Share your costly lesson about cryptocurrency..

[CrossroadBTC]

In 2017 I spent most of my efforts on new altcoins only, I don't even bother to look into top 10 or top 20 coins, I just want me a new BTC and ETH, on the long run many of these new altcoins turned scam and some changed smart contract address making the tokens I hold turn useless, only 5% survived out of 100

[1713885666]

1713885666

[Rengga Jati]

- Forgetting that I had token in Livecoin, leaving it for almost a year. And when I back to that shit exchange, it was closed, and no more chance to get the asset recovery.  That was APOD token, and I don't know whether it is worthy or not right now. But at that time, the price was good enough
I- Getting my laptop broken and should reinstall it, I also forgot to back up one of my desktop verto wallets and it was gone again. I tried to enter the password and also other information but it didn't work. I gave up.

hopefully, those are my last costly lessons.

Ah I see, I was learning future trading on Binance at first at that time a year ago.
I even didn't know about setting a stop loss at that time or doing hedge mode.
The price dropped and dropped again until it was liquidated and I lost all amount of capital in that future account. I know it was not a big amount, no more than 200$, but it is a worthy lesson that we don't even do such risky thing if we still don't know enough about it.

[sheenshane]

As early comments on this thread, it is related to trading which is all of us was experienced.

Days back when I was a newbie in trading, I was curious about trading and how to earn it, I thought that was so easy to gain profit but the fact is not.
Purchasing a lot of shit altcoins and hoping it will grow but unfortunately, it becomes totally shitcoin that doesn't have value and some are delisted in the market, it goes the same as the OP story.  And after that, I stopped trading and was better to hold for a long term, and sometimes doing spot trading is much better.

The costly lesson, don't enter the trading world if you don't have knowledge.

Another, when I was a newbie I'm searching for a Token wallet since I'm joining the bounty campaign before, unfortunately, I found a Bitcoin wallet namely Freewallet.org.  I never thought that I will encounter a problem in the future and until now.

As always, be knowledgeable enough in crypto and you will be fine.

[suzanne5223]

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,

Agreed but if you're more a cryptocurrency trader than an investor or enthusiast, during altcoin season when many traders are making a huge profit you'll also make the decision of trading your Bitcoin to altcoin for some quick profit.
Crypto market will teach us a lesson somehow and what's important is to learn from the mistake will make.
My own costly mistake is investing in a Roi investment site, the site shut down, and the owner decided to pay people with a shitcoin.

[Luffygroove]

Back in 2018, I invested in a new project called Rebellious that was so hyped and got an un-anonymous team. The team seems solid and passionate about the project. They reached their ATH, but as a newbie, at that time I think the price could be higher considering the good project and the team. I have confidence that it would blow up shortly. Apparently, in the middle of the way, they changed their direction and decided to be an exchanger. Me, as blindly as it is, still have a faith that it would have a happy ending and supported them all the way. Foolish me, it ended badly. They run of funds and decided to stop all of their activity. While me, I lost my assets. What a hard way to learn a lesson.

[Mpamaegbu]

My costliest mistake, I hope it stays that way anyway because it still hurts till date more than three years down the line. If another mistake takes the cake from it, that will be a double jeopardy for me. It was in 2017 during the lending coins rave, I had sold all my 270 BNB and bought Regalcoin (I hope the devs will have diarrhoea for scamming unsuspecting public 🙄). $600 went into that investment and that was how the cash disappeared into thin air. Whenever I look at the price of BNB I feel like hitting myself double in the head.

[isaac_clarke22]

~

Days back when I was a newbie in trading, I was curious about trading and how to earn it, I thought that was so easy to gain profit but the fact is not.
Purchasing a lot of shit altcoins and hoping it will grow but unfortunately, it becomes totally shitcoin that doesn't have value and some are delisted in the market, it goes the same as the OP story.  And after that, I stopped trading and was better to hold for a long term, and sometimes doing spot trading is much better.
~

Kind of similar actually to my experience back in my day trading experience. I was really enthusiastic about getting into the other side of hodling which is trading. I learned this basic ways of how to day trade in Binance in Youtube through some Youtuber called cryptojack, pretty sure that the video is not available anymore for some reason but the channel was still intact.

