Losing all your fortune with just 3 years

[Kemarit]

Seeing news like this makes me surprise how some people can be so addicted to gambling and despite many loses they never back out and keep losing again and again. This is a sad story and a pitiful one for the person in question. Going from riches to nothing is the most painful experience you can come through while living your life. What you intended to do to make you more money, end up making you lose all of your hard earned money over the years, that’s so sad and regretful in my opinion. The next happening of such situation is that the victim has committed suicide since they can’t afford to contain themself through the emotional damage they’ve caused themselves, I hope his is not the case.

greed and stupidity are the best allies to start losing systematically. If a player is haunted by a long series of losses, then it’s definitely worth taking a break, preferably for a long time, in order to restore the nervous system and not make mistakes, since it’s definitely not worth sitting down to play on heightened emotions. It’s a pity not all of this understand.

The thing is that sometimes when the loses starts coming the human brain 🧠 is so stressed that it can't even think of stoping and it only takes a well trained person to stop the programing. That's why they are so many gamblers out there that have fell victims to addiction of not stopping when they are losing and for some gamblers it takes just a simple lose for them to continue the chase of that little funds they have lost.

That's what we call their decision is clouded, they can't think clearly that all they want is to continue to gamble. You can call it training if they were able to control, but I'm not sure about it because as gambler, it's really hard to do that and we can only stop until it's too late, until all our fortunes are gone.

Not just for super rich guys, but even ordinary gamblers who have money in the beginning and thought that they can win and then suffers loses will also be a victim of this mentality. So if there is still time, we should really know how to control our emotions and not be another victims here.

[ethereumhunter]

Addiction and greed had nothing to do good in our lives but just ridiculous things and financial crises. I couldn't recall how much I lost in the past day when I was just about to learn to gamble. I thought that winning was too easy because some people showed it on social media winning the jackpot prize too quickly. So I tried and luckily won but because I was too greedy and aiming for more winning, I increased my capital unfortunately, things have changed, not a single bet I won anymore. Too late to realize that emotions will make you lose more if you lose control of it. If we may win today, we can't assume that we could still win tomorrow because there is naturally no assurance for such a thing.

Addiction and greed can cause our life in worst and we can't survive to solve the problem. Many people already gets the problem from gambling but only a few people can solve their problem and quit gambling forever. Other people gets deeper in gambling and can't solve their problem because they don't see how they can solve the problem so that makes them stay in gambling without thinks about to fix their problem.

If we talk about how much we lost in the past day, we can guess that will be a big lost because we are not yet have much experienced and we use too much money and makes us gets a big lost in gambling. But if we can wins from gambling, that will be our good time and our luck but that can makes some of us keeps playing gambling without thinks to quit gambling after we wins.

[crwth]

For those interested in Watanabe and updates, There would be a documentary ongoing to show history and how it happened. I think this would be an interesting documentary Not only for those who are addicted in gambling, but also who are the possible people who could get into this situation and possibly prevent it.

Here is the link Below.
https://deadline.com/2022/09/foundation-media-partners-secures-rights-to-story-of-high-roller-terry-watanabe-1235119748/

[junder]

That's what we call their decision is clouded, they can't think clearly that all they want is to continue to gamble. You can call it training if they were able to control, but I'm not sure about it because as gambler, it's really hard to do that and we can only stop until it's too late, until all our fortunes are gone.

Not just for super rich guys, but even ordinary gamblers who have money in the beginning and thought that they can win and then suffers loses will also be a victim of this mentality. So if there is still time, we should really know how to control our emotions and not be another victims here.

The majority of gamblers who are addicted usually won't be aware of the occurrence of defeat, even if it is a losing streak, but when they experience a moment that really hits their consciousness, maybe they will have the thought of being able to recover, even though it is unlikely to happen. when they are addicted to gambling, all they want is to gamble, because even when they have won, they cannot stop but instead have the thought of continuing to gamble until they get a win that is big and makes them feel satisfied, those small wins will not allows them to stop gambling if they still have thoughts about winning big. Even when they lose, there is a possibility that they will return to betting even when their money runs out because they are addicted, they can do anything to make money and return to gambling again, such as selling the assets they own.

We can do the gambling we do depending on how we do it, including our own thinking, if from the start our thinking is wrong about gambling then misery can happen and this can happen to rich or poor people because the level of difference in their financial situation is different. determine clearly what gambling they do, but it is their thoughts that will determine what kind of gambling they will do.

