From Mining to Gambling: A Rollercoaster Ride in the Crypto World

[B3albakii]

Hey everyone, I wanted to share my experience diving into the world of mining and crypto. I purchased three L3+ machines and enjoyed a nice profit from hashing on Nicehash for Bitcoin mining. However, with minimal knowledge, I delved into futures trading, following a paid signal WhatsApp group with just $500. I would enter trades with $200, experiencing some quick wins, making $50 or $100, but ultimately losing it all. Despite earning around $3,000 worth in BTC from mining, I lost it all in futures trading.

Finally, I have seen someone who confessed about the wrong move to subscribe to signal groups, you will only get nothing but loss because nothing is promised as a trader even when they give you good trade, it can be invalidated in less than an hour. What painful about the signal groups that many people don't know is that they will collect subscription fees from them and after adding them to the signal group, they don't make anything and the owner of the signal group goes unpunished. Funny how someone will just draw a line and give it to people and he/she doesn't trade it, if it is that profitable, I'm sure that he will keep the strategy to himself enjoying the profit alone without sharing the recipe. 

Then, I stumbled upon a crypto casino online. I deposited $20 and started playing various original casino games, winning about $350, all in USDT, only to lose it shortly after. Despite winning and losing amounts like $500 or $1,000 from subsequent deposits, I eventually found myself with just $50. I decided to play keno, choosing 10 out of 40 numbers. Luck seemed to be on my side as I made over $100,000 in 14 days. That night, I moved $85,000 to a cold wallet and left $7,000 in the casino to make a daily profit of $200. Additionally, I had $5,000 in Binance. The following morning, I eagerly joined the casino only to watch in dismay as I lost $7,000 in just 10 seconds. Frustrated, I deposited $10,000 from the cold wallet, only to lose it in less than a minute. I continued with a deposit of $20,000, experiencing the same outcome. Observing my substantial losses adding up to over $48,000, I then withdrew the remaining $43,000 from the cold wallet and wagered it all in the casino, losing it. Binance also suffered, and in the span of 3 minutes, I lost over $100,000.

That's my story, and I apologize if it was lengthy. I went to bed wealthy and woke up poor again.

Jesus! $100k is a big damage man, sorry about that but damn, you learn the hard way because I'm not sure why it's difficult for some people to quit at some point. I know it's easy to quit and say with mouth but there are some profits that I will make at some point in my life that I will have a break and withdraw my money to an external wallet and then have a rethink of the next move. If you do that, you will even have time to think properly about the next move and what to do about the gambling strategy.

Leaving such a win is even a big risk because I'm pretty sure that if you wanted to withdraw that amount from the casino, they would probably say you should undergo some KYC requirements especially if you are new to the casino, we have seen many cases like that in this forum. If you have done that, starting again with a $1k deposit will let you easily know your missed step and when to quit because I know that if you have lost $1k like 3 times, you will not make the next deposit but sorry for the hard experience, you can still bounce back, never give up.

I was familiar with the casino and had completed a KYC verification. It's difficult for me to stop because I believe I can recover my losses. Yes, my big mistake was depositing large amounts, like $1,000. I don't know, maybe I won't stop, but they are gone.

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[B3albakii]

Hey everyone, I wanted to share my experience diving into the world of mining and crypto. I purchased three L3+ machines and enjoyed a nice profit from hashing on Nicehash for Bitcoin mining. However, with minimal knowledge, I delved into futures trading, following a paid signal WhatsApp group with just $500. I would enter trades with $200, experiencing some quick wins, making $50 or $100, but ultimately losing it all. Despite earning around $3,000 worth in BTC from mining, I lost it all in futures trading.

Then, I stumbled upon a crypto casino online. I deposited $20 and started playing various original casino games, winning about $350, all in USDT, only to lose it shortly after. Despite winning and losing amounts like $500 or $1,000 from subsequent deposits, I eventually found myself with just $50. I decided to play keno, choosing 10 out of 40 numbers. Luck seemed to be on my side as I made over $100,000 in 14 days. That night, I moved $85,000 to a cold wallet and left $7,000 in the casino to make a daily profit of $200. Additionally, I had $5,000 in Binance. The following morning, I eagerly joined the casino only to watch in dismay as I lost $7,000 in just 10 seconds. Frustrated, I deposited $10,000 from the cold wallet, only to lose it in less than a minute. I continued with a deposit of $20,000, experiencing the same outcome. Observing my substantial losses adding up to over $48,000, I then withdrew the remaining $43,000 from the cold wallet and wagered it all in the casino, losing it. Binance also suffered, and in the span of 3 minutes, I lost over $100,000.

