Bitcoin Forum

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 (https://www.livebitcoinnews.com/a-man-named-steven-has-lost-everything-to-crypto)

Gambling and gamblers exists even before bitcoin and cryptocurrencies have existed.

Nothing really new here; this is pretty much just a reminder to newbies that there's no such thing as 'easy money'. And to top it all off — don't do drugs, peeps.

Yes, crypto is the least relevant word here. It is someone who has problems and externalizes them with addictions and compulsive behaviors. If crypto didn't come into existence, he would have externalized it with gambling, drugs, etc.

The tabloid press and the anti-crypto crowd are doing the story a lot of good, though.

This has been happening from the first day altcoin market started. A lot of newbies get into the market thinking they are experts after making a big profit when a shitcoin they bought gets pumped but obviously since they have no understanding of the market they end up losing all their money including the profit they made.
This case you posted about is the same with an additional addition on top which would have been better if you changed your topic title to "... lost to addition" instead.

I see incoherence and irrelevance in this article. I am not even sure if this story really happened in the first place. It seems the person hasn't lost everything to crypto. Neither did he lose everything to trading. It seems he simply lost access to his Bitcoin. But why the addresses? Does the article mean wallets? We don't memorize addresses. We don't lose them as if they're passwords or seed phrase or PIN.

It seems this site has ran out of articles to publish.

He would have made enough profit supposed he stick to bitcoin rather than trading.

From your link above: A Man Named Steven Has Lost Everything to Crypto (https://www.livebitcoinnews.com/a-man-named-steven-has-lost-everything-to-crypto/)

...lost to trading not crypto. Trading is risky and someone should never use an amount of money he can not afford to lose for trading.

From TheGuardian

What does this supposed to mean? Did it mean he lost private key to those addresses? What does that has to do with addiction. Or, he meant that he lost the amount to crypto trading?

He lost it to trading not cryptocurrencies. Altcoins can be risky as well though.

Trading is not gambling but highly risky like gambling. Crypto is gambling for newbie traders and those risky high amount they can not afford to lose.

I am opposed to trading is a gambling since in trading you need knowledge without it you are just doing gambling . Gambling is purely based on luck on which you cant control but in trading you can learn and predict which has a high chance on winning unlike gambling that it is luck only. Now about the lost on crypto you should have invested the money you can afford to lose

I've tired to see someone still said trading is gambling or vice versa, while the fact both of them are different!

Beat the market (trading on bear market) using altcoins is the highest risk in this space, only few professional trader can beat it... while rest of them ended losing his coins. Trying to recover back his losses with trading mostly doesn't work because of addiction and don't have funds management. Better to recover it with a job that paid you fixed each months.

Trading can be part of the gambling of taking the risk but of course, trading requires knowledge, patience and understanding of how the market works. Always analyze all the things not all the time it gives you a good profit. If you think you are doing well at the start make sure you are ready for the next trade. I guess he might extend himself to force a revenge trade just to earn back his losses. It's not ideal to focus on trading if you are not taking it well always manage the risk and don't put a single bag in just a trade and investment.

This seems to be a more elaborate description of Steven’s story (I figure the name is not real though):
https://metro.co.uk/2022/01/06/inside-castle-craig-the-rehab-centre-helping-cryptocurrency-addicts-15857987/

It seems to me that you can replace "crypto" with "gambling" and you’d get the same story. The profile depicted in the article shows a person prone to gambling, that would just as easily have gone over the top with betting sites if you ask me.

He invested and got obsessed with the stock market, gold, and was already into all sorts of substances before getting into crypto in 2014. Crypto was just the final straw, and he even states that he bought BTC basically for purchasing substances on the Dark Web (at least at the beginning).

The above article does not mention the loss of the BTC addresses, which likely, in any case, refers to a wallet mnemonic. Being piled on substances, I figure he lost it along with his wallet. Not the best state of mind for being one’s own bank …

The guy in the story is a gambler. I don't even consider myself to be a good trader and I've lost on some trades but I don't go all in.

Maybe he's intoxicated when he trades ;D

I'm having a mild headache and reading the article made it even worse. I thought he was hack or became a victim of phishing when I read the He doesn’t know where the addresses are and has no idea as to how to recover them in the article. It's really odd because the website is about bitcoin but the author seems ignorant and didn't bother to ask this Steven for clarification.

His biggest problem is that he abandoned his education. Everything went to the fact that sooner or later he would fall. Is it reasonable to expect anything from an uneducated person, addicted to alcohol, drugs?
Even if he was a first-class trader, but not understanding his addiction, and being in an unreal world for himself, the loss of his funds was expected.
The conclusions are that crypto has nothing to do with it. You should not associate your vices, which he could not cope with, with cryptocurrencies.
A sober mind and the right education have never failed people who properly manage their income and are firmly on their way to success.

Trading is no exemption with the risk that it has the same with gambling. 5-10 bitcoins is likely the amount that I need to be for good with retirement.
That's hard to accept that he has lost that much and he's aware of it. His actions would really end up with the wrong decision and he should've stopped when he sees that there's nothing good happening to him anymore as he trade. He has the mentality of a gambler and that's hard to control when you've got that much fund.

Bad press, that's all I see there. I read that article and wondered why it wasn't titled – Man Lost Everything to Crypto, Drug and Alcohol.

It's the proverbial giving a dog a bad name in order to hang it. Crypto wasn't the only thing alleged to be responsible for his down fall. Why not highlight others too in the headline if the press weren't mischievous towards crypto?

Someone who is mixing alcohol and drugs while trying to build their knowledge in a new field is destined to fail. It might give you a delusion that you are being productive, energetic and useful when you're taking certain drugs but it will definitely take a negative toll over a prolonged period. It will generally make you disorganized and overconfident in your abilities, which when mixed with money management are a terrible mix. It can distort your decision making which is essential when you are analyzing information and statistics during your working hours. Some people have a few hits of success, which can be easy in an upward trending market, then falsely assume that they are somehow skilled enough to make a long term career out  of it.

It's obvious Mr. Steven knew nothing of cryptos or whatever digital means of doing business he was involved with except his drugs and alcohol. Narcotics are some of the most addictive substances on the planet that one should be heavily involved in and from the way Steven seems to nail the reasons to his fall out, it just might be the drug and alcohol issue that drove him nuts!
These substances are meant to paralise or make you go numb and that's not a very good state for someone who wants to trade life to be in while trading.

Truths be told, if he ever traded at all or owned the funds he claimed to loose, he lost it to trading not cryptos. It's not like cryptos have places where lost coins are stored or something, it's a give and take between traders, brokers and traders. Trading is a highly professional thing that one has got to be really grounded in before going live trading. One who regards it as gambling is one who didn't know what he was doing and as such, it did caught up with him because, he was gambling on trades and not sticking to any principle.

Well, this story has nothing to do with Bitcoin, but with a man who became addicted to alcohol, drugs, and gambling. Why this is even emphasized as a kind of crypto story when it is more than clear that it is something completely different - and besides, to believe someone who has ruined his life with drugs and alcohol for years that he even owned Bitcoin is completely unreasonable.

I would keep a low profile in his place, and not try to sell his tragic story to the media who wouldn’t even write about it if he didn’t mention Bitcoin.

This is quite a contradiction. I would say: in the beginning Steve thought he knows what's he's doing.
Trading is not gambling if one knows how to do it. At least in trading one has stop-loss at hand. Or, if that's not used, one will have to learn patience and wait (hold) until the price is right again.
Unfortunately too many think they know what they're doing, hence so many tragedies.

I don't think that drugs,alcohol and crypto destroyed his life.His addiction destroyed his life.His addiction is his own internal problem.Putting the blame on external factors(drug,alcohol,crypto) is not the right path for curing his addictions.
Trading can be turned into gambling,if you have no risk management and you always go for the high risk leverage trading.The lack of emotional control can ruin everything for every trader out there.

I thought this post was related to some ponzi scheme due to which many crypto investors are loosing huge amount of their savings. One news was related to squid game crypto where it wipes out all the money. Squid Games crypto reached a price of US$2,800 before plummeting to zero and wiping out all the investor wealth. These instances shine the spotlight on how the popular new investment asset class is also a breeding ground for fraudsters. That the value of any crypto asset can change drastically in the blink of an eye is what most investors are now aware of. Similarly, QuadrigaCX (https://kalkinemedia.com/ca/news/cryptocurrency/the-quadriga-crypto-fraud-saga-and-lessons-for-crypto-investors) was once believed to be the biggest of its kind in Canada. It started in 2013, much before Canadians thronged to risky crypto assets like Bitcoin and Dogecoin in huge numbers. In December 2018, the founder CEO Cotten died in India at age 30. In its investigation, the Ontario Securities Commission (OSC) found that QuadrigaCX was nothing but a ‘modern technology’ wrapped Ponzi scheme that ran on a pyramid structure. The bubble was destined to go burst when the exchange could no longer cover payments to older users through money from new depositors.
So i would suggest please beware before investing in crypto.

The issue here was gambling. Which is all this guy did, really, which he says himself, so a bit of a misleading title. He'd have made a lot more and kept his day job if he actually DID get into Bitcoin and just held.

Addiction. Don't matter if it's drugs, alcohol, sex, gambling, pain. Addiction is a quick path to ruination if you don't recognise it and trim it to manageable levels.

How did he lose the address? if for any reason someone stopped trading for some time and you are still able to access to PC where you logged into your account and still have your login info, then you are good but I want to believe that this guy couldn't access his PKs or passwords to his trading account due to other substance and not cryptocurrency itself. Maybe he just further got depressed realizing how much crypto worth he lost because of his drug addiction.

I really doubt that reason too. But since he is involved on drugs and alcohol, there's a high possibility that he loss his private while his mind is not clear. A person that has an addiction problem usually has a deep personal problem that's he might be not in the right mind in some part of his life especially on trading and handling his cryptocurrency.

But the good thing about trading is we can make ourselves improve our strategy get the best results unlike in gambling that we just rely upon luck, nothing else. But what OP has stated was an addiction that causes losses, this becomes a common reason why people fail to reach their goals. I don't know how it feels like that as if you are still in your mind, you can actually control it.  
It is really hard to hear people lose everything in crypto but I think it was good in a way to help them realize that there is no easy moeny in crypto. Many just underestimate the market.

