😳 Reported suicide incidents after loss on cryptocurrency 😭

in news •  18 days ago

Suicide has become the third leading cause of death among teenagers within the last few decades.

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In my previous article, I have discussed several psychological conditions that can cause people to commit suicide. Since families typically do everything to hide the real cause of death of their loved one who committed suicide, the statistics could be higher than what we see.

Cryptocurrency-related Suicide?

Here are a couple of reported incidents of suicide in Korea, allegedly related to loss of money in cryptocurrencies.

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Feb. 1, 2018

A report says a young man probably just a little over twenty years old was found lifeless in his house in Busan. The incident appeared to be a suicide, police reports said on Thursday last week.

The Busan Jin Police Station declared that the man suffered from depression after losing a significant amount of money while trading in the cryptocurrency market.

The deceased person’s mother told police officers that her son had lost a large amount of money in cryptocurrencies following the price reduction on the market last month and had been taking sleeping pills since then.

The man in his early twenties had been rendering social services, an option aside from military service, in Busan, his hometown, since October last year while on a leave of absence from college in Seoul.

This suicide incident is one of the latest "side effects" of the craze for cryptocurrencies among young adults.

In spite of the continued warnings issued by the government and multiple regulatory moves, cryptocurrencies have become more and more popular among young traders and investors, hoping to earn profits quickly.

Many people feel that decent-paying jobs are hard to find and is nearly impossible for ordinary citizens of South Korea. In many developing countries in Asia, very few people can afford their own houses as well. Last December, unemployment among the youth in South Korea rose to a record-breaking 9.9 percent.

A police officer said that they are still investigating the exact cause of death while considering other possibilities, though they have not disclosed when the official report will be released.

Reference

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Feb 7, 2018

A man about thirty years of age from Seoul reportedly hung himself recently, in an alleged suicide in relation to his cryptocurrency investments, according to police reports today.

Dongjak Police Station reports that the man’s body was found in his room by his mother, along with cigarette packs and bottles of soju. According to police, he didn't leave any suicide note.

The police did not pinpoint the exact time of death but stated that it occurred while the government was initiating regulatory moves against the really ‘hot’ crypto-market.

It is at least the second reported suicide case among investors in cryptocurrencies, at in Korea alone.

The Dongjak police stated that to confirm the cause of his death, they will investigate his bank account thoroughly. The victim allegedly invested over 10 million won in cryptocurrency. Once confirmed that he had no record of mental disorder, it is very likely that his suicide was related to his cryptocurrency investment, according to the police.

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The man worked in the IT industry and spent most of of the day in front of the computer at home, according to his mother.

The crypto-market definitely took Korean traders and investors on a rollercoaster ride.

At its record-high, bitcoin was priced close to 30 million won but this week, the price has dipped below 10 million won. There were signs of recovery, but many are still unsure if it will continue to fall.

In order to tame the wild, hot market, the government has undertaken different measures and issued warnings with regulations to investors, including banning anonymous trading.

On Jan. 11, the government said it was even considering closing cryptocurrency trading centers but withdrew the proposal. A few days later, the government warned the investors closing the centers was still a viable option.

Reference

On a Reddit post two months ago, a redditor said that his brother had been beating himself up over lost opportunity on Bitcoin for the last few years to the point where he seemed always distant, depressed and gradually changed a lot from his former happy self. He allegedly had about 15000 BTC initially and least 6000 BTC in 2012

He was so enthusiastic about Bitcoin and how cryptocurrencies would revolutionize the financial world… Sometime in 2013 he claimed to have lost most of them in a hack and sold the remainder too early… As the price took off in late 2013-early 2014 you could tell he was distraught over it... Whenever I did manage to contact him he would sometimes end up ranting about... how he would never have a chance to be rich again.

The author further continued that as the price went over 10k in the past few months, it became more and more difficult to contact him. He just wouldn't answer calls or reply to texts. A couple weeks prior to his writing, his parents traveled to see his brother and found him already dead by suicide. He didn’t leave any suicide note. He was only 29 and missed out on 50 years of life ahead of him.

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There are many Risk factors for suicide and this is not to blame cryptocurrencies for these incidents. It’s hard to imagine how one would feel having lost the only apparent chance to being rich but as far as I’m concerned, there’s always at least a handful of opportunities to earn an honest income and one shouldn’t obsess on making quick money or might end up in misery.

Please upvote, resteem and follow me, thank you.

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God will not oppress anyone and everyone has a chance
He said, You work and you will eat
Thanks for sharing this with us .. well done.

Great write up, very important!

Thanks for sharing this though I don't get it why are they going to invest way more than what they can afford to lose. Based on my 2-months trading experience, I'm just a newbie though, the only time that you will lose money is if you sell the coin/s that you purchased and never ever expect that you'll become a millionaire in matter of days although there is really a possibility but as I always do, I always look at the worst case scenario so that no matter what happen, I won't be left out heart-broken.

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That's the best approach for me too. I don't want to judge them without knowing what's going on in their heads but some may have become too greedy or just misinformed.

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I agree, they might have been persuaded to join something that they really don't have any idea of or became too greedy.

Sad news and statistics. People should always research before trading / investing. And try to minimize spendings to only what they’re willing to lose.

