Man lost everything to Crypto

[savetheFORUM]

Anyone who treats cryptocurrencies as a game of chance, of course, will most often suffer losses when trading it. Especially if you combine this type of activity with alcohol and drugs. Then the chances of making a profit in cryptocurrency are almost zero. When working with cryptocurrency, there is a certain amount of risk and a certain amount of luck. However, this is the same type of financial business as the others. And here knowledge, experience, a sober mind and cold calculation are needed.

This is quite bad, because the media would now say that what ruined this man’s life was cryptocurrency, while it is clear that it wasn’t even cryptocurrency, rather he must have been under the influence of the drugs he is taking to have made a huge mistake like this. Like you said, crypto currency trading is something that requires knowledge, experience and a sober mind to be able to carry it out.

If you are under the influence of drugs and alcohol, then tell me how you would have the control over your mind to be able to make good calculations? And moreover I’m still trying to understand how he ended up losing 5 to 10 bitcoins, wasn’t he aware that he should be managing his risk properly? Cryptocurrency shouldn’t be seen as a game of luck, it is not gambling, except for those that misunderstands it.

[Gamerholic]

We use such a formula as "alcohol + drugs" - whatever you add there - you get something bad or similar. Investing is a serious matter and a process that requires focus, planning and mental resilience that cannot be achieved by drinking and drinking. Sorry guy, but this is a good lesson for others.

[asus09]

Humans have lost everything because of bitcoin, all these accusations don't make sense, bitcoin is not illegal, but you seem to accuse cryptos of being like people who are addicted to gambling, and are addicted to drugs, even though we know no one has lost everything because of playing crypto ,

[qwertyup23]

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

This is just very devastating to hear since most news that we hear revolve around people who profit greatly from investing into BTCs. That is, however, the risks associated when you trade your cryptocurrencies without practicing self-control or having at least a contingency plan on the amount that you willing to risk. Sine he lost around 5-10 BTCs, he should have at least stopped or decided to accept the loss instead of just losing everything in the process.

Though traders are well-equipped with knowledge and experience on their craft, this type of example solidifies the risks associated with drinking. Not to mention, his addiction to alcohol probably affected his decision making skills that ultimately lead to his demise.

[terrorJR]

Trading is gambling. There’s no doubt about it.

You can already see he's biased and full of regret. Trading is not gambling, but it's not for idiots either. You can be a trader who trades with 10% of his money, waits for a big positive signal to buy and a trully negative signal to sell. Like when you buy after the price breaks the old ATH and don't trade with leverage, that's pretty smart. Holding long term and exiting with some money every time the price goes 2x is also smart. Going in with all your money on a trade with 20x leverage is the fastest way to a homeless shelter or a rehab and this guy is a living proof.

From the case here, it's not just about trading that ruined him, but alcohol and drugs that made him like that.
As for trading, I think he's just looking for excuses about the effects of alcohol and drugs that make him addicted.
technically things like this actually have no correlation but indeed I really agree with what you said even though it is indeed very far-fetched but trading is not for stupid people

[wilb2021]

My story is a little bit different, i lost over $25000 to a fake investment platform i was introduced to on twitter. Luckily for me, it only took me a week to get the funds back with the help of this team called vtechforensics on Telegram. At first i thought it was impossible to recover the money but they made it happen so if you have lost your crypto as a result of loss of passcodes, pass phrases or deceptive investment scams, vtechforensics is a viable solution.

[pushups44]

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

If the title were "Man Lost Everything to Daytrading," this would not raise any eyebrows. It is often said that 95 percent of traders lose. Recently a friend confided to me he lost $100,000 in forex. So cryptocurrency trading is just one means of gambling addicts to get their fix (and not all traders are addicts).

