Invest your money wisely - another lesson, Techie tries to suicide. - page 2.

Fesatmas

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Quote from: Hispo on April 30, 2023, 02:55:22 PM

This sad story makes me wonder what he did to fuck up his situation so badly. If I had to guess I would say he joined a ponzi scheme, bought some useless shitcoin of a dog or created an account on Binance and tried messing around in the future market with high leverage and not knowing what he was doing.

Because, if you as an investor buy Bitcoin even if it is a big quantity and you simply hold it it is very unlikely you will lose your money so suddenly and would drive you to kill yourself.

That young man got into a market he did not even know what it was, but at least he was saved from taking a permanent step which would have not helped to his temporary problems.

I think so too, the investment he made was not in spot bitcoins, but in trading taking huge leverage, and I'm not sure he did it in bitcoins, it still makes me doubt he lost that much.
I think with that big of a risk he knows what he's doing but he can't control himself so lust makes him spend his money, because as good as people are in trading the future if they get out of control then he trades madly which makes him lose.

Here the importance of having limits and targets in making future investments is to maintain psychology and anger when the market doesn't match expectations.

Paul Pogba

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Money is a valuable thing, don't be too easy to believe in promises of investments that provide big profits, remember when we get scammed it will be difficult for us to get the money, it's better to do an accurate analysis before placing our money, always use your own analysis.

Distinctin

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No dream is too big and no dreamer is too small

Regardless if it’s shitcoins or any crypto investment, I think it’s best not to go all in since everything in crypto is unpredictable, you don’t hold your outcome in your investment. If you invest, make sure to make a thorough research first on what coins that have high potentials to make profits, and not just fall on too good to be true altcoins. And once you invest, never take a loan, never use other people’s money, but stick to your own budget in your investment. Start investing with a small amount, so that if you fail in your first attempt, at least your losses will not be an issue to you.

Unbunplease

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Quote from: AmoreJaz on April 30, 2023, 05:19:00 PM

we all know that it is quite easy to say or advise another person. however, when a person is already so deep with his investments, he will fail to see some warning signs. and with his age, i guess the aggressiveness was there because he was thinking that he will get a very good shot at this market.
as you grow older, you will learn from your mistakes. that is, if you haven't given up with yourself. so the person in the OP's story will learn an expensive mistake of his lifetime. in time, he will understand more about investments.

Investing is a high-risk business. There are no reliable investments. At any moment, any project can go bust. Such is life. And even 100% guarantees can remain guarantees in words. That is why it is possible to study a project for a long time - but in the end go bankrupt.

AmoreJaz

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Quote from: Botnake on April 30, 2023, 05:15:33 PM

Quote from: GeorgeJohn on April 09, 2023, 10:20:42 AM

Just responding due to subjects of the thread, invest is something we have think otherwise before going into investment because I believe that in investment human need to be extremely careful before it invest, secondly invest what you afford to loss, that's while it's encouraging to ensure that you use your spare money to invest in a platform you know quite well you have not mastered since you really want to take the risks.

In everything that take risks, at least we should prepare for it, know what it is all about and how to make it work. Just like investing, we should always invest with caution. Otherwise, we will only be wasting our money and time because we end up investing on too good to be true investments. And to stay at safety zone, invest on what you can manage to lose, an amount that won’t be an issue even if you lose them all. Investment has a lot of risks, especially if you don’t know what you are doing from the start.

we all know that it is quite easy to say or advise another person. however, when a person is already so deep with his investments, he will fail to see some warning signs. and with his age, i guess the aggressiveness was there because he was thinking that he will get a very good shot at this market.
as you grow older, you will learn from your mistakes. that is, if you haven't given up with yourself. so the person in the OP's story will learn an expensive mistake of his lifetime. in time, he will understand more about investments.

Botnake

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Quote from: GeorgeJohn on April 09, 2023, 10:20:42 AM

Just responding due to subjects of the thread, invest is something we have think otherwise before going into investment because I believe that in investment human need to be extremely careful before it invest, secondly invest what you afford to loss, that's while it's encouraging to ensure that you use your spare money to invest in a platform you know quite well you have not mastered since you really want to take the risks.

