The 4 Worst Reddit Cryptocurrency Exchange Horror Stories
With 2017’s bitcoin boom causing carnage across the leading exchanges, it’s little wonder that some people got their fingers burnt. Today, even though hype has subsided slightly, the cryptocurrency horror stories persist as newbies continue to ignore basic trading advice. Although it’s never wise to laugh at someone’s misfortune, learning from them is positively encouraged. Indeed, for the cryptocurrency upstarts considering eToro’s social trading network or one of its peers as an exchange option, the mistakes of others can be quite useful.
1. who_needs_charisma and the Computer Glitch
Experience counts for a lot in the trading world, but it doesn’t mean you’re immune from making mistakes. Despite being a bitcoin trading and mining veteran, Reddit user who_needs_charisma found themselves at the mercy of technology in 2018. Following a computer glitch, they accidentally bought 8x more units of a doomed altcoin than they wanted to.
To make matters worse, who_needs_charisma was, in their words, “one of those early idiots” that spent bitcoin on pointless items because it was new. Their original bitcoin holding would have been worth $250,000+ today.
2. elapid Suffers a Mobile Mishap
With the leading cryptocurrency brokers and exchanges now offering mobile trading options, more people are making moves while they’re on the move. However, with power a finite resource in the mobile world, it always pays to keep your device fully charged at all times, something elapid recently discovered.
After “jumping on the BCD train”, the trader decided to check the market price while in the supermarket. With a $300 profit locked in, they decided to hit the sell button down one of the aisles. Unfortunately, the battery went on their phone. By the time they got home and found a power source, the market had crashed, their profit was gone and they were in the red!
3. btnt8888 Couldn’t Get Out
Trading is great when you’re using a user-friendly platform like eToro with risk management tools in place, but some sites aren’t as easy to use. btnt8888 found that out the hard way when they went over multiple hurdles just to try and withdraw some ECC. After not knowing how to make a withdrawal, the user converted their coins to a series of alternatives, wasting money in fees before they finally got the funds into their wallet. An amount which, of course, was a fair bit less than they expected to have.
4. TheBusyBrain1 and the MtGox Mistake
Hindsight is a wonderful thing, but not so wonderful when you’ve lost a fortune. Perhaps the saddest cryptocurrency horror story out there at the moment comes from TheBusyBrain1. After mining bitcoin in 2010, the tech-head had 1,056 BTC in their account. However, instead of storing it in a wallet, they put it in MtGox. For those not in the know, MtGox went through a number of problems before it went bust in 2014 and took everyone’s money with them. If TheBusyBrain1’s story serves as a lesson for anyone, it’s that you should only put your funds in one of the site’s we’ve rated as trustworthy crypto exchanges.