Indian btc traders suicide paying off senior cop for investment made during ATH

[rdbase]

An Indian Bitcoin Trader Hangs Himself, Blames Senior Cop in Suicide Note

Here is an excerpt from the article to grasp what kind of pressure he was in to come up with these two brothers bitcoin investments:

"In a suicide note, Patel explained that he had invested money belonging to the two brothers in bitcoin. Allegedly the senior police officer had invested an amount worth five bitcoins at an unspecified time. But following a decline in the price, the two brothers now wanted a little over 11 bitcoins as compensation..

SENIOR COP WAS DEMANDING A LEG AND AN ARM

Patel did not disclose the exact time the investment was made. But the brothers’ demands could suggest that the investment was made when prices were higher than now. The two brothers are seeking more than double the bitcoins they had invested in as compensation.

At the current prices, the 11.575 bitcoins that the two brothers are demanding are worth around $92,000.

Per Patel’s wife, Usha, the bitcoin trader had tried to convince the two brothers to accept payment in installments. However, they insisted on a lump sum payment. The two brothers were also demanding that interest be paid on the principal amount that they had invested. The suicide note did not reveal the rate."

source https://www.ccn.com/indian-bitcoin-trader-hangs-himself-blames-senior-indian-cop-in-suicide-note


An older story from 2014 before the sudden increase of these exchanges
Bitcoin Exchange CEO Commits Suicide - Cue The Conspiracy Theories
https://youtu.be/42-OkuB-Mzg

Very tragic endings for those not knowing what they are getting into as it can be a catalyst just as money could for these random acts of violence towards ones self.

[Shova]

It's sad to see people blindly believing in something and giving up their life savings in hope for a get rich quick dream.
Bitcoin and crypto are a great technology, no doubt on that. But the economic part of them is highly manipulated and unregulated.
Though it can yield you very high profit, they can also be valueless in the future. So, diversifying the investment is key to not getting killed by ownself.

[KennyR]

This mistake will be done by most users, when things don't go as we predict it is not that easy to compensate the loss. One who have understood better about the market will never get onto such complications. Already India hasn't provided legal note for bitcoin usage, such incidents will once again make the policies completely restrict the usage stating it leads to crime.

[mindrust]

1st rule of crypto investing is: Never go all in.
2nd rule of crypto investing is: Never use somebody else's money. (banks are included.)

In his situation, he violated the second rule and the person he borrowed from wasn't just a random Joe. He was a fckn cop. Would the cop give him a medal for making him money? Probably no. Then why the fuck did he use his money?

Looks like he thought hanging himself as a better idea than getting shot by the police. At least he made the right choice in the end.

[Ailmand]

That was tragic and I feel sad for the trader but he made a mistake as well. We shouldn't expect too much out of cryptocurrency as an investment. It's volatile and not always going upwards. He shouldn't invest the money of others especially if they know nothing about the risk of investing in crypto or he should let them know about it upon investing. People who want to get rich fast through cryptocurrency has their own mentality and we shouldn't get involved in their investment.

[||bit]

I am done getting sad about this kind of people.

They are borrowing money for bitcoin to go all in! I mean, this is basically gambling with debt, i can't all-in into crypto even with my money and they are borrowing money for it and not even from a bank or a financial institute. Yeah maybe you can win once or twice but at the end, you will end up with a debt you can't repay. The result is he killed himself tragic but i am not feeling anything.

[dothebeats]

That's why one should never do monetary favors for other people, especially if include a high amount of money being handled by someone in assumption of getting the principal some profits over time. If Patel was a registered broker/trader, he can do that without any complications and legal issues should the money be lost, but no. They did this with no clear terms leading to the two brothers asking for a ridiculous amount of sum in return. It was the man's fault all along, and if he knows that he can't repay it, might as well not take it.

[pundit]

That senior cop and his brother need to bring to justice. They have forced someone to commit suicide. I am sure the deceased businessman must have told them about the risk in BTC investment. If BTC price slipped down how can he be kept accountable for that unless he has assured them of some fixed return. Published news signifies that demand put by cop and his brother was in genuine, both of them must have harassed that businessman which ultimately forced him to take this extreme step. One should avoid investment from such people who can misuse their power.

