Be careful with people's money - page 15.

Ruttoshi

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Quote from: MRY on May 16, 2024, 09:29:53 AM

Quote from: moneystery on May 16, 2024, 08:12:54 AM

that is the risk of entrusting money to someone else, that at any time the money could be misused by the person holding the money. i remember some time ago someone opened a thread here and discussed a child who carelessly used money entrusted to him by his parents. he used the money on gambling in the hope that he could earn more money by gambling with the money, but what happened was that he lost all the money and he didn't know what to do next. that is one example of how gambling can mislead someone because they think that they can gamble the money they hold, but in the end they lose it all. because it is not appropriate for someone to use other people's money just for gambling, because it is very risky and at any time they can lose the money.

That's right, I don't even dare to entrust money to people, even my own relatives, because no one can guarantee that they will properly maintain the trust we have placed in them. It's better to keep it to yourself and then when you have a family then you can share all the asset information with the people you love which in my opinion will be more useful and of course still put the trust you have placed in it and he must continue to look after it well.

The problem is that you will not know if the person that you are keeping your money with will not be capable of keeping it safe. If we all know that person is not capable, we will never entrust our funds with them. It is when they have used the money and cannot provide it when we ask is when you will know that you gave the wrong person your funds to keep.

An addicted gambler is an irresponsible person, and such people will always used any funds that is in their custody be it their or not to gamble, believing that they can double it, because they want to keep on chasing their losses.

Uhwuchukwu53

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Quote from: GxSTxV on May 16, 2024, 10:12:04 AM

Using other people's money for your own good is considered theft either no matter where or how you use that money.
It is a very big responsibility to manage someone else's money and belongings because it can be so stressful because it's simply not yours and any small inconvenient that could occur might not be acceptable.

I think that people should look a lot in the background and history of the person they want to trust their money with, even if that person is a relative or a close one.

Gambling addiction might push someone to do such act thinking they are able to double the money they bet with and give back the money they used and earn more for themselves which is completely wrong and can put that person into a lot of trouble, so it is very best to gamble with your own money.

Well I will have a controversial agreement with this your saying of using people money as theft, we are all human and we seek to strive in making Life better by means of investment, if a friend keep money in your hand and is not ready to invest and you can meet up his date for the money when he proposed of using it, if the the owner is aware there is nothing wrong it because become a theft when all this was carried out without the knowledge of the owner and failure of providing the money as at when needed. I am pointing my references from our fiat bank it's they same system of operations those they deposit money their money is used to do business by loaning it to heavy contractors or investors without the knowledge of depositor they are not considered as thief because when you need it you can still get your money as it happens today in our nation most bank don't won't give the amount you requested as they will say there is no money calling such a theft is contradictory.

GxSTxV

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Using other people's money for your own good is considered theft either no matter where or how you use that money.
It is a very big responsibility to manage someone else's money and belongings because it can be so stressful because it's simply not yours and any small inconvenient that could occur might not be acceptable.

I think that people should look a lot in the background and history of the person they want to trust their money with, even if that person is a relative or a close one.

Gambling addiction might push someone to do such act thinking they are able to double the money they bet with and give back the money they used and earn more for themselves which is completely wrong and can put that person into a lot of trouble, so it is very best to gamble with your own money.

MRY

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Quote from: moneystery on May 16, 2024, 08:12:54 AM

that is the risk of entrusting money to someone else, that at any time the money could be misused by the person holding the money. i remember some time ago someone opened a thread here and discussed a child who carelessly used money entrusted to him by his parents. he used the money on gambling in the hope that he could earn more money by gambling with the money, but what happened was that he lost all the money and he didn't know what to do next. that is one example of how gambling can mislead someone because they think that they can gamble the money they hold, but in the end they lose it all. because it is not appropriate for someone to use other people's money just for gambling, because it is very risky and at any time they can lose the money.

