Invest your money wisely - another lesson, Techie tries to suicide.

[Flexystar]

This news is from the IT Hub of India, that is Kolkata. The Techie who is just 23 years old had invested a big amount of money in the Crypto space. The investment when asked him was around INR 30 lakh ~ $ 36,600 in US dollars. That is a definitely huge amount considering his age and country of residence. Even in America, 36K USD is pretty handsome money and you can do many things with it.

So the gravity of this can be sensed easily.

He was saved by the Cops after a local Cab driver alerted the police and the response team was at the incident quickly.

He was trying to jump from the largest bridge on the river named "Hooghly" to end his life.

The investment was not his alone but he collected the money from various sources. He took loans and also was using the pension from his mother. Definitely, he had no plans and no idea what he was doing.

Just save up your bitcoins in cold storage, only buy what you can afford to lose and most importantly don't fall for the traps of crypto space.
Bitcoin is the only savior in crypto and if you own the keys, you win the market.

Read the news here:Techie loses Rs 30 lakh in crypto market, tries to jump off  ..

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[Cantsay]

What sad news to read; the guy's family should be grateful that the suicide attempt was not a success.

For those who don't know how the market works or how to conduct proper research for a project whether should invest in it or not, it has been echoed several times that they should just stick to Bitcoin, buy Bitcoin, and hodl while they continue their learning process.

For the case of the guy in Op, I'm sure he got his investment idea from the internet probably from a blog site, an article, or a hype group because the fact that he went ahead to borrow loans and even used his mother's pension indicates that he was promised a large return/profit from the investment.
The whole crypto space is crawling with scammers who are now disguising themselves in different projects, with their major aim which is to gather the money of investors and disappear into thin air.

[CryptSafe]

This news is from the IT Hub of India, that is Kolkata. The Techie who is just 23 years old had invested a big amount of money in the Crypto space. The investment when asked him was around INR 30 lakh ~ $ 36,600 in US dollars. That is a definitely huge amount considering his age and country of residence. Even in America, 36K USD is pretty handsome money and you can do many things with it.
So the gravity of this can be sensed easily.
He was saved by the Cops after a local Cab driver alerted the police and the response team was at the incident quickly.
He was trying to jump from the largest bridge on the river named "Hooghly" to end his life.
The investment was not his alone but he collected the money from various sources. He took loans and also was using the pension from his mother. Definitely, he had no plans and no idea what he was doing.
Just save up your bitcoins in cold storage, only buy what you can afford to lose and most importantly don't fall for the traps of crypto space.
Bitcoin is the only savior in crypto and if you own the keys, you win the market.
Read the news here:Techie loses Rs 30 lakh in crypto market, tries to jump off  ..

I think he was not properly educated on blockchain and Crypto currency and how it works if not what he did would have been the last thought he would have had executing. Taking loan would not have been his resolution or alternative to investing in Crypto currency. It is either he was being too greedy or he was wrongly advised to the point of him going for such amount of money as a loan to invest in Crypto.

Secondly, looking at his frustration to the point of wanting to commit suicide shows he has no other sources of income to remedy the situation which he got himself into. This is why it is advised to have an alternative sources of income outside investment in Crypto so that you do not get taken unawares.

Lastly, going by his age and his current circumstances, that is a big thing to learn from that one should not go beyond his or her limit or point of elasticity.
This is a big lesson to learn from. Always do your own research before jumping in to anything.

[concept2]

This news is from the IT Hub of India, that is Kolkata. The Techie who is just 23 years old had invested a big amount of money in the Crypto space. The investment when asked him was around INR 30 lakh ~ $ 36,600 in US dollars. That is a definitely huge amount considering his age and country of residence. Even in America, 36K USD is pretty handsome money and you can do many things with it.

So the gravity of this can be sensed easily.

He was saved by the Cops after a local Cab driver alerted the police and the response team was at the incident quickly.

He was trying to jump from the largest bridge on the river named "Hooghly" to end his life.

