In my search to understand the #btc world.
Noob here, could you please explain it what is leverage? It sounds scary. I hope this guy is ok.
#asknostr what actually happened and why did he lose everything?
Discussion
Just someone who played stupid games and won stupid prizes 😅
I supposed the temptation for people is there. Once your desire run wild, it will control you. 😔
We all have our vices and temptations.
Greed and Bitcoin don't mix
indeed. either you control it or it will control you. I guess the lesson here is leave your #btc alone LOL 😂
He basically gambled. He took a bet that the price of bitcoin would go up to a certain price by a certain date. To fund the bet, he used his bitcoin. The price dropped instead of going up, so he lost the bet, and his bitcoin that was on the line.
omg...😱 You can do that to your #btc? why though? Maybe I am too naive on this but it does not makes sense to me. 😬😬😬
ty for explaining 🫂👌
Greed :)
Greed. Pure and simple, greed.
It's not worth the risk, it's why I've never done it and never will.
Plus, I'm not a charts and lines and macro wizard. I'm too dumb 🤓
I just DCA and that works for me.
Leverage creates a multiplication factor to your gains... But also losses.
It's when you want to make "quick money".
With $100 risk capital, if your gain is 3% in a day you gained $3... but if you had 100x leverage you suddenly gained $300 from that $100 capital.
The bad part is that any losses are also multiplied. So if market goes down 1% you lost $1 but due to 100x leverage you lost $100.
I guess he is learning his lesson now the hard way 😔 ty for explaining it 👌
Be careful with accepting and asking anything here as truth. It's as likely to be misleading manipulation of some kind.
Do you even see a date on that screenshot?
It's trivial to generate such a fake post with an AI.
Even if authentic, such are also a common false story to appeal to pity of charitable people for funds.
These days, you'll get a less biased and more accurate answer to such query from a free AI or search engine than a social network like this one.
ty for sharing your thoughts ☺️
don't worry, I never take anyone's opinion as absolute. I do my own research along with other people's opinions. They are all data points for me and will draw my conclusion based on what I found. genuinely thankful for raising it, much appreciated 👌🫂