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

[justdimin]

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.

First of all life is just one gift we can't get back, you need to live in order to have another chance, if you die then it's over and there is no repeat action, you are not going to get anything back ever again, its game over. So even if you have the worst possible life, I am against suicide because even if you live 40 years in the worst possible life, maybe the next 40 will be amazing? Is there a guarantee that it will go on being bad forever?

I prefer being in jail then being dead, I prefer anything to being dead, because dead means it's over whereas life means there is always a possibility that you can be fixed. That's why it's important to figure out a way to get better and do better in the long run and not stop.

[ethereumhunter]

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.

Unfortunately, many people still don't know about the risks involved in investing in crypto and just follow the advice of others without checking or looking for more information. They are tempted by offers of big profits offered by someone who has already joined. And they are even willing to invest using a lot of money but soon, they will lose all their money because the project is fake. This is where we must be wise in managing the money we want to use as an investment and don't easily believe other people's explanations, especially when listening to returns that look good to be true.

[Davidvictorson]

Apparently, the person in the story is newbie who flouted the laws of investment especially crypto investment. He even used loan, his mother's pension and other moneis he knew he couldn't afford to lose and poured it into crypto. I can bet that the so-called crypto he invested the money into was a shit coin. Well, I am glad he didn't died. People must educate themseves about cryptocurrency before delving into it. It is high risk. Avoid using money you cannot afford to lose. Join a community and ask all the questions you have about it before you invest. And if it is not bitcoin tread with extreme caution.


 

[KiaKia]

Thank God he was unable to take his own life, maybe if he invested that money on Bitcoin he will still be smiling right now.

It shows how lacking he is when it comes to crypto investment, this is very bad, you can't do it right if you know too less about a business that you are about to venture in, and it's even more riskier with the internet.

Before you venture into anything online make sure you do some research first or ask questions because online investment is one of the riskiest, there are too many scammers online that dine through scamming people, it's their daily job.

The funny part is taking loans and borrowing money from people to invest on something he has no clue about. That's crazy.

[Gozie51]

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.

This is another lesson to learn in cryptocurrency investment. I can imagine what he was thinking after losing out in the investment. Reading the story reminded me of Sam Bankman-Fried who through him many investors lost hodlings in ftx but he never tried to take his life  Well on a more serious note we need to learn not to be greedy, investing as we have the capacity won't lead into suicide mission.

[xSkylarx]

I've been hearing this kind of news since those collapse exchanges and other companies go bankrupt. I have no words, but I feel loss for them as they invest big money, and the problem is that they took a loan, they put their retirement almost everything, and the result is they really go broke, as in broke enough that they needed to start again in the beginning. This is really a big lesson for us: we need to invest what we can afford to lose just to be safe, even if we regret later on not going all in when we got a profit. It is better to be safe than sorry.

[virasisog]

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.

That's such sad news and I couldn't imagine the emotional struggle that the guy has been experiencing that he even tried to commit suicide just to escape.
We should keep in mind that crypto investment is very risky and loaning is not a good idea to enter it. We should only invest what we can afford to lose and as much as possible, do not invest the funds that we don't really own. I feel sorry for the guy and for his family. He still has a chance to correct everything and to move forward.

[Wapfika]

I've been hearing this kind of news since those collapse exchanges and other companies go bankrupt. I have no words, but I feel loss for them as they invest big money, and the problem is that they took a loan, they put their retirement almost everything, and the result is they really go broke, as in broke enough that they needed to start again in the beginning. This is really a big lesson for us: we need to invest what we can afford to lose just to be safe, even if we regret later on not going all in when we got a profit. It is better to be safe than sorry.

Diversifying is really needed when it comes in investing, it’s not enough that we invest in crypto, stocks or real estates since if something goes wrong like what happens in some banks or projects we invested we will lose all and will not be able to recover from loss if we don’t have a backup investment or plan. It’s okay to be a aggressive investor provided we also jave some insurance for our retirement and health and a emergency savings so we can still continue our live incase something goes wrong in our investments.

