Don't be this guy!
By - greenpepperhypernova
Nah, this isn't on crypto, this is just addiction. This guy could go in debt trading Tether.
He could execute YOLOs with 100x leverage
That's probably how he ended up in debt
That joke was much appreciated 😀
Thats some huge balls right there🤣
I know he is just joking but there are a lot of people out there that take loans to invest in risky things. If they didn't invest in crypto I'm sure they would be gambling lol.
I've got a buddy who was addicted to gambling, racked up $10k in debt and then "discovered" cryptocurrencies and has gone in heavy on random shit coins. You're exactly right, he's just addicted to gambling and the casinos cut him off so on to the next means of gambling
Why not just...use some form of crypto casino to play blackjack or poker with then? Surely such a thing exists.
um, I won over $800 (previously at this site I won <$50 in BTC and it was sent right away. This time I never got my money and I did it all properly.
It's a scam.
At least crypto can do something (like encode ledgers).
What if he invested his money on good projects not shit coins? Would that have made it any better?
But that's not gambling, losing is the main component of gambling. Just winning would be boring for gambling addicts.
Yes because it wouldn't be nearly as close to gambling when the perceived upside is moderate gains, not 1000x moonshots on attempted pump WittyMemeCoin. Still not good though, he has no disposable income with which to invest - he needs to focus on his basic living expenses first
Is that what’s going on over at the altcoin subreddit? It really is a total shit show of mooning safe charity hell right now. Like the dumbest things I’ve ever seen being defended by morons or grifters. It’s hard to tell the difference.
I feel like people will always find things to gamble with, it can be done with forex trading also easily online.
Since when does a casino cut someone off that’s spending money?
I’ve seen a very worrying trend of people at least *claiming* that they’re buying investments before they are taking care of basic needs, let alone saving appropriately.
I sincerely hope those are just fabrications.
Everyone should have the debts paid, an emergency savings built and (maybe) some funds going toward retirement before they start spending their disposable cash on these sorts of things
This is the way
Nah ill just use my 401k now🤣
Ya I got the most amount of money I've ever earned in my life and it's all from and in amc and gme. I have enough to buy a decent car, but I'm not. I think it's going to work out for me. I'll have a savings after this. Can't have one off the money I make at work, that's for sure.
I was actually thinking of taking out a loan to invest in clne. Ima just sit back and enjoy my little shares I have.
That's fucking funny. Trading tether. I love it
He's just gambling and very bad at it.
He seriously needs to be crypto schooled as he lost everything in this risky trade, it's definitely the wild west of crypto.
Lost it. Not in the markets, the old fashioned way. Left it on the bus.
Left his phone on the bus and someone leveraged the shit out of his account.
idk you'd still have to be skilled to have lost money between last year and today, even given the correction we've seen the last few weeks.
Pretty sure he’s saying he bought a house. The praise hands
Thank you...the nicest thing anyone has ever said about me!
Holy shit! His phone must have been found by the Devil himself.
The old fashioned way would be losing it in a boating accident.
Unexpected American Dad 🇺🇸
Ironically they were trying to avoid high gas fees.
Leveraged his $500 600x. I think some less than reputable platforms allow up to like 1000x leverage. He may have made some leveraged gains and then continued to use those leveraged gains for additional leverage all the way up until it blew up on him. I have no clue how they validate collateral or ability to secure the leverage in the first place though.
Jesus. That makes me sick just thinking about it lol
Reminds me of a story I read on Reddit about someone who was investing in crypto during the 2017 bull run. Did really really well, cashed out towards the peak at the end of 2017 (incurring massive cap gains taxes), then foolishly reinvested it all in a different coin right before the market fell apart.
Come tax time in 2018, I think the guy said he owed like $250k in cap gains taxes that he didn't have the money to pay. He was royally fucked.
I wish I could find that story - don't remember if it was a post or comment.
I actually know this story! Pretty sure what ended up happening was he planned on exiting at $1 million, has 850k when it crashed to 250k. But the crash was in 2018 and all of his trades were 2017 so he was unable to claim the losses and since a crypto-to-crypto swap is a taxable event he got fucked. Sucked because he was just some college kid who started with 5k to his name.
Yeah! There was a timing mismatch. Poor guy. Wonder how he's doing these days.
Hopefully stuck around early for good entries in this bull run
Hopefully, watching his screen, getting tracked/followed by IRS and probably standing trial.
This is the reason, I stay very careful whenever I'm doing leverage as I don't go to the zones that will cause me palpitating or at best I just invest into an auto-compounding protocol that does the yield farming for me, while I wait for my gains to grow gradually.
