Man lost everything to Crypto

[Clochaard]

These kinds of things have become very common now-a-days. We need to be very careful and prefer crypto wallets that have multisig features to secure your cryptos.

[Osteoid]

It’s an important lesson that every trader must keep in mind. Just because you think that a certain strategy would work doesn’t mean that it will. You must keep patience and make sure that you don’t turn into a greedy trader who sees nothing other than profits. Control the way you trade by sticking to your trading strategy.

[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

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.

I don't understand when you say that trading is betting, because basically it's doing or taking a risk, but betting is having only one opportunity, you lose or win, in trading only when things don't go well and if you lose it is that person's decision to do it, I would not leave unless it was with the same money that I entered or on the contrary, with more money than normal, people sometimes confuse trading with betting or gambling and that is totally false, there are basic ignorance.

[gabbie2010]

Don't be greedy with crypto trading or investing. When you start trading or investing then you need to more patience. Cz every successful trader have more patience. Many trader lost their money their emotion.You need to control your emotion also.For newbie, You need to read more article books about trading.

The trader loss his investment in trading partly because he isn't yet an experience trader, trading without a Stop Loss as well as not Taking Profits appropriately due to greediness, I believe he was just trading blindly without any money management which is more or less like a gambler and in a bid to recover losses traded with emotions which culminated into more losses, this very common with newbies and inexperience traders mostly because majority refused to learn and a follow a clear route of becoming a successful trader via different resources especially Youtube, google e.t.c

[cloudfir3e]

It’s an important lesson that every trader must keep in mind. Just because you think that a certain strategy would work doesn’t mean that it will. You must keep patience and make sure that you don’t turn into a greedy trader who sees nothing other than profits. Control the way you trade by sticking to your trading strategy.

it's true I agree with you. a trader must be more careful in choosing and analyzing prices and crypto assets to be traded.

Many cases of losses, failures experienced by traders because of greed and not being able to manage emotions properly.
they do not think long to analyze or study the character of the purchased asset and see the history of price movements of the asset.

[QuoteColo_Sean]

He was addicted to the thrill. You cannot just dive into crypto without any knowledge about it. This man was a gambler, not a crypto genius. Be smart people.

[Masplanc]

He was too desperate to make earning, he should have know that trading is very risky and putting all the money you have in trading is not a guarantee to make profit in it, and if time is not taking if the market price falls it can happen to be the lose. Cryptocurrency is not scam , the mistake was from him.

[bestcoins1]

He was addicted to the thrill. You cannot just dive into crypto without any knowledge about it. This man was a gambler, not a crypto genius. Be smart people.

Whatever thing you want to do, it must always be balanced with mature knowledge because someone is often wrong in stepping when he doesn't have the knowledge to do the work he wants. So getting knowledge first is the main thing to think about before entering the crypto space or into other jobs that can be very profitable when done correctly.

[GeraldTucker]

Have a good understanding of the crypto market, study the cryptos and then invest in the potential coins. It is not gambling. Betting doesn’t require knowledge, it is just a mere anticipation.

[gunhell16]

This isn’t bad for someone with limited educational means. Unfortunately, Steven has lost virtually everything to his crypto addition, which he likened in a recent interview to a gambling addiction. He says, crypto, drugs, and alcohol ultimately took over his life, and now he’s trying hard to get back up.

In the beginning, Steven appeared to know what he was doing. He had a talent for crypto trading, but ultimately wound up losing the addresses of around five to ten bitcoins, which would be worth more than 300,000 pounds today. He doesn’t know where the addresses are and has no idea as to how to recover them. He says:

From what I read in the story of what happened to Steven, he did something negligent. I don't know if it happened that he forgot the address where he entered the 5-10 Bitcoins, that's a huge amount even if we say that the price is low at the moment. What is that, he forgot what private key, password, phrase? not clear how lost? because if it is said that he just forgot the address, it means that it is possible that his Bitcoins are not lost, they just can't be opened because he just forgot what address he entered.

Also, I do not agree that Crypto trading is the same as gambling, for me it is a big mistake because trading does not have different games that you can play and then in gambling you do not have on the other hand technical analysis, which is called versus trading, has already made the difference between them.

[boyptc]

Have a good understanding of the crypto market, study the cryptos and then invest in the potential coins. It is not gambling. Betting doesn’t require knowledge, it is just a mere anticipation.

I guess it's all about the risk that he said about gambling and both has it especially in trading which is higher.

From what I read in the story of what happened to Steven, he did something negligent. I don't know if it happened that he forgot the address where he entered the 5-10 Bitcoins, that's a huge amount even if we say that the price is low at the moment. What is that, he forgot what private key, password, phrase? not clear how lost? because if it is said that he just forgot the address, it means that it is possible that his Bitcoins are not lost, they just can't be opened because he just forgot what address he entered.

