Be careful with people's money - page 10.

hyudien

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Quote from: TheUltraElite on July 05, 2024, 09:25:24 AM

Quote from: shasan on July 01, 2024, 05:06:26 PM

It is right that everything here in gambling is at risk and it is known to everyone. But the amount which will be used on gambling which can't afford if a loss should not be that on gambling whether that fund is the fund of himself/herself or it is taken any other person both should be treated as the same.

The simple thing is that one should not gamble with another person's money. Gamblers due to lack of capital and abundant excitement to gamble often take money from other people in the guise of "loans", "investments" and so on just to fund their gambling habit. They will mostly lose the money and and turn up to pay it back.

I would say never take another person's money just to put in a risky state. You have zero idea what that person did to get that money and you need to respect that. Gamble with money that you can afford to lose from your pocket only.

That is a case that has happened a lot in my opinion, with many people now who are definitely familiar with gambling, they often cannot control themselves so they can spend all their money on gambling and because they are like that it makes them addicted to gambling so that when they run out of money they still have the idea of looking for ways to make money and gamble again, one of which is taking out a loan, of course that's a normal thing to do, but they certainly won't say that the money borrowed is to be used for gambling, because the borrower won't lend money if it's money. will be used for gambling.
It's true what you say, we have to be able to gamble properly using our own money and don't involve other people who don't know anything, moreover they don't deserve the bad effects of the gambling we do. Even if we run out of money and want to continue gambling, we hope we can refrain from gambling again. forcing yourself to continue gambling will only bring disaster.

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Quote from: btc78 on July 06, 2024, 12:29:39 AM

People with no money usually borrow money because they are so confident that they will win more money to pay off their lenders and have a little more extra for them. It’s risky yes but maybe they really have no choice. I am not condoning it as it is really stupid but I do understand where they are coming from.

Compulsive behavior, I would say. I wouldn't say that they are sure of winning, but that the addiction gets the better of them, they know that deep down what they are doing is wrong, and that there is a great risk in what they are doing but they still bet on it. I would say that in these cases where they bet with "borrowed" money the emotion is even greater.

The problem with these behaviors with gambling is the large amount of money you can lose in a short time, and in cryptocurrency casinos even more so. In fiat casinos there are usually deposit limits, and even if there are not, if you have to deposit by credit card or wire transfer there are limits from your bank. But if you have $1M in cryptocurrencies you can deposit them in a casino and lose them in an instant.

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Quote from: traderethereum on July 05, 2024, 10:52:49 PM

That is why we don't have to bet using other people's money. The risks will be big if we lose because some of them can not accept the lose and can asks to us to gives back their money.

People with no money usually borrow money because they are so confident that they will win more money to pay off their lenders and have a little more extra for them. It’s risky yes but maybe they really have no choice. I am not condoning it as it is really stupid but I do understand where they are coming from.

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If you wants to invest, you don't have to join with other people because you have your responsibility to take care of your money. Besides that, you must know what you invests and research that investment before you decides.

What works you might not work for others. It’s better to look out for yourself than to have to look out for another. The best we can do is give a little bit of general advice then warn them of the risks and consequences of everything they will do.

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Quote from: Forsyth Jones on July 05, 2024, 07:56:24 PM

Betting with other people's money is definitely a loss, a person who bets 300k during betting is really a serious case of betting addiction and must undergo a type of treatment, in addition to psychologists to help overcome this trauma.

His reputation has certainly gone downhill, and it will be very difficult to recover again.

Investing isn't easy either, we never know what a person responsible for funds from other companies will do. Human beings are unpredictable, the best way to keep your money safe is with yourself, after all.

That is why we don't have to bet using other people's money. The risks will be big if we lose because some of them can not accept the lose and can asks to us to gives back their money.
Using big money to playing gambling is not recommended as there is no guarantee to wins the games. His reputation is hard to fix since he hurts many people and no one will believes him anymore.
If you wants to invest, you don't have to join with other people because you have your responsibility to take care of your money. Besides that, you must know what you invests and research that investment before you decides.

HelliumZ

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Op, Many incidents like the one you mention are happening now, especially in organized societies, many people save money, but those who gamble and lose from the saved money do not have any common knowledge. In my area a widowed mother embezzled her money like this and got away with a gambling bet. Later, the widow took legal recourse for the money, as a result of which the police arrested the money embezzler and recovered the money. In this way, new events are constantly happening.

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Not a rare occurrence because this kind of scenarios happens all the time.
It's just a bit unfortunate to see that these people who have just held a huge amount of money is resorting to gambling instead of focusing on what really is the use of that money.

