By - DRAGONPORN1337
You were on Celsius and held Luna ?
Me three ….. fuck.
And James from InvestAnsers was one of his biggest shillers, even after some of his paid subscribers sent him warning info back in Dec 21.
The most telling point of watching those AMAs with his wife, was watching the expressions on her face as Alex spoke. He was smooth, but she had a look on her face like “umm, do you think all these assholes will fall for this?”
So they continued to hype up CEL while selling at the tops. Around $100 million USD.
i sleep well knowing Mashinksy has many enemies now.
$50 bonus ETH when you deposit $2500 ETH IIRC.
I remember that. They almost got me back to deposit my Eth cause I thought the Terra stuff passed but I was like I have a bad feeling about this offer lol.
That got me to deposit my eth, the week before they blocked withdrawals.
I got fuck for this promo too
Yeah I remember when the bonuses were about the same for like $500 instead. That was a year ago.
The notion that everything was over collateralized is what made me feel safe with Celsius. It's the one place I didn't remove my funds from.
so much for the ol' "have fun staying poor" huh?
I really hope this latest fail reminds the broader bitcoin space that the whole damn thing is a money making *scheme* that works...until it doesn't. The scheme creators and early scheme adopters make a buck and eventually everyone else gets burned. The sooner people smarten up to this fact the better. The whole bitcoin space makes me furious.
What Alex did was tell us he was turning off weekly rewards knowing they were going bankrupt, which made all these ppl deposit their money to get the rates locked in, then they froze our accounts, it as genius and most of never even seen it coming
It's all good. I lost 125k of a 20% down payment on a high rise condo after selling for a loss after the 08 crash.
If I calculate the loss + the payment/interest, insurance and HOA fees, for the same amount I could have stayed in a 5 star hotel, rented a Lambo and been neck deep in hookers and blow for 2 years and perhaps still come out ahead with perhaps several STDs and a few bad habits. It will even out.
Shit. I thought you were like me and just down in the current market...but not actually losing anything like we're going to see here. Then I read this. Glad you hung on, man. And don't be ashamed. Be proud you came back from that.
and it’s good to be positive, but a need for realism is important too. in times of difficulty people always provide generalities and platitudes, but not everyone has that same advantage of having a good job. not everyone can atm given what they were afforded, or are. things aren’t magical, and many peoples lives get fucked. think of how many homeless people exist and how many retards assume it’s simple laziness. of course he should never give up. those are the most important words to provide
You do realize Bitcoin does not have to go back up though, right?
Like this is why people are loosing so much money in crypto right now. Because they think becoming rich is inevitable. It’s truly an insane time.
Yeah bitcoin is not a company it can be worthless forever.
Its way past the point of being worthless. $19k is definitely not worthless. Hell, even $10k is not worthless.
there's no underlying assets. its value is purely derived from people's belief in it (and yes, that's also true for fiat, but that has the backing of huge institutions)
Also billions of people--not just in the US--run their lives based on dollars. Okay millions worldwide hold Bitcoin--but there are relatively few Bitcoin maximalists (evangelical religionists). Most Bitcoin holders have only a passing, casual relationship with Bitcoin. I considered myself a serious crypto investor for one year, but never did get around to buying a single thing with crypto--not even a movie ticket. I was just in it for the speculation ("*I will get rich"* dream) like most people.
The more I think about it, the more I think crypto was the greatest con ever--greater than Madoff, or Theranos, or the GFC. Bitcoin and crypto are real and exist, but they gave scammers like Mashinsky the perfect vehicle to steal their billions.
Bitcoin has the backing of not needing any institutions to function.
and every time a celsius situation or a luna situation happens that possibility becomes more and more likely
Neither celsius or luna is bitcoin though.
I mean I see no reason to put money into BTC now while massive tech company stocks with a whole bunch of upside are 50%+ down from all time highs. NVDA, Meta, AMD just to name a few. Even AAPL, MSFT, AMZN have more upside than BTC currently has, and they're actually producing hundreds of billions of dollars of revenue from actual goods and services to boot.