In everything that take risks, at least we should prepare for it, know what it is all about and how to make it work. Just like investing, we should always invest with caution. Otherwise, we will only be wasting our money and time because we end up investing on too good to be true investments. And to stay at safety zone, invest on what you can manage to lose, an amount that won’t be an issue even if you lose them all. Investment has a lot of risks, especially if you don’t know what you are doing from the start.

Twentyonepaylots

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Quote from: Hispo on April 30, 2023, 02:55:22 PM

This sad story makes me wonder what he did to fuck up his situation so badly. If I had to guess I would say he joined a ponzi scheme, bought some useless shitcoin of a dog or created an account on Binance and tried messing around in the future market with high leverage and not knowing what he was doing.

Because, if you as an investor buy Bitcoin even if it is a big quantity and you simply hold it it is very unlikely you will lose your money so suddenly and would drive you to kill yourself.

That young man got into a market he did not even know what it was, but at least he was saved from taking a permanent step which would have not helped to his temporary problems.

I have same thoughts since it is unlikely for him to lose a great amount of money in crypto if he had really put an effort to be knowledgeable on what he is investing. I think apart from not having knowledge, the thing he do to get money to invest is not the best option or rather not be an option in the first place. Taking loans and valuable, and even using the pension of your parents will never be a good idea in investing in crypto. Yes, there are a lot of opportunity to earn more profit in crypto but it is still risky and the volatile nature of it makes it hard as well. So, always take the risk that you can afford since it is a basic rule in crypto to invest what only you can afford to lose.

Cryptomiles1

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Quote from: JoyMarsha on April 30, 2023, 03:57:05 PM

Quote from: Cryptomiles1 on April 09, 2023, 10:56:30 AM

snip

What I believe is that the guy in question lacked a fundamental understanding of cryptocurrency which lead him to invest a sizable sum of $36k in it.
I can relate to the boys' suffering. Not everyone can handle the grief that comes from remembering how badly you invested in the first place.

Experience they said is the best teacher, I believe with what he has seen currently I don't think if he could try that next time because cryptocurrency as they said is very deep and wider so if investing it needs a thorough investigation and with fundamental analysis to be able to cope with the market especially with the volatility levels.
Actually I can't still believe there are people who still involves their selves with a blind investment, how on earth would he invest at the ATH knowing too well that price may suddenly drop.

JoyMarsha

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Quote from: Cryptomiles1 on April 09, 2023, 10:56:30 AM

From your post I would love to know if it was actually only on bitcoin his invested or does he also invested in other cryptocurrency aside bitcoin, because I know too well that anyone who invested in bitcoin would certainly one day gain back all his lost or their lost. But as for altcoin, well there's every tendency that such person standing in a chance of losing all they invested that is why is best advisable to make investment on bitcoin for longer term than just altcoin that can't even survive the bear market for long period of time.
I really feels for him 😭.

The issue is that. Nobody is aware of the precise cryptocurrency he invested in and that gave him the idea to jump from the bridge. It's possible that he bought bitcoin or another altcoin at a high price and then realized that it had dropped even further than he had anticipated. The fact that he has limited experience with cryptocurrencies alone may lead him to believe otherwise. He may believe that he will be unable to repay the loan and his mother's pension since he invested heavily in cryptocurrencies in the mistaken belief that they will make him rich quickly.

What I believe is that the guy in question lacked a fundamental understanding of cryptocurrency which lead him to invest a sizable sum of $36k in it.

I can relate to the boys' suffering. Not everyone can handle the grief that comes from remembering how badly you invested in the first place.

Hispo

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This sad story makes me wonder what he did to fuck up his situation so badly. If I had to guess I would say he joined a ponzi scheme, bought some useless shitcoin of a dog or created an account on Binance and tried messing around in the future market with high leverage and not knowing what he was doing.

Because, if you as an investor buy Bitcoin even if it is a big quantity and you simply hold it it is very unlikely you will lose your money so suddenly and would drive you to kill yourself.

