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I know exactly about the pull you are describing. I also invested a small amount (around £1500). When I lost about 1/3 of my initial investment, I felt a really

I know exactly about the pull you are describing. I also invested a small amount (around £1500). When I lost about 1/3 of my initial investment, I felt a really strong urge to deposit more cash and try some risky trade to make my losses back. I guess this is the feeling gamblers have. I managed to use my will power and cash out my remaining investment and just stay away from this as I understand now how it can become addictive just like gambling in casino. I know people who didn't resist and threw in their whole life savings into crypto. And they have lost massive amounts of money. I'm sure there are some "lottery winners" that have become millionaires based on early investment in crypto but they are very small minority. Most people end up losing money.

cableshaft 9y ago
When did you invest, and why did you feel you needed to sell it off so fast? I bought some bitcoin when I thought it had reached the bottom at $800 a couple years ago, but I was wrong and it kept sliding all the way down to $250 a coin (and stayed that way for a year and a half, that was rough to see the price every day, I eventually stopped watching it for about six months), but I held on to it, and the current price is ~$2500. Like take the stock market downturn that happened in 2008. People who sold lost their shirts, but people who held onto it for a few years saw the market completely rebound and reach even more all time highs. I'm not saying it's always smart to have this behavior, and there was a period where it looked like Bitcoin might not ever recover in price, but if you only invest what you can afford to lose (and I have, I could lose everything I invested and I'd be sad but not destitute), then you should be able to weather these storms.
- richardknop 9y ago
  I invested when BTC was around 1100-1200, don't remember exactly. It then fell bellow 1000 to low 900s (quite quickly) and I panic sold. It was sometimes last year before it went to rise to almost 3000. I guess I am not a type of person who can take the stress of investing in something so volatile. I am trying to live a fiscally responsible and frugal life and this was probably the riskiest investment I have ever made. I only invested a small amount. I could have easily lost all of it and it would make almost no difference to me. But I'm trying to save money to buy a property now so I will stay away from any kind of investments until I buy a house/apartment.
  - cableshaft 9y ago
    I'm glad to hear you only invested a small amount. Hopefully you can just take it as a life lesson and not be filled too much with regret. I've certainly made mistakes that have cost me money in the past. A few examples: dropping out of school (and later returning years later once tuition had tripled), missteps in my career, a period of unemployment exacerbating my credit card debt, etc. It is probably best to wait until you've bought the property. That property is an investment as well. I don't mean in the "buy a house and sell it later for big bucks" variety, it's an investment for more comfort in your life and future. I'm about ready to start saving up for a house as well, and it's going to be hard to stop throwing in $100 here, $100 there towards crypto and only put it towards a downpayment, but I need to start doing that. Also stop buying video and board games for awhile. I'll have to only play the stuff I already have and never got around to playing for awhile. It's going to be hell :)
    - richardknop 9y ago
      Yes, for me it was only a 1 week salary I invested and only lost 1 third of it so when it was all over I lost maybe 2 days wage. So I felt sad for a while but I have forgotten about it relatively soon. And it was a good lesson to learn. I am planning to probably buy a property either end of this year or early next year so I am nearly there. My saving discipline will soon pay off! Yes I think if you stop throwing $100 here and there at crypto, over 2-3 years that will translate into a nice lump sum of cash. Can be a basis for a deposit to buy a house. With games, I'd suggest buying games which you'll be able to play for a long time so you minimize these costs. For example, I bought Starcraft 2 for £35 and you can play that game for years. It was a deal including all 3 single player campaigns which are fun and then there is a massive multiplayer world where you can incrementally improve and challenge yourself playing tougher and tougher opponents.
      - cableshaft 9y ago
        You just reminded me that 2 years ago I bought Heart of the Swarm and I have yet to install it or play it. I should do that. I didn't even realize the third one came out already either. Thanks for that. Also congrats on having the savings discipline to save up for the house!

cableshaft 9y ago

When did you invest, and why did you feel you needed to sell it off so fast? I bought some bitcoin when I thought it had reached the bottom at $800 a couple years ago, but I was wrong and it kept sliding all the way down to $250 a coin (and stayed that way for a year and a half, that was rough to see the price every day, I eventually stopped watching it for about six months), but I held on to it, and the current price is ~$2500. Like take the stock market downturn that happened in 2008. People who sold lost their shirts, but people who held onto it for a few years saw the market completely rebound and reach even more all time highs. I'm not saying it's always smart to have this behavior, and there was a period where it looked like Bitcoin might not ever recover in price, but if you only invest what you can afford to lose (and I have, I could lose everything I invested and I'd be sad but not destitute), then you should be able to weather these storms.

richardknop 9y ago
I invested when BTC was around 1100-1200, don't remember exactly. It then fell bellow 1000 to low 900s (quite quickly) and I panic sold. It was sometimes last year before it went to rise to almost 3000. I guess I am not a type of person who can take the stress of investing in something so volatile. I am trying to live a fiscally responsible and frugal life and this was probably the riskiest investment I have ever made. I only invested a small amount. I could have easily lost all of it and it would make almost no difference to me. But I'm trying to save money to buy a property now so I will stay away from any kind of investments until I buy a house/apartment.
- cableshaft 9y ago
  I'm glad to hear you only invested a small amount. Hopefully you can just take it as a life lesson and not be filled too much with regret. I've certainly made mistakes that have cost me money in the past. A few examples: dropping out of school (and later returning years later once tuition had tripled), missteps in my career, a period of unemployment exacerbating my credit card debt, etc. It is probably best to wait until you've bought the property. That property is an investment as well. I don't mean in the "buy a house and sell it later for big bucks" variety, it's an investment for more comfort in your life and future. I'm about ready to start saving up for a house as well, and it's going to be hard to stop throwing in $100 here, $100 there towards crypto and only put it towards a downpayment, but I need to start doing that. Also stop buying video and board games for awhile. I'll have to only play the stuff I already have and never got around to playing for awhile. It's going to be hell :)
  - richardknop 9y ago
    Yes, for me it was only a 1 week salary I invested and only lost 1 third of it so when it was all over I lost maybe 2 days wage. So I felt sad for a while but I have forgotten about it relatively soon. And it was a good lesson to learn. I am planning to probably buy a property either end of this year or early next year so I am nearly there. My saving discipline will soon pay off! Yes I think if you stop throwing $100 here and there at crypto, over 2-3 years that will translate into a nice lump sum of cash. Can be a basis for a deposit to buy a house. With games, I'd suggest buying games which you'll be able to play for a long time so you minimize these costs. For example, I bought Starcraft 2 for £35 and you can play that game for years. It was a deal including all 3 single player campaigns which are fun and then there is a massive multiplayer world where you can incrementally improve and challenge yourself playing tougher and tougher opponents.
    - cableshaft 9y ago
      You just reminded me that 2 years ago I bought Heart of the Swarm and I have yet to install it or play it. I should do that. I didn't even realize the third one came out already either. Thanks for that. Also congrats on having the savings discipline to save up for the house!