Bitcoin Forum

In the past few days, the crypto market has taken a diped turn.
People have committed suicides.
What more should we expect

Its quite unfortunate actually. The recent incident on luna dumped is really shocking and I am not gonna say no one would do such thing due heavy loss especially on those bet all im theit hard earned money. Its really depressing how this turns out plus the market sentiment. But of course they should be always ready and dont forget the golden rule that invest only you can afford to lose.

This is not true the way you put it. This was the tweet that came out earlier about some Luna holders who committed suicide due to the losses they encountered in Luna saga. This is more like investment gone wrong than trading as you claimed.

https://i.ibb.co/mFbr2s1/643-AEAF9-EE11-4125-9162-17-B950533898.jpg

If you are good trader, there should be a good management risk in your trades, there are dozen packs of traders that are enjoying shorting the markets and have made huge amount of money from it, just because markets is dumping doesn't mean traders are not making money, only the holders do feel the pain especially the Altcoins holders, bitcoin is always fine as it always goes up.

Partly true. Even the so called stable coins are losing their peg. I feel for those Lunatics, hodling altcoins is a mind game not many can play. In my case, I’m sad bitcoin dipped below 30k, really sad because I planned selling some bitcoins to pay for my medicals. The dump was unexpected and bitcoins is still dumping. I know I can’t sell now if I do I will suffer 50% loss. This is why it’s good to have fiat in hand.

Crypto market is really down now, we are losing money already so losing our lives should not be an option its not the way out. Let's not make our family, friends and close ones to suffer and lets not forget "if there is life there is hope". Stay Strong wherever you may be.

I can't say crypto hasn't caused alot of depression all over the world, but is losing your life the way out, I don't think so. I know most people might have invested their life saving but it not really worth your life. So stay calm and strong and hope for a better tomorrow, their is always a light after the tunnel.

Remember, this is a free market and we cannot always expect profits while we ignore potential losses. Sometimes a team's decision can reflect why their altcoin has become more expensive, but sometimes it will just cost them a large part of the price. It would definitely remind me of the best investment advice: Do as much as you can afford to lose.

I believe depression can happen to traders as long as their expectations don't match reality. But suicide is not the final solution that will solve the problem because in reality life is still much more meaningful than money.

It is hard to make such a conclusion without clear statistics. but what we know is that the current market has grown quickly and many many people have invested their money in cryptocurrency. That is why we should split our funds into multiple parts in order to avoid big losses and always save some of your funds as bitcoin.

RIP to those who have committed suicide cause of Luna.

Is this what has been happening now? Do you have any verified sources to support your claim about these suicides rates that has been happening?

Anyway, given that the prices of BTC has dropped significantly and almost by half, it is but normal for everyone to panic especially to the HODLers who have millions worth of $$$ in their respective accounts. But, a cryptocurrency investor would most likely look at the positive side of the spectrum- this volatility is nothing but normal and they would take advantage to acquire more in the process.

Why would anyone take their own lives because of money?/it doesn't make any sense, I have lost it all twice in my lifetime and I've never thought about taking my life, in 2021 I lost 25,000$ to a meme coin, I came out with nothing after I found a way to make 700$ I lost 500$ to another scam project, I learnt the hard way, taking ones life isn't worth it.

Op try and get your facts right before posting, do not compare traders who lost funds in trading or investment to those who are affected by the dip, no statistics are backing up that post so please bitcoin price drop has nothing to do with those who took their lives(Suicide).

Unfortunately this has always been the fate of those who enter a high risk investment without any knowledge, effort or even listening to other experts. For example those who borrow money to invest in an extremely volatile altcoin, sell their house to buy a shittoken, ... are expected to endure huge losses.

It is very sad to see their fate but what more can we do? We keep warning them about their high risk actions, about buying altcoin, about investing what they cannot afford to lose and yet they don't listen.

When people say "crypto" they almost always mean altcoins not bitcoin. In this case the story as others pointed out seems to be related to a shitcoin called Luna.

Due to the recent experience been faced by crypto many youth are facing a hard time and complaining bitterly gor lost of money ,a closer friend of mine lost $23,000 and he has been so aggressive and moody since then ,he is the bread winner of his family and younger onces ,So many of this youth facing this challenges and complaining bitterly online ,some even depressed writing suicidal post. Should we say crypto has been of good , the bad and the ugly.

Does it really worth enough for them to commit suicide? That kind of thinking is too disappointing, not it deserves to kill yourself because you lost money.
In fact, this situation is already been anticipated. We even think that this will come last year supposedly if we are right with our predictions but it comes late. I understand that many were just new to this bear market but I don't think we are not aware of this. Because if we do the search before investing I believe we are too aware of the volatile nature of the market that one day prices will pump and dump.

No one can deny the negative psychological impact of trading and losing money, so I suggest that you stay away from all social media for a week or a month and then visit a psychiatrist or go to the countryside, this will benefit you a lot.

