Stay strong even if you lose money in Crypto
Today I was saddened by the fact that 8 people did suicide because of the market crash due to Luna. I'm hearing about this coin only in the last two days. Especially after knowing that it was the reason for the recent market crash. I was initially thinking that the market is having a regular correction and apparently no big reason for the market to fall. But looks like Luna was the culprit and many people lost a huge amount of money.
I felt really bad after reading the above and wanted to clarify certain things for the investors. I feel very sorry for the people who lost their life. Greed is something that shouldn't be there for any investor or trader. I'm just saying this in general and not saying they would have been greedy. Invest only the money that you are ready to lose.
Invest only the money that you are ready to Burn
About a year back, one of my friends went fully on Polkadot. He sold his car, he mortgaged his house and he took a gold loan and literally came to the street and invested a huge amount of money on Polkadot. He firmly believed that Polkadot will be the next Ethereum and he was very confident. It also happened and the coin performed very well and almost reached 5X from his bought price and even more than that.
He silently booked his profits for the amount he took as liabilities and then had been holding the remaining since then. That made him earn a hell lot of money when the price of Polkadot touched 40 dollars straight from 3 dollars. But I strongly oppose this idea. Just because he was successful, it doesn't mean that this is a great idea. People taking a huge risk in real life for investing in crypto are definitely mad. I understand there are some reliable coins and we all know cryptocurrency is the future but this is definitely madness and anything can happen.
I would say, always invest only the money that you are ready to burn. Nobody should end up in a situation where they cannot make a living because they lost so much in crypto. They should have not invested that much in the first place. Always every investment should be seen as a big risk and only invest the money that you afford to lose. Taking risks at a young age is good but a calculated risk is very important.
Crypto markets are gambling if you don't know what you are doing
Sometimes the market can be very good and people can expect so much money in return from the crypto markets but that's not the case all the time. Always have a diversified income stream and don't be dependent on one source of income alone. Investing too much in something is also not good. Having a safe source of income in the real world is also another important thing.
The same applies to Hive and HBD as well. We all know the potential of Hive and how this can change the future of Web3 but at the same time, we have to be very careful with our investments too. What if Hive goes below 20 cents again and what if people lose big time. There is a high chance right. Definitely, suicide is not the solution. There are always better ways to live our life. If not this, there is always something else available.
The next important thing is never to take a loan to do investments. Do investments only with the money you have in your hand. Also only the money you are okay to gamble. Keep some amount safe for your day-to-day use and never touch that. Even if your coin is performing very well, never invest from your safe account. I'm sure the people who did suicide would have had big financial dependency and they might have got broken after seeing this. This is definitely wrong and we have to be wise enough and we cannot blame the situation of the market for our madness. There is a high chance that our portfolio can become Zero from 50k USD or 100k USD when we wake up in the morning. We need to have a strong heart to face that.
Note: My portfolio also had a serious hit in the market crash which is over 20k USD and I don't want to give the exact figure. But I still feel strong and I'm glad that crypto is not my only source of income.
If you like what I'm doing on Hive, you can vote me as a witness with the links below.
 |
 |
 |
 |
 |
 |
Posted Using LeoFinance Beta
This is really surprising and shocking for those who lost their lives due to the certain fall of Luna because I believe the idea to be in Crypto really means one have to derive the act of taking risk because prices is never stable so experiencing deflation and inflation of price shouldn't be a problem. This should be a warning to others to stay strong and eradicate the negative aspect of loosing to avoid issues like this.
Posted Using LeoFinance Beta
Shocking indeed. I can't even imagine what went through their minds.
Posted Using LeoFinance Beta
It's so shocking accepting suicide as a next option
Posted Using LeoFinance Beta
This post has been manually curated by @bhattg from Indiaunited community. Join us on our Discord Server.
Do you know that you can earn a passive income by delegating your Leo power to @india-leo account? We share 100 % of the curation rewards with the delegators.
Please contribute to the community by upvoting this comment and posts made by @indiaunited.
This post has been manually curated by @bhattg from Indiaunited community. Join us on our Discord Server.
Do you know that you can earn a passive income by delegating to @indiaunited. We share 100 % of the curation rewards with the delegators.
Here are some handy links for delegations: 100HP, 250HP, 500HP, 1000HP.
Read our latest announcement post to get more information.
Please contribute to the community by upvoting this comment and posts made by @indiaunited.
I lost 1.5k$ in a night. @bala41288 reach out to me xD gifts are accepted.
Sorry to hear man. Stay strong and rebuild
Posted Using LeoFinance Beta
I will :)
https://twitter.com/bala41288/status/1524824256676532224
The rewards earned on this comment will go directly to the person sharing the post on Twitter as long as they are registered with @poshtoken. Sign up at https://hiveposh.com.
This a very sad one, to be committing suicide is not an option anyone should take for losing money. And taking risk unmanageable risks to invest in crypto is the most foolish thing anyone will do.
Play safe, invest what you are will to lose and let the market do its thing.
That's really a sad one!
Posted Using LeoFinance Beta
This is so sad.
I am trying all my best to not be emotionally attached to crypto market at any point.
Suicide is never an option. Life has its ups and downs. I pray they find peace wherever they may be.
Posted Using LeoFinance Beta
It's very hard to read stuff like that. Paying the ultimate price because of a market crash is terrible.
It's been a reality check for me. I'm glad I never invested money I can't afford to lose and I'm mostly on projects that I trust. The risk is still there but at least it's properly mitigated.
Posted Using LeoFinance Beta
I wasn't ready to lose all this money on crypto, but shit happens what else i can do? Keep holding and wait for better days haha, last year I was really happy😆
It's a horrible story to listen to and I can see why they feel so. LUNA is down like 99% and billions got wiped off. I do agree that people should only invest what they can afford to lose.
Posted Using LeoFinance Beta
I will buy another 100000 if it goes to 10 cents, I bought my major chunk (70K) in 10 cents. So holding them does note hurt me at all. And you said it right, invest thinking that you lost the money. Crypt should not be a life changing investment strategy.
100% wise words.
Yes, it is quite a shock to hear all of this. I heard 22 people committed suicide. Even if one has done that it is not worth it, but we never know what the opposite person's stake are. Very true, how much ever we say Crypto is good investments and is the future, but never put all your eggs in one basket. Even fiat currency is losing value, stock markets have crashed so much in the last 2 days. We are in a major recission period, and all that we need to do is act sensibly with our funds
Yes agreed. Always having different income streams and different types of investment is the safe bet. Today the market is showing some sign of improvement.