[TribalBob]

crypto doesn't teach to gamble in my opinion, we only have to minimize losses during the current red market, if someone sells real assets for crypto and hopes that crypto makes him rich without effort, it's the same as playing gambling that makes your wealth run out and we can learn from crypto itself what is a good situation to enter and release the assets we have

[stadus]

Trading is gambling. There’s no doubt about it.

You can already see he's biased and full of regret. Trading is not gambling, but it's not for idiots either. You can be a trader who trades with 10% of his money, waits for a big positive signal to buy and a trully negative signal to sell. Like when you buy after the price breaks the old ATH and don't trade with leverage, that's pretty smart. Holding long term and exiting with some money every time the price goes 2x is also smart. Going in with all your money on a trade with 20x leverage is the fastest way to a homeless shelter or a rehab and this guy is a living proof.

From the case here, it's not just about trading that ruined him, but alcohol and drugs that made him like that.
As for trading, I think he's just looking for excuses about the effects of alcohol and drugs that make him addicted.
technically things like this actually have no correlation but indeed I really agree with what you said even though it is indeed very far-fetched but trading is not for stupid people

This is the reason why everyone can do trading but trading itself is not meant for everyone. And being stupid as you've said will never succeed in trading. But in the case of Steven, its not surprising really because he is addicted into drugs and alcohol so we cannot expect that he can do more good in trading, even if he's good enough in the past. And to think that he doesn't have any access on his wallet address, well he must be some kind of a trader who don't have any focus that's why he lost everything in crypto.

[JazzOne]

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

that is why it is suggested to do money management. Without money management, you will only lose in crypto.

[Alisha-k]

He had already mentioned the cause of his problems, why bring crypto currency into the picture??
His addiction to drugs and alcohol ruined his chances of hitting it big, I just wish he'll learn his lessons the hard way and retrace his steps, it's never too late

[sarmrakib]

He is just shared his thought how could we become sure that he knows everything properly and after that lost everything .We all know that gambling can make you addicted but who will believe that trading can make you addicted .We all know that trading is a tough way to earn but really possible to control yourself .Its true that if you don't have the knowledge behind trading you may loose your fund like he has .I always suggest to ignore gambling and also suggest to study before enter on the market .I think we all need to take lesson from him that we need to more aware on that and control our mind from everything.

[Botnake]

He is just shared his thought how could we become sure that he knows everything properly and after that lost everything .We all know that gambling can make you addicted but who will believe that trading can make you addicted .We all know that trading is a tough way to earn but really possible to control yourself .Its true that if you don't have the knowledge behind trading you may loose your fund like he has .I always suggest to ignore gambling and also suggest to study before enter on the market .I think we all need to take lesson from him that we need to more aware on that and control our mind from everything.

Well, learning is still very possible in trading no matter how hard it is. But considering the cause of his lost, its not about gambling but because he lets himself addicted with drugs and alcohol that made himself a non functional trader. If you are still on your right thinking, why won't you lost access on your wallet address when you know you stored a lot of bitcoins in it? So probably, Steven is really out of his mind that he can't control himself anymore and ends up living a mess now because he even lost everything as a trader. But anyways, he is now in the process of healing and hopefully he will still recover his lost bitcoins.

[OgNasty]

A story as old as time.  I don't understand why people try to trade like it's a job.  Sure, sometimes opportunities present themselves and you can take advantage.  In order to do so though, you can't be 100% invested all the time.  Most traders think they're going to jump from coin to coin and ride some invisible wave to millions.  It just doesn't work like that.  That's why CZ is the richest person in crypto and the leveraged traders are liquidated by the billions.

There's a reason why we're all taught the story of the tortoise and the hair as children.  It applies to a great many things in life.  Most of all trading.  They say markets are a way for impatient people's money to flow to the patient, and I wholeheartedly believe that. 

I think probably everyone reading this would have been better off grabbing their bags and setting up some sort of interest or liquidity pair with them and leaving them alone, yet I know that a good % of people reading this will go out and trade on leverage again, thinking they know better.  All I can say is, RIP to your savings.

