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

[Ebede]

In this aspect I believe that some people does not think wisely before investing their money into any investment platform so I believe that that is what actually cause some people to lose for investment the Investor ,so I think that is good for someone to cross-check investment before you put in your money for such investment or for such platform

[Smartvirus]

if you own the keys, you win the market.

You win the market by owning the keys! what saying is that?
The link you've provided, it's got some blurry display at my end and so, am not able to get a good read at it.
From what you've stated in OP, he must have been such a cunning young man to have come by such ambition and the means for which he felt he could have amassed such wealth.

He ignored all that could have protected him and was thus left by himself and to his risks and he got engulfed by the market.
The lose is huge but, not what to die for, he could always build from there and hope to pay back to the friends he must have ruined. Family will always give him the time he needs and be sympathetic.

[arwin100]

In this aspect I believe that some people does not think wisely before investing their money into any investment platform so I believe that that is what actually cause some people to lose for investment the Investor ,so I think that is good for someone to cross-check investment before you put in your money for such investment or for such platform

Scammers deceive innocent people by giving them good profits on early days of their investment and after that they convince their investor to invest more to get more huge returns and they start to scam them after that.

To bad for people caught by the huge profit trap set up by those frauds and its really good sometimes that we educate our young relatives about this to avoid the same situation like what happen to the guy in the topic.

[DrBeer]

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  ..

It is unpleasant to find out that someone, for the sake of money, or wrong decisions, is trying to end his life....
The most valuable thing we have been given is LIFE! I will not discuss this issue at the level of religions and views, but life is SACRED!
This is the main...
Further .. Suicide, from the point of view of psychology, and for the described situation, is the action of a very weak person who understands that he does not have the strength, skills, to change something, in a situation where he thoughtlessly made an act (investment in the crypto world), and now decided to "easily" get away from reality. He took money from people without thinking and without assessing the risks. With a high probability, he told "investors" about high incomes, and hoping to earn money on this too. And when the reality turned out to be not the same as he thought up for himself, he decided in 10 seconds to "solve the problem" by jumping from the bridge! Briefly evaluate - stupid and cowardly!

[Strongkored]

With his job he should be a smart person and will understand that the way he did but failed was not a wise move.
The news is not complete enough because it doesn't tell how he lost his investment because it only says he lost in the crypto market, my guess is he bought trash coins hoping for big profits in a short time, but apparently it didn't work, but he should still have the coins even though the price dropped .

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.

This is very easy to do for those of us who have experienced at least 2x the 4-year cycle so we can see for ourselves how Bitcoin works, but for those who enter the crypto world because of news about people getting rich don't understand that to get profit from Bitcoin it takes time and more the longer you keep it, the chances of getting even bigger profits.
A lot of news out there gives misinformation which is why many would think crypto is the way to get rich

[kro55]

In this aspect I believe that some people does not think wisely before investing their money into any investment platform so I believe that that is what actually cause some people to lose for investment the Investor ,so I think that is good for someone to cross-check investment before you put in your money for such investment or for such platform

Scammers deceive innocent people by giving them good profits on early days of their investment and after that they convince their investor to invest more to get more huge returns and they start to scam them after that.

To bad for people caught by the huge profit trap set up by those frauds and its really good sometimes that we educate our young relatives about this to avoid the same situation like what happen to the guy in the topic.

I won't blame the scammers entirely because you'll never fall into those scam traps if you're not greedy. If you don't have a need to get rich quickly, no one can seduce you with those scam projects.
An alarming situation today is that many young people do not want to work but just want to have a lot of money, they are lazy, do not work hard but want a rich life. For these types of people, they need to learn a lesson, I will not mourn or pity them. He is 23 years old, no longer an innocent age.

[Poker Player]

Let me correct you:

... The Techie who is just 23 years old had invested gambled a big amount of money in the Crypto space. The investment gamble when asked him was around INR 30 lakh ~ $ 36,600 in US dollars...

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

The investment gamble 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. He scammed his mother.

