Man lost everything to Crypto

[LogitechMouse]

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I think drugs and alcohol has a huge effect on why he lost in trading. I think when he trades, he always goes all in.

Anyway, he said that he trained himself to be a trader but even though he trained it seems that it isn't enough for him to get huge money in trading but the complete opposite happened. Trading for me can be considered as gambling if you don't know what you are doing. If you are just every other newbie out there who are just trading because they believe that they will get profits from it without any knowledge and information then you really will end up losing like this addicted one.

Also, this kind of scenario happens all the time and there is nothing new to it. Well, its good that the person is in rehab center already.

[glendall]

one wrong thought,  I think if you say crypto trading is gambling, where trading in crypto we must have expertise in determining the value of buying and selling, in trading there will also be losses, and that loss can be closed when the crypto value we have has a new high value ,
if you lose money because of crypto, I think it's the wrong way, sorry, I think you are playing crypto but it's not an ordinary trade but gambling

[panukurap]

I think it depends on how we manage crypto. If someone doesn't abuse it, I'm sure crypto will actually help them grow and vice versa if it's misused then we will also receive what we deserve. Don't look down on crypto because of cases like this, if crypto is that low then why are so many people still holding it.We have to pay close attention to negative news like this, maybe a scam has designed it. If something like that really happens, we must learn from these mistakes so that we don't depend too much on crypto and don't misuse it. Anything in excess is not good, so use crypto as needed.

[michellee]

Anything you do needs balance and control to avoid the addiction because once you become addicting, you will lose control, while if you have more control over yourself, you will know what you need to do. Being a trader needs to manage the time to trade because we do not have to trade all day long just to chase more profit. Besides that, we have the other things that we should do and not just focus on our jobs. People have many things in their lives, so they need to know how to manage their time to fill in all they want. If you already make a profit from trading, you should stop for a while which will be helpful for you to reduce the tension from the market.

[TheNineClub]

Cryptocurrency did not destroy his life. Addiction did. Sorry to hear his story, and he is not alone in that regard, but Crypto is not the issue here, nor is trading. It's the addictive personality some people have that pushes them to take bigger risks for bigger rewards, and gamble on odd's that are not in their favor. If it was not Crypto, it would be something else. So there is no reason to put crypto in the same sentence as alcohol or drug addiction. This is nothing new and things like this will happen as long as there are avenues where people can let their addiction run rampant.

[jhonjhon]

I will never let myself experience this , losing everything because of wrong decisioning ?

why need to have this when we can make the best out of our funds? we can buy and sell with trust and care?

Love our Money, think before making any decision multiple times.

Yes mate. This is absolutely true. Making wrong decision will not be successful in a long run. So as a trader you should have this following: knowledge, money management, patience, and self discipline.

[Kelvinid]

I will never let myself experience this , losing everything because of wrong decisioning ?

why need to have this when we can make the best out of our funds? we can buy and sell with trust and care?

Love our Money, think before making any decision multiple times.

Nobody wants it in the first place but because we wanted more and risk our money, it gives us a chance either to lose or tripled it. If we all know that this will happen next, it certainly we don't do it but was not.

Well, I can say that person who has mentioned by OP is too unlucky and that might happen to us as well if we are too careless by then. That is why we should have to think about it multiple times as there is no coming back after.

It is really hard to hear about it but this gives a lesson to him and for everyone.

[amishmanish]

Everybody is comparing this to "gambling" when in reality there isn't as much of a connection. "Crypto trading" isn't really advertised as "gambling" to the average newbie. There is a huge sub-culture and a whole network of influencers on youtube, tiktok and twitter telling people that they can make money by
1. Hodling
2. Investing (into random projects or NFTs)
3. Leverage trading

There is zero regulation over what can pass off as advice versus advertisement. There are no rules, no ethics. The influencer account with a million followers could as well be dumping his bags from anonymous wallets, or the "team" itself maybe doing it and there would be no way to figure it all out. These are natural hazards of the anonymity of crypto.

This often leads to false advertising and zero regulation over what can be passed off as legitimate. Somebody getting into a casino, knows that its gambling. It is hardly the same case for people who lose money in crypto. Bitcoin has nothing to do with it but crypto surely has a lot of rotting problems that cause people to lose money. It is better to acknowledge them.

[Anonylz]

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

i think what destroy him most is drugs and alcohol, how can he mix those 3 together and expect to maintain a good sanity, if you are stressed already from trading i don't think taking drugs is the best thing for that person at that time, not to mention ones you are on drug you can loss your sense of reason and not in a good state to think properly and make good decision regarding his funds,
i hope he has learnt from this experience and decided to turn a new live here on, this is a setback which can happen to anyone but what matters most is getting back up and turn things around.

[Rruchi man]

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.

Firstly there is a general advice in crypto that needs to be said again for emphasis, "Only invest what you can afford to loose".

In an interview he mentioned drug, cryptocurrency and alcohol has destroyed his life.

It also occurs to me that the person in subject is of a frail character, gets easily addicted to things and finds it difficult to stop. If you are such an individual, seek help.

He don't know any information about the addresses and now struggling to recover it.

