Man lost everything to Crypto

[romero121]

Real-time incident of an user who trained himself to be a trader. Got addicted and lost everything. Steven is the person who kept adding more cryptocurrency to his portfolio. In an interview he mentioned drug, cryptocurrency and alcohol has destroyed his life. In the beginning Steven knew what he's doing. Later he ended up losing around 5-10 bitcoins. He don't know any information about the addresses and now struggling to recover it.

He says trading is gambling. He has learnt by his own and has always been a good trader. Now he spends day in one of the rehabilitation centre in Scotland.

Data : Man Lost Everything to Crypto

[mk4]

Gambling and gamblers exists even before bitcoin and cryptocurrencies have existed.

Nothing really new here; this is pretty much just a reminder to newbies that there's no such thing as 'easy money'. And to top it all off — don't do drugs, peeps.

[Poker Player]

Gambling and gamblers exists even before bitcoin and cryptocurrencies have existed.

Nothing really new here; this is pretty much just a reminder to newbies that there's no such thing as 'easy money'. And to top it all off — don't do drugs, peeps.

Yes, crypto is the least relevant word here. It is someone who has problems and externalizes them with addictions and compulsive behaviors. If crypto didn't come into existence, he would have externalized it with gambling, drugs, etc.

The tabloid press and the anti-crypto crowd are doing the story a lot of good, though.

[pooya87]

This has been happening from the first day altcoin market started. A lot of newbies get into the market thinking they are experts after making a big profit when a shitcoin they bought gets pumped but obviously since they have no understanding of the market they end up losing all their money including the profit they made.
This case you posted about is the same with an additional addition on top which would have been better if you changed your topic title to "... lost to addition" instead.

[Darker45]

I see incoherence and irrelevance in this article. I am not even sure if this story really happened in the first place. It seems the person hasn't lost everything to crypto. Neither did he lose everything to trading. It seems he simply lost access to his Bitcoin. But why the addresses? Does the article mean wallets? We don't memorize addresses. We don't lose them as if they're passwords or seed phrase or PIN.

It seems this site has ran out of articles to publish.

[Charles-Tim]

He would have made enough profit supposed he stick to bitcoin rather than trading.

From your link above: A Man Named Steven Has Lost Everything to Crypto

...lost to trading not crypto. Trading is risky and someone should never use an amount of money he can not afford to lose for trading.

From TheGuardian

In the fog of multiple addictions, he lost the “addresses” of between five and 10 bitcoins, rendering his digital buried treasure – worth up to £300,000 today – impossible to retrieve.

What does this supposed to mean? Did it mean he lost private key to those addresses? What does that has to do with addiction. Or, he meant that he lost the amount to crypto trading?

Steven spotted the potential of bitcoin early and he had a talent for trading. But even if he had that money now, his addiction means it would soon be squandered.

He lost it to trading not cryptocurrencies. Altcoins can be risky as well though.

“Trading is gambling, there’s no doubt about it,” he says.

Trading is not gambling but highly risky like gambling. Crypto is gambling for newbie traders and those risky high amount they can not afford to lose.

[xSkylarx]

I am opposed to trading is a gambling since in trading you need knowledge without it you are just doing gambling . Gambling is purely based on luck on which you cant control but in trading you can learn and predict which has a high chance on winning unlike gambling that it is luck only. Now about the lost on crypto you should have invested the money you can afford to lose

[Jawhead999]

I've tired to see someone still said trading is gambling or vice versa, while the fact both of them are different!

Beat the market (trading on bear market) using altcoins is the highest risk in this space, only few professional trader can beat it... while rest of them ended losing his coins. Trying to recover back his losses with trading mostly doesn't work because of addiction and don't have funds management. Better to recover it with a job that paid you fixed each months.

[Peanutswar]

Trading can be part of the gambling of taking the risk but of course, trading requires knowledge, patience and understanding of how the market works. Always analyze all the things not all the time it gives you a good profit. If you think you are doing well at the start make sure you are ready for the next trade. I guess he might extend himself to force a revenge trade just to earn back his losses. It's not ideal to focus on trading if you are not taking it well always manage the risk and don't put a single bag in just a trade and investment.

