Definitely, a risky thing to do, especially if it's not your money to spend on. You need to make something happen if you are going to invest somebody else's money; that will be a heavy responsibility if you manage that always.
That's only three years? That money could be somebody's life savings and be worth a lot more.
It's like $1.6M per year for stealing money.
$5M/3 years = $1.66M per year
I don't think the people affected would be satisfied with that.
Topic: Trading not a get rich quick - page 10. (Read 1409 times)
This is another sadden story again about someone that just supposed not to trade crypto and meme stocks. Trading and investment is not a get rich quick. Meme stocks trading is like gambling. Coins like bitcoin may be promising, but what if you invested at $50000, bitcoin price now at $30000. Bitcoin will get to all-time-high but not good to use the money that is not yours.
As for trading, not that it is not a get rich quick, but you should use the money that you can afford to lose. The man may wanted to return that money, but crypto and meme stock trading landed him in prison.
Read further about it: Ex-CFO who stole $5M to trade crypto and ‘meme stocks’ gets 3 years in prison
With $50,000, you can invest in the top 10 coins listed on CoinMarketCap. While there may be losses initially, I believe that investing in these coins now can lead to profits in 3 to 5 years.As for trading, not that it is not a get rich quick, but you should use the money that you can afford to lose. The man may wanted to return that money, but crypto and meme stock trading landed him in prison.
Quote from: https://cointelegraph.com/news/ex-cfo-that-stole-5m-to-trade-crypto-and-meme-stocks-gets-3-years-prison
The former chief financial officer of a special purpose acquisition company (SPAC) was sentenced to three years in prison after embezzling $5 million, which he used to trade cryptocurrencies and “meme stocks.“
Read further about it: Ex-CFO who stole $5M to trade crypto and ‘meme stocks’ gets 3 years in prison
Investing in MEME coin may also be a quick way to generate profits if you have extensive knowledge and expertise. However, high returns always come with high risks.
Coins like bitcoin may be promising, but what if you invested at $50000, bitcoin price now at $30000.
That's the major reason why everyone who intends going into investment (whether crypto or any other offline business) should embark on research and feasibility studies before investing. This saves one the ache that may arise from investing blindly. No one should rely on others to do the research for them. Yes, there are investors who bought at $50k; even some bought at ATH of $68k+. These ones will be gnashing their teeth in regrets for buying that high. If they are new to this industry, they will probably be crying blue murder by now of how they were misled into Bitcoin investment. Again, we ought to know that no investment is risk free. This cuts across. Fortunately, one good thing about Bitcoin investment is that it surely recovers from whatever dip it encounters. Those who lose in Bitcoin investment are the impatient investors.
Man, you can't get rich quick. whatever you do in terms of work or tasks. Yes, if you engage in questionable behavior, then the situation is entirely different. Trading or investing is done to generate additional revenue that is modest but is generated consistently over an extended period of time. Someone who enters the cryptocurrency market with the intention of becoming wealthy in less than 48 hours must take significant risks and engage in gambling rather than trading. Trading is difficult, and in order to succeed, you must have a thorough understanding of the market.
For sure he just thought that it was easy to trade and just a single trade you will gain profit. He really make trading as a gambling and doing it without any knowledge of it. That is why no matter how much money you have in trading if you have no knowledge on it you will lose. Always learn first if you dont want to lose all of your money unless it was gambling that you are just basing on luck
In reality trading is not that easy and very complex to be sure,when trading and have no knowledge and skills then it is not recommended,
what you say is true because by learning it will help.
For sure he just thought that it was easy to trade and just a single trade you will gain profit. He really make trading as a gambling and doing it without any knowledge of it. That is why no matter how much money you have in trading if you have no knowledge on it you will lose. Always learn first if you dont want to lose all of your money unless it was gambling that you are just basing on luck
Trading is never a get rich scheme. Some traders get lucky to push little capital into massive funds doesn't mean it will happen more often and maybe that could have been the mindset that moved this fellow, feeling it is so easy turning such huge amount into massive funds. The fellow who risked such amount of money on crypto should even serve more jail terms, because investing a money that isn't yours in a highly volatile asset is equivalent to stealing from my own judgement. And now it is $30,000 and what if the owner of the money needs it for something urgent he/she will have to wait until the market pumps again which is really bad.