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That's right. There's still 'homework' to be done.

interesting read.....Here in Nigeria, we have not yet seen cases of cryptocurrency related suicide, but we had some suicide incidents in late 2016 during the crash of one of the most popular 'Ponzi schemes' in recent times "MMM"....there is no reason for people to commit suicide if they only invest in cryptos what they truly can afford to lose!

Better stay away from high-risk moves and investments but be prepared to accept you're wrong if you still lose in the end. At least for me, being mentally prepared for any outcome is key.

That's why the rule is "To only invest what you can afford to lose".

So sad to read these stories. For me, I take every loss as an opportunity to bounce back better. If you ever experience that lowest point in your life, don't hesistate to ask for help. No matter how difficult it is, just remember that when you reach that bottom point in your life, there is no other way than to go back up. It's just like that in crypto, you go down and you go up. It's a cycle that we have to get used to.

this article is true. in my honest opinion, crypto trading is not for the weak willed. just like wall street traders do commit suicide when markets are dowb.

This post has received a 32.45 % upvote from @booster thanks to: @hiroyamagishi.

Losing life over money its something very terrible. I already lost some on bad investiments and offcourse i felt bad but life goes on and i moved on. The tought of taking my life is something that never crossed my mind.

I feel very sad and unfortunate for their family. I hope no one does this thing in future. Thanks for the information

This is depressing. We always see the good and bad side of crypto but no one has looked into this. They all must have had a very hard time but money should never be a reason. Nothing in general should be the cause of it.

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Yeah, the whole coin market cap and even the whole world is not worth dying for for those who value life more than money.

Just a norm. People killed themselves for other investment assets like stock as well. Weak-minded people do what they gotta do, I don't see any difference for crypto here.

You got a 100.00% upvote from @steemyoda courtesy of @steemyoda!

Hello there.
sending a bot 40 sbd...neither you nor anyone else will win. please do not do this. because everyone is losing.

I think they became very greedy friend thanks for sharing excellent information very good post greetings

You got a 19.56% upvote from @postpromoter courtesy of @hiroyamagishi!

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poor lad! loving money is such dangerous bussiness!

Whoa, had no idea this was happening! Thanks for the information and sharing! Will definitely keep the warning signs in mind.

This is why you shouldn't trade with your emotions. Emotional trader only loses money.

And have plans on when to get in and when to get out.

Very unfortunate but also very informative. No one must ever feel they need to take their own life for any reason. RIP to all those mentioned.

This post has received a 23.41 % upvote from @boomerang thanks to: @hiroyamagishi

It's not just that these people were greedy. Some people may already have psychological issues and bearing such a huge financial loss and aggravate an already existing condition.

I've dealt with depression for years and sometimes i feel like my life is out of my control. Im times like this I feel overly invested in some things. Like sonetimes I get really worried and obssessed about the idea of earning more money. The way I think is if I can earn more money than that means that I am successful, that my life has meaning, that its not a complete waste after all.
You can imagine what such a market crash to do to a person who is so emotionally invested with financial success that it becomes a measure of self worth. The regret and guilt can very well push them over the edge.

Thats sad but never invest more than you can handle to loose

I just can't get over the stories of people selling properties and taking loans to buy coins . Please do not invest in things you can't afford to lose.

thanks for this information its very sad news but people should have dare to bear some loss because this is the part of business.

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Yes, good trader <3

Thats sad. What a big effect it has in peoples lives. Thanks for sharing, will be follwing you.

Cryptocurrency is not for everyone. A lot of people think is easy money

Money, the root of all sorts of evil. Money should rule us. We make and spend it but our trust should be in God and not our resources.

Really great job whit this article! Verry important information for people who makes stupid decisions.

Very useful article, I really love you way of writing and discussing issues, Concerning suicide has become a large phenomenon and widespread in recent times.

Great one @hiroymagishi I really hope this gets to someone out there with any iota of suicide intentions.... This is indeed a very time one.... Thanks for sharing this.... It's quite thoughtful of u

So sad! In any business we are doing we have to be very cautious. One thing I always preach is multiple source of income. If one door closes, two others are open.

So painful it has come to this.

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Very well said. Thanks for your comment.

It's a very real reminder that we shouldn't take this crypto thing too seriously. And certainly not risk more than we can afford to lose. Let's hope the markets turn around soon...

You kill yourself because of money,you will be in court with Jehovah.....
And when the ultimate judge screams, "court"...you know where you find yourself.

Nothing is what taking a life you can never create....

I send my condolences to the bereaved families..

Thank you coindesk and co! 😈

Mabuti ng mawala ang FOREVER wag lang ang Bitcoin ko! Ganyan siguro sya mag-isip. Nakakalungkot lang, masyado syang nagpaalipin sa crpto nya.

what the!
why are those signs hit on me but i dont think im depress

it is sad to note that there are people who would do anything and everything for money. don't let money control over you. YOU should have the controL over money

Hello there! Grateful for this info. Seen that you are also with USANA. I just signed up almost a month ago to my college buddy. ^_^
I have been trading like almost a year ago with crypto-currencies. I always make sure I felt good and don't have any problems whenever I trade and guide people to it. It is always the best thing not to check out the price over and over again during the dips. If it makes me crazy then I would know most people will feel the same. I just feel sad with the news. They were not able to check it now that the price is slowly displaying a bullish trend from the past 3 days in a row.