That's my story, and I apologize if it was lengthy. I went to bed wealthy and woke up poor again.

An incredible story, but I think that the main theme in it is not cryptocurrencies, but excitement. Have you ever watched a video about ludomaniacs? Your case is a typical scenario of a gambler's behavior. After a small loss, there is a desire to restore everything and after that, each bet becomes bigger and bigger until the deposit is completely reset. It looks like a very unsuccessful Martingale strategy. Don't be upset, as they say: money came easily and left easily.

I searched for a video about what you mentioned but couldn't find one. And yes, easy come, easy go!

[serjent05]

After my initial loss, I found myself torn between two mindsets. One part of me reasoned that it was okay, and I could try again later, while the other urged me to deposit more funds in order to recoup my losses. When I realized that I had lost half of my funds, I felt overwhelmed and began making reckless bets, driven by the desperate need to win them back. In that moment, I was unable to think rationally about my actions. The shock of going from 100k to 0 was incredibly difficult for someone in my situation. The following day, I managed to make 3k, but I ended up losing it because I was still focused on recovering my losses. As a result, I have made the decision to stay away from that site because I cannot afford to continue playing, and I refuse to borrow money for this purpose. Additionally, I no longer believe that I will be lucky in that regard.

It is obvious, given the experience that you easily get $100k in 14 days, you have this belief that you can still recover the losses since you have done and win it before, surely you can win it again.  But alas, luck is not in your side that time so you lost all your winnings in just 3 minutes.  A strong lesson can be acquired from your experience and that is knowing when to call it a day and stop chasing losses.

I also think you got triggered by that situation making you lose control over your gameplay.  It is a good thing that you realized your mistakes and made certain adjustments after that.  I believe most of the readers learned a lot of lessons from your story.

[taufik123]

I was familiar with the casino and had completed a KYC verification. It's difficult for me to stop because I believe I can recover my losses. Yes, my big mistake was depositing large amounts, like $1,000. I don't know, maybe I won't stop, but they are gone.

Gamblers who are already addicted will always think that they will be able to recover all losses experienced with only 1x jackpot.
But in fact it will only be the next loss, and you will not be able to stop.

A big mistake is that it's too easy to make a deposit on gambling without knowing how to treat gambling.
There are many people who are already professionals in gambling, but they still have restrictions or rules that they should not break.

Moreover, you have to risk your identity for a defeat and no profit you get.
If you do spot trading well and learn how trading can pay off, you won't be stuck in a gambling dilemma that you're not good at.

[B3albakii]

After my initial loss, I found myself torn between two mindsets. One part of me reasoned that it was okay, and I could try again later, while the other urged me to deposit more funds in order to recoup my losses. When I realized that I had lost half of my funds, I felt overwhelmed and began making reckless bets, driven by the desperate need to win them back. In that moment, I was unable to think rationally about my actions. The shock of going from 100k to 0 was incredibly difficult for someone in my situation. The following day, I managed to make 3k, but I ended up losing it because I was still focused on recovering my losses. As a result, I have made the decision to stay away from that site because I cannot afford to continue playing, and I refuse to borrow money for this purpose. Additionally, I no longer believe that I will be lucky in that regard.

It is obvious, given the experience that you easily get $100k in 14 days, you have this belief that you can still recover the losses since you have done and win it before, surely you can win it again.  But alas, luck is not in your side that time so you lost all your winnings in just 3 minutes.  A strong lesson can be acquired from your experience and that is knowing when to call it a day and stop chasing losses.

I also think you got triggered by that situation making you lose control over your gameplay.  It is a good thing that you realized your mistakes and made certain adjustments after that.  I believe most of the readers learned a lot of lessons from your story.

