Bitcoin Forum

I was reading coinconfessions (https://twitter.com/coinfessions), and it occurred to to me that most of those who are in crypto go through a phase where they make lots of money, but eventually lose it all or most of it due to wrong decisions taken due to having lack of financial knowledge.

Some start fresh with lessons learned and make it back, for some having huge unexpected money come and gone creates a downward spiral that they feel hard to get out of, almost like they were better off not having this unexpected wealth come in first place.

This is not only happen in crypto, but other industry too.

Many athletes and celebrities makes a lot money, but not all of them can maintain their wealth because they don't understand about money management and investment, they use almost of their money for their lifestyle.

While in cryptos, most people lost their money because lack of knowledge e.g. invest in ponzi, trust in centralized exchange, and invest in altcoins.

People who are not used in handling huge amounts of money will always be irresponsible with how they spend it because they will always have this mindset that they will still have lots of leftovers after buying something that is clearly worth a huge chunk of their money. Those who are used to holding huge amounts of money tend to use it to generate more money, whereas people who don't will just find a way to secure the next purchase and 'save' whatever's left of that money.

if you've heard of this phrase, "let him that stand take hid lest he falls" it would make much sense to you why this happens most of the time and it's not just peculiar to crypto.

When you've attained certain height in a thing or have witness certain breakthrough doing a particular thing, their seems to be this tendency of being too relaxed and in some cases, you might even ignore the fundamental strategies that led you to the top and before you know, the only way from the top which is the ground becomes your end point.

Even on this forum, their are people that where zealous while heading to the top of the rank in the forum and as soon as they rank up and join a particular signature campaign, the quality of their post might drop and some will even go too low to the extent of be raking forum rules and the unfortunate ones might get their account blocked.  No matter ones level of achievement or financial attainment, it's very necessary to know that what lies ahead is far bigger than whatever we've been able to achieve and so we continue pressing on .

Money management has always been a problem, with people failing. As Helena Yu said, it doesn't just happen in the crypto world; it happens in almost every industry. People then try to impress the world with luxurious lifestyles that cost them almost everything, living the rest of their lives in regret.

I have heard of a lot of smart people who lack financial knowledge but remain successful because they are wise in other aspects. For instance, I have heard of individuals who made a huge profit from Bitcoin, and because they couldn't handle it, they just employed people to teach them or help them invest, and these experts helped them maintain this wealth, so they didn't fall back to square one. The fact is, even if one is not money-wise, they should be wise in other aspects.

Keeping wealth is probably almost as hard as gaining wealth.

Especially if you got wealthy by catching a lucky break, diversification -- i.e. risk management -- becomes very important if you actually want to stay wealthy. And crypto is notorious for both lucky breaks and questionable risk management so it's no wonder if people tend to lose most of their gains again. It's definitely not just a crypto-thing tho, as Helena Yu already pointed out.

Good thing that before I got into crypto, I already have some financial knowledge that I've learned in my business classes back in college and highschool, they were all profound so it's a good thing that I have those because when I first got my money in crypto, I didn't overspend on it and I didn't even waste every money that I've earned in crypto, everything went to the necessities and most of them was returned as an investment in other stuff, big deal that I was advised by my friend who introduced me to crypto that I should never hold on too much, if the opportunity to make a profit is there, always take that opportunity no matter what and for that I'm thankful to that friend.

Once you get to know this world it is practically impossible to leave, I consider getting to know the cryptographic universe as a mental expansion, nothing will be the same as before.

The vast majority come for money and after losing money there is only one destination: lose more money or start studying to understand the whole dynamic.

Everyone who comes to invest in Bitcoin as a tool for quick profit ends up losing his money, and then he either has learned and considers Bitcoin a long-term investment and starts with DCA and over time learns more trading strategies or leaves the market and describes Bitcoin as a scam. In either case, think about Bitcoin. As a way for getting rich quick is wrong.

The funny thing that with the knowledge you ain't still safe from losses you still gonna experience that shit because losses are inevitable (just like batman though he has good knowledge but ain't still safe in Gotham).
But the knowledge can help in managing those losses and risks. That why you got to be smart too know the best time to invest or as
@hugeblack said learned and considers Bitcoin a long-term investment and starts with DCA. With that your losses and risk will reduce.

When we have passed where the phase of making money is easy in the sense of making a lot of money but from them there is no ability to manage finances then maintaining wealth is difficult especially when the style is higher than usual, this is what becomes trapped where they lose due to uncontrolled spending of their money.

It is quite important indeed how the lesson occurs, because if we have lost our wealth it is impossible to come back again, one thing we need to do is money management must be good and use it as wisely as possible not greedy for lifestyle sometimes people forget this.

While people lose in crypto, there are many, starting from buying shitcoins that have no price, trading high leverage futures, investing in the wrong coins but they ignore bitcoin for the long term.

This actually happened to me once way back 2017. I mismanaged my Bitcoin or cryptocurrency earnings and that ends up so badly. And I already learned from that mistake. I am now starting to try my luck again with crypto so hopefully I can do it one more time one day.

It happens in any financial sector and not just in crypto. In crypto market this is more visible because of the price volatility. That's the only difference.

I think this is a trait of humans and not everyone can keep the money that are coming their way. Also some people are inexperienced on how to handle a large amount of money. So multiple factors are in play there.

Personally I have missed the chance of mining in 2009. I have an expensive gaming rig with me which could have easily mined a large number of Bitcoins back in 2009. But did I regret? No! Staying positive is what we all need to learn.

Yes, this kind of thing happens, and it mostly occurs when someone gains access to a large amount of money that they did not plan for, and such money sets confusion in the minds of many. Only a few take the time to picture the future before they make decisions on how to spend that money, so many use it as if it will continue to come that way.
 
This is why in everything that I do with or without having the money at hand, it's always important for men to set out a life plan that they can be working towards, and if you are then opportune to make that your dream money, things will be a little easier to follow up on than to start from scratch.
 
Money lost is never gotten back; the ones you make after the one you have wasted are not a replacement but rather an amount that could have contributed to one's financial growth, but many people always feel like there is enough time for them to retrace their steps and recover from all the misused opportunities.

I have also read alot of this kind of story from real world and also see people's businesses crashing. Sometimes they say someone is living on past glory because of the influence he had during when he was wealthy.

So at every point, financial management is important to how we can sustain what is in our possession whether gambling, trading or proceed from investment and real world business.

Talking about gambling, when you can't control your emotions you are likely to jump in on a higher stake when you lose or win a bet because of the adrenaline rush at that time and this is why it is only few that are able to sustain it and that few are the most experienced of gamblers who have been able to work on their emotions and mastered their winning strategy and also following it .

