Share your costly lesson about cryptocurrency..

[The Cryptovator]

As the title says, please share your costly lesson about cryptocurrency. So others users could take a lesson from your story and they would get the advantage of it without losing anything.

When we learn a lesson, most of the time we lose something. And there are a few losing stories where we lost a lot and that's the reason why I consider this kind of lesson ad a costly lesson. I had shared previously my story, I will just remind it shortly.

In 2017 I had almost 1.5BTC and I hadn't sold even Bitcoin was around $19K above. So we know the Bitcoin dump story. Since Bitcoin was dumped too much I wondered to increase portfolio by trading or holding alts. So I just choose a few shitcoin. Some of them were delisted from the exchange, so I moved all-in single shitcoin. Sadly that's shitcoin is totally useless. Perhaps it's worth $1K in the current market. So it was a costly lesson for me. Don't choose a shitcoin for investing purposes. Just invest in Bitcoin and hold it. You will never regret it at all.

What is your costly lesson?

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[Beparanf]

Placing a x100 leverage on Bitcoin worth 0.5BTC and loss it in just a minute. I'm new on leverage trading that time and I never thought that there is only a small margin for liquidation from my entry price. After that, I never do high leverage trading and set my maximum leverage to x5.  

[GeorgeJohn]

From my views concerning cryptocurrencies is that no matter how dumped is bitcoin it's more preferable than shitcoin in terms of investment because any other coin can lost values or die off without hesitation but bitcoin can't die off but can only depreciates in values,i know that what always make people to adventure or go into shitcoin is because they are diversify, it's now i understand that even holding bitcoin for long period is even more better than investing in any other coin because definitely bitcoin will always appreciate in value.

[pooya87]

Having coins on exchanges that could change their rules overnight without prior warnings!

Back in 2017 I was trading on Bittrex so I had some balance there which I believe could come to half a bitcoin. My account was not verified and they have explicitly assured me that there is not going to be any issue in the future with lack of verification or with my location.
One day I woke up and saw my account is downgraded to basic, the withdrawal is limited to a tiny amount and IP address is blocked. Essentially they stole my money (and thousands of other users) overnight.

Binance is doing a similar thing these days but at least they gave a period of transition where you could still withdraw your coins with the old (higher) withdrawal limit before the new rule was enforced.

[Oshosondy]

What is your costly lesson?

I trade! Yes I trade. This cost me to lose almost all the bitcoin I worked for. I first started with day trading, I will gain but later lose, I had to stop for a while, I learn margin and future trading where most of the losses were. The first I tried was 10x margin but later tried 125x margin for bitcoin. I started when bitcoin was $15000, I had $2400 worth of bitcoin during the time. Supposing I hold bitcoin, it would have worth $7200 by now, but I lost all to high margin future trading. Trading is very risky, if someone will like to trade, the person should just use the amount he can afford to lose because trading is very risky. I was also a gambling addict before, but that gone now, I can perfectly control myself and have fun and hold my crypto holdings tight.

[Bttzed03]

1. Leaving some of my funds on CEX and not visiting them for a long time. Some coins were delisted in one exchange and I wasn't able to withdraw on time. I also had some balance on two exchanges that shutdown because of bankruptcy and hacking. In others, my account was simply deleted maybe due to inactivity.

2. Holding on too long to altcoins because I was greedy and thought they would still go up in value.

[Bazley]

I bought meme coins in pancake, and I made a profit at the beginning, but the pool was withdrawn. I decided not to buy meme coins anymore.

[UserU]

Having coins on exchanges that could change their rules overnight without prior warnings!

Back in 2017 I was trading on Bittrex so I had some balance there which I believe could come to half a bitcoin. My account was not verified and they have explicitly assured me that there is not going to be any issue in the future with lack of verification or with my location.
One day I woke up and saw my account is downgraded to basic, the withdrawal is limited to a tiny amount and IP address is blocked. Essentially they stole my money (and thousands of other users) overnight.

I thought it was a scam but Bittrex is still running. If you were to verify your account currently via an appeal, would that change anything?

[cheezcarls]

Yes this was a very interesting topic, and I would like to share mine.

One of my mistakes back then was not believing on Bitcoin going back to $20,000+ in mid-December of 2020. I’ve grown impatient and converted them to USDT right away. Days later, BTC surged quickly to $20k+ and then $30k, up to $60k+, in which I never converted my USDT back to Bitcoin again fearing that it would collapse quickly due to parabolic-type growth. I had nothing but regrets because of fear.