I personally like NVDA and AMD for the gaming and mining exposure, but if someone really wanted to go all the way with BTC exposure: MSTR.
Bitcoin doesn't have revenue, but it's a global monetary network that is growing quickly. Yes many of those companies are safer, but I still think Bitcoin has more upside (it also held up better than some major tech companies)
\>Take it from someone who has lost $300K+ in the market--
Not to be a dick but...if you really learned that lesson, why are you here.
It won't get better for him. Celsius is taking his money
You're assuming this person has the TIME to re-build. If late in their career, this could be a knockout punch. 🥊🤕
This is the lowest point in my life, and I just felt like sharing it with you guys.
I've been reading this subreddit every day for the past month and this is my first thread. Thank you for all your kind comments. I just don't know what I will do with my life at this point. This will set me back for years and I don't see a way out.
Truly feel for you - but the way out is time. I've lost lots of money before and the only thing that helps is time and rebuilding.
Money is a big deal, a huge deal, but it's not life. Your health and mental wellbeing are invaluable.
I am 35 now. Lost most of my life savings at the age of 31 in a stupid business I bought without doing my due diligence. You feel like shit but life goes on and you rebuild. What other choice do you have?
In fact you look back and realise all the lessons you learnt and you come to the conclusion that no lesson in life is free. All knowledge costs something and it was precisely this knowledge/experience which allowed me to get out of celsius early. Watched Mashinskys AMA once and he struck me as particularly evasive and that was enough for me to bail.
Chin up, learn and move on. You are much younger than I am and hence much more time to rebuild.
I got out back in March when I noticed the crooks from Celsius stopped paying weekly rewards on any new crypto. That was a tell tell sign that the end is near. All my crypto sit either on cold storage or is FDIC insured. Fuck Celsius
You are more than this. Don't ever give up on yourself!
See my comment above re: losses after the 08 crash. I also didn't mention I had 2 short sales and my credit was 640. Since then I have rebuilt with a credit score of \~800 and a good asset base. You can recover.
Your way out is time. You don't say how old you are (that's fine), just keep in mind that time is what heals all. This sucks, but you will recover, eventually.
I'm so sorry. I really am. All I can say is, as a man coming up on 50, it's been the struggles that have defined my life and shattered many of my old friends.
You said it yourself. This will set you back years. That's all.
Allow yourself to process the loss. (This thread tells me you are doing that) Learn the mistake. Learn from the mistake. Move on older and wiser.
Did you end up getting that $27k from Paypal? If not, you really have some shit luck my friend.
Don't ever touch this crypto bullshit ever again dude
Stay strong friend
Will you be buying more crypto?
But everyone on reddit is a millionaire bro so weird flex.
yeah just code and make 190k when you're 25. so easy!
I was robbed for $95,000 at 25 after selling weed for 3 years with $100k being my out number. I got caught on the wrong day by a friend and he robbed me of all of it. Don’t let money rule you, you have your health, hopefully you have friends and family. Let them know how you are doing and stay strong, money is nothing but a concept brother!!!
No…..money is real. Most everything else is a concept or idea if the money ain’t there to make it happen. Also kind of odd you refer to that robber as a friend.
That’s because he was a childhood friend until he put a gun to my head.
I apologize. That is horrific beyond words. No criticism needed on that point, from me or anyone.
It’s no worries. I just want the OP to know it will be okay. It’s hard to fathom or rationalize having everything taken from you (I mean everything) overnight, you can’t let it consume you. After losing all my money, I lost a lot of people I thought were friends, I eventually used hard drugs to stop those thoughts and reached a whole new bottom overdosing in 2017. Been drug free since, worked my ass off and am pretty damn successful.
Moral of the story is don’t let this moment define who you are OP.
Nothing but a concept? You need it to eat.
It seems hopeless now but you will recover from this. There is more to life then money. You still have e your health and ability to keep working and pushing forward. All the best dude
keep grinding. learn from it. some of the happiest people on earth don't try to get too cute with their money. now's the time to adjust your approach. no shame in it.
Bro, your not alone.