[sana54210]

Apparently, the person in the story is newbie who flouted the laws of investment especially crypto investment. He even used loan, his mother's pension and other moneis he knew he couldn't afford to lose and poured it into crypto. I can bet that the so-called crypto he invested the money into was a shit coin. Well, I am glad he didn't died. People must educate themseves about cryptocurrency before delving into it. It is high risk. Avoid using money you cannot afford to lose. Join a community and ask all the questions you have about it before you invest. And if it is not bitcoin tread with extreme caution.

I mean what did he really expected? What is the expectation when you do something like this? To get super rich very quickly so you could pay everyone back and live a great life? I bet that he doesn't even know the first thing about TA and he still did this. I am sorry and I do not want to speak ill of the man, but it was a mistake from the first moment.

If you are spending others money, and loans and all that to make an investment then you can't make a profit at all, that's just too many things to consider and makes it complex. Simply just put a bit of your salary every month into bitcoin and do that for decades, that's it, that's all you need to do and you would be a rich person when you retire, why complicate it further?

[The Sceptical Chymist]

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.

Not for nothing, but the above sounds like empty rhetoric combined with advice I've heard a zillion times on the forum with the result that it adds nothing to the story about this guy trying to off himself.

$36k is definitely a lot for most people, even in the US as you pointed out.  On the bright side for the guy in question, he's still young, still alive, and has more than enough time to regain his fortune (though I don't know much about him personally other than his mindset).  But I can't help but wonder why this made the news.  Is it because crypto was involved?  I assume that's it, because if he'd lost money in the stock market or had been robbed, I'd be willing to bet we wouldn't be reading about it at all. 

But hey, I'm just a cynical old bastard.

[inthelongrun]

I don't know if the guy is arrogant mixed with ignorance after shamelessly using the retirement fund of his mother unless his mother was the one who presented to use the fund. Taking loans in order to invest? I doubt it is the best way to start investing. The guy clearly did not even have enough experience and knowledge about what he was into. If it is that easy to become rich, there would've been no crisis. We should only risk the money we can afford to lose.

Now that he remains alive. He should change for the better. He needs to work harder in order to pay the debts and the retirement fund for his mother. He better stay optimistic instead of becoming wasted after what happened to him.

[Natalim]

This is an example of an investor that invested in crypto without knowledge about this. This will imply the importance of why should spend more time knowing more about the crypto space if we have the plan to put money here and stop believing promising words. It is to keep in mind that this a risky investment and a single mistake that we made will cause losses. It was advisable as we are still learning about crypto, we just put in a small amount and gradually increase our investment if we fully understand this and if also we know the safety precautions needed.

[goaldigger]

This is an example of an investor that invested in crypto without knowledge about this. This will imply the importance of why should spend more time knowing more about the crypto space if we have the plan to put money here and stop believing promising words. It is to keep in mind that this a risky investment and a single mistake that we made will cause losses. It was advisable as we are still learning about crypto, we just put in a small amount and gradually increase our investment if we fully understand this and if also we know the safety precautions needed.

Many might ended up on this situation if they continue to become greedy.
They are looking for an easy way to get rich when in fact this market is not a place for that not unless you want to get scammed where they offer a get rich scheme easily. Investing is very risky if you don’t know what you are doing, there is no shortcut here and you should do your best to learn everything before you go all in with your investments and make sure to have other source of income as well to be more financially free.

[lionheart78]

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.

This story let us learn that we shouldn't touch other people's money or collect people's money after encouraging them to invest in something.  Not because it works for us one time, it will be a sure thing for the second time.  Many scammers do this kind of tactic where they let us earn money first and when we are hooked into it and invest more money, they go missing running with the funds collected from unsuspecting investors.

This is an example of an investor that invested in crypto without knowledge about this. This will imply the importance of why should spend more time knowing more about the crypto space if we have the plan to put money here and stop believing promising words. It is to keep in mind that this a risky investment and a single mistake that we made will cause losses. It was advisable as we are still learning about crypto, we just put in a small amount and gradually increase our investment if we fully understand this and if also we know the safety precautions needed.

Many might ended up on this situation if they continue to become greedy.
They are looking for an easy way to get rich when in fact this market is not a place for that not unless you want to get scammed where they offer a get rich scheme easily. Investing is very risky if you don’t know what you are doing, there is no shortcut here and you should do your best to learn everything before you go all in with your investments and make sure to have other source of income as well to be more financially free.

