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It still boggles my mind that you can build a fortune of several million, but then be naive enough to download a random crypto app off the app store, and expect

by Aeolun 2y ago

It still boggles my mind that you can build a fortune of several million, but then be naive enough to download a random crypto app off the app store, and expect it to be all sunshine and rainbows. Even several massive legalish crypto empires fell over due to fraud. Using a random one off the app store is a recipe for disaster.

loandbehold 2y ago
Most likely it's an inherited wealth. Florida is an "old money" state.
- SoftTalker 2y ago
  Even so. In a family with that kind of money to bequeath I would be surprised if the kids were that completely in the dark about wealth management.
  - stingraycharles 2y ago
    Well this case is kind of the evidence that people with access to this kind of money do, indeed, fall for these silly scams.
pessimizer 2y ago
There's no evidence that this person built up a fortune of several million, rather than having it handed to them by a parent or a deceased spouse.
- Aeolun 2y ago
  The article states it comes from real-estate. That implies some amount of buying and selling. Unless they just happened to have a single 5M mansion sitting around.
  - fennecfoxy 2y ago
    Speaking as a millennial, you don't just "get into real estate", usually it's seeded by a large amount of generational wealth/inheritance. Someone struggling to put a deposit together for their own home isn't going to make bank out of flipping houses and contributing to the shit housing sector. It really is true that all it takes to make money is money, it's almost effortless.
    - Aeolun 2y ago
      I mean, from like 30 years ago until now, anyone that ‘got into real estate’ at any point during that period would have been wildly successful. Though I guess that kind of undermines my initial idea that you needed to have a brain for it.
- EVa5I7bHFq9mnYK 2y ago
  Or not deceased
yieldcrv 2y ago
That doesn't boggle my mind Yobit is an long standing exchange, not one I would use Yobit Pro was a scam app pretending to be related to that exchange Crypto returns can be quite fast. If you have $4 million and its not really absurd to take that an order of magnitude higher, and be used to the volatility of it going lower. There are plenty of “random crypto apps” that work fine for any amount of money Don't let your own paranoia get in the way “Not your keys, not your coin” remains true for “Yobit Pro”, FTX and established players like Coinbase Plenty of random crypto apps are self custody apps that work fine The people running Yobit Pro are probably using similar levels of OPSEC, and just have a lot more crypto now. This PvP aspect of crypto keeps it going.
- Aeolun 2y ago
  You see, my problem with crypto is that it’s value hinges entirely on convincing other ~~suckers~~ people to buy it.
  - otteromkram 2y ago
    So does everything else. ¯\_(ツ)_/¯
    - forgetfreeman 2y ago
      Nah. Intrinsic value is absolutely a thing.
      - tssge 2y ago
        Which of course is different than the market price of an asset. You can't say sell something at intrinsic value if the market thinks differently.
        forgetfreeman 2y ago
        Yeah and while the market can't seem to make up it's mind about crypto it appears to have a pretty solid grasp on the concept of a loaf of bread...
lz400 2y ago
I had some bitcoin from long time ago that I never touched and decided to do something with it and I had to take a look at the "current state of crypto" from a practical standpoint. I was (not very) surprised at how many scams and pitfalls there are doing even the most basic stuff, how much trying to learn and search information points you to the scams, and how difficult and shaky it all is, even when you do the right thing. And this is BTC, it's probably 100 times worse in other coins. In the end I sold everything and I don't want to touch that world ever again.
- input_sh 2y ago
  I mean... it's all a scam, starting from the fact that cryptocurrencies aren't currencies but unregulated stocks.
  - OutOfHere 2y ago
    If you are being truthful, add national currencies to your list. Or maybe you never had any interest in being truthful.
bearjaws 2y ago
People who got wealthy in real estate are typically quite naive, the money came too easily for the past 15+ years and they aren't aware of how hard most businesses are. Turns out if you never actually earned the money you tend to think you are untouchable. I've worked with CEOs who were born into money, and those who have earned it, you can tell the difference immediately.
- JoshTko 2y ago
  "Ace in a space, fool in every other place"
ethbr1 2y ago
> It still boggles my mind that you can build a fortune of several million, but then be naive enough to download a random crypto app off the app store You should never be surprised what Florida Man/Woman will do. As a former resident, there's an uncharacteristically high number of seemingly well-adjusted but actually batshit-crazy folks there. Look up Florida school board meetings on YouTube.
- decremental 2y ago
  [dead]
- kernal 2y ago
  California is exponentially worse. Look up California school board meetings.
  - immibis 2y ago
    Are those the ones where the Republicans are ranting about all teachers being pedophiles because they let their children know gay people exist or whatever?
    - ethbr1 2y ago
      It was honestly less Republicans (capital-R) and more just disgustingly entitled people drastically overestimating their own importance relative to the communities they live in. One consequence of Trump pulling a lot of newcomers into politics was their naivety at how political processes actually work. As in, if you don't get everything you want, you aren't immediately justified to escalate and go nuclear.
  - Aeolun 2y ago
    I honestly wouldn’t know what to look for either way. Do you have any examples? I’m not all that enthused about watching a bunch of school board meetings that are probably 97% boring in the hope that I’ll find the exciting 3%.
markovs_gun 2y ago
It's really bad but in my mind there's a dollar amount where I stop feeling bad for the victim for losing. Like if someone's grandpa gets taken for his life savings for $1 million by bank scammers that's horrible but like someone losing $5 million that they were trying to invest in crypto just makes me think they didn't deserve that money in the first place.
sp0rk 2y ago
It's quite possible that the victims were convinced to try the app by the attacker outside of the Play Store and the app existing on the store was just an attempt to give it additional credibility when they were directed to download it.
alecco 2y ago
inheritance|real estate bubble|divorce|lawsuit

by Aeolun 2y ago

loandbehold 2y ago

Most likely it's an inherited wealth. Florida is an "old money" state.

