@op For my part, it is better not to wish to give wisdom to others. Since he has suffered losses once it is better not to advise him a second time. If there is an accident, he will blame you for the rest of his life and he will say that my savings were good.
Finally I would like to say if he wants to buy then definitely recommend investing in Bitcoin. However, hardware wallets and software wallets must store bitcoins. If you keep it for a long period of time, you can definitely reap huge benefits from here.
Topic: Advise to a friend - page 3. (Read 1014 times)
Ordinarily, I don't like asking questions like this because I feel they're personal questions that should be answered by myself alone but it has been on my mind for a very long time and I have not gotten a solution for it.
I have a friend that works hard. He does two jobs and he makes a lot of money. Most of his money is in a savings bank account where he saves them. He doesn't have any use for it right now so the money is just sitting pretty in that account. Lately, I've been having the urge to advise him to buy Bitcoin with like 40% of his savings and HODL. Holding won't be an issue for him because he has the patience of an old man. He has left the savings in his account for over two years without touching it. Now imagine him transferring that energy to Bitcoin.
The problem is, someone has convinced him to buy altcoins before now, I think in late 2021 or thereabout. He bought three different altcoins for about $500 and now two out of the three coins he bought are worthless. one is worth about $0.045. The price ain't the issue, the issue is these coins are not like Bitcoin that will rise again.
I have explained all he needs to know about Bitcoin to him and he understands. He understands how Bitcoin is not a get-rich-quick scheme, the risk, and the patience involved.
He buys into the idea but I'm still having doubts. I don't want to look like a fraud when things don't work out. I mean, I can speculate about the market all I want, but I can't be sure what tomorrow brings.
So should I go ahead and advise him to buy Bitcoin or I should leave him to come to me himself? Because he will buy it if I ask him to.
I have a friend that works hard. He does two jobs and he makes a lot of money. Most of his money is in a savings bank account where he saves them. He doesn't have any use for it right now so the money is just sitting pretty in that account. Lately, I've been having the urge to advise him to buy Bitcoin with like 40% of his savings and HODL. Holding won't be an issue for him because he has the patience of an old man. He has left the savings in his account for over two years without touching it. Now imagine him transferring that energy to Bitcoin.
The problem is, someone has convinced him to buy altcoins before now, I think in late 2021 or thereabout. He bought three different altcoins for about $500 and now two out of the three coins he bought are worthless. one is worth about $0.045. The price ain't the issue, the issue is these coins are not like Bitcoin that will rise again.
I have explained all he needs to know about Bitcoin to him and he understands. He understands how Bitcoin is not a get-rich-quick scheme, the risk, and the patience involved.
He buys into the idea but I'm still having doubts. I don't want to look like a fraud when things don't work out. I mean, I can speculate about the market all I want, but I can't be sure what tomorrow brings.
So should I go ahead and advise him to buy Bitcoin or I should leave him to come to me himself? Because he will buy it if I ask him to.
First of all, you have no obligation to convince him to buy Bitcoin, even if you know it's good to invest in Bitcoin, he has no interest, and it doesn't matter what you do.
I understand that you don't want his hard-earned money to go to waste, but we can't do anything about where he wants to use it. Just let him get interested in Bitcoin on his own. So what are the altcoins you say it's invested in here? Because if the altcoins he bought are on a good exchange and it is included in the top exchange, it is possible to say that he can still make money in the future if he has not sold it, even if we say that their value has dropped a lot as long as he holds it first .
~ I won't suggest everyone invest in something where he can also lose. I mean, Investment means there is a possibility to lose. But, You have to choose the right people who understand those things.
Yeah. Unfortunately, a lot of people don't want to accept when bad things happen. Most of them are always looking for something to blame.Surely you don't want to suggest anything if the person is unknown or random. We usually recommend to our friends whether he should do it or not. Let's say your friend seeks your suggestion; you may suggest what is best for him. But, You cannot suggest to him what you don't know. For example, I am a shitcoin millionaire and have faith in shitcoins. I don't like Bitcoin, and it's my personal opinion. Now, If my friend asks me about my shitcoins, I will always suggest he buy shitcoins because that's how I become a millionaire.