So I bought these coins that was shown in the video, but turns out that I did not realize that I was purchasing shitcoins like you did and yo, I did the same too. I just quitted it and never did it again. Just went for long-term hodling. As it turns out, I need more time than that whole week to learn the basics of day trading and the first day was quite even stressful enough for me considering that I have a job off-crypto.

I manage to still learn some though. I was able to get a touch of some indicators like RSI and Bollinger Band as that was taught in the video.
I thought I was alone experiencing this kind of encounter as I taught I really messed up in my decision turns out I am good.

[pooya87]

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?

I don't know because my privacy is worth a lot more than the amount of coins they stole from me so I'm not going to check.

They don't.

Well, I did cancel an existing order, set a new one and then withdrew a big amount (bigger than the new 0.06BTC limit) a couple of days after I received the warning Email.

[aysg76]

We all have some past history in crypto market that could cost us more than we can afford but they come up with lessons to aware us in the future and be safe if come up to face the similar situations.It was back few years when i was not familiar with the crypto market and invested in some coins on someone's advice (shitcoin) and participated in some Bounty campaign back then and all the coins i was holding were altcoins and biggest mistake was not to convert them into bitcoin and was holding shitcoins only and was also not aware of the term and then 2017 Market crash taught me not to make such worse moves in crypto market.I lost all my coins or say funds and they never increase after that till date and i sold them at very cheap prices.

Lesson: When you learn and explore the crypto market and have technical knowledge of the market you come to know holding bitcoin is the only best option for you and your future.But never invest in shitcoins because they are going to give you hopes only like our government and will not serve any utility and funds will be lost.

[CryptocurencyKing]

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.

The crypto field calls for some sort of alertness over everything. In case of transacting, verification is key to confirmation  of a transaction to have actually being done. There is no trust or proof of trust anywhere even after several transacting as our words is all we could hang on to and using previous successful transactions could always be a game plan to getting the bigger catch at funds. Funny enough, it would take you Almost nothing, just few minutes to verify a transaction.

I have had transactions on a p2p exchange where immediately the scammer noticed some error in the transaction, he or she immediately posted a proof of payment to stale the trade mean while play a game of actually buying time from both myself and the exchange to warrant an automatic release or with the hope that you release based on trust. In cases like this, I do ensure to look out for the errors in the proof of payment. I dojnt know how they do it but, the timing is often similar but a close look at the transaction details, your sure to spot some errors. Look at the amount, the sender and receiver details and even if they should be correct, until you get an alert that increases your balance, together with a transaction ID, never release payment. I won't do that, never, neither would I fail to put the transaction under dispute and expose my spotted errors to the exchange in use while, requesting for a true proof and to ensure it complies with my verification process.

[decodx]

"Stay away from all shitcoins, they're bad for your mental health!"
This has proven to be the most costly lesson I've learned so far.

[qwertyup23]

Well it's not really costly but a missed opportunity.

When I first joined this forum last 2017, every opportunity that my campaign pays me, I cash it out and spend it for my school materials. Though it helped me with my education as it provided materials, the missed opportunity of saving all the campaign funds that I earned is what bothers me. I checked my blockchain transaction and I had a total of 1 BTC received. If I just saved all of them, I could have bought my father his dream car!

Nevertheless, this experience taught me a valuable lesson that no other can teach me. Now that I know better, it's better to definitely save your BTCs for the future.

[Shamm]

   My experienced in Cryptocurrencies was ridiculous when that time I wanted to transact a small amount value of mine ,we all know there's a long process before we got the value, so I wanted start transaction so I sign in an after that there's a feedback that incorrect password so I've forgot my account password and I don't have any access to recover my account. So this would be my lesson and learned on keeping my account secured and avoid lossing my phone number to get verify and recover.

[Cornia]

My story is just like OP's. I bought a shit token STU in 2019 for about $200 when ETH was priced at around $130. It was a huge dump right after I bought my STU. As a result, I put a sell order on the HitBTC exchange. A few days later it became delisting from the HitBTC exchange. STU is still on my account. Sometimes I just regret it. So I don't do token trading anymore. I only trade with top coins like BTC, ETH, BNB.
.

[CryptopreneurBrainboss]

When we sing this advice over and over again many think we're just been selfish and don't want them to invest and make profits with the altcoins market but that's not true. My biggest mistake and lost has to do with me trading my Bitcoin for altcoins. It was around early 2020 when the hype of the Defi became so loud that it caught my attention and the intentions was to just doubles my Bitcoin holders then leave the market but it wasn't what the market had in plans for me as It seems like the market just wanted to punish me for letting go of my Bitcoin holding.

I have previously saved over 0.5 BTC between 2019/2020 then the defi crazy hit me and I decided to invest, I want in with a huge fraction hoping to just hit the jackpot (double my holdings) and exit but I got caught up, I entered when the Defi market was experiencing some corrections and I got hit badly, I lost almost $2000 within days (Bitcoin was trading around $10,000 then so my previous holding of 0.5 BTC was worth around $5000). I did some research and confirm I invested in an over hyped project l. I did a thread on it here; [Curve DAO Token] Be careful with this project lost ~0.17BTC ~ $2000 trading it.

I got so angry that I exited the market without second thought and it turned out I exited the market too early as later the Defi hype came back but I'm glad I had that experience as it made my interest in altcoin deprecate heavily and now I hardly get hyped by any trend that comes into the industry. It still regret letting go of those satoshi because in today value that will be worth much.

[Freewallet]

As early comments on this thread, it is related to trading which is all of us was experienced.

Hi,

We often come across your comments here on BTT but, unfortunately, you've never provided any specific details regarding your user experience. Is there any support ticket we can look at?

[Mpamaegbu]

Funny enough, it would take you Almost nothing, just few minutes to verify a transaction.

I have come to take financial transactions the way lawyers handle murder cases with majestic precision and thoroughness. No rush. That way it helps me clear my head. The picture you painted happened to me too. The scammer would've succeeded were I still a noob in this game. The idiot sent me a screenshot of the transaction containing my wallet address, amount and time it was sent. Everything corresponded. It even came with series of confirmations from the blockchain that it had been confirmed. I think it had like 19 confirmation to it or so. But the whole thing was doctored as the transaction was actually not found on the blockchain. I have learnt to rely ONLY on TX id, and not screenshot or anything else. So, I told the seller to send my that link. He tried shouting me down that why would I think he was a scammer. I stood my ground, no emotions in business. That was how he scampered. Even the escrow was shocked.

~snipped

Yes, I remember reading that CRV story and your frustrations with the project of how you lost heavily then. In fact, it was your post that drew my attention to that token. I traded it a while. It's a great project, only that you bought too high.

[projapoti]

I held some tokens in 2017-18 like APPC, FDX, PINCOIN. Which were then worth about $4k.  I am still holding the tokens in the hope of increasing the price. All of which now cost around $10. As they are ERC20 tokens, their transaction fee will be more than the value.

[nakamura12]

I held some tokens in 2017-18 like APPC, FDX, PINCOIN. Which were then worth about $4k.  I am still holding the tokens in the hope of increasing the price. All of which now cost around $10. As they are ERC20 tokens, their transaction fee will be more than the value.

If you have small amount of token then of course the transaction fee amount is more than the value if not then the total amount of fee recovered after selling but the profit as we call it is less. I have tokens called equad and the fee I spent is 3.22 dollars for approving trade on uniswap and the fee to swap is 7.68 dollars worth of eth and the amount sold is 18.75 dollars which is I only got 7.85 dollars after that.  In the past I have sold 1k+ amount of equad which I got 0.01120802494905651Eth and a few days back is I only got 0.005630629261718997 Eth which a total of equad I sold is around 2.6k+ equad tokens. As you can see, the price did increase but I only got $7.85 which the rest is for fee and past transaction is I spend less than that which cost me around 1-3 dollars.

[lovesmayfamilis]

My story is insanely simple. I did not believe it at the moment when it was necessary to accept payment in bitcoins. I was paid my salary in e-currency, but at some point, my boss offered to pay in bitcoins. It was a long time ago. I refused. After a while, by agreeing to such a payment, I could have become decently rich. But as I once realized, big money is not for everyone either. And I probably couldn't have done it at the time.