Don't be like me

[5W-KILO]

The biggest mistake Ive ever made with crypto was I took a 1200$ loan in 4th quarter of 2021to invest in a meme coin that later tanked down to 70% loss, I was deluded with 100k BTC by December and also the beginning of a bigger altcoin season, I wish I listened to some advices on here instead of relying on some crazy youtubers, my own crypto journey started with huge loss i hope I will make them back some day, if you are new to crypto do not take me step.

[Charles-Tim]

There is nothing bad to borrow if you are a working class and will have no isssue to pay in time, or if you have other means to pay. But if you borrow and not having any means to pay back is when something is wrong.

You bought memecoin? So sorry. It will be bad if the memcoin do not reach all-time-high ever again or if it remain as shitcoin or later become dead.

If you have bought bitcoin, you can still just hold it for years, all-time-high will again be possible.

[Daniel91]

I'm sorry about what happened to you.
The crypto industry is very risky and you really need to be very careful and know what you are doing.
In fact, any investment of money, in any business, such as Forex, MLM, stock market shares, starting a business is always risky and you should never invest more money than what you can afford to lose.
If it can comfort you, I’ve lost money many times over because of my misjudgments and lack of experience, as have many other people, but I’ve learned from my mistakes and moved on. I advise you to do the same.

[Psycopyro]

I really hope for you you can refund your loan.
The motto "invest what you can afford to lose" can also been seen as what happen if my investment go to zero, can I mentally withstand that lost and continue my life as it was.

[hatshepsut93]

You can also get bad advice here. For example, people here very often tell to buy the dip every time Bitcoin's price drops, even if there's a possibility of a long bear market. The reality is, trading is not easy, no one actually has any idea where the market goes, and the best strategy is to buy the asset that will perform well in long term and wait. So, stick to Bitcoin and HODL.

[acroman08]

never trust a meme coin. on the bright side, you can take this incident as a lesson and become better next time.

I wish I listened to some advices on here instead of relying on some crazy youtubers, my own crypto journey started with huge loss i hope I will make them back some day, if you are new to crypto do not take me step.

that's why it is always best to do your own research instead of completely relying on what someone says. these youtubers have their own agenda and helping the people who watch them is not always on their priority list.

[Darker45]

There is nothing bad to borrow if you are a working class and will have no isssue to pay in time, or if you have other means to pay. But if you borrow and not having any means to pay back is when something is wrong.

If you mean to say that OP would have been doing the right thing had he borrowed money to invest in Bitcoin and not in a meme coin, I beg to disagree. This is my personal opinion. I think it is not really prudent for somebody to borrow money in order to invest. There is no investment that is risk-free and I guess it is unwise to risk borrowed money. You can risk your savings, yes, but not even all of it. If you don't have money, earn it first. Think of investment later.

[Lucius]

The biggest mistake Ive ever made with crypto was I took a 1200$ loan in 4th quarter of 2021to invest in a xxx coin that later tanked down to 70% loss...

Never invest money you are not willing to lose, and never borrow money for risky investments - it is nothing but ordinary gambling. You could take that $1200, go to the casino and play roulette or blackjack, the chance is always on the side of the house - but maybe luck would smile on you that day.

Besides, reading your posts, one caught my attention, and it seems that the good old greed cost you a profit, you just needed to sell a lot sooner and be happy with less profit.

My greatest regret in 2021 is failing to take profits I made alot but failed to remove my gains later I lost it all, my advice to everyone is be on watch out for beat market this bull market have been around for too long now, all I'm expecting is a bull trap and a huge reversal so take profits in this crucial season

This is an important life lesson for you, and it's better to have learned it for $1200 than for a larger amount. For consolation, you haven’t actually lost anything if you don’t sell that coin now, but the question is whether and when its value will increase again.

[Charles-Tim]

If you mean to say that OP would have been doing the right thing had he borrowed money to invest in Bitcoin and not in a meme coin, I beg to disagree.

