Trading not a get rich quick

[Oshosondy]

This is another sadden story again about someone that just supposed not to trade crypto and meme stocks. Trading and investment is not a get rich quick. Meme stocks trading is like gambling. Coins like bitcoin may be promising, but what if you invested at $50000, bitcoin price now at $30000. Bitcoin will get to all-time-high but not good to use the money that is not yours.

As for trading, not that it is not a get rich quick, but you should use the money that you can afford to lose. The man may wanted to return that money, but crypto and meme stock trading  landed him in prison.

The former chief financial officer of a special purpose acquisition company (SPAC) was sentenced to three years in prison after embezzling $5 million, which he used to trade cryptocurrencies and “meme stocks.“

Read further about it: Ex-CFO who stole $5M to trade crypto and ‘meme stocks’ gets 3 years in prison

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[Hatchy]

This story, will actually serve as an example, to all others out there who loots money from public organizations for personal reasons. I guess his attempt to return the money was not enough which landed him in prison.it's a cautionary tale about the importance of being responsible when investing or trading.

Even with the best intentions, Using money that is not your is the worst idea, when it comes to investing in cryptocurrency And can result to serious legal consequences.
We should all have it in mind that Investing in Bitcoin it's a game of luck and the market is volatile but this guy actually ran out of luck.

[SquirrelJulietGarden]

Read further about it: Ex-CFO who stole $5M to trade crypto and ‘meme stocks’ gets 3 years in prison

It is another story to warn people about risk of storing their cryptocurrencies in online accounts.

From FTX & their CEO SBF, Three Arrows Capitals, etc. and some recent collapsed banks, we see that we can not trust any company which holds customer funds and how they use those funds. We don't know their activities are good enough to keep their companies and our money safely enough.

That CFO is bad because stealing customer fund to trade but even if they don't steal our money but like collapsed banks, they failed to manage risk and we at the end have to bear losses from their bad management.

Reminder: do not keep your money in online accounts

[cryptoaddictchie]

Just like the big Firms. Not to mentioned FTX founder, who uses funds of their exchange. Its really frustrating to see a lot of users who aim to use other people money to trade and then loses it. This is fine if he is using a legal way like lend the money and pay the interest from what he borrow cause its working on defi products where users borrowed funds but with collateral. This is one way to do it in a proper way. But others who uses a trick method or power will definitely go to prison. But does they really go there? Sam didnt go there and has backdoor out from this mess.

[SquirrelJulietGarden]

Its really frustrating to see a lot of users who aim to use other people money to trade and then loses it.

If you are trading on behalf of other people because they don't know how to trade cryptocurrencies, you are doing something really stupid and risky.

I don't need to know how good or bad your trading skills are and what is your experience with cryptocurrency trading but trading on behalf of others will contain more pressure than trading for yourself with your capital.

Because the others don't have knowledge, don't understand about this market, they will feel panic when they read news by chance, and they will call you to ask why it happened, is it safe to continue owning cryptocurrency, should they exit this market and more funny but headache questions for you. I am sure you won't want to take risk and pressure like that.

[Lucius]

The bad message of this story to everyone who will read it is that crime actually pays off - because just three years in prison (is it real prison or probation?) sends a message to everyone else with similar intentions. In the worst case, the "criminal" will be released when he has served 2/3 of his sentence, and maybe even before.

Shall we bet that he will repeat the same thing as soon as he gets another chance?

[@sriyan]

This is another sadden story again about someone that just supposed not to trade crypto and meme stocks. Trading and investment is not a get rich quick. Meme stocks trading is like gambling. Coins like bitcoin may be promising, but what if you invested at $50000, bitcoin price now at $30000. Bitcoin will get to all-time-high but not good to use the money that is not yours.

As for trading, not that it is not a get rich quick, but you should use the money that you can afford to lose. The man may wanted to return that money, but crypto and meme stock trading  landed him in prison.

The former chief financial officer of a special purpose acquisition company (SPAC) was sentenced to three years in prison after embezzling $5 million, which he used to trade cryptocurrencies and “meme stocks.“

Read further about it: Ex-CFO who stole $5M to trade crypto and ‘meme stocks’ gets 3 years in prison

It is all about maintaining greed and the fear. If you can balance those two options, you can get rich quickly. Also, there will be multiple options to get some profits rather than trading.

1. Testnet Airdrops
2. Ask Me Anything (AMA)
3. Mainnet Airdrops
4. buy and sell NFT
5. Community management

[TheUltraElite]

If he was a CFO at a SPAC, then they have committed a fraud. Point is that such people are just a popular name and therefore the news becomes so popular but this is common among many small cap crypto investors starting off their journey with shiny memecoins and shitcoins without thinking of checking their charts.