I believe many in our country know this already, but I'll just share it here. There's this one engineer who has been hired by a famous influencer to build his dream house. The total cost of the house is at around $427,000 (around 25M PHP), and this influencer gave the engineer $136,640 (around 8M PHP) to start the project already. A few weeks after the engineer got the money, the influencer lost communication to him, and to cut the story short, the engineer used the money that he got in gambling. Worse is that the influencer isn't the only one who lost his money, but many more who hired the engineer to build their homes as well.

Lesson: Use the money where it must be used.

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Quote from: Forsyth Jones on July 05, 2024, 07:56:24 PM

Betting with other people's money is definitely a loss, a person who bets 300k during betting is really a serious case of betting addiction and must undergo a type of treatment, in addition to psychologists to help overcome this trauma.

His reputation has certainly gone downhill, and it will be very difficult to recover again.

Investing isn't easy either, we never know what a person responsible for funds from other companies will do. Human beings are unpredictable, the best way to keep your money safe is with yourself, after all.

I wonder how some people can allow others to handle their money and use it either for gambling or investments. I mean, if I know I have enough money that can be used for investments and I can earn a reasonable amount of money every month from it, I would do it myself instead of giving the money to someone else so that they can try. Even if it's someone who seems to be an expert in the field, it is still better for you to learn everything and start with your money because no one else would be as careful as you with your money.

When you are handling everything yourself, whether you are gambling or trading or doing anything in general with your money if you incur a loss, you will feel bad, but you won't feel as bad as you would if it was someone else doing it with your money instead of yourself.

So, I don't recommend this thing at all. Keep your funds to yourself and do whatever you want with it, just don't waste it, which you won't because who doesn't love their money?

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Betting with other people's money is definitely a loss, a person who bets 300k during betting is really a serious case of betting addiction and must undergo a type of treatment, in addition to psychologists to help overcome this trauma.

His reputation has certainly gone downhill, and it will be very difficult to recover again.

Investing isn't easy either, we never know what a person responsible for funds from other companies will do. Human beings are unpredictable, the best way to keep your money safe is with yourself, after all.

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Quote from: TheUltraElite on July 05, 2024, 09:25:24 AM

Quote from: shasan on July 01, 2024, 05:06:26 PM

It is right that everything here in gambling is at risk and it is known to everyone. But the amount which will be used on gambling which can't afford if a loss should not be that on gambling whether that fund is the fund of himself/herself or it is taken any other person both should be treated as the same.

The simple thing is that one should not gamble with another person's money. Gamblers due to lack of capital and abundant excitement to gamble often take money from other people in the guise of "loans", "investments" and so on just to fund their gambling habit. They will mostly lose the money and and turn up to pay it back.

I would say never take another person's money just to put in a risky state. You have zero idea what that person did to get that money and you need to respect that. Gamble with money that you can afford to lose from your pocket only.

The OP's story regarding the developer was not the first one to be the culprit of losing funds of someone else's and definitely not the last. A lot of them are hiding their gambling activities or addiction to the point of resorting to using the funds they do not own. What they usually promise to themselves is to return the money before the person learns about the missing funds. However, we all know that this is gambling, and winning is not a sure thing.

If you are in the situation where the funds is just within arm's reach, but it is not yours - don't be tempted. Do remember your moral principles in life. Are you ready to subject yourself to embarrassment that will define your character to other people, once they found out your act?

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Quote from: TheUltraElite on July 05, 2024, 09:25:24 AM

Quote from: shasan on July 01, 2024, 05:06:26 PM

It is right that everything here in gambling is at risk and it is known to everyone. But the amount which will be used on gambling which can't afford if a loss should not be that on gambling whether that fund is the fund of himself/herself or it is taken any other person both should be treated as the same.

The simple thing is that one should not gamble with another person's money. Gamblers due to lack of capital and abundant excitement to gamble often take money from other people in the guise of "loans", "investments" and so on just to fund their gambling habit. They will mostly lose the money and and turn up to pay it back.

I would say never take another person's money just to put in a risky state. You have zero idea what that person did to get that money and you need to respect that. Gamble with money that you can afford to lose from your pocket only.

You are very correct.some gamblers don't even care despite that gambling is not guaranteed they can go as far of collecting money from people just to gamble and they gamble with the amount that they xan afford to lose . Taking loan from people to gamble is very risky because it is possible to even lose the money in the act of gambling, gambling is unpredicted and taking loan and loosing the game is away of just generating debt. The best way of gambling is playing with your own money and the amount that you can afford to lose. It is only lack of understanding that will make one to gamble with a borrowed money thinking that they can make it up from their game in gambling which it is possible to be a different outcome.

