Are you following very basic crypto rules?

[Kunnu]

This is very sad to hear that some people committed suicide because of Luna crash I can understand their frustration how it feels when our hard working money vanished suddenly, it really gives shock anyway it's really surprising to see that people are investing their whole amount of money in crypto currencies even know the risk factors of this industry, people must avoid to being greedy in crypto space and consider to move carefully with responsible decisions.

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[sulis sudibyo]

1. Don't invest in crypto if you can't afford the loss.
2. Don't put your eggs in one basket.

Do not invest in pump and dump shit coins

 don't invest in a project where one of the teams has had problems in the past. and don't try to buy coins/tokens that fall very deep. this rule is very important to avoid shit project.

[mindrust]

Tbh luna was just another pump and dump shitcoin. What unique feature luna had over eth for example? I can't think of any. Then why did it exist in the first place? There are thousands of alts around and only a few of them are unique and decentralized. Monero for example is still the best anonymous coin and every other competitor is just a failure.

Explain how was it p&d shitcoin? Don't count current dump which is solely due to to ust.

Please explain luna's unique features which bitcoin and ethereum lack? If you can't explain then it means it was a shitcoin. If it was just a shitcoin it wouldn't do much harm. It was even worse than a shitcoin. It participated in a major ponzi scheme. There are lots of shitcoins that rise and fall but none of them got that big before they fall. Years ago bitconnect did the same thing but it was much much smaller than LUNA.

[SUPERSAIAN]

Absolutely I agree. If you do not have the mentality to trade in the world's toughest stock market, the result of not trading in these markets can be sad. Even if you trust most of your money in bitcoin and some altcoins, don't keep them all here. I totally agree with the second part you said, not all eggs are in the same basket. Even if the coin you will hold is stable coin, it is useful to keep it in different exchanges in your partition. For example, you can distribute your stable coins as usdt, busd and dai.

[shinratensei_]

This is quite different. This is the developer's fault. Remember if luna blockchain already halted for two times to prevent the minting but why they have not done it during the hyper minting by the contract? I do agree if people can also afford the lose when they are betting into the risky investment but it's not all about investor's fault. You must also see even someone was doing nothing was loosing their life too. The LFG funds are not going anywhere.
The problem was on the developers and investors would always become the victim. That proves that luna was centralized blockchain caused by it can be halted to prevent the contract to mint more tokens.

[Silberman]

The current hot topic is Luna. It's very sad that a lot of investors bagger due to Luna drama. The more sad thing is some people committed to suicide. Even in my country, it has happened. I will say think kind of situation occurs due to not following two very basic crypto rules. I know everyone knows these rules, but want to share again and remind you what would happen if you don't follow these rules.

1. Don't invest in crypto if you can't afford the loss.
2. Don't put your eggs in one basket.

It's pretty simple rules, I don't think here needs any detailed explanation at all. We should invest only what we can afford the loss. And shouldn't invest in one coin all of your savings. When you invest multiple coins that won't scam you at the same time. So follow the very basic crypto rules and don't commit suicide.

Simple rules and yet a great deal of people do not follow them, personally one of my rules when I was a newbie was to not invest in altcoins no matter what, I decided to concentrate on bitcoin and nothing else and this has brought me good results, only once you gain enough experience then you can choose to deal with altcoins, but newbies do not want to do this as they think it limits them and they are not satisfied with the profits that bitcoin can bring them anymore, then they invest in a coin like Luna and then suffer the horrible consequences of doing so.

[isaac_clarke22]

~

Good thing I am not into these whatever Luna is/was. I just hope that people would someday think rationally to what they are about to get themselves into. I feel bad and sad for those people you mentioned that did the unimaginable due to this.
I guess the hype really got into them thinking that they'll be in their safe haven no matter what happens, but you know it is crypto and we're all aware that there are no guarantees in life.

