Bitcoin Forum

2021 I started my journey here in crypto, I was lucky because I was able to invest in other cryptos before it went all the way up. NFTs, P2E games, airdrops and hyped shitcoins lol. Of course I earned a lot and since it's my first time I became very confident thinking I'm so smart lol ;D. I have more money to spare, so I end up investing left and right carelessly thinking i will earn more but the truth is majority of those i have invested are lost money because of bear market, scam projects and rugpulled shitcoins. I think I am not for crypto :(.

You need to make some findings about coins before investing at all, go for those that have market capitalization that is huge are the best (but taking note that altcoins are like gambling). Among all, bitcoin is the best, lesser volatility and most decentralized, unlike most altcoins that are not well decentralized or having some kind of central control in one way or the other.

But that is not all, you need to have a better strategy like DCA, or DCA and investing like just one third or half of the money you spare to invest on bitcoin, while expecting bear market that you will invest the remaining, or getting to halving period and invest more after you DCA half or one third already. It depends on you, there are different ways you can start investing in bitcoin, get yourself a better investment strategy that you know it would work for you in long term.

The greatest mistake beginners can make is by not accepting yet that bitcoin and other cryptocurrencies (altcoins) are speculative assets while other cryptocurrencies (altcoins) are more dangerous. Try and know the years that bull run is likely and the years that bear market is also likely after bitcoin halving, although this may not continue to work at anytime, but I do not think next bitcoin halving would be the time it will not work again.

Sometimes you don't know what you wanted being a newbie and instead of you to first take time to learn and understand the whole thing about cryptocurrency you hasten yourself to invest on a crutial rush and those altcoins invested on were most fake projects, we ourselves sometimes approach cryptocurrency with the view of a ponzi schemes and this makes people to always find it easy to fall a trap by investing on shady coins or tokens and later after some years they realizes the mistake they had done from the start, must we continue to learn from our mistakes, or we should learn from others' mistakes.

2021 is where the glory of the crypto market is happening a lot of hype like NFT is becoming a trend, IDO continues to peak because of lucrative profits, meme coins are coming a lot so that the price goes up many times more but you are too complacent with greed so you don't think about how to invest in bitcoin even though it's the end it's the same as falling in price from ATH but at least if your assets are in bitcoin it will come back one day but if it is focused on shitcoin then it will be your loss, even I don't believe altcoins or NFT types can recover like all because of their trend is up and people will not think of reinvesting.

It was your fault for not doing research on what was invested, but it's clear that many people are trapped in shitcoin but you have to start over if there are some assets that are saved and transferred to bitcoin it will be better than continuing to stay on shitcoin that continues fall.

this mistake will be a lesson, but you should be able to start off better not to believe in shitcoin.

This is one of those things that bites my arse from time to time. I'll get a batch of homerun picks(like three 20x coins/tokens), then I'll get too cocky at the next batch of coins/tokens and lose like 50% lol.

Everyone thinks that they are savvy investors while things go up. The fact that you admit that is already a big deal. Investing everything in one sector, not to mention investing everything in one asset, is a terrible idea.
You should keep a balanced amount of money across various sectors, rather than concentrating it in just one, to reduce the risk of complete financial devastation in case of loss. You can still invest in crypto but only the amount that you handle to lose. Hopefully, your other investments will make up for the losses of your less successful investments.

Sometimes, too much confidence will never do good when investing. That is why it’s important to always invest with caution, otherwise you will be outsmart by the market and eventually see yourself at the losing end. But I believe this is something that is so easy to say but actually hard to be done since a lot of us will fall having the same mentality when we see ourselves already winning from the start. So never be too confident especially when we are dealing with risky investments.

This is your fault, you need to learn first before you start investing in crypto.

Expanding knowledge and conducting sufficient research before starting any investment is very important. If you invest immediately without having sufficient knowledge, then this is your fault in the first place.

Bitcoin is the most reliable and profitable investment asset in the long term, while Altcoin and especially shitcoin are highly volatile so it may give you some quick profits and may cause you huge losses.

