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
