Things I wish I knew before starting my crypto journey

FloridaKid

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Quote from: vapourminer on August 18, 2021, 09:44:04 AM

Quote from: Skinny48 on August 18, 2021, 09:24:38 AM

Shit happens and we got to move on, I wish I knew about BTC before going for shitcoins, I never learn about BTC instead I went after shitcoins end up wasting many years for nothing but we learn the hardest way some times

the bolded part is kinda surprising, i would think bitcoin would be the 1st hit in any search about "crypto".

i agree with everything else, alts are largely a way to lose money. and i learned the hard way too, although i started in bitcoin i got lured into alts for a bit.

Nah it's not, as a newbie in 2017 BTC looks overpriced to many so we all dreamt of getting a new coin that can later increase like BTC, almost all newbies then did this and ICO craze was ongoing that time too, price per BTC was why many looked for other coins

vapourminer

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what is this "brake pedal" you speak of?

Quote from: Skinny48 on August 18, 2021, 09:24:38 AM

Shit happens and we got to move on, I wish I knew about BTC before going for shitcoins, I never learn about BTC instead I went after shitcoins end up wasting many years for nothing but we learn the hardest way some times

the bolded part is kinda surprising, i would think bitcoin would be the 1st hit in any search about "crypto".

i agree with everything else, alts are largely a way to lose money. and i learned the hard way too, although i started in bitcoin i got lured into alts for a bit.

Skinny48

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Shit happens and we got to move on, I wish I knew about BTC before going for shitcoins, I never learn about BTC instead I went after shitcoins end up wasting many years for nothing but we learn the hardest way some times

Anguwa

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Cryptocurrency is vast and it's becoming one of the most important sector in the entire life of people due to the inpact digital currency in the world. There are many things one needs to learn about crypto, which involves deep knowledge about blockchain, exchanges, crypto market etc. But nevertheless this forum became the real Chanel for learning more about cryptocurrency.

Gorosden

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A lesson have been learnt, for long term holding it's safer to use decentralized wallets that gives you your private keys or recovery seed, I made such mistake years back as well but the amount I lost to centralised wallet isn't something to write home about

isaac_clarke22

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Quote from: XUR_TIP on August 16, 2021, 02:32:32 AM

~

Not sure if I would experience the same as you if it was Bitcoin for me back in 2013. Maybe I could have forgotten that I bought 10 BTC that year when it was still like still around 10-15 USD.
Pretty sure I would be locked out as well if I was holding it in a custodial wallet.

XUR_TIP

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Quote from: libert19 on August 14, 2021, 02:22:45 AM

Quote from: XUR_TIP on August 14, 2021, 02:05:13 AM

Quote from: libert19 on August 13, 2021, 09:41:01 PM

Can you elaborate on how did you lose your doge with freewallet?

I can't log into my free wallet anymore, I tried contacting the team but they aren't helpful I'm 100% sure that my email and password is correct because I always jot them down in my book, also I don't share house with anyone I live alone

Since when you are unable to access it? Is it since doge price rose a lot or long before?

It was before Dogecoin pumped in 2021, I'm talking about years back when Dogecoin was so worthless, free wallet is actually a scam because after few research I found out that many others are also a victim in such way, they can't log into their accounts again

Gorosden

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Quote from: CryptopreneurBrainboss on August 15, 2021, 04:46:51 AM

Quote from: XUR_TIP on August 13, 2021, 02:33:42 AM

If I had a teacher in 2017 maybe I would have escape some of this mistakes? but I had no one and thankful here I am today still standing strong

I pretty you sure you did but decided to just ignore them. You're not the only one making this assumptions, many of us that lost our ways in the very beginning all have this regrets. You had other people experience that was there to guide you but chose to ignore. You can't tell me you didn't see all the warning that was and is been shared/posted all over the internet saying not your private key not your coin.