The investment was not his alone but he collected the money from various sources. He took loans and also was using the pension from his mother. Definitely, he had no plans and no idea what he was doing.

Just save up your bitcoins in cold storage, only buy what you can afford to lose and most importantly don't fall for the traps of crypto space.
Bitcoin is the only savior in crypto and if you own the keys, you win the market.

Read the news here:Techie loses Rs 30 lakh in crypto market, tries to jump off  ..

Hearing about this young techie's bad luck with cryptocurrency is whack! But this should be a wakeup call to be hella cautious when investing in the crazy crypto world. You gotta have a solid plan and strategy before making any moves and only invest what you can afford to lose. Think of it like playing a sport, you gotta have a game plan and stick to it, yo!

Let's not be all negative, my fam. Instead, let's flip this script and get our investment hustle on. Why not link up with a crypto investment crew or chop it up with some other crypto fiends? Having a clique to bounce ideas off of and keep you motivated is key. And yo, who knows, you might even make some new fam in the process!

[Nwada001]

I feel so sorry for the guy in the OP. I know how frustrating it is to lose something, especially when that thing does not belong to you alone. After thinking about the huge loss and calculating how to pay back those debts, there was possibly no way to do it, and the people whom the guy owes to whom he might have promised a huge return might be on his neck. 

This will serve as a huge lesson to him, the people around him, and the readers of the story to be cautious of where they invest. Investment advice is always to invest what one can afford to lose, and it's never advisable for one to take another's fund to invest for them because the risk factor is very high. Places where investment by third parties is encouraged are if you own a standard investment company where your clients have to sign profit and risk management documents so that if anything were to happen to the capital, every party would know their responsibility. 

It's always safer to invest in things that we are sure of and not just some random project or random things we are being told by influencers or so-called financial experts, because if we are to incur any form of loss, those people will not be held responsible.

[GeorgeJohn]

Just responding due to subjects of the thread, invest is something we have think otherwise before going into investment because I believe that in investment human need to be extremely careful before it invest, secondly invest what you afford to loss, that's while it's encouraging to ensure that you use your spare money to invest in a platform you know quite well you have not mastered since you really want to take the risks.

[Similificator]

This is really painful to read, sigh. I can only imagine the things that were and are still going through his mind right now. I bet he already racked up his brains hundreds if not thousands of times already just to find a solution or a way out of his mistake but just couldn't find any which has led him to his decision of unaliving himself. All those hopes and dreams that never happened and instead got replaced with unbearable feelings of guilt, regrets and so much more. Even I don't think I'd be able to have the courage to keep on living if I had made such a mistake. I wish he finds the strength to go on living. Sigh, such a young man. I hope this news would be spread more so that a lot of people would be able to learn from this guy's experience and be more careful with their investment plans.

[gabbie2010]

It's obvious the guy invested in one of those pump and dump meme coin against a more trusted, reliable and widely accepted crypto such as Bitcoin, Ethereum, BNB and few others, honestly $36,600 is a massive investment in India to make matter worst he obtained some loans and pention from his parent, it's a pity that the failed investment had rekted the guy, however suicide isn't the last option when there is life there is hope the guy needed some counselling and encouragement and this is a wake up call to would-be investors to research very well or possibly invest in real and widely accepted crypto though the expected profit would not be massive however such investment is less risky and very reliable

[Majestic-milf]

Even I don't think I'd be able to have the courage to keep on living if I had made such a mistake. I wish he finds the strength to go on living

Such a sad situation for anyone to go through, more especially in a strident economy we've found ourselves in but just like the op advised in his closing line, it's best to invest in crypto with an amount one can afford to lose and it's quite a bold step from the dude by taking loans and also using his mother's pension and I believe he had lofty plans of doubling or probably tripling it, but then shit happens.
 I also don't think taking his life was a good idea no matter how terrible the loss is because by doing that, he would have successfully attempted to putting his mum's life at risk because being left with such a trauma of losing her son and being left with loads of debt to pay can seize her life.
Sad, but always remember to either save your BTC in a cold storage or invest with a small amount.

