Be careful with people's money

[YOSHIE]

Be careful with people's money

That's the reason why when we join an organization or social gathering group, we have to be careful in choosing a chairman or treasurer, because it is very important for the sustainability of the organization in the future, to see whether our friends who we want to entrust money to have gambled or not.

Gambling can darken someone's eyes, if someone has been involved in the world of gambling, most of them don't see where the money comes from, the important thing is that they can use and aim to multiply that money, whether it's a person/group's money or something else, the illusion tells them to use it temporarily, not knowing that they have entered a vicious circle, where at the end of the story they lose the money.

Cases like what the OP said have happened in my area, but not money from college friends, the money was money from social gatherings for mothers, because the treasurer was addicted to gambling, so the story ended without a trace of money disappearing.

[knowngunman]

People should check the background or character of the people they entrust their money with, but unfortunately, some people are so good at hiding their character that they only get exposed when the deed is already done.

Temptation is really high for people to take a chance on gamblers, especially if they see a match that they figure out could give them a sure win.

The last part of your statement that I bold is a lie which we tell ourselves. Every gambler is aware that there is no sure game that guarantees you winning but we always deceive ourselves with assumption of winning. Perceiving a game as a sure game is a common thing that happens to everyone but going hard with stake/wager because of your perception is very foolishness.

I quite agree with you that some people are too good in hiding their real character until they are caught in the act. I remembered meeting a guy who's a gambler back then in school. We spent almost a year together without realizing he's into gambling until one fateful day when he got into trouble and I discovered that the cause of the problem is gambling. Upon my discovery, I still find it hard to believe but it was true, he's a gambler but very secretive.

Gambling with people's money is a sign that the gambler is not aware of what he/she is doing because it's abnormal for a sane person with knowledge of gambling to that. You lost the money and you still have debt to clear, it's an unwise decision.

[Obim34]

There is another one that I read today that people thought he ran away with people's money but he later confessed that he lost it to gambling. It is about a solana-based cypher developer, he confesses that he lost $300K of user funds to gambling.

this shouldn't always be shifted to gambling to be honest. He could have squandered the money with whichever way he chooses to buy it's just that for this context, he chooses to use it to gamble. People need to understand that any money that's not your own should be kept for the purpose for which the money got into your hands. You can't be too smart when it comes to using people's money. There is some sort of spirit that's associated with people's money. Sometimes you can use your money to gamble and wouldn't loose it but when it comes to other people's money, it's always strange how it goes off in no time.

If you aren't ready to gamble responsibly most expecially when it has to do with people's money, you should reconsider quiting entirely.

At this point, it would have been preferable if he had squandered the money on something personal but not gambling. His actions were based on many factors like greed, gambling addiction and maybe trying to cook up some success story yet in all he lacks the knowledge of a good gambling ethic and this has landed him/many into some big shit. Most people are really good at learning by experience, after this he would decide for himself next time wether to recreate again or avoid it.

[Zigabel]

This has been the reason why we always advise against addiction because whenever you get to the point of addiction it becomes easy for you to always want to use any funds available at your disposal to gamble and in cases as this since gambling isn't guaranteed it's very possible you get to loose your funds gambling because you are not addicted a d feel you can always get an opportunity with the casino to be able to win a game buy it turns out thst you eventually get to loose most of the money gambling. When people entrust funds into you hand, it should be an avenue for you to want to explore new opportunities with people's funds especially with gambling which never guarantees success.

If you wish to invest or try out new opportunities it's best you do thst with your own funds probably thst which you have saved, responsible gambling cannot lead to the point where you get to use people's fund to gamble buy then it's sad that only a few gamble responsibly enough.

[Gozie51]

Be careful with people's money

Having people's money with you is like having to borrow money and to borrow money to gamble is a red flag either. I know of a similar story like that when someone defaulted to remit money that was in his custody to the owner because it has been used for gambling. So if someone ask to keep money with you when you know that you don't have the emotional control to be able to resist the temptation of using it for your personal purpose and including gambling, you better refuse to collect it so that such temptation of making use of someone else money will be avoided.

[zuzie]

It is clear that using other people's money, especially without the experience or permission of other people, is a very big mistake and this behavior is also included in behavior that is truly prohibited and sometimes there will be punishment for the private user.
We have seen many things around us, even from the news on television, that there is an official who misuses people's money for personal or group interests. Yes, at first it will feel safe, but over time it will definitely be exposed, especially if the individual uses the money. other people for the sake of their hobby, namely gambling, is a very fatal mistake and if they are caught, they will definitely immediately receive a punishment commensurate with what they have done.

[Fiasem20]

I've heard of such act from different angles where students use their school fees or money some persons contributed to gamble.It sounds and looks crazy when I see such act, gambling is uncertain you don't know if whether you might win or loss.Some folks are so desperate to go extra mile for gambling seek.There are risk that shouldn't be classified as risk such is the scenario where a student will gamble with his/her school fees and call it a risk Hell NO such risk isn't right, risk should be taken rightly.