SoftTalker 2y ago
Even so. In a family with that kind of money to bequeath I would be surprised if the kids were that completely in the dark about wealth management.
- stingraycharles 2y ago
  Well this case is kind of the evidence that people with access to this kind of money do, indeed, fall for these silly scams.

pessimizer 2y ago

There's no evidence that this person built up a fortune of several million, rather than having it handed to them by a parent or a deceased spouse.

Aeolun 2y ago
The article states it comes from real-estate. That implies some amount of buying and selling. Unless they just happened to have a single 5M mansion sitting around.
- fennecfoxy 2y ago
  Speaking as a millennial, you don't just "get into real estate", usually it's seeded by a large amount of generational wealth/inheritance. Someone struggling to put a deposit together for their own home isn't going to make bank out of flipping houses and contributing to the shit housing sector. It really is true that all it takes to make money is money, it's almost effortless.
  - Aeolun 2y ago
    I mean, from like 30 years ago until now, anyone that ‘got into real estate’ at any point during that period would have been wildly successful. Though I guess that kind of undermines my initial idea that you needed to have a brain for it.
EVa5I7bHFq9mnYK 2y ago
Or not deceased

yieldcrv 2y ago

That doesn't boggle my mind Yobit is an long standing exchange, not one I would use Yobit Pro was a scam app pretending to be related to that exchange Crypto returns can be quite fast. If you have $4 million and its not really absurd to take that an order of magnitude higher, and be used to the volatility of it going lower. There are plenty of “random crypto apps” that work fine for any amount of money Don't let your own paranoia get in the way “Not your keys, not your coin” remains true for “Yobit Pro”, FTX and established players like Coinbase Plenty of random crypto apps are self custody apps that work fine The people running Yobit Pro are probably using similar levels of OPSEC, and just have a lot more crypto now. This PvP aspect of crypto keeps it going.

Aeolun 2y ago
You see, my problem with crypto is that it’s value hinges entirely on convincing other ~~suckers~~ people to buy it.
- otteromkram 2y ago
  So does everything else. ¯\_(ツ)_/¯
  - forgetfreeman 2y ago
    Nah. Intrinsic value is absolutely a thing.
    - tssge 2y ago
      Which of course is different than the market price of an asset. You can't say sell something at intrinsic value if the market thinks differently.
      - forgetfreeman 2y ago
        Yeah and while the market can't seem to make up it's mind about crypto it appears to have a pretty solid grasp on the concept of a loaf of bread...

lz400 2y ago

I had some bitcoin from long time ago that I never touched and decided to do something with it and I had to take a look at the "current state of crypto" from a practical standpoint. I was (not very) surprised at how many scams and pitfalls there are doing even the most basic stuff, how much trying to learn and search information points you to the scams, and how difficult and shaky it all is, even when you do the right thing. And this is BTC, it's probably 100 times worse in other coins. In the end I sold everything and I don't want to touch that world ever again.

input_sh 2y ago
I mean... it's all a scam, starting from the fact that cryptocurrencies aren't currencies but unregulated stocks.
- OutOfHere 2y ago
  If you are being truthful, add national currencies to your list. Or maybe you never had any interest in being truthful.

bearjaws 2y ago

People who got wealthy in real estate are typically quite naive, the money came too easily for the past 15+ years and they aren't aware of how hard most businesses are. Turns out if you never actually earned the money you tend to think you are untouchable. I've worked with CEOs who were born into money, and those who have earned it, you can tell the difference immediately.

JoshTko 2y ago
"Ace in a space, fool in every other place"

ethbr1 2y ago

> It still boggles my mind that you can build a fortune of several million, but then be naive enough to download a random crypto app off the app store You should never be surprised what Florida Man/Woman will do. As a former resident, there's an uncharacteristically high number of seemingly well-adjusted but actually batshit-crazy folks there. Look up Florida school board meetings on YouTube.

decremental 2y ago
[dead]
kernal 2y ago
California is exponentially worse. Look up California school board meetings.
- immibis 2y ago
  Are those the ones where the Republicans are ranting about all teachers being pedophiles because they let their children know gay people exist or whatever?
  - ethbr1 2y ago
    It was honestly less Republicans (capital-R) and more just disgustingly entitled people drastically overestimating their own importance relative to the communities they live in. One consequence of Trump pulling a lot of newcomers into politics was their naivety at how political processes actually work. As in, if you don't get everything you want, you aren't immediately justified to escalate and go nuclear.
- Aeolun 2y ago
  I honestly wouldn’t know what to look for either way. Do you have any examples? I’m not all that enthused about watching a bunch of school board meetings that are probably 97% boring in the hope that I’ll find the exciting 3%.

markovs_gun 2y ago

It's really bad but in my mind there's a dollar amount where I stop feeling bad for the victim for losing. Like if someone's grandpa gets taken for his life savings for $1 million by bank scammers that's horrible but like someone losing $5 million that they were trying to invest in crypto just makes me think they didn't deserve that money in the first place.

sp0rk 2y ago

It's quite possible that the victims were convinced to try the app by the attacker outside of the Play Store and the app existing on the store was just an attempt to give it additional credibility when they were directed to download it.

alecco 2y ago

inheritance|real estate bubble|divorce|lawsuit