[Republikcoin.com]

Agreed, it was very stupid to take all the wealth in gambling, he had lost control could not set betting limits and he was gambling following the flow of emotions because he had lost a lot of money and he wanted all the losses to be recovered in one bet. He didn't think about the risk of the next loss, as a result he has lost all the money he has and we don't know what his fate will be now, maybe he is experiencing depression and stress. We have been reminded in various threads to gamble by setting limits and gambling responsibly so that you don't experience high losses and you can enjoy gambling without getting emotional and addicted.

People who are controlled by their own emotions will find it difficult to stop gambling before their money is completely gone because such people usually forget the risks of losing and losing in one bet so it will be difficult to give advice to such people. Unless he really has the intention to stop on his own without anyone telling him to stop before all his money runs out, but that is always difficult to happen. Because people who are controlled by their own emotions will always make decisions hastily without considering any risks that could occur in their decisions.

[madnessteat]

I am 100% sure that these are far from the main reasons and not reasons at all, these are consequences of other things that happened to him (maybe a tragedy in the family or something else). The owner of a multi-million dollar business is obviously a disciplined, rational person who has seen a lot in life. If he had been exposed to alcohol or unreasonable risks, then he simply would not have achieved what he achieved. The part of the story that we learned is only part of some other story that led him to this.

I can't say anything about it as it is only speculation. A person can have a business in various ways, for example, inherited and it is not a fact that the owner is a disciplined person. I am sure of one thing if he did not drink alcohol while gambling his mind would not be so stupefied and he would behave very differently. I think everyone has seen people in a strong alcohol intoxication and knows that in such a state a person can not normally manage himself, I'm not talking about money or risk management. Alcohol and gambling in my opinion are incompatible things for a disciplined person.

[salad daging]

Agreed, it was very stupid to take all the wealth in gambling, he had lost control could not set betting limits and he was gambling following the flow of emotions because he had lost a lot of money and he wanted all the losses to be recovered in one bet. He didn't think about the risk of the next loss, as a result he has lost all the money he has and we don't know what his fate will be now, maybe he is experiencing depression and stress. We have been reminded in various threads to gamble by setting limits and gambling responsibly so that you don't experience high losses and you can enjoy gambling without getting emotional and addicted.

People who are controlled by their own emotions will find it difficult to stop gambling before their money is completely gone because such people usually forget the risks of losing and losing in one bet so it will be difficult to give advice to such people. Unless he really has the intention to stop on his own without anyone telling him to stop before all his money runs out, but that is always difficult to happen. Because people who are controlled by their own emotions will always make decisions hastily without considering any risks that could occur in their decisions.

Because there is a sense of curiosity if the money has not run out he may believe the last money can bring good luck then this will be discouraged in the emotions he brings in gambling, this is not a few many gamblers take this step in the hope of changing his fate or want to win.

Gambling discipline must have limits, manage risks, be responsible and other factors that make you gamble not at great risk in the sense that we can limit it to what has been set.

If the bankroll is depleted enough stop...
Someday the money will be there again and we can still play with self-determined limits.

[LFC_Bitcoin]

That’s insane and really awful to read but he’s not the first and sadly he won’t be the last to end up victim to this kind of degeneracy. Blame lies mainly with himself but providers must hold some blame.

There should be some kind of banning order when somebody loses a certain amount but that kind of degenerate gambler will always find a way to circumvent exclusions. I hope he is in a good place mentally after losing so much.

[Jody.Drummer]

snip

Logically, yes, I quite agree with your opinion above that I am not sure that this problem or incident happened to that person who is a billionaire or someone who has succeeded in achieving financial freedom in his life as a reward for all the hard work he has done over the years. he live.

Because basically people who succeed in achieving financial freedom in their lives, like billionaires, are those who have a strong level of discipline and also have an unusual mindset, in the sense that they always think about things that are impossible or impossible for normal people in their lives. It's a matter of determining their dreams, but they succeeded in achieving their dreams, where this success was due to strong intentions and determination as well as really knowing how to manage money properly and correctly, meaning that I think it is quite unlikely for these people to experience significant setbacks. like this, in the sense that I don't believe they would foolishly risk all the wealth they have worked for.