That's right, I don't even dare to entrust money to people, even my own relatives, because no one can guarantee that they will properly maintain the trust we have placed in them. It's better to keep it to yourself and then when you have a family then you can share all the asset information with the people you love which in my opinion will be more useful and of course still put the trust you have placed in it and he must continue to look after it well.

ethereumhunter

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Manage other people finance is difficult because there will be many tempts that will comes to us and we can use that money for anything that can caused us in trouble. We don't have to try to do that thing if we feels that we can't manages or saves other people's money because we can gets a problems. If we knows gambling and often playing gambling, we can use that money to playing gambling without thinks what's the impact from what we do. Once we knows gambling, we will difficult to stay away from that unless we have a strong self control and we knows that playing gambling can makes us in trouble. That's why if we wants to playing gambling, we must not use other people's money because if we lose that money, we must repay that money to prevents the trouble. It will be more safe if we use our money and responsible with that money from the big lose so we can enjoy playing gambling moderately.

zuzie

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Quote from: Jawhead999 on May 16, 2024, 08:34:04 AM

When was people's money is something that we can take easily? Cheesy

I always being carefully when someone hand their money or something to me because it's risking my reputation, if I return their money or something that damaged or not same anymore, they might complain and say something bad about me to other people.

Sometime, the best jobs for gamblers are jobs that doesn't have any relation with financial.

Your opinion is very wise and I also agree with that because we have to be more careful and not just trust other people when it comes to finances, if someone else gives us a loan of money easily for us to use for gambling, it's clear We have to be careful because it could be a trap for us because it is impossible for someone to really sincerely lend us money just to gamble.
And we have to be more wary of other people because money can create new problems in our lives if we don't clearly know where the money comes from.

Jawhead999

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When was people's money is something that we can take easily? Cheesy

I always being carefully when someone hand their money or something to me because it's risking my reputation, if I return their money or something that damaged or not same anymore, they might complain and say something bad about me to other people.

Sometime, the best jobs for gamblers are jobs that doesn't have any relation with financial.

mvdheuvel1983

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Quote from: Cryptoprincess101 on May 16, 2024, 05:19:30 AM

Some people are so addicted to gambling such that they don't even have a conscience about something that belongs to another and if you ask me I will say this is a form of stealing by tricks and anyone who mismanaged others people's funds to play gamble should be punished severely. Back in the days when I was steal in the village, a man from my community was arrested for a crime he didn't commit and was charged to court and the family of the man gave the man's cousin some money to give to a lawyer that wanted to perfect the man's bail terms only for this his cousin to divert the money into gambling and he lost all the money in the process, when the family found out that was what he did the beat him up severely ever since then he has never entered a gambling hall again.

Gambling is a game of risks so you have to only risk what belongs to you and not to use other people's money to play gamble because if you lose it the consequences awaits you so if you don't have means of raising money to gamble just forget about it at that time till you have money of your own.

Gambling does not know what conscience more especially when addiction is involved, aside gambling, many people are scared to spend other persons money in their possession, give them money today to hold for you ask them tomorrow they will have a lot of excuses to present to you, mate, you should know that such laws cannot be in existence because even rich people do this too the only difference is that they will pay may be gradually or seek for immediate fund to pay, in the case you narrated, there are individuals you will beat like that, it will trigger them to gamble more, gambling has a way of ruining person if not controlled but all depends on the individual gambler, if we notice that someone is a gambler, giving such person public or personal money to keep is very risky because gamblers believe that sure odd exist and thats why they fall into temptation most times.

moneystery

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that is the risk of entrusting money to someone else, that at any time the money could be misused by the person holding the money. i remember some time ago someone opened a thread here and discussed a child who carelessly used money entrusted to him by his parents. he used the money on gambling in the hope that he could earn more money by gambling with the money, but what happened was that he lost all the money and he didn't know what to do next. that is one example of how gambling can mislead someone because they think that they can gamble the money they hold, but in the end they lose it all. because it is not appropriate for someone to use other people's money just for gambling, because it is very risky and at any time they can lose the money.

Litzki1990

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It is almost like this, we see such cases happening regularly around us where a friend borrows money from another friend and they do various things with that money but later when that friend wants the money back he is unable to return the money. Again there are cases where a few friends have set up a business but among those friends the one who is responsible for the money neglects his responsibility and spends the money on his own needs. When one spends the money of all the friends and does not tell, but later there is trouble between them and many unpleasant incidents are seen with this trouble. Each of us should be careful about this from our own position and we must make sure that we do not have the slightest greed for other people's money.

pinggoki

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I don't know what's wrong that the person that managed the money of those students but I don't think that they've ever done anything wrong not to mention that those students know what they were in for when they've given that money to those people, pretty sure that you'd see some kind of common sense thrown out there like, it's risky to do that but they did it. It's never a good idea to entrust your money to someone unless it's a bank that does those funds where they pool the client's money to buy stocks, I will never side with people like that especially if there's no forcing to entrust that money to that person, then it's clearly wrong to do it.

