- A crypto investor Lost over $500k in CeFi yield products.
- He lost money in Celsius, and BlockFi, as well as Midas.
- Crypto should be a part of one’s portfolio but not the only thing according to him.
According to the data presented by Cryptonewsland, a cryptocurrency investor has confessed that he has lost more than $500,000 in the yield products offered by Centralized Finances.
According to the post that he made on Reddit, he was unable to recover his assets after losing money on the bitcoin trading site BlockFi as well as the loan platform Celsius. Additionally, the investor lost some additional funds in Midas, a company meant for cryptocurrency investments.
However, amid these losses, the cryptocurrency enthusiast has shared his thoughts and a message with the community as the market continues to see negative trends.
According to his post, he understood the risk he was exposed to already and recognized that moving funds into CeFi was a risk.
This is why I diversified and more importantly made sure that crypto was money I could afford to lose. I feel the other points are far more important so I will go through them instead.
The trader continues by stating that, in his opinion, an investor who is greedy would ultimately be unsuccessful in their crypto endeavors. It makes no difference, in his opinion, whether one follows the NYKNYC philosophy or not.
He also mentions that if an individual is investing in crypto hoping to get rich, then they should only invest after they have their basic finances taken care of.
In conclusion, he mentions that diversification and discipline are a must in cryptocurrency trading and that Crypto should be a part of one’s portfolio but not the only thing.
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