Crypto: a place where everyone makes money, but few secure it

[eightdots]

I went through a similar phase when I first got into Bitcoin.
During the first few months or years, my focus was on altcoins, particularly how to get the right project early and hold on to it as the hype grows. This was moderately profitable for the short term, but offered no viable investment option long-term.

I eventually after lots of lessons learnt focused more on investing in Bitcoin and moving away from highly volatile altcoins, which meant slow and steady growth with no "sudden" riches.

Some learn through the experience of others, some experience it and learn from that.

We have all learned from the market through our actions. Some of us used it positively and invested with healthier steps, while others lost their capital while choosing to get rich the easy way. For me, steady growth is one of the most sensible investment strategies.

Bitcoin has always been a safe haven. We need to be more careful when choosing altcoins. People who invest in altcoins also have their own plans. In fact, there are many different options in the market and many people are trying to achieve their goals as a result of these choices. It may not be right to say that one option is better than others. It is important to act in a planned manner and not to forget the risks of the market.

[jrrsparkles]

I was reading coinconfessions, and it occurred to to me that most of those who are in crypto go through a phase where they make lots of money, but eventually lose it all or most of it due to wrong decisions taken due to having lack of financial knowledge.

Some start fresh with lessons learned and make it back, for some having huge unexpected money come and gone creates a downward spiral that they feel hard to get out of, almost like they were better off not having this unexpected wealth come in first place.

Every investment comes with ups and downs and it will take ages for the people to understand the nukes and corners in the art of being a successful investor. People who are into crypto are first generation investor, they come and bags profit then they think that it is easy money and take a deep dive with huge risk like going back with reinvesting all the profit along with the capital or even take loan and assuming they are going to surely bag big money will get rekt.

[hatshepsut93]

This is why Warren Buffet has no respect for crypto investors, they don't earn their wealth by making smart decisions, they just happen to invest in the correct coin at the correct time and sell it. Guessing which coin will pump next is really close to gambling, because it doesn't depend on any objective factors like network stats, adoption, project development - instead it's just hype and bubble.

No wonder that a lot of people who got rich from crypto have no idea about basic finance management and are poised to lose big if hey won't learn.

[Miles2006]

I see investors who jump into crypto investment as risk takers but now with the way people speak about different coins and their loss baffles me, why not choose the coin that has potential and will serve for long term investment like bitcoin, sincerely speaking any investor that wants to invest for long term should go for bitcoin and also for stress free.
It clearly stated that before investing in any coin make your research but in my opinion people with this research can also not make profit in their investment mostly if the investor doesn't invest wisely. After earning money and spending the money without plans sounds funny and if you can observe you will find people in this category never invested for long term cause I see no investor who waited patiently and afterwards you just choose to spend carelessly.

[Cryptomultiplier]

Well, if there aren't failures with experience and good writing skills to narrate their ordeal having invested in cryptocurrency, it paid off big time, but they somehow lost it all, we would not be where we are today as individual investors looking for the best possible approach to invest in and become more than a millionaire with crypto investments.

[bitzizzix]

All of us here don't know exactly why they can't secure their crypto, because everything happens due to many factors that we don't know about.
Because there are also those who cannot secure it for important purposes, so they make it an option, and there are also those who use it for their daily needs. Because everyone's circumstances are different, they actually want to secure it, but because of different circumstances they can't secure it, not because they can't manage their money well.
This is different from those who get big profits suddenly, then experience losses because they made the wrong decision and this is negligence because they did not do detailed research. And also not carrying out analysis and strategies that make him lose everything, but these problems can be corrected and used as learning to become valuable experience so that it doesn't happen again. And I think everyone experiences this problem, it's just that the numbers are different, so what the OP said can happen but not only in the crypto world but in other worlds too. But the most important thing is to use all of this as a valuable lesson and experience, by increasing your knowledge and also managing your money better and being able to look after it.

[Stable090]

I was reading coinconfessions, and it occurred to to me that most of those who are in crypto go through a phase where they make lots of money, but eventually lose it all or most of it due to wrong decisions taken due to having lack of financial knowledge.

Some people do end up losing everything they have accumulated due to greed, they will never be satisfied with the little they have till they lose it all, they don’t have any knowledge about financial management. Some will claim they are taking risk, and if they don’t take risk, then they won’t be making it, i know it’s good to take risk, but when talking risk, you should be smart, don’t take risk which will be beyond your power, don’t take risk which might end up affecting your health challenges if things don’t go well for you.

Some people end up investing in shit coins claiming they are taking risk, just because they are expecting high reward within a short period of time, which at the end some of them might lose everything they invested.

[milewilda]

I was reading coinconfessions, and it occurred to to me that most of those who are in crypto go through a phase where they make lots of money, but eventually lose it all or most of it due to wrong decisions taken due to having lack of financial knowledge.