Wouldn't it be a wash though? The next year he lost like $850k.
No you can only claim $3k in loses per year
It's a wash of any amount if in the same tax year. But a loss carryover to new year limits at $3k per year until it's gone.
I’m scared to cash out after reading that! 😅
Don't be. South America and central Africa is wonderful this time of year!
I still don't get it. I thought leveraged positions just liquidate you before you end up owing the exchange money!!??
Yes. That's the whole point of liquidating your assets, so you never end up owing money to exhanges. Exchanges can't have that kind of exposure.
Exactly, so then why is everyone in this thread saying he is 300k in debt from a $500 seed for a leveraged position?!
Don't they just liquidate you!? I don't get how he actually owes the exchange money
Let's play for the long game!
Buy high, sell low.
This is the game.
I'm proud I'm making rich people richer with my buy high sell low strategy!
using the logic that it's not a loss till you sell. just never sell. we'll stay even lol
Back in my day we took that $500, turned it into $0.75 after our shitcoin exit scammed and then went back to sleep, and even that is more respectable than leveraging your life savings on yolos.
Oh dam those days. I fall into one, but instead of zeroing out I sold at ATH.
Instructions not clear. Re-mortgaged house to buy more ETH.
How did this guy lose money during the bull run? 🤔
buy high, sell low strategy
It’s easy for people who have FOMO sickness. Jumping at everything that seems hot, then panicking and selling it when it goes down for the next hot thing.
People need to remember for every day trader making tons of money on the volatility, there are people losing it.
Any money you make, is money someone else lost. That's how it works :)
Not entirely. To the extent that a growing population buys and holds as a store of value then those gains are long term and shared. As long as you have an equilibrium of buying and selling after the price goes up, those gains don’t cost anyone anything. They are just realized value from wider adoption.
Inflation throws a monkey wrench in my theory as well
I see 😹
It never gets old.
Alt coins probably lol
I'm also $5 in debt but you don't see me making such a fuss about it.
To qualify for 300k with only having $500.00 is something to be proud of at least...
LOOK GUYS, I AM FROM A POOR COUNTRY AND I PUT MY SWEAT AND BLOOD IN THE CRYPTO MARKET. LET ME TELL YOU ONE THING ABOUT THE "BUY HIGH SELL LOW" SHIT THAT PPL DO BECAUSE OF THE FUD, IF MY INITIAL INVESTMENT WAS DOWN A PENNY BECAUSE OF A DROP. I CONSIDER IT ALREADY AT ZERO. I NEVER SELL, DIAMOND HANDS ARE NOTHING COMPARED TO MINE. I'D RATHER SLEEP ON THE STREETS BUT NOT TO SELL. THATS HOW MUCH I TRUST THE CRYPTO IDEA, I AM DONE WITH THE CENTRALISED BULLSHIT WORLD THAT WE ARE LIVING IN.
AS GANDHI SAID, FIRST THEY WILL IGNORE YOU, THEN THEY WILL LAUGH AT YOU, THEN THEY WILL FIGHT YOU, THEN YOU WIN. WE ARE IN A WAR AGAINST THE FUD THAT THE CENTRALISED BASTARDS ARE TRYING TO MANIPULATE US AND THE MARKET WITH.THEY WANT US IN THEIR CAGE OF MODERN SLAVERY. AND WE WILL WIN THIS WAR.
I'm sorry, I'm a little hard of hearing, could you please speak up?
Truth never damages a cause that is just. Just so you know, the correct spelling is [Gandhi](https://en.wikipedia.org/wiki/Mahatma_Gandhi).
Thanks for the heads up, hands are shaky after the gym hahaha, I will fix it right away
everything great except quoting Gandhi... inaction is not really the ideal change agent
holding until the coin becomes a norm, well, that works
That's what am trying to say. It's sad to see ppl selling low.
Jeez.... Doesn't he know to set up notifications when to buy and sell?
If sufficiently leveraged, small fluctuations in price happen to quickly for one to respond to id imagine. But I don't leverage trade... Never have
Some people take YOLO too seriously
Get rich or die trying!! This is the way! 😁
buy high, sell low... repeat
THIS IS THE WAYYY :)
Does that mean i should sell dope fail and then start writing raps and then finally buy vitamin water.
Lol. Had me in the first half
…not gon lie 😂
It’s obviously a joke, and a funny one. How can you not see that?
Just hold for a few years. Almost guaranteed to make money that way
He had us in the first half
Had me in the first 2/3, ngl
People who are into crypto for longer than me, how long do the bull/bear runs usually last? Or is every one different?
Yea, different things sparks up the bull run.
