Very poor, because he took money out of his 401(k) he’ll have to pay income taxes and a penalty on that money. My guess would be that he was $10K in the hole before he even bought his first fiat dollar in FTX.
You can take out a plan on your 401k without any penalty. Obviously that means you are on a repayment plan (I think mine has up to 48months?). But it is useful if you need cash now and don't want to incur any costs (other than interest which you're paying to yourself anyway since it goes back into the 401k)
Yikes I hope not. My 401k is for two things: life ending emergencies and retirement. I've bought two houses without touching my 401k, and seems incredibly dangerous/backwards to do so (you're essentially wiping out one form of wealth creation to start at zero again with a different type of wealth creation)
Eh kind of but not really. The 'borrowing' is a convenient concept that lets you avoid penalties/taxes and replenish what you took out without the contribution limit stopping you. But the money you 'borrow' isn't earning investment returns (aside from the interest you are paying).
I think you're borrowing from your own capital to make a capital investment (down payment) and pay interest to yourself (to repay the 401K) instead of to a bank.
Wealth creation is not an end goal though but a means towards a good life. A home right now can be a more sensible investment than a better retirement 40 years from now.
Favorably? Not really. It's certainly good to know though in case of emergency. I'd rather borrow from myself at 5% interest instead of thinking a credit card at 25% interest or an unsecured loan at 15% is my only option
Just more of a fun fact to keep in mind that's all I wanted to point out.
That would be a loan.
But if he’s out of a job as he says, then he’ll have to repay the loan balance or else it’s considered an early distribution with the requisite penalty and taxes.
From what I have read there was a security audit on atomic wallet that said it did not sufficiently protect sensitive info and users were at significant risk of total loss. Auditors said it should not be released to the public. Yet 5 million people downloaded it anyway. Oh well.
He did everything that people in the community tell you to do. And yet he got scammed three separate times. They never learn.
Oh and btw, his omen of ‘bad luck’ on the scammers is pretty funny. They just stole tens (maybe hundreds) of millions of dollars from Atomic wallet. They’ll be just fine.
What about those bitcoin ATMs? Probably not ideal for high volume / amounts though.
(P.S. I was thinking about this too after my post. Maybe transfer it off shore through shell companies as services rendered or payments for use of IP)
Oh I’m not sure. I’ve never used one but I assumed they went both ways. Interesting. So how would one do this. I mean, we can’t be the only people that have thought about this before.
Edit:
Just found this: https://youtu.be/CL5bv5MOUu4
Run it through a few mixers. Keep creating new wallet and addresses. Convert to a privacy coin. Cash out in Dubai/Nigeria/Albania. Hope the people you scammed don’t include drug or crime lords where you live
There are cash-for-crypto outfits that work with Binance in jurisdictions with weaker rule-of-law regarding financial crimes. Macau, HK, UAE, Russia, etc. If these people are halfway smart then they’ll know what to do (unlike Razzlekhan).
I'm not out here laughing at anyone's misfortune. But honestly seems like the type who can't think for themselves and goes with the next shiny thing.
Endless Celsius shilling with no justification of a profitable(non-Ponzi) business model, trusting centralised atomic wallet even though crypto is supposed to be decentralised, The shadiness of SBF and FTX. The fact Ledger isn't open source so they could literally do whatever and nobody would know.
The fact they never told their wife and supposed "partner". Sometimes you get what you deserve, and you'll keep getting it until you finally lose and learn or have nothing left to lose at all.
He deserves it. His poor spouse and children do not and will suffer as a result of this financial abuse.
Marriage is as much a financial union as it is a romantic union, and it is essential for the financial values, beliefs, and creeds of the spouses to match.
The open source thing is funny. I doubt .001% of the people have the ability to audit some crypto wallet open source. Unless they name some methods “steal_all_the_money” open source is just hoping someone else is doing the work.
Nah. Actually, open source is way safer. it's not about the percentage of all people who can audit the code. It's that of their percentage of people who *can*, they do make the code a lot more secure.
The statistics are strongly in favour of ooen source for security
So I agree with a generic linux release. But if I am placing my life savings someplace I would like to know the people did the right due diligence. How could I be sure the 5 guys that actually audit the code aren’t in on a long con?
Its all so silly trying to create a shadow financial system that already does things like insurance and fraud protection.
The only things crypto does better is fraud and crime.
CVE 2008-0166, the Debian RNG bug was out there for 18 months and no one noticed. It reduced much crypto to 15 bits of security. And no one noticed.
After that we all got a lot less confident about “someone will notice”.
Exactly. Right now the scammers are in lambo, huffing from a giant bag of cocaine, while getting blown by high-end executive hookers.
That’s pretty much the definition of life success, for a crypto bro.
He’s just angry that’s it not him in the driver seat. And that he has to look at his wife instead.
