Don't be like me

[Questat]

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

I think OP knows what gonna happen to him after investing these meme coins. He is probably aware of that situation but he likes to invest and wasted his money, and he can neither blame us for reminding him.
That OP is right, "don't be like me". Although we can afford to lose our money, however, it was not the reason why we commit loans, borrow money from others for that sake but we are doing this for a profit and to grow our capital. And we can also pay our debts.

[Trojane]

That' was a very bad step to take but well, no much remorse now..just put yourself together and understand that failure isn't a sign of backwardness but misconduct.
I also appreciate how you made out time to advice people over here not to fall a victim of the same mistake you made 
The main problem is that you failed to understand that the durability, monetization policy, accessibility and privacy in Bitcoin is not guaranteed to any other alt coins as far as I'm concerned.you also failed to understand which alt to invest and so much had confidence in YouTubers(if they really knew it was cool to trade with, then why didn't they do it thierselves? Think twice and be strong, sorry for your loss

[BitKongy]

There are people that actually got their lives changed for the better because they took loans to invest in crypto, what doesn't work for me might work for others, if I have to give advice on this topic I'd say try understanding who you are first, some things aren't just programmed to work for you don't blame me.

[Dunamisx]

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.

What a pity, many people have been in such an ugly scene before which has caused lots of havoc but its always good to learn from ones mistakes in order to avoid reoccurrence, there's a thread on the forum which talks about "share your costly lesson about Cryptocurrency" in which I also drop my own side of the story and i recommend you to also share yours on the same thread so others can learn from there too.

[isaac_clarke22]

~

Really? It's a "high risk, high reward" kind of decision and I cannot think of anyone loaning a large amount, as you mentioned that it changed their lives for the better, to invest to crypto. I love Bitcoin even with its unstable price, but I wouldn't do such risk to dig myself into more debts in the future.
Curious to those people that you're mentioning though.

[Luqman]

Wow, this is really a very valuable experience, and glad that you understand it and are aware of this.
Meme coin is indeed very hype. I've played there too and failed, but not as much as I bet.
Playing on meme coins is like gambling, especially new meme coins that only follow Doge or Shiba Inu. It's a shame to risk a lot of money there.

Fortunately, you have realized and hopefully, it will not happen again to take new coins, especially those that do not have good fundamentals.

[nakamura12]

I think you take a loan and can pay it later not because of you'll get profit from your investment but another way of getting money like from a job for example. It would be bad if you just loan money and doesn't have a way to pay the loan then that's very bad compared to losing 70% of your money from investment. Not only you lose your money but also can't pay the loan which will give you problems on how to pay it. Most of us have bad experience with money and in your case, you shouldn't believe everything on YouTubers as most of it are only making content about crypto but only to make them earn money from advertisment on YouTube. Better ask opinions from people in this forum and do more research .

[Shamm]

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.

Oh that is very sad story and that's a big amount of loss. But this testimony is 100 percent sure helpful to users who new in investing some coins. And the lesson learn here is that you should not trust what you saw in social media like youtube or other media. But that mistake you've done you can still  fix it by paying your loan and like what they said above you can pay it by your own money not from investment but from your salary in your work.

[lienfaye]

Sometimes we need to experience failure before we can realize our mistakes that will teach us a huge lesson. Its unfortunate that you believe those youtubers creating hype for a certain coin but its your greed who put you in that position. Anyway it happened already so its a lesson not only for you but for everyone who dont fill their minds with knowledge before investing their money.

Now take time learning and be wise to avoid repeating the same mistakes again.

[worle1bm]

You made two wrong decisions of which the first one was listening to some fake youtuber who don't have any knowledge about market and only promotes these scam coins as paid advertisement and earn their money but investors loose their funds in them.

Second you invested in some shitcoin on his behalf without making any prior research yourself which caused you to suffer such a big loss.

Above them you took a loan of $1200 which goes against the market rule that invest what you afford to loose and loans need to be repaid so overall it was bad decision and have seen many people going this way but that's wrong of which the @OP has given proofs how he suffered such loss.