Investing is not about lifting your own ego and building too much confidence, it’s about being knowledgeable and mindful in everything that you do towards your investment. So if you only invest because you have high confidence that you will always win over the market, you have a wrong mindset. Investing is like gambling, you have to invest only what you can afford to lose. So if you think you only have confidence but never had the required knowledge and skills, then it’s better not to invest but gain knowledge first.

Don't be too quick to think that you are not for crypto, because crypto is always open to everyone so everyone is strongly advised not to make a hasty decision when they want to buy something or when they want to invest in something.

Maybe on occasion last year you were just a little misguided or down the path you took by liking shitcoins and airdrops whose futures were respectively very worrying. But at some point in the year, you still have the chance to see better Bitcoin and coins than you have ever bought before. So don't give up too soon if you still want success through crypto.

Your are not only the one person who lost money for that reason . It's not only about the over confidence when one person will go for trading on his emotions they will always face loss, Some exceptions happen that are just for the good luck .  And here are many people who mistakenly think that luck is their skill and the they go for trading and endup with facing loss.  I'm guessing the same thing happened to you.
 So I would say bring your own mental self-control and get some proper knowledge about trading and well research before in every trading then go for trading. And always keep in mind that trading is always a combination of profit and loss.

The reality of crypto markets is that when there's a Bitcoin bull market, it's easy to make profit, because shitcoins follow Bitcoin and grow too. Then the bear market comes and it's better to pull of out crypto than to look for a coin that will perform well in bear market. But many market participants don't see this pattern, they naively expect a bull run only 6 months or a year after the ATH, they hold their bags in bear market waiting for the reversal any day now.

You don't spend enough time on crypto and at least you have learned what is lacking in you. I don't think it is quite a good time for you to leave. You have earned some amount already and could achieve more with the knowledge you have gained.
You introduced bitcoin/crypto at a bullish market, so it was very likely for you to get a good return from your investment.

in 2021, I still remember how excited the crypto market was, at this time the bitcoin price skyrocketed to penetrate the ATH and even dogecoin skyrocketed because of elon musk. people who are used to investing will definitely understand when to buy or sell and those who are lucky will definitely sell and wait for the market to go down.


because you were a beginner at that time, the location of your mistake was that in your knowledge about crypto still a little but your greed was really big. if you give up, haven't you wasted your time and money in crypto, learning from your mistakes is a wise thing imo, running is only for losers.

You got lucky to win with your first investments, first months in cryptocurrency in 2021. With NFTs, P2E games, I think you got luck with them when you joined their projects very early. Because I think with Play to Earn tokenomics, the later you join, the more loss you will have and you will less likely get profit if you joined those Earn projects too late.

When tokens unlocked by vesting schedules, people own those tokens will cause dumps on the market. I don't think joining NFT projects is good but if you join, watch their token vesting and unlock schedules.
https://vestlab.io/

Rug pulls are popular with shitcoins that only listed on decentralized exchanges. When their teams done to collect money, they removed all liquidity on DEX and you have lot of tokens with value is mostly zero.

I hope you learned it and will only invest in Bitcoin.

Many go through their experience and disappointment. It's good to be confident, but you don't have to be overconfident. You used to be a fan of altcoins, which tend to turn to dust when the market moves, but why didn't you settle for Bitcoin? I think you would have less disappointment and the conclusion that crypto is not for you.

From your story line I didn't see anything connected to ego but ignorance and greed, particularly from someone that's wants it all by all means presented to you.  There was was no attitude or mentality to learn, to do few research about what you were about to get into, all you wanted was just to earn without putting in energy to  first learn. And that was the cause of your careless investment and not that you are not for crypto.

You're for crypto and you even made great with your first investments. Just think of it as a hard lesson for you to be learned that in this space, you need to be wiser than you were before.

That mistake you've done is the common mistake of what everybody is dealing with. When we make profits, we tend to think that we're the most genius trader and investor in the world and that adds to confidence to ourselves.