The opening post literally says that this happened to a big businessman and that he lost $127 million. Yes, apparently he is not a billionaire, but he is definitely a multimillionaire, since the lost 127 million indicates that his business was worth more than this amount. No business can survive if you take out all of its capitalization; it is fashionable to assume that its business was worth 0.4-1 billion.
By the way, I don’t think everything is fatally bad for him - if he overcomes his bad habits, he will be able to start a new business or work as a CEO with a huge salary and bonuses.

This means that by looking at the loss figures, it can indirectly be used as an illustration that he is not an ordinary person, in the sense that he is a rich person who has a lot of wealth, and also yes, it is quite reasonable to say as you say that the amount of his wealth is definitely more than $127 million, and I can imagine that if at that time he really couldn't control himself and fell or was carried away further then yes maybe the amount could be much greater than that or even close to the total amount of his wealth.

On the other hand, I just hope that he can really realize his mistake so that this incident doesn't happen again, even though I don't know him at all, I can really feel that it is a very large loss that might be able to support my living costs for the rest of my life. decades, and the point is that I hope that this incident will not happen again, and I will say that this is what will happen when a gambler cannot control himself, anything can happen and you can end up with a zero balance in your account.

[madnessteat]

That’s insane and really awful to read but he’s not the first and sadly he won’t be the last to end up victim to this kind of degeneracy. Blame lies mainly with himself but providers must hold some blame.

There should be some kind of banning order when somebody loses a certain amount but that kind of degenerate gambler will always find a way to circumvent exclusions. I hope he is in a good place mentally after losing so much.

I think that the gambler who is so eager to play gambling will not help any prohibitions from the gambling site. After all, such a gambler has the opportunity to register at another casino. In the case of blocking on personal data, he can always buy someone else's account, although it is prohibited by the rules of many casinos. That is why I believe that all the responsibility for lost money lies only on ourselves. After all, only we decide how much we are willing to lose, when to play and in what emotional state.

I hope that he will be able to return the money by working hard, quit drinking alcohol and this will be the most valuable lesson for him in life.

[hedgeh0g]

That’s insane and really awful to read but he’s not the first and sadly he won’t be the last to end up victim to this kind of degeneracy. Blame lies mainly with himself but providers must hold some blame.

There should be some kind of banning order when somebody loses a certain amount but that kind of degenerate gambler will always find a way to circumvent exclusions. I hope he is in a good place mentally after losing so much.

I think that the gambler who is so eager to play gambling will not help any prohibitions from the gambling site. After all, such a gambler has the opportunity to register at another casino. In the case of blocking on personal data, he can always buy someone else's account, although it is prohibited by the rules of many casinos. That is why I believe that all the responsibility for lost money lies only on ourselves. After all, only we decide how much we are willing to lose, when to play and in what emotional state.

I hope that he will be able to return the money by working hard, quit drinking alcohol and this will be the most valuable lesson for him in life.

I also believe that the main reason was an irresponsible game in alcohol intoxication, this cannot be done categorically. When the player is very drunk, this is the best client for this casino, because the player does not look not at bets and strategies, but is completely subordinated to his blurred mind. The next morning he may not even remember anything. In my opinion, it would be good if drunk customers would be forbidden to play, but this will not happen because, for example, in the online casino it is impossible to check in what condition the player sits in front of the monitor screen. We must remember this one once and for all how frivolously it is to the game.

[pawanjain]

It would be controversial, depending on what country of jurisdiction was supposed to be applied on. Meeting a ceiling of maximum wager for high rollers would be translated to setting a ceiling to the earnings and profits of casinos. Time it would be more favourable in terms of morality for gamblers to be fully aware and not drunk while gambling, to make them understand the degree of the risks and the potential consequences on their lives.
Ironically, it would be like setting a ceiling on the amount of beers or the numbers of cigarettes people is supposed to consume, at least, in countries like the United States, those laws could be perceived as an direct attack on the basic rights of each citizens.

Though, I am not against increasing awareness on problem gambling.

Not sure about limiting high rollers but I have surely seen a maximum cap on betting on one of the sites.
One point to notice is that Watanabe  was losing around $5 million dollars a day and so it took him so many months to lose what he had.
So it's not like he wasn't aware of what he was doing. Even if he was drunk while gambling, he would have noticed that he has spent millions in gambling.
He did have the chance to stop himself but didn't. May be was addicted to gambling or he deliberately wanted to lose it all.