You are presenting the case as if the protagonist was a poor victim of circumstance and had been forced to swindle people in order to gamble in the cryptocurrency casino, and no, that is not the case, no matter how much he tried to commit suicide. What takes the cake is that he swindled his mother out of her pension fund to gamble.

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.

For that type of person, advice is useless. They are too impatient. They can't put up with years of doing DCA to get a 3x every 4 years. They need more, much more, and they end up losing everything, including the money they swindle from others.

[slapper]

Crypto is risky like life. Slow and steady wins.

Carefully investing what you can afford to lose can secure your financial future. Who knows? Cryptocurrency can be lucrative with patience and dedication.

Remember that the turtle, not the hare, won the race next time you want to take a large risk or move swiftly. Stay calm, focus, and follow the guidelines to achieve your goals and live your dream life.

[Plaguedeath]

You win the market by owning the keys! what saying is that?
The link you've provided, it's got some blurry display at my end and so, am not able to get a good read at it.

Yeah it's not correlate between owning the keys and the victim got scammed through shitcoin he invested. If the story talking about the project got hacked or the exchange collapse, it's true owning the keys will make us win. More importantly investing in Bitcoin don't have a guarantee if we make money in the future, we can only speculate based on the previous super cycle.

The case is similar like Luna, nothing new about this kind news.

[chrisculanag]

Let this be a lesson to people like us that you can't pour all your wealth into a single investment with no guarantee that your money is returned. Also don't fall for hypes that cause losses in online investment. As for investing in bitcoin, there still  a risk because the price can go down and up. So it is better to study the decision to be taken first to avoid mistakes.

[LogitechMouse]

I wonder how did he lose that much money. I mean in what way.
1. Did he got attracted and fell into these typical investment scams that are promising very high return in just a short amount of time.
2. Did he invest all of that money into some new projects out there or a low-market cap coin.
3. Did he trade, and lost eventually.

P.S. Well, thanks to @Poker Player for clarifying because as I'm posting this, I saw his post, and I saw that the guy lost his money into gambling, and he even tricked his mother. This just shows how ridiculous a person can think when it comes to gambling to the point that he will fool anybody, and even your family member.

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.

I would agree except on the part that Bitcoin is the savior of crypto.

Savior of crypto? Like Bitcoin is "God"? I mean come on. Many people are using different words with Bitcoin that isn't related at all. Bitcoin can't save you in crypto? What if the bear market happens? Will Bitcoin prevent you from getting your money lost? Will Bitcoin save you if all those altcoins go down? Bitcoin isn't the savior whatsoever. Bitcoin is just an investment, an asset, and a currency that's all.

[karmamiu]

Tsk tsk tsk. There was also a similar situation here in Philippines about someone who almost committed suicide after getting scammed I think it was Php 2,000,000 more roughly around $40,000. I didn't really know what happened to him and how was he scammed that huge, and I wasn't really interested to read the news in the first place. I do feel bad about him, but mostly of it due to insufficient knowledge regarding crypto, at that time as far as I can remember it was when axie was really popular in eastern countries like ours. Bad people took advantage of that trend and somehow one of our fellow countrymen got victim and almost resort to suicide. Due to that event, thr government became stricter in terms of using bank accounts, custodial wallets and even KYC and warned the public about the risks of investing crypto and of course some didn't forget to talked trash to the crypto community.

All in all, i felt bad about the guy that OP mentioned and also my fellow Filipino, and hopefully in the near future people will be more wiser in terms of their investments.

[michellee]

It seems that there are still people who don't really understand what "use the money you can afford to lose" means, leading one person to want to kill himself after failing to invest in the crypto space. He even dared to take a loan and his mother's pension to invest, which was very risky. And it seems he doesn't understand how to invest in crypto and just goes into crypto. We hope this will be a lesson for us not to do things like that because, after all, in investing in anything, we must understand how to start and only use a portion of our total money.

[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  ..

Did you peep that young tech guy who got himself caught up in the seedy underbelly of the crypto game? It's wild how many success stories there are out there, but there's also some serious losses to be had if you're not careful. You gotta keep a real critical eye when you're thinking about investing in this world.

