Your Fatal Crypto Mistakes

[Jarod_Meem]

Have you ever made a mistake that resulted in the total or partial loss of your crypto assets?
Personally, like many people at the time, I stored my secret key in a file on my PC... which I accidentally deleted. I lost everything. 

Have you had other similar experiences?

It would be nice to share our experiences to prevent others from falling into the same traps. 

[armanda90]

Thanks OP for nice topic and I want to explore my fatal cryptocurrency mistake, its really bigger fatal.

I have very bad experienced and I think fatal cryptocurrency mistake happening around several years ago, I received two kinds coins from bounties campaign with amount 100k coins and highest price $5 but keep holding without have decision for selling it. I hold since coins landed to my wallet and price still drop around $0.2 until raise most highest price to $5. I believing with my coins holding can raise to $10 and not have ideas for selling before raise my price target to sell.

Few weeks after raise to $5 have bad news with my coins because developer have cases with the policeman due their coins get trouble, suddenly that coins delist from Binance exchange and price drop drastically until without have valuable yet. Until right now keep hold that coins and wish any magician happening in the future although almost impossible for relisting.

[BitMaxz]

You're not the only one. I experienced the same thing but with a different story; mine was an SSD accidentally formatted by my kid while clicking the right click to check the properties of the SSD. For the purpose of attempting to encrypt the SSD, I accidentally clicked "format" and clicked "yes." I don't know how it happened; it looks like it forced my hand to click those that I didn't want to. It was my kid hit my shoulder when it was happened.
At that time I felt very unlucky about how it happened. Luckily it was a backup of my old wallet for altcoins that I mined before, but right now it seems that I still want to recover it again.
I am not touching the SSD just in case, but I already tried recovering some files inside that SSD, but bad luck, I got only a few files that don't contain keys that I am looking for.

[JeromeTash]

Not backing up a wallet was one of my mistake because I thought that the token it stored was not worth. A few years later, the device where the wallet had been installed in malfunctioned and bricked. The price of the token grew by over 60 times if I recall correctly because of the DeFi and NFT hype and there was no way of retiring the token to sell.

Other mistakes I have made have mostly been trading mistakes like buying due to FOMO, using no risk management strategies and being too greedy.

[SATWAT]

Not backing up a wallet was one of my mistake because I thought that the token it stored was not worth. A few years later, the device where the wallet had been installed in malfunctioned and bricked. The price of the token grew by over 60 times if I recall correctly because of the DeFi and NFT hype and there was no way of retiring the token to sell.

Other mistakes I have made have mostly been trading mistakes like buying due to FOMO, using no risk management strategies and being too greedy.

This same happens to me few years back while I was new and have some good investment on few tokens and coins which was very low price, but I fail to have backup and my computer and hard disk have issues I try my best for few weeks with have help of few technical persons but its never works again.
My assets were worth too high when this all happens this pain still hurts me badly after 6 years, but I can't do anything just learn my lesson and now having all things on right time because any lost can bring you down and out of way which is not easy to recover.
Crypto journey is amazing, but sadly my few mistakes always keep me away from my destination, and now I am always feel why I was careless in early days need to be fast and accurate give better results.

[Dunamisx]

Have you ever made a mistake that resulted in the total or partial loss of your crypto assets?

A genuine crypto investor or trader would come out boldly to share the true story of their losses, because they are not made complete without having a loss story, so i also have my own to share, because i started very bad as at then, thinking that things are going to be more well with the way i invested on altcoins and how i do sell on panic at my early days in cryptocurrency, before losing to a certain extent and learnt my lessons.

[Jegileman]

Have you ever made a mistake that resulted in the total or partial loss of your crypto assets?
Personally, like many people at the time, I stored my secret key in a file on my PC... which I accidentally deleted. I lost everything. 

Have you had other similar experiences?

It would be nice to share our experiences to prevent others from falling into the same traps. 

When I came to know about cryptocurrency and ventured into it, I had already getting to learn a lot of things from this forum at that time, so I was very careful with the little i could hold that time and didn’t make mistakes that could cause me losing my asset partially or completely. I have no experience to share regarding this, so it is very important to be well knowledgable into something you want to venture into especially when it involves money. It helps you to avoid silly mistakes that would results into loss.

[Stalker22]

when I saw this on the Trading board, I totally thought you were gonna talk about trading screw-ups. 

Honestly? Dont even get me started on my own disaster trades - its like, where do I even begin? FOMO is my arch-nemesis. No joke, Ive chased more pumps than I care to confess.  But, hey, were older, wiser, and maybe just a tiny bit less reckless these days. Right?   

[Rruchi man]

It would be nice to share our experiences to prevent others from falling into the same traps. 

Of all the fatal mistakes that I have read, nothing so far has come close to this.

In 2013, a British IT engineer accidentally threw out his hard drive containing Bitcoin he had mined a few years earlier, which ended up in a landfill site in Newport... Howell's lost hard drive is worth around $915 million.

That was a costly mistake.
read here

[Bitcoin Smith]

Personally, like many people at the time, I stored my secret key in a file on my PC... which I accidentally deleted. I lost everything.  

Secret key? You mean the recovery seed and private keys...

This topic doesn't fit in the trading discussion unless this is about people who made mistakes with their trades and wants to share it with the community.

If that's not the case then OP, you should move this to Bitcoin discussion or even off topic.

[TheUltraElite]

There are mistakes happening commonly but fatal ones will not come back to this forum at least of all.

Loans and debts often make up the bigger chunk of bad days. This habit needs to be controlled. Trade with money thay you can afford to lose - though this term is something that I really dont understand, ho can you ever have money in excess?

Losing hard drives with secret keys? This has gotten old now.

Still trading with savings or selling away house to trade, these are poor choices.

