Be careful with people's money - page 17.

rachael9385

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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

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.

Mia Chloe

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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.

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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 am sure that if some person took my money and started gambling with this money without asking, then even if he won and gave me even more money, then most likely I would stop communicating with this person or stop would have any mutual relationship with him.
Money cannot be risked if this money is intended for some purpose or project, but if this money is not yours yet, then it will not lead to anything good and this person’s reputation in front of people will suffer greatly. They will simply stop trusting him not only with money, but also as a person in general.
Regarding the person who lost 300 thousand dollars, I think that he needs to be treated for gambling addiction. Most likely now he is dangerous not only to himself but also to others

Mahanton

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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

On the time that you do find yourself that being addicted to gambling then there would really be always those chance or moment that you might be able to hit up that kind of possibility on making use of others money
specially if you are someone who do have that kind of severity when it comes to the addiction within you. You wont really be caring about into your reputation,credibility or being trusted on which you would be ignoring
it all away and wont be minding on what those people would be seeing into you or to those who had entrusted those funds, on which you would be basically be trying out to play as much as you can since you do have the funds on which you could really be that making use into. This is why it would really be that ideal for someone to carefully choose on who would be the one will really be handling out some sort of pooled funds or
whatever it would be.

When it comes to the temptation on spending it up will really be always there and if someone you had appointed does have that kind of addiction or engagement with gambling
then it would be better that it should be that pulled out directly or changed up someone who would be handling those funds.

DaNNy001

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Well when it comes to this kind of experience, I would say I have come in very close contact to someone who actually did something reckless like this and infact he was my roommate during my school days at the University myself and I can even say he is part of my gambling story because he was the one who built my courage alot when it comes to Gambling because he was as wild as a boar with his gambling habits and he often fall victim of such mismanagement alot even to the extend of losing the money meant for coursemates for development of some stuffs in their department. If it's a case of rating if this particular fellow is an addict then I think I would definitely class him as one because he doesn't look or think twice before using someone else money which is the worsts of habits when you come to Gambling.

SamReomo

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It's always better to gamble with the money that doesn't impact your or someone else's life because you're literally throwing your money in fire when you gamble with it, you'll either get something in return or you end up burning the money. That's why it's always recommended to think gambling as a way to have some fun time rather than a way to make a lot of money with it.

ChiBitCTy

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How about maybe the biggest gamble of all, Fractional Reserve Banking where big/large banks use a large % of peoples money to gamble/invest in all sorts of different things, meaning that your money is really not all at a bank somewhere, though it's theoretically supposed to be. It's kind of insane how hard it is (at least in the United States) to go to a bank and take out a "large" sum of money (say 7-10k). This to me is crazy gambling and a reason laws were put in to place to stop this.

Marykeller

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It saddens my heart how most gamblers find it easy and comfortable to gamble with people's money without thinking about the situation of a loss bet, and how will they be able to refund the money given if they lose their bets.

They don't think that mismanaging people's money can destroy their relationship with people and also dent their image with others. Some people can be weird in character in not to protect their image to be a bad figure to friends or public. Nothing reduces someone prestige as being use as example to others as someone who gambles with other people's money for a bet

acroman08

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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.

gambling addiction is a nasty mental illness that brings out the worst in all of us and it can affect the people around us, while I kind of applaud him for admitting what he did, this guy needs to be held accountable for what he had done.

I can't help but wonder, what happens then, will the people get their money back or at least a portion of it? or is it gone and they'll get nothing?

Bravut

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Quote from: alani123 on May 15, 2024, 01:13:44 PM

In situations where someone mismanages other people's funds to play in gambling sites I think it's a good judgment to entrust them with the minimum amount of money possible in the future.
If they are your child, make sure they can survive, give them food, transport etc but not in cash form. Be close to them and try to guide them.

For people that are older, it might be a lost cause. Just strip them from positions of responsibility, take their responsibilities on you if they're a family member. Give them an intervention. If it keeps happening be more vigilant and pressure them even more perhaps. Make them seriously consider attending some group therapy. That's the only good approach I can consider. Making it public isn't the right approach as it can be quite ruinous for the the individual. The goal is to help them fix themselves, not to ruin them.

The help we can render is educating them on Money Management and habits, how they can make solid financial decisions solely without being shaken by emotion, pleasure, or any other factor but act when they want or how they choose to spend.

Fixing, bad habits like this requires help of loved ones, but most at times some can't really open up to there family because of fear of criticism.

coolcoinz

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I feel like it's less important to give advice to people to be careful with money that belong to other people. More important is to make people hold their own money.

How many people do you know who custody other people's funds? I'm sure it's not many, but how many people do you know who hold their own money?
Moral of the story? Give advice to the general public not the select few.

Hold your own money people and you won't get scammed by people like this shitcoiner from OP's post.

$crypto$

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Very familiar with cases like this, I've heard various stories where they take away customers' money that is not deposited but instead used for gambling, I don't know and indeed this problem is often the people who are the target.