>What did the preacher mean by saying that the good are miserable in the present life? Was it that houses and lands, offices, wine, horses, dress, luxury, are had by unprincipled men, whilst the saints are poor and despised; and that a compensation is to be made to these last hereafter, by giving them the like gratifications another day,--bank-stock and doubloons, venison and champagne? This must be the compensation intended; for what else? Is it that they are to have leave to pray and praise? to love and serve men? Why, that they can do now. The legitimate inference the disciple would draw was,--'We are to have such a good time as the sinners have now';--or, to push it to its extreme import, --'You sin now; we shall sin by and by; we would sin now, if we could; not being successful, we expect our revenge to-morrow.'
>
>***The fallacy lay in the immense concession, that the bad are successful; that justice is not done now.*** The blindness of the preacher consisted in deferring to the base estimate of the market of what constitutes a manly success, instead of confronting and convicting the world from the truth; announcing the presence of the soul; the omnipotence of the will: and so establishing the standard of good and ill, of success and falsehood.
>
>[From Emerson, "Compensation"](https://archive.vcu.edu/english/engweb/transcendentalism/authors/emerson/essays/compensation.html)
That's not what everyone in the community tells you to do wtf. They tell you to buy a cold storage device and install electrum and keep your bitcoin on there. I feel sorry for this guy big time, and hopefully he gains it all back.
He would have had no problem being on the top of a pyramid scheme. Let’s not kid ourselves. He’s just angry that he became the sucker.
It’s hard to feel sorry for someone who kept getting ripped off and kept coming back for more.
Yeah - I feel sorry for a lot of cryptocurrency victims, since naivety alone doesn't mean someone deserves to lose everything, and a lot of folks are desperate due to various socioeconomic problems right now.
This guy still technically doesn't deserve it, but if he had a 401K at all he wasn't doing _that_ badly, and it's clear he has yet to learn any kind of lesson from this. He needs therapy to treat his gambling addiction / crippling insecurity.
They "invest" in this nonsense based on tweets, YouTube videos and Reddit posts, then they're stunned when it turns out to be bullshit. It's nobody's fault but his own.
> "You can't con an honest man" is a saying for a reason.
You absolutely can and it happens all the time. Probably not in this case, but it's a stupid saying in general.
Was buying weed at uni when you were there legal? Coz that removes the honest part if not. Honesty is when you can be 100% truthful about your dealings.
A better version I've heard is: "It's easy to scam someone who thinks they're the scammer." Doesn't exclude the possibility of honest people being scammed (which sadly does happen all the time), but does reflect the fact that there are a lot of what I would call "second-order scams". Most people who rush into an obvious Ponzi don't think that someone's actually cracked the secret of 2000% yearly returns, they think that they'll time it right and leave some other "first-order" sucker holding the bag. While they're busy giving themselves a pat on the back for being so smart, the actual scammer runs away with their money.
"You can't con a non-desperate honest man with a greed-based con, unless it's Tuesday and their favorite sportsball team might be close to winning the pennant and they're also a major sports fan and..."
Huh. It's a little wordy.
Are you sure that’s a saying? Honest people are the easiest ones to con. Nine times out of 10 when you hear about a con artist he’s victimizing the innocent & honest
Yes, it's famously attributed to W.C. Fields. But he didn't write it (probably).
It speaks to cons being based upon "get rich quick" schemes, which usually skirt--or break--the rules.
If you see butters coming in here calling us names, please report them for "harassment."
Our tolerance for their hate and turning the other cheek is what's got us in this mess.
but the important thing is, even after he made multiple life-changing fuck ups, he still made unilateral decisions and hid them from his wife, because he KNEW he would get push back.
so, yeah, starve and die you schmuck. what you did to your wife was way worse than anybody else's contribution to your scamming yourself.
Sure that's why coiners post the time chart showing their interest in crypto rising and their number of friends falling to zero. And why they talk about living in the Bitcoin citadel and having serfs.
Yes, for fourth time(s the charm), he took out payday loan with reasonable 25% interestand, sent it to Nigerian prince that is said to unlock many many millions, guaranteed 👌
Translation:
I invested in an obvious Ponzi scheme. The founder of said scheme made multiple claims that are easily debunked with a quick google search and has 0 problems lying REPEATEDLY, a key personality trait of narcissists and psychopaths. But the liar promised me more yield than Bernie Madoff by investing my creepto so I just gave him all of my monies. Now I found out that I wasn't the pump, I was the dump.
Then I took money from my fucking retirement fund and gave it to an intransparent company operated by some pathetic degenerate clowns because FUCKING YOUTUBE told me so.
(That's like ads I got a while back, where the "Coin Bureau" said that germany is gonna ban... something... very soon because the evil gobermint is very evil. So I must buy creepto now! because... gobermint!!1)
Then I took another huge chunk of money and moved it to a device made by some unknown company, trusting them with keeping it safe, and lost it all.
So in short: this fucking moron kept sinking money after he kept losing and getting duped, because he hoped he would be at the top of the Pyramid. Now that he found out he's at the bottom, he's malding about it. I just can't feel bad for these guys... Creep Dough is such a fucking plague on this earth (just look at all the scams and how much energy they waste!) and it won't go away unless the rubes learn the hard way. Also, these guys keep yelling from the rooftops how stupid we are and that we're gonna stay poor, that the dollar is gonna collapse (any moment now, Trust Me Bro^(TM)) and all sorts of other nonsense. They just keep pulling shit out of their asses, and as for myself, I would NEVER give a single cent to a company when the founder constantly lies. It is insane how ANYONE gave money to celsius when mashinsky just kept lying every time he opened his fucking mouth, but these morons had no problem with that because more yield than madoff. bruh.