Some start fresh with lessons learned and make it back, for some having huge unexpected money come and gone creates a downward spiral that they feel hard to get out of, almost like they were better off not having this unexpected wealth come in first place.

Actually im really that into this kind of situation on which on the time that i have started on dealing with crypto or simply into those newbie days on which i have been that able to earn thousands of dollars, maybe $100k
or almost to bounties because the coin that i had been able to recieved did make some pumps and on the time that value had risen up then i had missed out on taking up the conversion to money or usdt or bitcoin because
i did make myself that greedy believing that it could be reaching up into those numbers on which it would really be that having those thoughts that it could go more until everything goes down
and did really give out that kind of regret for the rest of my life.

Sometimes you would really be needing to experience up those things first before you would eventually learn but you could really always remember into those bad decisions that you had made on.
Its something that you cant really be able to avoid up specially when you are noob and having those impulsive emotions on which you would really be having those normal
thoughts that making money here on crypto is easy.

[Fortify]

I was reading coinconfessions, and it occurred to to me that most of those who are in crypto go through a phase where they make lots of money, but eventually lose it all or most of it due to wrong decisions taken due to having lack of financial knowledge.

Some start fresh with lessons learned and make it back, for some having huge unexpected money come and gone creates a downward spiral that they feel hard to get out of, almost like they were better off not having this unexpected wealth come in first place.

Most people go through familiar stages of life, but it can come at different times for different people. Some will learn their important financial lessons early on, maybe even by the time they are 21, which can set them up on a great trajectory for earning later on. Others might only figure out some basic things when they pass 50 years old, and yet others still will never learn about how powerful financial instruments work. Take mortgages for example, in a world where prices seem to be constantly and incessantly pushing up, few people in their twenties might be able to avoid a house and never even start scratching the surface of what a mortgage is and how it works until they really need it - but as Warren Buffet said, it's the only form of debt that is worth it.

[iv4n]

I was reading coinconfessions, and it occurred to to me that most of those who are in crypto go through a phase where they make lots of money, but eventually lose it all or most of it due to wrong decisions taken due to having lack of financial knowledge...

Easy come, easy go! When we make money in some easy way, we usually spend it quickly and for fun... But there is one more situation when we make some nice money and want to make more, but we lose everything we have instead of making more. Both cases are gambling/trading related I think, and most of us old-timers were in both situations numerous times (some more some less), but it's life. We can say it's the lack of financial knowledge or life experience in general, we can say that we just "had the feeling", but whatever that was it's how we learn and we shouldn't regret it, life goes on and we need to move on.

[usekevin]

I was reading coinconfessions, and it occurred to to me that most of those who are in crypto go through a phase where they make lots of money, but eventually lose it all or most of it due to wrong decisions taken due to having lack of financial knowledge.

Some start fresh with lessons learned and make it back, for some having huge unexpected money come and gone creates a downward spiral that they feel hard to get out of, almost like they were better off not having this unexpected wealth come in first place.

The trader should need enough knowledge in the investment,because if they inverse without any good knowledge may leads to the loss of the money.As we know earning money is not the easier one,but multiple the same was most important one here.If you had loss the money in some way,you should take the lesson and do the right thing next time,if you keep repeat the same.It’s not possible to save the money,mostly leads to the loss in the trading.Once the trader occur the loss,he need to risk many times to make the loss money.But the hardest part is the risk again may leads to the loss.

Well, if there aren't failures with experience and good writing skills to narrate their ordeal having invested in cryptocurrency, it paid off big time, but they somehow lost it all, we would not be where we are today as individual investors looking for the best possible approach to invest in and become more than a millionaire with crypto investments.

The failures always teach us the lesson,but we forget to remember on the next try.So this leads to the next failure,the continuous failure will leads to a repeat loss for the trader.So he should do the background work of the failure things,it help them to save the loss in the next trading itself.

[Darker45]

I personally know of a number of people who have gone through this in their crypto journey. I guess many can share how those ICO days, for example, were very generous to us. Some friends made a lot of money. Now, most of them are wage-earners. They've spent too much on things that are probably weren't worth it. Some didn't start even a small business. The same goes during the height of Axie Infinity and other play-to-earn blockchain games. Many of those who earned really well are now drained of savings.

This story also applies to those who accumulated so much Bitcoin early on but ended up selling most of them while the price was low and ended up only with Sats today. Our local moderator, for example, came early, got a number of coins early, but today cannot even pay a debt.

[libert19]

Actually im really that into this kind of situation on which on the time that i have started on dealing with crypto or simply into those newbie days on which i have been that able to earn thousands of dollars, maybe $100k
or almost to bounties because the coin that i had been able to recieved did make some pumps and on the time that value had risen up then i had missed out on taking up the conversion to money or usdt or bitcoin because
i did make myself that greedy believing that it could be reaching up into those numbers on which it would really be that having those thoughts that it could go more until everything goes down
and did really give out that kind of regret for the rest of my life.

