My First Crypto Mistake

[Oluwa-btc]

A great pointer and eye-opening thread, wasn't much of a big fan not until my bro traded he's coin's to feed the family during the pandemic.
I was thinking could this be another ponzi scheme at first, but gradually I have seen both the merits and demerits, and the merits of Bitcoin are much more better than the losses.
It's not too late to start now as I wished I knew about it much earlier!

[pawanjain]

Can you remember your first crypto mistake?

Well to be honest my first crypto mistake was actually not to trust bitcoin enough to invest in it when I first came to know about it.
At that time bitcoin was trading around $250 but of course it was a huge amount for me back then which I couldn't afford to lose.
But at the same time I wish I could have invested at least some money into it and hold on to it.
And then there are other mistakes like participating in pump and dump groups, signalling groups and ofcourse later on Bitconnect !!

[Franctoshi]

My Biggest mistake in Crypto was during 2017 or 2018 market crash,  I was part of the people that bought the top because I just heard about how profitable that my friend was , and too I don't have any experience of , TA , FA . I was just a blind investor coming in new to buy and the whole market crashed on me. The worst case scenario was cashing out at the bottom of the market because I was thinking that everything was going to zero so instead of loosing all is better take out the remaining funds.

[BD Crypto]

If I want to say about my mistakes then it will be a big story. But my first mistake was that I also thought Bitcoin is a scam and sold btc when market crashed by becoming a panic seller. In that way I lost a huge amount. But now I try to research before any trade or any investment.

[Fivestar4everMVP]

@op, sincerely, this is truly hilarious and educating at the same time, a true representation of what "Edutainment" should truly be like.

Truly, we all have made mistakes, great mistakes, some costlier than the others, I personally have made alot of crypto mistakes, but the most one I can never forget and that am still yet to recover from is the mistake I made in 2020, I made that mistake 3 months before the mega bull run that drove bitcoin to an all time high of $68k+ and eth to over $4k+ started, yes, I had over 50 eth in my possession which I bought with all my life savings at the price of about $300 each, I waited for it to moon, but unfortunately, it didn't, out of frustration and anger, tired of waiting, I sold everything at the price of $250 each, I used the money to buy a used car and a land, 3 months down the line, eth hit over $1k per coin, I felt like shit, few months later still regretting this mistake, car developed serous fault, I spent every penny I had trying fix it, but it didn't work, I ended up selling the car off at over 90 percent loss, I was rekt, this was how I fell back to zero, my business collapsed, everything went to hell, I had to start again from square one..
Today, the only thing I can boost of is the land I bought, which have appreciated in price some how, but then, my impatience cost me the chance to become a millionaire, I still regret this mistake.

[Bamjos]

I was like this when I started to give cryptocurrency a thought, when I started getting enthusiastic about it, I was ready to invest everything I had at the time, I was looking for every way possible to just own cryptocurrency, my feeling was "everyone is doing it, I should also do it", thank goodness, I escaped a scam scheme that would have left me wretched both financially and health-wise.

Nothing would have been wrong with my sudden quest to own cryptocurrency and my enthusiasm for it, but something was wrong in the sense that I didn't give myself to studying about it, I didn't make effort to learn it's rudiment, I just want to become a Crypto-Lord overnight, and it was a wrong adventure. Thank God, I didn't have to learn my lesson in the hard way.

I feel we should learn to accept the fact that good things would take time and efforts to yield, yeah, it should take time, the fact that it takes time with efforts and perseverance would give a tremendous worth to it, and nothing would be as rewarding as that: when your efforts finally pays off.

[lalabotax]

snip

So sorry to hear that, but this is a really big mistake. Actually, this may be one of the suitable decision if you have enough understanding about crypto amret and also what coin you must hold.
Likely a family that sells their house to buy Bitcoin at the very right time and then now they are happy so much. But in this case, the mistake is because you didn't analyze it first and you are still very new to the crypto world. so that you have not experienced and understood how to do that.

[albon]

Can you remember your first crypto mistake?

As investors, there are many mistakes that we make during our journey in the crypto world, but a good investor is one who learns from his mistake and does not cry over the past. I made a mistake several years ago as Fomo took control of me and I sold my Ethereum for a cheap price, if I were a long-term investor I would have made more than 20K dollars but I rushed and regretted it. So we all have to learn from each other's mistakes and be patient with investing even if it costs us to wait for years.

[Cryptoababe]

Can you remember your first crypto mistake?

My first crypto mistake was not selling a Shitcoin (Hydro) at all time high and holding it till it dumps to zero. I never believed that could happen. I thought it was a great project.
From. $5000 usd to approximately nothing in 2017

[Sled]

Buy high and sell low, a very wrong decision that I've ever made during my early days in crypto. Coz I thought that I could manage to hold during the bear season but my emotions made me hard and fall to selling on a losing end.
I keep remembering those days and even there is a time I think about quitting but  I realize committing mistakes is not usual, instead, this helps us to correct our mindset and to learn how to control our emotions, especially during the difficult times.

[Finestream]

Davidvictorson, thank you for the story you shared.
Unfortunately, you are neither the first nor the last to have such an experience. It’s all part of the learning process.
My biggest mistake in the crypto is when in 2017 at the peak of the price of btc I decided to invest part of that btc earnings in some altcoins that completely failed in 2018.
I think each of us here has a similar story 

There are always same stories with you OP, that they invest their hard earned money or sell their precious possessions just to invest in crypto, and yet still end up losing. My first mistake is quite similar to you, i started taking loans just to invest in crypto, and after that i realized that there's no guaranteed profits in crypto, so one should never take loans because that will bring bigger problems in the future. The best advice in crypto is to always invest what you can afford to lose. And always make crypto as you side job, not your main source of income. That way, you will not be rekt.