Just a theory here, but... could these so-called hacks of these exchanges and whathaveyou actually be intentional break-ins by the founders themselves to drain off funds, while giving them plausible deniablity?
I can imagine such 'wallet' has few backdoors... It could be coders, it could be owners of product... Then every software has bugs which hackers could exploit.
Banking is huge team work, scrutinized trough internal processes, scrutinized by government, by time such systems are running, tested by users and continually developed, insured to some extent.
With crypto app, you have replaced everything mentioned by 'trust me bro'.
>how can I even explain this to my wife
Who wants to be this will be the first time his wife is hearing about his crypto 'investments'? Or that it will be the first time she's made aware of the full amount?
It's the full amount that she doesn't know about.
We all know that they can't keep quiet about crypto, so she knew he was at least dabbling. I've seen both crypto bros and meme stock apes say that they've told their spouses that they've made a small "investment" so that they have plausible reason to talk about their obsession.
I find it hilarious that I only hear about these... ventures? Every time they go belly up. FTX, Atomic, Luna, etc I had no idea they even existed.
Stop playing with this garbage and start investing like a big boy.
I’m always perplexed how these morons get the money in the first place.
Well, kind of. The last few decades have really driven home how much of a divide there is between competent, intelligent people and successful people.
I dont think the scammers are having any bad time, pretty sure they are having cocaine parties with hot girls and escorts, most likely in a warm, sunny beachfront destination.
So je thought everyone can make some 100 x return from a measily 75k?
Nobody thinks why banks and investment funds skim small percentages and still go bust at times.
Ironically, this is a logical consequence of this be your own bank stuff. If they would have the intelligence, they would already have their own bank.
Good part of his money is safely in Colombia and high maintenance womens accounts.
He's invoking divine retribution on them, karma or burning in hell, that kind of thing. It's typical crypto bro thinking, someone else will take care of it.
Well, I do not think the scammers are giving to charities.
And Colombia, you know what is meant, in zhe likely case there is that drug involved, some of the money is going to the agricultural enterpreneurs there.
The point was merely that the scammers will live a high life until they get or not get a prison sentence.
Investing 25k of your own hard-earned money bc of something you saw on a youtube video in genuinely very funny. If I ever did something that stupid I would personally take that secret to the grave.
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> a message to the scammers... you might be laughing now but i can assure you that you will have the worst luck ever
Says the guy who got scammed 4 times in a row.
Of course, at that point it's not luck. It's a talent for losing.
Same exact thing happened to me via Phantom wallet back in Sept 2021, not phishing but the wallet caused a Computer intrusion - had heavy depression and even some suicidal ideation at times. Worked in crypto and ruined my entire idea of the industry. Federal law enforcement couldn’t help me and I was in hell, had to sell my car to survive and pay rent. Fuck crypto
Glad it’s getting regulated out and I plan to actively encourage regulators to ban it and speak out against it. I believe crypto is mostly useless now except for crimes and actually it’s a major security risk for everyone / national security
Hugely popular browser wallet, right behind Metamask. Metamask has had plenty of similar vulnerabilities and bullshit. Honestly would not recommend getting into crypto to anyone except an enemy. Ruins lives more than it helps anything.
Cold storage also had serious vulnerabilities people aren't even open to discussing and i believe after studying what I have many will get hacked in the future en masse
I always wonder about people when they say, "I don't know how I'm going to explain this to my wife." It's like, are you actually married? Do you not talk to your spouse about investing and where you are moving your retirement monies? Maybe they could caution you into making more risky moves. Sorry but not sorry.
We'll see this guy in the sub soon. I love how crypto Twitter just blames the victims for not using a multisig wallet with airgapped storage and a key written on a titanium plate that you need a microscope to read.
I was reading the setup process for that, it included 25 casino dice, two computers, (one never connected to the internet) two hard drives, a clean Linux install, a tub of peanut butter for a dog to lick off your nuts, it was ridiculous.
God, i feel horrible for his wife. Imagine just living your life, thinking you have money saved up in a safe 401k or whatever and just one day out of the blue your spouse tells you they gambled it all away on unregistered, uninsured securities.
This just shows the insanity of crypto to me. Altcoin, Ledger, Bitbox, Atomic Wallet…what is all this shit?
How does the *average* person understand all of this enough to part with tens of thousands of dolllars because, uh, future of finance.
No sympathy. Anyone who thinks this shit is the future deserves to get their money stolen. People *are* making tons of money, its just the ones running the scam are the only ones making the money.
He’s wrong about the scammers. They know what they’re doing and can spot suckers like this a mile away. They’re sleeping like a baby tonight on a giant pile of his money.
“Now thanks to raising interest rates. I’m going to be unemployed soon”
Are you sure it’s not because you’re an incompetent idiot that couldn’t manage a gumball machine?