[bluebit25]

I know of a number of stories about people taking advantage of trust by creating a flashy appearance or pretending to be someone knowledgeable about investments to deceive and take advantage of people around them.

Such a story is not too strange, especially in the crypto space where there are also large-scale scams, but it also reflects the reality that people's greedy mentality is easily swept up in opportunities considered easy.

Anyway, it's a dark corner in any field where stories like this appear. The lesson I always remember is not to rush to believe everything, but check with your own experiences, right away. Even relatives can treat you badly, as long as you are not in that situation.

[mvdheuvel1983]

There have been many cases like that where people misuse other people's money for their own interests, for example gambling with the money in the hope that they can multiply the money and make themselves rich. Gambling using other people's money is a very stupid act, because gambling is uncertain when you win or lose, and you will most likely lose, so gambling using money you shouldn't gamble with is very risky and should be avoided.

A gambler should becare so that problem will not arise from avoidable things, is just that greed can cause anything to happen, most time they problem  with some gambler is greed, the ability to make sure the win more with the fund that does not belong to them, when you see this kind of thing happening just know that addiction is near, it is not wise to make use of fund that was given to you because of trust of whatsoever to gamble, I called this irresponsible character in the highest level, it doesn't sound nice when some one use money at such to gamble, trust is not easy to earn and it is lost it lead a person into problem can only be solved with more borrowed money, this should be frowned at.  

[Findingnemo]

I have read many news that someone will mismanage people's money. I read one about a university student some years ago that gambled with the money contributed by his course mates. The main reason that is causing the money mismanagement is either trading or gambling, but I read more about gambling online. Some can be because of other reasons.

There is another one that I read today that people thought he ran away with people's money but he later confessed that he lost it to gambling. It is about a solana-based cypher developer, he confesses that he lost $300K of user funds to gambling.

The core developer of the Solana-based cross-margin decentralized exchange (DEX) admitted his wrongdoing in a public statement shared in a May 14 X post:

“To address the elephant in the room, the allegations are true, I took the funds and gambled them away. I didn’t run away with it, nor did anyone else.”

His statement in X:
https://x.com/hoakbuilds/status/1790434490877129007
https://docs.google.com/document/d/10ta9quGGrmTNE1Pi7MlgLgSx9zxEqQdkbBfis1pmHrM/mobilebasic

I disagree with using the term mismanaged here because what they did is stole the money and used it for their personal use and whatever it can be still it's stealing not mismanaging because the later is used for someone like manager who is supposed to buy x amount of stocks bought in bulk then the price went down and such like that.

First of all, giving complete control of public money like donation, crowd funds, etc to one person or group of people is primary reason for abusing. There should be transparent way to see anyone who contributed towards the money.

[Adams0001]

There have been many cases like that where people misuse other people's money for their own interests, for example gambling with the money in the hope that they can multiply the money and make themselves rich. Gambling using other people's money is a very stupid act, because gambling is uncertain when you win or lose, and you will most likely lose, so gambling using money you shouldn't gamble with is very risky and should be avoided.

Exactly, but what I'm concerned about is folks who are already addicted to gambling. Because how can you use someone else's money to bet? You can't guarantee that when you bet, you'll get your money back. If you don't have money to bet, just be patient and wait until you do, and then you can stake to risk because if you lose, it won't affect you because you already know that gambling is a game of luck, and you can't say you'll win every time you play. But, if you used someone's money and bet, and you lose, how can you refund the money back? If he ask you about it, where will you get the funds and give him back. we need to be very carefully with borrowing of money and try to bet to double the funds is not suppose to be like that. is good you should have you personal money to bet on without using people money because they truest you that is why they decide to give you because anytime they need the funds they can get it back without any worrying.

[BABY SHOES]

I have seen many cases like this in my area where they manage public money or company money but instead are misused for gambling hoping to make a fortune but what happens is that they lose everything and the average person runs away but is eventually caught by the police.

This problem often occurs when someone manages a lot of public money like there is no responsibility they consider it like their own money that is played at the casino but after losing money he regrets it and is unlikely to compensate.

That gambling is indeed hot when you hold any money, the lust wants to continue playing and usually they have bad habits until the end becomes a disaster.

[GideonGono]

This isn't something new, and this is also the reason why you shouldn't trust people so easily.
I also watched a video in the past, I am not sure if it was the engineer or what but the fund that was supposed to be used to build their customers house was used by that person on gambling and lose.
It is hard to trust people with a huge amount of money sometimes this could also happen with someone close to us, business partners or even relatives there are some who would do this due to their greed.