Of course altcoins are much more riskier and worse in their risk/reward ratio, but it's also very easy to lose money by daytrading Bitcoin, especially with leverage. Lots of newbies have very wrong perception that trading is a good way for earning money if you have "skill". The only people who make consistent profits from daytrading are manipulators and insiders.

If we were told a similar story about a person, but with the participation of not cryptocurrency, but fiat, then we would not even pay attention to it. There are traditional traders in the stock market too, right?  But we don't get sad stories about them, do we?

This story is similar to the fates of many other people who have lost everything in their lives, with the only difference that cryptocurrency are included here. But I have big doubts that Steven's life was destroyed because of bitcoin or other crypto.

Topic title " Man lost everything to Crypto", should be renamed "Man who lost everything because of his addictions, weaknesses and mistakes" and "Crypto" have nothing to do with it. 

I corrected the OP, we can blame drugs and alcohol for ruining his life. Had it not been crypto, it would have been something else to gamble on as he fed his drug/alcohol addiction. I'm rather surprised it isn't in your title, but I suppose we need to blame crypto currency for someone making bad choices in life? Even absent of the drugs and alcohol, people make poor choices. It's not fair to attribute those bad choices on anything than the individual themselves.

Trading Is not gambling. Ok yes we are calling about crypto trading ;D
But even gambling Is not Just gambling if you understand what you are doing and how to play.
 A news like that Is very sad because some One has destroyed a fortune/cash earned with fatigue.
Meanwhile some One has earned a lot of money... Probably this is the Classic lesson you can learn from Life....

Knowing he's addicted into drug and alcohol, then i don't think he can still be good into crypto as this needs more focus and determination so you can be successful in it. He has lost everything in crypto because he is not capable to manage rightly his investments because people like him are more of impulsive and has no patience to wait for the perfect time to make profits. So crypto has ruined his life indirectly, but its more on of his addiction that put him where he is right now.

Of course those who work in cryptocurrencies become the owners of a lot of money in such a moment and become destitute again in a moment.It is not possible to understand anything in this cryptocurrency. In particular, I have become the poorest in this cryptocurrency. I have lost a lot in this cryptocurrency.

The end point here is vices has never made a good effect in crypto or in all aspects of life. If you know you are living life like hell, then for sure everything is expected to fall down. And crypto is not an exception. Even if you are the best trader in the world, the fact that your life is ruled by drug and alcohol, then trading will be like gambling in the end that will make yourself the poorest among the rest. But everyone has still their own chance to get up, and definitely learn from all those past mistakes.

Below are the steps required to recovered stolen /lost Crypto token

1-Be swift with your actions in making a reasonable report1

2-The faster you can act, the better.

3- The longer you wait to start tracing your crypto, the more time you give thieves to transfer your assets to cold storage, send them to sketchy exchanges, or to tumblers to mix them up. The more sophisticated you are, and the less sophisticated the thieves are at laundering the assets, the better chance you have.

3-If the funds are in an exchange, you will need to contact a certified recovery expert and ask them to freeze your assets. This will buy you some time.

4- For the legal system to actually work in your favor, you will likely need to know who stole your cryptocurrency. While you may be able to freeze funds ag, it will be challenging. Thankfully, one of the many benefits of cryptocurrency is that you can see where the coins have gone.

Take necessary actions today and hire a certified Recovery expert today send a mail to {support @ elzontecoinboxcom.} to get started

IMPORTANT NOTICE: Only report cases involving over $10,000 (US Dollars)

I think being involved in cryptocurrency does not mean that you will become rich in an instant. But if you can always make the right moves, then you will definitely become rich in less time. However, those who have made the wrong choices will fall as the poorest in crypto but it does not stop there. The fact that you still want to be a part of crypto and create positive changes, then you can still regain all what you have lose. For OP, the man that has lost everything in crypto was never a coincidence. He's into drug and alcohol, and he treats trading as gambling, so there are more chances that he will end up in zero balance because of his own wrong decisions in life.

The fact is he destroyed himself being an drug addict and now blaming on others, the typical situation the world is going through in some of the first world countries, you mess up your life and then put the blame on others. He should have voluntarily gone to a rehabilitation center when he was an addict and he should be fine. He played till the end game and now fails to remember anything is his own fault and he needs to blame himself for being stupid  :D.

You could only say its gambling when you dont do your best or job on making out some analysis.Yes, everything might not be known or couldnt really be precisely predicted but if you have done it well then
you wouldnt really be having that kind of behavior on where you could find on gamblers.

Analysis is the key and if trading was a gamble then lots would be totally wrecked up.This is a battle between sellers and buyers and if you had just done it right then you might be experiencing
totally different condition.

But in part of reality there are things which arent really supposed to be that way no matter how optimistic we are.

Crypto world can be for everyone but not everyone does it well, that's why many people suffer losses like this case. But if the cause is gambling, then there is no doubt because many people who experience losses with gambling because gambling does rely more on luck. if you are lucky it will be profitable but if not then like the story above it will be very detrimental. I prefer to invest or trade which I feel is safer and we can also control our own assets well. That is why before entering the crypto world we are required to have sufficient knowledge.

When making investment then it would always accompanied with risk but doesnt mean that you would just simply ignore on doing with the basics speaking with investment.
You would still need to study and realize or make out analysis for you to sustain yourself into the market and not just minding off on putting into something and then wait for
some time and viola- you had made your profits and we know that there are lots of factors that could really affect volatility and this is why you should
have that good risks management specially into your finances.

that is very right. if he's only into trading, he can always recover what he lost. it should not be the end of his life. as mentioned in the article - "crypto, drugs and alcohol ultimately took over his life" - what does it mean? while trading, he's also into drugs and alcohol? definitely, he will make poor choices if he simultaneously did these things. so no wonder he can easily lose everything. i guess there's more than meets the eyes here. something is missing in the story.
i don't know the motive of the author of the article, if it is to warn crypto users or create horror story out of crypto?

^ I have doubt that he is under of this influence both while trading on gambling, he cannot focus very well and the reason why he lost everything. He had BTC and now lost it because he does not know the wallet address, at that time probably he was drunk. And now he was blaming cryptocurrency because he lost everything, that is not a good idea if he focuses on cryptocurrency alone, probably there is too much profit that he will get after trading. That man is completely irresponsible and dont have a right to blame cryptocurrency.

This is likely gambling addiction, when someone feels that they can win and win, but in fact, they keep losing and losing until losing eveyrthing. And with this case, this is not the fault of trading, this is the fault of that person who cannot control and manage himself to trade. (even many people will commonly blame trading as the cause and very harmful activity).
Trading is risky and every time we think that we need to stop trading, we must stop it. But as you have said, if someone has been in a trading or gambling addiction, it seems to be very difficult to stop or even to tell the truth that he needs to stop and realize what happened. And commonly, someone will realize what happened after he lost everything and has nothing again.

Actually, we cannot blame that person, but the fact that somebody commonly will feel like this and do this such addiction, it seems that there are still many people who have big difficulties to understand and manage all things in trading.

Gambling is not for gaining profit or making it as a source of income, gambling is supposed to be for entertainment only. Trading is different than gambling but almost the same when talking about risk. If a person who's good at trading get addicted to gambling then I think we all know where those who got addicted ended up and it's not new in here. It does happen already in the past and it's not really recommendable if someone doesn't know how to control their self.

Trading may be somewhat related to gambling but the chances to gain profits is higher compared to gambling itself. But since OP is telling us that the man has been addicted to drug and alcohol so there is no way that he can trade rightly. He cannot sustain from making profits anymore because his body and his mind is already into vices addiction. As expected, he will suffer from losses in the end because of his own wrong doings. He'll only regain his losses if he will be completely healed and change his perspective in life.

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.

He basically didn't know what he do since basically he lost everything he got since imagine how he go thru for losing that and for sure he expect to earn a lot of money by adding up when market became bullish and didn't do anything when market breaks badly and do exit scheme since he wait maybe for the market to became bullish again. Maybe this story should be a reminder to other who's starting up yet that anything excess is bad and we better stick on the plan we set if we have to avoid losing everything in trading.

Yes, trading might be gambling in a way because I personally like to invest for a longer time than trading however, with regards to this issue, I don't see what is the case with Bitcoin here. It could have been stocks or some other investment that he couldn't remember his details to and he would have blamed it on that too but the overall thing is, he lost access to his account details because he was waisted in his drug and alcohol. 

Now the bitcoin lost his response for the short profit.It only applicable to the short period.Exactly now their was the huge bear market and all the investments winded up by the short period.Specially it's not a good time for the future trading in the binance.People shoul avoid of future trading for now to get escape from the unwanted loss.

Thats terrifying news as bitcoiner. Lolz.

Well I think I am managing the whole thing way better than the richest investors around the globe. I am also gambling, trading and investing all the time in crypto but the main difference is I think about it 100 times before going into it.

I always keep small % of profits as my goal and on top of that I tell myself clearly that if this is in then I am done for that day.

Even when it comes to the gambling then I am just gambling for fun and not to become "Rich".

Seriously steve, you could have played very well and would have been long running millionaire. Its true, money can make you happy but if you disbend the rules you gonna pay everything.

This is just another reminder that many traders (mainly day traders) don't make it. Of the ones that do, many of those are not all that profitable. Trading is difficult as-is, but once you start adding drugs and/or alcohol to the mix it's a recipe for disaster. I'm really sorry to see the guy lost 5-10 BTC and that can't be an easy pill to swallow, but hopefully if he ever does trade again he will learn from his mistakes (that would be on expensive lesson). He isn't the first person to lose it all. The markets have zero remorse and will eat you up then spit you out pennyless if you're not careful!

Too much of everything is bad, while getting addicted to hard drugs has always been placing a negative remark on individual involved, in live moderation is very important, must you drink till you got crazy and loose sense? But this is inevitable once addiction is involved.

Lessons:
Don't start what you can't finish
Beware of strange friends or cliques
Follow daily life protocols of good living
You does not stand to loose only your btc, valuables, integrity and wealth, it makes one looses his life.