Previous memecoins have performed poorly and still going go with their owners attempting to keep their ships afloat. This is not understood by many such investors but they want the quick sell off at profit and exit. But that at one point due to sheer bad luck does not work out as intended.

It is a lesson if someone understands this, most of the memecoin lovers are in denial which is only because they are seeing a part of the cycle which has been running since many years.

[Mr. Magkaisa]

        -   Well, this is really sad news. Because 5M$ amount is not a trivial amount that can be easily earned in this day and age.

Talking about large sums of money that can be moved and stolen is a big challenge for every individual like what happened in FTX that everyone knows that the funds of the users of the exchange were used almost like there is no difference here.

Hard-earnings are really necessary here in cryptocurrency because there is really no shortcut to get rich here.

[Litzki1990]

As for trading, not that it is not a get rich quick, but you should use the money that you can afford to lose. The man may wanted to return that money, but crypto and meme stock trading  landed him in prison.

All of you should follow this advice. We should trade with those assets that we have no fear of losing. That is, before trading, the amount of money you will trade with should be deducted from your total money. Because there is no trust in this money. Maybe you made a lot of profit in the beginning but one time you will see that instead of profit you have lost a lot of money from your capital then you will not be able to sell your coins at a loss and may have to wait for a long time to recover that loss. Basically this is the reason why you should trade with extra amount of money that you have no desire for money.

There are some new traders who decide to trade by selling their much needed assets. I think it is a completely wrong decision.

[Nrcewker]

Man you can’t become rich overnight. No matter what task or work you do. Yes if you do something shady than that’s a complete different scenario. Investment or trading is done in order to earn extra income which is less but is earned frequently for a consecutive period of time. If someone is getting in crypto trading in the hope of getting rich in 48 hours or so, then he have to take high risks and gamble instead of trading. Trading is not easy and in order to make profits, you need to understand the market completely.

[nara1892]

Man you can’t become rich overnight. No matter what task or work you do. Yes if you do something shady than that’s a complete different scenario. Investment or trading is done in order to earn extra income which is less but is earned frequently for a consecutive period of time. If someone is getting in crypto trading in the hope of getting rich in 48 hours or so, then he have to take high risks and gamble instead of trading. Trading is not easy and in order to make profits, you need to understand the market completely.

If trading is a quick job to make us rich, now there are many people who are millionaires, or even billionaires. However, the facts that occur in the field are not that easy, there are even people who end up bankrupt due to trading, more precisely, they trade without adequate knowledge. From this case, we can learn that assuming trading is a get-rich-quick scheme is a big mistake. I am not considered a new person when compared to beginners who are just getting to know trading, but I also still experience many defeats which in the end make my trades a loss. Never take anything for granted, especially when it involves money.

[Dr.Bitcoin_Strange]

Trading, Bitcoin investment, and some other general investments are not just get-rich schemes; the problem with some people is that they sometimes get so greedy or overconfident about some investment they decide to make, particularly when it's not even their money.

I wonder why they don't usually have a second thought about what will happen to them and their reputation if their investment in crypto gets liquidated or if the other company they invested with fails to make a good profit based on the initial agreement. Well, it has happened to him; I believe some people will learn from it, and there those that are still going to be adamant about the Get-rich-quick schemes which is usually full of scams and many disadvantages, but a lot of people don't yet realize that.

Shall we bet that he will repeat the same thing as soon as he gets another chance?

Ofcuse he may, a risk taker always remains a risk taker no matter what, lol 🤣

[yhiaali3]

Most centralized exchanges follow the same method, they take investors' money and trade it in the stock market.

Regulatory laws enacted by governments must take into account a very important point, which is the need to force platforms to separate company funds from user funds, otherwise we will continue to witness more such cases.

Also investors have to learn to put trading money only into the exchanges.

[martyns]

Trading, Bitcoin investment, and some other general investments are not just get-rich schemes; the problem with some people is that they sometimes get so greedy or overconfident about some investment they decide to make, particularly when it's not even their money.

I wonder why they don't usually have a second thought about what will happen to them and their reputation if their investment in crypto gets liquidated or if the other company they invested with fails to make a good profit based on the initial agreement. Well, it has happened to him; I believe some people will learn from it, and there those that are still going to be adamant about the Get-rich-quick schemes which is usually full of scams and many disadvantages, but a lot of people don't yet realize that.

Shall we bet that he will repeat the same thing as soon as he gets another chance?

Ofcuse he may, a risk taker always remains a risk taker no matter what, lol 🤣

When they feel that trading is a get rich quick avenue,I only laugh at them because I know by the time they venture into it fully,they will definitely get dissappointed and that mentality will get off their mind in less than no time.It is true that investment brings money,but it isn't what comes so quick and sudden,it takes patience to be able to get money through investment,because it is not a weekly something or monthly something.It what takes a long period of time to get the desired result.When newbies or beginners think trading gives quick money,tell them to try it first before concluding that it makes one get rich very quick.