In return, we're like just throwing our money on every investment that's not really essential thinking that the same result will come but that's not what's happening.

Investing in many ways is not careless, but before you invest in any coin, you should find out more about the coin you are investing in, and thinking that you are too smart and invested in any coins you see without being asked is not a good thing and a very risky idea to yourself, sharing your ideas with people will give you more confidence to invest in any coins that are very important and earn a lot of profits, I advise you to ask before you invest in any cryto coins.

You've made your point from you're statement, you invested carelessly. Investment should be well thought out, crypto investment requires you to have a basic knowledge about the volatility of the market and how to navigate it, so you won't get your fingers burnt.
Don't say crypto is not for you, rather seek to increase your wealth of knowledge about crypto and this time around invest carefully.

Hmm, this is happening to all. I assume only a few people in crypto can say they are not facing this in their crypto life. I also lost the chance during the 2017-2018 bullish market. The thought was the same as you, and hold them for becoming a millionaire lol (kidding). But my bad I was so stupid and lost them all due to the bear market starting.

No man has it all when it cones to cryptos. We have our sad sides to share too of how we have lost money. Cryptocurrency investment is a luck type of investment. You can invest today and be in huge profit faster than someone who invested months before you. Sometimes it is even on the same token but at different time of buying it. When we get lucky and make money from cryptocurrency we should not start acting all too knowing and smart. That is the lesson we all should learn from your story.

Everyone must have good or even bad memories of getting to know crypto.
I was a careless person when I first got to know the cryptocurrency world.
Because I just casually invested in some altcoins which ended up earning nothing and even losing.
Maybe you should also add that lack of knowledge, overconfidence and having too high expectations are bad things to start investing in crypto.
Apart from that, sometimes a person must be faced with mistakes so that a person can improve himself and can make valuable lessons to be successful.

Being confident is actually good for our life, but exactly, being over confident will probably make different results and expectations. Moreover if over confidence is plus high egoism and without any wise decision, in investing these will be really risky. It is so pleased that you are aware by yourself of your mistakes, at least, if you are still going to continue, you have taken the experience and will not do the same mistakes again. But if you have given up and are not for crypto again, this may be the best for you. At least, you have learned much, not only in the crypto world but also in anything, you must be wise, not over confident with a high ego. If you want to continue in crypto, just ensure that you are ready, learning more again, and not investing in hype or shit coins again, focus on Bitcoin.

Before investing in cryptocurrency you must do a good analysis and then invest in cryptocurrency. If you invest on impulse, you will definitely face losses instead of profits. You invested with different Shitcoins in 2021 when the cryptocurrency market is hype right. Investing Shitcoins at that time would have yielded a lot of profit but if you hold them later, they are sure to disappear from the market or become zero. You are never likely to profit from them. So it is not right to invest in any crypto currency on impulse without analysis.

The crypto market is not something to be confident about when investing in any altcoin. What you can be confident about is bitcoin cos when the crypto market goes soars, bitcoin can survive it but the majority of altcoins don't survive it. They tend to vanish into the tiny air.

I have encountered a scenario whereby I was advised to invest in a particular coin that will do better because of the hype it receives from its investors without researching it. I was confident enough that the altcoin I invested in will bring many profits for me in a short time due to its hype and how legit it looked. That was my worst mistake ever and it thought me a big lesson.
From that day onwards, I decided What I can be confident about in crypto investment is bitcoin nothing else

You cannot tell you’re not meant for crypto just by experiencing your first losses, that’s part of the game. But let me tell you, having too much confidence in crypto is not good at all since it will develop an attitude that you know everything in crypto when in fact you’re not. And focusing on your ego is also not helping too. Instead, teach yourself to consistently learning in crypto, that way you will know how to value your investment and how to make them work.

A man who is over-confindent about the fact that the market will always be favourable to him will always suffer heartbreak because the market is never stable.Some persons trade with the fact that the market has been favourable to them before,so on that note,it will always be favourable to them,but this is really what gives them depression,because once the market is bad,it's bad,and there is no way you can recover the money already spent investing.There shouldn't be any Ego while investing,because the loss can always humble us.

