What type of advice is worth giving such people? - page 2.

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Quote from: KiaKia on September 11, 2023, 06:44:38 AM

I have read some painful stories online about Bitcoin fans that lost their Bitcoin to hacks more than once and how they gave up because of the hacks, this made me curious about people on the forum, I will like to ask you guys how many times you have lost Bitcoin to hacks or your own mistakes, and why are you still not giving up.

Can you keep buying bitcoin if you have already get hacked like twice or more in the past?

Like a story about an American who lost his love for Bitcoin because of the hacks, I believe it's because of his own carelessness though, because you can't leave your wallet on a bench outside your home and not expect someone to steal it, and you come out and say your wallet was stolen by a thief, like what do expect?

What advice is worth passing out to people who have lost their Bitcoin more than once and are on the hedge of giving up?

My advice would be: treat your coins like you treat fiat money in your bank account or in your wallet. Bitcoin is not some "monopoly funny money" you have to be really cautious to keep it safe. If you have lost your coins, you shouldn't blame Bitcoin because "non-refundable", "unsafe" etc but rather blame yourself you couldn't keep it. Cool

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Quote from: Tiger420 on September 15, 2023, 01:42:29 PM

Quote from: KiaKia on September 11, 2023, 06:44:38 AM

What advice is worth passing out to people who have lost their Bitcoin more than once and are on the hedge of giving up?

Losing Bitcoin to hacks or mistakes can be discouraging, but it's vital to learn from them. Strengthen your security with hardware wallets and two-factor authentication. Stay vigilant against phishing scams and keep up with security updates. Diversify your investments to reduce risk. Seek advice from experts or financial advisors. Remember, it's never too late to enhance security and keep investing if you believe in Bitcoin's potential. Carefulness and responsibility are key.

The thing is the person @OP mentioned seems to not learn from his experience. Being hacked multiple times is an abnormal situation for me. The person had never learned from his mistakes and love wasting money by making himself get hacked again and again.

I do not know how diversifying can avoid system hack. And how does a financial expert help with a technical problem? Looks like this advise would be a wasted effort in addressing the hack incident. The person must seek the advice of an internet security expert, not a financial expert.

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Quote from: n0ne on September 15, 2023, 11:13:19 AM

Everyone who hadn't got much technical knowledge about bitcoin could've experienced hack and loss of bitcoin during their early days of bitcoin usage. Personally I've experienced it on a P2P platform while converting bitcoin to cash. This is completely my mistake, because I didn't kept all the security features enabled. A scammer somehow took control of my account and transferred all my funds to another wallet. Though it was a centralised platform they weren't able to recover the funds. This happens, and further I was aware of all the security features and never stay careless while making transactions and selling. The best advice is to use all the security features and keep your bitcoin in non custodial wallet and transfer to exchange and other platforms only when there is need.

Unfortunately, not only you had a sad experience, I also had with the infamous end of the FTX exchange. The amount was small, after this I don't advise anyone to keep any funds for CEX. Only in extreme cases for exchange and immediately after that withdraw to a cold wallet. There is no need to spare a fees for this compared to the risk of holding on the CEX.

I would also recommend holding crypto in several wallets with the highest ratings among reputable users. Therefore, even if a hack occurs, which is unlikely, it won't cause much damage to your portfolio.

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Quote from: KiaKia on September 11, 2023, 06:44:38 AM

What advice is worth passing out to people who have lost their Bitcoin more than once and are on the hedge of giving up?

Losing Bitcoin to hacks or mistakes can be discouraging, but it's vital to learn from them. Strengthen your security with hardware wallets and two-factor authentication. Stay vigilant against phishing scams and keep up with security updates. Diversify your investments to reduce risk. Seek advice from experts or financial advisors. Remember, it's never too late to enhance security and keep investing if you believe in Bitcoin's potential. Carefulness and responsibility are key.