[KingsDen]

Laughing...

I had to laugh for some seconds before dropping this post. Firstly, thanks for sharing and then ;
I discovered that every single newbie that discovered bitcoin and made the newbie mistake actually discovered bitcoin at the bull period.
This is always the time that newbies discover bitcoin because of the news of bull. When they discover, they will hasten and buy at almost ATH, waiting patiently to take profit, it will dip.
Lolz... crypto is a mystery.
It's normal, it also happened to me and it will keep happening to newbies.

[Kelvinid]

First, 2nd, third mistakes...it all just the same. I'd think I was too emotional that dare not to control it.

And the funny thing is that this is not just what happens to newbies, even old-timers are still having this, it's a common mistake that everyone does. And the sad reality is that this happens from time to time, especially during the bear season.

Buying high during the ATH and then selling them during the corrections? This is actually we see in the market and people keep complaining their own mistakes.

[Peanutswar]

One of my first mistake into the crypto world is I didn't buy any bitcoin at the time of 3k USD. One of my biggest regrets in life is a huge chance to have a 1 BTC in my entire life; next is getting FOMO because of the market dip, and I lose too much money in that next I guess, is not having a good time checking with the technical analysis of the coins recently get busy and forget what the current movement of the price it's all about the specific time to hold if you make a short term watch the market if not make a long term containing the assets.

[boyptc]

One of my first mistake into the crypto world is I didn't buy any bitcoin at the time of 3k USD. One of my biggest regrets in life is a huge chance to have a 1 BTC in my entire life; next is getting FOMO because of the market dip, and I lose too much money in that next I guess, is not having a good time checking with the technical analysis of the coins recently get busy and forget what the current movement of the price it's all about the specific time to hold if you make a short term watch the market if not make a long term containing the assets.

I've got a worse mistake than you and it was when I didn't buy that much when it's under $1k. Well, my financial status speaks for myself during those years and I'm incapable of doing that.

We all have learned in our past mistakes but we're doing better this time. And we're more decided to hold at least any amount of bitcoin until the next years to come.

[Proro]

We have sometime made mistake we regret, but we do learn from them and make others learn from it as well.

Some one sometime ago told me to invest in Crypto-Currency and make two times of my investment, i ask if it was a Ponzi scheme, we have to calculate sometimes before investing in business so we won't end up suffering and regretting our discussions.

[Viscore]

Haha, I can relate on this post. I almost sell my car just to invest more on shitcoins way back 2017 and planning buy back brand new car after I get profit to my ICO investment. Good thing my wife hits me hard and make wake up in my delusion because the ICO that I’m planning to purchase experienced huge dip few weeks after token release. I almost experience that scooter picture If I really invest in crypto during that days when euphoria about getting rich is very contagious.

You are not alone  on this. I almost spend my hard earned money due to FOMO during that time that a lot of speculations about bitcoin going to the moon. I could end up the same misery experienced by OP. But i always believe, there is no guarantee in every investment. Though you take risk, but sometimes you still end up losing. Good thing OP you are starting to recover and hopefully, it will be for sure gains this time as you prioritize bitcoin over shitcoins and you know already investing on the amount you can afford to lose.

[GiftedMAN]

Definitely, you aren't the only one in that predicament. I once read stories of those who also sold different properties like houses and vehicles to invest in cryptocurrencies during the period in quote. Those are a typical example of people investing money thye can't afford to lose. Glad you survived it anyway. Even a few who didn't miscarry their profit from Bitcoin into altcoins couldn't wait for Bitcoin price to bounce back. They sold in panic during the persistent dip. For me, my first crypto mistake was thinking BNB wouldn't do more than $30 and then selling off my 270 BNB prematurely. Now, my take home from that experience is never to sell off every asset I've even when I feel it's going to dip. Sell some, hodl some.

When I came across your contribution to what op posted here, it reminded me of my friend who is still suffering from the loan he took from his company to buy Shitcoins with the hope of doubling his money but he ended up loosing his job because he was unable to pay back due to the dip. My own mistake was not buying bitcoin when my girl friend told me, but I later regretted it when I was told in 2017 that I would have become a rich man had it been I bought bitcoin then.

[Mpamaegbu]

~snipped~

My own mistake was not buying bitcoin when my girl friend told me, but I later regretted it when I was told in 2017 that I would have become a rich man had it been I bought bitcoin then.

I hope you kept her, well? If I weren't married before coming into crypto, I would keep or marry any lady who is finance savvy with domesticated character. That trait is rare, I know. Women aren't generally shrewd when it comes to business, so any woman seen in that regard should be treasured. BTW, you could still have done a DCA on Bitcoin even as far back as 2018 during its ignominious crash for someone who knew about Bitcoin pre–2017. Even now, it's still not too late to buy and hodl Bitcoin.

[Zilon]

I also learnt crypto trading the hard way. I had an opportunity to buy Bitcoin when the price was $1000 but neglected it. Although then I was recovering from a ponzi scheme so anything online related that had no physical attributes reflected ponzi to me. If only I was privileged to read Satoshi's white paper early I would have known my stand better in crypto investment