Unfortunately, it will not be the last time in the cryptocurrency or Bitcoin market, perhaps Bitcoin will restore its past prices, but this does not include most of the altcoins.

I know what I'm saying. You are the one being biased. Bitcoin dip affected the crypto market. When Bitcoin dipped, altcoins dip if Bitcoin had maintained a support at 30k, there is a probability the loss would be have been minimal.

The chief problem, of course, is that some people are now feeling that the worst is not over for them. When you see a cryptocurrency crash, and it crashes by 50%, and it crashes by 80%, and it crashes by 100%, many people in the crypto community really get concerned about their future and their wealth. People have a hard time accepting the fact that their money is gone and can't be gotten back. There are emotions involved, too, like blaming one other or blaming the developers of the cryptocurrency, or blaming the community. The whole thing is very emotional. And some people get very upset and can't take it. It's hard to predict how all of this will play out in the next few months, but most people are sure that these collapses will not go on forever. Crypto will come back. People will once again get excited about buying digital assets. Eventually, I hope that people will learn their lesson and be more cautious about spending their money in the future.

Holding a fiat in hands is good and convenient for current expenses. There is nothing good in storing fiat in the long term, and here the advantages are on the side of bitcoin. In turn, using BTC for short-term purposes, as many have now seen, is very unprofitable and dangerous. Each financial instrument has its own tasks that they solve. There is no universal tool, and therefore, there is only one way out - diversification. Investors who only bet on crypto are now depressed and in serious financial trouble. "Games" with money are not amusement at all, as many people think.

Although suicides are a sad thing, those people are in a way victims of their own greed. For this to happen there has to be a certain chain of unfortunate events and irresponsible actions taken by an individual. In case of Luna it was the following:
They chose to invest in a new altcoin, instead of an established project like BTC or ETH.
They went all in, investing more than they can afford to lose.
They did not set any stop losses, did not react fast enough.
They were greedy and decided to hold a coin that obviously had huge problems. For me personally, the first red flag would be promising to buy 2 billion in BTC and buying only half of the promised amount. The second red flag, selling the btc safety fund all at once - it's a sign of panic and irresponsibility by the owner.
If you sold at first red flag you'd be up on your investment, if you waited to the second one you'd be down about 60%, if you disregarded both, you took a 100% loss. Only shitcoins and scams can go that low.

No matter how bad it looks, you are alive. Money can be made again, it's not the end of the world. Don't ever kill yourself over a stupid investment, your life is worth more!

There are several reasons for that: wrong investment strategies, no risk assessment, investing too much or all your capital, investing in dubious altcoins you know very little about but someone said they will become the next Bitcoin, etc. There is no such thing as a safe bet and there are no sure things in investments and speculative asset classes. Understand the risks and the possibilities that you can lose all of it.

People never learn and when they are in over their head, unfortunately they take the suicide route. But that's just the beginning of new problems and pain for their families.   

Everyone has their own method of coping with financial loss. I hang out with friends and do fun things to get my mind off the reality that I lost money. Depression is real, I do not joke about mental health.

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White billionaire, learn how to use quote properly. There’s an error in your quote. You erased the user post link you’re quoting and left only yours. And also read the forum rules https://bitcointalk.org/index.php?topic=703657.msg7955645#msg7955645. You will find you unintentionally broke rule 32.

What happened recently is not new, people should know that the market can not always favor. If people do not go for altcoin, bitcoin will reach ATH again but it can be long, they should not worry, but just that some altcoins may not reach ATH again while some may become shitcoin.

Another warning that altcoins can be shitcoin, though some altcoins are doing well but Luna will not be the last altcoin that will become shitcoin, it can even happen to some other altcoins.

Some people are whales and are still holding, even people like Microstrategy are still holding. Do you know what these whales have lost? But they know that they do not lose because market will rise back. What that matters is to not hold shitcoin which is the loss that should be talked about.

It was a financial loss for me because I held Luna, it has gone and I know I will make it back and be strong. If there is life, there is hope. But I still have certainty about my bitcoin holding, it is not a loss, it is a correction which will still lead to bitcoin to reach $100000.

What nearly caused me depression was scam and not market condition. Everyone buying or selling any coin already should know the dangers in crypto. Many people are depressed there is no doubt about it and many people are making monies amidst the market conditions.
People  were crying for Luna and some people bought Luna and it did x10 for them. That is just it. Nobody should forget this two rules.

1. Do not invest what you cannot afford to lose
2. Diversify your portfolio.

People committed to suicide because they don't follow crypto rules. That is don't invest if you can't afford losses. Crypto is a volatile currency that anything would happen at any time. Even we see the Bitcoin price when start dumping it' dump too much. Everywhere is at risk. But whatever you do, always should remember you can earn or recover if you are alive. Otherwise, nothing will change if you decide to leave the wonderful world. Trading something like a gamble where you would lose everything. Explain yourself, and find a way of recovery.

