Well, this is not surprising. But just imagining how devastated these young and amateur investors might be is still quite heartbreaking. Still, this is why you should only invest what you can afford to lose.
It’s only money it comes and goes
Sadly crypto has done some irreversible damage. It may rise again to the prices at the end of last year but for those quoted in the article, it is hell. I think that this is one problem that governments are seeking to address by regularising cryptocurrencies.
These amateur investors simply should not have invested. Hence amateur…
I really would like to hear a few of these stories as they relate to institutionalized investors. Hedge funds big banks and the likes. Should make for interesting reading.
If you’re having that response then you over egged your position. Invest what you can lose and all you’ll feel is mild discomfort. Especially on something as speculative as crypto.
Should’ve, could’ve…it’s easy to say that they shouldn’t have bought in now. Hindsight. Some of us could see it coming, I cashed out near the top, I was fortunate. But the hype that was built up couldn’t be ignored for most.
And it wasn’t just amateur investors, I’ve heard stories of people investing millions into crypto through private investment companies, and now these investment companies are losing millions and millions of their clients’ money. Some will go out of business because of it, clients will go bankrupt.
But during the rise, all these new brokers were popping up right left and center, promising huge returns and taking advantage of a bubble they undoubtedly new was going to burst. These brokers are vultures and this marketing should be criminal.
Far too many buy the dippers on this forum - but heh most of them knew best.
So sure that crypto would make em rich beyond their wildest dreams.
Most of them committed cardinal sins when it came to investing - and most of em still believe it will soar to new highs - it may do but sure ain’t a safe haven and it sure ain’t “digital gold”
I am far from old but I’ve seen it all before - I was a silver bull way back when and thought I knew it all. Luckily I was a trader, not a stacker (hodlers).
Still waiting for silver to reach $500 an ounce, just as the bitcoin crew will be waiting a long time for their payday
Frankly many on this forum should be ashamed of themselves for the way they’ve pumped BTC as a HODL strategy - I couldn’t think of a worse market for a HODL strategy
However I guess many of those deluded souls have probably already moved on
The following article is interesting. This crypto expert believes we have got bitcoin all wrong - according to the article bitcoin is NOT money - its a database - lol
I wish these experts would make up their minds about what exactly it really is.
Sure seems like a fugazi to me.
I will repeat…again.
Why would I have any confidence in an instrument whose price can soar or dip based on a single tweet from one person???
"the bigger they are the harder they fall "
I feel bad for them. However, we all know that crypto is volatile, so I don’t think they’re much surprised. They will probably take it as a lesson.
That’s true. But it’s just sad that a lot of people forgot that they shouldn’t invest all of their savings and hard-earned money on something as new and volatile as the crypto market.
I’ve always been unsure about my thoughts on the regularization of cryptocurrencies, but reading articles like this one somehow puts everything in perspective.
True. I guess they got blinded by the marketing they see everywhere saying that crypto will make them rich so they need to pour all their money into it.
That would definitely be interesting! But I doubt people from these institutions would be allowed to share any story like this and risk their credibility.
To think some people even took out loans just to invest. They did not only lose their capital, but are also now deep in debt. I wonder if the future movements of the prices would be able to make up for all that they’ve lost so far.
That’s true. I’ve seen tons and tons of ads on my social media accounts that are promising all these amazing stuff, and if I probably didn’t know more about the risks of this market, I would’ve invested more than I could afford to lose. Unfortunately, I don’t think there’s any way to punish these brokers cause ultimately, the decisions were made by the clients.
I’m honestly guilty of this. I always thought that prices will continue to go up, and even if there are some dips every now and then, price will just go up even higher.
Yes very true, obviously it’s all relative as if the person who lost their money ,it then effected their health ect
no money for food or shelter ect that different .
First of any sort of regrets I’ve heard from the bitcoin crowd.
Most will not be throwing in the towel until it hits 5K give or take - and its only when most have thrown in the towel that the bottom will be in, which is how all markets work regardless of it being bitcoin, tulips or mortgage-backed securities.
Human nature changes very slowly. Particularly when it comes to deep-rooted emotions like greed and fear.
The crypto last leg only happened when buyers were seeing their neighbors and friends getting rich - there is little more motivating to buying into a dream than seeing your neighbors are getting rich in front of you.
And THIS is the blow-off stage - as soon as all the suckers are in, markets collapse. There is nothing new about crypto in that sense - it is run up and down on mass fear, and greed like every other market.
The time to be wary was when Elon Musk was making his appearance on Saturday night live - a top was in the making when that happened. And after the crypto enthusiasts were disappointed with his “performance” dogecoin sold off.
The above was a massive tell-tale sign to be wary of the crypto market.
The great thing about this big sell-off is that it will greatly improve the skillset of those who lost money but to carry on trading.
I personally have had three major instances like this that taught me valuable lessons about myself and the markets - painful as they were at the time.
One final point, it’s entirely possible bitcoin can go much higher (wtf?). Firstly because I may just be wrong and talking out my rear end - but secondly because there are no fundamentals backing bitcoin, it is market-driven solely on technicals.
It doesn’t pay a dividend or interest rate and there are no earnings. All the so-called fundamentals are from potential use only.
The fact is BTC can go anywhere because it’s so sentiment driven - but judging purely from the mass euphoria associated with this market - personally, Id say the top was made a while ago.
I don’t expect many of this thread to even read what I’ve written much less respond to it. I am assuming most on here are die-hard crypto bulls and it takes someone with real courage to challenge their own viewpoint (particularly when money is on the line).
One of the greatest nonfinancial benefits of successful trading is that it humbles you as an individual - and you learn to accept that maybe you are wrong in your opinion.
I am wrong loads of times - which is why I always use a stop loss and have not HODLED anything in years.
The bottom is NOT in with headlines like the above doing the rounds.