[Hatchy]

It's actually not the first time we have heard of so many such stories. The truth is that gambling has caused so many people alot. And thus before keeping a huge amount of funds with anyone, we have to make sure that such person is not a gambler or have something to do with gambling. Being mindful of such addicted gamblers will help us save the stress as even though they are caught or after confession they still won't be able to produce the whole money lost. Gambling can be addictive, tempting and for someone who knows that he hold peoples money for them he should be smart enough not to get himself involved in such activities. Except he want to use his personal funds to gamble.

[ralle14]

We've also had a similar case in the collectible section where one of the many known physical wallets got swept by a single user and then gambled all the coins away.

It rarely happens, but it's scary that the possibility for someone to gamble your funds away is always there, and the worst part with these cases is that most of them get away with it.

[Accardo]

I've heard a familiar story of a guy who received money for a friend and spent it on gambling. He didn't win, but the good part of the story is that he paid back. Playing with people's money is not bad. Some players tend to wager high on another person's pocket, that's wrong. However, it's always embarrassing to hear of such things, because the player is not showing himself some respect in the society. People may not respect him anymore, even in the gambling community. Yet it's not a new story that gamblers have the impulse of going harder when they lose. Regardless of who owns the money, the player wouldn't stop less he feels the whole funds has been exhausted. I think that's the only moment such players tend to stop gambling. The mistake comes by surprise.

[Wapfika]

There is another one that I read today that people thought he ran away with people's money but he later confessed that he lost it to gambling. It is about a solana-based cypher developer, he confesses that he lost $300K of user funds to gambling.

SBF alleged to play blackjack using the exchange funds right before the bankruptcy. There’s no confirmation for this news but this is possible to happened since it’s very easy to move money from reserves on crypto since there’s no name on wallet address unless it will sent on KYC services who owns the address.

I remember one of my long time friend in social media holds our fund for long term savings. He gamble it all on a dice game and lose it without our permission. He is currently off the radar after the loss.

The moral of the story is people in crypto is very prone to gamble funds especially if they are short for funds while they have others money in their hand. @Yogg is the perfect example here since he break the trust if his customers by redeeming his product just to gamble it away.

[Hispo]

To be honest, it is quite disturbing how often one can find stories like these ones, on people who decide to they loans or even try to take money which is supposed to be used for something unrelated to gamble and they end up gambling it all away, it is like they did not expect to suffer any consequences for their actions, or something.
Also, that later example of a developer taking the money of their investors to gamble is one of many examples of why people do not trust new ventures within the ecosystem of Alternative currencies like Solana, Ethereum, or any coin which enables to the creation of smart contracts.
There is a scam around every corner and these unfortunate events do not help to increase the trust people could have on legitame token or coins in the future.
It does not matter whether they are online, managing cryptocurrency or in real life, managing cash. Greed seems not to care on the situation of those vulnerable to it.

[Spaceman1000$]

I have read many news that someone will mismanage people's money. I read one about a university student some years ago that gambled with the money contributed by his course mates. The main reason that is causing the money mismanagement is either trading or gambling, but I read more about gambling online. Some can be because of other reasons.

There is another one that I read today that people thought he ran away with people's money but he later confessed that he lost it to gambling. It is about a solana-based cypher developer, he confesses that he lost $300K of user funds to gambling.

The core developer of the Solana-based cross-margin decentralized exchange (DEX) admitted his wrongdoing in a public statement shared in a May 14 X post:

“To address the elephant in the room, the allegations are true, I took the funds and gambled them away. I didn’t run away with it, nor did anyone else.”

His statement in X:
https://x.com/hoakbuilds/status/1790434490877129007
https://docs.google.com/document/d/10ta9quGGrmTNE1Pi7MlgLgSx9zxEqQdkbBfis1pmHrM/mobilebasic

For anybody to use people's money to gamble, that's pure recklessness and lack of regard for themselves as an individual and the people he is holding their money in trust. Gambling should be with your personal money, where nobody can hold you accountable for mismanagement.Of course there are situations where people take risk, and eventually they will be rewarded, but in a scale of 1-10, 70% of those risk taken especially with people's money always comes out negative. $3000k is a lot of money, and I'm sure that guy didn't manage his risk properly.

[Die_empty]

At this point, it would have been preferable if he had squandered the money on something personal but not gambling. His actions were based on many factors like greed, gambling addiction and maybe trying to cook up some success story yet in all he lacks the knowledge of a good gambling ethic and this has landed him/many into some big shit. Most people are really good at learning by experience, after this he would decide for himself next time wether to recreate again or avoid it.

He has just committed a criminal offense and can go to jail if he is unable to refund the money. This guy is suffering from acute gambling disorder and should seek help immediately. This is the effect of not having a budget which will aid in using only what you can afford to lose. It is also important to add that we should gamble with only what is our own. Maybe he gambled with a little part of the money and lost. In order to recover the loss and replace the money he kept gambling until he lost such a big amount. I have a tradition of not keeping people's money in my custody. It is better to refer someone to a financial institution than to be in custody of people's money.