We like to talk about what we have won, but we don't like to talk about what we have lost. However, every loss can be a lesson for the lives of others. We should often talk about our losses in order to learn from our mistakes and not repeat them. When we do this, everyone sees what went wrong and has the chance to learn a lesson.
Let's make a change today and talk about our losses. What that loss is will depend on the individual. Let me say up front that what I have lost is my cryptocurrency holdings.
Poloniex was the first exchange where I traded cryptocurrency. At one time, I used to spend ¼ of my day in front of the screen and kill my time by trading several times a day. The trading volume of the exchange was quite high and the values of cryptocurrencies would rise or fall by one or two percent in a short period of time.
I stopped trading for a while after the popularity of the exchange dropped with the bear market and the exchange was bought by someone else. At that time, I continued to hold some of the #XBC and other coins I owned on the poloniex exchange. When I learned that Poloniex had delisted XBC, the coin had fallen to the bottom. Since I didn't want to sell it at a low price, I opened an account on the Cryptopia exchange, which had XBC on its list, and moved all my XBCs there.
After a while, the Cryptopia exchange lost most of its coins after a cyber attack. At least that was the explanation. Then the legal process changed dimension with the recommendation of the exchange. I'm reading news that this process is still ongoing, but I've long since lost hope for the return of my XBCs.
Looking at today's price, it's hard to believe that XBC was once close to $200!
This incident was a lesson for me not to hold crypto assets on centralized exchanges, but it wasn't the first time I lost crypto assets! I transferred 0.001 bitcoins to my crypto wallet from a website when the price of bitcoin was at a record high. My bitcoins did not reach my wallet because my cryptocurrency wallet raised the minimum transfer limit before the transfer. After a few weeks of email traffic with crypto wallet support, I realized that I had lost.
Now I am more careful about where I keep my cryptocurrencies. Although the losses I have experienced are annoying, each of them has taught me a lesson and caused me to gain experience that I will never forget. I hope not, but if you have had similar losses and want to tell us about them, let's meet in the comments section!