Suicide Weekend?
(media.greatawakening.win)
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This Luna crash is tragic. I'm going through the Reddit and multiple people are suicidal. They're talking about losing their homes, never being able to pay people back. They'll be debt slaves to creditors and family/friends.
It's easy to look down on these investors from a high horse, but it's also inhumane. These are regular people who just wanted to get ahead financially like anyone else. We're always told we need to take risks to be successful, well these people did, and they're ruined.
https://www.reddit.com/r/terraluna/
-- Milton Freidman
I obviously can acknowledge and understand the seriousness of financial devastation. However, if there was one thing I could say to these people is that knowledge is the foundation of the pyramid. The mistake they made was just trying to become successful without baseline knowledge and it amplified their risk tremendously.
I can attest personally that I've peaked and vallied myself I'm on restart 3 in this life so far and I anticipate it could happen again anytime. However, although I strive to obtain resources to be comfortable and have security for my family like everyone else, I also know if it was all stripped away how to begin again. You could take me down to $0 again and again and I would always be able to get back to state of security and wellbeing and then begin to thrive again because I've spent the time studying and applying.
These people went to start a fire with lighter fluid and then it went out and started raining. Successful people will use lighter fluid to use when it makes sense, but also could start a fire with a bow drill if they really needed to. It's different. There are no shortcuts and risk is amplified in an environment where experience and knowledge is absent.
I would advise these people that instead of being so demoralized they are ready to leave this world they try their hardest to be resilient and hopefully reinforce the idea that they need much more knowledge so they are able to navigate their financial wellbeing more safely in the future. Hopefully instead of suicide they can channel their energy into something productive and be inspired to learn more about the stepping stones of being successful and they learn that they have infinite potential to begin anew. Just because you lose it all doesn't mean it's gone. You just have to get it back, and you always can.
Also don't discount depression. I never suffered from it, but people very close to me do, and it's a monster.
Your point about shame is valid, especially in a culture like Japan, but another point is the feeling of being a slave to creditors the rest of your life. A person's outlook on life would dramatically shift from optimistic to losing financial freedom.
It is tragic bcs they got pulled into failing project after it went up thousands of percent based on some random youtubers or ,experts,, advice, yoloed money they cant afford to loose and now that shtcoin went to 0 Ppl who are not seasoned traders or ivestors should not be yoloing money without own research, if they want to dabble in crypto just start small and with established projects/protocols
If someome takes loans to invest in highly speculative assets this us gonna happen
If you find a shtcoin you believe in why invest your house, just dabble in with couple hundreds or thousands and if the project moons you still get lifechanging money
On one hand, yes I'm sympathetic.
On the other hand... Rule #1 is don't invest what you can't afford to lose. ESPECIALLY in a volatile market, and there's nothing more volatile than crypto