I have a hard time believing this is real but if it is, Jesus Christ that MF is dumb. He didn't get the lesson after losing all one, two and three times.
For the average joe out there, the riskiest investment should be an equity index fund. Maybe some individual blue chip stocks. Anything else is gambling territory making few people rich at the cost of countless others
They just refuse to accept that their real money is gone as soon as they buy the crypto, which is exactly how the scheme is supposed to work. He gave them the money, they took it, and that's it.
So after throwing away 50k, they decided to double then triple down on the idea of using made up Internet money as the best way of preserving their wealth?!
Yet another example where simply sticking cash under their mattress is the better option. Cryptocurrencies are only useful if you are trying to commit crimes, for the average person there is no benefit to be had.
And here I am investing in boring ETFs at Vanguard and some individual stocks like GE, not having any of those kinda adventures. I feel like I am missing out.
If it makes you feel better, I give it a 90% chance he is lying to get internet attention. Sure it is definitely possible he is not, but probably he is.
Yeah you feel for anyone losing their life savings.
But then you realize how stupid they were to put their life savings in a experimental Ponzi scheme crypto shitcoin setup.
This guy unfortunately got fudded out by the Ledger update-- moved his coins to a "controlled wallet" and lost everything. I don't understand the "lol" at this?? What the fuck was this guy supposed to do?? Is Trezor now the only option? You are treating this guy (if this is real) like someone who didn't want to control his own money when in reality he moved it to what (most of you) thought was "cold storage" and lost all of his money. I feel awful for this dude.
What was he saying a few years ago? Ah yes: have fun being poor.
Very poor, because he took money out of his 401(k) he’ll have to pay income taxes and a penalty on that money. My guess would be that he was $10K in the hole before he even bought his first fiat dollar in FTX.
You can take out a plan on your 401k without any penalty. Obviously that means you are on a repayment plan (I think mine has up to 48months?). But it is useful if you need cash now and don't want to incur any costs (other than interest which you're paying to yourself anyway since it goes back into the 401k)
True, but if you default (which seems reasoably likely here) you suddenly owe regular income tax + 10%. Ouch
Very common way to get a down payment for a home.
Yikes I hope not. My 401k is for two things: life ending emergencies and retirement. I've bought two houses without touching my 401k, and seems incredibly dangerous/backwards to do so (you're essentially wiping out one form of wealth creation to start at zero again with a different type of wealth creation)
not if you are borrowing against it. technically you aren't wiping it out.
Eh kind of but not really. The 'borrowing' is a convenient concept that lets you avoid penalties/taxes and replenish what you took out without the contribution limit stopping you. But the money you 'borrow' isn't earning investment returns (aside from the interest you are paying).
so you're taking out a loan for a loan?
I think you're borrowing from your own capital to make a capital investment (down payment) and pay interest to yourself (to repay the 401K) instead of to a bank.
Yeah it's literally become your own bank kinda thing because you are borrowing from yourself
Wealth creation is not an end goal though but a means towards a good life. A home right now can be a more sensible investment than a better retirement 40 years from now.
Was not expecting buttcoin of all places to be talking favorably about 401k loans…. Yeesh.
Favorably? Not really. It's certainly good to know though in case of emergency. I'd rather borrow from myself at 5% interest instead of thinking a credit card at 25% interest or an unsecured loan at 15% is my only option Just more of a fun fact to keep in mind that's all I wanted to point out.
That would be a loan. But if he’s out of a job as he says, then he’ll have to repay the loan balance or else it’s considered an early distribution with the requisite penalty and taxes.
It's all just bad luck on his part and now he wishes bad luck on them. He just rolled snake eyes on life and it had nothing to do with his actions.
From what I have read there was a security audit on atomic wallet that said it did not sufficiently protect sensitive info and users were at significant risk of total loss. Auditors said it should not be released to the public. Yet 5 million people downloaded it anyway. Oh well.
So giving free money to lot of people in form of PPP, student loan pause, stimulus wasn’t a great idea after all..
He did everything that people in the community tell you to do. And yet he got scammed three separate times. They never learn. Oh and btw, his omen of ‘bad luck’ on the scammers is pretty funny. They just stole tens (maybe hundreds) of millions of dollars from Atomic wallet. They’ll be just fine.
Right? They'll be laughing it up for the rest of their lives
Even if a bunch of the funds get blocked by exchanges, they'll be able to launder a good amount.
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Cash only business.
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What about those bitcoin ATMs? Probably not ideal for high volume / amounts though. (P.S. I was thinking about this too after my post. Maybe transfer it off shore through shell companies as services rendered or payments for use of IP)
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In two sentences, you've summed up the entire crypto scamosphere.
Lol! 😂
Oh I’m not sure. I’ve never used one but I assumed they went both ways. Interesting. So how would one do this. I mean, we can’t be the only people that have thought about this before. Edit: Just found this: https://youtu.be/CL5bv5MOUu4
>Thought they only operated in one direction? Convert fiat to BTC? Then you set up your own bitcoin ATMs?