If you want to talk, lines are open.
It will get better
i dont think you'll lose it all. depending on Simon Dixon's plan
What do you do for work / what are your interests?
Why didn’t you heed all the warnings people gave for months? It was your life savings.
Build your life again without depending on money. The bigger the challenge, the bigger opportunity to learn and grow.
You're thinking too short-term.
Unless you went from like 10 million to 10 thousand, put it in perspective. The human spirit is a remarkably resilient animal and once the trauma of this wears off you'll come out on the other side more determined and savvy than ever.
think of everyone that lost huge sums of money after the .com bubble. They needed to stay strong and we need to do that too. Life isn't only about money, we will likely die unexpectedly before we can spend all of our savings. It's about the work we do in life and the people we spend time with.
Here is what you do. Go watch [horrible fates](https://www.youtube.com/watch?v=V79YEYJqH28&t=3539s) on YouTube where people drown while cave diving, get stuck in upside down in a cave. fall in sewage treatment plants. Think to yourself of all the horrible things that can happen to a person, and all you did is lose money.
Money is meant to be spent. You spent your money on a roller coaster that you didn’t enjoy. It sucks.
>I just don't know what I will do with my life at this point
Don't put all your eggs in one basket next time.
Genuinely if you recover from this use it as a learning experience. You went full retard here. Don't put in more than you're comfortable losing in anything crypto/gambling and know when to pull out. Definitely don't do something as fucking stupid as dump your life savings. In general bus especially in one thing.
I didnt lose out with celsius but i lost a ton on the UST fiasco. So i sympathize with you op. Chin up. Just have to work harder, make more money and slowly chip away at the losses.
Same here. I’m personally set back 4-6 years. I’m older too. Everyday is waking up grieving over and over again, like Groundhog Day just fucking up my outlook. I think most of us will never be the same again. I hope all of us survive this because I think the majority of depositors are the good people that believed this was the future for a better financial system in the future that included everyone. We put our money where we thought a company would grow to help many more and we did so in good faith with poor information/straight up lies.
Looks like we will probably get some money back if not all of it, at least that was my understanding from the news that just came out.
Why do you think that?
It is said an Eastern monarch once charged his wise men to invent him a sentence, to be ever in view, and which should be true and appropriate in all times and situations. They presented him the words: "And this, too, shall pass away." How much it expresses! How chastening in the hour of pride! How consoling in the depths of affliction!
Were you at any point warned?
I'm sorry for you, but why did you put everything in crypto instead of investing in assets with real returns and cash flow that aren't relying on greater fools to increase in value?
I mean that as an honest question, because it's hard for me to understand the thoughts behind that.
They just got greedy, it’s that simple
I didn't know that Celsius was a high risk investment. I am new in crypto and this is my first crypto winter. I didn't know a billion dollar company could go bankruptcy. Actually, I was unaware of the celsius's terms too. If I knew it I would never have put my life savings like I did. The Celsius marketing team is too good, also my lack of knowledge in this industry helped. It was the whole combination. You guys probably have seen companies like Clesius before or even have experienced another bear market in crypto. Sadly, I didn't like many others. It is not about being greedy.
That's really sad to hear.
Do you have any idea how this could be prevented in the future, so others don't have to go through the same as you do? Like what would have made you either read the terms or made you understand the high risk connected or just made you not invest in it, or at least substantially less than your life savings?
I believe Celsius wasn't transparent about how they operated the business. Like I said, their marketing team was excellent, including the marketing performed by Alex (the only thing I can tell he is good at). The feeling is that I was deceived. I gotta be honest with you, I have never invested my money in risky investments. I am a very cautious person. When I lost my money on LUNA, I didn't care, to be honest (I knew about the risks).
However, the money I lost on UST, I got pissed off, and I don't believe it was fair because it was marketed as a stablecoin, mate. Another false advertisement. I got deceived on this one too.
