Free Money: What Will You Do With $216k Worth Of Crypto In Your Wallet?
Some days ago I was talking to a friend about this person who got $216k worth of crypto mistakenly sent to their wallet and we began to ruminate on the things that could go either go wrong or right with getting such an amount of "free money".
Interestingly, I hypothetically created a "spend-case" for the money in my mind, like starting up a business, or buying a car to ease my travel brouhaha, but then after traveling into that fantasy, I realized that I was having daydreams over money that isn't even mine, but who doesn't do this? However, one thing I've come to realize is that it'll always be difficult to accord stolen money the value it deserves
Why is this?
For the person who got the money, it'll be difficult and this is because it isn't their money, it's an unexpected stash of cash that suddenly landed on their laps without any plans before that moment, no expectations, no hope for such a huge figure.
However, let's take a look at how a person like this might psychologically react. Firstly, they'll consider giving back the money, then, on the other hand, they'll decide to keep it as well. The reason why they'll decide on the former is because of the law, especially if they have KYC on the account.
KYC is one of the reasons why a person who gets free money might decide to return it. If it's crypto worth $20 the person who sent it might not bother but imagine $216k worth, the expectations would be that the owner of the money would seek measures to have their money returned.
The $216k Dilemma
But they'll not be able to determine the extent or length to which they might go (the person who owns the money) to recover their money. This alone creates panic within the person who got the money. Not being able to determine how far the owner of the money might keep, keeps the receiver psychologically perturbed, which might make them panic and decide to choose rest of mind rather than looking over their shoulders for a long period.
The amount of the money itself might unsettle the person who receives it, because sometimes in life when we work to make money, getting more than what we ask for might just create an aberration.
But some people might decide not to return it, why?
GREED
.......and because of the endless possibilities they can unlock with that amount of money. However, for this kind of people, it might not really go as smoothly as they've planned it.
Because they might just make mistakes with spending the money. The major reason for this is that the value attached to money sometimes depends on ownership. The fact that it isn't their money, reduces the value of this money mentally.
One of the reasons why people are advised to work for the money they are earning is to create a mental value, bigger than the denomination of the actual currency which mostly determines how we might choose to guide it. So because they didn't work for it, it'll be difficult for them to create a proportional value with an actual $216k worth of crypto and this is where the undoing will begin.
Spending Free Money: Testing A Samness
I'm not saying it's everyone that this would happen to. But money unsettles people, and sometimes we might not really agree until it ruins us.
Since everyone wouldn't be wasteful with free money, we cannot fail to admit that free money or the idea behind it is the beginning of a crazy or wasteful spree. Another thing, if you turn out to be the recipient of such money, you might constantly live in fear when spending it, which might take away that mental preparedness that's required to make sound decisions.
There's a Catch, free money is good, it's liberating, but it kills more than it redeems. One of the drives of people is placing proportionality to the money they earn with the value they're putting in, however, when a person is used to free money all their lives, how then do you convince them that their effort will ever be worth the amount you're offering them?
Ever Felt Like Needing A Compensation?
However, this doesn't mean we don't need free money, the reality is, we do. If for nothing but to compensate for all the times we might be experiencing loss. The reality of crypto is that a person must experience loss for another person to profit.
But in this situation, a person's decision to keep the money they've mistakenly been sent creates so many ripple effects. Best to not be in that position because irrespective of the advantages that might come with it, the downside might not obvious but destructive on the side.
Interested in some more of my works?
The Intrinsic Propensity To Spend Money
Poverty: The Unwillingness To Spend?
A Scenic Bathroom Photoshoot
The Importance Of Having A Contingency Money Plan
Translational Value; What Is Your Worth?
Using Crypto As A Means Of Transferring Will
Posted Using LeoFinance Beta
Based on a similar incident that I shared not long ago, what I learned was should I be in such a dilemma my action would be not to return the money until the owner comes asking because the chances of the owner coming for the money is very high, we are not talking about $100, $216k is huge.
Secondly and thankfully I know HBD exists, I will safely keep the funds in HBD savings until the owner comes while also earning yields from the money by providing liquidity in pHBD and bHBD.
Spending the money on any other thing that will have it depreciating is asking for trouble.
Posted Using LeoFinance Beta
This is one of the smartest angle to look at it. I haven't even thought about putting it into good use. Because inevitably the owner of this money will come for it. It may take a long time but these people might eventually establish a case because of the fact that the money is huge and the person might be asked to account for it.
But then 216k in HBD per month, even if it's only a month, you might make close to 1106$ in a month before the owner comes for it. Huuuuuuge, that's just a way to do business. Haaaa.
At the end of the day one will have no regrets at all.
Posted using LeoFinance Mobile
Lol it's just the benefit to being on Hive, we learn to do things a bit smarter and more reasonable I think.