I don't think it's all down to luck. Before, I was losing and then winning again, not quickly but definitely. I believe the casino prevented me from winning. After my last withdrawal of $45,000, they held it and manually confirmed it. Following that, my winning streak came to an end.

[Assface16678]

Imagine you have a lot of money in your hands but you let it go, or from wealth to nothing. Now that you've learned your lesson, the question is, is it worth it? Doing gambling and being controlled by your emotions, because from the look of it, you have been swayed by your emotions and keep on playing gambling despite losing a large amount at first. You should be content in the moment you have over $100,000, and after you lose the $10,000, you should not waste anymore of that because $10,000 is not a little amount of money; it is a big thing. Anyway, we can't blame you. You had money at that time and maybe had momentum to earn more, but that's what made you lose your desire to earn more and not be content with what you have right now. Well, it's not too late for you to earn that much again. You've earned a lot of money with your skill and knowledge. Do it again, but don't make the same mistakes again. Think of your future before you decide, and also stay away from gambling if possible.

[kryptqnick]

Op's story is very tragic, a lot of money was lost. To me, it seems like there might be an addiction problem here, considering the losses involved and losing one time after another without stopping.
Addiction is a serious problem, that may require professional help.
The good news is that if you managed to earn a lot before, perhaps you can do it again. However, it's important to make a plan on how to make sure you don't lose the money again. Maybe there's someone you deeply trust, someone who can manage the funds. Maybe there are other more relevant ways of dealing with it. Good luck!

[KiaKia]

I understand how you feel, especially when mining isn't that profitable anymore, there are few people that I helped to set their miners up and they bought the miners for passive income only, the idea of holding for long isn't in them, and when Bitcoin mining isn't that profitable anymore they decide to look for other means, they even start selling their miners.

In your own case OP, it seems you got tired of mining, just like these people that I helped, the mistake I see here is going for gambling when you can learn some else, something based on skills, which I believe will give better result than something that's all about getting lucky.

You choose the wrong niche, learn from it, and a piece of advice for you, it's better to be in mining right now than to stop mining, if you still have your equipment you better fire it up, because very soon, maybe after the bitcoin mining, you will see how profitable Bitcoin will be again, the value might be times three of what it is right now.

[laurenB7742]

I understand how you feel, especially when mining isn't that profitable anymore, there are few people that I helped to set their miners up and they bought the miners for passive income only, the idea of holding for long isn't in them, and when Bitcoin mining isn't that profitable anymore they decide to look for other means, they even start selling their miners.

In your own case OP, it seems you got tired of mining, just like these people that I helped, the mistake I see here is going for gambling when you can learn some else, something based on skills, which I believe will give better result than something that's all about getting lucky.

You choose the wrong niche, learn from it, and a piece of advice for you, it's better to be in mining right now than to stop mining, if you still have your equipment you better fire it up, because very soon, maybe after the bitcoin mining, you will see how profitable Bitcoin will be again, the value might be times three of what it is right now.

Why is mining no longer profitable? And I also didn't see the OP mention that he stopped mining altogether. What I saw him say was that he got addicted to futures trading and then gambled and lost a significant amount of money. It can be said that he was attracted by the large profits from futures trading and gambling and forgot about his mining job.

Those who can maintain mining until now have had a lot of profits, they will not easily ignore a field with that passive income, IMO. I believe the op is still mining bitcoins regularly.

[adaseb]

Mining hasn’t been profitable for a while. Especially after ETH went POS, it killed many home miners pretty much. Sure there are bitcoin ASICS but the machines are very expensive and you need to know people in the power industry to get great rates on electricity, it’s very difficult to do it in a personal home.

From time to time some new coin might come out and be slightly profitable but many miners these days are barely making anything.

[bluebit25]

Through Op's story, I think my best friend also learned lessons about himself
- control greed
- lack of knowledge about the field of participation
- Loose capital management
...
In cyberspace, we have tons of different things that can make us lose money or make money. We can look back at some easy forms for us to access. But the OP's story is that this is a very large asset and not rational enough to manage it. People will lose their sanity when continuous failure with gambling is a sign of an addiction. But if after this failure you do not see the lessons for yourself, this will easily repeat itself in another form, and the mistake will always belong to you.