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Some people will get feared when their bitcoin hack because they have little amount of money which they have invested in bitcoin and they cannot afford to add more money. They will also lost their trust as hacking mechanism is an issue which can minimize the trust of investor.

But many individuals are lucky to have more money because of which they are able to trust again and buy bitcoin during affordable worth. According to my experience people share their information related to bitcoin and when hackers hack their data then they always cry but once a time and opportunity gone then it never come back.

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Everyone who hadn't got much technical knowledge about bitcoin could've experienced hack and loss of bitcoin during their early days of bitcoin usage. Personally I've experienced it on a P2P platform while converting bitcoin to cash. This is completely my mistake, because I didn't kept all the security features enabled. A scammer somehow took control of my account and transferred all my funds to another wallet. Though it was a centralised platform they weren't able to recover the funds. This happens, and further I was aware of all the security features and never stay careless while making transactions and selling. The best advice is to use all the security features and keep your bitcoin in non custodial wallet and transfer to exchange and other platforms only when there is need.

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So far I have never experienced something bad like this, I have to be grateful for this and hopefully this will not happen to me again in the future. it is very worrying for those who have lost their bitcoins due to hacking, I can't even imagine the physical and emotional impact that would have on someone losing their bitcoins or something going wrong causing their bitcoins to be lost.

Quote from: KiaKia on September 11, 2023, 06:44:38 AM

What advice is worth passing out to people who have lost their Bitcoin more than once and are on the hedge of giving up?

Even if they lose their bitcoins due to hacking, I hope they never give up and continue to rise. They must use this disaster as an experience in the future so that something similar does not happen again. I mean, someone who holds bitcoin must first know how to store it safely, because bitcoin is quite at risk of being hacked, if you don't use the right wallet and don't have strong security then something like this will happen again. Make your bitcoin wallet your most valuable asset, so you have to look after it well and not be careless.

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Quote from: KiaKia on September 11, 2023, 06:44:38 AM

I will like to ask you guys how many times you have lost Bitcoin to hacks or your own mistakes, and why are you still not giving up.

My wallet has been hacked 2 times and one time by mistake so totall 3 times I lost btc. The first time I lost btc was my own mistake when I withdraw from exchange to usdt address. It was my first time I ever withdraw from exchange and I didn't know other networks than btc that time.

Quote from: KiaKia on September 11, 2023, 06:44:38 AM

Can you keep buying bitcoin if you have already get hacked like twice or more in the past?

Yes, I will keep btc because I will blame myself for all btc that i lost in the past. If i had follow all safety tips at the start then I wouldn't lost single satoshi

Quote from: KiaKia on September 11, 2023, 06:44:38 AM

What advice is worth passing out to people who have lost their Bitcoin more than once and are on the hedge of giving up?

I would advise to read this article
https://www.lifehack.org/articles/productivity/15-highly-successful-people-who-failed-their-way-success.html

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Quote from: Ziskinberg on September 15, 2023, 08:19:24 AM

The only advice that I could give them is to be more careful next time but if will still fail and end up the same, they'd rather choose to leave and forget about investing in crypto. We can say that even though all of us have the opportunity to invest but it doesn't mean that we all become successful, some will fail and lose faith. There is no reason to continue doing this if we still fail repetitively as we are the ones to suffer more with no hope of changing the course. Because it was not the problem with the market but it was on us and no matter what we do, it still ended up the same.

Actually no, if you buy Bitcoin and hold it at least for four years, you will make some money because Bitcoin price should be rise after super cycle. The reason why some people still not able to make profit in cryptocurrency is they're choose to invest in shitcoins.

But if they're get scammed because of ponzi scheme, phishing or anything that related to obvious scam, they're just stupid and shouldn't invest at all.

Ziskinberg

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The only advice that I could give them is to be more careful next time but if will still fail and end up the same, they'd rather choose to leave and forget about investing in crypto. We can say that even though all of us have the opportunity to invest but it doesn't mean that we all become successful, some will fail and lose faith. There is no reason to continue doing this if we still fail repetitively as we are the ones to suffer more with no hope of changing the course. Because it was not the problem with the market but it was on us and no matter what we do, it still ended up the same.

