ago when I bought my first coin was acting like I knew it all. I didn't want my friends or colleagues to see me as a crypto newbie or an amateur. Boy, was I wrong? I suffered greatly from this foolishness and immaturity. They say, "A picture is worth a thousand words". So, I got two. The pictures below tell the story better.

Picture 1
I sold my most prized possession at that time to buy a coin without doing my own research. “In a month, it would 10x or so I thought”. I followed public sentiments ("to the moon") and accepted the technical analysis of every Tom, Dick, and Harry around me as financial advice. I invested money I knew I couldn't afford to lose. I was dead wrong.


Picture 2
Two weeks after, the coin still hadn't gone to the moon. The market took a nosedive. Suddenly, the charts on my Binance App were no longer green but red. Even with my inexperience, I knew red didn't mean growth or positivity. I began to suffer from anxiety, depression and insomnia. At some point, I would check the app almost 20 times at mid-night and an uncountable number of times during the day. One day, I  couldn't take it anymore, I sold it at a huge loss. It was a truly humbling experience for me.


Even as I write this story, I still consider myself an experienced newbie. Thanks to this forum - bitcointalk, I am wiser, smarter and able to make informed decision. I started all over again. This time with Bitcoin.

Three key takeaways from this experience are:
1). No technical analysis (TA) from someone else can ever replace a DYOR.
2). Do not invest what you cannot afford to lose.
2). Crypto induced anxiety, depression and insomnia is real. Take care of your mental health.

Can you remember your first crypto mistake?

Image source
https://www.instagram.com/crypto.newsglobal/