This is not exclusive to crypto as this happens everywhere when the people who gained the wealth but lacks the way to preserve it or have no knowledge of financial planning. We have often seen those who becomes millionaire through the reality show if you check on them couple of years later they would have lost everything and this was once said by Bill Gates where he defined wealth is not defined as well filled bank account rather ability to create wealth from wealth.

I think I was from the first group because at the start I also made loss and after making loss due to my lesser knowledge I left it and gave myself some time to learn more about cryptocurrency and now I am still learning, losing, and also making a profit. One thing so far I have learned the hard way is, never trust anyone, even if you are following a world-class trader or analyst never trust them just follow your instincts at the end.

Following your own guts is way better than following those whom you don't know much about. But if in case you know more about the person you are following then most of the time your guts will force you to follow that person.

I hope I would be one of those who have earnt a lot in there early phase and then lost because I might not have lost that amount if I would be given chance, as my first try will be to book some profit and then play risk with the remaining one.

I went through a similar phase when I first got into Bitcoin.
During the first few months or years, my focus was on altcoins, particularly how to get the right project early and hold on to it as the hype grows. This was moderately profitable for the short term, but offered no viable investment option long-term.

I eventually after lots of lessons learnt focused more on investing in Bitcoin and moving away from highly volatile altcoins, which meant slow and steady growth with no "sudden" riches.

Some learn through the experience of others, some experience it and learn from that.

It happens because this is a volatile environment, which connects the whole world together. At same time there are many earnings opportunities involved, there are also many risks like scammers, security flaws, manipulation, speculation, besides a wide variety of coins and tokens to invest, what can make very difficult the decision of choosing for which of them to go. Also, the greed factor plays a big role, since investors seem to never be satisfied with the profit they have already made, so they keep risking for more. Inevitably at some point they end losing everything, especially when investing in uncertain altcoins which promise high unrealistic returns.

Even the experienced investors struggle in this market, because there isn't a certain recipe to follow in order to achieve considerable profits. We are constantly risking ourselves in a daily basis here. It's a wild land, like a gold rush, where there can be treasures in the end, but there can be also death and pain. We never know what is our fate until we reach the end of the line.

To raise our success chances, we have to stick to Bitcoin investment, holding our coins in safe hardware wallets and hoping prices to skyrocket on long term. Again, it's not the assurance of success, but it's a strategy to maximize our chances, even though outstanding profitability is unlikely to happen again futurely through Bitcoin. That is, it doesn't look feasible for BTC to return us something like x100 or x1000 anymore. On the other hand, altcoins are, if you pick the right ones at the beginning, before they get hyped. What should be understood is that slight chances of high profits come followed by huge risks...

Like as I always said cryptocurrency investment is an investment for the smart people, you people feels too reluctant about their investment especially in altcoin investment because they felt is there investment or possibly they thought they knew all things about the project they invested on and hence they can hold till whenever they feels like taking profits before they could do. But in other ways, those who knows how the system is being maneuver never wait for their profits to give them 100 percent of what they invested or alternatively I could sense some forms of greed during holding some of coin because they had positioned their mindset of how bitcoin grows from zero to hero hence thinking all other coin would obey same principle giving an unending profits while they keeps holding for long term as they thought. My suggestion, any coin that is not bitcoin do not hold for long because the more you hold the more you lose.

We have all learned from the market through our actions. Some of us used it positively and invested with healthier steps, while others lost their capital while choosing to get rich the easy way. For me, steady growth is one of the most sensible investment strategies.

Bitcoin has always been a safe haven. We need to be more careful when choosing altcoins. People who invest in altcoins also have their own plans. In fact, there are many different options in the market and many people are trying to achieve their goals as a result of these choices. It may not be right to say that one option is better than others. It is important to act in a planned manner and not to forget the risks of the market.

Every investment comes with ups and downs and it will take ages for the people to understand the nukes and corners in the art of being a successful investor. People who are into crypto are first generation investor, they come and bags profit then they think that it is easy money and take a deep dive with huge risk like going back with reinvesting all the profit along with the capital or even take loan and assuming they are going to surely bag big money will get rekt.

This is why Warren Buffet has no respect for crypto investors, they don't earn their wealth by making smart decisions, they just happen to invest in the correct coin at the correct time and sell it. Guessing which coin will pump next is really close to gambling, because it doesn't depend on any objective factors like network stats, adoption, project development - instead it's just hype and bubble.

No wonder that a lot of people who got rich from crypto have no idea about basic finance management and are poised to lose big if hey won't learn.

I see investors who jump into crypto investment as risk takers but now with the way people speak about different coins and their loss baffles me, why not choose the coin that has potential and will serve for long term investment like bitcoin, sincerely speaking any investor that wants to invest for long term should go for bitcoin and also for stress free.
It clearly stated that before investing in any coin make your research but in my opinion people with this research can also not make profit in their investment mostly if the investor doesn't invest wisely. After earning money and spending the money without plans sounds funny and if you can observe you will find people in this category never invested for long term cause I see no investor who waited patiently and afterwards you just choose to spend carelessly.

Well, if there aren't failures with experience and good writing skills to narrate their ordeal having invested in cryptocurrency, it paid off big time, but they somehow lost it all, we would not be where we are today as individual investors looking for the best possible approach to invest in and become more than a millionaire with crypto investments.

All of us here don't know exactly why they can't secure their crypto, because everything happens due to many factors that we don't know about.
Because there are also those who cannot secure it for important purposes, so they make it an option, and there are also those who use it for their daily needs. Because everyone's circumstances are different, they actually want to secure it, but because of different circumstances they can't secure it, not because they can't manage their money well.
This is different from those who get big profits suddenly, then experience losses because they made the wrong decision and this is negligence because they did not do detailed research. And also not carrying out analysis and strategies that make him lose everything, but these problems can be corrected and used as learning to become valuable experience so that it doesn't happen again. And I think everyone experiences this problem, it's just that the numbers are different, so what the OP said can happen but not only in the crypto world but in other worlds too. But the most important thing is to use all of this as a valuable lesson and experience, by increasing your knowledge and also managing your money better and being able to look after it.

Some people do end up losing everything they have accumulated due to greed, they will never be satisfied with the little they have till they lose it all, they don’t have any knowledge about financial management. Some will claim they are taking risk, and if they don’t take risk, then they won’t be making it, i know it’s good to take risk, but when talking risk, you should be smart, don’t take risk which will be beyond your power, don’t take risk which might end up affecting your health challenges if things don’t go well for you.

Some people end up investing in shit coins claiming they are taking risk, just because they are expecting high reward within a short period of time, which at the end some of them might lose everything they invested.

