Man lost everything to Crypto

[BITCOIN4X]

He trained himself to be a trader but missed out on one of the most important aspects of crypto-trading, emotional intelligence. To a degree trading is like gambling. If we consider the neurobiological processes that comes into play. When you are winning in gambling a lot of dopamine is being released and it makes you feel good and happy. It is the same process that takes place when you are making profit in crypto-trading. You feel good. You feel happy. And you always want to feel that way isn't it? So you return to it and throw caution to the wind especially when you are low in emotional intelligence and then you lose.

I don't think that person has gambled with bitcoin and its trading. He will never lose anything if you understand how the story series is made. I think he couldn't have access to his wallet which was a fatal mistake and it has cost the guy 5-10 bitcoin. Darker45 has explained it well, you shouldn't just read the title to reply.

[dragonvslinux]

He trained himself to be a trader but missed out on one of the most important aspects of crypto-trading, emotional intelligence. To a degree trading is like gambling. If we consider the neurobiological processes that comes into play. When you are winning in gambling a lot of dopamine is being released and it makes you feel good and happy. It is the same process that takes place when you are making profit in crypto-trading. You feel good. You feel happy. And you always want to feel that way isn't it? So you return to it and throw caution to the wind especially when you are low in emotional intelligence and then you lose.

I don't think that person has gambled with bitcoin and its trading. He will never lose anything if you understand how the story series is made. I think he couldn't have access to his wallet which was a fatal mistake and it has cost the guy 5-10 bitcoin. Darker45 has explained it well, you shouldn't just read the title to reply.

My thoughts exactly after reading this article. The fact he lost his private keys or seed phrase was the only issue here, not some gambling addiction. The fact he ended up in a crypto rehabilitation centre was no doubt due to the depression of losing of Bitcoin that he had worked hard to acquire, rather than poor trading. Sounds like he was doing ok until he lost of assets. There's no talk of any degen leverage plays.

He doesn’t know where the addresses are and has no idea as to how to recover them.

If anything it sounds like he wants to blame his addiction to trading (whether successful or not) to simply losing his Bitcoin. The media simply ran with it, as it was an interview.

[virasisog]

He trained himself to be a trader but missed out on one of the most important aspects of crypto-trading, emotional intelligence. To a degree trading is like gambling. If we consider the neurobiological processes that comes into play. When you are winning in gambling a lot of dopamine is being released and it makes you feel good and happy. It is the same process that takes place when you are making profit in crypto-trading. You feel good. You feel happy. And you always want to feel that way isn't it? So you return to it and throw caution to the wind especially when you are low in emotional intelligence and then you lose.

He mishandled his emotions which is really needed in trading. You could possibly lose everything if you are not aware of its risks. Crypto investment needs a long process of learning and research. There are also basic strategies that you have to apply and you must be skeptical in picking coins to invest with. Too much greed will occur if you can't handle your emotions right. You should still know your limits and handle your finances wisely.

[D ltr]

Most lost comes from wrong investment tho and lot of taxes that's why I see IRS as a better avenue because it pays investors in USDT when they hold$IRS instead of knocking on your door collecting tax . IRS is funding a world wide space program so we can all go to the moon

what is the IRS?
I don't think we can avoid taxes if crypto has been recognized by the government, especially now that many countries are taking advantage of the proceeds from selling crypto from existing local exchanges.

[shogun47]

The activities of this guy are like gambler. Gamblers often drink alcohol and take drug in his body. Because at some point big loss destroys their humanity. Which forces them to take drugs. This makes them forget about that loss for a while. Which has happened to this guy and has caused a great loss of his life for his Addiction.

Nobody is forcing anyone to do anything. I believe that everyone has the power of choice. You always have at least two options, no matter how much you lost in life. Think about disabled people.. they could just as well indulge into alcohol and/or drugs to cope with their suffering, but yet many of them are grateful for still being alive and try to make the best of it.

This is exactly why not only gamblers, but a lot of traders should seek psychological advice. The emotional and psychological part of trading is underemphasized.

Certainly a good point you brought up and it might be applicable to a certain degree. In markets there is also behavioral economics. It is a bout herd behavior, about trust relationships, manipulation and public influence (see Elon Musk with DOGE on Twitter). If you are new to the game it is really hard to discern what is true, and what is not. And even then you might be better off following what is not true because it seems to better be resonating with the masses. Markets are a tough playing field. To an extent it counts more what all people around you do compared to what you would personally do. Kind of sad but I think it is the reality we have to deal with to a certain degree.

[Ale88]

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 can say I'm sorry for this Steven guy but I don't understand why his story should be relevant in any way. Every day there are people who are ruined because of wrong or poor life choices, it's sad to say but they won't be the last. Unless the point of this thread is that this kind of things happen just because of the cryptos...

[sklopan]

Frankly, I do not agree with this interpretation. As soon as the price falls, everyone immediately starts talking about losses. My question is the following - why are they silent when cryptocurrencies grow? After all, quite recently there was an increase almost twice.

[Vaskiy]

Any irresponsible moves are meant to met with equal disasters. NO one can save a mank drunk, drugged and loaded with money. Its a choice, make bitcoin a investment or gamble as you like.

Here the person involved into trading could've turned himself to be successful. In between he have got addicted to drug, alcohol which is the turning point in his trading life. As said the person have chosen the wrong choice, if not such a massive loss might've not taken place.

