The 5 worst crypto investment flops from the BTC-ECHO editorial team

It is well known that one can learn a lot from mistakes. Unfortunately, one rarely admits what one has screwed up. We at BTC-ECHO have already allowed ourselves many faux pas that did not turn out so well for our wallets.

In the wild west of the crypto sector, however, this is not uncommon. Instead of keeping quiet, we have chosen our worst investment flops for you so you can do better in the future.

David Scheider, editor

david separates the squares

Anyone who has been to Space in 2016 can not avoid crypto-influencer Julian Hosp. The space was just different back then: almost no podcasts, almost no YouTube, almost no press. So if you wanted to learn something about Bitcoin, Ethereum and Co., you could not avoid Hosp’s podcast – and the former kitesurfing pro knew how to use it to his advantage.

With TenX The emergency medicine graduate then founded his first company in the field of cryptocurrency and immediately launched what is probably the most successful ICO crowdfunding campaign in history. Within a very short time, the company was able to cash in a triple-digit million amount with the sale of its own PAY token. The highlight: TenX wanted to distribute 0.5 percent of the trading volume traded via the Visa card to investors. Alone: ​​The Visa card never came, investor confidence began to crumble.

In the crypto scene, TenX symbolized the collapse of the ICO bubble. Millions of dollars were wiped out and my investment with them. And TenX? There is no more.

Giacomo Maihofer, editor

Giacomo Maihofer

It was the fall of 2017, the high noon of the ICO frenzy. Everything with the name Blockchain flourished. Each idiot launched his own coin. And I got involved as a naive little investor, driven by funny FOMO memes and my own greed. With some investment, I have tenfolded my efforts within a few weeks. With others, I lost – eventually in the crash in 2018 everything.

At one point during this time, I came in Loose– and Telegram-Channel, a circle of initiates. They got hold of particularly coveted pre-sales. Means: You could buy the coins a few months before the official ICO, at better prices, but often with a lock-up. Only many of these projects were never launched. For example, I have been waiting for the launch of a token for three years that – Oho! Aha! – to decentralize the Internet. Today as then it says: “Coming Soon”. Goodbye, goodbye, my beloved Ethereum.

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Sven Wagenknecht, editor-in-chief

sven wagenknecht places

The combination of NFTs and DAOs is certainly not just a huge success at Bored Ape Yacht Club – it is at least the expectation or the hope. In search of exciting alternatives, the HeadDAO project caught me. Also limited to a maximum of 10,000 NFTs, the DAO community reveals a participation in joint NFT purchases of, for example, CryptoPunks and Bored Apes.

As an NFT owner, you become part of a decentralized investment fund, which in turn invests in expensive NFTs. At the same time, you can bet your HeadDAO NFTs and generate $ HEAD tokens. Significant uses of tokens were not known to date. Was the NFT purchase worth it? Absolutely not! The floor price of the HeadDAO NFTs has fallen into the abyss within a few months. The learning: The vast majority of projects in the crypto sector fail, but this is very rarely talked about.

Peter Büscher, Content & Social Media Manager

Peter Buescher

The history in my app shows the purchase for 01 January 2018, time 01:06. It pretty much sums up the madness that prevailed around the then record high of December 17, 2017. I have only been there a few weeks and have just received the token review from a relatively serious Australian YouTuber about the Australian project Horizon state seen with Decision Token (HST).

In terms of content, it was about a very relevant use case: choice on a blockchain. Due to the celebration of New Year’s Eve, I purchased 395,0581 HST for a total of $ 450.37. Shortly after, the investment was almost tenfold, but it was not enough, we all wanted to the moon. Instead of going to the moon, it then went in the opposite direction, Bear Hell 2018. Currently, an HST is listed at USD 0.00017841. And I’m just holding on.

Mark Preuss, Founder and CEO

It was the year 2013 and I became aware of Bitcoin and Co. for the first time. “And Co.” still means a very manageable altcoin market, where Litecoin, Peercoin, Namecoin and Dogecoin are gradually being formed. The topic of bitcoin and the idea of ​​a decentralized financial system had fascinated me quite quickly and I could not get the topic out of my head. At birthdays, weddings, company parties and also among friends, there were wild discussions about whether an investment in Bitcoin is worthwhile. After weeks of research, the answer was clear to me, but not to my fellow combatants. It was just the evil “black market money” – a total dream.

At the time, the German-language information on Bitcoin and Co. was. very rare, if not non-existent. It was the birth of BTC-ECHO. I decided to publish all the information I could find on what was then my blog, and had one big problem less: anyone who had questions, doubts or the like about Bitcoin and its right to exist was sent to BTC- ECHO and I could spare any justification.

Of course, “investing in crypto” was also a big topic for me. The purchase alone was a true adventure when I got down to it Bitcoin24, MtGox, btc-e, cryptic and Co remembers. KYC, in-app purchases, 2FA, deposit protection, hardware wallets – none. The stock exchanges had far too much confidence in the security standards and rules of the time. So in 2014, I lost many of the Bitcoins I had bought on MtGox, which were still in the double-digit range. Oh great, I would have put them all on my full note, but the convenience had won. Fate was kind to me and therefore I lost many of my Altcoins again in Cryptsy Hack (2016) and btc-e Hack (2017).

I had never invested in any “Shitcoins” and I also kept my hands off ICOs. Technically, not much went wrong with the investment. When it came to storage, I could first experience how important secure storage is in a decentralized world: Not your keys – not your coins.

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BTC-ECHO Magazine is the leading German-language magazine since 2014 on the topics of Bitcoin, Blockchain, NFTs and cryptocurrencies.

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