In the first part of this post I talked about being in the uncomfortable position of having to deal with free money mistakenly sent to one's crypto wallet. I'd like to first admit that the concept of free money is complex.
And I'll explain why. Everyone at one point in time has fantasized about mistakenly getting a huge amount of money to their wallets and this is because we're used to the news on the internet about people mistakenly sending money to the address of others. Sometimes, this money can be life-changing.
Imagine getting 20 BTC to one's wallet, with the right bull market, such a person might be financially free forever, however, the endless possibilities we tend to create inside our minds on crypto that might not be ours might kill our moral compass should we be the ones in that position where we either have to return the money or keep it.
I've realized that many people are hoping to be in that situation, but the truth is, it's never a blessing to be there. I understand that the idea of having enormous money is liberating. Especially when one has been going through some financially challenging situations, they might create a vivid justification for keeping that money.
However, it's difficult to differentiate between need and greed
.....especially when there are equal reasons to keep or return such an amount of money. No matter, sometimes we blindly justify our greed by making it look like everything we lust after are the things we actually need to survive in life.
Then there's the aspect of investing the money before returning it. This is probably establishing a smart equilibrium. Let's be factual, everyone will be tempted to keep such an amount of money, but it'll get to a time when the fear of repercussion will surpass the urge to own the money.
We humans, we're smart, it comes to a point in time when our credibility establishes equilibrium creativity coming up with ideas to profit from the money while actually returning it. @joetunex made mention of using the money to buyHBD (Hive's Stablecoin) while earning that sweet 20% APY before returning the money.
In reality, this is a brilliant idea, although we have to realize that even if it's a stable idea, there's an element of risk that accompanies this. Generally, we cannot have 100% stability with crypto, even if it's a stablecoin.
I'm still thinking there might be 0.5% chances of volatility, but the truth is, I'm sure the owner of the money wouldn't mind losing 0.5% of the money, especially if you establish a consensus with them that you used their money to earn some interest.
However, this is all hypothetical. A person who is aiming to use another person's money to earn some interest wouldn't really mind the repercussions, the aim is the profit and they might attain justification in the fact that they're returning the money.
On a brighter note, this isn't bad at all.
When a person losses money, I expect that they understand that the chances of getting back that money are slim, because their expectations are reduced, it'll be a miracle should they recover a substantial amount of that money. At the end of the day, the decision to wholly keep the money would come at a price.
The Two-way Possibilities
However, doing otherwise might become a regret, as this decision will keep popping up in a person's life especially if they run into financial constraints in the future. I like to earn every penny I have because I believe in life, we need some aspect of sanity and discipline to make the best of decisions for our money and this is why I wouldn't hope to be the recipient of mistakenly sent Crypto.
Everyone would have a different opinion, and while there are very good ways to utilize this money before returning it, I also think that everything depends on risk and anything that goes wrong might be the beginning of very bad decisions to come.
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
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To be very honest, I think I will return it.
But in the other hand, I am talking from someone who hasn't received it yet.
It is easier said than done. But I think the right thing to do is to return it.
If the person is reasonable, the person should give a portion to you even if it is 5%..
But if I was to invest the money, I wouldn't put it into HBD.
I will rather put it in S&P. Although, HBD promises some stability but at this point, I should be investing in something with a long track record of stability and growth..
Crypto is crypto. Anything can happen
You're right, we can only make credible decisions if we find ourselves in that situation. The way it is, it'll be difficult to to say what we'd do with the money without firstly being encumbered with that decision in the first place.
Well, I think we cannot judge people's rationality especially when they choose not to be reasonable with giving us anything from the money.
Nevertheless, the S&P isn't a bad idea, I'll go with that too should I decide to keep the money, which we actually agreed not to.
However, I think I'll just stand with HBD in solidarity with the hive blockchain.
I will only use a fraction for HBD as HBD has experienced pumps in the past. This also means it can experience a dump.
So I might just use 20% of the money to invest in HBD
You're right, if it can go up, then it can dump, you're a smart man. I have told people that a stablecoin pumping is bad.
Lol...that we agreed not to.
I can't wait to see Hive where it's supposed to be
My brother I no sure say I don agree but I just might for my peace.
My brother, I can't wait to see a 10 dollar hive
A 10$ hive might take close to 10 years.. if the right implementation happens but the problem with decentralization is to that growth is difficult to implement.