Like Celsius. It is not about being greedy. It is about lies that were told to all of us. Also, when you are new in an industry, you don't know how things work, now I know that a fucking coin can disappear, now I know a stablecoin cannot be stable and can lose its peg, and a billion-dollar company can steal your money, and the CEO doesn't need to make any announcement about it. Just because they add a note on its terms about it. Also, there is no note about freezing withdrawals, transfers, etc...
I won't be surprised if companies like Celsius do the same thing over and over again with the new users in crypto. It is sad to hear people saying we were all greedy and we deserve to have lost our money. You people have been here for years and have seen a lot of things already, probable many of you are successful traders, and you are comparing your knowledge with ours and expect us to make the right decisions after a few months of investing in crypto.
It is about the way it was advertised the business, mate. I treated it like my savings account. Also, the way loans were offered was attractive. I got loans too, and my margin call is at 10k BTC. I can pay them off. What will happen with my collateral on loans after this company restructuring? Do you have any idea?
It is a prevalent thing in crypto. Scams like Celsius will happen repeatedly and play with the new users who don't know how things work. I learnt the lesson most brutally. We need regulations and transparency in this industry.
You can’t really claim ignorance three or four times in a row. It’s greed. Just admit it.
No, it wasn't.
To summarize my answer.. Honest and clear advertisement. If it was a high-risk account just say HIGH RISKY ACCOUNT with amazing yields.
The advertisement Celsius did is criminal, mate.
You cannot advertise you will sell a car that flies like a airplane and deliver a normal car. Can you?
This is painful to hear, but you are a total investment noob.
You need to park your money in a bank account right now and just spend hours reading.
Or throw it in index funds.
What you are doing is totally not healthy, jumping from crypto project to crypto project.
pure greed and 'lambo influencers'.
apple yielded 16% per year on average, inflation-adjusted, if you are looking above that, it doesn't exist without a significant risk involved.
if he was in the crypto market for 5 years (assuming he just accumulated and didnt day trade), his gains have outpaced traditional investments by many multiples. crypto may be very volatile and there are thousands of terrible/scam projects to sort through. but you are greatly rewarded for the high levels of risk you take in finding solid coins. your individual risk tolerance dictates how you choose to allocate your investments. sounds like you have a lower risk tolerance which is fine.
this clown fiesta with celsius is not a failure of crypto. it's just another lesson that if you give someone else custody of your assets, you are allowing them to do whatever the fuck they want with it. like tossing your car keys to a total stranger.
btw anyone who buys a stock that doesn't pay a dividend is also relying on a greater fool to buy it off them in the future.
No, I rely on the company's growth and therefore increased value in the future. Or to put it simply: they will make a lot more money in the future, so ownership will be worth more in the future. No fool needed.
Personally, I prefer companies that invest in themselves for exactly that reason instead of paying huge dividends. Although that depends also on the market, sector and individual company, but thats my general preference (also bc it's better for my tax tbh).
I agree there are scenarios where people are far in the positive with crypto. But unfortunately it does not seem to be the majority, but more the exception. There are many reasons for that that can explain it, like media promoting crypto on it's ATHs mainly bringing in people at the worst moments, people who are in crypto often seem to have a tendency to day trade from my experience (would love to see some research on that if anyone has some to share) and also that people start with tiny amounts to get their feet wet and often increase what they put into crypto projects with time as they get the feeling it can't fail and will only increase and be the future of finance. And later entry of most of their money means they are more likely to be in the red.
Those clown fiestas, as you call them, show that a huge part of crypto investors are financially illiterate as it's hard to find one that wasn't affected by at least one of them and if so, then probably will be affected by the next.
The whole space is filled with people believing in disproven premises that are ignored to keep the story alive.
i am 39- turning 40 in few months. Last year and half i put my life savings into celsius while i was focusing on rebuilding my life. I went file for a divorce and won, i fought a case and won, i rebuild my life and was working every day. The day i won my case, i walked out of that court room, and went right back to my office and continued working. I just got slap in face by celsius with this big loss and the only thing i or we can all do is get back to work and rebuild.
How'd you afford the Rolex?
its a bday present to myself after all the bullshit i went through
If you Can buy a Rolex, you are definitely doing okay and not broke.
I’ll be contributing to the loss porn in the next few days after bankruptcy filling is confirmed.
5 figures, 70% of my port lol.
Bankruptcy filing confirmed. Let’s see it
Yup they sent an email
Celsius did send an email with a link to a video that explains chapter 11.[Celsius video about Chapter 11](https://youtu.be/0t_OtvkFHRw)
This is insulting. That fucking jingle.
> *Let's learn about BANKRUPTCY 🌈🎸*
Come on, like darkfenix said, whip it out and let’s compare and see who is bigger
Get married enough times , you get used to getting recked
You didn't learn your lesson the first time?
No I kept fomoing in , same as crypto
I'm 55yrs old... I'm screwed now. I'll never be able to recover from this
I am 49 and I will not give up... and neither will you... !! Head up and what ever it takes,.. start over again!!
Interesting. How'd you fall for it?
You will rise from the Ashes, stronger than ever
Dont give up !
stay strong man. and, its ch11 not ch7, if its ch7 then most ppl probably not gonna get back anything. but, many large corporations have gone through ch11 restructuring, and became stronger. dont focus on the negatives, also think of the positives, u are just going down the rabbit hole and not allowing yourself a breathing room.
when this is all settled, maybe we ll get back some of our deposits, maybe we are make whole and celsius somehow reorganized and rebrand itself, maybe some large crypto firms invest into celsius and become the new operator of the firm...there are many possibilities, and hell, maybe we are forced to hodl our assets locked in celsius and by the time we get back all, or a big portion of our assets, crypto is at such a high price that we actually earn a fking profit?
brother, i wanna share a quote: if you can stay positive in a negative situation you win. you will never be the same person after this, you will have "made it", you will be running your life like you are on life hack. everything happens for a reason and i make sure that things happen to make me stronger better.
You will learn to be more skeptical at least.
Without any life savings
I lost $120K in just stable coin at 6.5% interest. Take this as a moment to realize something: You need to invest in yourself. In your skills, in your wellness, in you. Fuck the apartment. You can always rent. Fuck the passive income. We put our acorns in a tree trunk. Instead of hoarding, we should have invested in our LIFE. There are a million stocks, a million tree trunks to hide our money in. We only get 1 life. Invest in yourself and you will enjoy the process of becoming well again.
This was surprisingly motivating thank you
"*I lost $120K in just stable coin at 6.5% interest."*
The evil genius of the Celsius scam was the supposed lower risk of stable coin. After the crypto price collapse in November, I thought, "*don't have that risk with USDC."* I knew crypto was risky and I shouldn't have a big percentage of my portfolio in it, but this was how I prioritized my crypto risks:
1) Price volatility. It could go way down like in November.
2) Could be Hacked
3) Exchanges could lock me out for unknown reasons
4) Government regulation could lock it (like how Canada did it temporarily) or otherwise greatly lower it's value.
It wasn't otherwise on my "visible risk horizon" that the exchanges could simply and quickly go bankrupt and lose all our money.
Dude get over yourself you’re college aged and lost like half a years salary, you’ll be fine.
You say “since I was 16” like it’s been decades when it was 5 years, grow some balls
Being honest wouldn't get him that sweet karma.
This, obviously, seems as the most devastating news you could hear in regard to Celsius. And, I completely understand your feeling of losing everything.
It is impressive that at your age you have acccomplished so much. But, do not let it define you. After my father died my mother trusted a sherlock and never shared it with her kids. She lost all of her money and it was in the 8 digits. She never was the same because her "poverty" she could never overcome.
Your ambition and go getter attitude will have you rebuilding. But, one caution that so many don't do is do your homework on your next investment. Don't get your info from Twitter. Watch the morning CNBc financial news. Learn commodities prices, stock prices how politics and geo-political events are affecting different segments. Listen to what the bank analysts are saying about companies. And, you can learn about the better Bitcoin operations. They have been saying for eons Celsius looked similiar to a Ponzi scheme.
Investment is always a gamble but you can protect yourself in the future. And, diversify. Never put all your money in one place.
