Invest your money wisely - another lesson, Techie tries to suicide. - page 6.

Fiatless

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Quote from: Flexystar on April 09, 2023, 07:42:53 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 ..

He made two grave mistakes. Although you didn't specify which kind of crypto he invested in I guess he didn't invest in Bitcoin, if he did he invested just a little. Bitcoin is not like money doubling where you just invest and predict your profit. And if you trade or invest in altcoins using exchanges you are taking a great risk and if you keep your money in exchanges, you are on your own.

Secondly, he borrowed money to invest in cryptocurrency, that's wrong. You only invest what you have or what you can afford to lose. Techie is depressed and he feels hopeless because of pressure from his creditors and great disappointment. There has also been a high rate of suicide globally mainly caused by economic problems. Thank God he was rescued, all he needs is medical attention and financial assistance.

Use decentralized wallets, deal on only bitcoin, and invest only what you can afford to lose.

DiMarxist

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Investing, is something you think twice before going to invest, maybe he read some stories about crypto investment, or he was convinced by some persons,that why he take loan and even used his mother's pension indicates that he was promised a large return/profit from the investment.Without learning, or having any idea on bitcoin,he just jumped into bitcoin. Investment advice is always to invest what one can afford to lose, and it's never advisable for one to take loans to invest bitcoin because the risk factor is very high.Let us involve our selves in something we know in and out, or understand very well, know the risk that involves in it.Not some random project or random things we are being told by people.This is a great lesson for him and for the people around him and it's a lesson to lesson to learn from.

Cryptomiles1

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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 😭.

Majestic-milf

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Quote from: Similificator on April 09, 2023, 09:35:48 AM

Even I don't think I'd be able to have the courage to keep on living if I had made such a mistake. I wish he finds the strength to go on living

Such a sad situation for anyone to go through, more especially in a strident economy we've found ourselves in but just like the op advised in his closing line, it's best to invest in crypto with an amount one can afford to lose and it's quite a bold step from the dude by taking loans and also using his mother's pension and I believe he had lofty plans of doubling or probably tripling it, but then shit happens.
I also don't think taking his life was a good idea no matter how terrible the loss is because by doing that, he would have successfully attempted to putting his mum's life at risk because being left with such a trauma of losing her son and being left with loads of debt to pay can seize her life.
Sad, but always remember to either save your BTC in a cold storage or invest with a small amount.

gabbie2010

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It's obvious the guy invested in one of those pump and dump meme coin against a more trusted, reliable and widely accepted crypto such as Bitcoin, Ethereum, BNB and few others, honestly $36,600 is a massive investment in India to make matter worst he obtained some loans and pention from his parent, it's a pity that the failed investment had rekted the guy, however suicide isn't the last option when there is life there is hope the guy needed some counselling and encouragement and this is a wake up call to would-be investors to research very well or possibly invest in real and widely accepted crypto though the expected profit would not be massive however such investment is less risky and very reliable

Similificator

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This is really painful to read, sigh. I can only imagine the things that were and are still going through his mind right now. I bet he already racked up his brains hundreds if not thousands of times already just to find a solution or a way out of his mistake but just couldn't find any which has led him to his decision of unaliving himself. All those hopes and dreams that never happened and instead got replaced with unbearable feelings of guilt, regrets and so much more. Even I don't think I'd be able to have the courage to keep on living if I had made such a mistake. I wish he finds the strength to go on living. Sigh, such a young man. I hope this news would be spread more so that a lot of people would be able to learn from this guy's experience and be more careful with their investment plans.

GeorgeJohn

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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.

Nwada001

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I feel so sorry for the guy in the OP. I know how frustrating it is to lose something, especially when that thing does not belong to you alone. After thinking about the huge loss and calculating how to pay back those debts, there was possibly no way to do it, and the people whom the guy owes to whom he might have promised a huge return might be on his neck.

This will serve as a huge lesson to him, the people around him, and the readers of the story to be cautious of where they invest. Investment advice is always to invest what one can afford to lose, and it's never advisable for one to take another's fund to invest for them because the risk factor is very high. Places where investment by third parties is encouraged are if you own a standard investment company where your clients have to sign profit and risk management documents so that if anything were to happen to the capital, every party would know their responsibility.

It's always safer to invest in things that we are sure of and not just some random project or random things we are being told by influencers or so-called financial experts, because if we are to incur any form of loss, those people will not be held responsible.

concept2

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Quote from: Flexystar on April 09, 2023, 07:42:53 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 ..

Hearing about this young techie's bad luck with cryptocurrency is whack! But this should be a wakeup call to be hella cautious when investing in the crazy crypto world. You gotta have a solid plan and strategy before making any moves and only invest what you can afford to lose. Think of it like playing a sport, you gotta have a game plan and stick to it, yo!

Let's not be all negative, my fam. Instead, let's flip this script and get our investment hustle on. Why not link up with a crypto investment crew or chop it up with some other crypto fiends? Having a clique to bounce ideas off of and keep you motivated is key. And yo, who knows, you might even make some new fam in the process!

CryptSafe

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Quote from: Flexystar on April 09, 2023, 07:42:53 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 ..

I think he was not properly educated on blockchain and Crypto currency and how it works if not what he did would have been the last thought he would have had executing. Taking loan would not have been his resolution or alternative to investing in Crypto currency. It is either he was being too greedy or he was wrongly advised to the point of him going for such amount of money as a loan to invest in Crypto.

Secondly, looking at his frustration to the point of wanting to commit suicide shows he has no other sources of income to remedy the situation which he got himself into. This is why it is advised to have an alternative sources of income outside investment in Crypto so that you do not get taken unawares.

Lastly, going by his age and his current circumstances, that is a big thing to learn from that one should not go beyond his or her limit or point of elasticity.
This is a big lesson to learn from. Always do your own research before jumping in to anything.

Cantsay

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What sad news to read; the guy's family should be grateful that the suicide attempt was not a success.

For those who don't know how the market works or how to conduct proper research for a project whether should invest in it or not, it has been echoed several times that they should just stick to Bitcoin, buy Bitcoin, and hodl while they continue their learning process.

For the case of the guy in Op, I'm sure he got his investment idea from the internet probably from a blog site, an article, or a hype group because the fact that he went ahead to borrow loans and even used his mother's pension indicates that he was promised a large return/profit from the investment.
The whole crypto space is crawling with scammers who are now disguising themselves in different projects, with their major aim which is to gather the money of investors and disappear into thin air.

Flexystar

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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 ..

Topic: Invest your money wisely - another lesson, Techie tries to suicide. - page 6. (Read 775 times)