Bitcoin Forum

I found a story about the loss experienced by someone named Sean Russell when he tried to invest part of the capital into Bitcoin. On the news channel that came out on September 11 2018: 7:59 ET, wrote the title "Bitcoin crashes: This person lost his savings when the cryptocurrency crashed"

Source: https://money.cnn.com/2018/09/11/investing/bitcoin-crash-victim/index.html

I can take a valuable lesson that all things needed are sufficient knowledge and must be able to analyze what will happen in the future by considering opportunities and threats.

Please let the masters provide input. I think, in sharing this news, there must be a mistake.

What do the masters think, I want to hear opinions?

He should have taken some profit out on the way up, but apparently he got greedy. I think there are a lot of people invrsting without taking profit. He could, and maybe should, have taken out his initial investment.

the only valuable lesson in stories like this is that you should never wait until the very last moment for investment!

in this case he waited nearly 4 years and let the bitcoin price rise from about $200 to $20000 and then as bitcoin rally was coming close to the end he started thinking about investing in it!
well that is the dumbest move anyone can make and it is obviously going to end in a loss.

mark my words, in a couple of years we will see the exact copy of same news that some people lose money because they invested in bitcoin and it fell down to $85,000 after they bought at $100,000 so they lost money!

This news is good for lessons, especially investment lessons. Thank you friends for sharing something valuable.

I want to add, if it's time to sell, then don't hold back for years. I think, if Sean Russell immediately sells when he has the advantage of the initial price, then he won't suffer losses.

Good for investment lessons. I once advised one of my friends to further analyze his decision to invest in bitcoin, so that in the end he lost half of his assets, because he did not sell when bitcoin prices increased. That happened a year ago.

remember, the savings are never lost and remain intact, only the value will decrease. but if they only savings it means save and becoming a holder for the long term. so they have nothing to lose and they will get high profits if the market rises again.

so they are mistaken in making this statement, therefore understand before you decide to enter into the investment.

I say honestly here, do you analyze a coin price movement and predict it? analysis will not make you not lose, this is just a matter of not being lucky.

analyzing that for sure and we cannot know in the future what it would be like when it needed confidence and patience in the investment, good at reading opportunities that could be profitable

Russel became greedy of not taking profits after a month when he bought bitcoin and during the all time high ($20,000). And then he took and tried his idea of jumping to few altcoins which aren't a good bet to mitigate his losses but it didn't work.

Morale lesson: Take profit if you already have and don't be too greedy.

Why does anyone without any investment knowledge decide to put all their money into something they do not know? He acted more like a casino addict than an investor. If he had read a few books on investments you could have avoided most of these losses with average price, stop loss etc.

It is the important lesson to us. Don't use all of your saving in bitcoin because you never know what will happen later. Besides that, you still need the money to continue your life, and you cannot depend on bitcoin only because bitcoin is not yet accepted as a new payment. So from this lesson, you can still use your savings but not use all the money, don't greedy, and if you can see that you are making money from your investment, don't forget to take back your money and leave the rest for the next periods. But I think he will make a lot of profit when the price can increase later so he will get huge money if he doesn't sell his bitcoin.

I think no matter how good you think you are at analyzing the market there is always going to be the matter of luck. Because we all know cryptos and we all know that there is no way for anyone to perfectly pinpoint the price of the coin. With a little luck and a bit of chart reading you might be able to bend the odds in your favour.