[DdmrDdmr]

This seems to be a more elaborate description of Steven’s story (I figure the name is not real though):
https://metro.co.uk/2022/01/06/inside-castle-craig-the-rehab-centre-helping-cryptocurrency-addicts-15857987/

It seems to me that you can replace "crypto" with "gambling" and you’d get the same story. The profile depicted in the article shows a person prone to gambling, that would just as easily have gone over the top with betting sites if you ask me.

He invested and got obsessed with the stock market, gold, and was already into all sorts of substances before getting into crypto in 2014. Crypto was just the final straw, and he even states that he bought BTC basically for purchasing substances on the Dark Web (at least at the beginning).

The above article does not mention the loss of the BTC addresses, which likely, in any case, refers to a wallet mnemonic. Being piled on substances, I figure he lost it along with his wallet. Not the best state of mind for being one’s own bank …

[Bttzed03]

Trading is gambling. There’s no doubt about it. I studied and studied. I taught myself how to be a good trader and tried hard to manage my accounts and stick to a set of rules, but my mind would twist, and I’d go all in, like a poker player that thought he had the perfect hand. I was convinced I was going to be a bitcoin millionaire.

The guy in the story is a gambler. I don't even consider myself to be a good trader and I've lost on some trades but I don't go all in.

Maybe he's intoxicated when he trades

I see incoherence and irrelevance in this article. I am not even sure if this story really happened in the first place. It seems the person hasn't lost everything to crypto. Neither did he lose everything to trading. It seems he simply lost access to his Bitcoin. But why the addresses? Does the article mean wallets? We don't memorize addresses. We don't lose them as if they're passwords or seed phrase or PIN.

It seems this site has ran out of articles to publish.

I'm having a mild headache and reading the article made it even worse. I thought he was hack or became a victim of phishing when I read the He doesn’t know where the addresses are and has no idea as to how to recover them in the article. It's really odd because the website is about bitcoin but the author seems ignorant and didn't bother to ask this Steven for clarification.

[lovesmayfamilis]

His biggest problem is that he abandoned his education. Everything went to the fact that sooner or later he would fall. Is it reasonable to expect anything from an uneducated person, addicted to alcohol, drugs?
Even if he was a first-class trader, but not understanding his addiction, and being in an unreal world for himself, the loss of his funds was expected.
The conclusions are that crypto has nothing to do with it. You should not associate your vices, which he could not cope with, with cryptocurrencies.
A sober mind and the right education have never failed people who properly manage their income and are firmly on their way to success.

[batang_bitcoin]

Trading is no exemption with the risk that it has the same with gambling. 5-10 bitcoins is likely the amount that I need to be for good with retirement.
That's hard to accept that he has lost that much and he's aware of it. His actions would really end up with the wrong decision and he should've stopped when he sees that there's nothing good happening to him anymore as he trade. He has the mentality of a gambler and that's hard to control when you've got that much fund.

[Mpamaegbu]

Data : Man Lost Everything to Crypto

Bad press, that's all I see there. I read that article and wondered why it wasn't titled – Man Lost Everything to Crypto, Drug and Alcohol.

It's the proverbial giving a dog a bad name in order to hang it. Crypto wasn't the only thing alleged to be responsible for his down fall. Why not highlight others too in the headline if the press weren't mischievous towards crypto?

[Fortify]

Real-time incident of an user who trained himself to be a trader. Got addicted and lost everything. Steven is the person who kept adding more cryptocurrency to his portfolio. In an interview he mentioned drug, cryptocurrency and alcohol has destroyed his life. In the beginning Steven knew what he's doing. Later he ended up losing around 5-10 bitcoins. He don't know any information about the addresses and now struggling to recover it.

He says trading is gambling. He has learnt by his own and has always been a good trader. Now he spends day in one of the rehabilitation centre in Scotland.