Another one of my mistakes is that I am too much hyped of the meme and shitcoins without doing my own research. As a result, I’ve lost more than $3k+ worth in value because of being too greedy and not taking profit when I am profiting. Another lesson learned as well. I’ve accepted the losses and moved on, and may never buy meme or shitcoins again.

[Rikafip]

Back in 2017 I had a crash course on Internet/bitcoin wallet security that was quite expensive and almost made me quiet crypto all together. Then again, the way I didn't pay much attention to security it was bound to happen so better if it happened when I had 0.1 BTC instead later. Instead writing it all over again, here is a quite from that bitcointalk interview series.

As many other noobs, I lost a lot while investing in various altcoins but the one that hurt the most was when I lost almost everything I had due phishing. I still feel stupid every time I remember that, but I learned few things from that loss and maybe some other noob reading this won't repeat my mistakes.

So, few days before Christmas 2017 (iirc it was 23.12) I was waiting for some BTC so I opened blockchain wallet. It was quite a shock to say the least when I saw that instead of 0.1 BTC my balance was 0. Completely confused I am sending the message to friend, asking can he check my address, but of course only thing he could do is confirm that my BTC is indeed gone. Upon checking the address where my BTC went I saw quiet a lot of BTC, and new one kept coming, making me believe it was a work of an experienced scammer.

Mistake I did? Earlier that day for some stupid reason I typed "blockchain.info" into Google instead having it bookmarked, leading me to a phishing page. After few sleepless nights during which I seriously considered to get rid off crypto I had left ( beside BTC I had a little bit of ETH ) and simply forget about all this. But then I said to myself "fuck it, shit happens, move on" and I did. Next day I ordered hardware wallet and here I am still.

That experience is the main reason why I am active in scambusting as I felt how it is to loose basically everything due my own negligence and stupidity.

[tranthidung]

Binance is doing a similar thing these days but at least they gave a period of transition where you could still withdraw your coins with the old (higher) withdrawal limit before the new rule was enforced.

They don't.

They apply a bad rule. You can witdraw your coins if you did not set any order with those coins before. Because, you can not cancel your orders if you are not verified. To withdraw, your coins must be canceled. How many people leave their coins on exchanges but don't set up sell orders?

Updates to Binance Services

Effective immediately, all new users are required to complete Intermediate Verification to access Binance products and service offerings, including cryptocurrency deposits, trades and withdrawals.

Existing users who have not yet completed Intermediate Verification will have their account permissions temporarily changed to “Withdraw Only”, with services limited to withdrawal, order cancellation, position close, and redemption.

[Accardo]

I just went through my bitcoin transactions and figured out how much 20 dollars worth of bitcoin I sold repeatedly in 2018 is worth today. If I held them I would have been worth over 20k in USD but I just learnt the lesson to have a business that will generate fiat currency for me such that I will not have to sell a single Satoshi anymore in the future. Building the business already

[pawanjain]

Three mistakes of my crypto life

1. Joining Pump and Dump
    This was back in 2016-2017 when I was just beginning to learn to trade. I got hyped up and joined these pump and dump groups.
    Obviously I lost a lot of money in it because we can't make money in pump and dumps. As soon as we get in the coin gets dumped.

2. Bitconnnnnnnect
    Yeah I know. I shouldn't have invested in it. Greed makes you blind.
    Investing in such ponzi schemes would lead to a loss and that is what I learnt from investing in it.
    But fortunately the amount I invested wasn't much but good enough to learn such a lesson.

3. Trading on emotions
    This is very recent. I traded a coin and lost half of my portfolio in it because I was trading in FOMO.
    I think I am not that good of a trader and should probably just HODL.

[Pokapoka124]

I sold too early! I sold 0.1 btc @ $1000 in January 2020 to start up a  business. Few months later covid hit, we were forced to close down all businesses effective from the lockdown policy. My business suffered during this period and when businesses were allowed to reopen I had  lost half of my goods. Whats worse I had to watch bitcoin pump to $60k ...0.1btc is now worth $4700.

[QueenVera]

My costliest mistakes in cryptocurrency has been from trading which is why I spend time trying to advice those that are in that field. Trading is not gambling, the newbies coming into that field have to understand this. I misunderstood the market before now and it cost me alot which made me depressed but I am all good now as I began wining again. I wrote some advise on my posts and it'll be helpful for those wanting to be traders, 

• Reasons why they get it all wrong when trading
• Understanding how the market tricks you and how to prepare against such tricks.

