Biggest mistakes you've made - I lost 2 bitcoin (worth over $32,000 now!)

[KG]

What are some of the biggest mistakes you've made investing in crypto and what did you learn from it? This could be a valuable thread for newbies to the space and highlight some areas where they could avoid making the same mistakes!

I invested some money in a couple alts back in July. I got lucky and more than doubled my investment in the span of weeks. I was incredibly excited.

One day I decided to log into the exchange where I kept all my money. I was really distracted and accidentally logged into a phishing site...although I didn't know it at the time. The exchange was bittrex.com and I accidentally logged my information into bittrex.me. They captured my info, logged into my actual account, cashed my alts out into BTC and withdrew it all in the space of 15 minutes...then locked me out. I didn't know what happened until days later when I finally got Bittrex to grant me access to my account again. It was an insanely devastating feeling.

Lessons learned:

• Always enable the maximum security you can on your accounts...including two factor verification! I didn't do this.
• Don't keep you money on an exchange site long term....store it in a wallet! I didn't do this.
• Bookmark your websites and always PAY ATTENTION TO THE URL. Also use a password manager like LastPass. I didn't do this either.

They stole 2 BTC (in Aug) which would have been worth over 30k by now. Soooo paaaaiiinnnffful.

I've learned a lot since then and I'm back in the game. Crypto is still amazing.

 

[ImAdmirer]

I am very sorry you lost two bitcoins but I must congratulate you for your swift acceptance of the fault and bouncing back to the game! And also for sharing this story keeping the newbies in view. Now on you must be extremely focused and careful as well.

One must always always always, have a two factor security verification in place!

Though it is good to have security in the form of LastPass but still one should bear in mind that it is a third party website. A desktop based password manager is always the best option to go with.

Hardware wallets like Trezor will keep you very safe if security is your concern.

The point you have mentioned about the URL is just so right! Never trade or access your wealth without giving importance to the finest details even if you keep doing the same job or keep accessing the same page everyday. In fact, the ones who are too used to accessing a page or entering their credentials are in certain scenarios are at a greater risk simply because they know that they are so used to it that they fail to pay attention to the finer details.

Good that you have bounced back with enthusiasm again!

 

[SanjayAffix]

That must be very painful..
Now days cryptocurrency is on boom and scammer are using all possible techniques to scam you. I got lot of emails daily.
Lots of ICO releases every day, they take money from innocent buyer in name of huge discount and big dream.

Back in 2013, one of my client offered me 5 bitcoins for the work I done, at the time I had only little knowledge of the bitcoin. I declined the offered and asked for fiat. Today I seriously regret this

 

[SanjayAffix]

Also, few months back, I wanted to invest in bitcoin, at that time it was around $5000 and I decided to wait for dip so that I can buy some. But it never happened, Infact it got tripled within in few days

 

[KG]

Also, few months back, I wanted to invest in bitcoin, at that time it was around $5000 and I decided to wait for dip so that I can buy some. But it never happened, Infact it got tripled within in few days

Haha yep. As they say, Bitcoin only corrects upward!

 

[MonkeySocks]

I always use bookmarks in my browser

 

[shaunm]

Not putting more money in back in September when I first bought cryptos.

 

[JamesLeeOnline]

How to get bitcoins? I am really unaware about it.

 

[VirtualGlobalPhone]

@KG, Your experience only showcases "Being Human", thanks for sharing. There is a saying "Time overrules everything we know as of today!." giving us the sense who is the boss.

BTW what was the value of bitcoin when you picked it ?

I guess ppl who owns bitcoins now, no more using to buy any commodity / services and allowing it to pile with huge speculation...

I remember one famous line "What goes up need to come down .. law of nature". The only trick is not to buy at the peak

 

[KG]

@KG, Your experience only showcases "Being Human", thanks for sharing. There is a saying "Time overrules everything we know as of today!." giving us the sense who is the boss.

BTW what was the value of bitcoin when you picked it ?

I guess ppl who owns bitcoins now, no more using to buy any commodity / services and allowing it to pile with huge speculation...

I remember one famous line "What goes up need to come down .. law of nature". The only trick is not to buy at the peak

Definitely some wise words!

I had bought both bitcoins in Aug...so they were roughly $4,000 a piece. Painful!

 

[VirtualGlobalPhone]

.so they were roughly $4,000 a piece.

Opps... Sorry to hear that ...

I read ... initially Liberty Standard announced 1309 bit coin is to 1 USD on Oct 2009; just after 4 years that's on Nov 2013 it was 1 bit coin gives 1242 USD. Today its 14,340 USD for 1 BTC .... Just a craziest ride ...

 

[SanjayAffix]

KG what about market correction going on? Huge dip
I have started with small amount so far it look good
Invested in these coins
XRP, XVG, TRX and ICX

 

[LanaGree]

I think bitcoin can be a very long term investment opportunity.
however, the current price increase makes me feel that it will break one day.
correct me if i'm wrong.
i think it should have an incremental price increase rather than this skyrocket boom.

 

[SanjayAffix]

Bitcoin has already proved itself. Those who are holding it from long time, it has given them massive return.
Your observation of current price increase seems to be correct since it has very massive growth with in short period, And currently it is going with market correction, this generally happens when there is surge changes in any stock or forex market. It will come to equilibrium state.. will stay for long and then another surge..

Note: I am not an expert.. Just my thought from so far learning of market

 

[LosPollos]

Did a pitch to set up a mining operation with my then employer in 2012. Listened when they said it was a tulip bubble and didn't buy.

 

[azgold]

Did a pitch to set up a mining operation with my then employer in 2012. Listened when they said it was a tulip bubble and didn't buy.

Ouch, that must've hurt. But hey, if you don't know, you don't know.

 

[no2pencil]

hindsight is always 20/20

 

[Cristiane Teixeira]

I am sure this story will be a part or will play a vital role in your success.

 

[Cristiane Teixeira]

Definitely some wise words!

I had bought both bitcoins in Aug...so they were roughly $4,000 a piece. Painful!

I think of this as a bubble that is going to burst soon.
I hope it wont effect many