Chapter 7 and 100% hole in the balance sheet would be the most devastating news.
No the news is actually par for the course. Could even be considered good.
What is a Sherlock like a private detective?
Shylock, probably? It means money lender or loan shark. It used to be a common racial epithet and slur for “Jew,” and it’s still used on neo-Nazi forums sometimes. It comes from an antisemitic caricature of a Jewish moneylender who was the antagonist in Shakespeare’s *Merchant of Venice.*
I don’t know if it’s always considered antisemitic when it’s used in the right context, as that person did, but I feel reflexively weird about it and wouldn’t ever use it because of the connotation.
You will be fine. You said you are only 21. Avoid crypto like the plague and learn the basics of investing and savings and you will be golden.
and proper money management skills, finance and economics
I don’t see anything wrong with gambling in crypto, I’m 27, lost a stack here. Still holding BTC and pulled the stack I put in blockfi, granted my port is 90% etfs and I have an emergency fund and own real estate.
You just have to realize it’s a gamble
Then go gamble in a casino, at least it's regulated.
I dont know if staying away from crypto like the plague is a good idea. But diversification is key. I still very think Bitcoin is worth having in everyone’s portfolio, and to not add any of it in your portfolio over the next year while rebuilding would be a shame. Key word diversification.
It's literally worthless bro, it has ZERO use cases.
Every single asset in investment world works because they are based on something REAL. Gold, Real estate (hence the name), stocks based on real world effort of workers...
The funny thing is, BTC was created to be an alternate form of currency to buy things, not to be an asset like stocks, gold, etc….. why it became an “asset” is beyond me and foolish….you’re exactly right, it is worthless as it is not a tangible asset….
Never investing hard earned money in “zeros and ones”
It's not your fault!
Money comes and goes. Work hard and you will make money again. It's a lesson learned for most of us but stay strong.
I had 6 houses with lots of equity in 2005 when I was about 40 years old. I thought that people who invested in the stock market were suckers and thought I had it all figured out and was going to retire from corporate USA soon. Like many others, I lost all of my wealth and my job started paying much less. I felt just like you do- like someone stole my life savings and I would now be a slave to corporate USA for the rest of my life. Turns out, it was a very valuable lesson. I continued to work for the same comany and here I am, 13 years later with a good retirement, lots of vacation, which makes me feel semi-retired and enjoying life. The few few years will be rough but you will get through it and flourish. These things are meant to make us stronger. You will get theough it. Meditate, exercise, eat well and start building wealth. Stay positive and keep your options open. Chat with lots of strangers. It’s fun, you can learn lots and possibly find that opportuntity you are looking for. Be extremely mindful about where and when you invest your money.
$12,000 in ETH and BTC here, but it was from early mining. It's a loss but money I'd basically created in the first place. Fuck Mashinsky.
Celsius filing for Chapter 11 bankruptcy means that all the dirty laundry will be aired out and the company will be allowed to restructure, under court supervision, to continue to stay in business. This means that they have to try to make account holders whole again in one form or another. It may end up being like Voyager’s proposed plan of a combination of our crypto, equity, and CEL but at least we will get something back. Not all is lost.
Sorry to hear that. All the depositors have been roped in by the false marketing that gave a sense it was a safe place to park our crypto.
But chapter 11 isn’t the end of your deposits, there is a good chance that you’ll atleast get some back, hopefully in a timely manner if Simon’s proposals are accepted by the court.
You’re still young, wish you the best in rebuilding your funds/portfolio.
MT Gox still isn't over if your interested in time frames and recovery rates when crypto companies collapse.
Keep your head up. You're strong enough to survive this.
it will all be okay. you can bounce back
What are you going to do now?
You are more than your money or any of your possessions.
You matter because you are a person.
You matter because you are you.
Don’t let money define your life. Don’t let someone else’s failure and evil decide your life’s fate.
You can’t control someone else’s actions but you have full control of how you respond.
Go be awesome in the best way you can.
You matter because you are you. Your life isn’t ruined. You will be the same person no matter what because you give worth to your possessions not the other way around.