Actually im really that into this kind of situation on which on the time that i have started on dealing with crypto or simply into those newbie days on which i have been that able to earn thousands of dollars, maybe $100k
or almost to bounties because the coin that i had been able to recieved did make some pumps and on the time that value had risen up then i had missed out on taking up the conversion to money or usdt or bitcoin because
i did make myself that greedy believing that it could be reaching up into those numbers on which it would really be that having those thoughts that it could go more until everything goes down
and did really give out that kind of regret for the rest of my life.

Sometimes you would really be needing to experience up those things first before you would eventually learn but you could really always remember into those bad decisions that you had made on.
Its something that you cant really be able to avoid up specially when you are noob and having those impulsive emotions on which you would really be having those normal
thoughts that making money here on crypto is easy.

Most people go through familiar stages of life, but it can come at different times for different people. Some will learn their important financial lessons early on, maybe even by the time they are 21, which can set them up on a great trajectory for earning later on. Others might only figure out some basic things when they pass 50 years old, and yet others still will never learn about how powerful financial instruments work. Take mortgages for example, in a world where prices seem to be constantly and incessantly pushing up, few people in their twenties might be able to avoid a house and never even start scratching the surface of what a mortgage is and how it works until they really need it - but as Warren Buffet said, it's the only form of debt that is worth it.

Easy come, easy go! When we make money in some easy way, we usually spend it quickly and for fun... But there is one more situation when we make some nice money and want to make more, but we lose everything we have instead of making more. Both cases are gambling/trading related I think, and most of us old-timers were in both situations numerous times (some more some less), but it's life. We can say it's the lack of financial knowledge or life experience in general, we can say that we just "had the feeling", but whatever that was it's how we learn and we shouldn't regret it, life goes on and we need to move on.

The trader should need enough knowledge in the investment,because if they inverse without any good knowledge may leads to the loss of the money.As we know earning money is not the easier one,but multiple the same was most important one here.If you had loss the money in some way,you should take the lesson and do the right thing next time,if you keep repeat the same.It’s not possible to save the money,mostly leads to the loss in the trading.Once the trader occur the loss,he need to risk many times to make the loss money.But the hardest part is the risk again may leads to the loss.


The failures always teach us the lesson,but we forget to remember on the next try.So this leads to the next failure,the continuous failure will leads to a repeat loss for the trader.So he should do the background work of the failure things,it help them to save the loss in the next trading itself.

I personally know of a number of people who have gone through this in their crypto journey. I guess many can share how those ICO days, for example, were very generous to us. Some friends made a lot of money. Now, most of them are wage-earners. They've spent too much on things that are probably weren't worth it. Some didn't start even a small business. The same goes during the height of Axie Infinity and other play-to-earn blockchain games. Many of those who earned really well are now drained of savings.

This story also applies to those who accumulated so much Bitcoin early on but ended up selling most of them while the price was low and ended up only with Sats today. Our local moderator, for example, came early, got a number of coins early, but today cannot even pay a debt.

How similar! I did same, one of alt back in 2018 went to unimaginable heights, I didn't convert it to Ethereum or BTC (it was 100 ETH valued), converting to stable coin wouldn't have made difference because when I eventually sold I got about same USDT as it's peak but story would have been much different had I converted it to BTC/ETH at peak.

I like to stay positive, and say to myself I'll make it back lol.

Cryptocurrency trading, or investing in crypto, is characterized by high risk and high return. Therefore, those who dive into crypto have the potential to earn significant profits quickly. However, it also carries a high risk of significant losses. But if one can manage and handle their trading account effectively, the risk can be reduced to medium or even low risk, despite the potential for substantial returns. However, it's even safer to acquire funds through free airdrops or bounties, as there is no risk involved whatsoever.

Which is fair in my opinion, that means that there's no one that can easily make money and abuse the system even if the high risk high reward system of cryptocurrency is a double-edged sword, I think that the positives are still much higher than the negatives especially if you know which crypto you have to invest into and not just investing in any shitcoin that's sold to you by a random from X.

This is the case and most people throw away opportunities because they are worried about the course of the coins they hold. Of course we have to agree when people invest in coins that do not have a strong fundamental level, but it is different when people hold bitcoin as their preferred investment method. Sometimes decisions taken are not based on knowledge so people tend to act based on wrong instincts.

It depends on the approach they take and basically we can minimize the risks that occur, but it must be seen to what extent they understand the coin they have chosen. There are people who can make money gradually in the crypto space and others have to lose money because they don't understand the process and how to make investments correctly.

This applies to by whatever means money may be earned not just trading/investing and not exclusively to crypto either as others have pointed out, there are people who made huge funds from bounties/airdrops but they couldn't secure those either.

I think it's not exclusive to crypto, in many other investments that kind of phenomena also happens a lot, and maybe not only in investment in traditional business there is many company that collapse and bankrupt after that company reaching the peak. For investment, crypto included, I think one of the reason is that there are many people have good technical and fundamental analysis but they don't have good money management, they were smart enough to make the right investment but at the end they were fooled by their own greed.

Most people involved in this industry certainly realize that crypto investment is quite promising and can provide satisfying results.  On the other hand, there are also those who use crypto as a source of income, so that when they get a profit or income from crypto, they will immediately use it.  The main reason was forced by the urgent need because they had no other job.  It's not that they don't want to invest or secure their finances, but their needs must still be prioritized first.

You're correct as it happens in most industries for example in my country, their are some celebrities that people think they've made it in life but as soon as they have one health challenge or the other they come on live television to beg for assistance from the public to fund their medical bills I now begin to wonder what they did with all the money they have made over the years, so absolutely a lot of people in different industries that are doing well doesn't maintain their wealth reason being that most of them doesn't invest their money with the hope that they will continue making money from the industry but as soon as things doesn't work the way they plan they begin to suffer and sort for help from the public so it is important that no matter the kind of job one doing that is fetching them reasonable amount of money, investment is very important in the life of every individual as that's the only way to secure ones future.

Holding on to money is very difficult.  And if it is quick money then it is more difficult to keep it.  He cannot control it if he suddenly becomes the owner of a lot of money from the poor.  In one way or another, it runs out.  But that does not apply to everyone. The number of people who do not understand the meaning of money is very less. Money is a very valuable thing and should be respected.  Spending money unnecessarily is not the work of a good person.  Everyone should be frugal.

Trading must be riskier than investing but in terms of returns, I think it was long-term investing is the one that can give you a huge return. If it's about quicker profits, trading is specialized here. You think airdrops and bounties are safer because maybe you think there is no need a capital for them. For bounties yes but many airdrops now are not free.