I wouldn't be looking at it from this angle if am not on Hive and didn't know HBD exists.
Posted using LeoFinance Mobile
View more
Funny enough, I didn't think of KYC... So if $216k entered my account, I may have chosen to mostly like be greedy and used the opportunity to change my life, invest greatly in Hive, and spread out the money into something that could yield more.
But surely, I would be wasteful in some amount like instactly back the latest Apple Mac System, and getting a Samsung Galaxy Fold 3, which are the devices my eye is on at the moment and would love to buy if I have more than free money like the $216k.
I am so sure that I would try to curve my greed to spend it unwisely. Many of the funds may go into HBD savings and Hive Power.
In the future, if the real owner comes for it, hopefully I would be able to return the amount or close to the amount back...
Hahaha the owner of the money would not come in the future, they'll come for it almost immediately because that's a huge amount of money. Although you mentioned that you'll buy some things. The reality is that if the money was hard earned, you might not think of buying those things. Because the more harder it is to earn, the more, inevitable needs we have to spend on.
Posted Using LeoFinance Beta
There are times too that I imagine being given a considerable amount of free money. 😁 However, it is really different when you happen to find a "free" cash in real life.
There are some occasions where I saw people dropped their phones and cash on public utility vehicles as they get off. But my automatic reaction was to let them know or call their attention to get back what they dropped. I just can't imagine having a free money out of someone's misery.
!1UP
A lot of people would like to have free money without thinking of the repercussions of the owner. I've never been in that situation, I hope not to. Our needs and wants might get the better of us when we come across such money thereby taking away our morality.
It would feel more valid if Bill Gates or Zuckerberg losses the money. I'll gladly take it.
Posted Using LeoFinance Beta
LOL. They might not even look for it as they will lose more money in the process. 😁
When I saw the title of this piece and I read the introductory paragraphs, I immediately envisaged some concerns with the money, the receiver and the sender.
In terms of the money I saw the possibilities that exist for tracking such huge amount of money, which won't be the case if the money would just amount to buying ewa and agbado. Even though the blockchain is decentralized, centralised Wallets require KYC. And the Blockchain is also transparent such that all inflow and outflow of coins is visible to all. Hence it can be traced from a decentralized wallet to a centralised wallet..
However, only those with the resources can make the Fed or a strong IT party breech the system in terms of discovering those behind the KYC.
Also, in terms of the receiver, this statement of yours sums it up:
You will live in constant fear...
Well, the fact is that a right thinking person wouldn't think anyway different from what you presented. However, the fate of those who spend such amount is the same with them Yahoo boys. So, not everyone is right thinking.
And for the sender, like I've said, if he or she has the resources, they can fight till the end to get the money back...
The issues with exchanges and the KYC remains the reasons why it's ideal to return the money. I believe a person who can comfortably afford $216k of Crypto would have resources to actually track such an amount of money, so it's possible. I've just written a part two to this post which I will post in two days time about how a potential KYC can establish a relationship between the owner of the money and the receiver. It's a complex issue but I do feel the receiver might get to fuck themselves up, should they choose to run away with the money.
I think the hype about crypto being decentralized made people tag crypto as a hideout for scammers, since no KYC is involved when you're using decentralized Wallets.
Mhen
People should not underrate the Blockchain....
I look forward to reading the piece
I find that what I'll call "tainted money" almost always leaves a stain on the person that keeps it. It's almost as if the Universe allows your free will to slither onto the path where the ill-gotten gains turn into a living thing intent on bringing balance back to the world.
No matter the cost... To you...
No matter the temporary pleasure that it brings, the serpentine wads of cash will find a way to get their pound of flesh out of you and more. When faced with something like this, it's best to return the filthy lucre to its rightful owner, so as not to tempt the fickle finger of fate.
Posted Using LeoFinance Beta
Hahaha i see where you're driving at. The aspect of fate and the inevitability of repercussions. I agree with you. However so many people would damn repercussions and take that money and sometimes it's either their level of greed or their level of need..
But yes....
No matter the cost, circumstances..
It's best to be rid of such money.
Posted Using LeoFinance Beta
I think I read about this story or something similar, I read that the woman was taken to court by the exchange. If I had that money, I would transfer some to my having first, invest in S&P. Then wait for a while to see if I'll be on the news before I go ahead and spend some more.
If of course I get caught with the money I'll return it but I can't say I'll be altruistic enough to return it.
Well, not many people would want to return it, but using it to create some passive income before eventually returning is is sheer wisdom. However, the willingness of the owner to get back the money might be the bane of a person who refused to return it.
Yeah...many people moving money around with crypto aren't people you want to be messing with
I suppose the saying is true, nothing is truly 'free' in this life, everything has it's cost, one way or another.
Yeah, nothing is exactly free, at one point in time, we inevitably have to pay a price, even if it feels free on the surface, something has to go for another thing.