The only time that I would give my money to someone to grow it in gambling is when the player is high level poker player like Negreneau or Tom Dwan but other than that, never entrust your money to anyone for gambling, it doubles the risk and you don't get the excitement and happiness of gambling.

Cryptoprincess101

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Some people are so addicted to gambling such that they don't even have a conscience about something that belongs to another and if you ask me I will say this is a form of stealing by tricks and anyone who mismanaged others people's funds to play gamble should be punished severely. Back in the days when I was steal in the village, a man from my community was arrested for a crime he didn't commit and was charged to court and the family of the man gave the man's cousin some money to give to a lawyer that wanted to perfect the man's bail terms only for this his cousin to divert the money into gambling and he lost all the money in the process, when the family found out that was what he did the beat him up severely ever since then he has never entered a gambling hall again.

Gambling is a game of risks so you have to only risk what belongs to you and not to use other people's money to play gamble because if you lose it the consequences awaits you so if you don't have means of raising money to gamble just forget about it at that time till you have money of your own.

AliMan

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Quote from: Oshosondy on May 15, 2024, 04:41:12 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

This is worst for a person affected with this certain scenario, due to trust issues that's why money mismanagement happens. Same with the one who managed the money, people entrusted that funds thinking that it would be safe in their friend's custody that turns out nightmare.
The huge mistake is the wrong mindset of quick rich idea, which this student found through social media and other crypto ads circulating online, it could be from trading or gambling. I feel pity to those affected students, because I myself experienced the same thing but not with gambling issue but due to personal interest.

bakasabo

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Quote from: klidex on May 16, 2024, 03:02:21 AM

I can't stop thinking about people who dare to use other people's money to gamble in their gambling, can they not think clearly? or are they really stupid? even though it's clear that it's not their own money, don't they think about how to get it back if what they bet on ultimately loses? they shouldn't be careless in doing that, it's better to use their own money, the loss of which they can bear, rather than bear the burden of bearing the loss of other people's money and make other people also feel at a loss and I think people like that don't deserve to be trusted anymore. to hold other people's money because they reflect a bad character.

They must be responsible for using other people's money to gamble and don't just let it go, it is their own fault that must be held responsible if they cannot pay it off, it is better to take it to legal action so that it can be given a deterrent effect because they have been careless. Using other people's rights to gamble, especially if the amount of money is very large, is not an accident, but they do it on purpose.

I would not call all of them stupid. Many of them are reckless and desperate. But there are some who does not have enough or spare money, when they feel like they are going to win. I find it wrong to call everyone who borrow money for gambling as stupid. Many are, but, there are also those who succeed. For example in football sports betting, not always casino closes possibility to place bet on a win, even if one team has scored 4 times in first half. It is clear that second team will definitely lose, and there is always chance that the team will play back. So some people find it ok to take a huge risk and bet with <1.10 odd with borrowed money.

klidex

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I can't stop thinking about people who dare to use other people's money to gamble in their gambling, can they not think clearly? or are they really stupid? even though it's clear that it's not their own money, don't they think about how to get it back if what they bet on ultimately loses? they shouldn't be careless in doing that, it's better to use their own money, the loss of which they can bear, rather than bear the burden of bearing the loss of other people's money and make other people also feel at a loss and I think people like that don't deserve to be trusted anymore. to hold other people's money because they reflect a bad character.

They must be responsible for using other people's money to gamble and don't just let it go, it is their own fault that must be held responsible if they cannot pay it off, it is better to take it to legal action so that it can be given a deterrent effect because they have been careless. Using other people's rights to gamble, especially if the amount of money is very large, is not an accident, but they do it on purpose.

NotATether

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Quote from: Z_MBFM on May 15, 2024, 05:58:57 AM

Quote from: Oshosondy on May 15, 2024, 04:41:12 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.

