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Cryptocurrency Crash Sees Suicide Hotline Appear on Reddit Forum, as Bitcoin Price Continues Slide

Posted by on Jan. 17, 2018 at 10:59 AM
  • 30 Replies


Cryptocurrency Crash Sees Suicide Hotline Appear on Reddit Forum, as Bitcoin Price Continues Slide

Bitcoin and other virtual currencies have nearly halved in value since last month, prompting a popular cryptocurrency forum to offer suicide prevention support to any members who may have been impacted financially by the price crash.

The cryptocurrency forum on Reddit, which has almost half a million subscribers, featured a post with links to the U.S. National Suicide Prevention Lifeline, as well as other suicide and mental health resources for people who live outside the United States.

The price falls of bitcoin and other major cryptocurrencies—like ethereum, litecoin and ripple—has been attributed to a variety of factors, including news reports in South Korea and China about increased government regulation on exchanges, as well as the closure of the popular crypto platform Bitconnect.

The suicide prevention post on Reddit, posted by a user going by the name of A_Internet_Stranger, explains how people new to cryptocurrency investing would be among the worst affected by the recent price drop.

“The hardest hit people are one of the following: Newcomers, Margin Traders, or Day-Traders (and those in Bitconnect),” states the post, which has received more than 45,000 upvotes and more than 3,000 comments. “The vast majority of people who have held for more than 60+ days are still in the green.”

During the late 2017 price surges, prominent cryptocurrency figure George Popescu spoke of the need for a specialized suicide prevention hotline for people affected by the significant swings.

“People borrow money and invest in cryptocurrencies. If they lose it, they can get really hurt in this bitcoin craze,” Popescu, the CEO of Block X Bank, told The Korea Herald. “Maybe what we should do right now is to set up a suicide prevention lifeline to give those who hoard bitcoins a call and ask if they really know what they are doing.”

bitcoin price crash suicide hotline Gold plated souvenir Bitcoin coins are arranged for a photograph in London on November 20, 2017. JUSTIN TALLIS/AFP/Getty Images

The volatility of bitcoin has previously been attributed to suicide, with a post on Reddit’s bitcoin forum last month detailing a story in which a 29-year-old man apparently killed himself after missing out on the bitcoin gold rush.

Read more: Bitcoin price fall sees investors hold, saying cryptocurrency crash is a ‘yearly pattern’

In a post titled ‘My brother killed himself because of BTC’, one user wrote about how their sibling became depressed after selling or losing up to 15,000 bitcoins before bitcoin’s dramatic price surge in 2017.

“As the price took off in late 2013-early 2014 you could tell he was distraught over it and became increasingly withdrawn from family and friends,” the post stated, before describing the circumstances of his death.

“If I had missed out on $50M I might have killed myself too. I can’t imagine what my brother must have been feeling these past several years knowing he missed his best and easiest shot at the wealthy life he had always fantasized about.”


http://www.newsweek.com/cryptocurrency-crash-sees-suicide-hotline-appear-reddit-forum-bitcoin-price-783412

by on Jan. 17, 2018 at 10:59 AM
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Replies (1-10):
littlelamb303
by Silver Member on Jan. 17, 2018 at 11:07 AM
3 moms liked this

Don't invest money that you can't afford to lose.

GrayDuck41
by Linda on Jan. 17, 2018 at 11:16 AM
If this is happening, who’s to say that the stock market won’t drop into the basement like it did in 2007-2008?
The fact that it’s over 25000 now is scary. It can’t stay that high forever
Clairwil
by Ruby Member on Jan. 17, 2018 at 11:25 AM
3 moms liked this

If, rather than buying cryptocoins, you'd prefer to make them, here's a couple of pieces of software you can run that don't require specialised hardware:

https://www.nicehash.com/cpu-gpu-mining

https://minergate.com/faq/about

Just be aware that, if you pay for your electricity, the cost of running your computer might be higher than the value of the coins you make.

Still, might be worth doing just for the bragging rights and to feel in the now.  :-)

MythrylHavoc
by Bronze Member on Jan. 17, 2018 at 11:30 AM
I've got a couple of miners on my phone. I just don't run them as much as I should.

