Lessons From the Biggest Bitcoin Losses in History.

[Aanuoluwatofunmi]

Don't wait for it to come because it might land on you in a very bad way, crypto scam is real and those who are affected never wish the were, there are lots of mistakes we do from our end in which permit for any form of scam to penetrate to us, because the scammers will always be looking after a particular vulnerability to serve as routes for them to attack, this is where we don't have to play with the security and privacy in crypto.

[reagansimms]

Any mistake in Bitcoin, the consequence is that the money will be lost forever because there is no "forgot password" then reset via email. Bitcoin's history is filled with billions of dollars worth of other people's mistakes, such as the mistakes made by those who stored Bitcoin on the Mt. Gox exchange. This is where the principle of "not your keys, not your coins" applies. Exchanges are more precisely places for trading, not vaults for long-term storage. Every mistake that others have ever made, such as losing their Seed Phrase, getting caught in a scam scheme and wallet address network errors that resulted in the loss of millions of dollars are free lessons for us. Mistakes in the Bitcoin world in general are inevitable and the greatest wisdom is to learn from the experiences of others to avoid the same pitfalls.

[Peanutswar]

[...]
In the year 2014, a lot of people trust Mt. Gox exchange just like the way banks are being trusted to store your fiat currency, that’s the way they trusted the Mt. Gox exchange and they stored all their bitcoin on that exchange but the exchange collapsed and all those bitcoin were lost till date.
[...]

Until now this mistake is still an issue most likely with the newbies out there, they wanted to make an investment with the cryptocurrency and one of the best way to trade is with the use of centralized exchange and after that they left their asset there seeing there is a price movement and also its convenient one glance with their wallet they can see now the price different of their hodling but they neglect the risk that anytime soon the CEX can easily freeze their asset and they can't do anything just to comply if they wanted to get back their assets or worst case not a chance anymore to have it back.

CEX is just for exchange and not as a wallet not unless you are an active trader but not most of your funds are for trade so those idle funds will be go for a wallet... not into their wallet.

[jcojci]

Any mistake in Bitcoin, the consequence is that the money will be lost forever because there is no "forgot password" then reset via email. Bitcoin's history is filled with billions of dollars worth of other people's mistakes, such as the mistakes made by those who stored Bitcoin on the Mt. Gox exchange. This is where the principle of "not your keys, not your coins" applies. Exchanges are more precisely places for trading, not vaults for long-term storage. Every mistake that others have ever made, such as losing their Seed Phrase, getting caught in a scam scheme and wallet address network errors that resulted in the loss of millions of dollars are free lessons for us. Mistakes in the Bitcoin world in general are inevitable and the greatest wisdom is to learn from the experiences of others to avoid the same pitfalls.

People should not keeping their coin at the exchanges since that place is not a storage for the coins. People can trade and increasing their coin amounts but they should send their profits to their own wallet. Keeping their coins at exchanges is not a good decision, no guarantee the exchanges will online forever. If they can aware this and securing their coin at their own wallet, nothing to worry and they will not make a mistake with their Bitcoin investment. We have many lessons so we should always be careful and learning from others is necessary so we don't have making a mistake like them.

[Awaklara]

People should not keeping their coin at the exchanges since that place is not a storage for the coins. People can trade and increasing their coin amounts but they should send their profits to their own wallet. Keeping their coins at exchanges is not a good decision, no guarantee the exchanges will online forever. If they can aware this and securing their coin at their own wallet, nothing to worry and they will not make a mistake with their Bitcoin investment. We have many lessons so we should always be careful and learning from others is necessary so we don't have making a mistake like them.

Every experience is new knowledge for us. We can learn from our own experiences, as well as from others. Mistakes that other people make from past events can become lessons and warnings for us. But remember, always make another plan to be more careful. We've also seen people lose access to their Bitcoin wallets. That's a mistake they made themselves. Manage and protect your own Bitcoin.

[henmark]

People should not keeping their coin at the exchanges since that place is not a storage for the coins. People can trade and increasing their coin amounts but they should send their profits to their own wallet. Keeping their coins at exchanges is not a good decision, no guarantee the exchanges will online forever. If they can aware this and securing their coin at their own wallet, nothing to worry and they will not make a mistake with their Bitcoin investment. We have many lessons so we should always be careful and learning from others is necessary so we don't have making a mistake like them.

Every experience is new knowledge for us. We can learn from our own experiences, as well as from others. Mistakes that other people make from past events can become lessons and warnings for us. But remember, always make another plan to be more careful. We've also seen people lose access to their Bitcoin wallets. That's a mistake they made themselves. Manage and protect your own Bitcoin.