[Silberman]

This is another sadden story again about someone that just supposed not to trade crypto and meme stocks. Trading and investment is not a get rich quick. Meme stocks trading is like gambling. Coins like bitcoin may be promising, but what if you invested at $50000, bitcoin price now at $30000. Bitcoin will get to all-time-high but not good to use the money that is not yours.

As for trading, not that it is not a get rich quick, but you should use the money that you can afford to lose. The man may wanted to return that money, but crypto and meme stock trading  landed him in prison.

The former chief financial officer of a special purpose acquisition company (SPAC) was sentenced to three years in prison after embezzling $5 million, which he used to trade cryptocurrencies and “meme stocks.“

Read further about it: Ex-CFO who stole $5M to trade crypto and ‘meme stocks’ gets 3 years in prison

Those which steal money always have an excuse of why they do so, but I am not buying it, this person wanted to obtain great benefits by investing in the market of cryptocurrencies without taking any of the risks by themselves, but now they are discovering there is not such a thing as a free lunch and they are going to face the consequences for their actions, and if anything I think they got a light sentence as 3 years in prison for stealing 5 million is a sentence too short if you ask me.

[Dr.Bitcoin_Strange]

When newbies or beginners think trading gives quick money,tell them to try it first before concluding that it makes one get rich very quick.

There's no need to even tell them to go ahead with it; it's just good to give them some guidance by telling them the simple truth about trading. It is good to let them know that if they don't learn and familiarize themselves with the trading tools, strategies, and rules, they may not even make any profit, even before considering it a get-rich-quick scheme. There is a guy I am aware of who makes about $100 on a daily basis from his trading; at times, he even makes more profit than $100. So I can say that trading can really give someone a more frequent income, but that doesn't mean they don't sometimes lose money. learning how to become a successful trader doesn't just happen so suddenly.

[Faisal2202]

chief financial officer of a special purpose acquisition company (SPAC) was sentenced to three years in prison after embezzling $5 million, which he used to trade cryptocurrencies and “meme stocks.“

Dear op, your title needs some grammatical correction (i think), and no wonder trading or investing in meme coins have fifty-fifty chances of profit whether you do the math or not, because these are community-driven tokens and most of them are manipulated ones, you have to get inside news of mem coins if you want to make profits and i do not know why an officer stole $5 million and did not able to make profit out of it.

Because if we invest that money in many meme coins (diversify) we could at least some profit and if we make a way of getting inside news (as big money can do anything, not accusing) then how can he not make a profit and lose all of it?

I think it's just an excuse to reduce the penalty or something i am not an expert here but something is not right here. Plus trading in meme coins is a good way to become rich if you have a lot of experience and money because AFAIK, without experience and talent, you can not become rich even if you have all the wealth of the world.

[Hamphser]

This is another sadden story again about someone that just supposed not to trade crypto and meme stocks. Trading and investment is not a get rich quick. Meme stocks trading is like gambling. Coins like bitcoin may be promising, but what if you invested at $50000, bitcoin price now at $30000. Bitcoin will get to all-time-high but not good to use the money that is not yours.

As for trading, not that it is not a get rich quick, but you should use the money that you can afford to lose. The man may wanted to return that money, but crypto and meme stock trading  landed him in prison.

The former chief financial officer of a special purpose acquisition company (SPAC) was sentenced to three years in prison after embezzling $5 million, which he used to trade cryptocurrencies and “meme stocks.“

Read further about it: Ex-CFO who stole $5M to trade crypto and ‘meme stocks’ gets 3 years in prison

A normal thing to happen or simply some consequences if you do have this kind of mindset on the time that you would really be treating trading as a get rich quick scheme or thing because you wont really be ending up on a good way.This isnt how these things to be treated up because trading is something that needs effort and analysis which you would really be needing to consider out.This means that you wouldnt really be needing to rush up and making yourself that desperate because on the time that you would really be having this kind of approach then this is where mistakes would be starting out.
Trading isnt something that you could just simply ignore out and do nothing because it does really require lots of factors before you would be making or seeing yourself
that profitable. It wont really be that a short time and would be involving lots of trial and errors which you would  really be experiencing along the way.

[Ryu_Ar1]

He made two mistakes in this regard,
1. being in meme stocks
2. using other people's money that is not his right with the aim of restoring his condition that has lost a lot.

This is obviously ridiculous when we know that being in memes is something that may not even be recommended if we don't have momentum and can enter and exit in the right way.
On the other hand, many have also emphasized in this case, Invest according to our abilities and never do this with borrowed money if we cannot be responsible for it, especially since he is consciously embezzling money and it is really ridiculous.
He is wretched for his own actions.