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The stories of human interest related to cryptocurrencies and their meteoric rise have faded over time. This is a story of "stupidity", love and money, a story that has remained hidden for many months, fearing the wrath of the government, especially after the position of India against cryptocurrencies.
At the beginning of February, AMBCrypto had written an article trying to investigate the possible reasons for the crash of the cryptocurrency and although that article concerned many quotations, a story of Borivali's Mr. Subash Gaikwad [Name changed at the request of the interviewee]Mumbai has been hiding until now because of its fear of losing all its money due to government control. [19659002] Mr. Subash, works as Loco Pilot for Indian Railways in Mumbai. The 37-year-old father of two remains in Borivali, Mumbai with his wife, two children, his older brother and his wife and the mother of Subash, who has been bedridden for the last three years. The entire family earns about $ 1500 a month with which they pay two loans, feed the house, pay their children's tuition and save enough money to watch two Bollywood movies in a month.
In February 2017, Subash, to get out of these financial difficulties, began to explore investment options and make money. He heard about Bitcoin from his 24-year-old relative who was pursuing his engineering degree. He told him how Bitcoin was on the precipice of making a huge leap and how he should have entered this "Bitcoin Fad" right now.
Subash did not believe him, but just to make his young relative happy, asked if there was a "cheaper cryptocurrency than Bitcoin". Not understanding the technology or the way it works, invested in XRP through BTCXIndia, a website that is now deceased, has provided the Indian retail market with an XRP / INR pair for investments.
His initial skeptical investment of ~ $ 150 at a price of $ 0.033 / XRP downloaded him almost three times his initial investment by May 7, 2017. His confidence in cryptocurrencies grew and he continued to invest Rs. 500,000 (~ $ 7,000) in various cryptocurrencies such as Ethereum, Bitcoin and XRP. Subash in a trembling voice tells us,
[paraphrased from Hindi]
"This was the most difficult decision I made in my life There are some moments in your life where your instincts tell you to do certain things I just had the feeling of Bitcoin and Ripple in my bones I knew it would be great I know it was stupid, you can quote this, "Subash is stupid" in your article, but I knew it. my wife's jewels, I secretly sold my sister-in-law's jewels, and I took all our life's money to invest in. If I could sell something else, I would have "
the" stupid "decision and rather irrational than Subash, he earned him a return of over 18 times when he cashed in December 2017 and in January & # 18. The rapid rise in XRP prices in the first part of January of this year combined with the monumental growth of Bitcoin in December last year earned it Rs. 1.07,80,000 (~ $ 150,000). He says, "Maybe I should have cashed everything in. Even though the 80% of my wallet is out, there's still 20% of investments still present, I'm not perplexed, I'm just greedy now, so I'll keep hard "
When asked about his motivation to take this" stupid "decision to sell all his wife and family, he says,
" We were pushed to the limit, I had two loans to repay, my wife did not he could work more because of a critical medical condition that he had been suffering for a long time.My mother was in bed and the only way to cover the expenses was to prevent my children from studying them and pushing them on the way to do humble jobs that they brought us extra income.The beginning of 2017 was difficult and there was no other way to go.This decision was made in order to save the future of my children.There are some actions that define your future, I consider it as the one that defines the a Now my children will never go hungry and my wife will not suffer due to lack of treatment. "
Being part of the Indian government mechanism, he says, the biggest obstacle to cryptocurrencies is currently governments and policy makers He believes there needs to be regulation in the market, but not just completely ban what you do not understand He says that revealing his name would shed light on his identity, making life difficult for him.
After Arun Jaitley made impact statements on the market in February, Subash was able to speak with a very influential person of the RBI. and he said,
"I do not understand this technology and believe me when I say this, people who currently prohibit banks from engaging in cryptographic exchanges do not even understand the basics of cryptography. If I rate 1 on a scale of 1 to 10, these guys should be given a -2 or a -3. For them, all that they do not understand is a Ponzi scheme "
A story almost similar to the film" Slumdog Millionaire ", Subash states that his understanding of blockchain technology and cryptocurrencies is absolutely nothing – he does not understand what they mean or what they do for the real world, they treat them as commercial businesses and now invest their time in understanding the dynamics of trading, indicators and trading volumes.
Manages a small encryption group on Facebook dedicated to people who do not understand this He also has several groups of WhatsApps aimed at training and teaching cryptocurrency trading, his favorite indicator is the Bollinger Band and aims to convert his $ 150K into a million dollars by the end of 2019.
