Content Warning: This article contains themes of substance abuse, addiction, and sudden death. Reader discretion is advised - How A Sudden 1000x Increase In Crypto Value Can Kill You - A Warning
I would like you all to please take a little time to consider this, a friend of mine, whom we shall call Dave... a friend that would used to joke that his net worth could not even pay for his next night out. But that suddenly and overnight changed when he made his fortune through investing in the popular cryptocurrency Dogecoin. Unfortunately, Dave's new-found wealth came at a great cost - his life.
Back in early 2020, Dave had invested a small amount into Dogecoin, which was trading at well under $0.001 per coin at the time. To his and the world would come a massive shock and surprise, when the value of the obscure cryptocurrency rose significantly, eventually reaching an all-time high of $0.73 in May 2021. Dave had cashed out between $3 million and $5 million, and suddenly, he went from being an ordinary guy to a millionaire overnight... Dave literally wanted to take a private jet to hug Elon Musk who had just made his famous Dogecoin Tweet on Twitter... in no way is anyone blaming Elin Musk for what happened, this is just a very sad and tragic coincidence - one that EVERYBODY should consider.
At the time of the rise in Dogecoin's value, Dave was having some serious and life-changing issues with alcohol and cocaine. Rightly or wrongly he took straight away to a lifestyle in which in his sudden wealth helped create. In a blaze of sudden friendships and bad tag-along's, Dave started living the high life. He bought several fast cars, took expensive vacations, ended up on a great drink and drug-fueled benders, and spent his money carelessly without much thought for the future... ultimately costing his life in a low-cost hotel having overdosed on cocaine.
Jumping ahead a bit - After the funeral there had been left a few problems... One of which, sad to say but a fact of the matter... I do not think to this day anyone knows what Dave did with a lot of his wealth... if he hodled any... what is known, is that a large cash sum was left to his family... this after a long legal battle in court - another thing to consider... A Will, and right away... a proper Will, Legal and held by a Lawyer... also worth considering Probate (A sort of legal guardianship, one person with executive control of your estate etc in case of your death).
Dave's unfortunate story is a sobering reminder of how sudden wealth can quickly take a turn for the worse... There comes a great responsibility - While some may argue that it is easy to handle large amounts of money, the reality is quite different, especially for those struggling with addiction and substance abuse.
When we hear stories of people making millions from crypto investments, it's easy to be swept away by the idea of instant riches. But the truth is, sudden wealth can be a double-edged sword that can have devastating consequences for some individuals.
Think... this is also a shocking reminder of the importance of seeking some proper professional financial help and immediate treatment for any addiction and mental health issues in such circumstances. If you or someone you know is struggling with addiction and mental health issues, immediate help should be sought... This is for sure a priority if you are to outlive your wealth...It's absolutely essential to have a good support system in place that can help individuals manage sudden wealth and navigate the challenges that come with it. In Dave's case, it was evident that he lacked such support professionally despite the numerous times his family and friends who confronted him, and as a result, the consequences of Dave's decisions were tragically fatal.
The sudden jump in value of certain cryptocurrencies and new tokens, has led to many ethical debates, with some professional's and health official's arguing that individuals should be held accountable for their financial choices, while others assert that there is a level of responsibility owed by exchanges to protect their clients... it's a very tough call... we all hate too much regulation and red-tape... but common sense?
The tough question we must ask ourselves is whether exchanges should be held accountable if a wallet holding tokens suddenly has a windfall. In other words, if a cryptocurrency suddenly takes off to the moon at a 1000x value, should exchanges step in and offer financial guidance and support?
There are several challenges associated with such an approach. One could argue concerns in the question of privacy. Many investors value their privacy and may not be willing to disclose their financial situation from their Exchange and Trading accounts... okay... but think about this... if a Lawyer discussed this without consent, unless you acted illegally, would he/she risk their license blowing the whistle on you? Very doubtful!
Then we have another huge question of ethics. Would it be ethical to put a hold on any persons exchange wallet if flagged for a sudden rise in value? While it may seem like a justifiable move, it could also lead to unintended consequences and potential legal issues... but with this set in Exchange terms and conditions as a legally binding contract from the outset?
In ethical fairness it has to be also worth considering the potential consequences of not offering at least basic financial and mental health support to individuals who have suddenly come across significant wealth via crypto. As Dave's story shows, the inability to manage sudden wealth can have severe, and in some cases, fatal consequences... we do not have to be a people of mindsets like the banks - but even bank's have been known to provide financial help to lottery winners... In the end sudden crypto wealth is an immensely complex issue that requires a delicate balance between individual responsibility and exchange accountability. Certainly it's absolutely clear that something needs to be done to address this growing issue... you don't hear about it, but it is quite common to go nuts with wealth within days.
And as we continue to grapple with the ethics of sudden wealth and crypto investments, we must also remember Dave and the tragic consequences of his sudden financial fortune. His story serves as a warning of what can happen when we do not take these issues seriously... It's imperative to remember and keep remembering, that sudden wealth comes a complex mental health and lifestyle issue that can have significant and tragic consequences. While we may crave financial stability and security, sudden wealth can be overwhelming and come with a wide range of challenges that require careful consideration and management.
We have to learn, and that Dave's story is a tragic reminder of the importance of seeking help and support and looking after our mental and physical health and well-being... Not just with wealth but in all aspects of our lives. We coild honour his memory even if by virtue of his own admission of 'stupidity at times - by reflecting upon the impact sudden wealth can have on individuals and society as a whole, and let us strive to create support systems that can help us navigate the challenges that come with it... especially around addictions.
Dave may have left the planet for pastures new, but his legacy should remain... Maybe his story will be a reminder to us all to look after ourselves, encourage those around us to get help if they need it, and most importantly, to never lose sight of what is essential in life - family, friends, and the people we care about.