He is blaming things for ruining his life instead of his own lack of willpower. People like him don't know when to stop getting high, refusing drink or trading smart. Nothing to do with crypto or drugs.

This proves that addiction in any aspects will end up ruining your life.  Although its somehow beneficial for some to take drugs and alcohol but just in moderate. When its too much already, it won't do good at all.

However, losing your bitcoin is the saddest part. This should remind us that we all have to keep our wallet and private keys safe all the time. And also, stay away from vices that will only ruin what we have in life.

Everyone should have a set of their own rules that must be observed and not violated. I say that everyone should make a list of these rules for himself, because everyone knows what his weaknesses are. If there is an addiction to something and not to control it, then it will always be detrimental to you. Everything should be in moderation and thought out in advance, thought out many times.

If a person doesn't buy shitcoins and carefully trades without selling/buying on emotions and only trades Bitcoin, then this would have never happened. A lot of people think this is a crypto problem but really, its more of a your-own-fault problem. If you treat trading the same way you would treat gambling, then you have already lost. Its not gambling, its investing. If you want to invest, don't back out.

Trading and making profits is fun. But it becomes a hodl game when you get hit by a dump. Nothing to do with gambling.

If we read from the title, it is really bad and scary because losing everything to crypto means many things, all things. This will actually happen if someone has ut much money in crypto, moreover their savings or loans into crypto and they lost their money because of dropped price, scam, and also panic buying and selling. This condition will really be able to make somebody lose everything.
This is also not only about losing money but also losing their patience, spirit, and many others including their trust in the crypto industry itself.

Addiction is a dangerous thing, but it could happen with alcohol, drugs or gambling. Oh, he actually did has those things as well. People like this, who are very susceptible to addiction, should avoid anything risky and focus of stable jobs with paycheck as well as go to therapy or something like that to prevent losing their paychecks (or let someone close manage their money for them). It's a sad story, but did cryptos play the decisive part if he also did drugs and drank? I'm glad he's receiving help now, and I hope he recovers and doesn't try trading again.

all that can happen because they are not good at managing their finances.
do not understand the limits of money that can be used in the crypto market and money that should not be used. for some who feel crushed or cheated by crypto, I believe those who use their savings and spend money brutally.
those who fail, I can say because they know nothing.

It is mentioned that he knows what he is doing at the start and maybe he got addicted to trading  and loose control. If he is bullish like you said, he could have pull out the money and waited for a dip before buying again because I think that is more safer than riding on a moving train (riding a bull) and if ever he hot caught up and waited, he should not panic and sell at a loss because if he got lucky the prices can recover as well as the money that he invested.

Trading is like gambling and in gambling we often advised that we should only play the money that we can afford to loose so that there wont be a major headache once the game does not go well .

I will never let myself experience this , losing everything because of wrong decisioning ?

why need to have this when we can make the best out of our funds? we can buy and sell with trust and care?

Love our Money, think before making any decision multiple times.

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.

I think drugs and alcohol has a huge effect on why he lost in trading. I think when he trades, he always goes all in.

Anyway, he said that he trained himself to be a trader but even though he trained it seems that it isn't enough for him to get huge money in trading but the complete opposite happened. Trading for me can be considered as gambling if you don't know what you are doing. If you are just every other newbie out there who are just trading because they believe that they will get profits from it without any knowledge and information then you really will end up losing like this addicted one.

Also, this kind of scenario happens all the time and there is nothing new to it. Well, its good that the person is in rehab center already.

one wrong thought,  I think if you say crypto trading is gambling, where trading in crypto we must have expertise in determining the value of buying and selling, in trading there will also be losses, and that loss can be closed when the crypto value we have has a new high value ,
if you lose money because of crypto, I think it's the wrong way, sorry, I think you are playing crypto but it's not an ordinary trade but gambling

I think it depends on how we manage crypto. If someone doesn't abuse it, I'm sure crypto will actually help them grow and vice versa if it's misused then we will also receive what we deserve. Don't look down on crypto because of cases like this, if crypto is that low then why are so many people still holding it.We have to pay close attention to negative news like this, maybe a scam has designed it. If something like that really happens, we must learn from these mistakes so that we don't depend too much on crypto and don't misuse it. Anything in excess is not good, so use crypto as needed.

Anything you do needs balance and control to avoid the addiction because once you become addicting, you will lose control, while if you have more control over yourself, you will know what you need to do. Being a trader needs to manage the time to trade because we do not have to trade all day long just to chase more profit. Besides that, we have the other things that we should do and not just focus on our jobs. People have many things in their lives, so they need to know how to manage their time to fill in all they want. If you already make a profit from trading, you should stop for a while which will be helpful for you to reduce the tension from the market.

Cryptocurrency did not destroy his life. Addiction did. Sorry to hear his story, and he is not alone in that regard, but Crypto is not the issue here, nor is trading. It's the addictive personality some people have that pushes them to take bigger risks for bigger rewards, and gamble on odd's that are not in their favor. If it was not Crypto, it would be something else. So there is no reason to put crypto in the same sentence as alcohol or drug addiction. This is nothing new and things like this will happen as long as there are avenues where people can let their addiction run rampant.

Yes mate. This is absolutely true. Making wrong decision will not be successful in a long run. So as a trader you should have this following: knowledge, money management, patience, and self discipline.

Nobody wants it in the first place but because we wanted more and risk our money, it gives us a chance either to lose or tripled it. If we all know that this will happen next, it certainly we don't do it but was not.

Well, I can say that person who has mentioned by OP is too unlucky and that might happen to us as well if we are too careless by then. That is why we should have to think about it multiple times as there is no coming back after.

It is really hard to hear about it but this gives a lesson to him and for everyone.

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.

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.

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

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.

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.

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.

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://bitcointalk.org/index.php?topic=5288768.msg55577767#msg55577767

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.

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.

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.

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. 

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.

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.

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.

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

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. 

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.

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.

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.

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.

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.

Anyone who treats cryptocurrencies as a game of chance, of course, will most often suffer losses when trading it. Especially if you combine this type of activity with alcohol and drugs. Then the chances of making a profit in cryptocurrency are almost zero. When working with cryptocurrency, there is a certain amount of risk and a certain amount of luck. However, this is the same type of financial business as the others. And here knowledge, experience, a sober mind and cold calculation are needed. It must be remembered that in trading if someone makes a profit, someone else must suffer losses.

But it is not even an indirect factor. What was the causal factor of this person ruining his life? It's his own addiction to drugs and alcohol. Blaming crypto for this is like blaming the car when a drunk driver gets into an accident and kills an entire family. It was the person consuming alcohol that was the issue, not the vehicle.

And notice how this story is slanted. When a gambling addict loses all their money in the stock market shorting stocks, or even taking out loans to day trade, the story is about the gambling addiction, it isn't how a predatory stock market. I don't see why this story should be any different. The guy had other problems far from crypto that caused his demise.

This is so unfortunate. This guy is well versed in what he does and still ended up in such a state while some lucky people don't even know what they are doing but raked in millions of dollars. You just gotta have to laugh at life when seeing all these sht. Meanwhile, I also saw a video on tiktok where a guy is having his tantrum over lost college and all funds saying his life is over while cursing at bitcoin. Seems that things are worse for him than the guy in your post. This is a lesson for small jewbie plebs out there.

not everything will happen like that.from the lessons of bad experiences maybe we can learn and we also need to do good habits and always be careful in responding or taking the right steps to be a successful trader..
.I hope that nothing will happen more,everything must go according to our ability and don't force it.

Yeah that is indeed right , market must be treated seriously and not just a game to play without being careful .
exactly , this will lead to something with different decisioning that will lead to losses like what OP did.

for someone to earn, others need to Lose that is trading and yes this is what we must understand

Bitcoin is different from other fiat business because it hard to correct what you have already accepted or send to someone at a moment in bitcoin transaction. That is why your soul and your body must be what you are about to sell or buy with bitcoin so that you will not lose your future. The man lost everything because he see his self as someone that has around or as someone that is a professional in everything in life. Drinking alcohol when trading cryptos is very bad for any investors who want to become successful in profit making in the community.
The man should know that there is time for everything in life, time to flex and time to be more serious with crypto business.

How exactly does crypto currency, alcohol and drugs relate?  From what I’ve understood from the story you have told here, it wasn’t cryptocurrency that ruined this man’s life, rather it was the alcohol and drugs he was taken. Alcohol and drugs can be really bad, and I believe that is what might have led to his downfall, and not even cryptocurrency.

When you are addicted to drugs and alcohol, these two things can ruin your senses, and lead you to doing things that you least expected to do. When you are under the influence of drugs and alcohol, how exactly would you know what you are even doing? you would even make mistakes that will ruin your life. This is why people are advised to stay away from drugs and alcohol.

Even if you want to take these things, they shouldn’t be things that you’re addicted to and taking all the time, because they will affect you negatively. I can’t see how someone who has learned how to trade cryptocurrency, and is good at it would all of a sudden lose up to five to 10 bitcoins, if not that they were under the influence of drugs. So, cryptocurrency wasn’t what ruined this man’s life, it was drugs and alcohol.

If he knows what he does, he ain't got addicted in the first place but too sad to let his addiction fool him and that's it, it ruins everything he has, the good life and money.

I'm not sure if that person is able to change his approach towards trading. Might he was right that it was like gambling, but that seems different when if you just relying on luck which gambling have than trading which requires knowledge and skill. 

Honestly, he got it wrong and mismanaged his funds plus his emotions which I think was the main reason for his failure, he can't call himself a good trader.

We have to be careful when trading Bitcoin, because the risk of trading Bitcoin is very high. Especially when drunk, it is not recommended
to trade Bitcoin, because in a conscious state it is quite difficult to trade Bitcoin. Avoid drinking alcohol when going to trading, we must be
in full awareness to be able to make the right decisions. Don't blame Bitcoin if we suffer losses and end up losing everything, which is to blame ourselves.
Because so many people are successful when trading Bitcoin, if we don't succeed, it means that there is something wrong with the strategy we are using.
Sometimes we have to learn from the experiences of others, who have succeeded in making a profit, to find out how to succeed.