It requires a significant capital too in order to earn a significant profits. But that if you successfully follow the instructions given, and then if that airdrop you join is legit. Like I said earlier, bounties are free but they can still request us for our sensitive details. Therefore there is still a risk on them.

A friend told me that he bought a memecoin, at some point the token pumped up and added some zeros, and he didn't cashed out. According to him, he thought it was going to be the next shiba inu, so he was hodling for it to appreciate the more. The token crashed like an elephant falling from a tree and he lost everything. The dude still regrets it till date. So knowledge is very important and when it's lacking, just know that you're bound to make mistakes.

Most of the time, people got easily amazed when they hold lots of money and the first thought that would come to their minds is how to spend it, not actually how to save it and make a financial plan. That’s how people are easily manipulated by money, or let’s say being obsessed with money. But after those overspending, majority complained that they lost their money out of thin air and it’s late when they realized that they should have managed it wisely instead of taking advantage with their funds.

This is like crypto. You know it can give you huge potential amount of bitcoin and when you gained it, you started thinking that there’s easy money on crypto and spend it like there’s no tomorrow. So it takes knowledge on crypto and on financial management in order for you to save and value your bitcoin investment.

When there is lacking of knowledge, people will resort into overspending rather than saving their funds for their future use. That is what mostly happening to those who are earning a lot like having a successful bitcoin investment. You’d think that you will gain consistent profits so you tend to change your lifestyle and live life having all your wants rather than focus on your needs. And when your funds are starting to run out, that’s when you realize that at least you should have saved most of your funds than to spend it without limits.

Unfortunately, those who have lots of money are most likely were unable to secure it. Maybe because of lack of knowledge, and lack of future plans that’s why when they gain huge amount of money, they cannot sleep well unless they cannot spend it on their luxuries in life.

Not everyone go in that situation but rather their are people didn't manage well their finances since they always think that they can get more but sudden unexpected things happen where their main source of profit stops and they earn less. That's the lesson learned from people who think they can get everything they want since they already have money but turn out to be broke again when they hit harsh reality for losing their money on unexpected matter.

So for newbies to avoid this to happen much really better to settle up their expectation regarding on this and they should focus more on how they can build their wealth so that they can always protect their assets and get long term growth for themselves.

that usually what happens when someone poor suddenly become rich, its happened quite few times with lottery and yes, they're just overspending it for the most useless thing ever like basically for alcohol and so on, but those with discipline in the first place, when they won the lottery or jackpot, they instead become even richer becuase they know how to manage money. basically overspending for most useless think like alcoholic drinks
 or so on. this is not good at all from the perspective of financial, they'd eventually become broke again, its different if we are at least overspending for increasing wealth, but house, buy something that can be resold again not at lower price or even better at higher price then despite overspending and give us feeling of luxury its still worth it.
financial management is truly what make people refrain from overspending, thats one way to keep our wealth intact.

You are right because not everyone is in such a condition and it happens because they do not manage finances well so that in the end it becomes a new problem. Greed will basically give bad results and greedy people will usually experience something that is not good for themselves in terms of profit. Working hard also has a level that needs to be seen because life is not just a matter of making money but there are many other things that need to be considered.

Focus on what is known and run slowly to remain consistent to do it. Building wealth must be done in the right way because there is no term getting a sudden wealth like people's understanding of the lottery. Better to run slow as long as you can survive and can guarantee the long run of growth in the process undertaken by anyone.

Aside from lacking financial knowledge, I see it as that some people get greedy and forget that the volatility that took their portfolio high can still bring it down and even worse than the amount they invested. Maybe you can classify it under financial knowledge that one should be able to know just when to take out their funds from a cryptocurrency investment but to those who it has happened to, my hope is that they have learnt.

Like you, I've noticed this pattern. There is a typical story in the world of cryptocurrency: fast wealth accumulation, followed by an even faster drop. A lack of financial literacy is frequently the cause of this loop. It is imperative, in my opinion, to comprehend the foundations of risk and investment management. Securing money is more important than just making it. This is where having an education is crucial. By acquiring knowledge about market dynamics, diversification, and the significance of a long-term strategy, we can enhance our ability to steer clear of typical errors

Besides, there's probably a psychological component to take into account. Overwhelming sudden wealth can easily lead to rash decisions if one does not have the proper mindset. It brings to mind the significance of mental readiness in the financial domain. Wealth management is an emotional discipline as much as a financial one. We have to have an optimistic yet realistic mindset. That's the secret to making money with cryptocurrency and ensuring that it secures and promotes long-term well-being

I experience this on my first bull market. Making big money on crypto and with the various wrong decisions in life, I lost it all and became depressed on how I lost majority of my money came from crypto. It was an easy money from crypto back then and I lost it so easy also. There was so many life lessons and financial lessons I got from that experience that changed my whole life and how I see things and the over all crypto space. I got back on my foot fresh and zero but regained and remake the things but on the right way last bull market.

It's a thrilling experience that I believe common to those who made money easily but lost due to beginners mistake but reclaim their comeback.

Interviewer: If you have $1 Million, what would you do?
Interviewee: I will spend $500K to buy house, spend $50K to buy a car, spend $200K to open a business, invest $200K in multiple assets, hold $50K for emergency needs.

The reality when the interviewee get $1 Million, he will spend $400K to buy a Ferrari and $590K for party or going to bar. Now he only have $10K and use all the money for gambling in hoping he will make money.

That's the story to answer your question. :P

I completely agree with that, because it has actually happened to me and people I know in this field. Although it is unlikely that the assessment covers the entire participating crowd, I see it as obvious because the principle of wealth is not for the masses, not only in the cryptocurrency space, but also in other industries. Other professions also reflect this problem.

I remember the story of a friend in the cryptocurrency market when, in the period 2020 - 2021, he earned nearly $20M from investing in crypto and had to admit his ability was worth it. Had such results, but then the Luna collapse caused him to collapse with his money, I think that is always a lesson for all and, no matter the size of the asset, it helps us more mature in the field we participate in.

Mistakes are inevitable considering that we dont really start on being a pro or experienced person on which it is really just that normal that we would really be missing out into those things on which it is really that a must thing to be done specially on investing here on crypto space. Even myself did commit out tons of mistakes in the past on which it did lead out into that missing lots of earning opportunities on which i could even say that i might be rich now if i did make out such good decisions but due on being newbie and somewhat needing up actively on having those funds on the time that you do earn it then it would be converted to fiat.
If i havent done such thing in the past then im really that rich now i should say it again.