That young man got into a market he did not even know what it was, but at least he was saved from taking a permanent step which would have not helped to his temporary problems.

mvdheuvel1983

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Thank God he was rescued by the cops and thanks to the man who alerted the cops.
The problem here is that he was not given the right update about bitcoin investment and he failed to ask question from those that are into crypto. He should have known that in bitcoin investment you can only invest what you can afford to loose and forget and also it is a higher risk to take a loan to invest in bitcoin.
If only he knew all these he wont have taken loans or invested much money. This should be a lesson to any newbie who have the intention to loan money or invest their life savings. He actually made it look like bitcoin investment is not worth investing in but it is not. Just that his approach was a wrong approach. Feel so sorry for him and his story should not discourage anyone who understands bitcoin and wish to invest.

xSkylarx

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Quote from: ?? on ??

It's unfortunate to hear about this young techie's situation and the drastic step he was about to take. Investing in cryptocurrency can be risky, and it's important to exercise caution and do thorough research before investing any significant amount of money.

He was also too greedy to earn profit that this he end up on this but again he haven't thought the risk of his investment thay he go all in. What scary right now after he was saved how he can pay it off all of his loans and his mother's pension for sure he will still commit those things that is why it is better to have someone look after him. I hope he is okay right now and fighting to fix those mistakes

nesty

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Before taking risk in investing we need to be wise, Do some research and study first your target crypto currency. As we all know that high volatility of crypto market anything can happen to our investment. We will be happy we earn bug profit but if we loose it can lead to depression and stress. It is hard to accept if we are going to loose everything in investing that can affect our mental health. That is the reason why other people think of suicidal attempt which is very wrong. Do to avoid that research and study first and do not all your money in one investment.

loopes

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Quote from: Flexystar on April 09, 2023, 08:42:53 AM

This news is from the IT Hub of India, that is Kolkata. The Techie who is just 23 years old had invested a big amount of money in the Crypto space. The investment when asked him was around INR 30 lakh ~ $ 36,600 in US dollars. That is a definitely huge amount considering his age and country of residence. Even in America, 36K USD is pretty handsome money and you can do many things with it.
-snip-

he did not analyze the crypto project that was invested for. I think, 36,600 US Dollars are not small amount, so he should have analyzed every details of the project. Who are the team inside, how the core of business works, it has license / legalization or not, How realistic of the return that was promised. At least those aspects should be analyzed carefully.

tbterryboy

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Though I feel sorry for the guy since he lost a lot of money, it makes me feel annoyed when the source or the token is not mentioned that he invested in. He lost so much money and the news is circulating but there is no mention of what he invested in except the world cryptocurrency, it is obvious that he was a novice and didn't know much at all.

He had either invested in a HYIP or in an altcoin that might have pumped very hard, made him FOMO and he invested all that he could get so that he can also get some profit from the pump, and then it probably dumped badly. Whatever happened, the mainstream media that is against Bitcoin and cryptocurrencies in general will surely use this news to make a negative image of Bitcoin and cryptocurrencies.

retreat

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Quote from: Pejoh Asu on April 28, 2023, 10:08:47 AM

Money is a very important thing, so we must always do in-depth analysis when we want to invest, don't be too easy to believe in investments that promise high profits, usually high profits use ponzi schemes so that the investment will become a scam.

But it seems more difficult nowadays to find out if an investment is a ponzi scheme or not, because usually these investment schemes use clever ways to deceive their financial reports and some have even worked with government officials and public figures. Things like this make many people fall for fraudulent investments, because they don't have good knowledge to understand how their investment platform works.

naikturun

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This is a very unfortunate incident, and it highlights the risks of investing in the cryptocurrency market without proper knowledge and planning. It is important for individuals to understand that cryptocurrency markets are highly volatile, and investments should be made only after thorough research and analysis.

DevilSlayer

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Quote from: Yatsan on April 29, 2023, 11:39:24 AM

Quote from: Flexystar on April 09, 2023, 08:42:53 AM

This news is from the IT Hub of India, that is Kolkata. The Techie who is just 23 years old had invested a big amount of money in the Crypto space. The investment when asked him was around INR 30 lakh ~ $ 36,600 in US dollars. That is a definitely huge amount considering his age and country of residence. Even in America, 36K USD is pretty handsome money and you can do many things with it.

So the gravity of this can be sensed easily.