It is not about how lucky you are in trading, it is about how you are prepared in every scenario when you trade. Many traders believe that they can easily beat the market once they start making investment without knowing that the goal of the market is to extract money from the traders. Making money in trading is very hard because of the uncertainty, there are no perfect trading system that can help you to win 100% and for me it is the reason why it is uncertain to make money. All we need to do is to work hard, create a trading system that is suitable not only for our time but also to who we really are.If you think that you can easily beat the market and make consistent returns, you're in a wrong path because in order to become profitable you need to face the harsh reality that you need to consistently studying and analyzing a lot of charts to be familiarise to certain patterns and trading setups.
Trading is never a get rich scheme. Some traders get lucky to push little capital into massive funds doesn't mean it will happen more often and maybe that could have been the mindset that moved this fellow, feeling it is so easy turning such huge amount into massive funds. The fellow who risked such amount of money on crypto should even serve more jail terms, because investing a money that isn't yours in a highly volatile asset is equivalent to stealing from my own judgement. And now it is $30,000 and what if the owner of the money needs it for something urgent he/she will have to wait until the market pumps again which is really bad.
As for trading, not that it is not a get rich quick, but you should use the money that you can afford to lose. The man may wanted to return that money, but crypto and meme stock trading landed him in prison.
As a CFO your job is not really to invest the money of the company in stocks and cryptos. For that there is usually a chief investment officer (CIO) that has to trade within fixed guidelines with some form of oversight in place. The job of the CFO is rather that the company meets it's financial liabilities and following the regulatory requirements. The CFO clearly overstepped his boundaries and got punished for it. It doesn't matter that he wanted to repay the losses with future winnings, it's not how it works. Using the money that we can afford to lose is fine for a private person using his own money. But when you are using company money make sure that someone gave the okay for the trades. The CEO should have been involved in the decision making process to avoid any jail time.
Beginner mindset with trading is the best way get rich quick, its seems after seeing many people or trader earn much profit from trading and ask them how possibility earn or get rich quick with cryptocurrency trading? Right now we can't believing all about what trader showoff with their profit, its not instant and easy get rich quick in crypto trading because many experience trader ever on loss position. I think should change about beginner mindset when start trading is not way for faster to get rich. Need progress with long term how to research and analyze about trading exactly in cryptocurrency.
That’s crazy man, he is in for what he did and justice is served. Seriously some peeps have grand opportunities in life but they are screwing it up all the time. This is not just one example of it but there are many more on this forum. I’m seeing couple of threads every week where there are either stories regarding investors getting scammed, someone is using their mums pension money to trade, someone is went so far in loans that they had to suicide because they lost it all in the bear market.
I mean come on, this is highly volatile market and one should not be using money which is taken from lender on interest, or is a public fund or simply not your money.
What life that person could have enjoyed and look at the sad story now.
I better just save up from my salary, my other chores and keep the coins in cold storage. More than happy to wait for it to give me profits.
I mean come on, this is highly volatile market and one should not be using money which is taken from lender on interest, or is a public fund or simply not your money.
What life that person could have enjoyed and look at the sad story now.
I better just save up from my salary, my other chores and keep the coins in cold storage. More than happy to wait for it to give me profits.
This is very sad. People without counselors are bound to make mistakes that will alter the course of their lives forever. It was in this forum I read the story of an Indian who borrowed money to invest in a meme coin and it went down the drain and he was at the verge of ending his life.
You cannot learn crypto particularly Bitcoin in a vacuum. Or Rather, without knowledge you will be another statistics. While in prison, it will be enough time for him to study more about Bitcoin and trading. So this is a good thing for him.
