Grab some popcorn and sit down while you read my first and biggest mistake I did in the crypto world!
When I first heard about the crypto world I got fascinated by how much gains you can make. I was too scared to day trade because I literally had no experience, and till this day I suck at reading charts. I went on YouTube to "educate" myself and came across a channel that I WISH I NEVER COME ACROSS. I'm not going to mention his name because he deserves NO creditability, but this scum was making so many videos of a site called bitconnect that made him hundreds of dollars every single day. YES, I know what you're thinking! But you have to keep in mind that I was very much of a noob and believed him, which was a bad idea considering this guy was not even 18...
I signed up to bitconnect and made my first deposit of $1,050 USD and after 24 hours daily interest started to accumulate. I realised "hey this isn't such a bad idea". I never had any affiliates because to do so you needed a YouTube channel and a big following, something a lot of us don't have. After a week I decided to go all in and put in all of my savings. I deposited $10,010 USD knowing that in 4 short months I will have my capital released, little did I know that this was not going to happen...
The next day, I came across a channel on YouTube called Doug Polk and watched his video exposing the people who were advertising bitconnect. I literally felt my heart in my stomach. I was hoping this was all wrong and I was very desperate to get my money back. To some $11,060 may not seem like much but to me, it was all I had saved. Only 3 weeks passed and bitconnect went down...
Their exit strategy was to pay back their users through their overvalued coins, however they were unfair by making their coins worth $363 each, when in reality it was worth close to nothing! I sold my 30 bitconnect coins for $20 each, making $600.
Let's do some simple maths, I invested $11,050 and got back $600, losing over $10,000
The moral of the story is that if something is too good to be true it isn't! There are going to be some people out there who will do anything to try and suck every hard earned dollar you have! Be careful guys, and hopefully you do not make the same mistake I did with money lending sites that claim to pay out ridiculous interest rates.