[Xal0lex]

1. Don't invest in crypto if you can't afford the loss.
2. Don't put your eggs in one basket.

Diversification solves many problems. I see in this section that people often wonder how many altcoins to make up a portfolio. Some people think that they can make a portfolio out of 2-3 assets and that will be enough. My answer is NO. This is too risky a portfolio, more like a speculator's portfolio than an investor's. In order to minimize your crypto portfolio losses due to events like what happened with LUNA, your portfolio should contain at least 10 positions. I understand that for those who have little money, this option will not seem profitable at all, because let's say invest $500 in 10 projects and the amounts will be ridiculous. But this is exactly the mistake of such beginners, which describes OP, they will choose $ 500 in 1 project, because the profit of $ 500 seems more than the profit of $ 50.

[Marvell1]

Even they didn't follow those basic rules you mentioned above, committing suicide is the most worst action that everyone must avoid it. Life is full of trial and error, if you never wanted an error in your entire life, there's no one never doing anything wrong and they're learn from that to become better. Though they invest all of their money in LUNA, at least they can still survive even they need become a beggar. It was a tough lesson and you will become stronger after making tough decision.

It's sad that suicides are related to cryptocurrencies, instead of choosing death to free, consider it as an expensive lesson that we must pay the price. If you lose money for investing in Luna then it's just money and part of life, money is not everything and there will always be a way back as long as we don't stop. As long as we are alive, there will always be opportunities to make money.

Hopefully after the Terra incident, investors will learn from the experience and should apply the basic principles when investing to avoid the worst.

[Kavelj22]

Luna happen to be the most overhyped shitcoin in my area. It crash was like a shock to many investor in know and many didn't see the dip coming. This just one of the pump and dump coin with selfish interest from developers and influencers. Having diversified portfolio and minimizing risk would have reduced the panic but unfortunately it is already late

It is never too late because these principles are among the basics in the field of risky investments on the basis that a large profit requires a large investment as well.
Diversification of options in the portfolio greatly reduces the percentage of loss during periods of hard decline in prices, and this principle has proven effective in almost all cases and almost cannot be abandoned.

[carlfebz2]

The current hot topic is Luna. It's very sad that a lot of investors bagger due to Luna drama. The more sad thing is some people committed to suicide. Even in my country, it has happened. I will say think kind of situation occurs due to not following two very basic crypto rules. I know everyone knows these rules, but want to share again and remind you what would happen if you don't follow these rules.

1. Don't invest in crypto if you can't afford the loss.
2. Don't put your eggs in one basket.

It's pretty simple rules, I don't think here needs any detailed explanation at all. We should invest only what we can afford the loss. And shouldn't invest in one coin all of your savings. When you invest multiple coins that won't scam you at the same time. So follow the very basic crypto rules and don't commit suicide.

Majority is aware but there are instances or situations which emotions do really make out big influence on your overall decisions which it do really reach out into a certain extent that you couldnt get control or hold

of yourself which had been the case for some people despite of being aware on what are those crypto rules but there are situations which you cant really avoid on not to take action
specially if that risk taking of yours do really moves out which would really be resulting into these kind of unexpected kind of plans or actions which is something not that surprising.

[TribalBob]

1. Don't invest in crypto if you can't afford the loss.
.

I don't think it's only in crypto, this provision applies to all investments, because it's already legal that if you invest in a place where you are at risk, you must accept the pluses and minuses of the consequences of that investment and don't ever assume that you will continue to profit in this crypto.

[WalkerIVIV]

It’s just some people are greedy and just bet on their whole life in order to make themselves rich thinking that they are the chosen ones that gonna be making  the most out of the market
turns out they exists for simple reason of transferring their wealth to the big capital holders that causes this mess.
I’d say that in every investment instrument there is always these kind of outlier that definitely gonna sell their house for making a bet and as ridiculous as it sounds, it happened in so many people
the basic rules doesn’t really work with these people.

[libert19]

Tbh luna was just another pump and dump shitcoin. What unique feature luna had over eth for example? I can't think of any. Then why did it exist in the first place? There are thousands of alts around and only a few of them are unique and decentralized. Monero for example is still the best anonymous coin and every other competitor is just a failure.