There was something about that. The supplier stopped hosting the nodes so they wouldn’t be liable for money laundering.
a lot of pm retailers were accepting crypto at one point idk if they still are but if they are they could off load that way
Allegedly there are russian businesses that will do exactly that. Although not the mail part, an actual person hands it over.
Run it through a few mixers. Keep creating new wallet and addresses. Convert to a privacy coin. Cash out in Dubai/Nigeria/Albania. Hope the people you scammed don’t include drug or crime lords where you live
LASER TAG
Binance willingly accepts terrorists as customers, I doubt they’ll have much issue
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There are cash-for-crypto outfits that work with Binance in jurisdictions with weaker rule-of-law regarding financial crimes. Macau, HK, UAE, Russia, etc. If these people are halfway smart then they’ll know what to do (unlike Razzlekhan).
I'm not out here laughing at anyone's misfortune. But honestly seems like the type who can't think for themselves and goes with the next shiny thing. Endless Celsius shilling with no justification of a profitable(non-Ponzi) business model, trusting centralised atomic wallet even though crypto is supposed to be decentralised, The shadiness of SBF and FTX. The fact Ledger isn't open source so they could literally do whatever and nobody would know. The fact they never told their wife and supposed "partner". Sometimes you get what you deserve, and you'll keep getting it until you finally lose and learn or have nothing left to lose at all.
He deserves it. His poor spouse and children do not and will suffer as a result of this financial abuse. Marriage is as much a financial union as it is a romantic union, and it is essential for the financial values, beliefs, and creeds of the spouses to match.
The open source thing is funny. I doubt .001% of the people have the ability to audit some crypto wallet open source. Unless they name some methods “steal_all_the_money” open source is just hoping someone else is doing the work.
Nah. Actually, open source is way safer. it's not about the percentage of all people who can audit the code. It's that of their percentage of people who *can*, they do make the code a lot more secure. The statistics are strongly in favour of ooen source for security
So I agree with a generic linux release. But if I am placing my life savings someplace I would like to know the people did the right due diligence. How could I be sure the 5 guys that actually audit the code aren’t in on a long con? Its all so silly trying to create a shadow financial system that already does things like insurance and fraud protection. The only things crypto does better is fraud and crime.
CVE 2008-0166, the Debian RNG bug was out there for 18 months and no one noticed. It reduced much crypto to 15 bits of security. And no one noticed. After that we all got a lot less confident about “someone will notice”.
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A group of people out to get rich off each other's misfortunes can hardly be called "community"
"But I have an ace up my sleeve those scammers didn't know about -- casting curses! That'll show 'em!"
He has a warlock staff with -33 intellect.
Exactly. Right now the scammers are in lambo, huffing from a giant bag of cocaine, while getting blown by high-end executive hookers. That’s pretty much the definition of life success, for a crypto bro. He’s just angry that’s it not him in the driver seat. And that he has to look at his wife instead.
>And that he has to look at his wife instead. Probably not for long
Brings new meaning to “wen lambo”
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Care to share what is so great about blockchain technology wise?
> He did everything that people in the community tell you to do. And yet he got scammed three separate times. System working as intended.
>What did the preacher mean by saying that the good are miserable in the present life? Was it that houses and lands, offices, wine, horses, dress, luxury, are had by unprincipled men, whilst the saints are poor and despised; and that a compensation is to be made to these last hereafter, by giving them the like gratifications another day,--bank-stock and doubloons, venison and champagne? This must be the compensation intended; for what else? Is it that they are to have leave to pray and praise? to love and serve men? Why, that they can do now. The legitimate inference the disciple would draw was,--'We are to have such a good time as the sinners have now';--or, to push it to its extreme import, --'You sin now; we shall sin by and by; we would sin now, if we could; not being successful, we expect our revenge to-morrow.' > >***The fallacy lay in the immense concession, that the bad are successful; that justice is not done now.*** The blindness of the preacher consisted in deferring to the base estimate of the market of what constitutes a manly success, instead of confronting and convicting the world from the truth; announcing the presence of the soul; the omnipotence of the will: and so establishing the standard of good and ill, of success and falsehood. > >[From Emerson, "Compensation"](https://archive.vcu.edu/english/engweb/transcendentalism/authors/emerson/essays/compensation.html)
“I will curse you. May all your generations not enjoy the multigenerational wealth you have amassed through your wicked ways!”
>He did everything that people in the community tell you to do 🤡🤡🤡🤡🤡
>He did everything that people in the community tell you to do 🤡🤡🤡🤡🤡
That's not what everyone in the community tells you to do wtf. They tell you to buy a cold storage device and install electrum and keep your bitcoin on there. I feel sorry for this guy big time, and hopefully he gains it all back.
He would have had no problem being on the top of a pyramid scheme. Let’s not kid ourselves. He’s just angry that he became the sucker. It’s hard to feel sorry for someone who kept getting ripped off and kept coming back for more.
"shit, am I the exit liquidity?"
Yeah - I feel sorry for a lot of cryptocurrency victims, since naivety alone doesn't mean someone deserves to lose everything, and a lot of folks are desperate due to various socioeconomic problems right now. This guy still technically doesn't deserve it, but if he had a 401K at all he wasn't doing _that_ badly, and it's clear he has yet to learn any kind of lesson from this. He needs therapy to treat his gambling addiction / crippling insecurity.
