Be careful with people's money - page 16.

wxa7115

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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.

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.

wiss19

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I don't think that a simple advice like that will be effective for a person who is already involved and are addicted on some activities like gambling. They only care for their selves anyway and what they are showing to the people around them, are only lies in order to have their confidence to entrust their money with them. The second guy in the story is honest to admit that he didn't ran away with the money of the people but he still gambled it away, lol.

I think there is no difference with that. We think it's crazy because some of them are already earning a decent money and yet they still get caught by the gambling trap. We can only hope and pray that we won't be like them or we can now fully recovered and never fall on the same hole again, in case we are like that before.

Text

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I remember what our father did with the money we borrowed from our stepbrother. He spent half of the money, which was supposed to be used for my sister's medical treatment after a motorcycle accident. I had entrusted the money to him because we didn't need it yet at that time. After a few days, when I was going to retrieve it to return it to the person we borrowed it from, he told me that he had used it for cockfighting gambling. He said he was persuaded by a gambling-addicted friend. Until now, our stepbrother doesn't know what happened.

bitzizzix

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Quote from: mirakal on May 15, 2024, 06:41:53 PM

Quote from: coin-investor on May 15, 2024, 05:25:56 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.

This is why companies do not put people in a sensitive position dealing with money who they know to be bad at handling money or addicted to gamblers. I'm not saying they cannot be trusted; it's just that the temptation will be hard for them to resist.

Right, there should be a background check prior to entrusting the funds to him. If he has no histories in gambling or have not been in money laundering cases, then most probably he can be reliable at some point. But we all know how huge amount of money can be a root of evilness, that even a very honest person can hardly resist it. Just don’t trust other person when it comes to money, but manage it on your own to secure your funds 24/7.

The issue of money is very sensitive, so knowing or understanding exactly who we are entrusting our money to is a must and must be done, especially since this money involves many people.
If you entrust your money to the wrong person who likes to gamble, there is the potential for the money to be used for gambling. Indeed, initially the person had no intention not to use it and when his personal money ran out due to gambling and saw that there was money that was not his right, then he would have the opportunity to use it with the intention of borrowing it without anyone knowing and if he won he would replace it. And this often happens and in the end the money that doesn't belong to him runs out in an instant and he doesn't have the ability to return it which ends in violence and even being sued if the money is large. There are even people who take valuable items to make money and replace money that has been used for gambling and there are many other stories that end painfully.
In fact, if the person who entrusts the money knows that the person likes to gamble and always loses, then that person is also stupid because they don't think long enough about whether the money could potentially be used for gambling or not.

tread93

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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

Its definitely not a wise thing to do, in this situation he could risk getting himself into a lot of trouble I would imagine. Its crazy how people find these loop holes in things that you can exploit and steal away whatever they want without any feeling of a guilty conscience. I suspect that these actions will come back full circle at some point.

topbitcoin

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What the OP said is correct. Mismanagement of money, especially through gambling, is often highlighted in the news.

And online gambling activities are very easy to get out of control quickly. Online gambling platforms are very easy to access. If you lose control, then everything can end at your fingertips. Online gambling platforms present and provide attractive offers such as bonuses and free spins which serve as further enticements of the players. If a person lacks self-control or is unaware of the risks, falling into this trap will pave the way for repeated losses without realizing the gravity of the situation.

And to prevent mistakes in money management, this largely depends on gaining in-depth insight into how to handle personal finances wisely. Setting budgets and limits for high-risk activities such as gambling, seeking help if you suspect an addiction, are actions that can help you to keep your financial well-being intact. Knowing the risks and negative consequences associated with gambling is key to protecting us from getting involved in this destructive cycle.

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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

Op this is actually true and i don't really know what is causing this problem of mis management of funds, it is quite recurring in the society and it has become very common, most times you will send a teenager on an errand he will end up using the money to play bet and when you ask him his reasons for his actions he will not give you any reasonable response. but in a way i realized that it is because of addictions and most of the people that indulge in such acts are addicted gamblers and can never control their feelings and urge when it comes to gambling.

keeping someone's money in other hand is very tempting especially when it is entrusted in the hands of chronic gamblers because they would like to use the money to play in a way to double it later run but they will end up losing the whole money to betting shops or casino house, however, i would like to advice every gambler who is not friendly with keeping someone's money to abstain from it especially when his a chronic gambler because keeping money is very tempting.

n0ne

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These are some basic principles one should follow in gambling. In any situation, he or she should not use others money to gamble. We might feel good, as we have the capital to gamble and make a win. Also, people used to be more confident that they could win something out of the money and return it. This won't be successful, and the outcome has killed many people. Even in my personal life, I've suffered from it. A friend of mine gave me a little money as he felt it might be used for unwanted needs, but I gambled and lost. I didn't know what to do, and later, I borrowed from another person and settled with him. If I had informed him that I lost it on gambling means, surely that'd hurt him, and the friendship might've come to an end.

livingfree

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Addiction in gambling and having no control over your emotions can really make you do crazy things as what the OP has said.

