Category: Modern comic book investing
By late June, the entire crypto market had fallen in value by $2 pinned contact information for suicide hotlines to the top of its page. There are reports of Suicide on the internet, due to losses in the market. If the markets are hurting, take a step back. I got my money spread out in ETFs, crypto blue chips, high yield savings account, and risky APY plays in BlockFi and FTX. DO YOU NEED COLD STORAGE CRYPTO
A Rancho Cucamonga man told the judge that the possible loss of his family's nest egg has driven him to drink and to the point that his wife of 17 years "asked me to leave our home due to my emotional turmoil and unpredictability Many are anonymous.
Some ask that Glenn order their accounts to be released, others express resignation that as unsecured creditors of a firm that has only enough assets in hand to cover a small fraction of what they're owed, their money is gone. This is the exact opposite of financial freedom — more like financial jail, or worse for many … financial death.
He figured that the interest yield he would earn from Celsius would more than cover the interest payable on the margin loan, but now he still owes the margin interest but is getting nothing from Celsius. A former money manager for Celsius has charged in court that the arrangement was essentially a Ponzi scheme, in which money for the high-interest payouts came from assets deposited by later customers.
The problems began as early as January , according to the manager, Jason Stone. At that time, the value of the digital currency ethereum soared, increasing Celsius' obligations to customers who had deposited ethereum. But Celsius didn't have enough ethereum to cover its obligations.
At the Johns Hopkins panel, sponsored by the university's Alexander Grass Humanities Institute, he contrasted the ability of central banks to manage their economies by printing more of their own nations' currencies with the hard limit on how many bitcoins can ever be issued, based on the digital algorithm. Mashinsky offered more to customers — affirmation that his firm was so well-capitalized that their money was safer with Celsius than with traditional banks.
His mantra, printed on a T-shirt he wore at a conference, was "Banks are not your friends. This customer kept mainly U. But they were lying and they lost everybody's money. I wasn't even investing there, just letting my money sit there. Lawrence has the opposite take. I like the fact that bitcoin has accountability. The real problem is greed and mismanagement of Celsius.
Crypto is not to blame. However, there are over , news stories on Google News of cryptocurrency-related suicides, with 39, of those coming in just the last 12 months. In the U. Globally it is the 5th biggest killer of people under According to Forbes , crypto is most popular with people under the age of 49, meaning there is an overlap in age groups between crypto users and suicide-related deaths. A Open University study into the relationship between stock market fluctuations and suicide rates showed a correlation between men and women.
Prior to , when the paper was released, the concept of a meme stock had not yet been truly invented. WallStreetBets, a leading source of meme stock trading information, grew from less than 1 million subscribers at the start of to over 12 million today. Source: subredditstats. He owed a huge amount of money to various people who had invested in cryptocurrency. Numbers and charts make it hard to quantify the scale of the tragedy that happened this week.
I don't think any words can do it justice, either. Here's some more data. Redditors often state that the price may still have further to go because the suicide hotline is not pinned yet. This casual attitude to such a tragic topic is something that goes unmentioned during a bull run.
However, the subject should not be so flippantly tossed around in a bear market where many users have seen their portfolios decline massively. Further, major black swan incidents across the ecosystem only further exacerbate the issue. In order to combat a growing epidemic and as we potentially head toward a recession, we must improve financial education.
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Others were forced to hide in their homes as their friends furiously attempted to confront them, banging on their door demanding answers and retribution. On the sub-Reddit for TerraLuna, the main place of discussion for the self-described 'LUNAtics', one terrified investor today asked for advice.
What do I do? Similar to a run on the banks, the selloff triggered a death spiral, making the cryptocurrency worthless. TerraUSD, a stablecoin system, was always tied to the US dollar in an attempt to create stability and security for investors. The sudden collapse of both Terra and Luna, wiping billions off its value, didn't just anger investors, it also made many grapple with suicidal thoughts.
I will lose my home soon. I'll become homeless. Suicide is the only way out for me,' one wrote. I've lent him 5k and he's moved in with me,' a third wrote. In another story after the crash, an investor begged people to seek out mental health support after their own friend tried to take their own life. On one Reddit forum, Wall Street Bets, traders often joke about major losses on Robinhood and post screenshots of their gains. Suicide is the result of multiple contributing factors, and not the result of a single event.
Still, the tragedy is a reminder of risks, and potential for big losses, that can come with complicated trading instruments such as options. Over the weekend, Brewster took to social media to find answers and in the process warned others about the pitfalls of day trading. It's people's lives," Brewster said. He claimed the puts he bought, and the shares sold "should have cancelled out" but in hindsight, he said he had "no clue" what he was doing.
Robinhood is also reviewing its options offering "to determine if any changes may be appropriate," according to the spokesperson. Alex Kearns Source: Bill Brewster, Kearns family An options contract gives a trader the right — but not the obligation — to buy or sell an asset at a specific price, on or before a certain date. Traders use it to hedge risk, or speculate. Robinhood is required by its regulator, FINRA, to approve each individual client that wants to trade options.
The same is required of any regulated brokerage firm.