You cannot learn crypto particularly Bitcoin in a vacuum. Or Rather, without knowledge you will be another statistics. While in prison, it will be enough time for him to study more about Bitcoin and trading. So this is a good thing for him.
No any business can get rich overnight. But we should know that capital is not lost. However, it takes time to bring the trading session under your control. Because if I am new I will never understand how to get profit from trading quickly. I always want to survive in the crypto market by using the best plan. You have to understand my talking so it will be helpful.
Quote from: https://cointelegraph.com/news/ex-cfo-that-stole-5m-to-trade-crypto-and-meme-stocks-gets-3-years-prison
The former chief financial officer of a special purpose acquisition company (SPAC) was sentenced to three years in prison after embezzling $5 million, which he used to trade cryptocurrencies and “meme stocks.“
That is what whales do. Even if he cannot do it, he should have asked for the help of the experts.
I cannot use such an amount and enter market and still depend on what happens on the screen. I must be among the manipulators. Then, I cannot use such a huge that is not mine to enter the market.
As for trading, not that it is not a get rich quick, but you should use the money that you can afford to lose.
Talking about schemes that make people rich overnight, some people who have never traded may consider and think that the moment the learn how to trade profitably that they will become rich overnight, I usually laugh at this very inexperienced thought because even many traders are not yet rich, so how will you a new trader become rich overnight. To become rich from trading requires consistent profit in the market, and consistent profit in the market means that you are really good in trading. To be good in trading is not sudden too, it requires a lot of experience and knowledge, that does not happen suddenly. Always try to tell people who think they can get rich from trading immediately that they are fantasizing.But let's not skip the good times! Trading's chock-full of heart-pounding hunts, revealing untapped gems, and laying down shrewd, well-versed bets on the market.
Indeed, every trade packs a risk punch, and success isn't a sure thing. Stay frosty, hit the books, and keep your discipline game strong, and you'll amplify your victory odds while savoring the ride.
Forget the speedy fortune fantasy. Zero in on forging a robust foundation of knowledge and street cred, and let the endgame speak for itself. Next thing you know, you might be chillin' on a crypto jackpot!
As for trading, not that it is not a get rich quick, but you should use the money that you can afford to lose. The man may wanted to return that money, but crypto and meme stock trading landed him in prison.
Read further about it: Ex-CFO who stole $5M to trade crypto and ‘meme stocks’ gets 3 years in prison
Quote from: https://cointelegraph.com/news/ex-cfo-that-stole-5m-to-trade-crypto-and-meme-stocks-gets-3-years-prison
The former chief financial officer of a special purpose acquisition company (SPAC) was sentenced to three years in prison after embezzling $5 million, which he used to trade cryptocurrencies and “meme stocks.“
Read further about it: Ex-CFO who stole $5M to trade crypto and ‘meme stocks’ gets 3 years in prison
Similar stories have appeared on the internet before, and many cryptocurrency websites include disclaimers about them. Despite this, many people continue to ignore the advice to never spend money you can't afford to lose in cryptocurrencies. One of the things that is motivating this insane act is the idea of being wealthy quickly. People who become victims of such have suffered numerous negative effects from this.
This is something that this forum constantly reiterates and is evident in a number of its boards. This will also serve as a warning to individuals who intend to join trading with borrowed money, saved money, or any other source of money that is not prepared to incur losses.
We might see more of these news when the bull run has come again. These people think that they can be better against the market and they're experts already that knows how to read the market.
Yes, they may have glance of the possible little future that they can foresee but then, no one's better against the market. I don't have idea where these people are getting their guts of trading with the use of others money.
I'm guessing that he's thinking that he can make money out of others money and return it without any problem but then, the worst has come to happen and he can't get out of it.
Yes, they may have glance of the possible little future that they can foresee but then, no one's better against the market. I don't have idea where these people are getting their guts of trading with the use of others money.