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Quote from: KiaKia on September 11, 2023, 06:44:38 AM

What advice is worth passing out to people who have lost their Bitcoin more than once and are on the hedge of giving up?

Maybe before he decided to buy again, why not try to think of the things that went wrong that cause him to lose his bitcoin, because if he's not going to do that, he'll just keep on losing his investment because of his repeated mistakes. Investing in Bitcoin doesn't end in buying it alone, a reputable bitcoin wallet is a must to secure that investment.

Always remember, not your keys, not your coins.

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Quote from: khiholangkang on September 15, 2023, 06:49:09 AM

Quote from: fruktik on September 15, 2023, 12:50:09 AM

Quote from: khiholangkang on September 13, 2023, 08:12:23 AM

Many mistakes of investors who store their coins on the exchange, if not taken by the the exchange owners, they will disappear with their bursts if they experience bankruptcy, and we see it on several exchanges such as MT.gox, and FTX yesterday.lol.

And let me add not to have many extension in the wallet used to store bitcoin, because it can also be a gap in my opinion, because I have experienced this, and it needs to be added to also offline storage must be completely safe, because we are Already got many cases of offline storage that was reserved by several people for the theft scandal, make sure the wallet used to store bitcoin that is really safe, including those who sell the wallet.

I will never advise people to keep their crypto on just one exchange, as this increases the risk of losing money. There are currently a huge number of sites. So you can distribute financial capital between them. This is a kind of diversification of savings. It is imperative to take this method into account and not ignore it.
I myself encountered this a few years ago, when the exchange crashed and the crypt was blocked for withdrawal. Now I have learned a lifelong lesson from this and try not to make the same mistake again. Naturally, this is not a panacea, but it is still better than keeping it on one account.

Are you still thinking about storing your bitcoins on an exchange? After the many bankruptcies that have occurred so far, don't you see? How is it possible that you still have the thought of keeping your bitcoins on the exchange, with a strategy of spreading your bitcoins across many exchanges, that's not a solution friends, it's the same as increasing your chances of losing. your bitcoin if you do it like that.
I recommend storing your bitcoins in a non-custodial wallet, and only you should know the seed phrase and store it well, and that is the safest way you can take to safeguard your wealth.

I remind you never to keep them on the stock exchange, especially for the long term, it's the same as giving charity to them. lol

Yes, I mean did you forget the "not your keys, not your coins" adage? So definitely it's not a good and safe practice to put our bitcoin in an exchange or any other bitcoin platform for that matter because anytime they can confiscate it without us knowing and we can't do anything about it.

So yeah, that could be the first business of the day for newbie bitcoins, knows where to store their bitcoin and learn how to protect our private keys and mnemonic phrase and hide and back it up and not lose that important keys.

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Quote from: khiholangkang on September 15, 2023, 06:49:09 AM

Quote from: fruktik on September 15, 2023, 12:50:09 AM

Quote from: khiholangkang on September 13, 2023, 08:12:23 AM

Many mistakes of investors who store their coins on the exchange, if not taken by the the exchange owners, they will disappear with their bursts if they experience bankruptcy, and we see it on several exchanges such as MT.gox, and FTX yesterday.lol.

And let me add not to have many extension in the wallet used to store bitcoin, because it can also be a gap in my opinion, because I have experienced this, and it needs to be added to also offline storage must be completely safe, because we are Already got many cases of offline storage that was reserved by several people for the theft scandal, make sure the wallet used to store bitcoin that is really safe, including those who sell the wallet.

I will never advise people to keep their crypto on just one exchange, as this increases the risk of losing money. There are currently a huge number of sites. So you can distribute financial capital between them. This is a kind of diversification of savings. It is imperative to take this method into account and not ignore it.
I myself encountered this a few years ago, when the exchange crashed and the crypt was blocked for withdrawal. Now I have learned a lifelong lesson from this and try not to make the same mistake again. Naturally, this is not a panacea, but it is still better than keeping it on one account.