The important thing on here is that you should really know on how to move on and dont tend to look back into those past events or things had been done. You wont really be progressing if you do keep
on leaning back into those mistakes that you have done. Yes, it is really that indeed regretable but there's nothing we can do. If you do want to survive and do able to get another chance or opportunity
in the market then you should stand back up and deal up things accordingly basing up on what you have learnt.

True, this is what happens to most people today as well as to me. I'm not used to holding a lot of money and when I want to use it, I think I'll have a lot left over so it's okay until I don't realize it's running out. Really need to learn how to control and manage money, that's my problem too.

To sustain wealth is as hard as making it in the first place, because if an individual suddenly gets very rich, without a sound financial education the person will likely lose everything in no time and become poor.

In cryptocurrency, a newbie investor can become lucky and invest in a project that will give him many times ROI, but without carrying out research he can be unlucky and reinvest in a scam project, and losing everything. Also leaving their coins in a centralized exchange, if the exchange goes under all their money goes with it.

You'd be surprised to see some celebrities that used to live in the best houses and drives the best cars, living like ordinary people, they probably spent all their earnings on luxury, instead of investing for their future.

So financial education and carrying out thorough research before investing is key to securing wealth.

Actually, it's not a difficult problem for you or for anyone who still can't control money when you have it, because by then you can separate needs from desires. That's when you can manage your money very well because you will know that desires are not always based on needs, whereas those needs are definitely based on needs even if you don't want them yourself.

So it is not difficult for you to apply and study carefully, because to be able to manage money in a good way you don't have to go to school in a very special field. Because as long as you can continue to have money and make money regularly, you will definitely implement good things for yourself. Especially when there are more needs that you have to fulfill every month.

Such situations are a regular occurrence in the cryptocurrency space. Human nature's inherent greed can lead to thoughts like "I've earned a lot now; I can earn even more." As you correctly pointed out, this mindset often leads to significant mistakes and, ultimately, the loss of everything. So, there's probably nothing to be done about it except gaining a lot of experience through making mistakes and learning from them. It seems one needs to go through challenging experiences to truly grasp the importance of sound financial decision-making.

Investing in crypto, especially new coins, is always risky. Bitcoin has long-term potential, but the market is still volatile, making long-term holding inevitable.

Many people jump into crypto with a profit-seeking mentality, without thorough research, and are easily susceptible to FOMO and falling into price traps, leading to losses. Even investors with knowledge can fail if they do not manage risk properly and have a consistent investment strategy.

Investing requires not only research but also patience, discipline, and a strong mentality. Impulsive spending after making money is a sign of a lack of financial management plan, which is difficult to succeed in long-term investment. So, "The biggest risk in investing is not losing money, but losing your reason and discipline."

Inability to secure wealth happens in every department not only the crypto world.Investing an income starts from having this mindset of making more money with the money you have.It is said that we use money to make money.People who lavish their wealth without having the mentality of saving,investing don't think of the future.
   

You are forgetting that there are a huge number of people in the world who do not have spare money to make money and invest. The money they have is just enough for them to exist in this world. And on the other hand, there are people who have huge capital, such that they do not need to think how and where to invest to increase their capital. They do not need to think about the future, they are provided with money for the rest of their lives.

I guess it's normal for beginners finding it hard to secure their earnings most especially that they are still feeling overwhelmed with the amount of profits they are getting.They will only know its value once they're completely lost, only to realized that they should have managed it wisely so that their earnings will grow instead.

However, it takes real knowledge and patience to secure your income by not wasting it on unnecessary wants. Otherwise, it would end up being lost because you are not wise on your decision making and only regret its consequences afterwards.

Well it's probably because making a lot of money doesn't really happen to them often or regularly. That's why when they got lucky earning huge money, the most common things they'll think of is "where do I spend my money?". It's somehow understandable since you're living your average life where you don't usually get to experience making a lot of money. And when opportunity comes, you would want to buy the things you want that you cannot usually afford. But sometimes people in this situation tends to be more impulsive with their spending because they believe that they still have a lot of money.
Even if you earn a lot here in crypto or in any other field, but all of your spendings are just expenses without return, that money wouldn't last. Without proper knowledge in managing your finance, you won't have any idea how to make your money circulate so it can grow bigger.

Greed, in crypto or not, is a habit that cannot be separated from a person's nature because that is the main character of every person who wants to produce anything with a method that is fast and not full of challenges, usually resulting from convenience.because you are lulled by what you get easily and feel that you will be able to get it again, so you don't take action to anticipate that if you don't get it easily, there could be an alternative that doesn't make you worse off in a situation that ends up having its own difficulties.But all of that cannot be separated from knowledge that is not updated all the time, especially about crypto, where there are always updates that must include updates in whatever you want to do.

That's a regular dilemma when we try to manage our finances. Take this, Bob has an enormous amount of money that was won in gambling or maybe from lotteries. However, money earned that way might lead to disastrous decisions. See, this money came easily with no hard work/skill, etc, merely luck, and when that happens, a person can go insane. They end up doing expenses they never meant to do in the first. They start feeling happy they have a big balance so they don't think much about re-investing it OR growing that money to more! It's like luxury taking over your head.

Coming back to the crypto-related investments, it is nothing different than that. In the end, it's money with value so decision-making never changes there. In crypto, you have very less opportunities or ways to invest. You can maybe stake or hold your crypto but nothing more than that. Moreover, while holding you go through hundreds of emotions that can lead to losses and unwanted selling. It takes a lot of effort in crypto as compared to the real world financing.

Without controlling greed everyone will have difficulty achieving success. Greed is a human habit and needs to be filtered in certain ways to avoid undesirable things. The habit of thinking about getting rich quickly and the mindset of working faster to generate profits is madness that needs to be discarded because something you want to achieve must definitely take a lot of concrete action.

That's why greed can destroy someone and greed can also lead someone to experience losses, especially when they are in investments. Anticipatory steps are needed and as much as possible people must think rationally to produce something because it is actually not easy.

This is what used to happen to me too, if there was already a good amount of money in my bank account, enough to sustain me for good time, I tended to get complacent with taking profits, i.e, wouldn't even bother to press sell button. Lately, I have gotten rid of this habit and now I secure profits, irrespective of whatever amount I already have.


Oh that tells it, now I respect his opinion, prior I used to not and disregarded him completely, considering him to be a folk who's ignorant about crypto sector.

financial knowledge is one of the most basic things to be successful in investing and various other things in life. for example, there are people who earn a little but they manage the money well so it can increase a lot, but there are also people who earn a lot but because of their high lifestyle and tend to spend their money on things that are not important in the end they have almost nothing.

that is the importance of financial knowledge for a person, because by relying only on that, a person can change his life. especially when they get large profits in crypto investments, with the financial knowledge they have, they can use the investment profits for something more profitable or better understand their priorities, instead of using the money for consumptive things that are not actually important to them.

