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"I lost money on cryptocurrency" thread

  • Last Updated:
  • Jul 27th, 2018 12:13 pm
[OP]
Banned
Aug 18, 2017
48 posts
14 upvotes

"I lost money on cryptocurrency" thread

If you lost money on crytocurrencies, post how much did you lost and on which currency.
186 replies
Deal Expert
User avatar
Apr 21, 2004
45179 posts
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This is going to be therapeutic for some.

Didn't know there were a lot of bad coins so people better only speculate on the few credible coins.
Member
Mar 2, 2011
241 posts
32 upvotes
Toronto
thats what you get for chasing money and not understanding what exactly is happening.

hardest part of making money in any market is controlling emotion, it takes a lot of time to get a grasp of that. Only silver lining here is, crypto is forgiving in the sense that you don't have to sell at a loss. Almost everything bounces back to either your break even level or go higher eventually. Much faster than precious metals
Sr. Member
Feb 17, 2012
628 posts
120 upvotes
Toronto
Lol nice username. Talk about losing money...triple the price
Deal Expert
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Apr 21, 2004
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People who accumulated ahead of the crowd are the biggest winners. Hopefully they know when to cash out even if they erroneously consider the gains as free money. This is like winning the lottery and getting lump sum is safer with these coins. No backing of tax authority like government lottery businesses.

I am too late and didn't have a crystal ball back then. Should have bought in, as a spec play, before the global hysteria took hold.

Too late for me now haha.
Last edited by alanbrenton on Jan 19th, 2018 9:19 am, edited 1 time in total.
Deal Addict
Jul 27, 2017
1534 posts
523 upvotes
GTA
starbucksguy wrote:
Jan 19th, 2018 8:28 am
If you lost money on crytocurrencies, post how much did you lost and on which currency.

BTC $0
ETH $0
LTC $0
XRP $0

What about you?
Sr. Member
User avatar
Dec 21, 2007
517 posts
111 upvotes
Scarborough
You haven't lost anything until you sell.... #HODL
I am the Stig's brother's cousin's friend's former roommate.
Jr. Member
Feb 1, 2017
129 posts
23 upvotes
alanbrenton wrote:
Jan 19th, 2018 9:19 am
People who accumulated ahead of the crowd are the biggest winners. Hopefully they know when to cash out even if they erroneously consider the gains as free money. This is like winning the lottery and getting lump sum is safer with these coins. No backing of tax authority like government lottery businesses.

I am too late and didn't have a crystal ball back then. Should have bought in, as a spec play, before the global hysteria took hold.

Too late for me now haha.
It's not too late. There are emerging platforms you can research and see if you want to buy in. For example AION is a new blockchain platform that's situated in Toronto. It has a partnership with ICON and WANCHAIN. Those 3 form the interoperability alliance and if you see the partnerships ICON have that will connect with AION then you will see it has huge potential.
Deal Expert
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Sep 19, 2004
21628 posts
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Waterloo
Insert [Marijuana] into thread title too
because with those crazy run-ups, nobody should've lost any money but made 100%~1000% returns
Last edited by jerryhung on Jan 19th, 2018 4:49 pm, edited 1 time in total.
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Jr. Member
Mar 1, 2011
148 posts
70 upvotes
Oh man I treaded water in that market for about a week and a half, sold out when Bitcoin was just crossing past 13k. Managed to escape with a 5% loss after all fees, nice little lesson.

I'll never be a sucessful crypto investor because I think its a huge bubble that could pop any time, and I don't have the confidence in the market to hold for months.

Lot of optimisim about 2018, but really 2016 and 2017 were the years of crypto.
Jr. Member
Mar 1, 2011
148 posts
70 upvotes
samin62 wrote:
Jan 19th, 2018 9:05 am
thats what you get for chasing money and not understanding what exactly is happening.

hardest part of making money in any market is controlling emotion, it takes a lot of time to get a grasp of that. Only silver lining here is, crypto is forgiving in the sense that you don't have to sell at a loss. Almost everything bounces back to either your break even level or go higher eventually. Much faster than precious metals
Thats right, just hold until it goes up! Everything always just goes up in crypto land!
Penalty Box
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Apr 20, 2011
1636 posts
165 upvotes
alanbrenton wrote:
Jan 19th, 2018 9:19 am
People who accumulated ahead of the crowd are the biggest winners. Hopefully they know when to cash out even if they erroneously consider the gains as free money. This is like winning the lottery and getting lump sum is safer with these coins. No backing of tax authority like government lottery businesses.

I am too late and didn't have a crystal ball back then. Should have bought in, as a spec play, before the global hysteria took hold.

Too late for me now haha.
This picture should paint my gains from what I look out for in the markets -
Image

I'm the one riding the whale btw1Smiling Face With Sunglasses
Deal Expert
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Apr 21, 2004
45179 posts
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phisherman wrote:
Jan 19th, 2018 4:41 pm
It's not too late. There are emerging platforms you can research and see if you want to buy in. For example AION is a new blockchain platform that's situated in Toronto. It has a partnership with ICON and WANCHAIN. Those 3 form the interoperability alliance and if you see the partnerships ICON have that will connect with AION then you will see it has huge potential.
Blockchain as a service to prevent tampering I understand but not the hyped up valuation of these coins.

Cheques are literally free so why would this new media cost so much? It's not like we ( who didn't participate in these ICO's) have unlimited discretionary income and money where payments to be made for various legal goods and services need to be so high tech and removed from the regular economy and the government's prying eyes.

Eventually these transactions will be taxed or many exchanges will be forced to shut down by regulators or by inside hack jobs. Once they have the money, what do the developers care about the value of the coins. They can always start a new ICO anyway.

Good money in the meantime with the volatility and new entrants.
Newbie
Dec 27, 2017
26 posts
1 upvote
alanbrenton wrote:
Jan 19th, 2018 5:18 pm
Blockchain as a service to prevent tampering I understand but not the hyped up valuation of these coins.

Cheques are literally free so why would this new media cost so much? It's not like we ( who didn't participate in these ICO's) have unlimited discretionary income and money where payments to be made for various legal goods and services need to be so high tech and removed from the regular economy and the government's prying eyes.

Eventually these transactions will be taxed or many exchanges will be forced to shut down by regulators or by inside hack jobs. Once they have the money, what do the developers care about the value of the coins. They can always start a new ICO anyway.

Good money in the meantime with the volatility and new entrants.
yes this is my confusion too... I asked in the other cypto thread about the purpose of those coins but havent really gotten an answer yet. I understand the purpose of bitcoin in the bitcoin blockchain as it seems to be meant as a currency blockchain, but for all these other ICOs and stuff... the coin utility seems iffy to me.
Deal Addict
Mar 2, 2005
1996 posts
270 upvotes
exit99 wrote:
Jan 19th, 2018 5:47 pm
yes this is my confusion too... I asked in the other cypto thread about the purpose of those coins but havent really gotten an answer yet. I understand the purpose of bitcoin in the bitcoin blockchain as it seems to be meant as a currency blockchain, but for all these other ICOs and stuff... the coin utility seems iffy to me.
There are a lot of scam or pump/dump coins but that doesn't mean all of them are like that. Blockchain as a tech is still relatively new and while we are experimenting to use it in different areas of life, we already know that it has the capacity to change how we do a lot of things.

Read more into Dash, XMR, Eth, Strat, OMG and you will realize what kind of projects are underway and where the potential lies. And while some of it is a little hard to grasp on surface, once you actually see a purpose/use for it in real life, you wil understand why some are so hyped about certain projects.

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