I don’t understand how crypto was directly linked to drugs and alcohol in this matter, and how it became one of the reason why that man lost everything. If it’s about losing all assets within the crypto market, then that would probably be accurate somehow. However, if he is really a good trader then how come this happened? In my opinion, maybe the man has addictive personality, like he’s getting hooked at anything he does, especially if it gave him pleasure or the satisfaction he wants. And maybe losing everything to crypto was brought upon his greed. I sympathize with what this man have experienced, but we have to smarter in making life decisions.

You can already see he's biased and full of regret. Trading is not gambling, but it's not for idiots either. You can be a trader who trades with 10% of his money, waits for a big positive signal to buy and a trully negative signal to sell. Like when you buy after the price breaks the old ATH and don't trade with leverage, that's pretty smart. Holding long term and exiting with some money every time the price goes 2x is also smart. Going in with all your money on a trade with 20x leverage is the fastest way to a homeless shelter or a rehab and this guy is a living proof.

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 (https://www.livebitcoinnews.com/a-man-named-steven-has-lost-everything-to-crypto)
[/quote]

This life is nothing but gambling, you don't take risk? Then you'll might end up in the same state you found yourself.
But then I think the has or added no strategy to his trading, discipline also.... getting money is a good thing but then they're nothing with characters and attitudes.
Hope he gets better, ain't no fan of drugs no matter what it takes, I won't and Don't just advice any to take such.

He should have only invested what he could have afford to lose. He probably wanted to get rich over night, got greedy and lost everything. But what do you mean by he don't know any information about the addresses? Did he end up sending his 5-10 BTC to a wrong address or something? Then yeah, it is almost impossible to recover those bitcoins. It is lost forever.
Everything you do is gambling if you don't know what you are doing.

This is quite bad, because the media would now say that what ruined this man’s life was cryptocurrency, while it is clear that it wasn’t even cryptocurrency, rather he must have been under the influence of the drugs he is taking to have made a huge mistake like this. Like you said, crypto currency trading is something that requires knowledge, experience and a sober mind to be able to carry it out.

If you are under the influence of drugs and alcohol, then tell me how you would have the control over your mind to be able to make good calculations? And moreover I’m still trying to understand how he ended up losing 5 to 10 bitcoins, wasn’t he aware that he should be managing his risk properly? Cryptocurrency shouldn’t be seen as a game of luck, it is not gambling, except for those that misunderstands it.

We use such a formula as "alcohol + drugs" - whatever you add there - you get something bad or similar. Investing is a serious matter and a process that requires focus, planning and mental resilience that cannot be achieved by drinking and drinking. Sorry guy, but this is a good lesson for others.

Humans have lost everything because of bitcoin, all these accusations don't make sense, bitcoin is not illegal, but you seem to accuse cryptos of being like people who are addicted to gambling, and are addicted to drugs, even though we know no one has lost everything because of playing crypto ,

This is just very devastating to hear since most news that we hear revolve around people who profit greatly from investing into BTCs. That is, however, the risks associated when you trade your cryptocurrencies without practicing self-control or having at least a contingency plan on the amount that you willing to risk. Sine he lost around 5-10 BTCs, he should have at least stopped or decided to accept the loss instead of just losing everything in the process.

Though traders are well-equipped with knowledge and experience on their craft, this type of example solidifies the risks associated with drinking. Not to mention, his addiction to alcohol probably affected his decision making skills that ultimately lead to his demise.

From the case here, it's not just about trading that ruined him, but alcohol and drugs that made him like that.
As for trading, I think he's just looking for excuses about the effects of alcohol and drugs that make him addicted.
technically things like this actually have no correlation but indeed I really agree with what you said even though it is indeed very far-fetched but trading is not for stupid people ;D

My story is a little bit different, i lost over $25000 to a fake investment platform i was introduced to on twitter. Luckily for me, it only took me a week to get the funds back with the help of this team called vtechforensics on Telegram. At first i thought it was impossible to recover the money but they made it happen so if you have lost your crypto as a result of loss of passcodes, pass phrases or deceptive investment scams, vtechforensics is a viable solution.

If the title were "Man Lost Everything to Daytrading," this would not raise any eyebrows. It is often said that 95 percent of traders lose. Recently a friend confided to me he lost $100,000 in forex. So cryptocurrency trading is just one means of gambling addicts to get their fix (and not all traders are addicts).

crypto doesn't teach to gamble in my opinion, we only have to minimize losses during the current red market, if someone sells real assets for crypto and hopes that crypto makes him rich without effort, it's the same as playing gambling that makes your wealth run out and we can learn from crypto itself what is a good situation to enter and release the assets we have

This is the reason why everyone can do trading but trading itself is not meant for everyone. And being stupid as you've said will never succeed in trading. But in the case of Steven, its not surprising really because he is addicted into drugs and alcohol so we cannot expect that he can do more good in trading, even if he's good enough in the past. And to think that he doesn't have any access on his wallet address, well he must be some kind of a trader who don't have any focus that's why he lost everything in crypto.

that is why it is suggested to do money management. Without money management, you will only lose in crypto.

He had already mentioned the cause of his problems, why bring crypto currency into the picture??
His addiction to drugs and alcohol ruined his chances of hitting it big, I just wish he'll learn his lessons the hard way and retrace his steps, it's never too late

He is just shared his thought how could we become sure that he knows everything properly and after that lost everything .We all know that gambling can make you addicted but who will believe that trading can make you addicted .We all know that trading is a tough way to earn but really possible to control yourself .Its true that if you don't have the knowledge behind trading you may loose your fund like he has .I always suggest to ignore gambling and also suggest to study before enter on the market .I think we all need to take lesson from him that we need to more aware on that and control our mind from everything.

Well, learning is still very possible in trading no matter how hard it is. But considering the cause of his lost, its not about gambling but because he lets himself addicted with drugs and alcohol that made himself a non functional trader. If you are still on your right thinking, why won't you lost access on your wallet address when you know you stored a lot of bitcoins in it? So probably, Steven is really out of his mind that he can't control himself anymore and ends up living a mess now because he even lost everything as a trader. But anyways, he is now in the process of healing and hopefully he will still recover his lost bitcoins.

A story as old as time.  I don't understand why people try to trade like it's a job.  Sure, sometimes opportunities present themselves and you can take advantage.  In order to do so though, you can't be 100% invested all the time.  Most traders think they're going to jump from coin to coin and ride some invisible wave to millions.  It just doesn't work like that.  That's why CZ is the richest person in crypto and the leveraged traders are liquidated by the billions.

There's a reason why we're all taught the story of the tortoise and the hair as children.  It applies to a great many things in life.  Most of all trading.  They say markets are a way for impatient people's money to flow to the patient, and I wholeheartedly believe that. 

I think probably everyone reading this would have been better off grabbing their bags and setting up some sort of interest or liquidity pair with them and leaving them alone, yet I know that a good % of people reading this will go out and trade on leverage again, thinking they know better.  All I can say is, RIP to your savings.

we have very often seen the reality that is happening at this time where a lot of miners have lost everything because they are in the crypto world even though the last few years bitcoin investment is very promising where a lot of people become millionaires because they invest in bitcoin in the long term so that it is different from today, we have absolutely no idea why it could cause them to lose everything, is the crypto world less promising, we hope that this is only temporary and the digital currency will soar again as it has in the last few years

your comparison is wrong because if you are not greed enough in crypto then you will never experience such kind of losses like what OP mentioned above because the smaller profit you can take is the brightest and safest you can have in this market.

I have been seeing many friends and colleagues that whos trading with small target income and yes they are successful , because the only problem here is when you start seeking for high and high value of your trading and that will end being a loser , so stop greediness and you will benefit surely .

I think depend how to secure assets and manage with skill trading, if any one not have any skill and without less knowledge how much  money deposit in cryptocurrency will gone. Before active as trader better have to know about market situation, every moment have whales make us panic selling coin in lower price. I think he loss more because can't manage how to be good trader, although many success trader ever loss but they keep hold and waiting for price back. Now trading is main job for many people and they not care with how many trader before loss assets because with trading easy how to earn profit depend entry buy and sell on right time.

Well, it is that many who dedicated themselves to mining and gave up, it is obvious that they lost everything, I don't know if you remember an article by cointelegraph that indicated that the AntMiner9 mining machines were going to be obsolete, that they were thinking of throwing them away because they already it was not profitable for the miners, about 15 days later the price of BTC rose and those mining machines were reborn like the phoenix, so mining for me will never be something unprofitable, the price can go down, and even some machines always have to be maintained, but the cost per profit I think is still positive in terms of profit.

this is not about losing everything but about how people control their emotions, everyone will lose anything if emotions are not controlled including family let alone crypto.

crypto won't take anything from us if we can control it. Crypto is where people do business in cyberspace. This is especially for people who have a business spirit, people who can control their passions, don't be tempted by money.
Crypto is business, Business is about feelings.

Crypto is not Gamble, it depends on individual difference of making use of it as bitcoin is an digital currency and it can be used at any where, either in gambling platform or trading platform, as for the lost, man see it as gamble.

With trading, it's always associated with profits so its hard for traders not to be tempted with money. Since money is always the driving force of a trader so he can give his very best. But from OP's story, Steven has been overwhelmed with his profits so his addiction for crypto becomes unreasonable. He started to be uncontrollable. He even treats trading as gambling when in fact they're different. Gambling gives us more losses than gains, while trading has higher chances to make profits particularly if you can manage the risk and you are trading with high potentials coins.

The market seems to change and the competition is getting tougher almost every day which makes some people diversify their investment and sometimes going to sacrifice themselves for something. The huge expenses of mining while getting a small profit gives them a reason to give up. Well, people had to look an opportunity to the other areas and it was to see that investing/buying potential coins are meant good for now, not mining.

It looks like "man lost everything to his addictions" would fit better as the title of these news. Of course crypto investments are risky and it's possible to lose money if you pick the wrong coins or sell them at the wrong time, but it doesn't mean people are going to lose everything because of a bad move, exclusively.