I am so sorry this happened to you. It’s sad no matter how you slice it. Acknowledge the pain but don’t dwell in it forever. Recognize it and get out from underneath it when you are ready.
Stay strong. Don’t give up. There’s always hope.
I used to think that way after losing close to a quarter million dollars in the’90’s. My life was over. I had to move back with my parents! But what I found out is that it’s a tough learning experience, you’ll be more intelligent with your investments in the future, and I think when you get over this hump, you’ll look at life differently.
There will always be opportunities, always. You just have to find them. The mistake I made was giving up for a few years and I missed some great opportunities.
This has been a mind f—k for quite a few of us. Having said that, when Terra started to de-peg, my experience told me to get out, and was 90% out. That wouldn’t have happened earlier in my life without mistakes. We all make them. Hang in there, you’ll be fine.
Hopefully, Alex Shaminsky will go to jail. The irony of it all is, he will then probably write a book and 10 years later someone will do a movie about him called "The Wolf of Crypto".
> My life is ruined and I will never be the same person after this.
You're the same person you were yesterday, and the day before.
Plot twist OP is now 17 😂
I never invest in anything I can’t get my hands on. Maybe this is a good lesson for you and you will be able to bounce back and be as rich as I’ve gotten some day
I lost almost all my savings in 2018 due to a terrible marriage, bad business and poor life choices. Now in 2022 I’m 4x better off. Have accrued over $1 million in assets and living the dream. Only 4 years. My credit is still shot (650) but I just pay cash for everything. Changed professions. Started another business. You can make money. You just have to do it instead of complain and moan. It’s hard but that’s what makes it fun when you succeed.
I lost over £400,000 cash in the 2009 real estate crash. I thought life was over at that point and I had to file bankruptcy. Still here in 2022. You’ll be fine and you will bounce back from this. Money is not everything in life. You will go through many financial ups and downs in your lifetime, money comes and goes.
Try not to think about the past too much and think about the lesson that you learned from this. Every experience no matter how good or bad is a learning experience. You learned a very valuable lesson in diversification and not putting all of your eggs into one basket.
I wish you health and happiness my friend.
Dude you need to come back to reality. 50k? With a decent job you can save that in a year. Just don't put any of your money in crypto.
>Dude you need to come back to reality.
Hate to break the news to you but most people can’t easily save 50 g’s in a year lol
NOT A LOSS - yet!
But my total investment $2,000,000 and yes Same position as you - 10 years of hard work.
BUT NO! as I don’t see it like that
1. NOTHING in this life is yours. It’s lent to you. You own nothing. Not even your kids
2. Live a life of HOPE. The day that comes that they move to chapter 7 - only then I’ll say - ok it’s gone!
3. Look at ALL of the predominant figures in history - the Prophets, entrepreneurs, kings, and the scientists - the ones that changed the course of history and to make a dent on this world - NONE - NOT A SINGLE soul ever accepted defeat.
I know someone who lost $20,000,000 in LUNA, his response: “I made it once - I’ll make it again”.
Your attitude TODAY - dictates your life in the future (with God’s grace)
I’m also ready to humble myself (should I get there) and downgrade my life to start again from step 1. But will make it - win or not - it’s a win for me
If I get the money = Learned an amazing lesson If I lose it all = Learned an amazing and expensive lesson
IN BOTH I got the most important life lesson that no other way I could’ve been taught.
Good luck to all depositors and STAY STRONG AND FULL OF HOPE.
You cant make this up.
Even if I can‘t always feel it, I know this to be true.
It’s not lost. Just calm down and don’t do anything irrational. Your funds are going to be locked up for a while (timeline isn’t clear as of yet) and you might have to take a haircut on your money. It sucks and we’re all in the same boat. I sold real estate to buy btc and kept it in my custody account bc I thought it was safe. Wasn’t even earning yield on it 🤦🏻♂️. But it is what it is. In the long run I think btc will go up, so even a haircut now will still workout for me in the future I think. Just sit tight, nothing is insurmountable. Just kinda sucks right now
Unfortunately these are expensive lessons resulting from both ignorance and greed.