This always happens when the bear market comes, when the price crashed so extremely, that many investors, holders, and traders are not ready for the situation. But this is normal because they may put s much money in certain crypto and they experience extreme losses. Moreover, the ones who use loans to invest will be more depressed to see the market crash very quickly.
If we see, the situation also brings other FUD again, moreover the news about suicide people after Luna crashed market, this really influences the crypto world FUD.
That is why it has been said many times that investing in crypto is very risky. If we are not ready with every risk that we may experience n the future, better to stay away fromc rypto. Or we must be wise enough in investing, taking profit, not being greedy and be smart investing.

That's how investment works actually. You won't expect that its price will always be surging, there will really come a time that you get to lose what you have been profiting, and Luna is not an exception. I guess people end up in depression when they start to believe on things that would hardly become possible in the future. If only they stick to investing on the amount they can afford to lose, things will never end up this way.

If they weren't dead I would be harsher with what I'm about to say.

On reddit there were many posts saying they were thinking about suicide but as has been commented in the thread it is because of greed and also disregarding basic investment rules. I comment cases:

1) There were people who had taken a mortgage on their house to invest it all in the shitcoin.
2) There were people who had taken personal loans to invest in the shitcoin.
3) There were people who had invested money from relatives without their knowledge in the shitcoin.
4) There were people who had invested absolutely everything in the shitcoin.

It reminds me of the Darwin Awards: people who die because they want to take a selfie on the edge of a cliff to get a lot of likes on Instagram or whatever and they get off balance and fall off the cliff.

Not a vivid follower of Luna but its unfortunate what happenedto it as a result of the devs actions, but one fact that stands in the crypto markets is people are making bank in both bearish and bullish trends! Markets do not necessarily have to be always bullish for you to see gains, unless one is talking from a point of being a hodler otherwise as a trader you can always  go long or short the markets and make your coins .

The people who committed suicide were already suicidal and we can't say it is all the fault of the crypto market. Many persons have been in this position plus the the current situation in the market is a general thing, I agree that our losses during this time have been different, some people have lost more than others, but it still not enough reason to take your life. You should be able yo draw consolation that the situation has not affected only you but everyone. This is one reason why it always important to have someone to talk to, so situations like this don't eat you up.

I still wonder why people haven't understand what cryptocurrency  is, they only think cryptocurrency is all about to make gains. Before going into cryptocurrency it is good to understand that cryptocurrency is a volatile,  anything can happen. One need to have courage and to be strong during the day's of the dip.

This is a sympthom of too much attachment to money. [And if you did not put most of your life savings into a trading account, then you would not be so attached to it.]

People must understand that money (including crypto) is not the last thing in the world. Even if you end up losing nearly all of your money while *trading* (it is impossible to lose everything if you simply buy and hold, for this is a transient stage), you will still be able to pull yourself out of bankruptcy in a few months.

If you have a weak mentality, a weak mindset, then you won't be able to overcome even life's most basic obstacles that face you, such as this one - I mean goodness, how many more bear runs have we endured in the past?

If you simply plan for today - without worrying about any of the "what if"'s  of the future - then you'll have ample amount of money to make it through the day if you cut down on unnecessary purchases on that day.

Worry is one of the leading causes of death among developed countries, so stop worrying about stuff and take it easy, one step at a time.

I have been there and the same has happened with me. This is a part of the the traders journey, unless they have a mentor to guide them.

A few days profits and one big loss is good enough to demotivate and create emotional turmoil and the scars stay with you creating biases whenever you progress.

For me, i had to check on my analysis and setups to see what worked when i made profits and what went aganst me when i made the big loss.

I don't believe any of those tweets.
How were they even confirmed, if they would have made their last testimony before we would have seen them if there were suicide letters left the same?  Also, the tweet came on the 11, and the crash started on the 9th, even if we assume somebody would have done so the next day when Luna went down to 20$ from 100$ I don't see police confirming the cause of suicide 24 hours after. And again, we would have seen those police reports.

Besides, and here is my turn on just supposition, I don't think people who were accustomed to crypto and played with large sums would have so harshly decided to commit suicide, if this might happen and I don't deny some might, it will take a lot of time before it when there is like zero hope and all the doors are closed.


Unfortunately, this is a bit more complicated case, when some people who were not greedy got burned hard, and those were the ones that hold UST, which would be quite ironic if not tragic, since they were simply trying to (assumption), avoid market volatility and stay safe. The ones that simply exited the market and bought ust just so they would not have to follow the prices during a holiday or a vacation and two days later saw their accounts drop by 20% can't be really blamed for anything other than, let's say gullibility at most.

No one's expecting really about the sudden dump of Luna, and those who were not able to control theirselves anymore end up in depression and worst is some committed suicides. Though things like this is very inevitable, but if they did not put their eggs in a single basket, then they won't be feeling this frustration these days. And of course, they should never ignore the very first rule when it comes to investing, always invest what you can afford to lose.