Are you still thinking about storing your bitcoins on an exchange? After the many bankruptcies that have occurred so far, don't you see? How is it possible that you still have the thought of keeping your bitcoins on the exchange, with a strategy of spreading your bitcoins across many exchanges, that's not a solution friends, it's the same as increasing your chances of losing. your bitcoin if you do it like that.
I recommend storing your bitcoins in a non-custodial wallet, and only you should know the seed phrase and store it well, and that is the safest way you can take to safeguard your wealth.

I remind you never to keep them on the stock exchange, especially for the long term, it's the same as giving charity to them. lol

Even if we store bitcoins on multiple centralized exchanges, they are not our bitcoins because we do not have full control. This idea is not really recommended, if not frankly a bad idea.
If our goal is to hold for the long term and will only sell during the bull season, why was storing bitcoin in a hardware wallet never considered? Unless what @fruktik is talking about is about assets used for trading. Splitting and storing bitcoin across multiple exchanges will minimize risk if these are day trading accounts.

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Quote from: fruktik on September 15, 2023, 12:50:09 AM

Quote from: khiholangkang on September 13, 2023, 08:12:23 AM

Many mistakes of investors who store their coins on the exchange, if not taken by the the exchange owners, they will disappear with their bursts if they experience bankruptcy, and we see it on several exchanges such as MT.gox, and FTX yesterday.lol.

And let me add not to have many extension in the wallet used to store bitcoin, because it can also be a gap in my opinion, because I have experienced this, and it needs to be added to also offline storage must be completely safe, because we are Already got many cases of offline storage that was reserved by several people for the theft scandal, make sure the wallet used to store bitcoin that is really safe, including those who sell the wallet.

I will never advise people to keep their crypto on just one exchange, as this increases the risk of losing money. There are currently a huge number of sites. So you can distribute financial capital between them. This is a kind of diversification of savings. It is imperative to take this method into account and not ignore it.
I myself encountered this a few years ago, when the exchange crashed and the crypt was blocked for withdrawal. Now I have learned a lifelong lesson from this and try not to make the same mistake again. Naturally, this is not a panacea, but it is still better than keeping it on one account.

Are you still thinking about storing your bitcoins on an exchange? After the many bankruptcies that have occurred so far, don't you see? How is it possible that you still have the thought of keeping your bitcoins on the exchange, with a strategy of spreading your bitcoins across many exchanges, that's not a solution friends, it's the same as increasing your chances of losing. your bitcoin if you do it like that.
I recommend storing your bitcoins in a non-custodial wallet, and only you should know the seed phrase and store it well, and that is the safest way you can take to safeguard your wealth.

I remind you never to keep them on the stock exchange, especially for the long term, it's the same as giving charity to them. lol

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Quote from: Natalim on September 15, 2023, 01:24:47 AM

Quote from: KiaKia on September 11, 2023, 06:44:38 AM

Can you keep buying bitcoin if you have already get hacked like twice or more in the past?

No, I don't do it anymore. Might there be something wrong that I did that cost of hacking my wallet and emptying it but this bad experience will affect our mindset which it lead to not making a wise decision, and possibly being hacked again. In this situation, I'd rather give up than take a risk again, and accept that Bitcoin investment is not meant for me.

Those who still can afford to lose more and believe that there is hope will have to continue. But of course, don't urge yourself to do it if there is doubt already in your mind otherwise this will lead to regrets.

First, if you are in that situation, you need to take the time to find out the cause of your bitcoin loss and fix it before deciding to buy it back. If you can't find the cause, you can ask for help from some other investors. But if you still don't find the reason for that problem and you feel bitcoin is not suitable for you then I agree with you that it is time we should stop with bitcoin. Even though it is a potential investment, if we just lose money or get hacked repeatedly without any benefit, there is no reason to continue. There are many other ways, many other investments for us to choose from, bitcoin is not the only asset.