Not all people who get into this mess are greedy.  Others are just trying to help their friends relatives and known people to have the same profitable experience but alas, often times these kinds of guys are caught unaware and got scammed by the company he trusted along with the money collected from others.

The fact that the guy did not hide but instead wanted to commit suicide means he doesn't have an intention of scamming those people.  Sadly he never does his research that deep or too naive to think that investing and trading is as eassy as he thinks.

[Captain Corporate]

Something not so far from this happened in Turkey back in bull period, some people just take way too much risk and they end up not finding any other way out. I can't believe that they would do something that has the risk of dying. Like if you are right, that's great, but if you are wrong then you rather die than live being wrong? That is an option I rather not take if I can help it. Imagine a scenario where they tell you "you will have a million dollars or you will die", would you even consider it? That just doesn't make sense, sure we joke around about some stuff but I feel like it shouldn't even be a possibility. People should read this and learn a very valuable lesson about life from this for sure. Never bite bigger than you can chew.

[Lanatsa]

This is an example of an investor that invested in crypto without knowledge about this. This will imply the importance of why should spend more time knowing more about the crypto space if we have the plan to put money here and stop believing promising words. It is to keep in mind that this a risky investment and a single mistake that we made will cause losses. It was advisable as we are still learning about crypto, we just put in a small amount and gradually increase our investment if we fully understand this and if also we know the safety precautions needed.

Even having a knowledge wouldnt assure that you would really be avoiding some situations where greed is mainly been controlling which you do end up on making out decisions which is something that it isnt really that worth anymore or something risky on which you do really make yourself that put in danger. On the time that you would be financially be wrecked up then you would really be having that kind of thoughts
on suiciding to solve up all the problems you do have. This is why if you dont like to end up miserable or on an condition which you are on life threatening then you should avoid
on taking up a loan or making use of others money.

[batang_bitcoin]

Apparently, the person in the story is newbie who flouted the laws of investment especially crypto investment. He even used loan, his mother's pension and other moneis he knew he couldn't afford to lose and poured it into crypto. I can bet that the so-called crypto he invested the money into was a shit coin.

When he's started to ask loan from whoever it was, that's when it's gotta be the sign that he's doing a wrong thing. He's hyped I guess for that project which he's invested in. This what happens when someone invests to emotion and not with knowledge first.

Well, I am glad he didn't died. People must educate themseves about cryptocurrency before delving into it. It is high risk. Avoid using money you cannot afford to lose. Join a community and ask all the questions you have about it before you invest. And if it is not bitcoin tread with extreme caution.

That's what we can be happy for him but then I wish him to recover from this devastating experience because it's too much for him. And that has affected his mind with the mistakes that he has committed. It's not the end of the line and he can always start again, now he should be responsible to pay his debt first before having another a good start.

[Wong Gendheng]

With investment, we have the opportunity to get big profits, unfortunately many people do not care about this, they prefer to spend money on things that are useless, for example changing mobile phones, buying new cars and so on, if we don't invest immediately then we will regret it .

[smile1218]

That is a very sad news. Yes I agree that we need to invest our money wisely. Before investing in crypto currencies do an extensive research, study the chart and think so many times before investing. We should invest only what we can afford to loose. Do not invest all what you have in one investment. Suicidal attempt is not the answer if you had a failed your investment. Think of other ways to be able to recover from loosing. Loosing of investment does not mean it is the end of your life. Think of the people who loves and appreciates you, make them as an inspiration to get back on track. 

[iv4n]

The youth told us that he had invested around Rs 30 lakh in the cryptocurrency market and lost the money.

Well, I don't like to see this kind of explanation... it's silly to say "in the cryptocurrency market" when the crypto market is really huge. People should be really careful when investing, but some people invest in some obvious scams, and they don't follow the simple rule "Never invest more than you can afford to lose". Especially in risky stuff that promises high (in some cases enormous) returns, and all that in no time.

We can see it as another lesson, and for sure it is for people who are ready to spend some time researching and reading before they get into investing in crypto projects.