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Quote from: Oshosondy on May 15, 2024, 05:41:12 AM

I have read many news that someone will mismanage people's money. I read one about a university student some years ago that gambled with the money contributed by his course mates. The main reason that is causing the money mismanagement is either trading or gambling, but I read more about gambling online. Some can be because of other reasons.

There is another one that I read today that people thought he ran away with people's money but he later confessed that he lost it to gambling. It is about a solana-based cypher developer, he confesses that he lost $300K of user funds to gambling.

Quote from: https://cointelegraph.com/news/solana-cypher-developer-gambling-scandal

The core developer of the Solana-based cross-margin decentralized exchange (DEX) admitted his wrongdoing in a public statement shared in a May 14 X post:

“To address the elephant in the room, the allegations are true, I took the funds and gambled them away. I didn’t run away with it, nor did anyone else.”

His statement on X:
https://x.com/hoakbuilds/status/1790434490877129007

https://docs.google.com/document/d/10ta9quGGrmTNE1Pi7MlgLgSx9zxEqQdkbBfis1pmHrM/mobilebasic

I was listening to one man of God preach, and he made a statement that really touched me at the time, he said that history will continue to repeat itself, not because new things and way to do things are not coming, but because men have refused to learn from their past, and the past of others.

Gambling is very addictive when done careless, and because men have refused to listen and learn, the gambling industry will continue to witness such sad gambling experiences, stories and so on.
And again, it's really unfortunate that innocent people had to lose their hard earned money simply because one dude failed to control himself with his gambling desires, really unfortunate, and this goes a long way to show how unfair like really is after all..

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Quote from: shasan on July 01, 2024, 05:06:26 PM

It is right that everything here in gambling is at risk and it is known to everyone. But the amount which will be used on gambling which can't afford if a loss should not be that on gambling whether that fund is the fund of himself/herself or it is taken any other person both should be treated as the same.

The simple thing is that one should not gamble with another person's money. Gamblers due to lack of capital and abundant excitement to gamble often take money from other people in the guise of "loans", "investments" and so on just to fund their gambling habit. They will mostly lose the money and and turn up to pay it back.

I would say never take another person's money just to put in a risky state. You have zero idea what that person did to get that money and you need to respect that. Gamble with money that you can afford to lose from your pocket only.

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Quote from: swogerino on July 01, 2024, 04:49:33 PM

Statements like this remind us that you never leave any money in any exchange except the small amount you can do for trading,if you trade a lot then surely you should take into consideration the risks associated with it when joining a big one.In gambling we all know that people do all sort of shit just to feed their gambling addiction.Spending someone else's money when you have the power to do so is something that is done quite often in the gambling world yet different outcomes it has produced,the most extreme people being killed for not being able to substitute such amount of money and being killed by the person/entity who lost that money and of course in here I am talking for really huge amount of money,kinda like mafia movies.Really bad to see this happening but I guarantee that these cases will be going on as long as humanity will exist.

Agreed. Keep the vast majority of your crypto on a hardware wallet. FTX is a good example.

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Quote from: vs2014 on July 01, 2024, 03:07:16 PM

There are some of the top gambling sites will play an important role in depending on your money. But these are very old events so all gamblers are now more aware of this. However gambling is a risk for you, so everything you bet here is at risk. A gambler wins a lot of money so will tip random people. But they are absolutely useless to me because gambling is completely based on my luck so no modern techniques will work here. Also a gambler can never guarantee that you will win a bet so you have to take all kinds of risks.

It is right that everything here in gambling is at risk and it is known to everyone. But the amount which will be used on gambling which can't afford if a loss should not be that on gambling whether that fund is the fund of himself/herself or it is taken any other person both should be treated as the same.

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Quote from: Oshosondy on May 15, 2024, 05:41:12 AM

There is another one that I read today that people thought he ran away with people's money but he later confessed that he lost it to gambling. It is about a solana-based cypher developer, he confesses that he lost $300K of user funds to gambling.

This is a habit that is mainly found in traders. Especially those traders that have been able to attain some level of consistency with some pips. They immediately feel lack of capital is there limitation to making a lump sum of money but, is that really it? No! Let’s not forget that having to handle someone’s money and your to put it in some form of investment or trade it comes with a pressure of its own. It doesn’t matter if you were given willing or it’s just an attempt to benefit from what is given to you temporarily for safe keeping.

To stay on topic, using one’s money to gamble is one of the don’ts in gambling. This is usually born out of greed and indiscipline. It isn’t yours and nothing is more dangerous than, not having, going ahead to loss what doesn’t belong to you and then you’ve got to pay it right back. It’s a really bad state to place yourself. If you ain’t ready to manage people’s money, don’t put yourself in a position where you would have to.