If you were that active in the industry then you should have come across one but that's in the past now. You don have put the blame on anyone. Accepting the fact that you made a mistake is the first steps of not repeating that mistake. Today there are similar mistakes waiting for ignorant individuals, one of those is not investing in Bitcoin now but chasing after the NFT crab and the memes bullshit with investment mindset.

Those engaging themselves in this will regret later and words like your quoted statements will emerge from their mouth. Lucky for you you realize your mistakes and yes we're still early. Many still haven't realized that they're are wasting their precious time and money on things that won't be worth much in 5/10 years from now.

How about making those money from NFT and putting them back into BTC? I believe this is the best thing everyone should be doing right now, NFT projects are booming yes they can help bring good gains too but BTC is standing very tall over other projects

CryptopreneurBrainboss

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Quote from: XUR_TIP on August 13, 2021, 02:33:42 AM

If I had a teacher in 2017 maybe I would have escape some of this mistakes? but I had no one and thankful here I am today still standing strong

I pretty you sure you did but decided to just ignore them. You're not the only one making this assumptions, many of us that lost our ways in the very beginning all have this regrets. You had other people experience that was there to guide you but chose to ignore. You can't tell me you didn't see all the warning that was and is been shared/posted all over the internet saying not your private key not your coin.

If you were that active in the industry then you should have come across one but that's in the past now. You don have put the blame on anyone. Accepting the fact that you made a mistake is the first steps of not repeating that mistake. Today there are similar mistakes waiting for ignorant individuals, one of those is not investing in Bitcoin now but chasing after the NFT crab and the memes bullshit with investment mindset.

Those engaging themselves in this will regret later and words like your quoted statements will emerge from their mouth. Lucky for you you realize your mistakes and yes we're still early. Many still haven't realized that they're are wasting their precious time and money on things that won't be worth much in 5/10 years from now.

Refrumatrix

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It's good you learn from your mistake, making mistakes is normal in human lives in fact it's what makes every works out but that's for those who learnt from their mistakes, without mistakes there won't be any thing to correct, I don't take my mistakes so serious anymore they are just gradual process to something better

Rengga Jati

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Quote from: XUR_TIP on August 13, 2021, 02:33:42 AM

-snip-

This may be a bad experience. But at once, it is a very worthy lesson to have.
Although it must pay lots, at least you are aware of something fundamentals here.
Doing something without knowing or understanding it deeply at first will be very risky.
Many people may also feel the same when they are getting hyped in several coins and lose money.
Because now you have been aware and you have known about this forum, you can find out many more information related to crypto. Learning by process and experiences is worthy, but we must be smart in taking the decision after that bad experiences, what to do right now and in the future,.

pawanjain

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Nothing lasts forever

Quote from: XUR_TIP on August 13, 2021, 02:33:42 AM

I had no one and I was so determined to find my ways around and here are the costs

1. In 2017 there are many new altcoins mostly PoW coin and I was so hooked to finding the next big thing another projects that will be like BTC and ETH so I started mining every new coins I saw, as time goes by 95% of those coins end up worthless, I was just luck that few ones survived ( havven protocol, electroneum, Loki)

2. I don't know that with underclocking and overclocking can make you safe power consumption on rigs, I just insert GPU in motherboard and start mining , sadly I did this for two years

3. I never knew that some GPUs are better than the other, I went out to computer store nearby and buying whatever I could get my hands on, HD7770, HD6950, GTX 660 etc

4. I even store my coins on wallets like Free wallet which is a very bad one, never knew about centralised and decentralized wallets, I ended losing 1 million doge coin to Free wallet

If I had a teacher in 2017 maybe I would have escape some of this mistakes? but I had no one and thankful here I am today still standing strong

It's a good thing that you realize what were the mistakes you did. Not repeating the same mistakes is where many people fail.
Even I have made some mistakes and learn from it. Although we make mistakes, learning from them is a skill that everyone should develop.
Below are some mistakes that I did and I wish I knew it before I did them.

