Stupid money

[Existence]

One guy wrote a post on the Internet. He invested in an ICO and did not know what to tell his wife because the money he invested were borrowed from a bank and the ICO failed. Nobody wants those tokens anymore. So, what should this guy do now, in your opinion?

     When we were launching an ICO I spoke to almost all of our investors. Not with all of them but with the majority. My message was simple – you should invest the amount of money you are willing to lose. I kept saying this over and over again. I even refused some of the potential investors. Not many, but still I turned two or three of them down. It was not about ethics. It was not about morality. It was not about reputation.

The thing is that one of my businesses is a detective agency. Thus, I saw many malicious fraud cases. People say a project will be a success and then some force majeure happens. This is when infuriated investors hire detectives to find the fraudsters. We conduct a thorough investigation on the case and see that no one actually intended to cheat at first. It just happened.They just did not calculate their own strength. Did not foresee all the possible outcomes. In fact, willful fraud cases are not as common as single cases of stupidity. But the outcome is always the same – court cases initiated by the investors and jail for the stupid entrepreneur.

Some people wrongly assume that it is possible to flee – there were cases when we had been searching for 2 years but managed to find people in the end. Whatever large amount of investments a person gets, they will lose it in a couple of years if they have no experience of managing such sums. Moreover, they will end up in a much worse situation than they were before. 

Knowing all this, I have decided to work only with those investors who were ready to lose money. Even though my thoughts are unlikely to be heard, I highly recommend that all ICOs adopt this policy. We all play a very high-risk game: 9 projects out of 10 fail after collecting money. Different people, including ones like the guy I was talking about, invest into projects; they invest money borrowed from banks. These people are stupid. They are not ready to be investors. The ICO team has to explain that investing is out of their league. Maybe they are just not suited for this.

However, ICOs do not do this. As a result, after crying his eyes out, our guy will get angry and file a report to the police to initiate criminal proceedings against the ICO team. The team will have many unpleasant years ahead.

So maybe it is reasonable to prevent such situations? Maybe saying ‘guys, we can fail’ at the beginning makes perfect sense? ‘Investing credit money in an ICO is a bad idea and this is why we refuse you’?

[bloodnemo]

Absolutely agree! There is nothing good from stupid money!

[Tone147]

It is a pity that people often see profits but ignore risks.
Because crypto money markets are risky, it makes no sense that you shouldn't invest too much money.

[ThunderFive]

One guy wrote a post on the Internet. He invested in an ICO and did not know what to tell his wife because the money he invested were borrowed from a bank and the ICO failed. Nobody wants those tokens anymore. So, what should this guy do now, in your opinion?

He should find a part-time job besides his main job to make enough money to pay the loan. Before his wife gets crazy and kicks his ass out of the house. And better get out of the crypto world, and never forget about his stupid investment in ICO, this is a good experience for his life later.

[Achargeturry78]

That is a foolish thing to do. Investing money borrowed from the bank? If you invest on such an ICO. You must be cautious on that action. Investing in an ICO is risky. You must invest what you want to lose. I totally agree on you sir. That was really a foolish thing. I feel bad for his wife. He should really find a decent job. Work hard for a day to pay for those debt on that bank.

[zhengqiurong2@163.com]

I think that many people now invest in ICOs without rationality. They don't have the knowledge to invest. So I think it is necessary to carry out some investment education now. Every investor needs to understand what they are doing before investing.

[scoobidoobydu]

You are right about investing what you can afford to loose in cryptos. I am totally agree.
I have 1 question: you were saying that you refuse to sell to some investors in your ICO, I dont understand this, since all the investors are equal in the ICO, how come you just refuse some ? and accept some ?

[Toris50]

I think to invest money borrow from the bank is foolish thing to do. Investing money borrowed from the bank? If you invest on such an ICO. You must be cautious on that action. Investing in an ICO is risky. You must invest what you want to lose. I totally agree on you sir. That was really a foolish thing. I feel bad for his wife. He should really find a decent job. Work hard for a day to pay for those debt on that bank.

[Existence]

You are right about investing what you can afford to loose in cryptos. I am totally agree.
I have 1 question: you were saying that you refuse to sell to some investors in your ICO, I dont understand this, since all the investors are equal in the ICO, how come you just refuse some ? and accept some ?

I spoke with everybody via email. It was difficult, but necessary

[maxwellfreeman]

Great insight here, thanks for sharing.

It's really hard to start a successful company, statistically speaking.

It's even harder to launch a tech company, and that's what cryptocurrencies are at their core.

Then you factor in what happens when people see mass sums of money they've never seen before, and are expected to allocate it correctly, with team members.