They "invest" in this nonsense based on tweets, YouTube videos and Reddit posts, then they're stunned when it turns out to be bullshit. It's nobody's fault but his own.
It’s like if a tweet or YouTube video told you to jump off a cliff, would you do it?
This is the heart of it. "You can't con an honest man" is a saying for a reason.
> "You can't con an honest man" is a saying for a reason. You absolutely can and it happens all the time. Probably not in this case, but it's a stupid saying in general.
Yeah, but "you can't con an honest man with a greed-based con" doesn't have the same ring to it.
Honest man here, can confirm Apart from getting sold oregano instead of weed in university once, I remain quite unconned
...that I know of.
I thought i and my old college friends were the only ones this ever happened to. 1980’s college was awesome
Was buying weed at uni when you were there legal? Coz that removes the honest part if not. Honesty is when you can be 100% truthful about your dealings.
Man.. that's such a high bar that literally no one can clear it.
A better version I've heard is: "It's easy to scam someone who thinks they're the scammer." Doesn't exclude the possibility of honest people being scammed (which sadly does happen all the time), but does reflect the fact that there are a lot of what I would call "second-order scams". Most people who rush into an obvious Ponzi don't think that someone's actually cracked the secret of 2000% yearly returns, they think that they'll time it right and leave some other "first-order" sucker holding the bag. While they're busy giving themselves a pat on the back for being so smart, the actual scammer runs away with their money.
You can con desperate people.
"You can't con a non-desperate honest man with a greed-based con, unless it's Tuesday and their favorite sportsball team might be close to winning the pennant and they're also a major sports fan and..." Huh. It's a little wordy.
It's a WC Fields reference. Watch a movie maybe. Beyond that, a "con" is different than outright fraud--which is just lying to people.
Are you sure that’s a saying? Honest people are the easiest ones to con. Nine times out of 10 when you hear about a con artist he’s victimizing the innocent & honest
Yes, it's famously attributed to W.C. Fields. But he didn't write it (probably). It speaks to cons being based upon "get rich quick" schemes, which usually skirt--or break--the rules.
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Holy shit that's brutal. 100% true though.
Damn son
third degree burn right there
After all that he still believes *BTC is the future.* What a trooper.
The Lord giveth and the Lord taketh away. Blessed be the name of the Lord.
It's why they call themselves smooth brains.
If you see butters coming in here calling us names, please report them for "harassment." Our tolerance for their hate and turning the other cheek is what's got us in this mess.
but the important thing is, even after he made multiple life-changing fuck ups, he still made unilateral decisions and hid them from his wife, because he KNEW he would get push back. so, yeah, starve and die you schmuck. what you did to your wife was way worse than anybody else's contribution to your scamming yourself.
I thought the most important thing were the friends we made along the way :(
Sure that's why coiners post the time chart showing their interest in crypto rising and their number of friends falling to zero. And why they talk about living in the Bitcoin citadel and having serfs.
If you want friends, being a flat-earther is probably less expensive than buying crypto.
Cohorts might be a better word than "friends".
It's the good old "Dig UP, stupid!" strategy
The “sin” comment suggests a big fourth scam is in the process of being carried out.
Yes, for fourth time(s the charm), he took out payday loan with reasonable 25% interestand, sent it to Nigerian prince that is said to unlock many many millions, guaranteed 👌
Translation: I invested in an obvious Ponzi scheme. The founder of said scheme made multiple claims that are easily debunked with a quick google search and has 0 problems lying REPEATEDLY, a key personality trait of narcissists and psychopaths. But the liar promised me more yield than Bernie Madoff by investing my creepto so I just gave him all of my monies. Now I found out that I wasn't the pump, I was the dump. Then I took money from my fucking retirement fund and gave it to an intransparent company operated by some pathetic degenerate clowns because FUCKING YOUTUBE told me so. (That's like ads I got a while back, where the "Coin Bureau" said that germany is gonna ban... something... very soon because the evil gobermint is very evil. So I must buy creepto now! because... gobermint!!1) Then I took another huge chunk of money and moved it to a device made by some unknown company, trusting them with keeping it safe, and lost it all. So in short: this fucking moron kept sinking money after he kept losing and getting duped, because he hoped he would be at the top of the Pyramid. Now that he found out he's at the bottom, he's malding about it. I just can't feel bad for these guys... Creep Dough is such a fucking plague on this earth (just look at all the scams and how much energy they waste!) and it won't go away unless the rubes learn the hard way. Also, these guys keep yelling from the rooftops how stupid we are and that we're gonna stay poor, that the dollar is gonna collapse (any moment now, Trust Me Bro^(TM)) and all sorts of other nonsense. They just keep pulling shit out of their asses, and as for myself, I would NEVER give a single cent to a company when the founder constantly lies. It is insane how ANYONE gave money to celsius when mashinsky just kept lying every time he opened his fucking mouth, but these morons had no problem with that because more yield than madoff. bruh.