That's right, friend, greed is inherent in everyone, and everything can always arise by itself. self-control over the ego, which always wants to achieve success quickly but is not accompanied by the ability to think healthily, then what happens is greed that emerges from everyone. Therefore, to be able to control greed, which will always cause harm to oneself and others, it must be controlled gradually by being willing to accept correction from others, which is something that needs to be done.So by being willing to accept correction, it is not impossible to change your thinking to become rational and change your greed so that it can be more useful.

It should not surprise anyone that this is the case, regardless of how unlucky a person can be they will always have a few opportunities during their lives to turn it around, and a few people can take advantage of those opportunities and change their lives but the majority fails to do so.

And this happens because they either fail to realize the opportunity they have in front of them, or they somehow realize what is going on, but they cannot keep whatever they got from the opportunity as they spend it in stuff they do not need or they squander it by investing in other projects which turn into a scam and steal their money.

Not only in the crypto space, but in any financial platform, I think there are many people who cannot fully manage money. Again in the crypto space I have seen many people who have made a lot of money without proper knowledge but they have not been able to keep that money for long. They have suffered due to lack of adequate knowledge. The point here is that I think many people are lucky enough to own a lot of money. They think they can own more money the same way they got it. As a result of such ignorance they lose their wealth. For some reason it is easy to get money in the crypto space, but keeping that money is not an easy.

The biggest problem is people failing to taking profits when their crypto is growing higher, the greed in human won't make them secure the profits, some will believe that it's the only beginning, that the price will move even higher, if you don't secure your profit you are not in any real profits yet.

I was also a victim of this mistake few times but I have learned, not fully understanding how crypto cycle works can punish anyone, but we can't all be wise anyways, some people must lose for others to win, it's just how things are.

Some failed to listen and learn from others mistake, as something like this have been discussed many times on the forum, even little mistakes that cost people to lose their crypto assets, I ended up getting a hardware wallet to increase the security of my asset, many still risk leaving thousands of dollars worth of crypto on hot wallets.

I have listened to a financial advisor and there was a statement that he made that made me think twice and even till today I am still ruminating the statement. He said that it is more difficult to keep money but easier to make money. He went further to say that if you check many people around you they have handled thousands and millions at a particular time in their life but then they were unable to keep this money till another time of their life that they are unable to see such amount of money again. At a point I had to agree with the advisor. Money is hard to make but harder to sustain but in all it is very easy to spend.

I am not comfortable believing this story of yours you told. If someone had invested in Bitcoin and made huge amount of money he should be considered financially literate and not to meet any other person to teach him another type of investment in order not to return to poverty. I put it to you that anyone who is able to invest in Bitcoin and have good returns has already known the methods of investment and does not actually need to employ any other person to teach him where again to invest.

Indeed anyone who is not for it to take financial drastic measures in setting up reputable bankrolls and take control of its financial expenditures are not fit in for the crytop journey because you would definitely be tastefully whispered to sell your coins with the lost of the goal of making profits.
Some Bitcoin investors who could not withstand to hold their coins for a longer time is not just because there was no alternative source of incomes but basically on a serious note that they lack the basic skills of financial managements to consider that the funds invested is literally to produce more money including setups considering a goal for the future.

It's not just about cryptocurrency, no matter what kind of business you are going to do, if you don't manage it properly or understand it, you will face a lot of loss at some point, so before doing anything, have a good idea about it or have a good understanding about it and then make your investment.  If you do then you can come out with profit from that place

Financial illiteracy is a common thing all around the globe. A lot of people cannot manage their finances properly because they don't have financial management skills and such people can't manage wealth if they manage to get it from somewhere by luck or inherited from their elders because I believe that a person with no financial literacy cannot make wealth himself. To run a business, or make successful investment decisions, you need to know how things with finances are done.

So, it's not just about people in the cryptocurrency market who earn and lose money because they can't manage their money or the inflow of money, such people can be found in any industry or any walk of life. Such are the people who are good at 9 to 5 jobs and spending a life that goes around in a circle repeating the same things every day, week, month, and year.

Unfortunately, this is true

We have to acknowledge that aside from gaining money, one thing that is hard is maintaining the money people who get wealthy probably feel as if money will never run out that is why they tend to make a lot of poor financial decisions these people often put their unnecessary wants as a priority instead of thinking of ways how to further gain money from the money they have just gained

This is what is called crypto market selection, those who survive are only those who are able to improve their performance well, while those who leave usually only think crypto is the fastest way to make money, they don't realize that this kind of thinking is the thinking of a gambling player.

The crypto community is now quite strong, so don't hesitate and be embarrassed to ask when there is something that is stuck in your mind, as long as it is useful for your investment decisions. advice for beginners, crypto is not the same as a gambling game, crypto is complex and requires carefulness to avoid losses, don't enter the crypto market if you don't have a strong intention to learn.

It all depends how you see this. I'm a kind of guy who was always back and forth with "making money" because I had bitcoin since 2014 and in 2017 I was up a lot, then 2018 happened and on paper I lost it all, but I kept holding, so in my mind I haven't lost anything. Some people call it unrealized loss or unrealized profit - I call it: I don't give a F.
IMO bitcoin is worth at the very least $50k at the moment and if they dump it down to 30, I'm not going to give it to them at that price.

Such a good thinking, I applaud OP for this writing up, because we all think about it but not everyone says it. It is true that it is quite easy to make money in the crypto world, I have seen plenty of people who made money in the crypto world before as well and this isn't really that shocking, it should feel like something that has to be a bit different.

I think the point here is that a lot of people could make a profit, but then we need to end up with a lot better results on the long run, like keep earning that money and most don't, most people just end up with a loss. I think we should consider the point of this thinking that we need to figure out a more long term income method that way we could do better eventually.

Experience without financial learning leads to huge losses. and I consider this also a reality, sometimes it tastes bitter and sweet. However, from what you wrote above, at least you need to have a good understanding of finances. As you said, it is recognized that the crypto space produces various characters and typicalities where we see many who achieve great success easily but still continue to fall into financial failure due to lack of knowledge.

Yea, I always say.... "It takes hard work to make a lot of money, but it is more difficult to keep it"

Example : When you are poor, you buy a small inexpensive car and house... the moment when you make a lot of money, you want to show other people that you made it and you splash money on a expensive car and a huge expensive house. Your insurance payments goes up... your property taxes goes up, you spend more on maintenance.... and that quickly eats through your money, if you do not fill up on the income side.