The simple easy way to avoid your conscience bugging you is just to return it.
You never know if that person is in such a hurry to use the money. Investing it, like in HBD, takes time to withdraw. And what will we do if we invest it on a volatile asset that dropped in value? I think this boils down to the saying;
We should never invest what we can't afford to lose.
And other peoples money that just happened to land in our hands are one of those. 😊
Also, we don't know who owns them and what they are willing to do to take back their money or to take revenge, if you happened to lose it.
!1UP
Well trying to invest it in a stable coin is trying to establish a middle ground if you ask me. Because it's quite better than trying to take the whole money. Nevertheless for people who do not want that guilt on their mind, the best thing would be to return it I guess, but I can't certain of anything because anything that might happen would be dependent on the owner of the money..
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To put it simply, mistakenly receiving such an amount of money is going to come with lots of stress if the reaction is to not return it immediately.
We are beginning to be faced with a dilemma managing our funds on Hive due to the number of opportunities arising let alone someone's huge money in your possession.
Well, I hope that money comes my way even today am ready for it, HBD awaits!
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This is true, it's very tedious to actually manage one's fund on hive and how to make the right and profitable decision at all time, not to talk of taking the burden of managing some millions when you convert it. Nevertheless, you're enthused about this Money hahaha seems it might just make your dreams come true.
Lol, it will be a dream come true if I can use the money for 6 months.
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I think you'll be lucky to get one month before the law finds you 😂😂😂😂
Lol 😆
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converting it to HBD may be quite profitable if some time later the price of the coin drops. then what if the price of the coin actually goes up after we convert it to HBD? will 20% APY be enough (if the owner asks to return it immediately)?
That's a solid question, but I'm thinking 216k$ would buy 216000 HbD I think if you keep that in savings, the 20% might just cover up for any percentage loss whatsoever. But we'd be hoping it doesn't dip beyond 2%
Well said. The beauty of the blockchain is that no one might know who recieved the money...but I bet you it would be a problem if they did.
I don't even know if banks have a warning about money that is not for the account owner. I know binance gives these warnings...do you think a bank would care?
If there's KYC on a centralized exchange where the person mistakenly sent the money, then chances of them getting caught is high. KYC on centralized exchange makes people traceable.
It's hard to decide where to put that money and make sure it's sill available incase you have to pay it back. HBD is a decent choice but the liquidity and we don't know if it will ever fail. I don't think it will but the chance is there so I prefer to not have the situation.
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Hahaha amen. I prefer not to be in that position too because we cannot trust HBD 100% as liquidity is an issue. But if there's liquidity and HBD does well. I think it'll be a steal.
I don't know how to deal with free money. I got $7,000 worth of UMA in an airdrop at the beginning of the year and wasted almost all of them. I guess I need more so I can learn what to do in such situations... :).
It's absolutely not easy to deal with free money, because we rarely attach any value to it because it wasn't really hard earned. It takes discipline to do so.
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Yeah I am imagining it. 😂 Free from every financial tension, then that person will must think now what to do. How to become poor again 😂. How to earn money again. However maybe this worth of wealth is not very much for some people. But I agree it's lot for people of my kind.
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Well, if someone had lost 216k, he would be happy to have back 200k, and the rest would be a gift for me to travel to germany and study😆
not fair enough but if i've lost that ammount and someone returned it back i will reward him a little🙃
Also i won't tell anybody if that happened, because people will say i am crazy for returning it.
Plot twist, i live in syria, i can help hundreds of people with 216k, so yes it would be very hard.
So many choices😆
According to thy word,
Like you mentioned too, that is because a well laid plan for a particular sum of money will most likely live up to that budget. But a free one and a huge one at that, has no plan proceeding it. And like they say, failing to plan is planning to fail.
In the real sense, that does not only apply to give huge free money. If we take a look at the boxing in the last century. The era of Holyfield, Tyson etc. You'd see that most of them went bankrupt with the huge money they got from their fights and it wasn't free - they worked for it. So that means a large sum of money withour proper advisor and/or laid down plan will later crumble!
But you know as humans, I see many people be like someone should just dash them **** amount of money. I just smile because no matter how frugal you may be, there is still a more-than-a-half chance that the money will most likely be used for nothing fruitful. Except you are Dangote already!
I rest my case. 🚶
i can show you the screenshot of my own but I decided to send it back, I was tempted to invest in hbd too but I don't want to be on the run for the rest of my life
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