Since he lost all he had I suppose it has something to do with his behavior, mindset, methods, strategies (or the lack of them) when investing, and not with his luck or crypto market itself. I just feel sad because news like this discourage average people to try experimenting cryptocurrency, as they imagine the same is going to happen to them, so they are going to lose everything as well. :P

Its an addiction and he was litterally addicted. When one is not in control of himself, he is addicted to it. People who have earned profits and have more confidence on Crypto often tend to fall into it. But many set limits to themselves in either investing or spending time on crypto. Yes all are behind money, and yes money is indeed needed. But need to take care of our health as well. A lovely platform to learn and earn money. Lets use it to the extend we need.

That's what happened when you are not focused with trading, we all know it's risky but having drugs and alcohol while trading will certainly destroy your game plan and you won't be able to concentrate on what you are doing.

1-5 bitcoin is a huge amount, a person will find it hard to recover losing that amount especially if it's been consistent due to some management problem. What we need is discipline in order to focus on what we are doing, it's not addictive if you treat it like a job that you need to work hard and smart in order for you to succeed.

That's a sad story and why bitcoin or crypto has been part of alcohol and drugs which is they are not relatively close. Bitcoin is a financial system that needs a focus, it's an investment that seriously needs knowledge and skills in order to become a trader. Crypto is not like a drug and alcohol that can be addicted quickly and I don't think that man should be blamed here because he is addicted to drugs and alcohol he gets lost all his portfolio.

I am sure this man was chasing his loss in order to sustain his alcohol and drugs and now he cants able to do that matter he lost everything

You should really put up some limits no matter what even if you do consider up yourself to be a pro or experience then it would be still sensible that you would really be setting up some limits because we know that

the market is totally unpredictable and if you do make money earlier but doesnt mean that you would earn profits on future trades to come.This is why everything should be on limit and in control.

if you do put yourself into that addicted mode then self control would be needed even though it wont be that simple but it could really be done.

Well, the decision was a gamble though and it didn't pay off so the man ends up losing everything. Investing is closely related to gambling although you can easily make sure that you're going to win your investments rather than in gambling where most of the time, you rely on where the number lands and hopes that it's your number.

Learning how to trade properly is not easy, and we must be able to communicate with ourselves. therefore there is no term to finish studying. of course there is something wrong with him to spend his money, because many people also make trading as a support for their lives, why can't we look in the mirror from them, I think he has a bad mentality so he slumps

No one can be blamed from His own stupidity , it is His own Mistake and not by anyone .

Addicted to trading is like addicted to gambling , so one wrong decision will bring you down hard and that is what happened to the mentioned guy.

I hope that we will all use this as reference for our own crypto dealings to never become addicted in any ways.

I'm sorry with what happened to the poor guy in the article above, and I think that's how it is, if someone with a gambler mentality enters the world of trading. So it should be underlined first that we the traders are not gamblers, we are full of calculations in our steps, have relevant data based on facts, and do not act based on speculation like gamblers in general.
Also, a professional trader never makes large purchases in one type of coin, in essence, we break down risk into stages and types of purchases in each transaction, so, we are definitely not gamblers under the guise of traders.

Crypto trading or investing is not gambling. If anyone treats crypto as gambling then it is their fault and they will have to face the consequences.
People think that they will make millions in crypto overnight and whoever come into crypto with this mindset, it's obvious that he/she will lose the money.
Crypto trading is a proper skill and if anyone does it without learning, then he will only lose money.

Gambling while trading crypto is the worst thing anyone can imagine.
Its like Risk*100

Im not quite sure what to make of this story. He lost his addresses? Or he made bad trades? Because if he is a good trader who just lost his addresses, that does not really say much about him having an addiction problem. But from the context of the story I am guessing he made bad trades that lost him those addresses?

A bit confusing, however either way it just goes to show that anything can be addicting and anything can lead you to make bad, emotional mistakes.

Except if you hodl. Hodling is the way to go, in my eyes. ;D

Lol, this is how noobs are expelled from trading. foolishness makes you overconfident, and overconfidence makes you insane.
There is a great saying that Grapes are Sour,,  :D

Without the proper knowledge, any action is harmful, not only trading.
Where the pro-trader is struggling to speculate & estimate the market movement, he is claiming to be a trader with only two days of trading, how funny is that.

Trading becomes gambling when one doesn't know what they are doing. It takes a lot of knowledge to trade successfully. And if this unfortunate person was mixed up with drugs, I don't think cryptos were the reason for his downfall.

I think they are still considered as gambling because there is a money at risk and they also require some luck because there are no accurate predictions in crypto but investing and trading are obviously better compare to the literal gambling because it is possible to recover on here as long as you are patient enough.

People that have an easy money mentality are the ones that treats gambling as a money making machine and not a tool to make them entertained this makes them loose more, same thing can happen to them in crypto if they carry that kind of mentality in here. In order to be rich one must face the struggle first to learn and improve.

We know that if you do deal up with drugs then it would really be just normal that you would really be on a certain state on which you couldnt really think off well or generally speaking to be on your own self.

This is why its not really good on dealing up something when you are influenced by something and drugs isnt something that could really be removed out easily and trading does need lots of focus
and knowledge for you to sustain out.If you do trade but you are having some drug problems then i could say that this is the root of all problems.

His addiction to what he felt were his enjoyment ended up destroying him and no one should blame anything for that. It is his fate and he should face it. How do people become reckless with substance and at the same time go into trading and investment. Anyone who does that would not be able to do all with clear and calculated attempts and that will result in many mistakes. That is what destroyed him. Next time he will learn not to, that is if he survives this.

Not really shocking or at least new to me,
Remember that this is an investment and there's always a risk,
This isn't the first time that an investor lost everything due to their greediness and I am sure that it won't be the last.

@Uneng I agree. Despite the Cryptocurrency market being highly volatile, there are many chances of earning profits.
One needs to have proper knowledge and understanding about the crypto before buying it. Don’t just go with the hype and only choose coins with real world usage.

I firmly believe that humans lose everything because crypto is human error itself because it is greedy, many humans who have profited in crypto they study and analyze before choosing the coin they want to invest in, many of them have been successful at this time.

What? human error crypto? t least you know what this means right?

Greedy is an attitude and that is not the crypto itself .

Those who earn and still earning from crypto(like me) are the type of people who knows the limit and knows where to stop and buy.

What I mean by greed is humans who lose their assets because of crypto,
I didn't mention human error crypto.
you are a smart person in trading you know when to buy and when to sell.

for losing traders they will say bitcoin trading is a dangerous addiction....in fact those who profit from trading Bitcoin say Bitcoin is a miracle that makes them profit fast.  if trading with emotion and not using strong analysis then that person is gambling not trading, hopefully he can learn from his mistakes and don't keep blaming Bitcoin for the losses he gets because it's a pure failure of the decisions he made.

Indeed. Frankly, one should avoid even casual alcohol use while trading. I generally don't drink to begin with, I can't even imagine drinking while trading. That would be a very poor choice.

Well that is a big mistake if you do that.
Though everyone experiences downtimes in trading, which is normal -- and it is up to you whether you stay with it and linger on it for a long time or move on as quickly as possible because we are aware of the risks that come investing in this type of business. However, when we earn a large sum of money, most of us become dissatisfied and turn to gamble, where we become hooked, which has a negative impact on our business and causes us to go bankrupt. And when we lost everything, we prefer to blame trade for everything. This could be a valuable lesson for all investors to learn.

On the time that you do make yourself confident then you would definitely be able to experience more mistakes yet you would really be molding yourself to be a gambler like mind

on which a very common behavior for someone to do so whenever they had make out some good profits on which they would really be greedy on some point which would really made them

lost track and would really be not following their initial strategies or goals which is really very wrong type of behavior if you do ask me.Invest on what you can afford to lose and don't
go beyond those limits.

Profit and loss is a common thing in investing, these two factors are the consequences we get in trading in the market, but of course all traders only want profits from the trades they do, that's why trading also requires extensive knowledge in reading movement analysis market, by having knowledge of market analysis, many traders can at least avoid losses even if not 100%, but at least they will not lose like traders who trade or invest only by relying on hype or instinct.

There are many ways for crypto users to lose their money and that is not only due to price fluctuations but also due to failing to secure their asset storage wallets. Steven is one example of why you need to have a backup for your wallet be it private keys or seeds. He lost his investment because he failed to gain access to the storage wallet, he is currently trying to recover it.

In addition, trading can become like an activity like gambling if the trader just does it without analysis and only relies on luck due to price fluctuations. Some time ago Elon Musk created hype for doge, some people made big profit while many of them also lost huge amount of money after the hype was gone. The best lesson from investing is to always do it very carefully and don't put 100% of your money into an investment if you don't have any other spare money that can make you forget your losses. If you don't want to lose everything, then always consider the risks.

Most lost comes from wrong investment tho and lot of taxes that's why I see IRS as a better avenue because it pays investors in USDT when they hold$IRS instead of knocking on your door collecting tax . IRS is funding a world wide space program so we can all go to the moon

You can control and minimize the losses in trading by applying different money management and technical analysis skills. However if you are too careless or due to lack of knowledge, you forget your seed, passphare or shared it with anyone, then there is no way that you can recover your loss. Its sad when i hear when people tell that they have the crypto in a particular wallet but they cannot access it because they have lost the seed.

Ok so drugs, alcohol and trading hmm i would be more suprised of he haven't lost everything and still doing good.

There are various things that make people lose their crypto, if they lose crypto while trading I still understand. Maybe his analytical skills are not good,
so take the wrong decision. And also losing crypto because we experience losses when trading can we compensate for the losses we experience
by getting profits in the next trade. But if we lose crypto because we don't store private keys properly it's very careless. It was really an unnecessary
loss, because private keys are very important. If we lose our private keys, it means we will lose our crypto forever, because the crypto will be stuck
in the wallet forever. We have to keep it in the safest place and don't let other people know about it. Hopefully people who have lost crypto due
to losing private keys can learn from their mistakes. Please read on this forum or we can even find it in articles on the internet, which explains how
we should keep our private keys safe and not easy to be stolen.

Actually trading is not a gambling if you just follow the correct strategy.You will consider it as a gambling if you dont have enough knowledge about the markets.It is a gambling if you dont know how to control yourself from making losses.And it is a gambling if you think that trading is a quick easy money.

If you play like professional trader and follow your plan and strategy, you will success. Knowledge,skills,patience,self decipline,money management,and risk management. These are key in order you to become a successful trader and if you dont have these, then you should have avoid trading.