[yhiaali3]

My worst experience in the crypto world was when I trusted someone I considered a friend. He was a member BTT forum and we became friends outside the forum and chatted on Telegram.

We became close friends and chatted constantly. He shared his secrets with me and claimed he was working on a major project and would partner with me. We actually started working. We sometimes exchanged files under the pretext of work, but it later became clear he was just deceiving me. Some of these files contained malware that allowed him to access my device and hack my wallet.
He didn't admit to hacking my wallet, but I have serious doubts it was him.

[Webetcoins]

I would say selling around 16k during 2017 was a fatal mistake.
While it was the peak at that time, and I managed to get out at the top, then I had hard time going back in, because I had such a huge profit and got too excited and ended up spending that like I am some rich person. Wasn't wrong, I have done things that I would never be able to do if I kept it, life brought me hardship and trouble after that, those were times when I was the richest and I am glad that I did it.

I lived like some millionaire for 3 months, and spent almost all of it, but I had memories that will last me a life time. However, if I bought at 4k when it dropped, and waited until now, I could have retired now and wouldn't need a dime, so knowing that I could have done that, makes me regret it.

[cryptoaddictchie]

Have you ever made a mistake that resulted in the total or partial loss of your crypto assets?
Personally, like many people at the time, I stored my secret key in a file on my PC... which I accidentally deleted. I lost everything. 

Have you had other similar experiences?

It would be nice to share our experiences to prevent others from falling into the same traps. 

Most worse thing to happen is like situation that users mistakes. Example a user wrongly send tokens to a wrong address that kind of mistake will definitely hurting or someone forget his private key when he plans to change a new device and he doesnt have it. Also sending on a wrong network or not supported by cex. These kinds of mistake I havent experienced yet and no plans to try out.

[pusaka]

Have you ever made a mistake that resulted in the total or partial loss of your crypto assets?
Personally, like many people at the time, I stored my secret key in a file on my PC... which I accidentally deleted. I lost everything. 

Have you had other similar experiences?

It would be nice to share our experiences to prevent others from falling into the same traps. 

Most worse thing to happen is like situation that users mistakes. Example a user wrongly send tokens to a wrong address that kind of mistake will definitely hurting or someone forget his private key when he plans to change a new device and he doesnt have it. Also sending on a wrong network or not supported by cex. These kinds of mistake I havent experienced yet and no plans to try out.

I've experienced this before: I once sent tokens to the wrong address. It was my fault because I didn't double-check the address I copied and pasted, and I ultimately lost my assets.

At the time, I was sending tokens to a friend, but at the same time, there were two different addresses because I frequently transact with this friend. Normally, before sending, I would confirm with him whether it was the correct address. But on that occasion, I didn't confirm with him first and sent them straight away, ultimately losing my tokens.

However, it was a very valuable experience and can also be a learning experience for everyone here, especially beginners.

[Strongkored]

My fatal crypto mistake was thinking the market would always be bullish and that declines would only be small, leading to unwise use of trading earning.
Another story is thinking the price of coins from an airdrop on the Yobit exchange would rise sharply, so I chose to hold on it, but slowly decreased, even without a buy order. I should have made a few thousand dollars, but I didn't even make tens of dollars.
It is indeed difficult to make a decision, sometimes there is regret when we have sold because the price has gone up.

[lovesmayfamilis]

I have not made any fatal mistakes, if we speak in a broad sense, but those first steps of getting acquainted with cryptocurrencies, I think, were for everyone. However, I can talk about fatality, the day when I was offered to pay for my work in bitcoin, and that step, which served as a refusal. It was in the first years of Bitcoin, and I did not understand either its value or its usefulness, so I preferred to receive payment in digital currency. I regret very much that I did not delve deeper into familiarization and did not get interested. The second, but not critical, mistake was my interest in alternative coins. I spent some time figuring out for myself that this is not my thing, and I am wasting my time. Therefore, we all make mistakes in the first steps, which turn into our experience. The important thing is that we do not repeat our mistakes.

[TheUltraElite]

My fatal crypto mistake was thinking the market would always be bullish and that declines would only be small, leading to unwise use of trading earning.

Trading needs the market swings otherwise the market goes sideways and traders can no long do that buy low sell high at big margins but move to more risky trading methods which are essentially gambling.

I would not say it is a fatal mistake, but a misconception. If you observe the market long enough you will realize this is wrong and that every coin that goes up does come down but maybe bitcoin keeps going up if you look at it in the long term.

The most fatal thing would be to buy at very high FOMO and then not have a place to sell for a long time. Even then in spot trading, you still have the asset at hand, non-spot trading modes are gambling and will essentially lose the money.

[Jarod_Meem]

Personally, like many people at the time, I stored my secret key in a file on my PC... which I accidentally deleted. I lost everything.  

Secret key? You mean the recovery seed and private keys...

This topic doesn't fit in the trading discussion unless this is about people who made mistakes with their trades and wants to share it with the community.

If that's not the case then OP, you should move this to Bitcoin discussion or even off topic.

Hello. The goal is to start in a very open manner to gradually bring the discussion to bear on trading mistakes. That's why I chose this topic.
But if, as time goes on, it doesn't fit with the forum rules, I'll obviously change the topic.
Thank you.

[Ruttoshi]

Mine was in trading, as a newbie in the cryptospace, I thought that trading was easy and I didn't bother to learn deep. I started trading and got lucky in my first two positions that I opened and made little profits of $15 and $20 consecutively. I started feeling like a pro and got greedy the next day.

I opened a position and I have already made $20 profits but I became greedy and wanted a bigger profits which made me not stop the trade and take profits, Few minutes later, I dosed off. I woke up one hour after and saw that my account has been liquidated. I lost big, and avoided trading for a long period of time.