Coming from professionals, to simple folks and plebs, there can be situations that we can expect that an addicted gambler will spend the money that they are not theirs.

Being responsible comes with a reputation that you bring to the people depending on the work or trade that you do. If you can't control yourself and you are touching people's money, you'll be ending up as a scammer. No problem if you lose entirely your money because it's yours and you are the one that has spent it but if it's other's money then it's a different story.

Agbe

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If anyone knows that he is not too good with keeping someone's money in his custody then he should avoid it with all alacrity because if he does then he will definitely put himself in a very big debt that he can't even pay. And he is a gambler in this matter. We gamblers have one funny mindset that when someone's money is in our custody then we would say let me borrow $40 to gamble and win the game balance back and use the profit to enjoy but irony caught us up in most cases. And they would not even think of if they lose where would they have the money to pay back.

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Quote from: coin-investor on May 15, 2024, 05:25:56 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.

This is why companies do not put people in a sensitive position dealing with money who they know to be bad at handling money or addicted to gamblers. I'm not saying they cannot be trusted; it's just that the temptation will be hard for them to resist.

Right, there should be a background check prior to entrusting the funds to him. If he has no histories in gambling or have not been in money laundering cases, then most probably he can be reliable at some point. But we all know how huge amount of money can be a root of evilness, that even a very honest person can hardly resist it. Just don’t trust other person when it comes to money, but manage it on your own to secure your funds 24/7.

uneng

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There are many scammers offering business and investment opportunities for crypto enthusiasts on the internet with very good margins of profitability. In order to keep their platforms operating and paying users, they appeal to risky activities such as daily trading and gambling. It's the case of ponzi schemes, hyips and even some lending platforms, as we have already seen in the past they going down once their schemes failed due to the irresponsability and bad character of the services' managers.

More than being careful with people's money, you have to be careful with your own money in order to not send it to one of those scammers who are going to steal or lose your hard earned money which took you several years to accumulate. Always you see a very good offer to be true, you have to decline it, because it's something sketchy which won't guarantee you any safety or guaranteed returns on long run. It's like paying someone else to gamble with your own money. You aren't going to have fun playing, but you still share the same risks of losing everything!

Rockstarguy

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Quote from: retreat on May 15, 2024, 05:06:02 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.

This so risky and sometimes i just wonder about people who do things like this if they don't even think what if they lose the money. People like this their confidence about gambling is annoying and doesn't make any sense. Normally it is even wrong to use all your money to play gambling but I'm so surprised whenever I see people using money that doesn't belong to them to play gambling. Most times gambling Dissapoint people that wants to make money so fast from it but people don't understand this and still go ahead using all the money they gave to play gambling.

People will always take gambling like this because because they are not even willing to learn to understand how to go gambling, they just have the mindset that having money to play gamble is the main thing to make profit from gamble.

Slow death

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unfortunately when people are addicted they do the worst crazy things to keep playing and until there is someone who realizes that the behavior of that person who is dealing with other people's money is not good behavior, then that person who is dealing with the money Other people will continue to take other people's money to gamble because that person is sick and as long as they don't have medical help they will continue to take people's money to gamble. Unfortunately, most people don't understand that when someone is addicted they can sell anything, steal, kill to have money and continue gambling. When people read in the news that someone took other people's money and went gambling, they tend to think that they should arrest the person who took other people's money, they don't think that it is necessary to take that person to the hospital

SmartGold01

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At first we should know the kind of people we should entrust our funds with especially those people who are gambling addicts there could be trust issues while giving them money because since they are allergic to gambling it could be used to gamble or trading. Trading is a bit manageable because sometimes if its used for crypto trading meaning there could be some left and could be restored than gambling, since when you places bet and the bet didn't go as plan then there is every possibility that the money is gone totally but with trading there is every chances one could wait for the coin get back to it's previous price except it's on a shitcoin instead of bitcoin.

yazher

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Well, suppose a person is hyper and doesn't know how to protect someone's property. In that case, they should avoid taking care of anything at all because they will end up spoiling it and wasting it just like some of the charity groups we had in this community where they spent lots of money personally that was supposed to be for charity and most people trusted them for it. Therefore, if a person is known to gamble most of the time, he shouldn't be trusted with their money in the first place but mostly this is not the case because these traits are hidden from others until they prove it and learn the hard way.

