Will you invest $7 million in a meme coin?
I saw a tweet a few days ago about a guy who claimed he put over $7 million on a regular meme coin based on Solana and it was rugpulled. I was not sure if it was true or if he wanted to farm Elon Musk's money, but after looking around, he appeared to be a regular crypto guy with some money to throw around.
However, if he did lose such a large sum of money, it demonstrates that people are always on the lookout for the next dumb money that will multiply their initial investment by 1000.
You would think that a person with seven million dollars was finally free, and that if they wanted to invest, they would put that money into a solid project that would gradually increase the value of their investment over time; however, even wealthy people can be greedy.
However, the seven million dollars may not have been earned through hard work; this man may have made that money from other regular coins, become extremely lucky, and then decided to tempt fate by gambling all of it in one fell swoop.
This is the tactic that usually makes gamblers very poor: they get extremely rich from gambling and then, instead of taking a break, they decide to throw all of their money in and hope to become the next Jeff Bezos, but the market can only take so much.
There is no way a hard worker would invest seven million dollars in a meme coin; it is simply impossible. That money in BTC in 6 to 8 years would be life-changing; in fact, a utility cryptocurrency could do even more, and this guy chose to invest it in an unproven meme coin. I really do not feel sorry for him.
I do not know the whole story, but I believe this guy did not mention the part where he became very greedy, or the source of the seven million dollars, but I am sure he was one of the people who were very fortunate to be blessed by whatever coin he had initially invested in.
He claimed that the person who asked him to invest the seven million dollars told him that the coin would bring him unimaginable wealth, and of course, greed took over, and he refused to conduct this research. If this was all he had, he would have to return to poverty.
People like this might become crypto antagonists as a result of such losses.
They will be the ones who constantly spread memes saying negative things about cryptocurrency, but they will forget to tell people how they once made it big and lost everything due to greed.
There is a lot of stupid money out there, and there are even bigger, well-packaged scams.
Many of them were meme coins with sophisticated marketing, but they mostly rugpulled and left their investors empty-handed. Most people in the space are not looking for utility or something to build with. They do not want slow money or to wait for the market cycle to turn a profit. In fact, some people underestimate the potential of cryptocurrency by only assigning monetary value to it.
Although I believe that financial gains are the most appealing aspect of cryptocurrency, there are other benefits. This "more" is what generates the utility that sustains it.
Hive is one of the most undervalued projects out there. A $7 million owner may not notice any of this because they are only concerned with multiplying their investments. People with the most money in the game are always the greediest, and while you could argue that their greed is what brought them the money in the first place, I believe greed should have an elasticity limit.
A Limit To Greed
There should be a limit in people's minds; a line they know they will not cross, but when it comes to cryptocurrency profit, people may be burned. Unfortunately, more people want to be burned, unaware that this is exactly what they intend to do. Losses like the one the guy suffered are one of the reasons why we should appreciate Hive; it is not greener out there, and the illusion of missing out blinds people to the possibility that it is.
Interested in some more of my works
Is it Easy To Make Money?
Nigeria: A Unique Business Market & Industry
Virtual Bank Apps In Nigeria: An Experience Of Gamification
How To Find The Next "BIG" Meme Coin
Personal Finance: Achieving Intentional "Saving" Goals
Playing The Survival Game: Human Nature In Introspection
"Un-PAYING" The Debt You Owe
Posted Using InLeo Alpha
Saw that story about guy and I was surprised than I realized it's crypto and there's countless degens doing same thing everyday.
The fact is these people knows how these memecoins and crypto actually works.
It was just his timing went off like that doge coin was center of attention and he could've multiple his investment by simply being early but it was opposite picking up one wrong coin, wrong time.. entire wealth turned into dust.
They never learn. This guy will still do same thing over again.
The guy I'm talking about didn't actually time the market wrongly, the project owners straight up rugged the project and he lost all the money.