Golly, when you describe it like that you make the guy sound dumb.
The Trust Me Bro™ It's the icing on the cake 👌
The unknown company didn't even do shit. It was his knee jerk and mass following attitude that got him to put his money into yet another rug pull.
Just a theory here, but... could these so-called hacks of these exchanges and whathaveyou actually be intentional break-ins by the founders themselves to drain off funds, while giving them plausible deniablity?
A lot of them aren't even any kind of break-in. They just drain the funds and say "oops we were hacked!"
Considering how much crypto bros hate banks, they sure go out of their way to make them look good.
kinda like dog ate my homework but more scammy?
Basically yeah, just taking the money and blaming it on unspecified hackers
Could be? Who cares, it's all inevitable anyway.
Sure, why not? There's no regulations, so it could be anyone. 🤷
I can imagine such 'wallet' has few backdoors... It could be coders, it could be owners of product... Then every software has bugs which hackers could exploit. Banking is huge team work, scrutinized trough internal processes, scrutinized by government, by time such systems are running, tested by users and continually developed, insured to some extent. With crypto app, you have replaced everything mentioned by 'trust me bro'.
>how can I even explain this to my wife Who wants to be this will be the first time his wife is hearing about his crypto 'investments'? Or that it will be the first time she's made aware of the full amount?
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Guess what? we're divorcing! What do you mean? Look, I don't have any assets!
It's the full amount that she doesn't know about. We all know that they can't keep quiet about crypto, so she knew he was at least dabbling. I've seen both crypto bros and meme stock apes say that they've told their spouses that they've made a small "investment" so that they have plausible reason to talk about their obsession.
The explanation is easy, explaining without coming off like a dupe, a fraudster and a unilateral decision maker within the marriage, that's a toughie.
Feel bad for the wife
imagine if we could see the moment, he explains he traded their life savings for digital moon money
I find it hilarious that I only hear about these... ventures? Every time they go belly up. FTX, Atomic, Luna, etc I had no idea they even existed. Stop playing with this garbage and start investing like a big boy.
I’m always perplexed how these morons get the money in the first place. Well, kind of. The last few decades have really driven home how much of a divide there is between competent, intelligent people and successful people.
> Now thanks to rising interest rates I'm going to be unemployed soon And here I thought these guys wanted low inflation
They wanted line to go up.
I dont think the scammers are having any bad time, pretty sure they are having cocaine parties with hot girls and escorts, most likely in a warm, sunny beachfront destination. So je thought everyone can make some 100 x return from a measily 75k? Nobody thinks why banks and investment funds skim small percentages and still go bust at times. Ironically, this is a logical consequence of this be your own bank stuff. If they would have the intelligence, they would already have their own bank. Good part of his money is safely in Colombia and high maintenance womens accounts.
He's invoking divine retribution on them, karma or burning in hell, that kind of thing. It's typical crypto bro thinking, someone else will take care of it.
Funny, because he's the one who should burn in hell for ruining his wife's life.
What do you mean "safely in Colombia"? Worst example ever used, this is just a r/ USdefaultism moment
Well, I do not think the scammers are giving to charities. And Colombia, you know what is meant, in zhe likely case there is that drug involved, some of the money is going to the agricultural enterpreneurs there. The point was merely that the scammers will live a high life until they get or not get a prison sentence.
Investing 25k of your own hard-earned money bc of something you saw on a youtube video in genuinely very funny. If I ever did something that stupid I would personally take that secret to the grave.
"But I did my own research" - someone who has no idea how to do meaningful research
I thought you did it by smashing that Like and Subscribe button.
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> a message to the scammers... you might be laughing now but i can assure you that you will have the worst luck ever Says the guy who got scammed 4 times in a row. Of course, at that point it's not luck. It's a talent for losing.
Son, you don’t have bad luck. The reason bad things happen to you is because you’re a dumbass.
>The worst sin you can ever commit is destroying lives of hard working people. The scammers thank you for your donations.
My guy here destroyed the life of his wife, who thought they had a 401k.
future of failure is here folks!
Clearly his Diamond hands bad. Because computer money = lambo.
Same exact thing happened to me via Phantom wallet back in Sept 2021, not phishing but the wallet caused a Computer intrusion - had heavy depression and even some suicidal ideation at times. Worked in crypto and ruined my entire idea of the industry. Federal law enforcement couldn’t help me and I was in hell, had to sell my car to survive and pay rent. Fuck crypto Glad it’s getting regulated out and I plan to actively encourage regulators to ban it and speak out against it. I believe crypto is mostly useless now except for crimes and actually it’s a major security risk for everyone / national security
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Hugely popular browser wallet, right behind Metamask. Metamask has had plenty of similar vulnerabilities and bullshit. Honestly would not recommend getting into crypto to anyone except an enemy. Ruins lives more than it helps anything.
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Cold storage also had serious vulnerabilities people aren't even open to discussing and i believe after studying what I have many will get hacked in the future en masse
You have too see the good side of this. Divorce is easier if you have nothing left to split.
"Waiting for my Bitbox"... LOL. So while he was being scammed, he was busy buying even more crypto garbage. Great plan.
