20-Year-Old Robinhood Customer Dies By Suicide After Seeing A $730,000 Negative - page 5.

Lucius

legendary

Activity: 3234

Merit: 5637

Blackjack.fun-Free Raffle-Join&Win $50🎲

This is unfortunately a tragic example of how ignorance can kill a person, because it is actually something they have called an "interface issue". Kearns's trading required knowledge of the system and how it actually showed the data, and what he saw was actually only temporary and the negative balance wasn't really negative in the literal sense of the word.

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.

Quote from: https://www.forbes.com/sites/sergeiklebnikov/2020/06/17/20-year-old-robinhood-customer-commits-suicide-after-seeing-a-730000-negative-balance/#5421ac305928

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.

winterlemon912

jr. member

Activity: 56

Merit: 4

Quote from: Yaunfitda on June 19, 2020, 05:16:44 AM

20-Year-Old Robinhood Customer Dies By Suicide After Seeing A $730,000 Negative Balance

I hate to bring this sad news, but I thought that everyone could learn a thing or so, specially those young traders out there who are vulnerable. Its really really sad to hear this kind of news, specially a very young kid at 20 years who ended his life.

Quote

The note found on his computer by his parents on June 12, 2020, asked a simple question. “How was a 20 year old with no income able to get assigned almost a million dollars worth of leverage?” The tragic message was written by Alexander E. Kearns, a 20-year-old student at the University of Nebraska, home from college and living with his parents in Naperville, Illinois. Earlier that day, Kearns took his own life.

In fact, a screenshot from Kearns’ mobile phone reveals that while his account had a negative $730,165 cash balance displayed in red, it may not have represented uncollateralized indebtedness at all, but rather his temporary balance until the stocks underlying his assigned options actually settled into his account.

https://www.forbes.com/sites/sergeiklebnikov/2020/06/17/20-year-old-robinhood-customer-commits-suicide-after-seeing-a-730000-negative-balance/#5421ac305928

I cannot also manage that problem so maybe if that thing happens to me, I am also going to kill myself so it is better if you don't start trading until you learn how to trade in a right way and how to manage your money. If you feel you are losing, stop trading and continue tommorow with a great start. I hope that something like this will be no more happen. If there will be another case like this, maybe the users are going to scared on using crypto currency and that will be a big reason for mass adaptation to occur on a longer time.

Yaunfitda

hero member

Activity: 2870

Merit: 594

20-Year-Old Robinhood Customer Dies By Suicide After Seeing A $730,000 Negative Balance

I hate to bring this sad news, but I thought that everyone could learn a thing or so, specially those young traders out there who are vulnerable. Its really really sad to hear this kind of news, specially a very young kid at 20 years who ended his life.

Quote

The note found on his computer by his parents on June 12, 2020, asked a simple question. “How was a 20 year old with no income able to get assigned almost a million dollars worth of leverage?” The tragic message was written by Alexander E. Kearns, a 20-year-old student at the University of Nebraska, home from college and living with his parents in Naperville, Illinois. Earlier that day, Kearns took his own life.

In fact, a screenshot from Kearns’ mobile phone reveals that while his account had a negative $730,165 cash balance displayed in red, it may not have represented uncollateralized indebtedness at all, but rather his temporary balance until the stocks underlying his assigned options actually settled into his account.

https://www.forbes.com/sites/sergeiklebnikov/2020/06/17/20-year-old-robinhood-customer-commits-suicide-after-seeing-a-730000-negative-balance/#5421ac305928

Topic: 20-Year-Old Robinhood Customer Dies By Suicide After Seeing A $730,000 Negative - page 5. (Read 1055 times)