Quoting Clairwil:

If, rather than buying cryptocoins, you'd prefer to make them, here's a couple of pieces of software you can run that don't require specialised hardware:

https://www.nicehash.com/cpu-gpu-mining

https://minergate.com/faq/about

Just be aware that, if you pay for your electricity, the cost of running your computer might be higher than the value of the coins you make.

Still, might be worth doing just for the bragging rights and to feel in the now.  :-)

numbr1wmn
by Lina on Jan. 17, 2018 at 11:30 AM

This is the problem with society.  They love new fads without researching.  It's sad

numbr1wmn
by Lina on Jan. 17, 2018 at 11:31 AM

Heaven forbid people invest . Shame on people helping the economy.

Quoting GrayDuck41: If this is happening, who’s to say that the stock market won’t drop into the basement like it did in 2007-2008? The fact that it’s over 25000 now is scary. It can’t stay that high forever


GrayDuck41
by Linda on Jan. 17, 2018 at 11:40 AM
What the heck is your point?
Keep up!
I have invested for decades. Millions of us invested their 401K, savings, inheritances, etc.

During the Bush Administration, they dropped in value
Then by about 2010, they increased as the stock market recovered. By 2012 when Obama was re-elected they were in excellent shape.

Do you understand?


Quoting numbr1wmn:

Heaven forbid people invest . Shame on people helping the economy.

Quoting GrayDuck41: If this is happening, who�s to say that the stock market won�t drop into the basement like it did in 2007-2008?

The fact that it�s over 25000 now is scary. It can�t stay that high forever

numbr1wmn
by Lina on Jan. 17, 2018 at 11:41 AM

LMFAO crypto money vs stock market.

DO YOU UNDERSTAND?

BTW You keep it up. Do you know why the dow tanked?  DO you??


BTW the market is doing better under Trump.

Quoting GrayDuck41: What the heck is your point? Keep up! I have invested for decades. During the Bush Administration, they dropped in value Then by about 2010, they increased as the stock market recovered. By 2012 when Obama was re-elected they were in excellent shape. Do you understand?
Quoting numbr1wmn:

Heaven forbid people invest . Shame on people helping the economy.

Quoting GrayDuck41: If this is happening, who’s to say that the stock market won’t drop into the basement like it did in 2007-2008? The fact that it’s over 25000 now is scary. It can’t stay that high forever



GrayDuck41
by Linda on Jan. 17, 2018 at 11:42 AM
Do you?

Quoting numbr1wmn:

LMFAO crypto money vs stock market.

DO YOU UNDERSTAND?

BTW You keep it up. Do you know why the dow tanked?  DO you??

Quoting GrayDuck41: What the heck is your point?
Keep up!
I have invested for decades.

During the Bush Administration, they dropped in value
Then by about 2010, they increased as the stock market recovered. By 2012 when Obama was re-elected they were in excellent shape.

Do you understand?


Quoting numbr1wmn:

Heaven forbid people invest . Shame on people helping the economy.

Quoting GrayDuck41: If this is happening, who’s to say that the stock market won’t drop into the basement like it did in 2007-2008?
The fact that it’s over 25000 now is scary. It can’t stay that high forever

numbr1wmn
by Lina on Jan. 17, 2018 at 11:43 AM

Yep. Do you?


Stock market under Trump even better love bug.  Keep it up!!!

Quoting GrayDuck41: Do you?
Quoting numbr1wmn:

LMFAO crypto money vs stock market.

DO YOU UNDERSTAND?

BTW You keep it up. Do you know why the dow tanked?  DO you??

Quoting GrayDuck41: What the heck is your point? Keep up! I have invested for decades. During the Bush Administration, they dropped in value Then by about 2010, they increased as the stock market recovered. By 2012 when Obama was re-elected they were in excellent shape. Do you understand?
Quoting numbr1wmn:

Heaven forbid people invest . Shame on people helping the economy.

Quoting GrayDuck41: If this is happening, who’s to say that the stock market won’t drop into the basement like it did in 2007-2008? The fact that it’s over 25000 now is scary. It can’t stay that high forever




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