[Bitcoinbride]

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 think well of you that you are a champion firstly, not many will loose from something and still stay at it. It is really tempting to take loans to invest in coins especially when you think you are so certain of profit. However you must try as much not to begin investment in any uncertain venture like crypto with borrowed money, it is a bad mojo for it.

[Moneyprism]

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 outpouring is very touching

....if you buy Bitcoin then you are never wrong

your biggest mistake is to borrow money from the bank to buy shitcoin.. 

hope you can learn from your big mistakes

[LFC_Bitcoin]

The worst mistake you could make now would be to run away from bitcoin altogether & not return. You make a mistake but don’t sit around crying about it forever. Get back up & try again, I would advise you to just buy & continue to DCA into bitcoin. Leave the alts & NFT games to the degens.

[Trojane]

The worst mistake you could make now would be to run away from bitcoin altogether & not return. You make a mistake but don’t sit around crying about it forever. Get back up & try again, I would advise you to just buy & continue to DCA into bitcoin. Leave the alts & NFT games to the degens.

Yeah that's definitely true. Giving up now on crypto will only worsen everything and that doesn't sound as a solution anyways; you made a wrong choice so you shouldn't kill your self for that...alot of us do make wrong choices too even in the crypto world; someone sold out 1200 BTCs at a peanut price but look at what one btc Worth's today, he can't even but back one bitcoin let alone the quantity he sold out

[TelolettOm]

Another experience can be a very worthy lesson for others.
By telling your own experience here, you actually can help others with your experience as a lesson. It is done to warn everybody that is especially new to the crypto industry, to be more careful, wise, and also not panic In buying or selling something.
We must also take some analysis before buying a certain coin, moreover with the big amount of money.
It is also important to diversify our capital money to invest, never put it only in one coin.
I will also always tell others and newbies especially, it is better to buy in-the-top coins than new hype coins because they are too risky for a beginner.

[shawon01]

Here, when the price of Bitcoin goes down, if you can't buy something, you can see that there is a possibility of profit. The reason is that if the price of Bitcoin goes down
Then the price of all the tokens will go down and if these tokens can be bought then it will be seen later that a good profit can be obtained from these tokens.

[Coinews]

There were tens of thousands of bitcoins and I didn't keep any accounts. I'm not sorry. The debtor pays attention. Those who have money don't know what to do

[boyptc]

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.

That's okay, what's done is done.

You learn the lesson and don't do that again.

It is why many are being discouraged when they ask for advice on borrowing money to invest in crypto. It's never been so good because of these experiences and I hope that there won't be any more experience just like yours although that's impossible.

I'm wishing that you'll still be able to recover from that and your emotion won't tie you down because you really will conquer it. Pay the debt first and have a good start and build up your portfolio with what's left to you.

[GeorgeJohn]

There are people that actually got their lives changed for the better because they took loans to invest in crypto, what doesn't work for me might work for others, if I have to give advice on this topic I'd say try understanding who you are first, some things aren't just programmed to work for you don't blame me.

From my perspective your point to me is accepted and encourageable, because long times ago i been making such emphasises that what actually come easy for you might be difficult to the next one or person.

But the last thing that i can as well encouraged someone to do, is to take loan from somewhere else and invest into cryptocurrency, i know it always be favourable to people but it's not eighty percent (%80) of people will be lucky to come out with potential profit and return the loan back from the source, investing in cryptocurrency, i will merely advice someone to use he or her spell finance to adventure into it, and especially the capital you can lost and bear it, without been depressed over thinking about the lost.

[bhooscream]

A very deep and valuable experience. I don't know what made you make that choice at that time. But what is certain is that this is a valuable experience to be more careful in the future. Many people may also have similar mistakes with their own lessons. Me too. I also have several mistakes that I consider very meant to me. But, similar mistakes should be not twice done. SO, we must be careful and also smarter later so that we will avoid such mistakes.
This should be also about the learning process.