Learning from your own mistakes is good, but learning from the mistakes that other people made is even better, because then you won't have to go through it yourself to actually learn. When you learn from others, you don't have to learn it the hard way.

For example, when someone is in a financial market like the crypto market, and they do some research and find out that a certain trading method is not good and it can cause losses, so instead of using it themselves and losing some money and learning the hard way, they now already have the knowledge and don't really need to test it out and then find out.

When it comes to Bitcoin and how we can keep ourselves secure financially, like keeping our wallets safe and secure and making sure we don't lose our seed phrases and private keys, it is important that we as newbies gain enough knowledge first before we even get started, because when you don't have knowledge, you might not know the importance of your seed phrase and you might save it in places where you shouldn't.

I have seen people literally taking screenshots of their seed phrases and keeping them in their phone's gallery because they just feel it's a random code that they might need in the future, but they don't understand how important that phrase is if they are actually going to use that wallet and keep funds in it.

[Zanab247]

Don't wait for it to come because it might land on you in a very bad way, crypto scam is real and those who are affected never wish the were, there are lots of mistakes we do from our end in which permit for any form of scam to penetrate to us, because the scammers will always be looking after a particular vulnerability to serve as routes for them to attack, this is where we don't have to play with the security and privacy in crypto.

A lot of people have passed through a lot from scammers which they don't want to explain to people, because it will be refreshing in their memory some amount of money they have lost, but there is nothing in the industry that will make them to involve in the scammers hand. Seeing a lot of bad news of scammers make some people to wise up to learn from other people mistakes so that they will not regret what other people that fell victim are going through from the mistakes they made in the past.

I know you can make up your mind not to fall victim to those scammers that are everywhere both physical and online, because they have some things they are using to convince unwise people to fall victim and it will be hard for those that fall victim to scammers to believe in BTC and other cryptocurrencies in the industry again.

[Supreme Donvic]

People should not keeping their coin at the exchanges since that place is not a storage for the coins. People can trade and increasing their coin amounts but they should send their profits to their own wallet. Keeping their coins at exchanges is not a good decision, no guarantee the exchanges will online forever. If they can aware this and securing their coin at their own wallet, nothing to worry and they will not make a mistake with their Bitcoin investment. We have many lessons so we should always be careful and learning from others is necessary so we don't have making a mistake like them.

Every experience is new knowledge for us. We can learn from our own experiences, as well as from others. Mistakes that other people make from past events can become lessons and warnings for us. But remember, always make another plan to be more careful. We've also seen people lose access to their Bitcoin wallets. That's a mistake they made themselves. Manage and protect your own Bitcoin.

I even think that the best lesson to learn is when you learn from other people's mistakes, some people say the best lesson to learn is when you learn from your own mistake, I don't see learning from your own mistake as the best lesson because it costs you to lose a lot but when you learn from others you won't lose anything which is very good, I have learnt a lot of lessons from others when it comes to cryptocurrency and I don't even wish to learn from my own mistake in such areas because it really bring me down.

[Rubuchi]

Don't wait for it to come because it might land on you in a very bad way, crypto scam is real and those who are affected never wish the were, there are lots of mistakes we do from our end in which permit for any form of scam to penetrate to us, because the scammers will always be looking after a particular vulnerability to serve as routes for them to attack, this is where we don't have to play with the security and privacy in crypto.

in crypto, scamming is something that should not be neglected. Scammers will always come at you when something is financially involved. Crypto is a big financial platform with huge financial opportunities. There are many opportunities in crypto particularly as an alternative to the fiat. The over controlling aspect of fiat by the government and it's stakeholders have made crypto a major breakthrough. They have tried to copy the crypto by coming up with some digital assets but it does not in any way affects the potentials and the barriers broken by the bitcoin technology.

[Cookdata]

I even think that the best lesson to learn is when you learn from other people's mistakes, some people say the best lesson to learn is when you learn from your own mistake, I don't see learning from your own mistake as the best lesson because it costs you to lose a lot but when you learn from others you won't lose anything which is very good, I have learnt a lot of lessons from others when it comes to cryptocurrency and I don't even wish to learn from my own mistake in such areas because it really bring me down.

There are great lessons to learn at anyone's mistake but the painful one is if you lose your money. The thing is learn from other people's mistake and make sure you don't become the victim. Each day a scam is reported, it's best to go through them just to be updated about what's going on as trend. It's going to be even more painful by the time you see a scam that has been reported but you fall for one, you will feel empty and useless if you become a victim.

It been long since we witnessed exchange exit, it was FTX that went bankrupt last 4 years, the affected people have learnt from their mistakes. If today one exchange goes down and people are affected, I will be the most joyous person on earth about it because people don't learn from mistakes.