BeInCrypto has collected accounts from two traders about their most nightmarish crypto investments.
Monsieur-TK and Bitcoin Up returned to their worst anecdotes in the industry and gave some advice to avoid making the same mistakes.
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This Saturday, October 31, two traders shared their worst experiences with cryptocurrency investments with us.
Funds gone to ashes
The first trader to share his anecdote with us is Monsieur-TK , also a miner and French YouTuber . In his case, these are two nightmarish investments, through Cryptopia and Cryptobridge.
“[These were] two platforms that were on the rise in 2017 and where I traded a lot of shitcoins,” he explained. After managing to generate some gains, he admitted to being swayed by the “always wanting more” mentality, ignoring the basic principle of the motto “not your keys, not your coins”, and thus omitted to bring his coins back to his own personal wallets.
Monsieur-TK then relearned this principle the hard way when both platforms closed, which resulted in the loss of virtually all of his funds:
In short, the little that I managed to gain in trading was almost entirely lost with the closures of both platforms …
Looking back, he also acknowledged that these platforms were not trustworthy and “far from secure exchanges like Binance”
“I was really very, very scared”, he confided, “not directly because of the amount lost […] but rather to tell me that it would perhaps happen to other platforms (even the most secure) ”. Taken by a “wind of panic”, he then repatriated all of his crypto funds to his wallets, with his own keys. That said, he also found himself “off-chain”, unable to quickly sell or buy parts and subsequently missed a few important waves of purchases, finding himself a double loser.
Moral of the story, Monsieur-TK now knows perfectly well that we “are never safe from a theft or a hack”, noting moreover that Mt. GOX is the very proof of this. He says he has since opted for “maximum security”, leaving all of his funds in his portfolios and only trading on major exchange platforms, before withdrawing his coins as quickly as possible.
In conclusion, he gives all traders this simple advice:
Leave only the bare minimum on exchanges, even the largest!
For his part, the trader and influencer CryptoThib suffered his worst investment this year with the KIMCHI , in the middle of the DeFi frenzy of “food” tokens. “Even after three years in crypto, you can still make BIG mistakes,” he admitted, adding that he got carried away by a feeling of frenzy, as he found himself winning on 90% of his trades.
My folio had swelled like Uncle André after Christmas dinner, basically I had gained too much confidence in myself and I was not wary enough.
CryptoThib fell from a height when Kimchi Finance then suffered a terrible crash. Still largely winning on all of his trades, he has not suffered much from these losses, but admits to having kept the “classic feeling of failure after a failed trade”. With hindsight, he recognizes a “weird” aspect in this situation, not having been able to take “the time to act on the moment when I could have come out of this damn trade many times”.
In the end, it is for him a “beautiful lesson more”, which taught him what is the famous “rugpull”, when a trader finds himself with the cut grass under the feet.
Going forward, CryptoThib believes it will seek direct contact with the developers of a protocol or verify its code before embarking on a new investment. He also recalls that it is often about gambling with high-risk tokens:
I know that the risk is high and that absolutely anything can happen.