The fact that Shitcoin worked for me doesn't mean it will work for him as well because we don't know which coin will do 100x in the next bull run. About blaming, You shouldn't suggest anyone upfront if they don't look for your opinion. They cannot blame you if you don't tell them upfront. That suggestion thing should be in a closed circle like friends and family. Your friends and family won't blame you for a loss because they know you well.
for me personally advice from friends is one of the encouragement for bitcoin investment yesterday I asked friends for advice about when is the right time to invest in bitcoin and my friend gave advice not to buy bitcoin yet wait until the market improves he said and I listened to it as time went on my friend's advice was right it was not the right time to buy bitcoins had i not asked my friend for advice i would have lost a lot of money.
There isn't a foolproof answer to this question... Personally, i have never tried to convince anybody to invest in anything. Not my parents, not my brother, not my friends...
If it goes wrong, they will always feel like you were responsible for their loss, and that's a burden i don't want... But that's just my personal opinion.
You're right mate. This reminds me of an issue that happened some years back. A son advised his mom to invest in shares and the mom took the advice of the son and bought some shares. After some years, the company hit rock bottom and it affected the stock of the company. The mom has been disturbing the son and blames him for the financial misfortune. As a result of this, sometimes I find it difficult to advise a family member or friend to invest in a business or project. If it goes wrong, they will always feel like you were responsible for their loss, and that's a burden i don't want... But that's just my personal opinion.
Definitely not. Many people lose money after purchasing Bitcoin because they can't wait for a "good price".
So you have to be the one who doesn't care sometimes. People won't judge you as a good friend if your suggestions are successful, but they will say you are bad friend if the suggest don't work.
Because of this, there are risks associated with investing in Bitcoin. For this reason, I always advise people to invest with funds they will not use. In addition, I don't believe that the majority of people trade their Bitcoin, instead, they prefer to hold it, which is the best option. However, some people may want to try out futures, which is very risky and could result in you losing all of the money in your wallet.So you have to be the one who doesn't care sometimes. People won't judge you as a good friend if your suggestions are successful, but they will say you are bad friend if the suggest don't work.
Giving advice on Bitcoin investments is always challenging because once things don't work out for them and the market turns negative, they start blaming you. The best you can do is provide suggestions, be clear, and advise them to conduct additional research.
It is good to advice friends that are close to you to make investments on projects that have potentials,and before telling them about those projects,you must make research to know whether the money they will spend will not be a waste or not.It is always good to know all these to avoid having problems with your friend,but if the person is not too close to you,it isn't good to advice them at all.Bitcoin has been so beneficial to people and it benefit alone should be seen by the friends who want to invest in it.Your financial growth should be the reason they want to make investments in Bitcoin.
He start in a wrong path and I think the three coins he hold will not have a bright future, so he will blame himself for invest in these three coins. After that he will call any cryptocurrency including Bitcoin is scam, but it's his choice and you've done your part to teach him. Let him choose, you shouldn't force him to invest in Bitcoin, do you want your friendship will be ruined because your friend can't accept bear market when he already invest on Bitcoin?
Convincing someone to invest in bitcoin is a big risk; I never pray to do so. Instead, I prefer to teach people how to invest. When things go wrong, I shouldn't be held responsible. Today, encouraging people to invest has destroyed some relationships all in the name of advice. Since then, I no longer pray to inadvertently advise others to do the same.
Because of what happened to the three coins he invented and subsequently didn't see anything come out of, the friend, according to the narrative, won't believe in any cryptocurrencies. Therefore, my recommendation is that teaching someone how to invest is preferable to advising them to do so.
Definitely not. Many people lose money after purchasing Bitcoin because they can't wait for a "good price".
So you have to be the one who doesn't care sometimes. People won't judge you as a good friend if your suggestions are successful, but they will say you are bad friend if the suggest don't work.
those who lose money buying Bitcoins are those who lack market knowledge. they buy Bitcoin just because of the suggestion or the hype that social media brings. and they become rush to buy Bitcoin. after owning Bitcoin it doesn't go up but the price keeps going down, that's what makes beginners panic. that's natural, if they have good knowledge. won't be a problem. which became a problem when they became more frantic with the ever-decreasing value of the asset.So you have to be the one who doesn't care sometimes. People won't judge you as a good friend if your suggestions are successful, but they will say you are bad friend if the suggest don't work.
