Ain't sure if this kid at a young age (20 years old) can't manage himself from bad consequences in any form of risk activity like trading or even sort of gambling. It's sad to know that there are people like this, just only money you've supposedly been lost not your life. There are certain ways to find a solution to overcome lose money than your life. I didn't where the money comes from why he was so affected after seeing losses.
Feel sorry to him and his loss, this might a big lesson to everyone that only invest of what you can afford to lose. If you are trading in crypto, you should understand first how it works and how to conquer those consequences in trading either bad or good.
Topic: 20-Year-Old Robinhood Customer Dies By Suicide After Seeing A $730,000 Negative - page 4. (Read 1085 times)
June 20, 2020, 08:56:34 AM
June 20, 2020, 02:56:45 AM
It's a pity how a misunderstanding could take a life so simply. This is why those, especially at the age bracket of 18-25, should always study and learn what they are doing truthfully while investing slowly. Whether it be a "game" like investment opportunity, investment is still an investment. Also going bankrupt is still a lot better than losing your life tbh, and I don't understand why they refuse to do something instead of just being shocked to the point of committing suicide. If they instead, contacted customer support, understood what actually happened to his balance ( cause as far as I understood, the balance just went up to negatives after him doing something when it shouldn't have done that cause there was an exit point to reduce losses). He misunderstood, and that was it, instead of questioning it, he just accepted it.
June 20, 2020, 02:48:17 AM
Understanding any system should be one of the key to traders to actually avert this kind of situations. Ignorance is actually a big disease that need to be fight against because it was the problem of Robinhood. How I wish he was able to understand that the figures were tempora, he shouldn't have taken his own life. Though, this should be a lesson to all traders either old or young, what you don't understand you are to stay away or research into it before approach is made.
June 20, 2020, 01:45:18 AM
Though this is a very tragic and a sad incident, it gives a strong message to the people about why we should educate ourself so much that we understand the basic complexities of technology. If that person would have understood that it's a technical glitch then and would have been patient for a while then he would not committed the terrible act of suicide. Day by day the technology around is evolving and with the development of more technological stuff, there comes more technical problems. So it is our responsibility that we educate ourself to embrace the growth of technology.
June 20, 2020, 12:23:16 AM
Can Robinhood though has some liability here? It seems that the victim saw negative balance but the article it is just temporary but this could have triggered everything. If Robinhood display it real-time, this could have been avoided?
Don't get me wrong, this is tragic and everything. But how did he not dig into his transactions at all and realize the option expiration and stock settlement don't occur at the same time?
How do you just look at a cash balance on your screen and decide to kill yourself?
Maybe call support first and ask why you're account is down $730K (when the max risk of that structure was probably $1-2K).....
We can only speculate, we don't know what the kid is thinking. You have to factor in that he is still very young, he could be trading thousands of dollars one time, but would you react at 20 years of age to see that you debt? Maybe he didn't think clearly at that time and that's why he didn't call support and ask for details, maybe for him this is everything and he put the blame on himself, triggering emotional stress and the eventual collapse psychologically.
June 20, 2020, 12:18:31 AM
Can Robinhood though has some liability here? It seems that the victim saw negative balance but the article it is just temporary but this could have triggered everything. If Robinhood display it real-time, this could have been avoided?
I do not think that the app is not liable, yes that is their interface problem but wouldn't the interpretation fall back to user? He could've contacted the app's tech support but he did not because of utter shock, I for one would be shock that I would incur that kind of debt because that is a lot of money, this is a tragedy that imparts us a lesson that there will be hardships that will test our mental fortitude and we need to be ready whenever that time comes.Yes he could have call the support and ask what really happen to his account and why the hell with all those negative numbers? But then again, he is very young, and really don't know how to react with the huge debt in front of him. And we really don't know what inside his mind, and for him that time, the best thing to is kill himself, so it's really a tragedy and hope that crypto traders will have that mental toughness and not make hastily decision.
June 20, 2020, 12:15:53 AM
That's a real huge lump sum, if you asked me. But money is still here making itself and he took a life he couldn't create. Material wealth shouldn't be handled as if they were a matter of life and death.
I think this also underlines the fact of people not wanting to read T&C of every contract they indulge before clicking the "Accept" button. Perhaps such bug would've been taken care of in the T&C as an occurrence that possibly will happen. Well, RIP to the lad.
I think this also underlines the fact of people not wanting to read T&C of every contract they indulge before clicking the "Accept" button. Perhaps such bug would've been taken care of in the T&C as an occurrence that possibly will happen. Well, RIP to the lad.
