Topic: Trader took his own life after the recent huge dump - page 4. (Read 889 times)

It's as good as it is before we really dive into the world of crypto, we must first learn about all things related to crypto. Therefore I always say
in this forum, education is the most important, because it will make people understand more when they decide to use their money to buy Bitcoin
or altcoins. I think that people's decision to commit suicide is a very big decision, I also believe the factor he did this was not only because of
the market dump. But there are other factors that ultimately make the problems he is facing feel very hard to deal with. Therefore, if we experience
a serious problem, we must tell it to people we can trust, don't force it to be resolved by ourselves. Because sometimes we need other people
to alleviate every problem we face.

Well, if you will first understand how bitcoin investment works, you will never commit suicide because you know that time will come bitcoin price will go up to the reason that there are still institutional investors who still invested bitcoin during this recent dump. If you are a holder, you should know that from time to time bitcoin price crashes at any time. This is the same on gambling addiction and I thought, this was only on gambling activity that happened. They are weak people who easily thought that investing in bitcoin is just easy to make money, they never think of the risk that a part of it. Well, perhaps not only because there is a recent huge dump he took his life, but there is also a possible reason behind the scene.

Due to lack knowledge and a mix of greediness then these are casual mistakes that noobs or even experienced ones would able to commit.We should not invest on the amount we can afford to lose.

You would really be ending up on having big problem once the market would turn against on what you do predict.Always consider the risk and put up good management into your finances.

Its sad to look that there are people whom cant able to handle out their emotions and ending up their own lives because of big debt or loss of money.

I have read the unfortunate story. Unfortunate because the trader took his life by him self but not because he did the right thing to take his life or to open a leverage account. Leverage trade isn't a crime actually but the incident now rings it more to traders on the need to be careful about leveraging or high leverage. I'm also thinking the user used a very high leverage which is why his account burnt out fast.

Now from the story, to me why reading, I saw it was like it was the fault of Binance that someone who couldn't manage his emotion and account could blame Binance for his high unguided risk appetite. That particular line is on quote below.


Analysis time from the quote above

1. He opened a leveraged position:Response ,  because of his greedy appetite for quick profit.

2.Unfortunately had his entire account liquidated: Response , the usual result of leverage trading if not guided. So his wasn't or wouldn't be the first nor last because more traders will keep using high leverage.

3. Liquidated by Binance when he was unable to login: Response, it would have happened by any other trading platform if you don't guide your trade , it wasn't just about Binance but the attitude of the trader. He wanted profit but wasn't thinking anything could go wrong with the trade.

4. Unable to login to close his position: Response , he didn't need to rush to login in if he did the right thing by using MM (Money Management). MM is also good incase network goes bad. The user may not have found it easy in login because of network challenges.

This is unfortunate because of the death but we need to learn the mistakes and it is a saying that a wise person learns from others mistake.

Some lost a very huge amount of money because bitcoin collapsed and it fell like a rock wherein no one really expecting it would be like this.. So for me its not surprising if there's someone become depressed because of the results right now of bitcoin. Especially if they expecting a masive return because it breaks all the resistance and make new ATH, without knowing suddenly it turns like this immediately..

That is the issue with the people always they are investing more money than what they can afford to lose it, I don't know how they are confident of making profits for sure when they are taking such decisions but as a trader or investor they always need to have a second plan if their plan didn't work well as they have planned.

Save a life by investing smartly, don't take life-risking decision anymore.

Alot of people got their accounts liquidated. And its sad to hear of a few that took their lives. Its like the story of that kid last year that committed suicude due to Robinhoods bad option info. He entered some options strangle trade. Where he was long and short at the same time but for some reason it showed that he was negative half a million dollars. And instead of contacting support he got depressed and took his life and his parents are suing Robinhood right now.

Basically it was nothing but a visual error with the way how buggy the software is, he never owed that much money. He might of been in profit even. However I guess he didn't have experience and knew exactly how it worked and assumed he lost all that money. Even if he lost all that money, he could of just declared bankrupcy which would of been better than taking his life.

