Have You Ever Lost Any Of Your Cryptocurrency?
The world of cryptocurrencies offer a unique challenge for a lot of people who want to improve their finances but don't exactly enjoy diving deep into this domain.
It's usually complicated for the noob. There's a lot of cognitive load on most users to perform simple tasks such as managing their wallets, private keys, sending and receiving cryptocurrencies, long-term wealth succession planning etc and it does create a lot of confusion.
Especially when our goal is to maximise profits and minimise risks. However, we are probably doing it right 99/100 times but an error or two occurs every now and then. Also, many we may lose access to our keys due a hard drive failure, theft of our devices amongst other real world issues.
But today let's do a quick multi-choice poll and see what Steemians have to say about their loss of funds.
- ICO Investments
- Forgot or misplaced your private keys
- Exchange or wallet hack
- Investment in Shitcoins
- Investment In Ponzi or MLM type scam
- Allowing someone to manage your investment
- Lost keys due to HD failure or Theft
Answer the question at dpoll.xyz.
Lost too many due to exchanges
yes cryptopia exchange down now!
Kraken, Cryptcy, btc-e, wex
Actually all my investment has been done by my son,so I have no idea about the loss.
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Lost keys and wallet access due to my laptop being stolen and a backup hd crashing in addition to copytrack ICO going bad.
Frankly... In 2017 I played around a little with all kinds of stuff in the crypto-realm. Thankfully never on the level of affiliation-marketing. I was lucky tho. Besides the fact that most of these more shady investments underperformed compared to Bitcoin price movements in 2017 I havn't lost any $ value. What was a goner was just the "free money" I accumulated in these things once I had my initial investment out again. I learned that most of the time these things only work good if you are willing to shill and make money from affiliation links and so on. I didn't want to pull others into my gambling with these things and I'm happy that I didn't do that. For me it's all about constant growth without harming anyone. So I do the - to some boring - but still IMHO very effective DCAthing. Like clockwork I DCA into Bitcoin every week and I will power up in STEEM every now and then. All the other things you mentioned thankfully didn't happen to me... so far.
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Forgot to save private key
How to live?
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Mostly loose due some technical reasons. And I think there is can be one more answer with lost money while gambling...
I lost some feathercoin and doge coin I got from various faucets and events back in late 2013 or 2014 honestly I cant remember. I didnt bother keepting the keys. Luckily I kept my litecoin and bitcoin keys as paper wallets cause I actually bought some of those and had well placed trust issues with mtgox.
Posted using Partiko Android
Only lost crypto to mistakes I have made like sending BTC to an exchange that really doesn’t exist to try and make an arbitrage trade that was too good to be true, but that was more of a gamble than anything and I knew the risk. Other than that I don’t keep mo yeah on exchanges and backup all my wallets and data so not worried about that!
Posted using Partiko iOS
Not yet and hopefully never!
I write everything down manually - two times.
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So all in all, all my own fault.
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Absolutely YES!
Surprisingly you @firepower sent the 25 SBD which is locked up in my wife’s formal account (@petlove)till today. She won the 25 sbd from your steemchat contest but unfortunately she misplaced her password to that account.
It’s really painful for lose crypto currency.
Posted using Partiko iOS
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Not sure which category this would fall under. 😎
I once invested in a ponzi scheme called Ethrade in which i lost around 0.4 btc... and one more time i got cheated by a guy with a fake website and got cheated for another 0.09 btc
Posted using Partiko Android
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There should be no option
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I didn't even know if there was a different private key for my web wallet. It was my Smart Cash wallet and I thought password to my account on its forum was enough to access my tokens lying there.
My 200 Smart Cash earned as bounty are still lying idle on its blockchain
You got a 63.56% upvote from @ocdb courtesy of @firepower! :)
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Have lost a good amount after Bitoon Cash Hardfork amount of Bitoon Cash sent to a Bitcoin Address and there is no way to recover it and eventually realised after lots of confirmations.
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A few years back i once got hacked on poloniex.
nice post sir I have also lost in Investment In Ponzi or MLM type scam freeripple
This ones:
Allowing someone to manage your investment
Lost keys due to HD failure or Theft
I have an old Samsung S3 Mini with 5 bitcoins.... I forgot about them and one day they became 100k USD. The wallet was Blockchain.info and I didn't do the thing right when I created the wallet.
And the other time I lost crypto was because I tristes a third party to take care of the prívate keys.
Lesson learned in the hard way. Never again, take care of your cryptos!
My reasons are not part of the options. Mine is a bit silly as well. I have lost my cryptocurrencies while transferring to wrong accounts by mistake. It happened to me twice. Though the loss was bare minimal, the mistake from my side was a bit silly.
Posted using Partiko Android
I lost on couldmining . now without Crypto in my wallet
I lost my Wagerr coins gambling with them and I've lost fiat also gambling. The one thing i learned is don't gamble. Outside of that my only other loss comes from a small investment into substratum. Worst investment I ever made. Shit decisions are also part of growing so I'll look forward and take ehat I've learned as I look into other coins.
Got Goxed.
Great article, thanks for sharing.
Luckily I haven't lost any crypto, but i have been involved in some poor bounties connected to ICOs. I would say the biggest thing people can be do is to be vigilant and don't leave your crypto on an exchange.
Most hacks happen on centralised exchanges, so people keep the crypto in the wallets!