[cheezcarls]

So his mindset was gambling and not treating it as investment. Plus I assume that he doesn’t know how to manage risks and isn’t knowing how to put an amount that he can afford losing. So it’s like he’s going all-in or put all of his savings into crypto trading without equipped himself with knowledge in managing his risks.

I feel sorry for that guy though. He’s not alone, as there are so many cases where traders losing a lot of money are ended up either depressed, committint suicide, rehabilitation, robberies, etc.

[tjtonmoy]

It's all about how you approach and what you are doing. People are gambling all over the world. If there wasn't any crypto, people will find another way to get into this. He made crypto his way of gambling. Others who doesn't know about crypto, they are spending cash. That's all.

[minime0105]

If I should say my view concerning cryptocurrency no trader or nobody that invest in cryptocurrency is hundred percent sure of the money anything that occurs digitally does not be sure to the owner, cryptocurrency investment or trading investment say something of  so anyone who is opportune to have benefits or profit will like to take another take or so I believe that any investment is that determine for risk.

[EdenHazard]

He trained himself to be a trader but missed out on one of the most important aspects of crypto-trading, emotional intelligence. To a degree trading is like gambling. If we consider the neurobiological processes that comes into play. When you are winning in gambling a lot of dopamine is being released and it makes you feel good and happy. It is the same process that takes place when you are making profit in crypto-trading. You feel good. You feel happy. And you always want to feel that way isn't it? So you return to it and throw caution to the wind especially when you are low in emotional intelligence and then you lose.

Well said.

As the crypto popularity spike high in elon musk crypto tweet shit era. A lot of newcomers throwing their own money into crypto business form mostly into trading and doing it randomly which in the end make it more to gambling instead of real trading practice, pretty misery situation and plenty cases like this popping up everyday even till now.
Im not surprised at all though.

[danadc]

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

A person, no matter how expert they consider themselves, cannot be 100% confident with what they know because there will always be factors or details that can change any panorama and if they have a minimal flaw out there, everything can collapse, the person who lost everything It's because I had a lot of irresponsibility, if I have money I don't put it all to one thing, I think it's best to put the money in different things that generate it, in other investments, because no matter how perfect the movements are made, it can fail any system.

[shogun47]

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

A person, no matter how expert they consider themselves, cannot be 100% confident with what they know because there will always be factors or details that can change any panorama and if they have a minimal flaw out there, everything can collapse, the person who lost everything It's because I had a lot of irresponsibility, if I have money I don't put it all to one thing, I think it's best to put the money in different things that generate it, in other investments, because no matter how perfect the movements are made, it can fail any system.

There are also so many unforeseeable events that nobody can take into account when making a decision. Think about how many people were now surprised by the war and are in total shock because their business goes down the drain. The inflation also has something to do with crypto prices dropping as people have less money in their pockets to put into savings/investments. It is more about buying existential stuff like food and medicine and heating/electricity these days. Still though he is not the first one who lost it all. There are a couple of those stories.

[budz0425]

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

Very sad story, that is why we have to keep safe all information about our wallets. personally, I do write in a notebook all my secret phrases, key phrases, and all password of my crypto wallet. incase of an emergency I can still get back to my account and my asset. hopefully, this guy will recover from emotional damage.

[Easteregg69]

Good morning. First day in the rest of your life.

If everything arises from the moment then it can't really be your fault.

[Easteregg69]

Any irresponsible moves are meant to met with equal disasters. NO one can save a mank drunk, drugged and loaded with money. Its a choice, make bitcoin a investment or gamble as you like.

What you could do is put on your beerhat and join the party.

[AicecreaME]

So his mindset was gambling and not treating it as investment. Plus I assume that he doesn’t know how to manage risks and isn’t knowing how to put an amount that he can afford losing. So it’s like he’s going all-in or put all of his savings into crypto trading without equipped himself with knowledge in managing his risks.

I feel sorry for that guy though. He’s not alone, as there are so many cases where traders losing a lot of money are ended up either depressed, committint suicide, rehabilitation, robberies, etc.

I agree with you. Some people don't really just know how to do risk management and budget their funds accordingly which is the reason why most gamblers get addicted in gambling. Some people don't know how to set boundaries and do not have the necessary self-discipline in order for them to know when to stop and when to continue playing. I guess this is one of the unfortunate reasons why some become so dependent in gambling even though it will cost them to go bankrupt and even have pile of debts in the long run.

It's really necessary and important to be mentally prepared before entering gambling whether it may be in the form of playing or investing. Because it has its risks and strategies and techniques are essential to survive and have profit over time. Winning and losing are normal occurrence in gambling, but we can minimize losses if someone is educated enough about something.

[kamvreto]

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

Very sad story, that is why we have to keep safe all information about our wallets. personally, I do write in a notebook all my secret phrases, key phrases, and all password of my crypto wallet. incase of an emergency I can still get back to my account and my asset. hopefully, this guy will recover from emotional damage.

The notebook will still be damaged, you need to keep it in a better place so that it lasts longer and only you and the people you trust can access it.
The story told by OP is sad indeed, his life was ruined due to a bad lifestyle, became a disaster because he lost access to his wallet.
His psychology has been disrupted and it takes time to recover.

[Coin BTC]

really depends on the choice, there will be a loss if the choice prefers to risk rather than this investment is very appropriate with the topic statement. and I think it will only happen and will be chosen by people who have no knowledge or are (stupid).