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pleasant experience of interacting with a few.I first met someone on LinkedIn who noticed I was a crypto-blogger and offered to sell me an Ethereum mining rig. I immediately thought it was a scam, but wanted to learn more about the process of mining crypto. I’d never imagined myself running a miner, but learning more information couldn’t hurt.This guy was nice. Too nice. He explained everything and offered me a deal I could not refuse on a top-level miner that would rake in $1,000 per month in Ether. I wasn’t seriously considering it, but I demanded proof that this wasn’t a scam.He sent me this:<figure id="d2fd"><img src="https://cdn-images-1.readmedium.com/v2/resize:fit:800/0*hoRcV6oJ4yR_zzF4.jpg"><figcaption>Image provided by the author</figcaption></figure>Huber + Suhner I soon found out was a Swiss-based electronics manufacturer. While Cidev group is an electronics distributor based in Israel. All of this made me more sketched out. Anyone could fake this I thought.I decided not to pull the trigger and trust my gut. The thing is, I still got scammed anyway.<h1 id="c5e8">Bitcoin Doesn’t Give Refunds</h1>All this talk about miners piqued my interest. I don’t pay for utilities in my apartment so it almost seemed like a no-brainer to pick up a small one and run it in my room.Because cryptocurrency is more popular than it’s ever been, however, everyone and their mommas are mining. Most of the hardware is sold out everywhere or severely inflated.Then I found a website called <a href="https://myminershop.com/shop/">MyMinerShop.com</a>, where I was promptly scammed out of$ 2,000.It was the second Google result when I searched for the exact ETH miner I wanted (thanks Google). A few seemingly-legit reviews on some websites were convincing enough. This was the place I’d buy a miner a

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nd make a fortune.After the checkout, there was a screen to send Bitcoin to this address to finalize the transaction. In retrospect, this is where I should have stopped and said, “Well wait a second. Why can’t I send something like cash which is insured by the FDIC?”Unfortunately, there are no <a href="https://ethereum.org/en/developers/docs/smart-contracts/">smart contracts</a> for mining equipment.But I was already making space in my apartment for my new miner. I was so excited. I dug into my virtual wallet and sent $2,000 in Bitcoin to the provided address.A few days later and no communication. The order confirmation got sent to my spam. I got worried and sent an email hoping that I didn’t just make a big mistake.Someone did in fact get back to me who promised this was in no way a scam:<figure id="eb1d"><img src="https://cdn-images-1.readmedium.com/v2/resize:fit:800/1*Bn-MfCAWHf4lBOxeDv3d2g.png"><figcaption></figcaption></figure><h1 id="f0ae">Pain, Sadness & Regret</h1>I felt all of them.Who could be so shameless to do something like that?After a while, though, I stopped thinking about it. Sure, it was the biggest mistake I made both figuratively and financially as an investor, but it was something to learn from.There’s no point regretting the past when it offers so many lessons. Just remember, there are always people willing to take advantage of you. Many right now are located in the crypto space.Be skeptical. Do your due diligence before making any investments. The chances of making a regretful mistake are severely diminished when you have knowledge backing up your decision.Join 1500+ people on my <a href="http://eepurl.com/hqOUMz">newsletter</a> for a free copy of my eBook “Mind and Muscle.”</article></body>

This is The Dumbest Investment You Can Make in Crypto

I just lost thousands from it…

There are two feelings you will always get as an investor: Fear of missing out on investments that exploded like GameStop or Bitcoin. The second is regret from losing money. It doesn’t even have to be a lot.

The latter is so powerful an emotion that some have sadly even killed themselves over it.

Please — especially if you’re just getting started with investing — only invest what you can afford to lose. Don’t stake your entire life on something that could ruin it. It’s not worth it.

I learned this lesson recently. I lost a lot of money investing in a cryptocurrency scam. It hurt so badly that I couldn’t even bring myself to write about it for weeks. But I could afford to lose this much. It didn’t end me.

And thankfully, time heals all wounds.

Crypto Mining is a Dangerous Game

Cryptocurrency is on the fringe of society. It’s not mainstream.

Crypto started from the cyberpunk movement. Outcasts on the internet are still some of its strongest supporters and the creator of Bitcoin themself was a rebellious internet dweller.

These are by no means bad things.

Bitcoin is the most optimistic I’ve ever been about technology. But these cryptic, anarchist traits of the industry also attract degenerates. And I had the unpleasant experience of interacting with a few.

I first met someone on LinkedIn who noticed I was a crypto-blogger and offered to sell me an Ethereum mining rig. I immediately thought it was a scam, but wanted to learn more about the process of mining crypto. I’d never imagined myself running a miner, but learning more information couldn’t hurt.

This guy was nice. Too nice. He explained everything and offered me a deal I could not refuse on a top-level miner that would rake in $1,000 per month in Ether. I wasn’t seriously considering it, but I demanded proof that this wasn’t a scam.

He sent me this:

Huber + Suhner I soon found out was a Swiss-based electronics manufacturer. While Cidev group is an electronics distributor based in Israel. All of this made me more sketched out. Anyone could fake this I thought.

I decided not to pull the trigger and trust my gut. The thing is, I still got scammed anyway.

Bitcoin Doesn’t Give Refunds

All this talk about miners piqued my interest. I don’t pay for utilities in my apartment so it almost seemed like a no-brainer to pick up a small one and run it in my room.

Because cryptocurrency is more popular than it’s ever been, however, everyone and their mommas are mining. Most of the hardware is sold out everywhere or severely inflated.

Then I found a website called MyMinerShop.com, where I was promptly scammed out of $2,000.

It was the second Google result when I searched for the exact ETH miner I wanted (thanks Google). A few seemingly-legit reviews on some websites were convincing enough. This was the place I’d buy a miner and make a fortune.

After the checkout, there was a screen to send Bitcoin to this address to finalize the transaction. In retrospect, this is where I should have stopped and said, “Well wait a second. Why can’t I send something like cash which is insured by the FDIC?”

Unfortunately, there are no smart contracts for mining equipment.

But I was already making space in my apartment for my new miner. I was so excited. I dug into my virtual wallet and sent $2,000 in Bitcoin to the provided address.

A few days later and no communication. The order confirmation got sent to my spam. I got worried and sent an email hoping that I didn’t just make a big mistake.

Someone did in fact get back to me who promised this was in no way a scam:

Pain, Sadness & Regret

I felt all of them.

Who could be so shameless to do something like that?

After a while, though, I stopped thinking about it. Sure, it was the biggest mistake I made both figuratively and financially as an investor, but it was something to learn from.

There’s no point regretting the past when it offers so many lessons. Just remember, there are always people willing to take advantage of you. Many right now are located in the crypto space.

Be skeptical. Do your due diligence before making any investments. The chances of making a regretful mistake are severely diminished when you have knowledge backing up your decision.

Join 1500+ people on my newsletter for a free copy of my eBook “Mind and Muscle.”