In crypto, many may encounter financial losses due to wrong decisions, such as not holding or selling too early. Some may hold onto assets, believing their value won't decrease, while others might make regrettable choices like buying questionable coins with their Bitcoin or Ethereum. I mention this because I've personally experienced it, and no matter how much I blame myself, I can't undo the past. It's essential to accept it, move on, and learn from the experience.

..and I disagree with your statement, I don't think holding BTC, making profits from it makes anyone even remotely financially literate. There are people who came across BTC first, got their feet wet here first before even having a bank account because they weren't aged enough to have it and BTC/Crypto is the only thing they know, nothing about investments in other sector whatsoever.

When you say poor here in my country it means nothing but living in misery and is not able to even afford to buy a bike. 😁 I know poor people in United States or other first world countries are very different in those living in third world countries but yeah that's life.

I thought it was "work smart not hard" to become successful in life. Sometimes our mindset is what makes us poor. It actually happened to me once and I will never do that ever again.

Yep. When you start making more money, there's often a temptation to upgrade your lifestyle like fancier car, bigger house, and all that. If you're not careful, those expenses can gobble up your earnings, leaving you with less to save or invest. So, it's all about finding that sweet spot between enjoying your success and making sure your money works for you in the long run.

Everyone makes mistakes, but only a few learns from them and dont make them twice. This is pretty naturual, and the same goes for the crypto world also. and that is why only few secure the money they make because they learn and the rest don't

Actually it not just in cryptocurrency, almost in all professions, when their is a fail money management strategy, you are always bound to crumble at some point in time, so I think risk and money management is key in whatever profession or business you find yourself in.
Anyone can make money in business, but not everyone has the money management skill required to protect that money, which i do believe is the key.

Not one economy exists in which there are only winner.

Infact after aquiring wealth the person must have an understanding of financial education because getting money is one thing and managing the money is another area that is very important, otherwise the wealth will start to diminish until nothing will remain. Some people will sale their Bitcoin that they've been hodling for year in a bull run season, after cashing in on returns on years of investment, if they don't have a solid plan on what to do with all that money, they can spend it all on luxury items and partying, in the end if there's nothing else to fall back on financially they'll become poor. With financial education, the person will decide the percentage to use for enjoyment and luxury, then the rest has to be reinvested, so that the returns on investment will continue.

Yes, making money is one chapter, but managing it is another. Picture this: After winning Bitcoin, what's next? Your decision is crucial, friend.

Financial education is essential. Your financial future depends on post-windfall actions. The idea is simple but profound: some of your riches should fund your passions. However, the majority? That should boost your wealth. Not just saving, but smart reinvesting. Financial wellness relies on earning, enjoying, and reinvesting. A short-term thrill against a lifetime of financial security.

One thing I have always found to be very surprising is that people spend a great deal of time learning how to earn money, but very rarely will a person spend a significant amount of time trying to find ways to preserve the money they have made and accumulate it as wealth.

This is the reason you can find doctors that are making hundreds of thousands of dollars each year, and yet if you were to look at their financial statements you will see that they are effectively bankrupt, and this is because despite making so much money, they have no idea at all how to keep it and make it grow.

This means that the person is not ready to be rich. Many people who win the lottery suddenly become rich and end up being poor again because they are not ready to have a lot of money. It's not how much money we have but how we manage that money. That's why rich people go bankrupt. can become rich again, while poor people who become rich can become poor again, it's all about whether we are ready or not, that's what I think

Every business has profits and losses. Crypto investment is also part of the business. Of course we can get big profits, but we cannot escape losses. Most people experience losses because they don't get out at the right time. They get worried when they see the stock exchange is dropping, so they sell their assets. Of course, this method will result in losses. Apart from that, they are not smart in seeing coins that are worthy of investment. Not all coins on exchanges can survive for the long term. We need to research before investing.

It's not that they are "not ready"; it's more like they are not "responsible" with the money. You see, when a poor family or average family suddenly has a lot of money, for example, winning the lottery, what do they do or think first? Yes, the things they want are their desires and things that are not important, but because they can't afford them in the past, they will buy them. They will not think of securing the money first or how they can maintain the money or make the money grow. That is the common mistake of most people who get a lot of money instantly. They will not think of their future instead they will follow their desires as they want to experience the things that they can't when they don't have the money. We can't blame them. You will not be excited to experience the luxurious life right? But it is wrong to abandon the future.

in any investment, whether crypto or not, there will always be ups and downs no matter what. it is part of any business or investment. to be smart on this, one should always do his own due diligence before committing himself to any type of investment, in tangible or digital form.
if one is seriously considering any investment, he should do remember that it is his money, and so the responsibility to take care of his assets is all on him.
you can ask for assistance or opinion from others, but at the end of the day, you are the one who can weigh your actual requirements and necessary targets for your endeavours.

You Mean "COINFESSION" mate and not Coinconfession?


anyway  I love the comment about His Bully classmate and this what he said

it sounds Joke but it is reality , that sometimes we are confident about what we are doing but the truth is we are still
having small knowledge and what we are putting is just a mindsetting that will bring us to more losing.

Maybe i will check that site from now and then because confessions there seems to be valid.

Is there such thing as moment to be ready to get rich? Poor ones on what they can have with their money are still valid, that's their money in the first place. We're just having negative impressions simply because we are not in his achievement and we just became part of criticism. Once we are in that position, it will be hard with application. I myself is guilty of that; it is easy to set standards through words such as engaging to investments, buying franchises for my own. But once I got that money, for sure I'd be somewhat giving myself a treat for hardwork. But in this industry, things are a bit more complicated; as long as you are involved then expect that you  will always be at risk of loss.Not because you are here in this industry for years it would mean that you will never commit a mistake. You'd make money on frequent instances howeverif you will not be able to manage it properly then things won't be different.

Financial responsibility is not solely a function of wealth accumulation. It's about developing skills and knowledge to manage money effectively, regardless of the amount. Financial literacy empowers individuals to make informed decisions, set realistic budgets, and avoid impulsive purchases, regardless of their income bracket.

One's experience with financial scarcity can influence spending habits, but it doesn't define them. Individuals who've faced financial hardship might develop a strong sense of value for money, leading to responsible spending habits even when their financial situation improves.

Ultimately, spending habits are driven by individual values and priorities, not just the size of one's bank account. Some people prioritize experiences and personal fulfillment over material possessions, regardless of their income. Conversely, others might value financial security and long-term investments, even with significant wealth.

Indirectly, this tells us all that knowledge and learning are very necessary if you really want to benefit in a field including in crypto.
We must be aware that being in crypto can be done by anyone but not everyone can make a profit in it regardless of whether it is said to be luck or not in the end knowledge and learning are very important to support the experience that will be obtained later.