1. Investing in Ponzi scheme (Bitconnect)
2. Investing in Pump and Dump (Back in 2017, in the ICO era)
3. Trading without knowing about the coin
4. Not buying the dip (Learnt it last year, improvised by buying the dip this year)

Rikafip

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Thing I wish I knew at the begininng? I wish I knew that there is nothing wrong in first having fraction of Bitcoin, but I can slowly accumulate. If I knew that, I wouldn't waste my early crypto days on shitcoins. Then again, friends around that started around the same time were newbies too so I didn't really have anyone trustworthy to give me couple of advices.

2nd thing I wish knew more about is importance of security and all the dangers that lie, as back in 2017 I was a victim of phishing attack and lost almost everything. I guess it was just a school a had to pay.

sapnu

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Quote from: XUR_TIP on August 13, 2021, 02:33:42 AM

I had no one and I was so determined to find my ways around and here are the costs

1. In 2017 there are many new altcoins mostly PoW coin and I was so hooked to finding the next big thing another projects that will be like BTC and ETH so I started mining every new coins I saw, as time goes by 95% of those coins end up worthless, I was just luck that few ones survived ( havven protocol, electroneum, Loki)

2. I don't know that with underclocking and overclocking can make you safe power consumption on rigs, I just insert GPU in motherboard and start mining , sadly I did this for two years

3. I never knew that some GPUs are better than the other, I went out to computer store nearby and buying whatever I could get my hands on, HD7770, HD6950, GTX 660 etc

4. I even store my coins on wallets like Free wallet which is a very bad one, never knew about centralised and decentralized wallets, I ended losing 1 million doge coin to Free wallet

If I had a teacher in 2017 maybe I would have escape some of this mistakes? but I had no one and thankful here I am today still standing strong

All the mistakes and all the regrets will only bring you frustrations. Indeed things could've ended better if you chose doing the things you've mentioned and learn about stuffs that could have helped you a lot. Nevertheless, the fact that you are still standing strong amidst all those circumstances you've face is already something you should be proud of. It is not too late to do the things right this time as you learn from the past. There are a lot of people out there who chose to just give up as they experience failure but little do they know, they still got chance and time to get back up and regainn or even benefit more after the mistakes they committed.

Dewi89

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Quote from: acroman08 on August 14, 2021, 07:42:08 AM

this is why it is extremely important to do your research first before investing in something. a lot of people made the same mistake and that is fine what's important is the lesson you have learned from it.

The more things we do in the crypto journey will be a good experience to explore deeper in the cryptosphere, although I often make the same mistakes but I enjoy progressing towards success in crypto investing.

acroman08

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this is why it is extremely important to do your research first before investing in something. a lot of people made the same mistake and that is fine what's important is the lesson you have learned from it.

Quote from: XUR_TIP on August 13, 2021, 02:33:42 AM

If I had a teacher in 2017 maybe I would have escape some of this mistakes? but I had no one and thankful here I am today still standing strong

Good for you, a lot of people would have given up and would avoid cryptocurrency after experiencing bad things in it. learning from the mistakes you made in the past will be the foundation for your success. I hope you can achieve the success you are looking for on your journey in the cryptosphere.

Luffygroove

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First of all, I'm sorry for the things you faced before and I hope all got repaid better. Regarding your thread title, I wish I knew that I can't just HODL-ing my assets and give 100% percent of my trust to the developers although they seem working hard for the project. I've lost my thousand dollars back then in 2018 when a project called Rebellious (REBL) decided to change its development direction and then gave up eventually. I should read the signs and should have the bravery to say stop when it's necessary. Well, I can only regret it but at least I have a lesson for my current and future investment.

traderethereum

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Sad to hear that but I believe that you have another chance to start again, even from scratch, because I am sure your journey just begins now.
You have experience before, making you grow and understand that learning more will be necessary to find ways to help you gain profit or knowledge from crypto.
You do not have to give up right now because you can start again and use all the things you still have to make a profit.
Many of us have almost the same experience as you, some of us have worse experience but we do not give up instead keep trying to rise and try to make money.
I know you can do that and all you have to do is believe in yourself that you really have the power to change from zero to hero.

libert19

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Quote from: XUR_TIP on August 14, 2021, 02:05:13 AM

Quote from: libert19 on August 13, 2021, 09:41:01 PM

Can you elaborate on how did you lose your doge with freewallet?