They should be able to see their background whether they often play gambling if it is true then when he manages any finance it should be suspicious it could be that customer funds are used even though not all are like that, but most of them are now desperate with the money and the results are not cared about anymore usually the person is ready to be punished by the authorities.

Ojima-ojo

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Anyone that can not control their gambling habit shouldn't be entrusted with money, just like a drug addict, he will use the funds for gambling by all means, so I am not surprised by this development since the CEO is an addicted gambler's and he is in charge of the company money.

The fault is from the administration of the company allowing an individual 💯 percentage access to company's funding, when they should make laws that question every money movement.

Thirdly if you know any person that have gambling problem or any other addictions cases, such person shouldn't be trusted with money.

alani123

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In situations where someone mismanages other people's funds to play in gambling sites I think it's a good judgment to entrust them with the minimum amount of money possible in the future.
If they are your child, make sure they can survive, give them food, transport etc but not in cash form. Be close to them and try to guide them.

For people that are older, it might be a lost cause. Just strip them from positions of responsibility, take their responsibilities on you if they're a family member. Give them an intervention. If it keeps happening be more vigilant and pressure them even more perhaps. Make them seriously consider attending some group therapy. That's the only good approach I can consider. Making it public isn't the right approach as it can be quite ruinous for the the individual. The goal is to help them fix themselves, not to ruin them.

Die_empty

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Quote from: Obim34 on May 15, 2024, 10:04:07 AM

At this point, it would have been preferable if he had squandered the money on something personal but not gambling. His actions were based on many factors like greed, gambling addiction and maybe trying to cook up some success story yet in all he lacks the knowledge of a good gambling ethic and this has landed him/many into some big shit. Most people are really good at learning by experience, after this he would decide for himself next time wether to recreate again or avoid it.

He has just committed a criminal offense and can go to jail if he is unable to refund the money. This guy is suffering from acute gambling disorder and should seek help immediately. This is the effect of not having a budget which will aid in using only what you can afford to lose. It is also important to add that we should gamble with only what is our own. Maybe he gambled with a little part of the money and lost. In order to recover the loss and replace the money he kept gambling until he lost such a big amount. I have a tradition of not keeping people's money in my custody. It is better to refer someone to a financial institution than to be in custody of people's money.

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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 in X:
https://x.com/hoakbuilds/status/1790434490877129007
https://docs.google.com/document/d/10ta9quGGrmTNE1Pi7MlgLgSx9zxEqQdkbBfis1pmHrM/mobilebasic

For anybody to use people's money to gamble, that's pure recklessness and lack of regard for themselves as an individual and the people he is holding their money in trust. Gambling should be with your personal money, where nobody can hold you accountable for mismanagement.Of course there are situations where people take risk, and eventually they will be rewarded, but in a scale of 1-10, 70% of those risk taken especially with people's money always comes out negative. $3000k is a lot of money, and I'm sure that guy didn't manage his risk properly.

Hispo

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To be honest, it is quite disturbing how often one can find stories like these ones, on people who decide to they loans or even try to take money which is supposed to be used for something unrelated to gamble and they end up gambling it all away, it is like they did not expect to suffer any consequences for their actions, or something.
Also, that later example of a developer taking the money of their investors to gamble is one of many examples of why people do not trust new ventures within the ecosystem of Alternative currencies like Solana, Ethereum, or any coin which enables to the creation of smart contracts.
There is a scam around every corner and these unfortunate events do not help to increase the trust people could have on legitame token or coins in the future.
It does not matter whether they are online, managing cryptocurrency or in real life, managing cash. Greed seems not to care on the situation of those vulnerable to it.

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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.

SBF alleged to play blackjack using the exchange funds right before the bankruptcy. There’s no confirmation for this news but this is possible to happened since it’s very easy to move money from reserves on crypto since there’s no name on wallet address unless it will sent on KYC services who owns the address.

I remember one of my long time friend in social media holds our fund for long term savings. He gamble it all on a dice game and lose it without our permission. He is currently off the radar after the loss.

The moral of the story is people in crypto is very prone to gamble funds especially if they are short for funds while they have others money in their hand. @Yogg is the perfect example here since he break the trust if his customers by redeeming his product just to gamble it away.

Accardo

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I've heard a familiar story of a guy who received money for a friend and spent it on gambling. He didn't win, but the good part of the story is that he paid back. Playing with people's money is not bad. Some players tend to wager high on another person's pocket, that's wrong. However, it's always embarrassing to hear of such things, because the player is not showing himself some respect in the society. People may not respect him anymore, even in the gambling community. Yet it's not a new story that gamblers have the impulse of going harder when they lose. Regardless of who owns the money, the player wouldn't stop less he feels the whole funds has been exhausted. I think that's the only moment such players tend to stop gambling. The mistake comes by surprise.

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We've also had a similar case in the collectible section where one of the many known physical wallets got swept by a single user and then gambled all the coins away.

It rarely happens, but it's scary that the possibility for someone to gamble your funds away is always there, and the worst part with these cases is that most of them get away with it.

Topic: Be careful with people's money - page 17. (Read 2532 times)