He was saved by the Cops after a local Cab driver alerted the police and the response team was at the incident quickly.

He was trying to jump from the largest bridge on the river named "Hooghly" to end his life.

The investment was not his alone but he collected the money from various sources. He took loans and also was using the pension from his mother. Definitely, he had no plans and no idea what he was doing.

Just save up your bitcoins in cold storage, only buy what you can afford to lose and most importantly don't fall for the traps of crypto space.
Bitcoin is the only savior in crypto and if you own the keys, you win the market.

Read the news here:Techie loses Rs 30 lakh in crypto market, tries to jump off ..

Cliché story as we have heard others with the same point but that is the problem already. Question is, why do people still fall on such situation? Could be greed; many people are blinded by instances wherein this industry created an image of easy money. People are desperate to also be rich in an instant to an extent wherein they would take loan in order to invest huge amount with exoectations of huge returns. Unfortunately, just like with any form of investment, there's no such thing. Risk will always be present and no matter how we get tired of hearing the ohrase "invest an amount you can afford losing", that won't work that way simply becaude there are many factors affecting one's decision and actions. As long as there are people wanting to take the elevator over stairs, this would be followed by alike stories.

Instead of thinking the risk first, they are only focusing and thinking about the rewards that they can get. Investing is good especially if we want to have a better lives in the future, but the problem right now is we are only thinking about the reward and we are forgetting the downside of it which is losing our money. There is no sure thing in investment and that is why only few people are making bucks out of it. The most important thing that we have before we put our money is that we should have a good mindset, a mindset that can have as a better expectation.

One of the key to have a good investing career is having a good expectation, there are a lot of people who putting their $20 in some crypto and they are already thinking that they can buy a lambo for it. That kind of expectation is what we should avoid, our rewards will depends on how much money we will put. The more you put in, the more you can sow but take note that you can also incur more losses if you put more so manage your risk very well make sure that you have an organized and detailed planning that can help you to minimize your losses.

Yatsan

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Quote from: Flexystar on April 09, 2023, 08:42:53 AM

This news is from the IT Hub of India, that is Kolkata. The Techie who is just 23 years old had invested a big amount of money in the Crypto space. The investment when asked him was around INR 30 lakh ~ $ 36,600 in US dollars. That is a definitely huge amount considering his age and country of residence. Even in America, 36K USD is pretty handsome money and you can do many things with it.

So the gravity of this can be sensed easily.

He was saved by the Cops after a local Cab driver alerted the police and the response team was at the incident quickly.

He was trying to jump from the largest bridge on the river named "Hooghly" to end his life.

The investment was not his alone but he collected the money from various sources. He took loans and also was using the pension from his mother. Definitely, he had no plans and no idea what he was doing.

Just save up your bitcoins in cold storage, only buy what you can afford to lose and most importantly don't fall for the traps of crypto space.
Bitcoin is the only savior in crypto and if you own the keys, you win the market.

Read the news here:Techie loses Rs 30 lakh in crypto market, tries to jump off ..

Cliché story as we have heard others with the same point but that is the problem already. Question is, why do people still fall on such situation? Could be greed; many people are blinded by instances wherein this industry created an image of easy money. People are desperate to also be rich in an instant to an extent wherein they would take loan in order to invest huge amount with exoectations of huge returns. Unfortunately, just like with any form of investment, there's no such thing. Risk will always be present and no matter how we get tired of hearing the ohrase "invest an amount you can afford losing", that won't work that way simply becaude there are many factors affecting one's decision and actions. As long as there are people wanting to take the elevator over stairs, this would be followed by alike stories.

cydrix

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This will teach him, those around him, and the readers of the novel a valuable lesson: be careful where you invest. The best investment advice is to only invest money that you can afford to lose. It's never a good idea to use someone else's money to make investments for them since the danger is too great. Owning a traditional investment company where your clients must sign profit and risk management papers so that everyone would know their duty if something were to happen to the capital is one place where third-party investment is encouraged.

It's always safer to invest in things we are confident in rather than just some random project or things we are being told at random by influencers or so-called financial experts since if we should suffer any kind of loss, those people will not be held accountable.

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