I can't log into my free wallet anymore, I tried contacting the team but they aren't helpful I'm 100% sure that my email and password is correct because I always jot them down in my book, also I don't share house with anyone I live alone

Since when you are unable to access it? Is it since doge price rose a lot or long before?

XUR_TIP

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Quote from: libert19 on August 13, 2021, 09:41:01 PM

Can you elaborate on how did you lose your doge with freewallet?

I can't log into my free wallet anymore, I tried contacting the team but they aren't helpful I'm 100% sure that my email and password is correct because I always jot them down in my book, also I don't share house with anyone I live alone

voteformeg

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haha , i think we all had our mistakes but it is a great idea to expose some of our mistakes to new entering people , so i have to put 1 of my biggest mistakes.

i always hop from one to another , so sold with loss to take part in another project , you will probaly end up with useless shit while some others which you have sold for a loss are booming , so my tip , always hold some and hold for a long time

aoluain

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Quote from: XUR_TIP on August 13, 2021, 02:33:42 AM

I had no one and I was so determined to find my ways around and here are the costs

1. In 2017 there are many new altcoins mostly PoW coin and I was so hooked to finding the next big thing another projects that will be like BTC and ETH so I started mining every new coins I saw, as time goes by 95% of those coins end up worthless, I was just luck that few ones survived ( havven protocol, electroneum, Loki)

I can relate to this as can many more here on the forum, 2017 was a crazy year for ICO's
and so many people were looking for the next big project. The crash in 2018 was partly
due to these ICO's failing and suffice to say I dont own any $hitcoins today.

Today a lot of people are still searching for that next "when Lambo" project and they
too will realise in time that the only game in town is BTC

All the historical data is here on the forum relating to that time and back then
there were many users warning of the dangers of the ICO's as there are people
warning others today but as newbies we couldnt or cant process the FUD,
FOMO and advice.

libert19

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Quote from: dansus021 on August 13, 2021, 11:41:13 PM

Quote from: libert19 on August 13, 2021, 09:41:01 PM

Can you elaborate on how did you lose your doge with freewallet?

when i saw the thread this was keep in my mind Grin

1 million doge was a lot but back in 2017 or 2014 is worthless

but besides out of that you have a lot of experience if this was a game maybe you are the top among pro player

Idc about value, I want to know how he lost those doge and what part freewallet played in it.

dansus021

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Quote from: libert19 on August 13, 2021, 09:41:01 PM

Can you elaborate on how did you lose your doge with freewallet?

when i saw the thread this was keep in my mind Grin

1 million doge was a lot but back in 2017 or 2014 is worthless

but besides out of that you have a lot of experience if this was a game maybe you are the top among pro player

cryptoaddictchie

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Hey mate thats fine. Consider it as experience at least you know now there are some pros and cons. Those mistake will never be the same again sincr you learned it already.

You dont need teacher but you can make up for some by lesrning on your own. Like digging some on internet and hang around on mining forum like this one where discussions can be indeed a good teacher. Anyway good luck with your journey.

libert19

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Can you elaborate on how did you lose your doge with freewallet?

cabron

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We all have worse experiences while we just beginning to learn in crypto. I was not into mining but just investing in crypto from the beginning which during the ICO days that I have learned the hard way. Which I have just spent my ETHs to waste.

But I have learned well where to put my coins to be safer that I have not put them on an online wallet. 1M doge is going to be a lot of money these days. You must also be a gambler like how we use doge in the beginning.

Tim-BTC

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The experience of failure is universal, not only in terms of investment, but also very useful in any other aspects.

Human growth is basically a process of experiencing failure. No one has succeeded all the way. All life is stepping on.
Moving forward with failure, it's just that some people can swiftly cross over, while others can't jump out of the circle of failure for a lifetime.