This is very true, in people alcohol makes them believe like superman, that they have powers and that they can do anything, but the effect that is taken in trading is similar to when a person enters a casino and drinks a lot of alcohol , thinks that he will always win and it is not like that, in some way he becomes disinhibited, but his most hidden emotions can come to the surface, as well as he can remove other emotions, such as panic, fear, among others that are somewhat controlling at the moment of making decisions.

When you hold that much, it's going to make you think about what's in it for you in the future. And that's a serious decision making that you should do, securing an exact amount that will make your life better in the future or until your retirement. You won't gamble with it and as much as you can, you'll add but if you can no longer add then you have to hold and bear with it. Know your priorities when you have that much wealth.

Good luck, there's always the 2nd chance around and for the person that OP has shared to us, hopefully he gets well in that rehabilitation center.

This story has demonstrated the need of having a basic understanding and experience about wallets in general, as well as knowledge about keys, both public and private keys. Because, in order to avoid such an incident, someone who has earned such a large amount of Bitcoin should have a comprehensive understanding of wallets. I'm going to use this event as a cautionary tale in order to protect my crypto holdings.

It’s the trader’s expectations that make them take the wrong steps. Cryptocurrencies can get you profits only if you understand them and their movements. But if you start gambling for no reason, you will end up making losses and that’s what is wrong.

Yes, cryptocurrency is volatile and too risky so we shouldn't put all our expectations and money on it, it's nothing more than a gamble.
Cryptocurrencies, like other investments, can be risky, but they also generate returns

In the world of investment, if you study hard, research the market and have the necessary knowledge about the market, know how the market works, you will be a winner but if you just rush in and expect miracles to work for you, you will fail.

This is what stake and gandom are doing, promoting those players playing on thousands of usd/game. No responsability in the crypto gambling industry

In our world there is a law of conservation of energy. It is universal and therefore it can be applied to all processes and phenomena of our life. In the world of cryptocurrencies, everyone cannot make a profit, because in order to make a profit, someone must lose their money. Cryptocurrency does not create wealth. It redistributes their equivalent - money. Therefore, in the world of cryptocurrencies, there will always be those who make a profit as well as those who incur losses.

Yes, No doubt Its happening from the first day, Its an absolute perfect example for newbies that all you first understand what the crypto currency is and how its works.  No need to invest anything before searching about the crypto. Patience and good searching needed before investing in any currency you are gonna invest.

that's the step he should take, rehab will be aware of him, crypto trading risks, I always imagined there is no way to do crypto trading without definite knowledge, i tried with a small capital the same fate i experienced as Steven, realized all that was the best thing for me who lacked trading knowledge, making long term investments the best thing.

He mentions bitcoin as one of the things that wrecked him, but perhaps the drugs and alcohol to which he was addicted killed his life. As these two have negative effects on the human body, his addiction to them could cause him to forget his addresses. He should not be citing bitcoin as one of them, even if I'm sure he's been rehabilitated due to the damage that drugs and alcohol did to his bodily system.

They said experience is the best teacher and this should be a very big lesson to him.

• If it's addicted to trading, I would say greediness played a major role by him not investing the amount he can afford to loose.

• Carlessness was part of him too , having up to 5 -10 Bitcoin in your wallet without considering the risk factors involved in storing cryptos into account and have two or places he secured his keys.


• Having himself got involved with Drugs and Alcohol was still part of his problem, persistent of exposure Alcohol or drugs over a long period time will thus bioaccumulates and may have negative impact to his brain leading him to easily forget things or misbehave.

I agree with you, because is not advisable for someone to invest all his money on crypto investment which many people has lost a huge amount of money in their investment. Now that we are in bearish market, it will be favourable for anyone to hold and watch for the price of coins to increase higher before they can sell to make a good profits from the market. I think, many investors will learn from his mistakes because crypto investment is different from other investment because it's unpredictable,it can pump through this month and dump through out one year which many potential investors are used to in the community.

Don't blame crypto when you lose while trading, when you start to enter the crypto world then you are ready to receive profit or loss but when you lose you blame crypto it is very unfair in my opinion, just like you trade when you go bankrupt then you will blame your merchandise that's a very stupid thing,

One issue is that usually you only get to hear about the success stories where someone sold his house and went all in on Bitcoin and became a multi-millionaire. Those who lose everything don't usually speak that out loudly. People can easily get caught in this dream bubble of doing the same and get rich quickly and easily. If a bear market is waiting around the corner right in that moment when someone decides to go all in, and even worse maybe with a leveraged position, it is game over. All in has never been a really good choice regardless of the investment choice. There is no such thing as a 100% safe bet.                                           

This is true, most of the time people loss out of their activities and. Point cryptocurrency as the reason for their loss. This needs to change. A proper learning about the market will let users to overcome such kind of confusions.

Unfortunately, this is always the narrative for these unlucky investors who wants to gain everything and then loose nothing in the process. I feel sorry for them because clearly, they aren't ready for the world of business or to be making investments. They are far better as salary earners, working with some institution and taking no risk at all.

I see a lot of human nature being displayed in Mr.Steve and the few others that often comes up with these narratives. They try to play the blame game, where they couldn't have been at fault, they did put in all the right moves and analysis but the market just keeps reaping them. His problems are his addictions and the think that's where he should keep that in check and maybe he could have a chance to lean from his mistakes. Otherwise, he isn't ready!

Seems unfair to blame this on crypto alone as there were underlying factors that played a bigger role and are actually the root IMHO.  Take away the gambling, booze, and drugs and I bet this guy is still the game, but then again seems like the root could be an addictive personality/nature.

yes, reading the article, the title itself is misleading in my opinion. he lost everything because of other addiction like drugs and alcohol. if he had no other vices, i believe also that he is still in this game. however, some writers will write an article giving emphasis on crypto, which for me is not fair. people should be objective in reading similar articles and learn the true reasons why that person is in that state.

People don't realize it. Trading can be EXTREMELY (and I mean it) rough on your mental health if you don't have equilibrium in your life. But that's also the beauty of trading - it goes hand in hand with your development as a person (emotional, social, financial, intellectual). See the contrast below:

Each day you wake up, firing up your monitors, get caffeinated, not moving. not doing any form of exercise. You nervously start analysing the markets thinking you have to make money today to pay your bills. You start 'hoping' the market will do what you want it to. It is evening and you lost 4 times what you hoped to make today.  You go to the bar and indulge yourself in alcohol. You get up next day with a hangover and you restart the cycle. You don't have a journal, you don't learn from mistakes. Zero progress, only regress.
-----
You wake up, you meditate, you go for a walk, you journal, you hit the gym, you make the trading plan for the day, you execute the plan. At the end of the day - you journal your trades and your process including feelings, thoughts and what you could have done better.

The activities of this guy are like gambler. Gamblers often drink alcohol and take drug in his body. Because at some point big loss destroys their humanity. Which forces them to take drugs. This makes them forget about that loss for a while. Which has happened to this guy and has caused a great loss of his life for his Addiction.

Nobody is forcing anyone to do anything. I believe that everyone has the power of choice. You always have at least two options, no matter how much you lost in life. Think about disabled people.. they could just as well indulge into alcohol and/or drugs to cope with their suffering, but yet many of them are grateful for still being alive and try to make the best of it.

This is exactly why not only gamblers, but a lot of traders should seek psychological advice. The emotional and psychological part of trading is underemphasized.

People like that are people who are unable to control their emotions and instead express their frustration when they lose in trading, in my opinion it is very important for us to understand and also do as detailed a market analysis as possible before we trade and obviously that was not done by that person so he lost and blamed crypto, indeed we admit that crypto has a very big risk if we are rash in trading or investing, but in fact some of them get profits and wealth from crypto because they analyze the market before investing.

He trained himself to be a trader but missed out on one of the most important aspects of crypto-trading, emotional intelligence. To a degree trading is like gambling. If we consider the neurobiological processes that comes into play. When you are winning in gambling a lot of dopamine is being released and it makes you feel good and happy. It is the same process that takes place when you are making profit in crypto-trading. You feel good. You feel happy. And you always want to feel that way isn't it? So you return to it and throw caution to the wind especially when you are low in emotional intelligence and then you lose.

Don't be greedy with crypto trading or investing. When you start trading or investing then you need to more patience. Cz every successful trader have more patience. Many trader lost their money their emotion.You need to control your emotion also.For newbie, You need to read more article books about trading.

No doubt about the fact that trading is gambling if you are trading on high leverage, its much more easier to loose everything on trading futures than trading on spot, I told a friend of mine that any future trader who uses leverage of from x3 above is gambling, most especially those who uses x10 - x125, that's pure gambling, I guess that's what happened to the dude OP mentioned

I don't think that person has gambled with bitcoin and its trading. He will never lose anything if you understand how the story series is made. I think he couldn't have access to his wallet which was a fatal mistake and it has cost the guy 5-10 bitcoin. Darker45 has explained it well (https://bitcointalk.org/index.php?topic=5382251.msg59031842#msg59031842), you shouldn't just read the title to reply.

My thoughts exactly after reading this article. The fact he lost his private keys or seed phrase was the only issue here, not some gambling addiction. The fact he ended up in a crypto rehabilitation centre was no doubt due to the depression of losing of Bitcoin that he had worked hard to acquire, rather than poor trading. Sounds like he was doing ok until he lost of assets. There's no talk of any degen leverage plays.


If anything it sounds like he wants to blame his addiction to trading (whether successful or not) to simply losing his Bitcoin. The media simply ran with it, as it was an interview.

He mishandled his emotions which is really needed in trading. You could possibly lose everything if you are not aware of its risks. Crypto investment needs a long process of learning and research. There are also basic strategies that you have to apply and you must be skeptical in picking coins to invest with. Too much greed will occur if you can't handle your emotions right. You should still know your limits and handle your finances wisely.

what is the IRS?
I don't think we can avoid taxes if crypto has been recognized by the government, especially now that many countries are taking advantage of the proceeds from selling crypto from existing local exchanges.