[Cryptomiles1]

From your post I would love to know if it was actually only on bitcoin his invested or does he also invested in other cryptocurrency aside bitcoin, because I know too well that anyone who invested in bitcoin would certainly one day gain back all his lost or their lost. But as for altcoin, well there's every tendency that such person standing in a chance of losing all they invested that is why is best advisable to make investment on bitcoin for longer term than just altcoin that can't even survive the bear market for long period of time.
I really feels for him 😭.

[DiMarxist]

Investing, is something you think twice before going to invest, maybe he read some stories about crypto investment, or he was convinced by some persons,that why he take loan and even used his mother's pension indicates that he was promised a large return/profit from the investment.Without learning, or having any idea on bitcoin,he just jumped into bitcoin. Investment advice is always to invest what one can afford to lose, and it's never advisable for one to take loans to invest bitcoin because the risk factor is very high.Let us involve our selves in something we know in and out, or understand very well, know the risk that involves in it.Not some random project or random things we are being told by people.This is a great lesson for him and for the people around him and it's a lesson to lesson to learn from.

[Fiatless]

This news is from the IT Hub of India, that is Kolkata. The Techie who is just 23 years old had invested a big amount of money in the Crypto space. The investment when asked him was around INR 30 lakh ~ $ 36,600 in US dollars. That is a definitely huge amount considering his age and country of residence. Even in America, 36K USD is pretty handsome money and you can do many things with it.

So the gravity of this can be sensed easily.

He was saved by the Cops after a local Cab driver alerted the police and the response team was at the incident quickly.

He was trying to jump from the largest bridge on the river named "Hooghly" to end his life.

The investment was not his alone but he collected the money from various sources. He took loans and also was using the pension from his mother. Definitely, he had no plans and no idea what he was doing.

Just save up your bitcoins in cold storage, only buy what you can afford to lose and most importantly don't fall for the traps of crypto space.
Bitcoin is the only savior in crypto and if you own the keys, you win the market.

Read the news here:Techie loses Rs 30 lakh in crypto market, tries to jump off  ..

He made two grave mistakes. Although you didn't specify which kind of crypto he invested in I guess he didn't invest in Bitcoin, if he did he invested just a little. Bitcoin is not like money doubling where you just invest and predict your profit. And if you trade or invest in altcoins using exchanges you are taking a great risk and if you keep your money in exchanges, you are on your own.

Secondly, he borrowed money to invest in cryptocurrency, that's wrong. You only invest what you have or what you can afford to lose. Techie is depressed and he feels hopeless because of pressure from his creditors and great disappointment. There has also been a high rate of suicide globally mainly caused by economic problems. Thank God he was rescued, all he needs is medical attention and financial assistance.

Use decentralized wallets, deal on only bitcoin, and invest only what you can afford to lose.

[ajiz138]

I have read the news and it is not mentioned what type of crypto but I think it is a kind of shitcoin that he is investing in so he wants a big return but if he invests in bitcoin then the events will not be like maybe even he will be fine.

Don't be tempted by tempting shitcoins because those 100x high returns can kill anyone with overly high hopes, remember no coin is worth holding onto unless bitcoin and others are removed from our portfolio.

Lastly, he was involved in some other money, including from loans, and it was clear that this was a recklessness that the young man had committed, he really dared to take a big risk, but in the end he was frustrated because there was no way he could repay the loan.

I think we have to understand how to invest in the crypto world and have to be prepared for everything, but the important thing is never to do anything beyond our capabilities.

[avikz]

I just saw this news today. It is quite unfortunate. It reminds me of 2017 - 18 where bitcoin touched 22k level and a whole new group of investors rush to buy 8t even using the credit card loan. Majority of them had to pay out of their pocket until recently. Taking loan and owning such a volatile asset like bitcoin is totally wrong.

Unpopular opinion, but bitcoin will be blamed for this incident and commercial banks will use this story in their favour soon.