Back to investment, the experience of failure is also very valuable. You failed, it must be because of the imperfections of your own investment system. Only when you find these shortcomings can you make targeted improvements. It can be said that those who do not learn to reflect on and sum up the experience of failure will never be able to make money in the market.

Fortunately, we all have a chance to start again.

pakhitheboss

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@XUR_TIP you are not the only one who has lost. I too had lost a good sum of money because I did not create a backup of my wallet and lost my private key. Only after being here for more than 3 years now that I am aware of a lot of things that I never knew earlier. To date, I am still learning and this forum has been the best source to all the question I have.

20kevin20

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It's a new space, so not many know how to stay away from scams. For many of us, it's been simply a lesson on our own skin rather than having someone to teach us how to do this stuff without messing up. What is worse is that not many know of open-source and why KYC is bad, which makes so many people vulnerable even today to scammers..

There will come a time when perhaps the majority will know how to stay away from the most well known scams. But we probably have to wait at least a few more decades until this is common sense.

passwordnow

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That's a lot of Dogecoin that you've just lost and good to see that despite the experience that has happened to you, you're still staying and you want to continue your crypto journey. For sure if you had one mentor, you're on the right path and as long as that mentor doesn't have any hidden agenda while teaching you, you probably are enjoying the profits already. But that's how it is, we learn from our mistakes and those lessons that we take from them are going to make us better.

GeorgeJohn

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The life of a cryptocurrency is a gradual process likewise a general life of the living, and at this point of time we have to accept or embrace our mistakes as a pathways of correction and understanding, in cryptocurrency journey it requires many process or strategies to execute it, for it to come in reality the following are little steps a beginner in cryptocurrency generally have to acknowledge or observed, at first, conducting a research of cryptocurrency, secondly knowing the advantages and disadvantages of cryptocurrency, which might come as a result of implications and remedy of crypto sphere, finally adoption of method of crypto and adoption and acceptance of a correction to whom that's perfect in crypto network.

Nathrixxx

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Quote from: XUR_TIP on August 13, 2021, 02:33:42 AM

I had no one and I was so determined to find my ways around and here are the costs

1. In 2017 there are many new altcoins mostly PoW coin and I was so hooked to finding the next big thing another projects that will be like BTC and ETH so I started mining every new coins I saw, as time goes by 95% of those coins end up worthless, I was just luck that few ones survived ( havven protocol, electroneum, Loki)

2. I don't know that with underclocking and overclocking can make you safe power consumption on rigs, I just insert GPU in motherboard and start mining , sadly I did this for two years

3. I never knew that some GPUs are better than the other, I went out to computer store nearby and buying whatever I could get my hands on, HD7770, HD6950, GTX 660 etc

4. I even store my coins on wallets like Free wallet which is a very bad one, never knew about centralised and decentralized wallets, I ended losing 1 million doge coin to Free wallet

If I had a teacher in 2017 maybe I would have escape some of this mistakes? but I had no one and thankful here I am today still standing strong

Live is in stages, but it's always good to learn and keep on learning even if it cost you, most of us make the mistake of not making the needful before dabbling into it, a house is not built a day, it takes a process, but thanks to my "mentor friend" who has been taking time out of his busy schedules in putting me through, I will suggest some crucial things to know and do before and while venturing into crypto.
1. Patience
2. Research
3. Time devotion
4. Consultation
5. Technical knowledge
6. Consistency
7. Persistency
8. Required gadgets
9. Steady internet
10. Study crypto trends

Marvelman

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The only thing I wish I knew before embarking on my crypto journey was how much Bitcoin's value would rise over the next few years. Today, I would like to know precisely the same thing.

Kontibruno

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I guess that's the importance of belonging to a forum like this. In as much as it is good to make some mistakes and then get smarter with the lessons learned, that must not always be the case. When others talk about their mistakes, we should also learn from them.