Some memecoins are worthless and not worth investing was what I meant, example is the Wakanda Inu, some people could have borrowed money all because of Wakanda Inu, thinking it will increase like Shiba Inu. Thinking Wakanda Inu will do bigger, but the opposite is what happened. There are thousands of altcoins and many of them are risky, that was what I meant. I will prefer to invest in a coin that I know all-time-high is most likely guaranteed, that was the reason I chose bitcoin. Some people are smiling as they make big profit from memecoins, but some of the memecoins are very risky, what I hate the most is if the coin never reach all-time-high again.

[Yamifoud]

The biggest mistake Ive ever made with crypto was I took a 1200$ loan in 4th quarter of 2021to invest in a meme coin that later tanked down to 70% loss, I was deluded with 100k BTC by December and also the beginning of a bigger altcoin season, I wish I listened to some advices on here instead of relying on some crazy youtubers, my own crypto journey started with huge loss i hope I will make them back some day, if you are new to crypto do not take me step.

Some had a good experience in meme coins and even make more profit as they were able to ride the hype but those who come and invest late, are those who suffer losses, and that was likely you did.
I fought people not to borrow money for no reason but investing seems to be a reasonable thing but you have made it wrong and fallen into illusion and greed. What I mean is that you have been fooled by these mem coins who promise huge rewards but sadly, it was a big opposite happens to you.

[examplens]

The biggest mistake Ive ever made with crypto was I took a 1200$ loan in 4th quarter of 2021to invest in a meme coin that later tanked down to 70% loss, I was deluded with 100k BTC by December and also the beginning of a bigger altcoin season, I wish I listened to some advices on here instead of relying on some crazy youtubers, my own crypto journey started with huge loss i hope I will make them back some day, if you are new to crypto do not take me step.

I'm curious when you bought that coin has there perhaps been a moment where its value has gone enough to cover credit, interest and some extra earnings for you?
If your answer is yes, then you're probably just too greedy and even if you had made a profit, you would surely have continued to invest until another great loss occurred. of course, the finger trigger is much easier if you spend "someone else's" money.
if from the beginning that coin only goes down, you need to think about your assessment and in the future keep in mind that you do not have the skill for such assessments.

[NeuroticFish]

The biggest mistake Ive ever made with crypto was I took a 1200$ loan in 4th quarter of 2021to invest in a meme coin that later tanked down to 70% loss, I was deluded with 100k BTC by December and also the beginning of a bigger altcoin season, I wish I listened to some advices on here instead of relying on some crazy youtubers, my own crypto journey started with huge loss i hope I will make them back some day, if you are new to crypto do not take me step.

You made a lot of mistakes:

1. You invested more you'd afford to lose (even worse, borrowed money)
2. You invested driven by FOMO.
3. You didn't check the project thoroughly before investing (it could even have helped you "cool down" from that FOMO)
4. You have jumped in without having an overview on how crypto markets go (like for example many small projects are just short-lived pump and dump coins). Greed with no knowledge make FOMO even worse.

It's a costly lesson, but I've seen (heard of) worse. Take it as a lesson, learn even more and maybe someday you'll look back and smile thinking on how difficult your journey has started.

[sovie]

The biggest mistake Ive ever made with crypto was I took a 1200$ loan in 4th quarter of 2021to invest in a meme coin that later tanked down to 70% loss, I was deluded with 100k BTC by December and also the beginning of a bigger altcoin season, I wish I listened to some advices on here instead of relying on some crazy youtubers, my own crypto journey started with huge loss i hope I will make them back some day, if you are new to crypto do not take me step.

Unfortunately, you acted as if you were playing roulette in a casino. Meme coins are purely speculative cryptocurrencies behind which there is no product and its price is mainly created by marketing. $1200 is not an amount that will put you in debt for a long time, so you are lucky that this lesson cost you "only" that much. If you spend more time educating yourself about investing and doing research of projects, which is fundamental analysis, I'm sure you'll get your money back sooner than you think.

[BernyJB]

5W-KILO: you didn't make a mistake. You learned, and it came at a cost. Sorry that happened to you, but it's in the past. Start looking forward.

I advised on anther thread not to ever get discouraged. If you quit, you made a mistake. if you keep going, it was just a learning experience. Keep at it.

Remember the first rule of investing: "Don't invest what you can't lose".
You don't need 1200 bucks to start investing in crypto, you can start with 10 bucks. I started with 5. Just don't wait. Get your 5 or 10 bucks (or whatever you can get without getting a loan, and start moving!