If he has already forgotten the private keys then his bitcoins are lost forever and can't be retrieved. But if by some lucky incident and he remembers it.

He can always take it back and import the keys again.

[yazher]

Have a good understanding of the crypto market, study the cryptos and then invest in the potential coins. It is not gambling. Betting doesn’t require knowledge, it is just a mere anticipation.

He just became addicted and sadly lost everything before he realized he made a huge wrong decision with his life. such a thing is hard to resist especially when you have all the means to do so because the more money you lost, the more you are eager to win it back and you end up spending more money to play than before. gambling addiction is really serious that's why you need to take the first step to heal yourself once you feel that you already exceeded the limit because if you go any further, the consequences will really hurt you. 

[dunfida]

Have a good understanding of the crypto market, study the cryptos and then invest in the potential coins. It is not gambling. Betting doesn’t require knowledge, it is just a mere anticipation.

He just became addicted and sadly lost everything before he realized he made a huge wrong decision with his life. such a thing is hard to resist especially when you have all the means to do so because the more money you lost, the more you are eager to win it back and you end up spending more money to play than before. gambling addiction is really serious that's why you need to take the first step to heal yourself once you feel that you already exceeded the limit because if you go any further, the consequences will really hurt you. 

Regret do always come at the end and its would never be happening ahead thats why you should be always be mindful in regarding with your actions whether it would give out positive effect or negative ones.

You should think twice or thrice before pushing your action if you do see that it would resulted on getting wrekt then you should avoid on doing that.On any investment then you should really be thinking that
everything does have risk thats why proper management would really be that crucial.Dont ever rush up things on making decisions because that would surely cost you.

Risk on the amount which you can afford to lose but ofcourse you should apply some strategic or plans for you to utilize yourself for making your investment to have potential.

[Dunamisx]

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.

Definitely one will make loss of bitcoins if the knowledge to trade or invest is not there for everyone to see and learn from, as i can see it, this does not applied only to bitcoin alone, other cryptocurrencies has the higher risk in this manners to make investor's to fry overnight, that's why when I see a gambler i pity them because all they have lost is more bigger than the winnings they have realized.

[Rigon]

In fact, if people invest in cryptocurrencies wisely, they will not lose much.What I want to say from my experience is that I invested in BNB at a very low price, even though it increased a lot at one time, but I did not sell there. But now he has returned to his previous position.So I mean, just for lack of experience, I'm going to lose my funds today.If I had sold at the highest price without greed, I would have made a lot of profit today.Therefore, it is better not to sit for a long time if it is profitable to sell after investing.

[Stacaato]

You have to be really careful while using and keeping your cryptocurrencies. Just because you have a feeling that something will turn out to be a good option doesn’t mean that it will. You must always analyse every possibility and ensure that you are not doing something that is beyond your understanding.

[CryptoHeadlineNews]

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

This is the very problem I have with most people who called themselves self trained crypto traders and enthusiast, as they all have this mindset that it will be hard for Bitcoin to go 10x or 20x again within a month or year, and as such choosing to go after Altcoins who  as tendency pumping in price so they could make profit and also risk of dumping in price too and you loss your funds, which makes trading Altcoins risky, especially Bitcoin/Altcoin pairs, which am sure that was what Mr.Steven did and lost over 5 to 10 bitcoin.
But thou it's profitable but also risky

[Fireebrand]

You need to put a limit to how you trade and how you want to move forward. The market doesn’t put conditions on how you should trade. It’s you who has to see what you can afford to lose and plan your moves accordingly. Nothing comes naturally and you will have to decide all that you want to do.

[yazher]

You need to put a limit to how you trade and how you want to move forward. The market doesn’t put conditions on how you should trade. It’s you who has to see what you can afford to lose and plan your moves accordingly. Nothing comes naturally and you will have to decide all that you want to do.

That's why we need to consider setting up some limits to our habits because when money involves, all our limbs will feel the pain if something is not right will happen. What I mean is, that we will suffer some mental illness where we became so anxious that all we think is how we gonna get back what we have lost. Therefore, this kind of story should motivate us cause no matter how lucky we are in our life, there comes a time when we face some trouble especially when trading and the crypto market nowadays are not looking good, and to chill up a little bit is a must whenever we feel the day is not for us.

[sensimilia]

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.

Cryptocurrency is a very fast changing and uncertain market. Anything is possible at any time. Especially new traders who invest in it without realizing it are at a loss. If you don't have a detailed idea about this and trade without market research, the chances of loss are high. If you trade without realizing it, you see some gains at a time, but then they don't last.