THELOGICALINDIAN - An airline cabincrew affiliate active in Abu Dhabi has been admonishing of the risks of cryptocurrency advance The French expat took a 367000 dirham accommodation about 100000 appear the end of aftermost year and we all apperceive what happened then
Monsieur heard about the cryptocurrency ‘golden goose’ through a assignment WhatsApp accumulation — so who wouldn’t assurance that?
He invested a little of his own money aback in September and fabricated assets of 300-400 percent.
Now absolutely assertive of his own advance genius, he assertive a coffer to accede on the ample accommodation amount. Armed with a basic attache abounding of cash, he bashed the lot into a accomplished agglomeration of altcoins: Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Stellar (XLM) and NEO (NEO).
Things started well. After ten days, he was up about $30,000 on his advance — but, if you will get your banking admonition from a chargeless WhatsApp group, you’re accepting what you pay for.
Thinking that the alone way was up, he chose not to banknote out — alone to see his absolute advance abatement to a amount of about the $30,000 he had ahead been up.
The dude in catechism makes a 12,000 dirham (approx $3250) account salary, and two-thirds of that now goes to pay off his accommodation every month.
Of course, that would still be the case if the cryptocurrency bazaar hadn’t crashed, but he’d accept been essentially wealthier. So he could accept cashed some out to… D’oh!
Other than that, it seems to be a accident as to who is added brainless — the guy demography out such a big accommodation and throwing it all at article he knew around annihilation about (and let’s face it, alike abounding experts accept a agnate akin of knowledge), or the coffer for giving a $100,000 accommodation to a guy who works as berth crew?
Maybe (although one suspects not) it is a awful admired profession over in the UAE? Or maybe the banks over there apperceive that they can accept his duke if he doesn’t pay back, so are a bit lax on the acclaim checks?
Either way, the bulletin is as bright as it has anytime been to those of us who accept followed the fortunes of crypto for added than bristles minutes. Prices can go bottomward aloof as calmly as they go up. Past achievement is banausic banausic blah… and “Don’t advance added than you can allow to lose!”
What do you anticipate about this story? Let us apperceive in the comments below!
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[Disclaimer: The thoughts and opinions bidding in this commodity are alone that of the author, and do not necessarily reflect that of Bitcoinist.]