[randegibran]

we have very often seen the reality that is happening at this time where a lot of miners have lost everything because they are in the crypto world even though the last few years bitcoin investment is very promising where a lot of people become millionaires because they invest in bitcoin in the long term so that it is different from today, we have absolutely no idea why it could cause them to lose everything, is the crypto world less promising, we hope that this is only temporary and the digital currency will soar again as it has in the last few years

[kotajikikox]

we have very often seen the reality that is happening at this time where a lot of miners have lost everything because they are in the crypto world even though the last few years bitcoin investment is very promising where a lot of people become millionaires because they invest in bitcoin in the long term so that it is different from today, we have absolutely no idea why it could cause them to lose everything, is the crypto world less promising, we hope that this is only temporary and the digital currency will soar again as it has in the last few years

your comparison is wrong because if you are not greed enough in crypto then you will never experience such kind of losses like what OP mentioned above because the smaller profit you can take is the brightest and safest you can have in this market.

I have been seeing many friends and colleagues that whos trading with small target income and yes they are successful , because the only problem here is when you start seeking for high and high value of your trading and that will end being a loser , so stop greediness and you will benefit surely .

[rahmad2nd]

A story as old as time.  I don't understand why people try to trade like it's a job.  Sure, sometimes opportunities present themselves and you can take advantage.  In order to do so though, you can't be 100% invested all the time.  Most traders think they're going to jump from coin to coin and ride some invisible wave to millions.  It just doesn't work like that.  That's why CZ is the richest person in crypto and the leveraged traders are liquidated by the billions.

There's a reason why we're all taught the story of the tortoise and the hair as children.  It applies to a great many things in life.  Most of all trading.  They say markets are a way for impatient people's money to flow to the patient, and I wholeheartedly believe that. 

I think probably everyone reading this would have been better off grabbing their bags and setting up some sort of interest or liquidity pair with them and leaving them alone, yet I know that a good % of people reading this will go out and trade on leverage again, thinking they know better.  All I can say is, RIP to your savings.

I think depend how to secure assets and manage with skill trading, if any one not have any skill and without less knowledge how much  money deposit in cryptocurrency will gone. Before active as trader better have to know about market situation, every moment have whales make us panic selling coin in lower price. I think he loss more because can't manage how to be good trader, although many success trader ever loss but they keep hold and waiting for price back. Now trading is main job for many people and they not care with how many trader before loss assets because with trading easy how to earn profit depend entry buy and sell on right time.

[LUCKMCFLY]

we have very often seen the reality that is happening at this time where a lot of miners have lost everything because they are in the crypto world even though the last few years bitcoin investment is very promising where a lot of people become millionaires because they invest in bitcoin in the long term so that it is different from today, we have absolutely no idea why it could cause them to lose everything, is the crypto world less promising, we hope that this is only temporary and the digital currency will soar again as it has in the last few years

Well, it is that many who dedicated themselves to mining and gave up, it is obvious that they lost everything, I don't know if you remember an article by cointelegraph that indicated that the AntMiner9 mining machines were going to be obsolete, that they were thinking of throwing them away because they already it was not profitable for the miners, about 15 days later the price of BTC rose and those mining machines were reborn like the phoenix, so mining for me will never be something unprofitable, the price can go down, and even some machines always have to be maintained, but the cost per profit I think is still positive in terms of profit.

[jamkesmas]

this is not about losing everything but about how people control their emotions, everyone will lose anything if emotions are not controlled including family let alone crypto.

crypto won't take anything from us if we can control it. Crypto is where people do business in cyberspace. This is especially for people who have a business spirit, people who can control their passions, don't be tempted by money.
Crypto is business, Business is about feelings.

[9-planet]

Crypto is not Gamble, it depends on individual difference of making use of it as bitcoin is an digital currency and it can be used at any where, either in gambling platform or trading platform, as for the lost, man see it as gamble.