How similar! I did same, one of alt back in 2018 went to unimaginable heights, I didn't convert it to Ethereum or BTC (it was 100 ETH valued), converting to stable coin wouldn't have made difference because when I eventually sold I got about same USDT as it's peak but story would have been much different had I converted it to BTC/ETH at peak.

I like to stay positive, and say to myself I'll make it back lol.

[cakravothy]

Cryptocurrency trading, or investing in crypto, is characterized by high risk and high return. Therefore, those who dive into crypto have the potential to earn significant profits quickly. However, it also carries a high risk of significant losses. But if one can manage and handle their trading account effectively, the risk can be reduced to medium or even low risk, despite the potential for substantial returns. However, it's even safer to acquire funds through free airdrops or bounties, as there is no risk involved whatsoever.

[pinggoki]

Cryptocurrency trading, or investing in crypto, is characterized by high risk and high return. Therefore, those who dive into crypto have the potential to earn significant profits quickly. However, it also carries a high risk of significant losses. But if one can manage and handle their trading account effectively, the risk can be reduced to medium or even low risk, despite the potential for substantial returns. However, it's even safer to acquire funds through free airdrops or bounties, as there is no risk involved whatsoever.

Which is fair in my opinion, that means that there's no one that can easily make money and abuse the system even if the high risk high reward system of cryptocurrency is a double-edged sword, I think that the positives are still much higher than the negatives especially if you know which crypto you have to invest into and not just investing in any shitcoin that's sold to you by a random from X.

[MarjorieZimmermanGinger]

I was reading coinconfessions, and it occurred to to me that most of those who are in crypto go through a phase where they make lots of money, but eventually lose it all or most of it due to wrong decisions taken due to having lack of financial knowledge.

This is the case and most people throw away opportunities because they are worried about the course of the coins they hold. Of course we have to agree when people invest in coins that do not have a strong fundamental level, but it is different when people hold bitcoin as their preferred investment method. Sometimes decisions taken are not based on knowledge so people tend to act based on wrong instincts.

Some start fresh with lessons learned and make it back, for some having huge unexpected money come and gone creates a downward spiral that they feel hard to get out of, almost like they were better off not having this unexpected wealth come in first place.

It depends on the approach they take and basically we can minimize the risks that occur, but it must be seen to what extent they understand the coin they have chosen. There are people who can make money gradually in the crypto space and others have to lose money because they don't understand the process and how to make investments correctly.

[libert19]

Cryptocurrency trading, or investing in crypto, is characterized by high risk and high return. Therefore, those who dive into crypto have the potential to earn significant profits quickly. However, it also carries a high risk of significant losses. But if one can manage and handle their trading account effectively, the risk can be reduced to medium or even low risk, despite the potential for substantial returns. However, it's even safer to acquire funds through free airdrops or bounties, as there is no risk involved whatsoever.

This applies to by whatever means money may be earned not just trading/investing and not exclusively to crypto either as others have pointed out, there are people who made huge funds from bounties/airdrops but they couldn't secure those either.

[icalical]

I think it's not exclusive to crypto, in many other investments that kind of phenomena also happens a lot, and maybe not only in investment in traditional business there is many company that collapse and bankrupt after that company reaching the peak. For investment, crypto included, I think one of the reason is that there are many people have good technical and fundamental analysis but they don't have good money management, they were smart enough to make the right investment but at the end they were fooled by their own greed.

[radjie]

I was reading coinconfessions, and it occurred to to me that most of those who are in crypto go through a phase where they make lots of money, but eventually lose it all or most of it due to wrong decisions taken due to having lack of financial knowledge.

Some start fresh with lessons learned and make it back, for some having huge unexpected money come and gone creates a downward spiral that they feel hard to get out of, almost like they were better off not having this unexpected wealth come in first place.

Most people involved in this industry certainly realize that crypto investment is quite promising and can provide satisfying results.  On the other hand, there are also those who use crypto as a source of income, so that when they get a profit or income from crypto, they will immediately use it.  The main reason was forced by the urgent need because they had no other job.  It's not that they don't want to invest or secure their finances, but their needs must still be prioritized first.

[Richbased]

This is not only happen in crypto, but other industry too.

Many athletes and celebrities makes a lot money, but not all of them can maintain their wealth because they don't understand about money management and investment, they use almost of their money for their lifestyle.

You're correct as it happens in most industries for example in my country, their are some celebrities that people think they've made it in life but as soon as they have one health challenge or the other they come on live television to beg for assistance from the public to fund their medical bills I now begin to wonder what they did with all the money they have made over the years, so absolutely a lot of people in different industries that are doing well doesn't maintain their wealth reason being that most of them doesn't invest their money with the hope that they will continue making money from the industry but as soon as things doesn't work the way they plan they begin to suffer and sort for help from the public so it is important that no matter the kind of job one doing that is fetching them reasonable amount of money, investment is very important in the life of every individual as that's the only way to secure ones future.