Lessons From the Biggest Bitcoin Losses in History.

[Tamaperdana]

Yes, that's why when we invest in Bitcoin, we should always use safe money. This way, when the price of Bitcoin drops, it won't shake our mentality. Basically, we already know that whatever happens, we'll be fine, because the money we invest is also safe money. So, I think this will clearly make us stronger against Bitcoin's price volatility. Furthermore, knowledge certainly plays a crucial role in this. People who don't understand Bitcoin's cycles and such will certainly panic when Bitcoin drops unexpectedly.

If you are investing in it for a long time, then this is not really for those who are ready to invest any money. Whenever you want to invest in Bitcoin, the person should have his own extra money which he does not need and when the time comes, he should not need this money. Yes, this can reduce the pressure in this way, but still, money is money, whether it is extra or needed, there is definitely anxiety for it, so along with this, we have to bring patience in ourselves. Because the way the price of Bitcoin fell so much, many people have destroyed their capital. The cycle of Bitcoin always makes people dizzy, so people should not waste their time and money, it is better for them to be strong and invest money in the market and earn profit.

You're right that, of course, we'd be a little sad if we lost it, even if it was cold hard cash. But yes, that's definitely better than investing hard cash in Bitcoin. Furthermore, talking about whether or not you're ready to invest in Bitcoin, I don't think we can generalize this assumption, as everyone's readiness is clearly different. If, for example, Bitcoin isn't for people who aren't ready to invest large sums of money, as you say, I disagree. I don't think this is an absolute assumption regarding Bitcoin. If someone has substantial capital and is prepared for all the consequences, then they're considered ready to invest in Bitcoin. That's my personal opinion. Also,, what do you mean by investing money in the market? Is it for trading or something else? If so, it's clearly riskier than investing in Bitcoin. Because trade is clearly a very rough path for us to take.

[Tungbulu]

these are all elements of people who fall into the traps of FOMO too and this happens mostly with people that have little knowledge about how bitcoin works in general. Patience is one thing many of them lack while some have issues of asking or making the right enquiries. If you have any of those issues, it might be the more reason why these folks are finding it difficult to be profitable in bitcoin and cannot hold their money until they achieve their desirable goals or targets.

Sometimes the major reason why a lot of folks fail or end up making constant wrong decisions as it concerned their investments is simply because they have this huge misconception about Bitcoin, they believe Bitcoin is something that people can just go in make some huge profits in the short term and zoom off. And when you approach Bitcoin this way, then it’s certain you’ll make mistakes. FOMO is indeed a trap, and many people with the wrong mindset about Bitcoin easily fall into this trap without even realizing it, they only do so when they’re already sunk into losses.

[Ethan151]

One important lesson I take from these examples is that security is not only about protecting your wallet; it is also about protecting your decisions. Taking time to verify information, avoid unnecessary pressure, and double-check transactions can prevent many costly mistakes. Learning from past losses is one of the best ways to become more careful.

[Solokan]

One important lesson I take from these examples is that security is not only about protecting your wallet; it is also about protecting your decisions. Taking time to verify information, avoid unnecessary pressure, and double-check transactions can prevent many costly mistakes. Learning from past losses is one of the best ways to become more careful.

Yes, it's true that past failures are best learned from so that future failures won't recur. However, those who lost their assets at that time must have been incredibly sad, having lost the fruits of their labor. I can't imagine how sad they must have been.

However, there's still time to start collecting BTC again, as BTC is still relatively cheap right now, and its price will undoubtedly rise even higher in the future. With such an incident in the past, people who have heard or read about it should refrain from taking actions that could potentially harm themselves, especially those that lead to forgetting passwords and so on.

[Berry2d]

Yes, that's why when we invest in Bitcoin, we should always use safe money. This way, when the price of Bitcoin drops, it won't shake our mentality. Basically, we already know that whatever happens, we'll be fine, because the money we invest is also safe money. So, I think this will clearly make us stronger against Bitcoin's price volatility. Furthermore, knowledge certainly plays a crucial role in this. People who don't understand Bitcoin's cycles and such will certainly panic when Bitcoin drops unexpectedly.

