Don't be like me

[Lucius]

Stay away from youtubers, articles, media - they add nothing useful.

I wouldn't generalize like that, there are good articles and videos worth watching, but given the huge amount of media garbage (because everyone thinks they can be journalists, bloggers, or whatever) it's hard to find quality content. The average person who makes some investments must be informed, and if he lives in a complete blockade of the media, he will surely do himself more harm than good.

Those who knew how to sift through useful and important information last year could have predicted in some way that there would be a global market downturn, and react to it before it happened. There are also people on this forum who used the last ATH to their advantage, sold part of the BTC and then used it for good purposes - unlike those who waited for $100k.

[Mpamaegbu]

I bet that many newbies will read your warning, "Don't be like me" and still go ahead to make the same mistake as you did. A lot of peeps want it hot and quick. They feel those who are conservative are unnecessarily so. I'm inclined to thinking that most people like to make their own mistakes and then learn from it than learning from the mistakes of others. Again, going forward, always remember that in cryptos there's nothing certain. It's all speculative and that's why the caveat of people not investing more than they can afford to lose always comes in.

[Luzin]

Again, going forward, always remember that in cryptos there's nothing certain. It's all speculative and that's why the caveat of people not investing more than they can afford to lose always comes in.

In my local forum there is a thread similar to this discussion. I always follow him and respond. From that discussion I get that most do not agree if trading using bank loan money. The problem is there are many risks to be borne, bank installment returns, emotional levels, uncomfortable in trading because there must be a profit target.
Although I also think not everyone also loses because of the trade using borrowed money from the Bank. But most will have different pressures that have an effect in making decisions when trading. 

[Taskford]

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.

Don't expect on a youtuber since they do everything just to hype up for views and for marketing of the coins they are promoting so its really better to listen on what majority thinks especially here in forum where people have freedom to speak what's on their mind and for sure you can get a certain knowledge about what information you are searching. Maybe next time you can do better and try to learn on your experience.

[Marvelman]

I bet that many newbies will read your warning, "Don't be like me" and still go ahead to make the same mistake as you did. A lot of peeps want it hot and quick. They feel those who are conservative are unnecessarily so. I'm inclined to thinking that most people like to make their own mistakes and then learn from it than learning from the mistakes of others. Again, going forward, always remember that in cryptos there's nothing certain. It's all speculative and that's why the caveat of people not investing more than they can afford to lose always comes in.

Unfortunately, this is true. People rarely learn from other people's mistakes even though they are able to see their actions as they happened in real-time. Instead, we learn from what happens to us. There's a famous saying that goes something like this, you can't fail at something if you don't try, and if you're not trying then you can't succeed. Unfortunately, we tend to take this too literally.

[Hypnosis00]

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.

Perhaps, no one wants to lose their money but instead, we want to grow it.
I see many people had to commit loans to start their business, their investments. Whiles some had succeeded but some ended up losing their money and in huge debts. I'm not going to say it is a bad choice but comes this is a common scenario who have no money to start. But what I notice is that these people who badly lose their money are impatient people, they are always in a hurry, and have a greedy soul, and make them not able to control their emotions which leads to that sad ends.

[Mpamaegbu]

~snipped~

Although I also think not everyone also loses because of the trade using borrowed money from the Bank. But most will have different pressures that have an effect in making decisions when trading.  

This, is nothing but the truth. Even if it's not a bank loan, any loan taken (even from friends) and put into trading has this same effect of raising excitement. It piles up trading pressure because there must be target to be met. Whatever any trader does, the wise ones always steer clear of borrowing to invest into trading. Trading is a risky business but a lot of people don't know this. They think it's a get rich quick scheme. It should be treated with the same carefulness of piloting an aeroplane or constructing a flyover.

[suzanne5223]

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 have made the mistake, what you need now is to learn from it and use it for future betterment.

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 make a good point when you said if she's working class but the profitable cryptocurrency investment advice is to only invest the amount people can afford losing which I believe mean asking for a loan to invest in a crypto is never a good idea and this is one of the reasons why Binance has an issue with the UK government through their margin trading scheme

[Skinny48]

You did well for accepting your own mistake because not everyone are able to admit their mistakes it's why they never grow, let this be an unforgettable lesson for you so that it won't repeat itself, trading msitakes for knowledge is the fastest way to grow and sometimes they comes with some costs.

[Coyster]

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...