So, this guy was hustling up cash from all kinds of sources to throw it all in on crypto. Shows how wild easy it is to get swept up in the hype. But investing is not a game, and you need to be on top of your performance. You gotta think hard about the risks before you do anything, you feel me?

The po-pos acted quick and saved the young buck. Mental health is just as important as financial health, and you gotta take care of both. That whole deal should be a wake-up call for anyone thinking of jumpin' into the crypto game. You gotta do your research and get the expert's opinion before you make any big moves.

[philipma1957]

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 broke first rule of investment.

Only invest what you can afford to lose.


I really want to say something nasty and flippant, but I won't.

 Instead I will hope that he learns from this and does not over spend on investments.

[kryptqnick]

The biggest problem in this story was IMO that he was using the money of other people, which means he'd be in debt and also that he invested what he absolutely couldn't afford to lose, and that's a serious mistake right there. But there's also a threat involved, allegedly, which could prompt the feeling of helplessness and viewing ending life as the only way out. I'm happy that his life was saved, and I hope there will be enough support and options for him to gradually solve the problem of losing money. It's unclear from the story whether the money was lost in a scam or was it a perceived loss (because a coin is down) that might actually turn out to be okay later.

[Vaculin]

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.

Investments have its own risks, that’s why we don’t have to rush on it if we know in ourselves that we are not yet ready financially and emotionally. And investing using other people’s money or let’s say investing through borrowed money is definitely a bad thing. You could have screwed it in the future if your investment fails and used up all your money. That’s why invest only with your own money that you can afford to lose, if you lose it then you won’t have regrets. If you make it more productive and profitable, then good thing for you.

[GeorgeJohn]

Investments have its own risks, that’s why we don’t have to rush on it if we know in ourselves that we are not yet ready financially and emotionally. And investing using other people’s money or let’s say investing through borrowed money is definitely a bad thing. You could have screwed it in the future if your investment fails and used up all your money. That’s why invest only with your own money that you can afford to lose, if you lose it then you won’t have regrets. If you make it more productive and profitable, then good thing for you.

Life is all about risk, and entrepreneurship let us to understand that risk take are liable to propagate at any point in time, do realise that no investment that doesn't involve risk taking, so borrowing or lending funds to venture investment is not a wrong conception, what matters is the ability to exactly what you are investing on, I have seem someone who lend money from bank and venture into car spare part, and today the person is a billionaire, I'm not condemning the fact that using what you can afford to lose for crypto investment is bad agenda or negative advice,  but I put it to you that without risk taking Elon musk won't have gotten to the level its today, what is into investment is two things,  advantages and disadvantages, profits and lost, either you experience or encounter one and leave one, so in summary lending money to establish business or go into investment is very supportive from my perspective
 

[carlfebz2]

One thing you should bare up in mind that you should  really be that knowing about the risks involved when you are dealing with crypto investment and never ever take up some loan nor make use of others peoples money to invest into something which you do believe that it would pumped.We know that this market is highly speculative and there's no way that you could be able to predict that it would be ending up profitable.
What if the result would be the other side of things? For sure you would really be putting yourself into a huge problem which it would really be causing up this kind of situation or condition
where you would really be seeing that taking up some suicide would be only the solution, it is really just that sad that people do end up on this kind of situation.

[tabas]

He's got the IT/tech background so I guess that he's aware of the things that circulates in the crypto market. It's just sad to see people trying to solve their investment problems by ending their lives. So, there's a deeper story on this news of this guy. Don't use anyone's money to invest or gamble with what you've known for a while. Someone has to always be reminded about this that if it's not your money, do not have the desire of spending it for something else like in investments. Also, this...

He broke first rule of investment.

Only invest what you can afford to lose.


I really want to say something nasty and flippant, but I won't.

Instead I will hope that he learns from this and does not over spend on investments.

I agree, that basically had pushed him to do this attempt. Without having enough money to invest and going on with investing more by not understanding the risk, you'll be ending up suffering that thought. I'm also thinking the same that there will be a lot of straightforward words to be said on him but he's in an unfortunate situation to absorb those.