If you are investing in it for a long time, then this is not really for those who are ready to invest any money. Whenever you want to invest in Bitcoin, the person should have his own extra money which he does not need and when the time comes, he should not need this money. Yes, this can reduce the pressure in this way, but still, money is money, whether it is extra or needed, there is definitely anxiety for it, so along with this, we have to bring patience in ourselves. Because the way the price of Bitcoin fell so much, many people have destroyed their capital. The cycle of Bitcoin always makes people dizzy, so people should not waste their time and money, it is better for them to be strong and invest money in the market and earn profit.

Having a backup money after investment is a very good investment strategy,  many neglect that without knowing it will be helpful be it in short or long time investment plan.
Some of the problems associated to all investors is cutting off the investment halfway because of lack of capital but if the backup fund is intact such will not be practiced as the person will not be stranded due to lack of capital.
Bitcoin investment is one investment that doesn't have a specific period through which the investment will yield profit but that does not mean it is not a profitable business to invest in.

[Supreme Donvic]

these are all elements of people who fall into the traps of FOMO too and this happens mostly with people that have little knowledge about how bitcoin works in general. Patience is one thing many of them lack while some have issues of asking or making the right enquiries. If you have any of those issues, it might be the more reason why these folks are finding it difficult to be profitable in bitcoin and cannot hold their money until they achieve their desirable goals or targets.

Sometimes the major reason why a lot of folks fail or end up making constant wrong decisions as it concerned their investments is simply because they have this huge misconception about Bitcoin, they believe Bitcoin is something that people can just go in make some huge profits in the short term and zoom off. And when you approach Bitcoin this way, then it’s certain you’ll make mistakes. FOMO is indeed a trap, and many people with the wrong mindset about Bitcoin easily fall into this trap without even realizing it, they only do so when they’re already sunk into losses.

A lot of people have that misconception of Bitcoin being a place or an investment that you can do and make huge amount of money in a short period of time.
I think the reason why some set of people are having this misconception about Bitcoin is how they got to know about Bitcoin, some set of people got to know about Bitcoin through a friend, that told a friend, that one can make huge amount of money in a short period of time in Bitcoin.
Misinformation has been the reason of misconception in Bitcoin, this misinformation has made a lot of people stop investing in Bitcoin when they realize it is not what they were expecting that is happening.

[Tongley]

Yes, that's why when we invest in Bitcoin, we should always use safe money. This way, when the price of Bitcoin drops, it won't shake our mentality. Basically, we already know that whatever happens, we'll be fine, because the money we invest is also safe money. So, I think this will clearly make us stronger against Bitcoin's price volatility. Furthermore, knowledge certainly plays a crucial role in this. People who don't understand Bitcoin's cycles and such will certainly panic when Bitcoin drops unexpectedly.

If you are investing in it for a long time, then this is not really for those who are ready to invest any money. Whenever you want to invest in Bitcoin, the person should have his own extra money which he does not need and when the time comes, he should not need this money. Yes, this can reduce the pressure in this way, but still, money is money, whether it is extra or needed, there is definitely anxiety for it, so along with this, we have to bring patience in ourselves. Because the way the price of Bitcoin fell so much, many people have destroyed their capital. The cycle of Bitcoin always makes people dizzy, so people should not waste their time and money, it is better for them to be strong and invest money in the market and earn profit.

Having a backup money after investment is a very good investment strategy,  many neglect that without knowing it will be helpful be it in short or long time investment plan.
Some of the problems associated to all investors is cutting off the investment halfway because of lack of capital but if the backup fund is intact such will not be practiced as the person will not be stranded due to lack of capital.
Bitcoin investment is one investment that doesn't have a specific period through which the investment will yield profit but that does not mean it is not a profitable business to invest in.

It would be foolish not to start investing now considering the future. If one does not have extra money or discretionary income in the future, then it would never be the right decision to not start investing now thinking about that. Start investing and move forward consistently after starting investing. If ever it is seen that you are not able to get discretionary income, then stop investing.
There are some people who are not able to get discretionary income consistently, such people should start investing with what they have

[Fiasem20]

3. Investment Scams and Fake Opportunities.

A lot of people has been scammed of their bitcoin and till date people are still being scammed of their bitcoin because they decided to listen to lies of getting huge profits or returns if they should invest their bitcoin into fake investment sites.
This set of people allowed greed to cover their eyes so they won’t see truth and reality, they allowed greed to overrides caution.

lesson learnt:
When the opportunity is too good to be true avoid it.

