Topic: Chinese Crypto Trader Committed Suicide ( lesson for all crypto traders ) - page 2. (Read 738 times)
June 15, 2019, 05:41:05 PM
I dont belive that really so he used all his money in one order no seems news about fake dead is much truer than lose of such money its feels something impossible so i don't think that could happen, its a fake news nothing more.
June 15, 2019, 05:31:11 PM
As @akamit have said, maybe he is willing to take all the risk because of greed. I mean that's a lot of money to begin with, and he totally gamble it and lost and maybe there's so much pressure in him that he just decided to take his own life. So let this be a lesson for all of us, that we need to mitigate and just invest what we can afford to lose. Sad ending, but it is what it is.
June 15, 2019, 02:12:18 PM
What would happen to him if he didn't kill himself?
Probably the question he face after losing all that 2000 BTC. Its going to pressure him for the rest of his life. We've all heard these kind of stories before but only those Asian guys can afford to take their life. The people behind cryptopia and mtgox didn't do it.
So he decided to end up his life to avoid all the miserable things that will happen ahead.The main lesson learned on this one is never ever take a risk
that you cant really afford to solve the possible problems that it may create ahead.
June 15, 2019, 01:46:47 PM
Why would anyone put that much money into a short leeway,
Imo, it's just because of Greed.if you are going to risk your money at least divide them up into much smaller numbers and do it that way or if you want to go all in then take some protections with you like lower leverage or even no leverage.
The most common risk management followed by almost all trading professionals is to take only 2% from the overall capital, no matter what amount of leverage you use. Some professionals are little bit aggressive and they do take a maximum of 5% from the total capital. No doubt the trader in question was a professional trader. If any trader don't stick with their trading plan, risk management and money management then every trader will fall down later or sooner.If you go ALL IN with high leverage, then the trader is just gambling.
I would still not commit suicide for something like this,
TBH, if the money is truly yours then suicide is not an option I guess.But if that money is from INVESTORS then the easiest way to escape is suiciding if you lost all. But, but there should be also another way to tackle the bad situation I believe.
June 15, 2019, 12:20:11 PM
Wait, What? What is hilarious about people committing suicide?
Well, I don't have much say on this than to ask people to be careful with trading.
I don't think it's OK to speak ill of the dead... so I will leave this here.
Well, I don't have much say on this than to ask people to be careful with trading.
I don't think it's OK to speak ill of the dead... so I will leave this here.
June 15, 2019, 03:34:38 AM
Why would anyone put that much money into a short leeway, if you are going to risk your money at least divide them up into much smaller numbers and do it that way or if you want to go all in then take some protections with you like lower leverage or even no leverage.
I would still not commit suicide for something like this, if I had 2k bitcoin in my name I wouldn't even need to work at all, I am the type of person who has tried early retirement and liked it so if I have enough money to retire (2000 bitcoin is waaaaay more than enough, hell I would accept 100) then I wouldn't do something this silly, I would cash it out and put it on a bank and just live the rest of my life on the interest I would get from the bank. I am not looking to spend too much money neither, I can manage to spend very little (about minimum wage) anyway.
I would still not commit suicide for something like this, if I had 2k bitcoin in my name I wouldn't even need to work at all, I am the type of person who has tried early retirement and liked it so if I have enough money to retire (2000 bitcoin is waaaaay more than enough, hell I would accept 100) then I wouldn't do something this silly, I would cash it out and put it on a bank and just live the rest of my life on the interest I would get from the bank. I am not looking to spend too much money neither, I can manage to spend very little (about minimum wage) anyway.
June 14, 2019, 11:10:26 AM
His ex-partner revealed Yi's dead on June 5 which made some rumors that it is just an exit scam and fake his death to escape from his clients. We don't really know the truth behind it.
Ummm....a death ought to be fairly easy to verify, even in China I would think. Most or all countries keep death records, and China is certainly advanced enough to do that.In any case, if the death was faked as a mechanism to scam someone, that would probably be a new low in the cryptocurrency world and one for the crypto history books, whenever they're written. It also would not surprise me in the least. There are way too many dishonest knaves in bitcoin--but committing suicide over a $16M loss is also believable too. I don't know how my mind would react to a loss like that. RIP to him if he really did kill himself.
I fully agree. I mean really, the topic should be locked (or even removed) the way the OP framed it...
Oh come on, it's offensive to be sure, but this forum is all about being able to say what you want to say. We police each other. If you're offended, make some noise instead of going to the mods. June 14, 2019, 10:48:34 AM
This isn't hilarious OP. I think it's bad taste to say any kind of death is hilarious, whether accidental. Suicidal. Whatever.