Certainly a good point you brought up and it might be applicable to a certain degree. In markets there is also behavioral economics. It is a bout herd behavior, about trust relationships, manipulation and public influence (see Elon Musk with DOGE on Twitter). If you are new to the game it is really hard to discern what is true, and what is not. And even then you might be better off following what is not true because it seems to better be resonating with the masses. Markets are a tough playing field. To an extent it counts more what all people around you do compared to what you would personally do. Kind of sad but I think it is the reality we have to deal with to a certain degree.

I can say I'm sorry for this Steven guy but I don't understand why his story should be relevant in any way. Every day there are people who are ruined because of wrong or poor life choices, it's sad to say but they won't be the last. Unless the point of this thread is that this kind of things happen just because of the cryptos...

Frankly, I do not agree with this interpretation. As soon as the price falls, everyone immediately starts talking about losses. My question is the following - why are they silent when cryptocurrencies grow? After all, quite recently there was an increase almost twice.

Here the person involved into trading could've turned himself to be successful. In between he have got addicted to drug, alcohol which is the turning point in his trading life. As said the person have chosen the wrong choice, if not such a massive loss might've not taken place.

So his mindset was gambling and not treating it as investment. Plus I assume that he doesn’t know how to manage risks and isn’t knowing how to put an amount that he can afford losing. So it’s like he’s going all-in or put all of his savings into crypto trading without equipped himself with knowledge in managing his risks.

I feel sorry for that guy though. He’s not alone, as there are so many cases where traders losing a lot of money are ended up either depressed, committint suicide, rehabilitation, robberies, etc.

It's all about how you approach and what you are doing. People are gambling all over the world. If there wasn't any crypto, people will find another way to get into this. He made crypto his way of gambling. Others who doesn't know about crypto, they are spending cash. That's all.

If I should say my view concerning cryptocurrency no trader or nobody that invest in cryptocurrency is hundred percent sure of the money anything that occurs digitally does not be sure to the owner, cryptocurrency investment or trading investment say something of  so anyone who is opportune to have benefits or profit will like to take another take or so I believe that any investment is that determine for risk.

Well said.

As the crypto popularity spike high in elon musk crypto tweet shit era. A lot of newcomers throwing their own money into crypto business form mostly into trading and doing it randomly which in the end make it more to gambling instead of real trading practice, pretty misery situation and plenty cases like this popping up everyday even till now.
Im not surprised at all though.

A person, no matter how expert they consider themselves, cannot be 100% confident with what they know because there will always be factors or details that can change any panorama and if they have a minimal flaw out there, everything can collapse, the person who lost everything It's because I had a lot of irresponsibility, if I have money I don't put it all to one thing, I think it's best to put the money in different things that generate it, in other investments, because no matter how perfect the movements are made, it can fail any system.

There are also so many unforeseeable events that nobody can take into account when making a decision. Think about how many people were now surprised by the war and are in total shock because their business goes down the drain. The inflation also has something to do with crypto prices dropping as people have less money in their pockets to put into savings/investments. It is more about buying existential stuff like food and medicine and heating/electricity these days. Still though he is not the first one who lost it all. There are a couple of those stories.

Very sad story, that is why we have to keep safe all information about our wallets. personally, I do write in a notebook all my secret phrases, key phrases, and all password of my crypto wallet. incase of an emergency I can still get back to my account and my asset. hopefully, this guy will recover from emotional damage.

Good morning. First day in the rest of your life.

If everything arises from the moment then it can't really be your fault.

What you could do is put on your beerhat and join the party.

I agree with you. Some people don't really just know how to do risk management and budget their funds accordingly which is the reason why most gamblers get addicted in gambling. Some people don't know how to set boundaries and do not have the necessary self-discipline in order for them to know when to stop and when to continue playing. I guess this is one of the unfortunate reasons why some become so dependent in gambling even though it will cost them to go bankrupt and even have pile of debts in the long run.

It's really necessary and important to be mentally prepared before entering gambling whether it may be in the form of playing or investing. Because it has its risks and strategies and techniques are essential to survive and have profit over time. Winning and losing are normal occurrence in gambling, but we can minimize losses if someone is educated enough about something.

The notebook will still be damaged, you need to keep it in a better place so that it lasts longer and only you and the people you trust can access it.
The story told by OP is sad indeed, his life was ruined due to a bad lifestyle, became a disaster because he lost access to his wallet.
His psychology has been disrupted and it takes time to recover.

really depends on the choice, there will be a loss if the choice prefers to risk rather than this investment is very appropriate with the topic statement. and I think it will only happen and will be chosen by people who have no knowledge or are (stupid).

These kinds of things have become very common now-a-days. We need to be very careful and prefer crypto wallets that have multisig features to secure your cryptos.

It’s an important lesson that every trader must keep in mind. Just because you think that a certain strategy would work doesn’t mean that it will. You must keep patience and make sure that you don’t turn into a greedy trader who sees nothing other than profits. Control the way you trade by sticking to your trading strategy.

I don't understand when you say that trading is betting, because basically it's doing or taking a risk, but betting is having only one opportunity, you lose or win, in trading only when things don't go well and if you lose it is that person's decision to do it, I would not leave unless it was with the same money that I entered or on the contrary, with more money than normal, people sometimes confuse trading with betting or gambling and that is totally false, there are basic ignorance.

The trader loss his investment in trading partly because he isn't yet an experience trader, trading without a Stop Loss as well as not Taking Profits appropriately due to greediness, I believe he was just trading blindly without any money management which is more or less like a gambler and in a bid to recover losses traded with emotions which culminated into more losses, this very common with newbies and inexperience traders mostly because majority refused to learn and a follow a clear route of becoming a successful trader via different resources especially Youtube, google e.t.c

it's true I agree with you. a trader must be more careful in choosing and analyzing prices and crypto assets to be traded.

Many cases of losses, failures experienced by traders because of greed and not being able to manage emotions properly.
they do not think long to analyze or study the character of the purchased asset and see the history of price movements of the asset.

He was addicted to the thrill. You cannot just dive into crypto without any knowledge about it. This man was a gambler, not a crypto genius. Be smart people.

He was too desperate to make earning, he should have know that trading is very risky and putting all the money you have in trading is not a guarantee to make profit in it, and if time is not taking if the market price falls it can happen to be the lose. Cryptocurrency is not scam , the mistake was from him.

Whatever thing you want to do, it must always be balanced with mature knowledge because someone is often wrong in stepping when he doesn't have the knowledge to do the work he wants. So getting knowledge first is the main thing to think about before entering the crypto space or into other jobs that can be very profitable when done correctly.

Have a good understanding of the crypto market, study the cryptos and then invest in the potential coins. It is not gambling. Betting doesn’t require knowledge, it is just a mere anticipation.

From what I read in the story of what happened to Steven, he did something negligent. I don't know if it happened that he forgot the address where he entered the 5-10 Bitcoins, that's a huge amount even if we say that the price is low at the moment. What is that, he forgot what private key, password, phrase? not clear how lost? because if it is said that he just forgot the address, it means that it is possible that his Bitcoins are not lost, they just can't be opened because he just forgot what address he entered.

Also, I do not agree that Crypto trading is the same as gambling, for me it is a big mistake because trading does not have different games that you can play and then in gambling you do not have on the other hand technical analysis, which is called versus trading, has already made the difference between them.

I guess it's all about the risk that he said about gambling and both has it especially in trading which is higher.

If he has already forgotten the private keys then his bitcoins are lost forever and can't be retrieved. But if by some lucky incident and he remembers it.

He can always take it back and import the keys again.

He just became addicted and sadly lost everything before he realized he made a huge wrong decision with his life. such a thing is hard to resist especially when you have all the means to do so because the more money you lost, the more you are eager to win it back and you end up spending more money to play than before. gambling addiction is really serious that's why you need to take the first step to heal yourself once you feel that you already exceeded the limit because if you go any further, the consequences will really hurt you. 

Regret do always come at the end and its would never be happening ahead thats why you should be always be mindful in regarding with your actions whether it would give out positive effect or negative ones.

You should think twice or thrice before pushing your action if you do see that it would resulted on getting wrekt then you should avoid on doing that.On any investment then you should really be thinking that
everything does have risk thats why proper management would really be that crucial.Dont ever rush up things on making decisions because that would surely cost you.

Risk on the amount which you can afford to lose but ofcourse you should apply some strategic or plans for you to utilize yourself for making your investment to have potential.

Definitely one will make loss of bitcoins if the knowledge to trade or invest is not there for everyone to see and learn from, as i can see it, this does not applied only to bitcoin alone, other cryptocurrencies has the higher risk in this manners to make investor's to fry overnight, that's why when I see a gambler i pity them because all they have lost is more bigger than the winnings they have realized.

In fact, if people invest in cryptocurrencies wisely, they will not lose much.What I want to say from my experience is that I invested in BNB at a very low price, even though it increased a lot at one time, but I did not sell there. But now he has returned to his previous position.So I mean, just for lack of experience, I'm going to lose my funds today.If I had sold at the highest price without greed, I would have made a lot of profit today.Therefore, it is better not to sit for a long time if it is profitable to sell after investing.

You have to be really careful while using and keeping your cryptocurrencies. Just because you have a feeling that something will turn out to be a good option doesn’t mean that it will. You must always analyse every possibility and ensure that you are not doing something that is beyond your understanding.

This is the very problem I have with most people who called themselves self trained crypto traders and enthusiast, as they all have this mindset that it will be hard for Bitcoin to go 10x or 20x again within a month or year, and as such choosing to go after Altcoins who  as tendency pumping in price so they could make profit and also risk of dumping in price too and you loss your funds, which makes trading Altcoins risky, especially Bitcoin/Altcoin pairs, which am sure that was what Mr.Steven did and lost over 5 to 10 bitcoin.
But thou it's profitable but also risky

You need to put a limit to how you trade and how you want to move forward. The market doesn’t put conditions on how you should trade. It’s you who has to see what you can afford to lose and plan your moves accordingly. Nothing comes naturally and you will have to decide all that you want to do.

That's why we need to consider setting up some limits to our habits because when money involves, all our limbs will feel the pain if something is not right will happen. What I mean is, that we will suffer some mental illness where we became so anxious that all we think is how we gonna get back what we have lost. Therefore, this kind of story should motivate us cause no matter how lucky we are in our life, there comes a time when we face some trouble especially when trading and the crypto market nowadays are not looking good, and to chill up a little bit is a must whenever we feel the day is not for us.