Such people, I would call them greedy people who want to get rich quickly with bitcoins. Honestly, I don't feel bad for those people because they also know that making money is not easy nowadays, but they think bitcoin can make them easy money. I feel like they underestimate bitcoin thinking it can get them rich quickly.
Going back to the OP's question, I also agree that it's better to let his friend decide than to force him to buy bitcoins. When they win, they won't remember you, but when they lose, it's your fault and they'll blame you.
Even though this kind of thing is not completely wrong, it is true that great impatience and naivety actually make things like this very bad.
Things like this, believe it or not, are still very common, especially for new people who have a very large sense of naivety in this matter.
When we talk about pity, in this case when there is clear antipathy, pity, it's just that things like this happen more to their own mistakes, which makes it complicated because they don't want to be literate from the start.
Definitely not. Many people lose money after purchasing Bitcoin because they can't wait for a "good price".
So you have to be the one who doesn't care sometimes. People won't judge you as a good friend if your suggestions are successful, but they will say you are bad friend if the suggest don't work.
So you have to be the one who doesn't care sometimes. People won't judge you as a good friend if your suggestions are successful, but they will say you are bad friend if the suggest don't work.
Someone's patience in terms of investing depends on themselves and even their true nature comes out by itself and we will know someone's character from that person's character.
If you have a friend who has been friends for a long time, it doesn't mean that he or she will be willing to see you succeed by walking alone. ourselves, sometimes family members can be a guarantee for ourselves to be successful.
So should I go ahead and advise him to buy Bitcoin or I should leave him to come to me himself? Because he will buy it if I ask him to.
what makes you think that there is a need for you to convince him to invest in bitcoin? just because you are an investors?
now that you are having a doubt so you understand that blame might be yours once he fails?
though it is bitcoin and the chance of failure is very tin , yet you knew that it is not your money to be concern for.
you have done your part mate, after telling him everything he needs to know then let him the one to decide.
and besides surely he will contact you once he is decided.
Definitely not. Many people lose money after purchasing Bitcoin because they can't wait for a "good price".
So you have to be the one who doesn't care sometimes. People won't judge you as a good friend if your suggestions are successful, but they will say you are bad friend if the suggest don't work.
Sometimes it depends on luck as well. Your Best friend won't call you a bad friend if your suggestions are unsuccessful. They will try to understand what you say. I have a friend who invested in GPU mining over a year ago. He saw I was making good money from GPU mining. So he asked if he could invest in mining. I agreed, and he bought GPUs. After a couple of months, ETH updated from Proof of Work to Proof of Stake.So you have to be the one who doesn't care sometimes. People won't judge you as a good friend if your suggestions are successful, but they will say you are bad friend if the suggest don't work.
Moreover, the GPU Mining era ended. As a result, My Friend was unable to get ROI. Of course, I don't agree that this is my fault, and he understands that. I won't suggest everyone invest in something where he can also lose. I mean, Investment means there is a possibility to lose. But, You have to choose the right people who understand those things.
Such people, I would call them greedy people who want to get rich quickly with bitcoins. Honestly, I don't feel bad for those people because they also know that making money is not easy nowadays, but they think bitcoin can make them easy money. I feel like they underestimate bitcoin thinking it can get them rich quickly.
I won't blame them for wanting to make easy money. Everyone wants to make easy money these days. We all have greediness inside. We all want to earn money. That's not a problem. The problem is we show off how easy it is to make money from Bitcoin. It's not as easy as it sounds. We are the ones to blame. When we talk with others, we tell them our success stories only. Newbies see the market pumps only. They don't see how often people say Bitcoin dies when the market drops.
Definitely not. Many people lose money after purchasing Bitcoin because they can't wait for a "good price".