Stanlo

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I'm not scared of failure, honestly the harder you fall the smarter you become, same things have happened to me in 2016/2017 where I was too busy gathering shitcoins but today it's all well and better and I'm glad those things happened to me then.

Lafu

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Quote from: XUR_TIP on August 13, 2021, 02:33:42 AM

I had no one and I was so determined to find my ways around

If I had a teacher in 2017 maybe I would have escape some of this mistakes? but I had no one and thankful here I am today still standing strong

Thats is the hardest way but also the most effective way to learn things and gain experience !
Remembers me of myself back in the end of 2011 nearly the beginning of 2012 when i started mining ,
in this days there was not much you could be reading how the best settings are so i have done it with try a lot of things.
Ended up with a explowed power supply and GPU , and started reading here on the forum without registration for 3 years.

UserU

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We can't always avoid scams. I myself have been scammed, although that did not involve crypto.

At least these kind of incidents serve as teachers so we don't repeat them.

Gunday_07

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It takes time to fully understand what crypto is all about and whatever you faced isn't new to many, your end result would have been different if you do your own research though instead of seeking for someone to me your mentor or teacher, without all these mistakes you won't be who you are today I believe, stay away from free wallet to me they are in between scam and non scam, without private keys they can steal users fund and still put blame on the users, I'm glad you now know the difference

Lucius

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@XUR_TIP, you are not the only one who can tell a story like this, because a lot of people were looking for "the next big thing", and even today the situation is not much different, only the names of all these shit projects have changed. Nothing can go back in time, but no matter what, you have gained some experience that gives you an advantage over many people who are now probably making the same beginner mistakes as you used to.

As for Freewallet, they’re not completely scam, but they definitely operate in the gray zone with their dirty tactics (extremely demanding KYC). Yet from many cases on the forum I know that users were able to get their funds back when they put public pressure on them, so you should try to do the same.

You need to open the thread in Scam Accusations (using the scam report format), and then send a PM to their official representative on the forum. For that money I would definitely do my best, especially if you only need to invest some of your time.

Charles-Tim

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Life is a lesson and what we are exposed too, many of us have learnt lessons from one or two or more things we are exposed too, this can be a past failure or lack of knowledge that led to failure, but we learn to stand and make corrections for the ending to be perfect, poor start does not mean happen ending will not be the end chapter.

Quote from: XUR_TIP on August 13, 2021, 02:33:42 AM

4. I even store my coins on wallets like Free wallet which is a very bad one, never knew about centralised and decentralized wallets, I ended losing 1 million doge coin to Free wallet

This has been the mistakes new people that just know about cryptocurrencies do make, my first wallet was coinbase.com, I did not even know there is anything called seed phrase or private key. My second wallet was Coinomi, I did not even know there is anything called close source and open source wallet. I started to know about bitcoin and other cryptocurrencies in November 2019.

But can you tell us further how you lose such huge amount of doge on Freewallet? Although, if it is not your key, it is not your coin, using noncustododial wallet like Electrum and hardware will be perfect.

Just know that you are not late to know all these.

XUR_TIP

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I had no one and I was so determined to find my ways around and here are the costs

1. In 2017 there are many new altcoins mostly PoW coin and I was so hooked to finding the next big thing another projects that will be like BTC and ETH so I started mining every new coins I saw, as time goes by 95% of those coins end up worthless, I was just luck that few ones survived ( havven protocol, electroneum, Loki)

2. I don't know that with underclocking and overclocking can make you safe power consumption on rigs, I just insert GPU in motherboard and start mining , sadly I did this for two years

3. I never knew that some GPUs are better than the other, I went out to computer store nearby and buying whatever I could get my hands on, HD7770, HD6950, GTX 660 etc

4. I even store my coins on wallets like Free wallet which is a very bad one, never knew about centralised and decentralized wallets, I ended losing 1 million doge coin to Free wallet

If I had a teacher in 2017 maybe I would have escape some of this mistakes? but I had no one and thankful here I am today still standing strong

Topic: Things I wish I knew before starting my crypto journey (Read 419 times)