I fully agree. I mean really, the topic should be locked (or even removed) the way the OP framed it...
All of my condolences to the loved ones of this person. The level of his involvement with Bitcoin was admirable. He was one of us.
June 14, 2019, 09:56:41 AM
This is the highest risk have ever seen. My condolences to the family of the dude and may his soul rest in peace. This should save as a lesson to all crypto traders. Don't b greedy little drop of water make an ocean be wise. Don't use all your hard earned money in one trade hoping to lambo a bird at hand is worth more than 10,000 bird in the bush.
June 14, 2019, 08:57:12 AM
Trading is pretty similar with gambling, if you put a lot of money, you should ensure you can afford to lose it, otherwise, this unfortunate thing will happen to you. Money is still the root cause here, and if this person is not greedy, he could accept his mistake and just move on although it's not that easy to do considering the amount of money he lose.
Maybe it has a same, because you will lose if you dont know to apply good strategy, or have a good timing. So its better to accept the facts if what comes happen because you will never know if you succeed or fail. In trading you should accept the risk and dont be greedy because it can lead into the depression. 
June 14, 2019, 07:06:45 AM
This isn't hilarious OP. I think it's bad taste to say any kind of death is hilarious, whether accidental. Suicidal. Whatever. People are dumb yes, people make mistakes but some have worse ill consequences than others. I remember reading about a Saudi guy who took bank loans to buy crypto at ATH and then couldn't repay it. Bank blocked all his accounts and he became a guy who didn't even have a card.
Yes let's all take the lessons and hope we all understand all the risks we are taking with not just leveraged trading but almost every decision related to crypto.
Yes let's all take the lessons and hope we all understand all the risks we are taking with not just leveraged trading but almost every decision related to crypto.
June 14, 2019, 05:49:57 AM
Well it looks crazy you know.
He actually lost 2,000 bitcoin, very big amount of money. Let's say the price of bitcoin now is $8,000 x 2,000 btc = $16,000,000. He lost all he had. But whos fault is it?
It is not btc fault or users one. The traders fault it is. For sure.
The first rule is DON'T INVEST MORE THAN YOU ARE AFRAID TO LOOSE. !!!!!!
He actually lost 2,000 bitcoin, very big amount of money. Let's say the price of bitcoin now is $8,000 x 2,000 btc = $16,000,000. He lost all he had. But whos fault is it?
It is not btc fault or users one. The traders fault it is. For sure.
The first rule is DON'T INVEST MORE THAN YOU ARE AFRAID TO LOOSE. !!!!!!
June 14, 2019, 05:49:39 AM
What would happen to him if he didn't kill himself?
Probably the question he face after losing all that 2000 BTC. Its going to pressure him for the rest of his life. We've all heard these kind of stories before but only those Asian guys can afford to take their life. The people behind cryptopia and mtgox didn't do it.
June 14, 2019, 03:25:38 AM
2000 BTC is big amount of money and see that man's profile maybe he have more money than that. Usually professional only use money that really free and wouldn't use all money that he have. But if the story is truth, RIP for him.
June 14, 2019, 01:37:28 AM
Hilarious, right? The first thing in the morning, the news appeared on my screen and I was like, "What? How?" Not until I've read the full article in this link and I've found out the real reason why he did that.
He actually lost 2,000 bitcoin, super duper big amount of money is involved here. Let's say the price of bitcoin now is $8,000 x 2,000 btc = $16,000,000 with a SHORT ENTRY AND HIGHEST LEVERAGE. He was liquidated because it immediately made a sideway.
Yi is a co-founder and CEO of market analysis crypto playform BTE. Well, I was not familiar with their company. His ex-partner revealed Yi's dead on June 5 which made some rumors that it is just an exit scam and fake his death to escape from his clients. We don't really know the truth behind it.
This is indeed a lesson for all crypto traders around the world. We just can't put an entry if we can't afford to lose. Yes, it is a huge amount. But that was just a money. I mean., we can not just die because of it. Life is beautiful and we have family and friends. The main reason we are living. We can just earn money, we can earn that $16,000,000 for lifetime. Lol.
But personally speaking, please crypto trader. I know we sometimes make an entry without thinking. But we can actually:
Crypto Traders. I am very disappointed and was disturbed with the news. Big part of me was devastated. Please be careful on our entry, my fellow margin traders.