Thanks for coming through
Posted using LeoFinance Mobile
Even nothing is free in Freetown...lol..
I would request a tip/gift for sending the money back without stating any amount.
Posted Using LeoFinance Beta
Haha that's also another way, however in some cases, the owner of the money might not be willing to give any tip to have the money returned. But this is a way to go about it. It feels appropriate.
Posted using LeoFinance Mobile
This is going to sound very silly, but I’ve always thought that one day I’m going to wake up to unbelievable amounts of BTC in my wallet from an unintended sender. Of course that would be terrible for the sender, but for me, hehehehe…
I don’t think my first instinct when I receive money like this will be to send it back. I’m not proud to say this, but it’s the truth, wrong as it sounds. Still, I believe after a while of thinking I would’ve settled on returning it if I could. This, I am proud of. Before returning it though, I would ask for some compensation, because I’m not a moron lol.
You're not the only one with wild and vivid dreams of waking up to unbelievable amount of BTC in their wallets.. almost everyone dreams it.
The truth is, if you do not intend to return the money. Having it might mess you mentally because you'll be looking over your shoulders while being under the pressure to be rid of the money.
Posted Using LeoFinance Beta
Someone mistakenly transfer a lot of money to me and I returns and the money is more than 50k worth of dollars. My friends still mock me for doing that but I don't want that kind of free money.
I will just buy hbd with the money and live my life away
Posted Using LeoFinance Beta
Ahhhh wow. That was courageous of you but then... Having that kind of free money is bothersome, it might mess you up for life if you had decided to spend it .
Posted Using LeoFinance Beta
Or - stake the hive, earn the curation. Then when the owner goes through the legal avenues to return - easy, you've made some significant returns in the meantime! ;)
That's another great way to lose but never lose. It's like borrowing the money to return it at the appropriate time.
Posted Using LeoFinance Beta
Omo, this your topic get as e b ooo😄😄, Imagine me getting that kind of money, bro, well at first it will make one go nut, but one have to calm and make some strategic plans before spending the money anyhow
Spending the money comes at a price, not spending it comes at a prize, at the end of the day there's a huge chances of a person getting fucked for life. So it can be tricky.
Posted using LeoFinance Mobile
Yeah tho, it can really be that's why one have to careful with spending
Most times money such free money always end up been spent lavishly because there's no plan for it but only few people can make use of it.
The idea that it's free money is why some people might waste it. Take a look at how yahoo boys are spending. This is really one of those situations.
Posted using LeoFinance Mobile
That's really the best example for such situation
View more
Truth be told, alot of people do this, envisaging on things that aren't ours, after a long time you then come back to reality. Most times free money gives us unsettled mind, start thinking and all of that, we all need free money sometimes too.
Hahaha well I pointed out that we need free money sometimes and this is because it might act as a foundation to begin on, but not everyone might get so lucky you know.
Yeah I know right 😁
It really depends on the type of psychology of the person. I'm sure there are people who will sleep just fine every night, and some even make good use of that money.
I would promise myself to pay back that amount with interest when I make money from that amount (if the person showed up). We never know what such a huge amount was transferred for. We should have found out. And if all is clear, then return this amount by borrowing from the person to earn money and promote his project. And then pay him back with interest...
!CTP
I would probably return it. I just don't think it's worth the hassle considering how banks have chased after people for this same issue. The issues themselves don't seem worth it but it's crypto so it's less likely for them to be able to do anything to you though.
Posted Using LeoFinance Beta
Well, the banks are what would exactly do the chasing especially if they've been altered by the exchange. Nevertheless, like you, I'm sure to return the money no matter what.
Posted using LeoFinance Mobile
For a country with such a massive population of deeply religious people, I cant understand why this is even a dilemma. Simply send it back to the wallet it came from with a note in the memo. No matter $216k or $21.60, the price of free money is relative to the integrity, honesty and guilt of the recipient. There is no such thing as free money, ever.
Decentralisation and Web 3 do not suddenly trample over morals and ethics.
Anyone who simply kept it is a low-life thief.
I would simply return the money because it is not money you work for and morally is not right. You always feel better inside when you have access to the money you had worked for.
Bruhhhhh, this is me every single day of my life. If I tell you how much money I have in la-la land, you'd laugh till your sides hurt.
Also, from experience, free money isn't exactly the easiest to flow with. I have seen how I make a budget everytime I have to spend my own money. But, when I get free money, I don't think twice. I jump on thr next available item.
You have received a 1UP from @thecuriousfool!
@leo-curator, @ctp-curator, @bee-curator, @vyb-curator, @pob-curator, @neoxag-curator
And they will bring !PIZZA 🍕.
Learn more about our delegation service to earn daily rewards. Join the Cartel on Discord.