Man lost everything to Crypto

[Japinat]

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.

With trading, it's always associated with profits so its hard for traders not to be tempted with money. Since money is always the driving force of a trader so he can give his very best. But from OP's story, Steven has been overwhelmed with his profits so his addiction for crypto becomes unreasonable. He started to be uncontrollable. He even treats trading as gambling when in fact they're different. Gambling gives us more losses than gains, while trading has higher chances to make profits particularly if you can manage the risk and you are trading with high potentials coins.

[Sled]

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.

The market seems to change and the competition is getting tougher almost every day which makes some people diversify their investment and sometimes going to sacrifice themselves for something. The huge expenses of mining while getting a small profit gives them a reason to give up. Well, people had to look an opportunity to the other areas and it was to see that investing/buying potential coins are meant good for now, not mining.

[uneng]

It looks like "man lost everything to his addictions" would fit better as the title of these news. Of course crypto investments are risky and it's possible to lose money if you pick the wrong coins or sell them at the wrong time, but it doesn't mean people are going to lose everything because of a bad move, exclusively.

Since he lost all he had I suppose it has something to do with his behavior, mindset, methods, strategies (or the lack of them) when investing, and not with his luck or crypto market itself. I just feel sad because news like this discourage average people to try experimenting cryptocurrency, as they imagine the same is going to happen to them, so they are going to lose everything as well.

[ReiMomo]

It looks like "man lost everything to his addictions" would fit better as the title of these news. Of course crypto investments are risky and it's possible to lose money if you pick the wrong coins or sell them at the wrong time, but it doesn't mean people are going to lose everything because of a bad move, exclusively.

Since he lost all he had I suppose it has something to do with his behavior, mindset, methods, strategies (or the lack of them) when investing, and not with his luck or crypto market itself. I just feel sad because news like this discourage average people to try experimenting cryptocurrency, as they imagine the same is going to happen to them, so they are going to lose everything as well.

Its an addiction and he was litterally addicted. When one is not in control of himself, he is addicted to it. People who have earned profits and have more confidence on Crypto often tend to fall into it. But many set limits to themselves in either investing or spending time on crypto. Yes all are behind money, and yes money is indeed needed. But need to take care of our health as well. A lovely platform to learn and earn money. Lets use it to the extend we need.

[Ziskinberg]

That's what happened when you are not focused with trading, we all know it's risky but having drugs and alcohol while trading will certainly destroy your game plan and you won't be able to concentrate on what you are doing.

1-5 bitcoin is a huge amount, a person will find it hard to recover losing that amount especially if it's been consistent due to some management problem. What we need is discipline in order to focus on what we are doing, it's not addictive if you treat it like a job that you need to work hard and smart in order for you to succeed.

[TinaK]

That's what happened when you are not focused with trading, we all know it's risky but having drugs and alcohol while trading will certainly destroy your game plan and you won't be able to concentrate on what you are doing.

That's a sad story and why bitcoin or crypto has been part of alcohol and drugs which is they are not relatively close. Bitcoin is a financial system that needs a focus, it's an investment that seriously needs knowledge and skills in order to become a trader. Crypto is not like a drug and alcohol that can be addicted quickly and I don't think that man should be blamed here because he is addicted to drugs and alcohol he gets lost all his portfolio.

I am sure this man was chasing his loss in order to sustain his alcohol and drugs and now he cants able to do that matter he lost everything

[dunfida]

It looks like "man lost everything to his addictions" would fit better as the title of these news. Of course crypto investments are risky and it's possible to lose money if you pick the wrong coins or sell them at the wrong time, but it doesn't mean people are going to lose everything because of a bad move, exclusively.

Since he lost all he had I suppose it has something to do with his behavior, mindset, methods, strategies (or the lack of them) when investing, and not with his luck or crypto market itself. I just feel sad because news like this discourage average people to try experimenting cryptocurrency, as they imagine the same is going to happen to them, so they are going to lose everything as well.

Its an addiction and he was litterally addicted. When one is not in control of himself, he is addicted to it. People who have earned profits and have more confidence on Crypto often tend to fall into it. But many set limits to themselves in either investing or spending time on crypto. Yes all are behind money, and yes money is indeed needed. But need to take care of our health as well. A lovely platform to learn and earn money. Lets use it to the extend we need.

You should really put up some limits no matter what even if you do consider up yourself to be a pro or experience then it would be still sensible that you would really be setting up some limits because we know that

the market is totally unpredictable and if you do make money earlier but doesnt mean that you would earn profits on future trades to come.This is why everything should be on limit and in control.

if you do put yourself into that addicted mode then self control would be needed even though it wont be that simple but it could really be done.

[Obito]

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.

Well, the decision was a gamble though and it didn't pay off so the man ends up losing everything. Investing is closely related to gambling although you can easily make sure that you're going to win your investments rather than in gambling where most of the time, you rely on where the number lands and hopes that it's your number.