This is why we need to educate ourselves first, avoid being too emotional in the market because its very volatile and trader have to practice trading based on his own analysis and not because of his emption. We heard so many sad stories before, and I don’t want this sad things to happen to my friends that’s why I keep telling them to trade with extra money only and I stop them from being greedy as well, and always trade responsibly.

This is not a first time we have heard about this kind of suicide because trading. My condolance for his family.
The reason was because he was trade with leverage, which can make your investment down so deep just because the dump which actually not too huge, but it can make you bigger profit too if it's get pump. As we noticed, the price was pumped from $30k to $40k, but now it's down again.

Crypto is very volatile, never ever think you can invest with loan money or your daily expense money, soon you will regret arter doing that

And that he was wrong. We know the risk in trading, we know that we can't find 100% assurance of market returns. He supposedly thinks that thing before. Too hard to imagine a person doing like this and one common reason is that they can't take the stress anymore leading to suicide.

Or what if that money is coming from a loan and he can't pay anymore makes him decide to take his life. What makes it difficult into his situation is that he never tells what he feels.

It is really sad to hear stuff like this. I hope stuff like this don't happen anymore. Please people learn from other people mistakes and invest only what are you comfortable to lose.

True.

There are investors and traders that cannot take the emotional hit whenever the market goes the opposite that they are. If it's related to money then it could be his dream and goal to change his life forever.

But within just a flash of a moment, those were gone and he finds no hope on it.

We can't really understand the real scenario as we don't know how much he struggles, and his emotional stress.

Maybe he sees the crypto as his last hope for success, hoping, wishing, and putting it all in it.

Rest In Peace

This is very sad news to hear. I sometimes feel so angry at the people who manipulate the market in such a manner knowing that many people will go liquidated and might lose their life savings. Everyone knows that these types of manipulations are very carefully crafted by the whales and they knowingly liquidate a certain set of people but what they forget while earning money is that this dump might have caused the deaths of so many people. This is just one story. But yes all of the remaining folks should take a great lesson from here. Exchanges are manipulative and they are the main people involved with these whales. You are trying to earn money by trading on their exchange and you have to win against them only so make sure you are always extra cautious. Also as I always say stop losses fed into the system should be a necessary thing that every trader should do. It's okay having lost an opportunity than to lose your entire capital.

Same old stories where people put everything in one basket and when the market crashes, they’ll lose everything, I feel sad every time I hear this kind of story as well, I can’t imagine spending much money in trading that will just lose within a day. This is a big mistake that we should avoid all the time, don’t lose hope and don’t ever take your own life just because of money because you can always earn that.

The bull market is a stimulus to buy more tokens at high prices, eyes always twinkling on profits and daily encouragements about the next price levels to be reached, an enchanting picture is drawn and has made many people fall quickly into cold ice tunnels, instead of trying to adjust the opportunity in the first small dumping, they are constantly trying to stick to the fundamental recovery. A few days after the imbalance activates, their account also activates self-destruct process, quite painful for the too narrow and immature views from quite a few young investors

Not sure whether it is true or not but it is really sad when you lose all of your balance in just a blink of an eye. I have been a trader for many years and I did encounter 2 times when I lost all of your money because of reckless enter a trade without consider the risk I might take,

Honestly, I do not want this information to be true. It is painful even to an experienced trading like me. This bullrun drives the world crazy in various sides. I just try to not be engrossed in because I know once I lose the control, I will lose everything

I have read this story because it was shared by my friends on social media and I think that what he did at the time was a bit dumb because he put everything all in in that leverage but considering that he went to go to this length meant that it left a drastic effect on him and left him with no hope. Condolences to the ones he left behind.

Margin trading can lead to the liquidation of the balance and as a result, the trader can get a lot of stress, which can lead to rash actions. But those traders who trade on the spot market are also subject to stress when they see that the value of an asset falls in terms of the dollar and consider the lost profit as a loss.

We shouldnt really risk out the amount that we cant afford to lose and its really a bad idea to bet your life savings into a market which is way too volatile.

You would really be boggled up with pressure and emotion and asking out on where you should begin after you had been liquidated.

Its sad to hear and read up these kind of stories into those traders or investors who had been wiped in the market due to extreme volatility.
This is one of the possible scenario for someone who dont mind up about financial management.