[Beparanf]

Not sure about limiting high rollers but I have surely seen a maximum cap on betting on one of the sites.
One point to notice is that Watanabe  was losing around $5 million dollars a day and so it took him so many months to lose what he had.
So it's not like he wasn't aware of what he was doing. Even if he was drunk while gambling, he would have noticed that he has spent millions in gambling.
He did have the chance to stop himself but didn't. May be was addicted to gambling or he deliberately wanted to lose it all.

The guy is clearly in addiction that makes his mind think not properly. Yes, he’s aware of what he is losing but doesn’t care since his mind is already not working properly that makes million loses not gonna scare him.

Addiction makes gambler numb from losses. The pain of losing just comes on the realization part which is when they don’t have money to lose anymore. Casino has a responsible gambling clause since they knew that gambler is always doing crazy stuff when addicted while they want to protect themselves by using this print and turn a blind eye on what’s happening,

[Dewi Aries]

That’s insane and really awful to read but he’s not the first and sadly he won’t be the last to end up victim to this kind of degeneracy. Blame lies mainly with himself but providers must hold some blame.

There should be some kind of banning order when somebody loses a certain amount but that kind of degenerate gambler will always find a way to circumvent exclusions. I hope he is in a good place mentally after losing so much.

I think that the gambler who is so eager to play gambling will not help any prohibitions from the gambling site. After all, such a gambler has the opportunity to register at another casino. In the case of blocking on personal data, he can always buy someone else's account, although it is prohibited by the rules of many casinos. That is why I believe that all the responsibility for lost money lies only on ourselves. After all, only we decide how much we are willing to lose, when to play and in what emotional state.

I hope that he will be able to return the money by working hard, quit drinking alcohol and this will be the most valuable lesson for him in life.

It's true, when someone is very addicted or even dependent on an activity then whatever prohibitions are placed on them will not have much of an effect because in the end they will always look for various ways that other people don't even think about in order to maintain their habit, which means as you say that the point is to return to themselves, because all control is within them.

Maybe I would say that it is a matter of time, there is always a possibility for them to experience a change to the right path even though we don't know how the process will go, but I am sure that in the end they will realize about their mistakes especially especially realizing that they have a different approach to gambling. This is wrong, which might reduce his interest in activities that were previously always a priority.

[Hispo]

It would be controversial, depending on what country of jurisdiction was supposed to be applied on. Meeting a ceiling of maximum wager for high rollers would be translated to setting a ceiling to the earnings and profits of casinos. Time it would be more favourable in terms of morality for gamblers to be fully aware and not drunk while gambling, to make them understand the degree of the risks and the potential consequences on their lives.
Ironically, it would be like setting a ceiling on the amount of beers or the numbers of cigarettes people is supposed to consume, at least, in countries like the United States, those laws could be perceived as an direct attack on the basic rights of each citizens.

Though, I am not against increasing awareness on problem gambling.

Not sure about limiting high rollers but I have surely seen a maximum cap on betting on one of the sites.
One point to notice is that Watanabe  was losing around $5 million dollars a day and so it took him so many months to lose what he had.
So it's not like he wasn't aware of what he was doing. Even if he was drunk while gambling, he would have noticed that he has spent millions in gambling.
He did have the chance to stop himself but didn't. May be was addicted to gambling or he deliberately wanted to lose it all.

Well, It could be, still I am not 100% sure whether he was aware on what he was doing. I have never been addicted to gambling and I am hoping never to be, but in my personal point of view, those who suffer from problem gambling do not actually want to "lose it all" or become penniless from his actions, they actually believe or feels there is no a choice for them, they need to continue to gamble as long as they have a dollar in their pockets. It is a driving force from within which forces them to burn their budget, always seeking for thrill or for the chance to get part of their money back.
It does not matter how rich an individual is, losing 5 million daily is such a rapid and deteriorating state which makes me believe whoever happens to be in it does not have any control over their actions or thoughts.

Though, Not that I am expecting someone addicted to anything to be reasonable...

[LUCKMCFLY]

I think that regardless of the things that people can do if they have a fortune, whether or not they play in a casino, if they have investments, it is their money that they are risking, the fact that a person loses their fortune after 3 years shows that that person lacked financial education, because any person who is a millionaire, will not let their fortune disappear, a person does not spend and spend money, there will come a time when they will not be able to spend more because the money runs out, and precisely for me when these things happen it is because of the lack of financial education.

