Topic: Trading not a get rich quick - page 12. (Read 1409 times)
Man you can’t become rich overnight. No matter what task or work you do. Yes if you do something shady than that’s a complete different scenario. Investment or trading is done in order to earn extra income which is less but is earned frequently for a consecutive period of time. If someone is getting in crypto trading in the hope of getting rich in 48 hours or so, then he have to take high risks and gamble instead of trading. Trading is not easy and in order to make profits, you need to understand the market completely.
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.
There are some new traders who decide to trade by selling their much needed assets. I think it is a completely wrong decision.
- Well, this is really sad news. Because 5M$ amount is not a trivial amount that can be easily earned in this day and age.
Talking about large sums of money that can be moved and stolen is a big challenge for every individual like what happened in FTX that everyone knows that the funds of the users of the exchange were used almost like there is no difference here.
Hard-earnings are really necessary here in cryptocurrency because there is really no shortcut to get rich here.
Talking about large sums of money that can be moved and stolen is a big challenge for every individual like what happened in FTX that everyone knows that the funds of the users of the exchange were used almost like there is no difference here.
Hard-earnings are really necessary here in cryptocurrency because there is really no shortcut to get rich here.
If he was a CFO at a SPAC, then they have committed a fraud. Point is that such people are just a popular name and therefore the news becomes so popular but this is common among many small cap crypto investors starting off their journey with shiny memecoins and shitcoins without thinking of checking their charts.
Previous memecoins have performed poorly and still going go with their owners attempting to keep their ships afloat. This is not understood by many such investors but they want the quick sell off at profit and exit. But that at one point due to sheer bad luck does not work out as intended.
It is a lesson if someone understands this, most of the memecoin lovers are in denial which is only because they are seeing a part of the cycle which has been running since many years.
Previous memecoins have performed poorly and still going go with their owners attempting to keep their ships afloat. This is not understood by many such investors but they want the quick sell off at profit and exit. But that at one point due to sheer bad luck does not work out as intended.
It is a lesson if someone understands this, most of the memecoin lovers are in denial which is only because they are seeing a part of the cycle which has been running since many years.
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
It is all about maintaining greed and the fear. If you can balance those two options, you can get rich quickly. Also, there will be multiple options to get some profits rather than trading.
1. Testnet Airdrops
2. Ask Me Anything (AMA)
3. Mainnet Airdrops
4. buy and sell NFT
5. Community management
The bad message of this story to everyone who will read it is that crime actually pays off - because just three years in prison (is it real prison or probation?) sends a message to everyone else with similar intentions. In the worst case, the "criminal" will be released when he has served 2/3 of his sentence, and maybe even before.
Shall we bet that he will repeat the same thing as soon as he gets another chance?
Shall we bet that he will repeat the same thing as soon as he gets another chance?
Its really frustrating to see a lot of users who aim to use other people money to trade and then loses it.
If you are trading on behalf of other people because they don't know how to trade cryptocurrencies, you are doing something really stupid and risky.I don't need to know how good or bad your trading skills are and what is your experience with cryptocurrency trading but trading on behalf of others will contain more pressure than trading for yourself with your capital.
Because the others don't have knowledge, don't understand about this market, they will feel panic when they read news by chance, and they will call you to ask why it happened, is it safe to continue owning cryptocurrency, should they exit this market and more funny but headache questions for you. I am sure you won't want to take risk and pressure like that.
Just like the big Firms. Not to mentioned FTX founder, who uses funds of their exchange. Its really frustrating to see a lot of users who aim to use other people money to trade and then loses it. This is fine if he is using a legal way like lend the money and pay the interest from what he borrow cause its working on defi products where users borrowed funds but with collateral. This is one way to do it in a proper way. But others who uses a trick method or power will definitely go to prison. But does they really go there? Sam didnt go there and has backdoor out from this mess.
Read further about it: Ex-CFO who stole $5M to trade crypto and ‘meme stocks’ gets 3 years in prison
It is another story to warn people about risk of storing their cryptocurrencies in online accounts.From FTX & their CEO SBF, Three Arrows Capitals, etc. and some recent collapsed banks, we see that we can not trust any company which holds customer funds and how they use those funds. We don't know their activities are good enough to keep their companies and our money safely enough.
That CFO is bad because stealing customer fund to trade but even if they don't steal our money but like collapsed banks, they failed to manage risk and we at the end have to bear losses from their bad management.
Reminder: do not keep your money in online accounts
This story, will actually serve as an example, to all others out there who loots money from public organizations for personal reasons. I guess his attempt to return the money was not enough which landed him in prison.it's a cautionary tale about the importance of being responsible when investing or trading.
Even with the best intentions, Using money that is not your is the worst idea, when it comes to investing in cryptocurrency And can result to serious legal consequences.
We should all have it in mind that Investing in Bitcoin it's a game of luck and the market is volatile but this guy actually ran out of luck.
Even with the best intentions, Using money that is not your is the worst idea, when it comes to investing in cryptocurrency And can result to serious legal consequences.
We should all have it in mind that Investing in Bitcoin it's a game of luck and the market is volatile but this guy actually ran out of luck.
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
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