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Statements like this remind us that you never leave any money in any exchange except the small amount you can do for trading,if you trade a lot then surely you should take into consideration the risks associated with it when joining a big one.In gambling we all know that people do all sort of shit just to feed their gambling addiction.Spending someone else's money when you have the power to do so is something that is done quite often in the gambling world yet different outcomes it has produced,the most extreme people being killed for not being able to substitute such amount of money and being killed by the person/entity who lost that money and of course in here I am talking for really huge amount of money,kinda like mafia movies.Really bad to see this happening but I guarantee that these cases will be going on as long as humanity will exist.

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Quote from: Betwrong on May 30, 2024, 06:08:48 AM

Quote from: m2017 on May 23, 2024, 05:53:54 AM

~
"The main reason that is causing the money mismanagement", I would say, is not trading or gambling, but not the ability of people to control their greed (the desire to quickly make money using borrowed or other people's money).

I think the problem is that for some people it's easier, for some reason, to put at risk other people's money than their own. Maybe it's because they don't care about others, like, at all. Maybe we shouldn't necessarily consider them as addicted gamblers. Addicted gamblers risk their own money, and many of them would never risk other people's money because they don't want to hurt others. It's like entirely another level of negligence, and I believe not all addicted gamblers are capable of that.

Im not seeing this to be the case on which they are really that avoiding on making use of their own money but rather the reason on why they are really that making use of other peoples money just because
they dont have the money that they could really that make use of their own or simply they had lost it all. On the moment that you would really be still have the funds then you wont really be thinking
up something like this which it would really be that literally means that you would really be still that busting it all before you would really be considering on making use of other funds on which we know that this is something that a very bad thing to do because this could really be causing up for you to get imprisoned if things goes out on legal approach.

If you dont really like for yourself to be ending up with this kind of situation then it would really be best that you should really be that sensible on the things that you are doing and not really just
that making yourself that be dealing up on using with other peoples money.

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Quote from: retreat on May 15, 2024, 06:06:02 AM

There have been many cases like that where people misuse other people's money for their own interests, for example gambling with the money in the hope that they can multiply the money and make themselves rich. Gambling using other people's money is a very stupid act, because gambling is uncertain when you win or lose, and you will most likely lose, so gambling using money you shouldn't gamble with is very risky and should be avoided.

At first using money that You shouldn't gambling with is wrong , now imagine going to the extent of using some else's Money, is really bad because you are fully aware of the risk in gambling that one can either win or lose , and most time Losing is common than winning and at the end after losing the only thing you could think of Is how to get those money and regrets , that's how some people will ebdup going for laons and stuff . We should always gamble with what we can afford to lose .

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There are some of the top gambling sites will play an important role in depending on your money. But these are very old events so all gamblers are now more aware of this. However gambling is a risk for you, so everything you bet here is at risk. A gambler wins a lot of money so will tip random people. But they are absolutely useless to me because gambling is completely based on my luck so no modern techniques will work here. Also a gambler can never guarantee that you will win a bet so you have to take all kinds of risks.

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Quote from: Kelward on May 30, 2024, 06:50:14 AM

Quote from: coin-investor on May 15, 2024, 06:25:56 AM

People should check the background or character of the people they entrust their money with, but unfortunately, some people are so good at hiding their character that they only get exposed when the deed is already done.

Temptation is really high for people to take a chance on gamblers, especially if they see a match that they figure out could give them a sure win.

It is true that people should check the background of the individuals that they put in sensitive financial positions, so that they will not tamper with the money that is entrusted in their care. But this can be misleading because people can change after they get into a position of authority, like the guy in the OP, I'm sure that if they had known that he will tamper with the funds that is kept in his care, he wouldn't have been in that position and to gamble with the money that is not his. Money should only be put in the trust of people with proven intergity about monetary affairs.

Good point. Indeed, people can change after they get into a position of authority. Normally they become worse than before, but sometimes they become better, more responsible for their actions. So, it works both ways, I guess. We should always remember that people can change for better too.

Quote from: Kelward on May 30, 2024, 06:50:14 AM

People are driven by greed, to the extent of using money that is not theirs to gamble, in the hope of winning and replacing the capital, that is a very ridiculous idea because gambling is risky. In gambling it's either win or lose, and the chances of losing is greater, so it'll be very irresponsible for anybody to gamble with other people's money.

Good point again. It is very irresponsible to gamble with other people's money. But I'd say: No matter what your chances of winning are, even if they are 90%, you shouldn't put other people's money at risk. If you have an idea like that and you can't stifle it - you are weak.

Topic: Be careful with people's money - page 10. (Read 2532 times)