CryptSafe

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It is unfortunate that such a thing is happening and it is very bad that it involves a blockchain developer which is not in any way making any sense. This is what addiction could cause when a gambler is very much in the mode to gamble. This he has done could cause a wreckage to the project he is currently on because his actions already is making people to doubt his person as a gambler because it is obvious he already been noted as a gambling addict. And as such investors would doubt the credibility of the project in his custody which would affect the growth and development of the project he is currently on.

Although this happenings are not new to my knowledge. I have witnessed an occurrence where a student gambled with his school fees and lost all of them to gambling. As if that is not enough, I witnessed another scenario another scenario were a boy was given money for his hostel accommodation and he used it to gamble and also look OST everything and was left with nothing to hold onto.
I have also heard of occurrences or situations were a boy stole from his father to gamble and he lost everything.
This situation of the developer gambling with peoples money is not a new thing but I think he was actually too careless to have done such.

stomachgrowls

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Quote from: Mia Chloe on May 15, 2024, 02:34:52 PM

Gambling is not an investment that's where people that fall in this category get it all wrong. Every single gambling activity from online to offline to even raffles all have a certain percentage of luck that has to be present before you can win. Some persons may argue that experience and analysis is key however it varies for different gambling activities and games. As a gambler, when you place a bet or stake you should have in mind there is a possibility of you totally losing all the funds. As it can even serve as a discipline to make sure you don't over stake.
As for someone who placed a bet with funds that isn't is, I'll definitely conclude that such a person isn't loyal and is probably even a gambling addict. No matter how fancy or nice the odds may seem discipline and integrity is of upmost importance.

One of the shit reasoning that they do have in mind is that they do really believe that they could be able to put it back or give it back once they've been able to use it. They are really that confident that they could really be able to double out those amounts on the time that they would really be doing gambling, without even trying out to think up about on the risks involved with gambling on which they could potentially losing it all.
Instead on trying out to avoid with those things, they woudl rather be that continuing into the things that they do have in mind which is really that very wrong.

On the time that they have spent all of those amounts which aren't theirs, if this one turns out to be that so big then you are fucked up.
You would really be needing up to give it back or else you would really be facing up some possible legal actions on which we know that this could be potentially be thrown up into you.
Using up others money or doesnt belong into you is really that a serious crime i should say specially if its a company fund or something correlated.

irhact

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Quote from: rachael9385 on May 15, 2024, 02:49:04 PM

What I want to say is just an advice to whomever it may concern.
For a person with man or woman to succeed in anything they do, it's better for the person not to gamble or run away with people's money because all the day of his life i don't think he/she can ever have rest. And the greatest mistakes s person can make is to gamble with someone's money, no matter how sure the odds or predictions is, it's better he don't joke with someone's money. The reasons why I am saying this is because I have seen something about a person that uses others money to gamble and he lost the whole money, so the person sold all his properties just to pay the money he's owing, so now the person is fucking broke. So for him, that's the consequences of using people's money to gamble.

You are right gambling with people's money is the height of it all its very bad and individuals who do that should desist from it, gambling does not guarantee a high chances of winning so why would anyone think of taking such risk with other people's mone.i feel people who gamble with money that's not there's are addicts, it takes an addicted person to do such.

That's why they always advice individuals to gamble responsibly so they won't get addicted to it, gambling addiction has caused lots of issues for many individuals I've also heard cases where some steal just to gamble like why would someone steal just to indulge in something that's based on luck mostly and to make it worst they'll even gamble with funds that's not theirs.

hedgeh0g

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I often read stories like this, but they usually don't deal with cryptocurrencies. For example, in our country there were several cases when a cashier of a bank or other financial institution stole money and then bet everything on red or black. And if you win, quickly return everything before anyone notices. But as usual in such situations, they lost and only then realized what had happened. I call this putting your life on roulette, of course it’s terrible and you can’t take such a crazy risk, it’s unreasonably high. I have always wondered what is in the minds of such people, maybe they are tired of their job or wife, and after doubling their money they want to completely change their life. Or maybe they have a large relative who needs a very expensive operation and there is nowhere to get money quickly, so they go for it. I don’t know, but I never advise anyone to do such things, because we can ruin our lives.

Topic: Be careful with people's money - page 16. (Read 2569 times)