Cryptocurrency is a very fast changing and uncertain market. Anything is possible at any time. Especially new traders who invest in it without realizing it are at a loss. If you don't have a detailed idea about this and trade without market research, the chances of loss are high. If you trade without realizing it, you see some gains at a time, but then they don't last.

This is the first time I read about this case. I can't believe that a news site called "Live Bitcoin news" doesn't know the slightest thing about Bitcoin and reports that a person lost his "addresses" and now he can't recover said "addresses". He had some success with trading in the beginning but as he was greedy and showed gambling-related disorders, he invested more than he could afford to lose and lost. That's all on him and not on Bitcoin.

He says that trading Bitcoin is "high-risk". He is right above that (https://bitcointalk.org/index.php?topic=5362037.0). Trading isn't for everyone despite it being available for everyone. Blaming advertisements for your misfortunes is pitiable. It's not my fault I lost my crypto, there was an ad on the bus that tricked me...

I think really general about OP writing because use losing everything in cryptocurreny. My mind when reading the topic think the men who talk here lost much money by investing in bitcoin, but exactly Stevem losing his phrase bitcoin wallet controlling. I am sorry to heard that but OP need to give add little on the topic about losing access with wallet not losing investment witj cryptocurrency, hope Steven can found way how he can recovery and get back his controlling to bitcoin wallet address. Hope he can sell his bitcoin and loss 6 until 10 bitcoin is much fund and faced bad situation if every one on Steven position.

Not really that accurate or correlating its title into its subject/content? Totally confusing for those noobs out there but for people who do have experience then they do able to spot out directly with that error.

You could really lose everything once you had lost your PK or access into your wallet which those coins had been stored on.Yes, it might be some in form of investment since everyone could opt out on accumulating
their coins on a single wallet but in overall its a possession which its just normal for you to take good care on whatever information you do need to keep to have access with those storages.

Neither you could still able to retrieve or access it out or would totally able to lose them all.

I think this would serve as a teacher and lesson to the newbies. You should know that Crypto is volatile and then trading do due diligence before embarking on it. Do well to trade or invest with funds or money you would not mind to lose ie use spare cash so that if you run at loss it would bother you in any way and when trading, trade with caution so as not to run as  at loss.

In all, we have no clues how he lost his Crypto assets so it's uncertain the circumstances surrounding the situation on how it happened, when it happened and where it happened.

When you are wise you will figure out that cryptos are risky because of their volatile nature, therefore you will not invest all of your life savings on it and when you invest you will not put all your eggs in one basket to greatly lessen the risk. Another thing is that we must not be greedy but we must sell as long we can or as long as there is an open opportunity like when the prices are rising. In your case you lose because you lack of experience but I think that was acceptable.

I bet you are more experienced now and you don't repeat the same mistakes again? You better should because money is hard to find and it's hard for us to accept once we lose it. The reason why we are here is because we want to earn and not to donate money.

cryptocurrency investment is an investment which comes with Wheelock especially when you study it very well before investing into it, I will say that while some people loss in cryptocurrency you because they have not known is strategies very well before invest in cryptocurrency so they are for anybody can loss for any investment both digitally and manually why in cryptocurrency investment the most to have a specific target and the time Factor before you invest but some people do not calculate while before the invest in cryptocurrency

Similar thing happened to a friend of mine sometime last year. He was introduced to cryptocurrency as an avenue to get rich quickly, I tried to advise him to take precautions and do proper research before buying altcoin but he was sure he will make x10 his money in 3 months. He lost everything.

 Well that is how it feels when you come into trading, addiction kicks in, you basically want to try to catch all the pips, you keep losing with hopes and high spirit. but you sometimes later get it right for some people they would have probably given up before that happens. There are ways to take, you can recover lost bitcoin or ask for guidance by visiting www.prudentrecovery.com

People can become addicted to both gambling and alcohol. As a result, his normal human knowledge development is disturbed. ‍If someone is addicted to anything then he must be destroyed. These are the problems that most new investors face when using cryptocurrencies. They invest without proper knowledge and after a period of time when they fail, they complain about cryptocurrency. He alligates to deceived by these. Moreover, cryptocurrency is the most volatile currency, and any open gambling or drug addiction is doomed to failure.

He should blame his misfortune on drugs and alcohol and exclude cryptocurrency because crypto did nothing wrong to him, at least, it isn't crypto's fault that he is addicted to drugs and alcohol and was probably high when he was creating his cryptocurrency wallet and due to intoxication misplaced his wallet private keys or seed phrase, which ever that was issued to him upon wallet creation, I can also bet that he was all the time, high while he traded crypto, how or why wouldn't he loose everything when he traded while highly intoxicated with drugs and alcohol?
Crypto currency investing or trading is not something one does carelessly or high on drugs and alcohol, it requires your full concentration and also requires you be in your right frame of mind anytime you trade or invest.

According to the subject, it was said that cryptocurrency was one of the things that ruined Steven's life, right? That for me, it seems wrong to say that one cryptocurrency ruined his life, because first of all crypto has nothing to do with his life, but because of his choice he probably made a mistake in buying crypto that he did not study well first. that it had a problem at the time he bought it. Because many cryptocurrencies have helped most people around the world, that's the fact check and the truth there.

Bitcoin and other cryptocurrencies are extremely volatile digital assets. Trading without sufficient understanding and care might result in large losses. Just like this one.

this doesn't add up..he lost everything to crypto or trading.how? and why the addresses  mentioned in the storyline. I think may be he was defrauded to sending  his btc to someone his doesn't know claiming to be something or someone else promising him more profits.. The reason for this  because me myself I have had similar encounter with this fraudsters online... Maybe I suppose if this story of losing everything is true then maybe that's what might have happened to Steven

Once you understand the crypto market you’ll become more wise and cautious while making any investment decisions. Also it is not smart to invest the money you can’t afford to lose.

I am sorry for Steven that his life got out of control and he lost everything, but crypto currencies are not at fault here, it is his own wrong doings that let him down this road. Saying that trading is gambling is wrong obviously. Gambling are games that are being offered by casinos in which the gambler knows his odds of winning before even playing. Before ever playing any casinos game we know that our chances of losing money are larger than our chances of winning - this is how the casinos makes money. When it comes to trading the rules are different, there are no fixed odds for us to win or lose. Trading is a closed system, we trade against other humans and the only way for us to make money is if someone else loses money. Who knows what would have happened to Steven if he didn't start with crypto currencies, maybe he would have traded stocks and became addicted to stocks instead. It's good that he got help and is living now in a rehabilitation centre and can get his life back on track.

The facts and the truth about those who are harmed and benefited are true. Cryptocurrency is a very risky asset for those who don't know how to use it, but for those who do, crypto is a good place to grow profits. people who have stories about how their lives were ruined because of cryptocurrencies, it's just an effect of their ignorance of what they hold on to.
What makes people lose everything is not just crypto, there are many things that can make people lose.

Addiction to anything in the world leads to destruction. Trading isn’t gambling until you’re doing it in the right way. People who think trading as gambling often lose and this is a great example to seek lessons from.

I'm not sure about the guidance you provided because every asset that has been lost can't be returned by anyone. Losing is part of the risk that must be understood before someone makes a decision when they want to work in trading or the like. Because if there are parties who are able to return lost assets such as Bitcoin, then no one will be disappointed by the loss and everyone will not be too careful in storing their assets if there are parties who are able to return them when they lose.

This only happens when newbies think that this is a market where you’ll earn ‘quick money’. It is not. They fail because they treat it like gambling. When you lose, you do not play again. You take time to analyse, strategise so you don’t make the same mistake again. The whole idea is to earn profit and it is not easy.

It is a pure reminder of the trading world and the risks associated with it. Every incident in the trading world is a learning for everyone, including the one who loses. This situation has told everyone that trading is not an easy thing to do, nor is it gambling. It becomes gambling if we do not play well.

When something is lost it is difficult to find it. It would be more difficult when it address digital currencies in case of losing data. Many of us have a healthy mind to memorize all the data information, but sometimes it is too late to find it. ‍One who is addicted to drinks or gambling,  how will he preserve it. I think it's more likely that he lost his assets.

He says trading is gambling? Lol. Maybe it was his other questionable and risky life choices which made him a bad trader?

I think he should have gotten rid of his bad risk behaviour before blaming his utter Bitcoin loss on cryptocurrency trading instead of on his All-In With A Bad Hand and No Guts No Glory attitude.

Seriously, he is just a bad gambler, not a trader. And if he thinks he can smear crypto then we have many successful traders who can prove him wrong. Someone should teach him how to DCA.

This will only happen when we do not learn from the beginning first and jump right in as traders.
Of course, everything must be prepared carefully in order to get very good results for the results as well as to become a trader. Must be prepared from the start and know the ins and outs of traders and Crypto.
In the link that you have pasted it is clear that he does have talent (listed there) but when you forget about other things such as addresses or other things it is clear that this is something fatal.
At least he now knows that Crypto is a place with a big risk there but this can be minimized if he can maximize his talent with all the knowledge he learns of course.

Dont really make yourself get too hyped with things because if you do then you would really be finding yourself in big trouble once the market would really be plummeting or going down.

Always take some risk management on every actions you would make specially on crypto where prices is way too volatile and cant really be predicted which it is really just that much needed on having these kind of considerations before making action or else you would really be finding yourself to be fucked up specially when you do make some go-all in kind of action.

You would really lost everything if you dont make yourself to mind about risk factor.Just dont make yourself just get too hyped.

The fact is that most people, especially when they are first in Crypto, always do that and I'm sure almost everyone here feels it.
There's no need to deny it because this is the process and I've done it too, but what makes the difference possible in this case is that some are serious about learning and some are just excited without knowing anything and get crushed.
I think in this case the decline is always the main problem for most people but precisely if we know about this gap is a good thing because apart from after the decline there will definitely be an increase on the other hand this is a good thing to increase the load.
I think the spirit is necessary but we must know our limits.

Do not believe anything and everything you see on the internet. Better to conduct your own due diligence and take necessary risk management measures.