Crypto investors panic during market bloodbath: ‘I will lose my home’

[Kamaji]

Crypto investors panic during market bloodbath: ‘I will lose my home’

By Thomas Barrabi and Theo Wayt
May 12, 2022

Crypto investors were panicking on Thursday as bitcoin and other digital coins continued to plummet.

Victims of the bloodbath — which comes amid a broader stock market rout — range from the billionaire crypto titans who run leading marketplaces such as Coinbase and Binance to lowly retail investors who have poured their life savings into cryptocurrencies.

“I lost over 450k usd, I cannot pay the bank,” reads one of the top posts on the Reddit forum for Terra Luna, a cryptocurrency that has lost more than 99% of its value over the past week. “I will lose my home soon. I’ll become homeless. suicide is the only way out for me.”

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While Luna’s collapse is the most spectacular, other cryptocurrencies are also in freefall. Bitcoin was trading around $29,000 midday Thursday, down 17.7% over the past week and nearly 60% lower than its all-time high of $69,000 in November 2021. Other major cryptocurrencies including ethereum and solana are now worth fractions of their all-time highs.

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Source:  https://nypost.com/2022/05/12/crypto-investors-panic-amid-digital-coin-bitcoin-crash/

[sneakypete]

It was greed that caused this to happen. Investing money you can't afford to lose is like betting on horse racing. Sometimes you win,but don't expect anyone to feel sorry for you when you lose.

Only a damn fool invests money they can't afford to lose. It is nothing less than legalized gambling. If you want to do it,start small and then invest your WINNINGS,not your savings. THAT is how you make your money work for you,and if it doesn't work,you aren't ruined.

BTW,this was a lesson I learned when I was 18. Gambling is like drinking. Some people can do it,and some people lose their freaking minds trying to do it.

Regardless of who you are,you do NOT bet/invest money you can't afford to lose,period.