This year was solely driven by the institutions that got involved in the crypto space,e.g Square, Microstrategy and the likes, though it started with the DeFi summer of last year, and we are going to see the same again in the summer as more protocols are working to solve the ethereum mainnet congestion, Polygon is leading the pack, Arbitrum is also part of the move and projects like Aave, Formationfi, Curve, SushiSwap and the likes, have all positioned themselves to have a fair share of the season.
How does one allow themselves to reach -300k?. Instead of blaming the system he should of pay more attention to the market.
This dude gambles
NEVER INVEST MORE THAN WHAT YOU CAN LOSE
Well that's embarrassing.
That YOLO made me do an actual LOL
Yes, but what are your assets, Scooter? Lol
No institutions ate dump enough to borrow someone with 500 USD 300k, pls biach stop dreaming
Ouch that’s rough
That’s not crypto, whatever he will do with that mentality he will lose money!
First read this as guy took 500 and made it 300k we should all strive for that. Then read to word DEBT, and was like definitely should to not let that happen
Never trade on margin
And that kids is why you should only invest money you’re willing to lose
there is a paper hands emoji in the text.
Ugly shit in this sub, not a good look.
Love me some truth telling!
How’d you do that on a bull run?
It's a truly special kind of incompetence that can lose 300k during a crypto bull run.
Just keep buying the dip
Lol he's actually filthy rich if you would see his tweets on twitter
The praise hands make me think he’s talking about buying a house.
Just in case people didn’t know this is a parody account on Twitter
This is really tempting 😂
Acronyms, initialisms, abbreviations, contractions, and other phrases which expand to something larger, that I've seen in this thread:
|Fewer Letters|More Letters|
|[ATH](/r/EthTrader/comments/nwoyrc/stub/h1bwnyu "Last usage")|All-Time High|
|[BTC](/r/EthTrader/comments/nwoyrc/stub/h1gjq7x "Last usage")|[Coin] Bitcoin|
|[ETH](/r/EthTrader/comments/nwoyrc/stub/h1gjq7x "Last usage")|[Coin] Ether|
|[FOMO](/r/EthTrader/comments/nwoyrc/stub/h1b5c0h "Last usage")|Fear Of Missing Out, the urge to jump on the bandwagon when prices rise|
|[IRS](/r/EthTrader/comments/nwoyrc/stub/h1cpnyt "Last usage")|(US) Internal Revenue Service|
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^(5 acronyms in this thread; )[^(the most compressed thread commented on today)](/r/EthTrader/comments/nxlle8)^( has 6 acronyms.)
^([Thread #910 for this sub, first seen 10th Jun 2021, 21:42])
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Imagine going -600X in this market. 😂
If you read it on the internet it must be true. XD
Shit... at first I mistakenly read it as gained 300k, but felt super bad when I reread "in debt", best of luck to you, best advice is bankruptcy and a new start
The hell how’s that even mathematically possible lol
That’s the way. Get in a position, and sell at an even lower price 💪🏽
It took me like two months into investing to realize people were going into debt on leverage, lol.
I had no idea you could even borrow, nor did I ever want to go that route.
I follow the basic rules. Never gamble with what you cannot afford to lose. And you don’t lose if you don’t sell.
And after 3 months, I’ve been doing well. I’m currently in the green. But I took a massive hit when the market collapsed a few weeks ago like everyone else. But I had a lot of good sales prior to break even on that.
98% sure this is a joke. It's Twitter. don't take anything on there seriously. Everyone is just trying to be witty, snarky and funny.
This guy could execute order 66 and still have all the Jedi win
That's what hookers and blow will do to you when you have weak hands while trying to HODL crypto..
They can't stop crypto; https://news.bitcoin.com/financial-giant-state-street-launches-digital-finance-division-units-focus-aimed-at-crypto-and-defi/
Sounds like he/she/they bought property
you need some chill pills mate
Hopefully there’s a house attached to that.
Fxcking hooow though?
Looks like he needs to join the WSB thread. There’s a lot of that over there too.
I only invest amount which I will be ok losing
This is same crypto bullshit that's all over Instagram.
How does something like that even happen in cryptocurrency lol?
How do you get so much debt with such little cash down? This is insane. I can't wrap my mind around how he got there
Why I stay away from margin / leveraged trading
Ahh, possible? Really?
What the fuck did you do?
It is crazy that crypto can be used as a form of unregulated gambling 🎰
That’s not right!!!
couldn’t be me
Achieved the opposite almost quite literally..
At first, I just read “and I amassed 300k” and didn’t see the “in debt” after, so I was fairly confused
How do you lose money in a bull run. Probably the exact type of person who shouldn't be investing.