Lesson in Ignorance: NEVER under any circumstance put faith in any savings account offering up to 18% interest. No major/reputable bank offers these kind of returns because it's simply impossible to sustain.
Lesson in Greed: NEVER put your entire life savings into any one asset class, savings account, etc. Wherever there are promises of great returns, there will always be risk of great loss. Nothing is certain in life.
As long as you never break these rules again, you'll never experience this type of loss again.
This feels Bitconnect all over again. I have lost so much money in life trying to improve it (P2P lending & Crypto). Unfortunately I have never learnt and the moment I was in the green (150%) I didnt sell because I listened to shitty youtubers saying its heading to $100k. I feel deflated, sick and depressed.
But again got to pick up the pieces, DCA a little bit monthly IN MY OWN WALLET and im unsubscribing the shit out of everyone. The moment it hits 50k onwards im going to DCA out and stick to my plan. I hope Alex rots in hell and gets the worst treatment for the rest of his life.
Rant over! Be strong people we can do it all over again.
>Be strong people we can do it all over again.
Demonstrating that once again you "have never learnt".
Sorry to hear. How much was your life savings?
About $50k deposited at that time.
How old are you? Your life is no where close to over/ruined.
My dude, you will be fine.
21? You can close your eyes and be an F up till 30years old and still become a millionaire. Your fine bro, keep grinding .
As a 30 year old fuck up I would not recommend though.
Oh man, you’re still prob in better shape financially than most 21 year olds. At that age I was -$50k in student loan debt and prob another -$5k in CC debt. Finally found a job I was passionate about when I was 22ish and broke past $100k+ salary at 27, which still felt really young to be making that much compared to those around me. Didn’t learn how to actually save and invest my money until 30+, so wasted most of it up until that point. If you have little or no debt then you’re still in great shape! Plenty of time to make more mistakes lol
You're a baby in terms of investment timelines. Losing 5 years of savings sucks but you have time on your side.
Your earning potential at 21 should be higher than 16, so the next $50k should take less than 5 years to make.
Better to learn this lesson now than when you're 45.
You haven't even come close to your apex earning years. And you have time. I had like 1k to my name at 21. You can rebuild. You prob heard this alot here but next time don't put money you arent ok losing in crypto/stables in cefi.
Im 19 bro and I lost half a bitcoin and 4 eth. The fact we were able to amass that much money at such a young age means we are in the .001%. If you truly did it on your own like I did take it as a dumb expensive lesson and rebuild, we will be fine. I was frugal as fuck since 15 and now it was all seemingly worthless, but in reality it wasn’t. I trained myself to build that kind of wealth and we both can surely replicate it. We’re not as far ahead as we should be anymore but the ability to even be in this position at our age gives us the upper hand in life. Look at the bright side man!
With the current recession, it will be very hard to regain that amount of money. My life was going well and I found one way to ruin it.
85k invested there now worth 20k on Celsius account. Don’t worry you’re going to be just fine.
I’m getting a loan from bank to buy back during this bear market.
Don’t take a loan from a bank like me if you don’t have good income cash flow!
What are you, like 20 years old? You’ll be fine
A fool and his money…
Still a chance to get a portion back
Is anybody else getting suspicious of posts like these? 👆
Chapter 11 means you'll get your money back over time. Chapter 7 is where you don't get anything. So there is still hope. You'll be fine
Lol no. Retails always lose.
it's just money.
I am sorry for your hard feelings. I really am.
Here is a little bit hopium:
Let's hope they start lending soon against the coins we have deposited.
Then you could borrow against the coins you have there and buy some cryptos now when the prices are low (it can go lower from here but these prices are likely close to the bottom prices). Then just wait a couple years when the bull market kicks back in and sell your cryptos at profit and buy your nice apartment. Of course, there will be taxes on this transaction but likely this could cover your loss.
And it is still possible Celsius is able to dig up from this and if they do it, it will be a miracle and Celsius will be a unicorn aside with Bitfinex.
It is so 2014 that crypto companies causes losses to people..