June 19, 2020, 09:15:04 PM
Can Robinhood though has some liability here? It seems that the victim saw negative balance but the article it is just temporary but this could have triggered everything. If Robinhood display it real-time, this could have been avoided?
I do not think that the app is not liable, yes that is their interface problem but wouldn't the interpretation fall back to user? He could've contacted the app's tech support but he did not because of utter shock, I for one would be shock that I would incur that kind of debt because that is a lot of money, this is a tragedy that imparts us a lesson that there will be hardships that will test our mental fortitude and we need to be ready whenever that time comes. June 19, 2020, 09:14:10 PM
Can Robinhood though has some liability here? It seems that the victim saw negative balance but the article it is just temporary but this could have triggered everything. If Robinhood display it real-time, this could have been avoided?
That's true the blame is on the company, it's very deceiving to put something like that without a big notification that it's only temporary, this is a big lesson learned for the company or any trading company, real time results should be displayed or give an explanatory note that will explain the balance, but it's over now,I wonder if they can sue the company for negligence for showing that kind of balance.
June 19, 2020, 06:26:26 PM
Can Robinhood though has some liability here? It seems that the victim saw negative balance but the article it is just temporary but this could have triggered everything. If Robinhood display it real-time, this could have been avoided?
Don't get me wrong, this is tragic and everything. But how did he not dig into his transactions at all and realize the option expiration and stock settlement don't occur at the same time?
How do you just look at a cash balance on your screen and decide to kill yourself?
Maybe call support first and ask why you're account is down $730K (when the max risk of that structure was probably $1-2K).....
June 19, 2020, 03:03:10 PM
I think it’s high time we start letting people know that trading is not a means to gather gold and silver, it’s a very risky thing to engage yourself in, because you can lose everything in it. This is a really bad news and something anyone would never wish to come to them, but that’s not enough reason for him to take his life.
I feel really sorry for him and I wish he didn’t take his life because of this and I wish he didn’t even involve himself in this kind of thing. Young adults shouldn’t involve themselves in this without guidance. They should always have someone that guiding them to avoid making mistake. There is nothing in life that is enough to make anyone take their life.
I feel really sorry for him and I wish he didn’t take his life because of this and I wish he didn’t even involve himself in this kind of thing. Young adults shouldn’t involve themselves in this without guidance. They should always have someone that guiding them to avoid making mistake. There is nothing in life that is enough to make anyone take their life.
June 19, 2020, 11:30:40 AM
Sure it will cripple your whole economy and you would be living probably in poverty for majority of your life just to be able to pay it back
Go bankrupt. That's the point of it. It'll screw with aspects of your life for quite a long time but it's far from the end of the world. Millions of people do it around the world. If you're looking at a debt that'll take more than 3-5 years to pay off that's the recommended option.
https://www.debt.org/bankruptcy/
June 19, 2020, 11:16:11 AM
I think a big debt doesn't really mean you should end your life, it is probably one of the worst things that could happen to you considering you have zero income and only a 20 year old kid.
However being a 20 year old kid is a good part of being in debt, you still have a long life ahead of you and you could pay it back slowly. Sure it will cripple your whole economy and you would be living probably in poverty for majority of your life just to be able to pay it back, however taking your own life is not really a solution to the problem, it is running away from it. If he kept his head down, lived a bad life, it would still be a life, it wouldn't be great, it would be bankruptcy filled one with worrying where the next meal will come from but at least he would be alive.
However being a 20 year old kid is a good part of being in debt, you still have a long life ahead of you and you could pay it back slowly. Sure it will cripple your whole economy and you would be living probably in poverty for majority of your life just to be able to pay it back, however taking your own life is not really a solution to the problem, it is running away from it. If he kept his head down, lived a bad life, it would still be a life, it wouldn't be great, it would be bankruptcy filled one with worrying where the next meal will come from but at least he would be alive.
June 19, 2020, 09:40:42 AM
This was picked up on by CZ and binance implemented a timeout for shit traders.
https://mobile.twitter.com/cz_binance/status/1273872555791638528
The normalisation of leveraged trading in all areas is one of modern life's weirder developments. It wouldn't have occurred to older generations.
A total waste of a life. I hope someone learns something from it.
If it were me I would've gotten a job counting penguins somewhere remote and popped back a few years later. That's if it was an actual debt which if it isn't is even more unfortunate.
https://mobile.twitter.com/cz_binance/status/1273872555791638528
The normalisation of leveraged trading in all areas is one of modern life's weirder developments. It wouldn't have occurred to older generations.
A total waste of a life. I hope someone learns something from it.
If it were me I would've gotten a job counting penguins somewhere remote and popped back a few years later. That's if it was an actual debt which if it isn't is even more unfortunate.