The problem today is when there are so many people who flock to be in crypto because they are only lulled by other people's invitations but do not have a basis of knowledge and do not even want to learn more about what crypto is that makes them just like getting lost on a road that should be very good which in the end feels cheated because they don't know what they are doing and feel disadvantaged afterwards.

It's not everyone that makes money in crypto investments, some invest in scam projects, others in crypto Ponzi and they lose their investment capital leaving them worse off than when they ventured into it, but if an investor is able to carry out research and know the right crypto to invest in like Bitcoin, then in the long run there'll be a huge ROI for the person. So there's potentials to make money in crypto, but the investors have to choose wisely.

Making money and losing it is not perculiar to crypto investments, it can happen in any other lucrative industry like sports and entertainment, stock, real estate and others, without knowledge of money or financial management, there's a good chance that the person can become broke after experiencing money windfall. So knowing how to manage wealth is as important as making it in the first place.

Earning a lot of money and holding the money earned are both a matter of strategy. But making huge amounts of money isn't limited to crypto entrants. Apart from cripto there are many other industries around the world from which many people can earn huge amount of money. Even if a person earns a lot of money in his career, it does not mean that he can keep the money he earns. I saw on social media during the last soccer world cup, a brazilian soccer superstar star Neymar who lost all his hard earned money in one night due to gambling. Thus it is not unusual for someone to lose money if they start using their hard earned money for dishonest activities.

Crypto has a high chance of losing all the money due to small mistakes. We know that just like investing money in crypto, there is a high chance of losing it. If you want to profit from crypto, you need to invest in crypto with a good understanding of crypto.  If you can use the right timings and invest, if you can't be successful in investing, I think I can't be successful in any way. Sometimes there are many opportunities in crypto to invest and make good profit.  Must be used.

Attributing it solely to quick money or the "poor" origin paints an incomplete picture. Crypto's a double-edged sword – it can reward savvy investors with skyrocketing returns, but it can also punish the impulsive and greedy with brutal dips. It's more about knowledge, risk management, and understanding the game, not your social standing or the source of your initial investment.

And let's face it, financial intelligence transcends crypto. Anyone can fall victim to bad spending habits, regardless of their crypto holdings. True wealth isn't about hoarding cash, digital or otherwise, it's about understanding its value and using it wisely. Frugality isn't about deprivation, it's about conscious choices, prioritizing needs over wants, and building a solid financial foundation for the future.

How come they can make a lot of money in cryptocurrency but lose it due to lack of knowledge? It doesn't make any sense to me at all.
You can't make a lot of profits in cryptocurrency if you lack knowledge about it, luck won't even help you every single time. Looks like you're just promoting your blog here, nobody would even read such stories if they are all like that.

You're right, it's easy to lose money in crypto, despite the potential for high returns. I experienced it myself, making a small, curious investment that unexpectedly boomed during a market surge. However, this lucky experience fuels a dangerous misconception - that getting rich in crypto is easy and reliable. This leads people to throw money at various investments, hoping to strike it rich. But with this "get rich quick" mentality, significant losses are almost inevitable. Approaching crypto cautiously and with thorough research is crucial, acknowledging its volatility and inherent risks.  ;D

In my opinion, there is no luck that will always come when we do something, of course we have to have the knowledge so that we don't make mistakes in what we are going to do, because if someone who invests or trades doesn't have good knowledge about it then there is a very big possibility they will suffer losses from what they do without based on the knowledge they have.
In the crypto world, we have to have good knowledge to be able to make a profit and we also have to really look after our wallet so we don't lose access to the crypto wallet we have.

This is not a problem with the cryptocurrency market alone. It is a problem with people who do not know how to manage their money. Most often it happens when a large amount of money unexpectedly "falls" on a person. Or the amount of money that a person does not own regularly in his or her usual life. And then everything goes according to the "classical scheme" - "beautiful life", purchase of expensive status things supposedly "increasing" the status of the owner of the money, unreasonable spending....

I am a supporter of a simple but working concept - from the received profit to distribute (the proportions of the situation can be slightly adjusted) to :
1. 1/3 - formation of a financial cushion in stable assets
2. 1/3 - investments
3. 1/3 - for household expenses

This allows you to spend wisely, plus take care of your future

Agree with what you said before entering the world of investment, sometimes we study first before starting, if we have gained knowledge and we don't just think about profits, this investment also has risks that we need to know.

Many people are afraid to enter the world of investment, because many people lose money there. If I personally want to continue to take these risks, in my mind it is better for me to take risks at a young age even if I fail, and I will not give up because of my failure. Experience is a person's best teacher in life. If we ever take a risk we never know what the results will be.

Friend, it is possible to make a lot of profit in cryptocurrency and lose it yes, in the sense that you are hodling it in your wallet there and expecting more volatility but never knew that it has gone to its highest level and waiting for dropping. So at that point that it has increased, you can know and calculate your profit without selling because you are still expecting more increase and if suddenly the crash comes like bear, you are making loses from your profit if you had cashed out. So that is how I believe some people get loses in crypto. This pattern has been happening every season of bull and bear because hodlers don't know the right time to cash out. This same scenario has happened in the two previous halving bull run and there will be hodlers that will further experience it in this year's halving bull run.

If you don't know the appropriate time to cash out then you will probably fall into losing your profit or some of it. Therefore, it is better to set your profit limit and when it gets to that point you cash out to be safe of regrets.

The impact of losing it all in crypto is more severe than in other aspects of life. It is only in crypto someone can make a huge amount of profit within a few days of joining especially during the market bull period.  Most people get confused or carried away with such money, they hardly know how to preserve it for continuous investment. It is common knowledge that the majority of new investors only care about how to make money in crypto but never border to care how to keep it from going to zero.

You see the way we have poor people and rich people, use that scenario to describe this your thread and you will understand better. Some people fell in the wrong side of history due to war, slavery and unfair nature, that's why they are where they are but some manage to make it to the good side, crypto security of some people is the same thing as fallen to the wrong group of orientation.

You are in these forum, you are a lucky champ. Trust me, there thousands of people that are into crypto that doesn't know the existence of this forum to have adequate information and the ones they get don't tell them these. What they teach them is registered in this centralized exchanges, do this and that, set up your kyc and then buy from p2p and you are good to go. These is why many of them don't understand anything and even cry bucket of tears when there investment in meme coins crashes over and over.

Don't worry, if you value your investment, money and time then they will do the proper things, they will learn it hard way or soft ways because to can't change people or tell them everything.