In life, most people know that failure is a part of the process of accomplishing success. And that the greatest failures lead to your greatest successes.
So I’m curious here to hear from others, and start a discussion amongst us. Hear some other good stories. What do you think was one of your biggest failures in relation to Cryptocurrency, and why do you think of it as a failure?
What did you do to turn that event into a success or at least learn from it to prevent a future failure?
To get things started, I’ll tell one of my own stories.
I’ve been living of Cryptocurrency for years now. A few years back I had a Wells Fargo I used to sell my Cryptocurrency for some cash when I was unable to spend it directly for things I needed to continue living. At a certain point of time, I was starting up one of my new Cryptocurrency business ventures and needed to sell some of my coins as the funds were needed to be payed for licensing, lawyers, etc etc. No way to pay with Cryptocurrency.
Well, of course the sum was a large amount and… Wells Fargo decided to close my account with about $15,000 in cash on it due to the couple large cash deposited from sales and Cryptocurrency references. So my mistake was two fold. 1, not understanding large amounts of deposits in cash in a short term period could get my account shut down. 2… as I received the portion sales I left the funds in the account not expecting any issues, so the full amount of the money became locked up with Wells Fargo instead of only a portion of it.
My funds spent 3 months in the hands of Wells Fargo, with barely any information on their end. I spent a few thousand $$ on lawyers to try and connect with Wells Fargo and explain everything show them what its for and from. Wells Fargo gave no shits.
So, 3 months of my funds being held, in a tight situation with my monthly expenses even due to everything being closed off, rent screwed, everything. My business plan fell in a hole due to not having the funds as needed. It was a real jam and I lost more then 3x the amount of money in the end that Wells Fargo held from my account. “Wells Fargos explanation at best was “raised flags, could be fraud or money laundering, we’re allowed to close accounts at our discretion.”
- the funny part is shortly after this all massive amounts of the Wells Fargo lawsuits and fraud started coming out. Irony right.
Afterwards, I took the experience and altered my business plan idea, turned my problem into the business. I then created a way to pay for the things I needed to pay for without Cryptocurrency, but now be able to pay for with Cryptocurrency. Solving my problems and making me an income at the same time.
Can never bank with Wells Fargo again, but took the failure and made it a success.
So, what about you guys? Can be any type of story, what was your failures regarding Cryptocurrency, something you didn’t learn fully that caused you a problem, a mistake you made, whatever it may be? I’d love to hear from everyone else! We can all learn from everyone else's failures too.
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