That's just plain difficult, unless you've done it before, or you understand what it takes to become competent in new fields and handle that pressure.

Thought-provoking, thanks again, this is something to chew on.

[Ciucas]

Yes, it's a good message that you are sending- never invest what you can't afford to lose. But people will still do this kind of risky moves, with the hopes that they will get rich.

[PatStyle88]

Why do people invest money they do not have? Investing for me means to increase my own money and not to lend me money.

[Lerikaweb]

Most people think that crypto-related projects are about easy gains. As for me, investing borrowed money in an ICO is the top idiotism! I think that people must learn more about blockchain and its logic, about how to find a project and so on.

[Queen12]

In fact, there are many such people, people only see the immediate profits, they are eager to change the current state of life, so they choose to borrow money, but this is not a reasonable way.

[BTCITA187]

Most people think that crypto-related projects are about easy gains. As for me, investing borrowed money in an ICO is the top idiotism! I think that people must learn more about blockchain and its logic, about how to find a project and so on.

This is not idiotism this is suicide. If you're borrow money and invest them to the ICO you should be ready to lose ALL your money! After that you need to take money cause if you won't do this bank will take your property. If you're investing your money all that you can lose is 100% but if you're borrow money you'll lose more than 100% .
I think when you're investing to the crypto you should remember one rule - no loans! This is rule number one.
thank for sharing this history. Unfortunately this is not just one story, there are a lot of stories like this on the market.

[Marbela2018]

One guy wrote a post on the Internet. He invested in an ICO and did not know what to tell his wife because the money he invested were borrowed from a bank and the ICO failed. Nobody wants those tokens anymore. So, what should this guy do now, in your opinion?

     When we were launching an ICO I spoke to almost all of our investors. Not with all of them but with the majority. My message was simple – you should invest the amount of money you are willing to lose. I kept saying this over and over again. I even refused some of the potential investors. Not many, but still I turned two or three of them down. It was not about ethics. It was not about morality. It was not about reputation.

The thing is that one of my businesses is a detective agency. Thus, I saw many malicious fraud cases. People say a project will be a success and then some force majeure happens. This is when infuriated investors hire detectives to find the fraudsters. We conduct a thorough investigation on the case and see that no one actually intended to cheat at first. It just happened.They just did not calculate their own strength. Did not foresee all the possible outcomes. In fact, willful fraud cases are not as common as single cases of stupidity. But the outcome is always the same – court cases initiated by the investors and jail for the stupid entrepreneur.

Some people wrongly assume that it is possible to flee – there were cases when we had been searching for 2 years but managed to find people in the end. Whatever large amount of investments a person gets, they will lose it in a couple of years if they have no experience of managing such sums. Moreover, they will end up in a much worse situation than they were before.  

Knowing all this, I have decided to work only with those investors who were ready to lose money. Even though my thoughts are unlikely to be heard, I highly recommend that all ICOs adopt this policy. We all play a very high-risk game: 9 projects out of 10 fail after collecting money. Different people, including ones like the guy I was talking about, invest into projects; they invest money borrowed from banks. These people are stupid. They are not ready to be investors. The ICO team has to explain that investing is out of their league. Maybe they are just not suited for this.

However, ICOs do not do this. As a result, after crying his eyes out, our guy will get angry and file a report to the police to initiate criminal proceedings against the ICO team. The team will have many unpleasant years ahead.

So maybe it is reasonable to prevent such situations? Maybe saying ‘guys, we can fail’ at the beginning makes perfect sense? ‘Investing credit money in an ICO is a bad idea and this is why we refuse you’?

Nothing useful from a stupid money, all you will get is a prolonged nightmare. I try to hold my emotions to invest only in the crypto world only from 10 percent maximum of my cold money. And I will not be poor if my investment is not as expected, of course I will hodl for a long period of time with no regard for its volatility.

[success65]

Great story . it's a pity that not everyone is so lucky . I for example spend my time and there are no such results )))

[soooulliv77]

Such situations will continue to happen and nothing can be done about it. There will always be scammers, you have to learn how to analyze projects yourself.

[trishacole]

This is not idiotism this is suicide. If you're borrow money and invest them to the ICO you should be ready to lose ALL your money! After that you need to take money cause if you won't do this bank will take your property. If you're investing your money all that you can lose is 100% but if you're borrow money you'll lose more than 100% .
I think when you're investing to the crypto you should remember one rule - no loans! This is rule number one.
thank for sharing this history. Unfortunately this is not just one story, there are a lot of stories like this on the market.

[mobilezz]

Let the job seek a second or third and the family saves from the creditors. There is no way out, did the business answer for it.