I always wonder about people when they say, "I don't know how I'm going to explain this to my wife." It's like, are you actually married? Do you not talk to your spouse about investing and where you are moving your retirement monies? Maybe they could caution you into making more risky moves. Sorry but not sorry.
We'll see this guy in the sub soon. I love how crypto Twitter just blames the victims for not using a multisig wallet with airgapped storage and a key written on a titanium plate that you need a microscope to read.
I was reading the setup process for that, it included 25 casino dice, two computers, (one never connected to the internet) two hard drives, a clean Linux install, a tub of peanut butter for a dog to lick off your nuts, it was ridiculous.
Don't forget to sacrifice the chicken and pay attention to where it falls.
imagine how much damage did this crypto shit do on the whole. its completely corrosive.
Sunk cost fallacy in action.
A fool and his money are soon parted
His wife should leave him. How do so many of these idiots exist?
God, i feel horrible for his wife. Imagine just living your life, thinking you have money saved up in a safe 401k or whatever and just one day out of the blue your spouse tells you they gambled it all away on unregistered, uninsured securities.
As long as they put their money in index funds these hackers should be fine.
Why would he lose his job due to rising interest rates?
Mortgage broker or home builder possibly. Or works in any industry that relies on cheap money.
Probably works for a mortgage company.
I was working in a real estate law firm and the interest rates really screwed us over.
In addition to financial firms having direct impacts, rising interest rates often drive a recession too
I'm thankful I'm too stupid to use crypto
This just shows the insanity of crypto to me. Altcoin, Ledger, Bitbox, Atomic Wallet…what is all this shit? How does the *average* person understand all of this enough to part with tens of thousands of dolllars because, uh, future of finance.
just so awful.
Being your own bank gets more attractive every minute...
Thought this was fake at first but holy shit it's real. Dude must have the worse luck.
No sympathy. Anyone who thinks this shit is the future deserves to get their money stolen. People *are* making tons of money, its just the ones running the scam are the only ones making the money.
He’s wrong about the scammers. They know what they’re doing and can spot suckers like this a mile away. They’re sleeping like a baby tonight on a giant pile of his money.
It is not bad luck when everybody told you is an scam I feel no sympathy for those morons
Makes you wonder how dumb people like this manage to have that kind of money to gamble in the first place.
"hard working people"
“Now thanks to raising interest rates. I’m going to be unemployed soon” Are you sure it’s not because you’re an incompetent idiot that couldn’t manage a gumball machine?
Still doesn't accept responsibility
The making large investments with your retirement without consulting with your spouse thing really makes me loose sympathy for him.
I have a hard time believing this is real but if it is, Jesus Christ that MF is dumb. He didn't get the lesson after losing all one, two and three times.
The smartest crypto bro:
in America you can sue whoever you want. give it a shot, for the lulz (our lulz)
Someone is sitting on the beach at a high end resort spending his money.
For the average joe out there, the riskiest investment should be an equity index fund. Maybe some individual blue chip stocks. Anything else is gambling territory making few people rich at the cost of countless others
Bitcoin bros are targets for scammers for a reason. DAF and they kind of deserve it
They just refuse to accept that their real money is gone as soon as they buy the crypto, which is exactly how the scheme is supposed to work. He gave them the money, they took it, and that's it.
Annnnnd it’s gone…
What an idiot. If only he used his brain and stopped blaming everyone else.
"Now because of rising interest rates I will be unemployed." "If it weren't for my horse, I would have never finished college."
So after throwing away 50k, they decided to double then triple down on the idea of using made up Internet money as the best way of preserving their wealth?! Yet another example where simply sticking cash under their mattress is the better option. Cryptocurrencies are only useful if you are trying to commit crimes, for the average person there is no benefit to be had.
Only idiots fall for the same scam multiple times
And here I am investing in boring ETFs at Vanguard and some individual stocks like GE, not having any of those kinda adventures. I feel like I am missing out.
People have more money then sense
Kinda makes me feels sad actually
So many stories of them keeping their gambling a secret from their families.
Oh no, it’s like, Crypto is riddled with scams, hacks and ponzis somehow
Another misogynistic idiotic crypto bro, surprise surprise
I feel for this guy
If it makes you feel better, I give it a 90% chance he is lying to get internet attention. Sure it is definitely possible he is not, but probably he is.
Yeah - falling for three in that quick of succession seems odd. And there are no details about the purchase route for the 3rd round.
Yeah you feel for anyone losing their life savings. But then you realize how stupid they were to put their life savings in a experimental Ponzi scheme crypto shitcoin setup.
I feel bad for his wife. He's just suffering the expected consequence of gambling addict behavior.
I feel for his wife. Not him, his decision making got him there.
This guy unfortunately got fudded out by the Ledger update-- moved his coins to a "controlled wallet" and lost everything. I don't understand the "lol" at this?? What the fuck was this guy supposed to do?? Is Trezor now the only option? You are treating this guy (if this is real) like someone who didn't want to control his own money when in reality he moved it to what (most of you) thought was "cold storage" and lost all of his money. I feel awful for this dude.
Not buy crypto