Redditor tells the story of how his crypto gains landed him $20,000 in debt

18 Jan, 2019 | Updated: 18 Jan, 2019
by Richard Allen
News
Redditor tells the story of how his crypto gains landed him $20,000 in debt

Redditor DeforestedMoon posted a story describing his crypto investment history. After seeing over $10,000 in profits from his XRP investment in two months and another $10,000 from other coins, DeforestedMoon ended up $20,000 in debt.

The Redditor started off on the right track, investing only small amounts here and there. Following his XRP gains, DeforestedMoon decided to ramp up his investment and made a further $10,000 from other cryptocurrencies. However, he never cashed out his gains believing that 2018 would result in even higher earnings.

At first he began making Coinbase purchases using credit cards, then moving on to taking out loans after Visa started considering credit card crypto purchases as cash advances. Believing that he could use credit cards for everyday purchases and using the loans to invest in crypto, DeforestedMoon winded up taking out three loans totaling $15,000. Following the crash, his portfolio is down 77%.

Now, with no savings and not enough value in his investment to cash out, DeforestedMoon is forced to weather the storm. As he says, “The moment you start putting in more than you can afford to lose is the moment you need to step back and reevaluate your life.”

DeforestedMoon posted his story as a warning: crypto can be volatile. If you're new to the space, trade with care. With a bit of luck, this bear market will pass soon and DeforestedMoon will be able to cash out his investment and pay off his debt.

Even if you think we've already hit the bottom, don't invest more than you can afford to lose. Take it from me, I'm 20,000 dollars in debt. from r/CryptoCurrency
Read more: 2018: A Bitcoin and cryptocurrency year in review

Follow Chepicap now on Twitter, YouTubeTelegram and Facebook!

Read more about:Ripple (XRP)

Add a comment

Check out the latest news

You will be logged out and redirected to the homepage