Your tittle was right ego and too much confidence are dangerous in investing. But you don't have to give up. Even me or everyone here makes mistake we are human far from perfect  :) damn I should being motivator right  ;D

But that is true back '21 I make dozen of money at least in my local currency and I am do as you do I invest 90% to VC right and left and ending up turn into ash but you know what we get the experience that is the best, we can't change the past but we can know from the past that we can use as a tool in future keep it up

Early success is not really a success. There's no short cut in crypto. If you feel that crypto investing is not for you, the you can go back and backtest your investment strategy. You can also seek an advice to traders who have 3-5years of experience and follow them. We have to bear in our mind that investing in crypto is long term, there's some people who got rich in no time but we can only prove that our strategy is working if you can survive your port in 3 years of investment.

Everyone can be for cryptocurency but they first need to be equiped with the right information for them to be a abel to succeed in this market. This is an unregulated market so you'll be getting lots of scammers and scam project been portrayed as a legitimate investment and when you don't have the right information you'll end up believing the lies they're spreading and losing all your investment in the process. Good time you have be wakened form the dream you were in as many don't get waken until they have lost so much that there's nothing left to be convinced of this been a profitable market.

Just imagine you invested all the profits you made into Bitcoin, you won't be feeling as bad as you're feeling now because there's an assurance of your investment not going to zero and hope of been even more profitable in the future as Bitcoin reclaims new highs probably after the halving as it usually does from past history. Bear market are perfect for learning, so I'll advise you use this time to learn more so you'll be fully prepared when the bulls begin to get active again. Staying informed on the forum is one of the way you can stay ahead of the industry as everything gets discuss here that'll help you in the industry.

this often happens to those who get big results early on. Earn lots of money from NFTs, P2E games and some airdrops which provide great incentives.
and then they mismanage the money, invest in some scam and shitcoin projects because they didn't do their research and end up being a rugpull and their money is slowly disappearing.
It's quite sad to see such an unkind ending. everyone needs to learn from this incident in order to manage money well, know good projects and not be careless in anything.

Maybe had the same effect. It sucks that greed really came out of us when we wanted more. But time cant be swayed so better accept that and move on. But of course when given an opportunity again I would boy hesitate to take profits all those I have loss in the bull market. We just need to be wise and not so greedy this time afterall the market is just going up and down.

you're not the only ones who think like that, I think almost all beginners in the crypto investment field experience something similar to what you experienced.
but all of that is good, because after all that has happened, make yourself think longer and more mature in investing.

It is just a matter of believe and you must be that person who has a long time goal. There is nothing like being greedy when it comes to cryptocurrency, it is just your decision and you knowing what you are trying to achieve, I can buy a Bitcoin today at the rate of $60,000 and have a target, because I have the money and I don't want to put the money in the bank, so I will prefer to invest it on bitcoin for a specific period of time knowing fulling well that the price might go up. For me I prefer to invest in bitcoin them to put my money in the bank.

Every second person can tell such a story here on the forum. And this is explained by the fact that it was very easy to make money in the bull market, even for beginners. But then the bear market came and most of them lost what they had earned earlier. But now you have really more experience, which will allow you to save your deposit.

At this point, if you want to come back, you will always welcome and consider to stick into bitcoins because no matter what happened with its price, it always bounces back through the years. Unlike those altcoins where you think that they will gonna make you rich once they are pumped when the Bull runs come, in reality, they will sink before the bull runs and their true colors will show and will not gonna make you rich because they will run away with your money and your investment will forever gone.

That feeling of regret can make you feel shitty about yourself but don't lose hope as long as you are here.
Many of us would have committed the same mistakes as you did but we learn from our own mistakes and you should too.
Also, everyone becomes a good trader in a bull market but not many can survive the bear market.
Hold yourself up with whatever you have and wait for the bull run again and then take the profits out while you still have them.
Sustaining profits is the biggest challenge in investing where many fail.