This has the highest rate of scam record.A lot of crypto users tend to believe and adhere to false information from strangers they met on the internet.If you want to stay motivated on this crypto ecosystem then it would be better you stay away from projects that promises unimaginable returns.There are thousands of newly projects in the crypto space and only a few ones are legit,most of them are pump and dump scheme and they are also owned by scammers(Ponzi schemes).With the high rate of Ponzi scheme in the crypto space I wouldn’t encourage a person to diversify their funds into shitcoins rather they should stick to bitcoin and maybe diversify their funds on other physical investment.

[Nightwatchmare]

1. The Mt. Gox Collapse: Not Your Keys, Not Your Coins.

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.

lesson learnt:
The lesson learnt in this is that once a third party or person is controlling your private keys they actually controls your bitcoin.
Convenience often comes at the cost of sovereignty, know this and no peace.

Once a third-party get hold of your private keys of seed phrase they cannot only control your Bitcoin rather they can move your Bitcoin and spend it if they want but that is not the actual lesson learnt from Mt. Gox exchange hack. Since Mt. Gox exchange is centralized exchange, storing your Bitcoin there automatically gives Mt. Gox exchange control of your Bitcoin because it is not your keys, not your coins. So the actual lesson learnt from Mt. Gox exchange hack is never to store your Bitcoin in centralized exchange, you do not have access to it private keys.

[cryptomaniac_xxx]

1. The Mt. Gox Collapse: Not Your Keys, Not Your Coins.

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.

lesson learnt:
The lesson learnt in this is that once a third party or person is controlling your private keys they actually controls your bitcoin.
Convenience often comes at the cost of sovereignty, know this and no peace.

Once a third-party get hold of your private keys of seed phrase they cannot only control your Bitcoin rather they can move your Bitcoin and spend it if they want but that is not the actual lesson learnt from Mt. Gox exchange hack. Since Mt. Gox exchange is centralized exchange, storing your Bitcoin there automatically gives Mt. Gox exchange control of your Bitcoin because it is not your keys, not your coins. So the actual lesson learnt from Mt. Gox exchange hack is never to store your Bitcoin in centralized exchange, you do not have access to it private keys.

In fairness, it was in the early years of Bitcoin, Mt. Gox is the biggest exchange that time and if I'm not mistaken, the only one we have that's why there are a lot of traders or even investors that have used that exchange to store their Bitcoin.

Not sure if there are HD wallets already as it could only be Bitcoin core that exists and so they don't have any experience or choices during that time. However, as we improved along the way, exchanges are no way the safest place to put our Bitcoin. We have a lot of options already and so holders will have to choice from many ways to protect and then practice security so that our Bitcoin are not going to be stolen from us.

[Cookdata]

It would be foolish not to start investing now considering the future. If one does not have extra money or discretionary income in the future, then it would never be the right decision to not start investing now thinking about that. Start investing and move forward consistently after starting investing. If ever it is seen that you are not able to get discretionary income, then stop investing.
There are some people who are not able to get discretionary income consistently, such people should start investing with what they have

How can you say it's foolish not to start investing. I don't like aggressively advice of investing and you know what? If they don't buy Bitcoin, some people will still do better in life because life does not revolve around Bitcoin alone. Investment should come with a plan and ease, it's not a do or die thing to use discretionary income, you should buy Bitcoin because you want to have it so you don't sell it later when you are hungry, I'm saying this because I know a lot number of people that sold Bitcoin at lost during the bear market to feed and live life to see another day.

You know what pain me about Bitcoin investment, if you miss buying at some points and you feel relax that you are not comfortable buying because the price is too high, I will respect and like your decision better than a person that bought Bitcoin at high price and then sold because they ran into some financial challenges, they some because they need quick money, I will feel like you have cheated yourself and your investment. Let's learn how to make investment with comfort and understanding, not through aggressions.