[andriarto]

Learning how to trade properly is not easy, and we must be able to communicate with ourselves. therefore there is no term to finish studying. of course there is something wrong with him to spend his money, because many people also make trading as a support for their lives, why can't we look in the mirror from them, I think he has a bad mentality so he slumps

[bitterguy28]

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

No one can be blamed from His own stupidity , it is His own Mistake and not by anyone .

Addicted to trading is like addicted to gambling , so one wrong decision will bring you down hard and that is what happened to the mentioned guy.

I hope that we will all use this as reference for our own crypto dealings to never become addicted in any ways.

[lenovop-70]

I'm sorry with what happened to the poor guy in the article above, and I think that's how it is, if someone with a gambler mentality enters the world of trading. So it should be underlined first that we the traders are not gamblers, we are full of calculations in our steps, have relevant data based on facts, and do not act based on speculation like gamblers in general.
Also, a professional trader never makes large purchases in one type of coin, in essence, we break down risk into stages and types of purchases in each transaction, so, we are definitely not gamblers under the guise of traders.

[virasog]

I'm sorry with what happened to the poor guy in the article above, and I think that's how it is, if someone with a gambler mentality enters the world of trading. So it should be underlined first that we the traders are not gamblers, we are full of calculations in our steps, have relevant data based on facts, and do not act based on speculation like gamblers in general.
Also, a professional trader never makes large purchases in one type of coin, in essence, we break down risk into stages and types of purchases in each transaction, so, we are definitely not gamblers under the guise of traders.

Crypto trading or investing is not gambling. If anyone treats crypto as gambling then it is their fault and they will have to face the consequences.
People think that they will make millions in crypto overnight and whoever come into crypto with this mindset, it's obvious that he/she will lose the money.
Crypto trading is a proper skill and if anyone does it without learning, then he will only lose money.

[cryptobuyclub]

Gambling while trading crypto is the worst thing anyone can imagine.
Its like Risk*100

[goldkingcoiner]

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

Im not quite sure what to make of this story. He lost his addresses? Or he made bad trades? Because if he is a good trader who just lost his addresses, that does not really say much about him having an addiction problem. But from the context of the story I am guessing he made bad trades that lost him those addresses?

A bit confusing, however either way it just goes to show that anything can be addicting and anything can lead you to make bad, emotional mistakes.

Except if you hodl. Hodling is the way to go, in my eyes.

[DanWalker]

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.

Lol, this is how noobs are expelled from trading. foolishness makes you overconfident, and overconfidence makes you insane.
There is a great saying that Grapes are Sour,,  

Without the proper knowledge, any action is harmful, not only trading.
Where the pro-trader is struggling to speculate & estimate the market movement, he is claiming to be a trader with only two days of trading, how funny is that.

[e_abrams]

Trading becomes gambling when one doesn't know what they are doing. It takes a lot of knowledge to trade successfully. And if this unfortunate person was mixed up with drugs, I don't think cryptos were the reason for his downfall.

[doomloop]

Crypto trading or investing is not gambling. If anyone treats crypto as gambling then it is their fault and they will have to face the consequences.
People think that they will make millions in crypto overnight and whoever come into crypto with this mindset, it's obvious that he/she will lose the money.
Crypto trading is a proper skill and if anyone does it without learning, then he will only lose money.

I think they are still considered as gambling because there is a money at risk and they also require some luck because there are no accurate predictions in crypto but investing and trading are obviously better compare to the literal gambling because it is possible to recover on here as long as you are patient enough.

People that have an easy money mentality are the ones that treats gambling as a money making machine and not a tool to make them entertained this makes them loose more, same thing can happen to them in crypto if they carry that kind of mentality in here. In order to be rich one must face the struggle first to learn and improve.

[Hamphser]

Trading becomes gambling when one doesn't know what they are doing. It takes a lot of knowledge to trade successfully. And if this unfortunate person was mixed up with drugs, I don't think cryptos were the reason for his downfall.

We know that if you do deal up with drugs then it would really be just normal that you would really be on a certain state on which you couldnt really think off well or generally speaking to be on your own self.

This is why its not really good on dealing up something when you are influenced by something and drugs isnt something that could really be removed out easily and trading does need lots of focus
and knowledge for you to sustain out.If you do trade but you are having some drug problems then i could say that this is the root of all problems.

[Maestro75]

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.

His addiction to what he felt were his enjoyment ended up destroying him and no one should blame anything for that. It is his fate and he should face it. How do people become reckless with substance and at the same time go into trading and investment. Anyone who does that would not be able to do all with clear and calculated attempts and that will result in many mistakes. That is what destroyed him. Next time he will learn not to, that is if he survives this.

[acener]

Not really shocking or at least new to me,
Remember that this is an investment and there's always a risk,
This isn't the first time that an investor lost everything due to their greediness and I am sure that it won't be the last.