[Genemind]

Another sad news because of investment failure.
We should keep ourselves away from people who only aim to gain a huge profit without knowing how bitcoin works.
If they would only know that there is always a perfect timing and they could never get rich instantly, they will surely regret forcing a poor businessman to commit suicide.

[batang_bitcoin]

So sad and tragic. This is very alarming, I hope that there will be no more incidents like this in the future.  
They don't understand what volatility means so they ask for compensation that it's impossible for him to sustain. Bitcoin doesn't grow like that and don't ever invest the money that you don't own or don't get into an agreement that you understand which is hard to fulfill.

[niisarearning]

An Indian Bitcoin Trader Hangs Himself, Blames Senior Cop in Suicide Note

Here is an excerpt from the article to grasp what kind of pressure he was in to come up with these two brothers bitcoin investments:

"In a suicide note, Patel explained that he had invested money belonging to the two brothers in bitcoin. Allegedly the senior police officer had invested an amount worth five bitcoins at an unspecified time. But following a decline in the price, the two brothers now wanted a little over 11 bitcoins as compensation..

SENIOR COP WAS DEMANDING A LEG AND AN ARM

Patel did not disclose the exact time the investment was made. But the brothers’ demands could suggest that the investment was made when prices were higher than now. The two brothers are seeking more than double the bitcoins they had invested in as compensation.

At the current prices, the 11.575 bitcoins that the two brothers are demanding are worth around $92,000.

Per Patel’s wife, Usha, the bitcoin trader had tried to convince the two brothers to accept payment in installments. However, they insisted on a lump sum payment. The two brothers were also demanding that interest be paid on the principal amount that they had invested. The suicide note did not reveal the rate."

source https://www.ccn.com/indian-bitcoin-trader-hangs-himself-blames-senior-indian-cop-in-suicide-note


An older story from 2014 before the sudden increase of these exchanges
Bitcoin Exchange CEO Commits Suicide - Cue The Conspiracy Theories
https://youtu.be/42-OkuB-Mzg

Very tragic endings for those not knowing what they are getting into as it can be a catalyst just as money could for these random acts of violence towards ones self.

It’s sad news but even more farmers are commuting suicide every day for not getting profit even equity and commodity traders suicide rate is increasing . But this bitcoin related suicide really making huge sound from morning. People are very eager to attach bitcoin with negative news.

[rdbase]

That senior cop and his brother need to bring to justice. They have forced someone to commit suicide. I am sure the deceased businessman must have told them about the risk in BTC investment. If BTC price slipped down how can he be kept accountable for that unless he has assured them of some fixed return. Published news signifies that demand put by cop and his brother was in genuine, both of them must have harassed that businessman which ultimately forced him to take this extreme step. One should avoid investment from such people who can misuse their power.

They should be brought up on charges for harassment. Nobody should be above the law especially those who there to uphold it.
But I have heard of many dirty senior cops at the head of their department which allows them to get away with things which are against the law including threatening people like the mafia does if you dont pay back on things such as this.

[avikz]

I am really sorry to hear such a tragic end of a  bitcoin trader. That's the reason why it's always safer not to pitch cryptocurrency investment to anyone at all! Mr. Patel did the same to a POLICE officer of DSP rank! That's a grave mistake that he had to realize with his life!

In India, it is always better not to talk about cryptocurrencies openly because majority of Indians look at it in a wrong way due to lack of knowledge and technical understanding! It always better to keep certain things under the hood! May his soul rest in peace!

[BlackFor3st]

It is not clearly stated whether they have some agreement to their investment like a legal paper or something as that amount is not a joke especially if you will be left hanging because of the market condition.

There is a big chance that they bought bitcoin in higher price before and his problem was starting to emerge as the market condition continues to goes down. Although it solves his problem but it is not a good trade knowing that he lost his life in exchange of the amount that he owes.

[pooya87]

that is what happens when people are blinded by greed and want to jump in head first without first using their heads and thinking. not to mention that entering something that you are new to and have no prior experience in is already bad enough, it is like not knowing how to swim but jump in the ocean during a storm and want to swim across it!

[Kemarit]

Yeah, this is a tragic ending indeed. And I'm sorry to hear such story specially someone's taking their lives about a harassment of people who should be protecting us. Maybe he was really fed up with the everyday harassment and one way to end everything is to take his life. And I do hope that the senior cop and his brother be put to jail for this.