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Conscious people take less risk because they do analyze the sites well before investing and are aware of the risks of loss. To prevent hacking, you need to understand the volatility of the crypto market before investing, and choosing a good wallet for bitcoin investment reduces the chances of hacking. Digital wallets can be used and if hackers take over one account they can easily take over other accounts as well. So a different password should be used for each account also, many people click on that website or link when they see the power offer of various benefits. They do not have common information and are vulnerable to hacking as online scams are carried out with the lure of tempting and unbelievable offers.

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Quote from: KiaKia on September 11, 2023, 06:44:38 AM

Can you keep buying bitcoin if you have already get hacked like twice or more in the past?

No, I don't do it anymore. Might there be something wrong that I did that cost of hacking my wallet and emptying it but this bad experience will affect our mindset which it lead to not making a wise decision, and possibly being hacked again. In this situation, I'd rather give up than take a risk again, and accept that Bitcoin investment is not meant for me.

Those who still can afford to lose more and believe that there is hope will have to continue. But of course, don't urge yourself to do it if there is doubt already in your mind otherwise this will lead to regrets.

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Quote from: khiholangkang on September 13, 2023, 08:12:23 AM

Many mistakes of investors who store their coins on the exchange, if not taken by the the exchange owners, they will disappear with their bursts if they experience bankruptcy, and we see it on several exchanges such as MT.gox, and FTX yesterday.lol.

And let me add not to have many extension in the wallet used to store bitcoin, because it can also be a gap in my opinion, because I have experienced this, and it needs to be added to also offline storage must be completely safe, because we are Already got many cases of offline storage that was reserved by several people for the theft scandal, make sure the wallet used to store bitcoin that is really safe, including those who sell the wallet.

I will never advise people to keep their crypto on just one exchange, as this increases the risk of losing money. There are currently a huge number of sites. So you can distribute financial capital between them. This is a kind of diversification of savings. It is imperative to take this method into account and not ignore it.
I myself encountered this a few years ago, when the exchange crashed and the crypt was blocked for withdrawal. Now I have learned a lifelong lesson from this and try not to make the same mistake again. Naturally, this is not a panacea, but it is still better than keeping it on one account.

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Quote from: KiaKia on September 11, 2023, 06:44:38 AM

I have read some painful stories online about Bitcoin fans that lost their Bitcoin to hacks more than once and how they gave up because of the hacks, this made me curious about people on the forum, I will like to ask you guys how many times you have lost Bitcoin to hacks or your own mistakes, and why are you still not giving up.

Can you keep buying bitcoin if you have already get hacked like twice or more in the past?

Like a story about an American who lost his love for Bitcoin because of the hacks, I believe it's because of his own carelessness though, because you can't leave your wallet on a bench outside your home and not expect someone to steal it, and you come out and say your wallet was stolen by a thief, like what do expect?

What advice is worth passing out to people who have lost their Bitcoin more than once and are on the hedge of giving up?

Lost once? Fine. Twice, alright no problem. He can learn from it. But getting hacked and losing your coins multiple times? That's not a good sign. He is doing something wrong and is not learning from his mistakes. He is being very irresponsible with his coins. I doubt he capable of handling his own finances.
What you can say to him is to learn how to keep his coins safe. Learn how to "USE" the internet and its dangers. Before investing again, tell him to make sure he follows all the steps that is necessary to keep his wallets safe!

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I've never experienced it, so I don't know what would happen if it were me. But I don't need to experience it myself to learn a thing. Other people's losses can save you, there are hundreds of stories of people who have shared in many media how they got hacked.

Quote from: KiaKia on September 11, 2023, 06:44:38 AM

-snip-
What advice is worth passing out to people who have lost their Bitcoin more than once and are on the hedge of giving up?

"You are not yet qualified. Come back after you learn security well enough."

Topic: What type of advice is worth giving such people? - page 2. (Read 812 times)