Explain how was it p&d shitcoin? Don't count current dump which is solely due to to ust.

Please explain luna's unique features which bitcoin and ethereum lack? If you can't explain then it means it was a shitcoin.

That would make almost all of crypto market classify as shitcoin, and tbf it is

[Silberman]

~

Good thing I am not into these whatever Luna is/was. I just hope that people would someday think rationally to what they are about to get themselves into. I feel bad and sad for those people you mentioned that did the unimaginable due to this.
I guess the hype really got into them thinking that they'll be in their safe haven no matter what happens, but you know it is crypto and we're all aware that there are no guarantees in life.

What happens is that markets can be incredibly irrational, while in theory our movements should be very calculated with very defined intention, the truth is that only a small minority trades like that, the rest are heavily influenced by their emotions when they invest or trade and this exposes them to make all kind of mistakes that they would not make in other aspects of their lives, so this is what causes a project like LUNA to go up in value and then dump all the way to zero, if people were actually rational LUNA would have never gotten such a huge support from the community.

[isaac_clarke22]

~

Can't help people that are heavily influenced by emotions though. I mean why invest in the first place if you know that losses is nigh. Even if I was in a social circle of LUNA investors or whatever that is, I wouldn't be driven that much to these kinds of stuffs. I have my own gut feeling that this ain't gonna last long that much.
Unfortunately rationality disappears when it comes to these kinds of schemes.
It's mostly about the money now rather than everything.

[bitkanu]

I think many of the traders and us usually willing to just put all the money in one basket just to make us more focused in our investment and maximize the momentum, alas that's indeed a really bad decision in case of something like LUNA collapses happening we literally lost all of our investment.
It's true that it's better following a very basic cryptocurrency guide and advice because it just minimize the risk but in the case of this recent correction caused by luna, even if we spread our investment evenly across various altcoins, we still gonna lose anyway since almost all of the altcoins losing 90% of its value.

[Silberman]

~

Can't help people that are heavily influenced by emotions though. I mean why invest in the first place if you know that losses is nigh. Even if I was in a social circle of LUNA investors or whatever that is, I wouldn't be driven that much to these kinds of stuffs. I have my own gut feeling that this ain't gonna last long that much.
Unfortunately rationality disappears when it comes to these kinds of schemes.
It's mostly about the money now rather than everything.

True, but that tell us that a great deal of those that are trading or investing do not really have what it is needed to become successful at the markets and they are just wasting their time and money by pretending they can, it would be better for them to try to find an alternative way to make money, like creating a business, or maybe they should just invest in bitcoin and hold  their coins no matter what instead of trying to find a good altcoin, something that is becoming harder and harder as times passes.

[Wakate]

The current hot topic is Luna. It's very sad that a lot of investors bagger due to Luna drama. The more sad thing is some people committed to suicide. Even in my country, it has happened. I will say think kind of situation occurs due to not following two very basic crypto rules. I know everyone knows these rules, but want to share again and remind you what would happen if you don't follow these rules.

1. Don't invest in crypto if you can't afford the loss.

This is a major problem many crypto investors had been facing and it's a difficulty aspect that we need to fix. The more the project an investor makes, the higher the urge of investing more in that project or coin. This is a big challenge which had made many persons to lose big on an investment. Invest what you know you can afford to lose may be difficult to someone that had been making consistent profits from the crypto market.

2. Don't put your eggs in one basket.

We don't have to put all our eggs in one basket to avoid future damage to the basket. This is an investment and anything can happen any day any time. Luna is a good project from start but it ended to be out nightmare. Billions of dollars had been lost and we need to take further precautions to prevent this same heartbreak.

[TheUltraElite]

I would say it's bitconnect all over again and other hyped coins that end up scamming it's userbase.

The truth remains that humans love taking risks without thinking of the consequences but profits only. The two rules OP said above are along with some others the basic things to be followed for any speculative trader.

But the funny thing is that most of the people who lost their money did know this, but the difference is that they never followed them.