You can't take a loan and solely rely on crypto pumping so you can make profit to repay your loan, now that's very wrong, crypto is volatile and the market prolly may not be in your favor when your loan/debt is due, if you have other sources of income, or businesses of any sort, something you can take money from and pay back your loan if the market is down as of the time to pay, then taking a loan may not be too much of a bad idea. Mind you as well, that you should "only invest what you can afford to lose", crypto isn't a get rich quick thing, neither is profit in anyway guaranteed, so as you invest, you must at all times consider profit and also possible loss. But the difference is this, if you invest in a good, long term coin like Bitcoin, and with your own spare money, then even if there is a plunge or correction phase, you'll not have to panic and then sell, you'll be patient and wait for the price to bounce back up again.

[taufik123]

You did well for accepting your own mistake because not everyone are able to admit their mistakes it's why they never grow, let this be an unforgettable lesson for you so that it won't repeat itself, trading msitakes for knowledge is the fastest way to grow and sometimes they comes with some costs.

Mistakes will indeed provide good learning not to repeat them in the future. but now we can also learn from the mistakes of others.
OP taking out a loan to trade and buying meme coins was the right decision, but it cost him a lot because he didn't do his research first. Research is very important before investing and knowledge of trading is also needed, in order to know when is the right time to enter the market and when is the right time to exit. If the OP has suffered a loss of up to 70%, that is not a good situation, because the interest on the loan will still run. Fatal mistakes for using borrowed money and not having good trading skills and knowledge.

[Synerggy]

You can get mislead on here too, not everyone are crypto experts here and some never learned from their lessons, if you don't use your own sense you will be lead astray, listen to advices and choose the right one for yourself.

[isaac_clarke22]

~

Loaning to invest into something unpredictable is the last thing you'll ever do with your money. Meme coin or not, you really screwed up in that part. Even if I was a full time trader or even a whole holder of Bitcoin, the money I used to invest to those won't come from any borrowed money nor loan.
At least you realized where you went wrong. I can't say anything in the "crazy youtubers" part since I never really watched any of them except when I was learning day trading back in the days.
Regardless I wish you the best to get back your losses one day.

[Oceat]

You can get mislead on here too, not everyone are crypto experts here and some never learned from their lessons, if you don't use your own sense you will be lead astray, listen to advices and choose the right one for yourself.

Well, some people's success comes from copying to the other strategy but in order to get successful, you need to invest, not just in money but also in knowledge. The more you read and apply it on the field the more you will learn and I think having enough experience is a great help once you are in crypto market.

This forum is your best guide if you didn't have a single clue on what to do with owning a crypto currency, be it altcoins or Bitcoin. As long as you you can manage the risk since most newbies will suffer from big lose due to lacking of knowledge. It's better to learn on your own and do a lot of research since every piece of information will probably help you to survive in this market.

[Rengga Jati]

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,

So sorry to hear that. But, there are at least two mistakes here.
First, the first lesson to understand when going to invest in the cryptocurrency is "never use a loan to make an investment, because it means that we may not be ready or able to afford the possibility of the loss"
The second is about investing meme a coin.Meme coin is not worth for long term investment,moreover the new meme coin. This is only a game of pump and dump with super hype spread by many infleuncers, marketers, and also other parties who only wantto take the profits from the hype. Ater that, it will be gone.

[iamsheikhadil]

Thank you very much to share such a painful personal story, meme coins are more like gambling than investments, if they gain attention they go up and if they don't, one might lose all their funds so, it is never a good idea, and specially when the price is already at peaks because of all attention and fear of missing out, surely there is a downward movement ahead of that. All the more bad to take loans over that for such investments, I hope OP is able to recover his losses and be stable again

[m2017]

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.

Your experience is far from unique, as many of us have been through it. Many make mistakes, but not many realize their mistakes. You are already on the right way if you don't blame someone else for your mistakes. From now on, your bitter experience will stop you from such hasty decisions with hype projects. Now you know exactly what to invest in?

[Poker Player]

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.

Everyone, before starting to invest in cryptocurrencies, should have notions of investment in general, and personal finance, such as the following.

1) Have an emergency fund for unforeseen events.
2) Do not invest money that you need in the short or medium term, depending on the term of your investment.
3) Never borrow to invest in highly volatile assets, and even less based on what you have heard from some Youtubers.

Etc.

Read about personal finance and investing before investing in anything else.

[Odusko]

You made a great mistake,how can you borrow money to invest on crypto,and didn't even invest on good coin like bitcoin,you invested on memecoin that one can not really trust,because it  might go down and not up for long time and if you are not patient enough you will sell your coin which will lead to shortage,well you have learnt your lesson,I'm sorry about your loss.

[maurebafze]

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.

Don't be sad. It's also an experience, which will help you avoid greater losses in the future. May you earn back your losses in the coming months. I am also in great loss now. I understand your mood. But I always encourage myself to get out of the dilemma.