June 19, 2020, 07:46:22 AM
Well, honestly I'm not exactly so sure about what I understand about the article.
As I can see with the story the kid decided to suicide himself because of 730, 000$. Now, the 730k$ was the
kids debt? Correct me if I am wrong to my understanding, that's what I felt actually.
As I can see with the story the kid decided to suicide himself because of 730, 000$. Now, the 730k$ was the
kids debt? Correct me if I am wrong to my understanding, that's what I felt actually.
Yes, that debt forces the kid to commit suicide of the huge amount he incurred.
This is really tragic to see someone to take his life because of debt. Not the first time to hear though, but he is still young. Robinhood is not commenting on the subject, but definitely they have to improve their system/service as a result of this incident.
June 19, 2020, 07:12:15 AM
Inexperience, a lack of knowledge, and a system set up to display data in a rather clumsy way have convinced someone that he have a debt of as much as $730 000. I hope this will be a good lesson to others not to play with things they don’t understand.
Reminds me of the tales from the oil price crash, the same problems, and "technical difficulties" scared the hell of a lot of traders, in some cases people with a few tens of dollars were suddenly millions in debt:
A day trader who bought hundreds of oil contracts was told he owed $9 million after a trading-platform issue meant it failed to show oil's historic plunge below $0
Trading is not for the faint hearted, and not for the ones that are betting all their money on something they don't truly understand.
Can Robinhood though has some liability here? It seems that the victim saw negative balance but the article it is just temporary but this could have triggered everything. If Robinhood display it real-time, this could have been avoided?
If they had a disclaimer in their ToS about this exact situation and how a negative balance might show up and what are the true implications they will get away with it without anything happening. If not they will probably just enter a settlement with the family.
June 19, 2020, 06:59:45 AM
Well, honestly I'm not exactly so sure about what I understand about the article.
As I can see with the story the kid decided to suicide himself because of 730, 000$. Now, the 730k$ was the
kids debt? Correct me if I am wrong to my understanding, that's what I felt actually.
As I can see with the story the kid decided to suicide himself because of 730, 000$. Now, the 730k$ was the
kids debt? Correct me if I am wrong to my understanding, that's what I felt actually.
This is actually quite clearly stated in the linked article. The 20-year-old was shown a balance of -730k (screenshot of his mobile phone can be found in the article).This is supposed to be a display problem due to the kind of options he was probably experimenting with. Here is the relevant part of the article again:
Quote
Kearns may not have realized that his negative cash balance displaying on his Robinhood home screen was only temporary and would be corrected once the underlying stock was credited to his account. Indeed it’s not uncommon for cash and buying power to display negative after the first half of options are processed but before the second options are exercised—even if the portfolio remains positive.
“Tragically, I don’t even think he made that big of a mistake. This is an interface issue, they have slick interfaces. Confetti popping everywhere,” says Brewster referring to the shower of colorful confetti Robinhood routinely deploys after customers make trades. “They try to gamify trading and couch it as investment.”
“Tragically, I don’t even think he made that big of a mistake. This is an interface issue, they have slick interfaces. Confetti popping everywhere,” says Brewster referring to the shower of colorful confetti Robinhood routinely deploys after customers make trades. “They try to gamify trading and couch it as investment.”
It is of course extremely tragic when something like this happens because of a display problem and something like this has such consequences. I hope that the Exchanges will take this case as an opportunity to improve the situation and show, for example, that the amounts displayed do not correspond to the actual balance.
June 19, 2020, 06:54:59 AM
Can Robinhood though has some liability here? It seems that the victim saw negative balance but the article it is just temporary but this could have triggered everything. If Robinhood display it real-time, this could have been avoided?
I believe they do and they have reached out to his family but they're not yet ready for speaking to RH.Well, honestly I'm not exactly so sure about what I understand about the article.
Basically, it was an issue with the UI.Read the following links with its comments:
- This and this.
June 19, 2020, 05:54:22 AM
Well, honestly I'm not exactly so sure about what I understand about the article.
As I can see with the story the kid decided to suicide himself because of 730, 000$. Now, the 730k$ was the
kids debt? Correct me if I am wrong to my understanding, that's what I felt actually.
As I can see with the story the kid decided to suicide himself because of 730, 000$. Now, the 730k$ was the
kids debt? Correct me if I am wrong to my understanding, that's what I felt actually.
June 19, 2020, 04:43:08 AM
Can Robinhood though has some liability here? It seems that the victim saw negative balance but the article it is just temporary but this could have triggered everything. If Robinhood display it real-time, this could have been avoided?
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