[Lorence.xD]

I just saw this news today. It is quite unfortunate. It reminds me of 2017 - 18 where bitcoin touched 22k level and a whole new group of investors rush to buy 8t even using the credit card loan. Majority of them had to pay out of their pocket until recently. Taking loan and owning such a volatile asset like bitcoin is totally wrong.

Unpopular opinion, but bitcoin will be blamed for this incident and commercial banks will use this story in their favour soon.

That's why it would never be a great idea to use loans and money that you can't afford to lose in Bitcoin. People would thought the bullish run always last for long they don't know that it might drastically dump due to its volatile system of Bitcoin. Investing money that you'll need  soon would just worsen your situation. You always need to have a emotional stability and wise thinking most importantly the knowledge whenever to invest in a good time. Unfortunately I think those people you've mentioned probably got fomo to the pump of Bitcoin where they rushed into it despite the fact those money were loans and credit. Hopefully they'll take it as a lesson and wouldn't hurt themselves for that experiences. Mistake can be corrected, hurting yourself would not do good.

[Mpamaegbu]

This news is from the IT Hub of India, that is Kolkata.

Whenever I come across the word Kolkata, I remember the stigma it has acquired as an epic centre for scam in India. I watch YouTube on a regular the so much scam activities that go on around there in the various supposed "call centres".

That is a definitely huge amount considering his age and country of residence. Even in America, 36K USD is pretty handsome money and you can do many things with it.

Definitely, that's a huge sum of money anywhere in the world. At that age, I believe he  have risked other people's cash and his mum's pension on cryptos. It was rascality on his part.

Read the news here:Techie loses Rs 30 lakh in crypto market, tries to jump off  ..

I don't know if it's from my device, but from my angle the site you linked up here is horrible with unreliable and unreadable interface.

[dothebeats]

This is why before making an investment, people should really think about it and learn about it before releasing money. If the dude is already in the tech industry and knows about crypto in general, he already knew that there are risks. He just had bad financial management that he never understood the risks. If he did then he'll not put everything in crypto and do some risk management at the least. But yeah, a lot of people in the tech space are generally not good investors so this makes sense in a way.

[AmoreJaz]

This is why before making an investment, people should really think about it and learn about it before releasing money. If the dude is already in the tech industry and knows about crypto in general, he already knew that there are risks. He just had bad financial management that he never understood the risks. If he did then he'll not put everything in crypto and do some risk management at the least. But yeah, a lot of people in the tech space are generally not good investors so this makes sense in a way.

a very hard lesson for him. people should learn from this situation. you can hear anyone saying invest what you can afford to lose. however, some people will still take the risk even if the money is not really his. but if you are on that very situation, think twice. you can always find money, work hard for it. but the life, you only have one life. if there are other people who are relying on you, choose your best option on this matter. face the shame or any other consequences. but remember, you only have one life to live.

[Similificator]

~

I mean, the guy was probably drowning in all of the miserable things happening that he couldn't think properly anymore. I really can't blame him despite how wrong he is.

~

I agree. Although using debt to invest is good if you know what you are doing, a rational investor would never invest borrowed money on any crypto even if it is Bitcoin. Even the majority of seasoned traders never invest in this kind of way (that is, if there are even veterans who consider doing this). It's sad that he would let his greed get the best of him and make him do irrational decisions, he must have been so hung up on the thoughts of what he gains that he disregarded all the red flags in his trading plan. If he does manage to get back up after this misfortune, I wish he'd really keep in mind what he has learned from this experience.

[livingfree]

That's another sad news and might impact the no coiners that this market is giving a tough life and making people want to destroy their lives and end it.

I feel bad for that guy, he just can't contain his emotion of losing and also the responsibility that he has to face after losing a lot in investing in crypto with all of those loaned money.

Another lesson to be learned by everybody that we shouldn't be investing on this market if the money is going to come from a loan. Don't loan to invest in crypto even in bitcoin, please.