Data : Man Lost Everything to Crypto

Someone who is mixing alcohol and drugs while trying to build their knowledge in a new field is destined to fail. It might give you a delusion that you are being productive, energetic and useful when you're taking certain drugs but it will definitely take a negative toll over a prolonged period. It will generally make you disorganized and overconfident in your abilities, which when mixed with money management are a terrible mix. It can distort your decision making which is essential when you are analyzing information and statistics during your working hours. Some people have a few hits of success, which can be easy in an upward trending market, then falsely assume that they are somehow skilled enough to make a long term career out  of it.

[Smartvirus]

In an interview he mentioned drug, cryptocurrency and alcohol has destroyed his life. In the beginning Steven knew what he's doing. Later he ended up losing around 5-10 bitcoins. He don't know any information about the addresses and now struggling to recover it.

He says trading is gambling.

It's obvious Mr. Steven knew nothing of cryptos or whatever digital means of doing business he was involved with except his drugs and alcohol. Narcotics are some of the most addictive substances on the planet that one should be heavily involved in and from the way Steven seems to nail the reasons to his fall out, it just might be the drug and alcohol issue that drove him nuts!
These substances are meant to paralise or make you go numb and that's not a very good state for someone who wants to trade life to be in while trading.

Truths be told, if he ever traded at all or owned the funds he claimed to loose, he lost it to trading not cryptos. It's not like cryptos have places where lost coins are stored or something, it's a give and take between traders, brokers and traders. Trading is a highly professional thing that one has got to be really grounded in before going live trading. One who regards it as gambling is one who didn't know what he was doing and as such, it did caught up with him because, he was gambling on trades and not sticking to any principle.

[Lucius]

Well, this story has nothing to do with Bitcoin, but with a man who became addicted to alcohol, drugs, and gambling. Why this is even emphasized as a kind of crypto story when it is more than clear that it is something completely different - and besides, to believe someone who has ruined his life with drugs and alcohol for years that he even owned Bitcoin is completely unreasonable.

I would keep a low profile in his place, and not try to sell his tragic story to the media who wouldn’t even write about it if he didn’t mention Bitcoin.

[NeuroticFish]

In the beginning Steven knew what he's doing.
[~snip~]
He says trading is gambling.

This is quite a contradiction. I would say: in the beginning Steve thought he knows what's he's doing.
Trading is not gambling if one knows how to do it. At least in trading one has stop-loss at hand. Or, if that's not used, one will have to learn patience and wait (hold) until the price is right again.
Unfortunately too many think they know what they're doing, hence so many tragedies.

[davis196]

In an interview he mentioned drug, cryptocurrency and alcohol has destroyed his life. In the beginning Steven knew what he's doing. Later he ended up losing around 5-10 bitcoins.

I don't think that drugs,alcohol and crypto destroyed his life.His addiction destroyed his life.His addiction is his own internal problem.Putting the blame on external factors(drug,alcohol,crypto) is not the right path for curing his addictions.
Trading can be turned into gambling,if you have no risk management and you always go for the high risk leverage trading.The lack of emotional control can ruin everything for every trader out there.

[JohnSmithK]

I thought this post was related to some ponzi scheme due to which many crypto investors are loosing huge amount of their savings. One news was related to squid game crypto where it wipes out all the money. Squid Games crypto reached a price of US$2,800 before plummeting to zero and wiping out all the investor wealth. These instances shine the spotlight on how the popular new investment asset class is also a breeding ground for fraudsters. That the value of any crypto asset can change drastically in the blink of an eye is what most investors are now aware of. Similarly, QuadrigaCX was once believed to be the biggest of its kind in Canada. It started in 2013, much before Canadians thronged to risky crypto assets like Bitcoin and Dogecoin in huge numbers. In December 2018, the founder CEO Cotten died in India at age 30. In its investigation, the Ontario Securities Commission (OSC) found that QuadrigaCX was nothing but a ‘modern technology’ wrapped Ponzi scheme that ran on a pyramid structure. The bubble was destined to go burst when the exchange could no longer cover payments to older users through money from new depositors.
So i would suggest please beware before investing in crypto.