To me, it's just pure greed to put seven million in a meme coin, it's the high end of the biggest risk I've ever seen out there..
Damn ₦7m gone just like that, holy mossy. Well I pity him not cos I know he was aware of how volatile crypto market is. He must have made the money he invested in the meme coin same, it's just that this time around, he made the wrong bet.
Not seven million naira, I meant seven million dollars. It would have been understandable if it were naira. Unfortunately it's the way it is. I don't think it's risk, it's just pure greed.
He had a bad gambling addiction to do that, never a wise move to put millions on a meme coin unless you have a billion in the bank! Greed can bring out the worst in all of us I'm afraid.
I'm thinking he used another meme coin to actually make that figure and that's why it was easy to actually gamble all of that. He went all in for the win. The greed is baffling
This is one thing about crypto trading, "today can be your day, but don't cry, tomorrow is another's", lol.
It's a game for the wise but the wise too can lose.
That is huge money, I can risk that despite that no big gain without risk, but I can't afford to risk such.
This wasn't even crypto trading. It's a meme coin that was createx by a regular guy. It's the riskiest thing to do .
This post has been manually curated by @bhattg from Indiaunited community. Join us on our Discord Server.
Do you know that you can earn a passive income by delegating your Leo power to @india-leo account? We share 100 % of the curation rewards with the delegators.
100% of the rewards from this comment goes to the curator for their manual curation efforts. Please encourage the curator @bhattg by upvoting this comment and support the community by voting the posts made by @indiaunited.
Yeah! I saw his tweets as well, and he appears to be a gambler. Investing in Memecoin that just surfaces with such a huge amount is stupidity lol no matter how promising it is. This is the online world, and people will make their project look super enticing even when they have little or none to offer, or... they have a hidden agenda to rug.
Well, it's people like this that actually needs Hive, unfortunately they just want to make quick money. Maybe he'll learn one or two things, because I really wasn't sorry for him..
Oh boy, with greed, people hardly ever imagine when or where to draw the line. It's probably that he earned the 7 million so easily that he decided to bet it all again, hoping to multiply the return handsomely. Easy come, easy go, they say. What an expensive lesson to learn about investing :(
Exactly, I'm thinking the same as you. He probably felt he could be lucky for the second time, since he was lucky the first time. No one will work hard and decide to throw the money into a regular or random meme coin.
I would not trust some meme coin with that much money. I guess he never did his research, but I honestly don't think he did invest $7 million. If he did, then he is a sucker and I think he was bound to get scammed soon or later.
I didn't think he did either, but he might actually have, it's such a terrible decision making, but then, people are throwing a lot of money into meme coins just to make quick cash. This guy could be one of those people.
7 million in usd is a huge amount already. I think it would be wise to diverse it to other assets like stocks or real properties. But maybe that person from twitter has resources way way more than he invested in such meme coin.
On the tweet, he said he has lost everything, and the money was everything he had..
Ohh noo. This is probably the riskiest idea for me. But to think 7 million usd is still a lot.
Probably not. Then again, I don't have 17 million, so I don't, maybe I would if I did.
I would farther to argue that this in fact not just greed, but utter stupidity. This should not be coming from someone like me to someone like him because he's clearly richer, but you really can't expect people to treat you as such when you do things like this. Again, he probably had that initial 7 million because he had a much bigger stomach for risk than I do, so idk.
Exactly what I'm trying to say!
In life, someone probably less richer than you cannot advise you. I think people who are rich have this in-built principle inside them. As for the person, I guess we weren't in his shoes. Howbeit, money can be utterly demonic, sometimes you don't come to your sense until you've done something foolish.
I think this guy counted his profit too early and vested all that money hoping or thinking it'll make him rich. Unfortunately it made him poor.
Sheer stupidity like you've called it.
Congratulations @josediccus! You have completed the following achievement on the Hive blockchain And have been rewarded with New badge(s)
Your next target is to reach 47000 comments.
You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOP