The problem with cryptocurrencies

Bitcoin Talk and Cryptocurrencies Bitcoin Discussion
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Ever since the crypto crash, I’ve not been keeping track of my small collection of coins. I was out on vacation this past week and realized that I missed an email from my exchange… basically telling me that if I missed transferring my crypto, I will no longer have access it because they no longer support the coin.

Opened a ticket and nope, it’s lost. While the coin is now pretty much worthless, I still would have wanted to transfer it to a different wallet. Oh well. More dead coins to add to the growing coin cemetery.

Kids, the lesson is to own your coins! Or… the easier one, stay away if you won’t be paying attention to it anymore.

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Oh wow. :open_mouth: Sorry to hear that purtle! :frowning:

Sounds like the best thing to do. :confused: Especially since I’m also always out and about, running errands. Cryptos are just really too erratic for me. :frowning:

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the thing is a lot of people are making huge gains trading crypto. I believe a lot of people out there think that hodling them is the only option when that’s not the case at all, because let’s just be real here,if you plan on just being a holder, then expect to continue to hold them for a good while.

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@justshell See that was my plan… to just hodl for a really long time but my mistake was not considering these exchanges and hard forks and all these BS that happen in the industry.

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Yea man, like to be honest, I dont fully trust these exchanges at all because if anything happen to them, your investment is wiped out. Your best bet is probably having a cold storage like that nano ledger to store your coins on, but those are only applicable with certain coins. I log into my binance account every week just to make sure nothing changed in my portfolio

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Yup but then you hear about the hacking that happens even with these cold storages too. Lawdy. Maybe we should all move everything to their own paper wallets!

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Yup. They do need close monitoring and can be difficult if you’re trading diff markets too!

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Bitcoin is the only decent crypto along with maybe 5 others.

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With the way Bitcoin crashed after its immense rally I feel suspicious about it too.

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Do you own any btw? Not sure if I’ve ever asked you. I still kept mine lol even with great losses. It’s small but perhaps one day it will pay off haha

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yup, lots of coins were lost like this during 2018, so no surprise :slightly_frowning_face:

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Australia has seen a drastic rise in crypto scamming for the year 2018. According to the Australian Competition and Consumer Commission, as well as other government agencies crypto scams have risen significantly the last year totaling 674 separate cases and reported losses are more than AU$6.1 million (US$4.3 million). This is an almost 200% increase to the losses suffered in 2017 (US$1.48 million). The information comes from the tenth annual “Targeting Scams” report of the ACCC.

Reading through the report it seems the gist of the scam is quite straightforward with online scammers appealing to traders through fake trading platforms and promises of major winnings on crypto currencies. Of course, once the consumer wishes to withdraw said winnings a technical problem occurs or the people behind the website simply stop answering. Some reports tell us that clients were asked by scammers to visit nearby bitcoin ATMs to convert fiat into cryptocurrency and transfer it to them. All in all, the ACCC reports that victims of investment scams for 2018 lost a total of $1.83 million in cryptocurrencies.

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A total of $1.83 million in cryptocurrencies, that’s insane
That’s why the market is down, because of scammers

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I am so sorry to hear that. Have you try to trade them with forex instead of owning them? I think it would be good for you since you already like crypto and it is less risky than owning the actual coins.

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Are you refferring to cryptocurrency CFDs?

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But there will be a lot more things like that on the booming market of coins here, how many more will come in next time ? I am investing basically in litecoin mainly, and some other coins which seems to me more than stable, why do you say it’s something good.

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Purtle, I am really sorry for the loss of your coins. I can not imagine anything worse happening.

I assume your point is urging owners to transfer their coins from the exchanges to their wallets as soon as possible, and that certainly is great advice as nobody will be able to take them away from you, you will own them with confidence

However, let me share my latest experience with a major crypto purchase that went badly.

A few weeks ago I bought a large amount of a coin, with the idea of holding it (or going long on it) for a couple of years, at least.

I believed strongly in it (and still do), did all my homework: Fundamentals, tech analysis, team reputation and experience, whitepaper, reviews, team interviews, etc,etc…It all looked great.

Almost immediately after buying it, the coin went up more than 30%, so I took this as confirmation of my extremely clever purchase and proceeded to move the coins from the exchange to their wallet, with a big smile on my face.

Just a few days afterwards, the same coin began crashing seriously. It was so bad and so fast, that after a couple of days it lost almost half of its value,and now I am stuck with it until it improves a bit and I can get rid of it: A trader’s worst nightmare.

Now imagine that instead of rushing from the exchange to the wallet I had left the coins there for, at least one more month with a stop loss order. None of this would have happened.

So, from now on, as an extra financial security measure, I will always keep my newly purchased coins on exchanges for at least a couple more months with stop loss orders to prevent those drastic and unexpected trend reversals. Only then will I move them to the wallet.

As a conclusion, it is a very good idea to move your funds from the exchanges towards the wallets, but you might want to keep the coins in the exchanges for a few weeks with stop losses orders triggered, just in case…

I hope this disaster will at least help preventing someone else to go through the same thing…

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Yikes that’s a tough one. I honestly would have done the same thing you did and probably wouldn’t have thought of even setting a stop loss.

If there are bitcoin maximalists here, they’ll be telling us we shouldn’t have gotten them shitcoins lol. Hope it wasn’t a significant amount of money lost!

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wow, that is sad

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Truly. And what would be sadder is if by some ridiculous chance, it goes up 500% next year or something. I shouldn’t check the stats on those coins anymore. That would be very painful!