Having confidence pays off very much at some point, it all depends on the situation you're facing.
The truth is that you were overwhelmed by too much greed; that's exactly the reasons why you thought it'll pay even much more to invest in NFTs and all those bunch of scammy and shitty coins, that'll prolly devaluate as time fades , instead of appreciating.... Then when the same thing keeps happening, they'll simply fold up and your cash is gone.
Having confidence pays because you should atleast Trust the project you've choosed and that, should be from different selfproven observations.. onlike BTC, the survival time alone and its scalability could prolly convince anyone that's serious in having a good investment.

Sandra 🧑‍🦰

Investing in cryptocurrency takes time. If you started last 2021, then you must have not fully comprehended or understood the processes of cryptocurrencies and its aspects. Just like a normal investment, it will take some time before you actually profit from it. Though the difference is that in cryptocurrency, you can either win/lose your investment depending on when you started.

Since you mentioned that you invested during its bear time, it will definitely take some time before you could maximize its potential. It has been months since the price of BTC has been stable around the $20,000 but you should take note of the incoming fork this 2024.

Well, at leas you learnt your lesson from this, and you will definitely not repeat the same thing in your entire life. And, by sharing this, I hope a lot of other newbies will also learn from your mistake and do their due research before investing any money into any coin/token no matter how much hype it is getting within the community.

We've seen it many times in the past, tokens/coins which with temporary hypes are generally the reason for newbies to lost money since they invest late and then when the token falls and fails to gain value again, they realize they did a mistake but there's no point then.

Yes it's true, usually when someone who is not used to dealing with the cryptocurrency market, I think they will also feel the same way because most of them will definitely be tempted when they have succeeded in earning big income from their first investment and think that they can earn more bigger than what they got at that time if they put all the funds they had back into random coins without looking at the fundamentals and intrinsic value of the coins they wanted to invest so that in the end they had to suffer losses because they were too obsessed with getting rich quick.

You've forgotten the "Do your own research" thing when putting your money into a shitcoin that's still weak in fundamentals a second time. Your carelessness has gone beyond what it should not do, investing in Cryptocurrencies especially shitcoins is much riskier than investing in high end coins like Bitcoin, ETH and BNB. It is important to do thorough research before investing in shitcoins, overall Cryptocurrencies are still considered highly volatile speculative investments, so buy as you can afford the risk.

Plato, one of the greatest philosophers to have ever lived, had a saying which goes "I know that I know nothing". Ego would blind you. Overconfidence will lead you astray. I would guess that you are a "solo- investor".  I mean that you are not in any crypto community where you would have gotten guidance, mentoring and advice. In my estimation, no matter many years you have spent in the crypto ecosystem or how much money you have made you should take caution and be teachable. You should never stop learning. I do believe that the more knowledge you acquire, the less ego you'd have.

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We know pride is the root of downfall. Pride is dangerous anywhere, not just in investment or business. Many people like you have fallen by boasting such thoughts. Your life has a lot in common with mine. I have also earned a lot in life from this bitcoin forum. But I didn't succeed like you, I went down a lot. At one time I also had many invested coins in which I saw a lot of money. But due to market dumping those invested coins are now completely destroyed. So I have made a decision in life and am living with that decision. I am converting all my earnings into my country's money without investing it or using it for anything.

Ego is very bad and It can make us to nit bother about making enquiry that will lead to getting more information about the project we want to invest in. If we have too much ego we will not be able to flow with people and lack information that is need to get to the next level.  knowledge is a big thing we need to sort for because it will give us guidelines on how to go about our crypto journey. We learn from each other and no man island in the cryptocurrency market.

I don't like investing in altcoins despite their reputation because most people don't do any personal research about a project before investing. FTX should be a lesson by now, but people don't listen, and that's the problem: people invest in projects that will increase in value by 10 to 100 times without considering the risk behind it that is the number one thing in cryptocurency always research before investing. Like they say experience is the best teacher.