[Alisha-k]

There is nothing bad to borrow if you are a working class and will have no isssue to pay in time, or if you have other means to pay. But if you borrow and not having any means to pay back is when something is wrong.

You bought memecoin? So sorry. It will be bad if the memcoin do not reach all-time-high ever again or if it remain as shitcoin or later become dead.

If you have bought bitcoin, you can still just hold it for years, all-time-high will again be possible.

Taking a loan to invest is similar to gambling. It can't be advised nor encouraged remember as a working class you depend on your salary for survival. I would rather encourage taking from the salary you received to invest maybe a certain quarter so that if the investment doesn't go the bullish direction there is always something to fall back on. Crypto investment is never a guaranteed investment so therefore one has to be meticulous about how the go about their investments

[CryptoATM]

I don't bother telling newbies to do research using google anymore because sometimes Google will lead them to crypto YouTubers, now I tell them to start their journey on bitcointalk by using bitcointalk search engine, I'm sorry for your loss OP but honestly it's not over you've learned and that's all that matters.

[nurilham]

Investing in crypto is risky and I can feel it. If we make a wrong step then our assets are at stake. In my opinion, it would be better if you want to start investing in crypto, so we choose to invest in coins that are trusted, especially if the capital that we spend is also big, it is too risky to invest in meme coins, especially for a beginner. Maybe this can be a lesson in the future so don't be too hasty and it's also better to start investing in trusted coins and top spots where it will be much safer and the prospects are also better.

[NeuroticFish]

Taking a loan to invest is similar to gambling.

It depends greatly how the loan is also used and how can it be paid back. Clearly taking a loan for investing into crypto is dangerous and in most of the cases not a god idea. Still, many companies develop on debt/loans, people buy houses and cars with loaned money... actually with fiat hit by inflation it can even be a somewhat good business sometimes.

So it's similar to gambling only at the extent the many (wrongly) see crypto trading in a pretty much similar way as gambling. Unfortunately some even consider themselves traders.

[Darker45]

If you mean to say that OP would have been doing the right thing had he borrowed money to invest in Bitcoin and not in a meme coin, I beg to disagree.

Some memecoins are worthless and not worth investing was what I meant, example is the Wakanda Inu, some people could have borrowed money all because of Wakanda Inu, thinking it will increase like Shiba Inu. Thinking Wakanda Inu will do bigger, but the opposite is what happened. There are thousands of altcoins and many of them are risky, that was what I meant. I will prefer to invest in a coin that I know all-time-high is most likely guaranteed, that was the reason I chose bitcoin. Some people are smiling as they make big profit from memecoins, but some of the memecoins are very risky, what I hate the most is if the coin never reach all-time-high again.

What I meant to say is that even if OP borrowed money for buying Bitcoin, it wasn't a wise decision. Only borrow money when the situation calls for it. I know that even billionaire companies take loans, but it is going to be a very different case for an individual who did not even manage to make enough savings for buying Bitcoin.

Bitcoin's price could remain low for years. It is possible that one's Bitcoin investment does not yield any ROI for years. What will happen if a person who does not have savings and borrowed money to buy Bitcoin suddenly lost his/her job? Or what if an emergency arises all of a sudden?  What is he/she gonna do? Sell his/her Bitcoin at a loss? Loan more?

[traderethereum]

The biggest mistake Ive ever made with crypto was I took a 1200$ loan in 4th quarter of 2021to invest in a meme coin that later tanked down to 70% loss, I was deluded with 100k BTC by December and also the beginning of a bigger altcoin season, I wish I listened to some advices on here instead of relying on some crazy youtubers, my own crypto journey started with huge loss i hope I will make them back some day, if you are new to crypto do not take me step.

Relying on other people is a big mistake in any business, especially using your money because you need to be responsible for every decision you make.
You can hear or read other people's suggestions but behind that, you still need research to find more info so you can decide which you think is the best for you.
If you can sell a meme coin at the right time, you are making a profit because from 2021 to early 2022, you have a good time to sell all the meme coins and take profit but that depends on the coins.
I am sure you still have a chance to recover slowly from your losses but you need to work step by step because the market will be back to normal and will have time to rise again.