$300k Hughes would have made another $300k+ profit from this if he could have won gambling. But he lost his entire money due to gambling loss. Gambling therefore needs to be used carefully. be lost $300k because he could afford to bet that amount. No common man would be able to bet such an amount on gambling. But if he did this, it means he owns a lot of money or he is deeply addicted to gambling. If he is a rich person then such a loss will not do him much harm And if he is addicted to gambling then it will be another horror for him.

I wonder if he is going to get lawsuits or threats coming his way, now that everyone knows that their money is gone.

This is why you should not be managing anybody's money if you are a problem gambler. It will cause more harm than good.

The profit that he could've made if he won is irrelevant. He should never have gambled with public community funds in the first place.

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Quote from: arjunmujay on May 15, 2024, 11:58:29 PM

Quote from: wxa7115 on May 15, 2024, 11:36:43 PM

Quote from: Oshosondy on May 15, 2024, 04:41:12 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.

Those stories are just a small sample of the huge amount of scams that happen all over the world, but most of them start on the same way, a person trusting a third party to keep their money safe instead of doing it themselves.

This is why I really believe that bitcoin is the future, as bitcoin could prevent several of those scams, and while it is true there are many scammers lurking around this market, in my opinion they succeed because most people do not really understand the ethos of bitcoin and how it works in a different way compared to fiat.

I think wherever the place is, whether it's FIAT or bitcoin. if we entrust it to a third party it will clearly be at risk. So it would be better if we kept our money. because we ourselves never know how third parties manage the money we entrust. for example, like the case above, which uses it for gambling. There are also other cases of people entrusting their bitcoins but instead they were taken away and disappeared without a trace.

And also, don't gamble on the money that came from another source. Just like what the OP said about a post he saw, losing money from gambling is one of the biggest problems, and it will be even bigger if that money came from someone because you only doubled your debt and losses. I'm sure anyone could become crazy at that.

In terms of third-party casinos or any third parties that you need to use your money for fiat or crypto currency, it's important to know first if that application or website is safe to use and if it doesn't have any history of scamming or complaints when it comes to money. In short, you need to become too cautious about what you use and who you trust your money with, because there's no recovery of money if your money loses to those platforms, so it's very important to secure the platform you will use and also make sure it is trusted.

Hirose UK

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Cases like this have happened several times and of course this is one form of negative impact, and things like this will give bad view or perception of gambling and the gamblers themselves.
But the problem is that things like this are not the fault of gambling but the fault of those who cannot control themselves and only follow excessive ambitions and desires when gambling.
They lose control, forget their limits and make decisions that are really reckless and too bold, but all of this gives them really deep feeling of regret because they used money that wasn't meant to be used for gambling.

I think if gamblers would learn to control themselves, be emotional and also be able to limit themselves when gambling then all cases like that would never happen.
But it will be difficult because they have the belief that they will win and get back the money they have used, this belief or mindset is the start of mistake that often occurs.

Rabata

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For those who want to use gambling in a different way, the potential for major disasters is high. There are some gamblers who use a small amount of money in the industry for whom gambling will not create any obstacles. I've heard of cases where a gambler lost someone else's saving money by gambling. Some gamblers lost money gambling even after selling family property. Even teachers are doing this kind of work. I have heard some other cases where that a priest is also gambling. Gambling is not bad but if they don't acquire basic knowledge for gambling then gambling can bring big disaster for them.

arjunmujay

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Quote from: wxa7115 on May 15, 2024, 11:36:43 PM

Quote from: Oshosondy on May 15, 2024, 04:41:12 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.

Those stories are just a small sample of the huge amount of scams that happen all over the world, but most of them start on the same way, a person trusting a third party to keep their money safe instead of doing it themselves.

This is why I really believe that bitcoin is the future, as bitcoin could prevent several of those scams, and while it is true there are many scammers lurking around this market, in my opinion they succeed because most people do not really understand the ethos of bitcoin and how it works in a different way compared to fiat.

I think wherever the place is, whether it's FIAT or bitcoin. if we entrust it to a third party it will clearly be at risk. So it would be better if we kept our money. because we ourselves never know how third parties manage the money we entrust. for example, like the case above, which uses it for gambling. There are also other cases of people entrusting their bitcoins but instead they were taken away and disappeared without a trace.

Topic: Be careful with people's money - page 15. (Read 2569 times)