It is really helpful when a trader is setting a goal, you must know when to stop from winning and from having loss. Money is very important but don`t let it consume you that it causes you to end your life. This news is really disturbing. He actually lost 2,000 bitcoin, super duper big amount of money is involved here. Let's say the price of bitcoin now is $8,000 x 2,000 btc = $16,000,000 with a SHORT ENTRY AND HIGHEST LEVERAGE. He was liquidated because it immediately made a sideway.
Yi is a co-founder and CEO of market analysis crypto playform BTE. Well, I was not familiar with their company. His ex-partner revealed Yi's dead on June 5 which made some rumors that it is just an exit scam and fake his death to escape from his clients. We don't really know the truth behind it.
This is indeed a lesson for all crypto traders around the world. We just can't put an entry if we can't afford to lose. Yes, it is a huge amount. But that was just a money. I mean., we can not just die because of it. Life is beautiful and we have family and friends. The main reason we are living. We can just earn money, we can earn that $16,000,000 for lifetime. Lol.
But personally speaking, please crypto trader. I know we sometimes make an entry without thinking. But we can actually:
- Set STOP LOSS
- Enter SMALL LEVERAGE like 5x-10x only. UNDERSTAND how leveraged really works.
- DO NOT BE GREEDY
- Think of your family before you BET ALL in your capital
- Even the best TECHNICAL ANALYSIS will be useless when whales or the market is not in your side
Crypto Traders. I am very disappointed and was disturbed with the news. Big part of me was devastated. Please be careful on our entry, my fellow margin traders.
June 13, 2019, 09:56:00 PM
This is cool! $16 million worth investment is really a huge money in which i never imagine that this kind of huge figures really exist in Crypto investments. Maybe the guy is also a big whale that this time they made a wrong move to manipulate the Crypto market and lost everything.
June 13, 2019, 09:21:53 PM
Maybe he wanted to lose that money before committing suicide ?
I can't imagined, someone in his position losing that much money like that, otherwise.
agree
I can't imagined, someone in his position losing that much money like that, otherwise.
The pointers given in the OP is the usual and common approach. Kind of human nature to knows those especially for a crypto trader that lurking in the crypto for a long time now.
This case isn't really can consider as a lesson for crypto traders. He is a CEO so basically, he already knows how to deal with trades and have knowledge on some problems along the way.
If ever the news is true and authentic, there are other things on the way we don't know and not disclosed in public that leads to what happened now.
This case isn't really can consider as a lesson for crypto traders. He is a CEO so basically, he already knows how to deal with trades and have knowledge on some problems along the way.
If ever the news is true and authentic, there are other things on the way we don't know and not disclosed in public that leads to what happened now.
agree
June 13, 2019, 07:34:25 PM
This is purely out of greed, also there can be other reasons as well same as that of the Quadrigax. Before risking such a huge fund surely he could've thought much about it. Also he's a trader who has been into the cryptocurrency trading for a much longer time period. There is something hidden in this incident and if it is true the traders who always prefer risking to get big profit will consider it a learning.
I think a wise man who also happens to be a crypto trader cannot think of suicide as a mean to escape the chaos or worries posed by risk in the financial world. We have so many newbies in the crypto market daily and they find it hell tough to deal with things but eventually make it to the top. So I think there could have been other reasons we do not know about. 
June 13, 2019, 05:16:20 PM
The pointers given in the OP is the usual and common approach. Kind of human nature to knows those especially for a crypto trader that lurking in the crypto for a long time now.
This case isn't really can consider as a lesson for crypto traders. He is a CEO so basically, he already knows how to deal with trades and have knowledge on some problems along the way.
If ever the news is true and authentic, there are other things on the way we don't know and not disclosed in public that leads to what happened now.
This case isn't really can consider as a lesson for crypto traders. He is a CEO so basically, he already knows how to deal with trades and have knowledge on some problems along the way.
If ever the news is true and authentic, there are other things on the way we don't know and not disclosed in public that leads to what happened now.
June 13, 2019, 03:26:04 PM
He actually lost 2,000 bitcoin,
Yi is a co-founder and CEO of market analysis crypto playform BTE.
Above two quotes proves that the guy was an experienced trader. However, I won't say that the guy committed suicide due to 2000 BTC lose, but I'd say it was the greed who killed him.Most probably, the guy broke the rule of his trading plan, risk management, and went all in with high leverage and got busted... GREED helps people do unexpected, unrealistic things.
Anyway, feeling serious bad for him. RIP! Condolences for his family & friends.
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