I'm guessing that he's thinking that he can make money out of others money and return it without any problem but then, the worst has come to happen and he can't get out of it.
Trading is not a get rich quick scheme, it's step by step and we ought to understand the market presently. I've gathered much experience as a trader over the years, so possessing the mindset of getting rich over night is absolutely not the aim, but gathered the fact that you're here to achieved your targets in the market. Newbies are the ones that generate the mindset of accumulating wralthyover night in trade, this is mostly caused by greed, watching your profits grow and refused to place withdraw because you think that one trade will give you millions which is totally wrong.
There are people who join crypto trading after hearing success stories. The thing they don't hear is the hard work behind those success stories. There are risks involved in trading and one have to fully understand these risks before investing in cryptocurrency. Every trading can go in both direction i.e. profit or loss and it all depends how consistent you are and strategies you are adopting. Being Newbie is not a criterion that you will face loss but if you don't have any prior experience and you are jumping with huge capital then there are chances that you will face a loss.
One common mistake is that they disregard the risk and due to excitement after hearing about success stories, they invest the money that they can't afford to lose. Success stories about trading should inspire us but that doesn't mean that we should ignore the possible risks of losing. Some people tend to have the wrong mindset toward crypto trading believing that they could have the same fate as others. Trading is a long process of learning and it will never make us rich in an instance.
This is another sadden story again about someone that just supposed not to trade crypto and meme stocks. Trading and investment is not a get rich quick. Meme stocks trading is like gambling. Coins like bitcoin may be promising, but what if you invested at $50000, bitcoin price now at $30000. Bitcoin will get to all-time-high but not good to use the money that is not yours.
As for trading, not that it is not a get rich quick, but you should use the money that you can afford to lose. The man may wanted to return that money, but crypto and meme stock trading landed him in prison.
Read further about it: Ex-CFO who stole $5M to trade crypto and ‘meme stocks’ gets 3 years in prison
As for trading, not that it is not a get rich quick, but you should use the money that you can afford to lose. The man may wanted to return that money, but crypto and meme stock trading landed him in prison.
Quote from: https://cointelegraph.com/news/ex-cfo-that-stole-5m-to-trade-crypto-and-meme-stocks-gets-3-years-prison
The former chief financial officer of a special purpose acquisition company (SPAC) was sentenced to three years in prison after embezzling $5 million, which he used to trade cryptocurrencies and “meme stocks.“
Read further about it: Ex-CFO who stole $5M to trade crypto and ‘meme stocks’ gets 3 years in prison
When someone is well-knowledgeable about the cryptocurrency industry, they will never view it as a means of making quick money by investing huge amounts of money they cannot afford to lose there.If I may say so, its lack of trading knowledge that causes the man to lose that huge money so quickly.
I believe this will be a good example to some people that risk too much in the crypto industry by investing in some set of altcoins with aim of making it quickly. Let just know that altcoins doesn't look promising like Bitcoin and investing in altcoins are just likily like gambling and that is the reason why we are advice to shun altcoins. If the man have traded Bitcoin I don't think it will be worse for him like this.
Trading is not a get rich quick scheme, it's step by step and we ought to understand the market presently. I've gathered much experience as a trader over the years, so possessing the mindset of getting rich over night is absolutely not the aim, but gathered the fact that you're here to achieved your targets in the market. Newbies are the ones that generate the mindset of accumulating wralthyover night in trade, this is mostly caused by greed, watching your profits grow and refused to place withdraw because you think that one trade will give you millions which is totally wrong.
There are people who join crypto trading after hearing success stories. The thing they don't hear is the hard work behind those success stories. There are risks involved in trading and one have to fully understand these risks before investing in cryptocurrency. Every trading can go in both direction i.e. profit or loss and it all depends how consistent you are and strategies you are adopting. Being Newbie is not a criteria that you will face loss but if you don't have any prior experience and you are jumping with huge capital then there are chances that you will face a loss.
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