This i am certain is a long term effect of prolonged heavy drugs and alcohol consumption, loss of memory is a symptom of it. hypnotherapy may help him remember.

[pawanjain]

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

The article mentions that Steven lost his addresses in which he had about 5 to 10 bitcoins. This has nothing to do with trading or addiction.
This is the downside of being your own bank. If you can't handle your money then your will probably end up losing it.
With such a huge amount of money I wonder how can one possible lose the addresses. Didn't Steven had a backup or something ?
It's probably his own mistake. Sad to see people losing such huge amounts for carelessness.

[ChiBitCTy]

This is exactly why there's a reason any financial professional with a darn will always tell you that diversification is key.  I'm a huge supporter of cryptocurrency (mostly bitcoin) but as a financial advisor I'm aware that this is an asset class that is highly volatile and speculative.  I have written a detailed write up about how bitcoin and cryptocurrency is NOT a replacement for the stock market!! - https://bitcointalk.org/index.php?topic=5288768.msg55577767#msg55577767

[suzanne5223]

This is a sad story because the man spent his hard earning from the construction company where he work to get all the Bitcoins but this will also open the understanding of some people. I hope a lot of newbies with the people that say cryptocurrency trading is not gambling can read and learn.
I believe it was alcohol and drug that lead to the loss of the man though.

maybe a person who spends all the money he has to buy crypto, maybe that person is too obsessed with getting a lot of bitcoin, all need to learn if we don't fully understand bitcoin, we should learn first before investing, if we enter something that is not fully understood we understand, of course we will experience difficulties and most likely we will experience losses.

If the man is only obsessed with getting a lot of Bitcoin it would have be a fair decision because holding Bitcoin for a lifetime is a good decision but he's also involved in crypto day trading, alcohol, and drugs. The last time I checked crypto traders are advised not to take alcohol or drug if they are going to trade.
I believe much of everything and all work no play is what affected him because he was making good progress when he first started.

[Mame89]

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

The article mentions that Steven lost his addresses in which he had about 5 to 10 bitcoins. This has nothing to do with trading or addiction.
This is the downside of being your own bank. If you can't handle your money then your will probably end up losing it.
With such a huge amount of money I wonder how can one possible lose the addresses. Didn't Steven had a backup or something ?
It's probably his own mistake. Sad to see people losing such huge amounts for carelessness.

Stories of asset loss like that I think we have often heard mostly because of carelessness. We should be grateful because we are not in the position described, at least with that story we will be more careful in using and storing any crypto assets we have.

[erep]

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

How do we conclude from the news above because steven lost crypto assets due to gambling, lost access to wallets that had 5-10 bitcoins or even he added gambling traders. I hope he wasn't interviewed while drunk or under the influence of drugs because we don't get the real point of the case above, nor does it really make sense for his carelessness to manage a 10 bitcoin wallet without a phrase to access the wallet.

[Leviathan.007]

That's very stupid and still, I feel for him and his life but I still he is responsible for whatever he do, some people may say he could do many other stuff and start blaming him for losing everything while if he could win a huge amount of money and get profit like many other traders just with luck everyone would think he very smart and professional trader, however still we cannot forget the lesson, even if you are a very professional trader and trust your still you still have to do money management and don't go all with any trader you make. 

[taufik123]

Trading is a gamble for those who do not know the correct trading knowledge, they are just guessing without doing market analysis. I often find people or newbies like that. Trading depends on who is trading. Losing a lot of money in cryptocurrencies is not because crypto is a bad platform, but they can't control themselves. cryptocurrency is just a platform provider that can have both good and bad sides, depending on how it is used.

[lixer]

Doesn't really sound to me like it's a crypto problem but rather a wrong life choices problem. Struggling with substance abuse he should have never put all his money into crypto trading. Maybe he lost control of his actions, but then his family or friends should have helped. Bring addicted to drugs or alcohol and then go into trading is a very bad idea. Both drugs and alcohol cloud your mind, make you less productive and will harm your body. I am pretty sure he wouldn't have made the same mistakes if he had been sober. Hope he will recover soon and can maybe make some of his money back.

Yeah, I agree that I as well don't think cryptocurrency is the problem here, rather I want to believe that he got addicted to alcohol and doing drugs and lost his ability to remember his passwords or logins. With time in the rehabilitation center he will get his memories back and will be able to access his logins but not sure what and how things will be possible as a crypto investor needs to take care lots of things while dealing with cryptocurrency based investments and losing memory might lead to big problems on top of that.

[isaac_clarke22]

Well reading the article, I kind of having a mixed feelings about the guy as there were a lot of factors. Good thing he's still working his way out of addiction through rehab though, but surely the scars of losing that amount will surely remain. Wishing the guy the best though.
Crypto isn't just for everyone and that's for sure.

[terrorJR]

wait a minute, from what I read in the article it doesn't say he lost in trading but what I caught in the article he lost the address he had which contained 5 to 10 bitcoins besides that he was also addicted to alcohol, and drug use.
what does trading say? what is the correlation between losing the address he had and the address he lost?
I don't even understand when he blames bitcoin for his own fault