[Fivestar4everMVP]

I think that regardless of the things that people can do if they have a fortune, whether or not they play in a casino, if they have investments, it is their money that they are risking, the fact that a person loses their fortune after 3 years shows that that person lacked financial education, because any person who is a millionaire, will not let their fortune disappear, a person does not spend and spend money, there will come a time when they will not be able to spend more because the money runs out, and precisely for me when these things happen it is because of the lack of financial education.

You are exactly right, it takes hard work, dedication, and being smart for one to make money, but again, it takes good financial education and management to keep the flowing, else, it will all disappear and run into the hands of those who are better money managers due to their good level of financial education

But on the other hand, let not also under-estimate what being addicted to gambling can do to any body, and this doesn't not really matter what level of financial education one has or has attained, addiction will simply criple the brain so bad that the person will completely forget how to manage money, the only thing he's gonna be thinking about is how to recover the money he lost to gambling yesterday, through same gambling, and when that tomorrow comes, they are still thinking same thing, "how to recover this or that", and they continue in this circle until all the money is gone.

As much as knowing how to manage money is really important for us especially for our future well being, it's also important not to allow ourself get addicted to gambling.

[Mate2237]

Whenever I see or hear business people loss money like this, I see greediness from them. As a business person he would and gambled according to what he could loss and not all his investment amount. That is unwise gambler. That is unplanned businessman. Yes it is good to have fun with gambling but if it not to use all your investment money to play gamble and now that has used all what will he use to continue his business and indirectly. The business has collapsed which is very bad. And nobody will help him to start that business again and he has to start from the grassroot again.

I am suspecting that he didn't work hard to make that money.if not he would known what to do and not to be greedy. It is only a greedy businessman that can do what has done. Unplanned life always end unfulfilled oland unfortunately.

[Oilacris]

That’s insane and really awful to read but he’s not the first and sadly he won’t be the last to end up victim to this kind of degeneracy. Blame lies mainly with himself but providers must hold some blame.

There should be some kind of banning order when somebody loses a certain amount but that kind of degenerate gambler will always find a way to circumvent exclusions. I hope he is in a good place mentally after losing so much.

I think that the gambler who is so eager to play gambling will not help any prohibitions from the gambling site. After all, such a gambler has the opportunity to register at another casino. In the case of blocking on personal data, he can always buy someone else's account, although it is prohibited by the rules of many casinos. That is why I believe that all the responsibility for lost money lies only on ourselves. After all, only we decide how much we are willing to lose, when to play and in what emotional state.

I hope that he will be able to return the money by working hard, quit drinking alcohol and this will be the most valuable lesson for him in life.

It's true, when someone is very addicted or even dependent on an activity then whatever prohibitions are placed on them will not have much of an effect because in the end they will always look for various ways that other people don't even think about in order to maintain their habit, which means as you say that the point is to return to themselves, because all control is within them.

Maybe I would say that it is a matter of time, there is always a possibility for them to experience a change to the right path even though we don't know how the process will go, but I am sure that in the end they will realize about their mistakes especially especially realizing that they have a different approach to gambling. This is wrong, which might reduce his interest in activities that were previously always a priority.

Everything matters about self control on which this one would really be that relevant or something that you do really need up to consider on the moment that you do find yourself dealing up  with gambling. You would definitely be making yourself having that issue on the time or moment that you had lost up so much money due to uncontrollable urge of doing gambling.On the moment that you do find yourself having that kind of approach towards gambling then you would definitely give out that huge effect towards you and this is something that must be avoided in the first place if you don't like to mess up your life especially in financial.

[AmoreJaz]

I think that regardless of the things that people can do if they have a fortune, whether or not they play in a casino, if they have investments, it is their money that they are risking, the fact that a person loses their fortune after 3 years shows that that person lacked financial education, because any person who is a millionaire, will not let their fortune disappear, a person does not spend and spend money, there will come a time when they will not be able to spend more because the money runs out, and precisely for me when these things happen it is because of the lack of financial education.

And if I may add, I don't think it was fair to blame the casino here because if he had been playing for years, then, whenever he was sober, he should realized that he was being deceived. So next time around, he won't fall to the trap of being drunk. It was his decision of being drunk while playing. It was not the casino's fault. And if he's going back again and again, do you really think it was the casino to blame? It is insanity at its finest.

This is the problem with gamblers, once they lost their fortune, the first thing they will blame is the casino. They forgot themselves that they were the one who put themselves in that situation. Remember, the casino doesn't have the gun pointing on their head!