When I started trading, I did most of guess works based on previous records of the coins I was about trading and it worked out for me so I continued until I lost both my capital and profit. It was then I realized I was doing it all wrong and had to spend money on my learning process. Many people are still making similar mistakes and if they are not advised they will end up regretting. My lost was $500 capital, the profits, that I can not recall but I did not keep track after I lost them all.

[UserU]

Three mistakes of my crypto life

1. Joining Pump and Dump
    This was back in 2016-2017 when I was just beginning to learn to trade. I got hyped up and joined these pump and dump groups.
    Obviously I lost a lot of money in it because we can't make money in pump and dumps. As soon as we get in the coin gets dumped.

2. Bitconnnnnnnect
    Yeah I know. I shouldn't have invested in it. Greed makes you blind.
    Investing in such ponzi schemes would lead to a loss and that is what I learnt from investing in it.
    But fortunately the amount I invested wasn't much but good enough to learn such a lesson.

3. Trading on emotions
    This is very recent. I traded a coin and lost half of my portfolio in it because I was trading in FOMO.
    I think I am not that good of a trader and should probably just HODL.

You're the first guy I see here to invest in Bitconnect. How much did you lose?

[sapnu]

As the title says, please share your costly lesson about cryptocurrency. So others users could take a lesson from your story and they would get the advantage of it without losing anything.

When we learn a lesson, most of the time we lose something. And there are a few losing stories where we lost a lot and that's the reason why I consider this kind of lesson ad a costly lesson. I had shared previously my story, I will just remind it shortly.

In 2017 I had almost 1.5BTC and I hadn't sold even Bitcoin was around $19K above. So we know the Bitcoin dump story. Since Bitcoin was dumped too much I wondered to increase portfolio by trading or holding alts. So I just choose a few shitcoin. Some of them were delisted from the exchange, so I moved all-in single shitcoin. Sadly that's shitcoin is totally useless. Perhaps it's worth $1K in the current market. So it was a costly lesson for me. Don't choose a shitcoin for investing purposes. Just invest in Bitcoin and hold it. You will never regret it at all.

What is your costly lesson?

One of my unfortunate decision with crypto occured during the 2018 dump. I was too hopeful that the value of bitcoin will still be revived until years passed by and it hasn't. I was forced to sell at a low value without knowing that a bull run is about to happen as the pandemic covers the whole world. Regrets, mistakes, that's what teaches us to make better decisions specially with regards to crypto. We now learned how essential holding can be and how wealthy you could've been if only you knew how to wait patiently. Nevertheless, regardless of all those regrets, make sure always you learn a lesson from it so that you wouldn't be committing the same mistake anymore.

[nakamura12]

My mistake on crypto is not having a good patience for holding my crypto then I would have earn profit having 4 eth at 200+ dollars that time and it would have been a great profit. I also have some tokens on exchange storing it there and I never got a chance to withdraw it all as the total amount of altcoin I have is now less than the amount needed to pay for the fee. Everyone who said, do not store your crypro on exchanges is a bad idea and it made me realise that.

[Coyster]

My costly mistake was in my burgeoning/beginning years as a crypto user, I erroneously believed bitcoin was a get rich quick thing and thus it led me to invest far more than I could afford to lose, or rather, practically almost all of my funds, I actually did invest with money meant for solving RL issues, believing the price of btc was going to appreciate so much in few weeks, while I make large ROI. Sadly that was not to be the case, as the price of Bitcoin plummeted at that very point in time.

Having said it, I was somewhat stranded since I had invested more than I could afford to lose and even money meant to handle matters in real life relating to my schooling, it was a pretty difficult time for me then, as I had to source other means of raising them money needed since I couldn't sell as I was already in a loss. Thus the costly lesson here for newbies is to "invest only what you can afford to lose" and that you should not invest with money that you actually need to solve one problem or the other in RL.

[BIT-BENDER]

Not my mistakes but a mistake from someone close
+Exchanging Bitcoin for fiat: my friend actually got scammed of over $10,000 from p2p exchange of Bitcoin to fiat, he was peered with this fraudster of cause he doesn't know this person off- exchange but this fellow claimed to be interested in his offer to sell $10,000 it was actually in my local currency but for clarity sake I will use the dollar, the fraudster claimed to have sent the Fiat to my friends details of which he got an alert for and released the Bitcoin to this fraudster.  but when he checked his account, there was no funds, at that point my friend knew he was scammed, this was horrific for him and made him leave crypto-currency, I have learnt from my friend mistakes to always check you bank account or crypto-currency wallet to confirm before releasing funds or crypto-currency respectively.