So you have to be the one who doesn't care sometimes. People won't judge you as a good friend if your suggestions are successful, but they will say you are bad friend if the suggest don't work.
those who lose money buying Bitcoins are those who lack market knowledge. they buy Bitcoin just because of the suggestion or the hype that social media brings. and they become rush to buy Bitcoin. after owning Bitcoin it doesn't go up but the price keeps going down, that's what makes beginners panic. that's natural, if they have good knowledge. won't be a problem. which became a problem when they became more frantic with the ever-decreasing value of the asset.So you have to be the one who doesn't care sometimes. People won't judge you as a good friend if your suggestions are successful, but they will say you are bad friend if the suggest don't work.
Such people, I would call them greedy people who want to get rich quickly with bitcoins. Honestly, I don't feel bad for those people because they also know that making money is not easy nowadays, but they think bitcoin can make them easy money. I feel like they underestimate bitcoin thinking it can get them rich quickly.
Going back to the OP's question, I also agree that it's better to let his friend decide than to force him to buy bitcoins. When they win, they won't remember you, but when they lose, it's your fault and they'll blame you.
Definitely not. Many people lose money after purchasing Bitcoin because they can't wait for a "good price".
So you have to be the one who doesn't care sometimes. People won't judge you as a good friend if your suggestions are successful, but they will say you are bad friend if the suggest don't work.
The reason isn't only because they can't be patient to wait for a proper price to sell, they also may not know the market trends or bullish-bearish cycles in crypto (knowledge). If they know about them, they should choose the right time to buy and wait for the bullrun season for selling them. Many people buy Bitcoin or altcoins due to FOMO, they follow the people who already succeed in crypto. They think it is easy to earn profits in crypto, they are not aware that knowledge and experience are a must to succeed. This type of investor/trader can hold coins for weeks or months, but they can give up if they get nothing over a year. So, if our friends are likely in this type, we are better to avoid giving any suggestions, especially advice on high-risk investments like crypto.So you have to be the one who doesn't care sometimes. People won't judge you as a good friend if your suggestions are successful, but they will say you are bad friend if the suggest don't work.
*OP friend seems just following others to invest in crypto without sufficient knowledge. It is too risky to advise him, he probably blames OP if he fails.
The truth is neither of you have any idea what you're doing and should educate yourselves before you keep investing poorly. I'm a broken record on this site, but I am a licensed financial advisor and I hear stories like this every day. You "advising" your friend to put 40% of his wealth in bitcoin is ridiculous. Did you do a full financial plan for him? Do you know how much he's saving for retirement? How old is he, and is he on track to meet his retirement goals based on his age, his family/wife/children situation? What are all of his other investments and how much does he have in them?
I am amazed and how people will just listen to anyone about their finances. Neither of you should be giving or taking advice from people who aren't qualified to do so.
I am amazed and how people will just listen to anyone about their finances. Neither of you should be giving or taking advice from people who aren't qualified to do so.
Well,I think you should not convince anyone to buy or invest in bitcoin especially to those people that not believe in bitcoin. Even your friend have a lot of money don't mind them and let them discover about bitcoin.
It's better to them to to save money than to invest in bitcoin.
Investment is based on individual,I can not advice anybody to invest in Bitcoin,because if I do,and they lose,they will definitely ask me to refund their money,or they will keep malice with me forever.The race to make money is an individual race,everybody has his own land to take.I can only advice someone and tell the person all that is involved in it.That it is always two sided,either you win or you lose.When you win,then the better for you,but when It's better to them to to save money than to invest in bitcoin.
You lose,you won't have to blame anyone for losing too.
What I won't advice anyone to do is borrowing money to trade.This is very risky,And very bad,and I won't for no reason advice anyone.
Well,I think you should not convince anyone to buy or invest in bitcoin especially to those people that not believe in bitcoin. Even your friend have a lot of money don't mind them and let them discover about bitcoin.
It's better to them to to save money than to invest in bitcoin.
It's better to them to to save money than to invest in bitcoin.
Your friend's bad luck began the moment another stupid friend advice him to buy altcoins in 2021, he literally told him to buy altcoins at an all-time high, that's very bad, you said two have died, and I am sure that the rest of the coins are in a very bad shape because of this bear market right now.
You need to gain his attention and tell him that the crypto market is all about when to buy and when to sell, tell him he bought the coins when he was supposed to be selling them, the right time for him to buy was in 2020, not in 2021.
Also using 40% of his money is kinda high, for a newbie that needs a lot of trading and research to do, they should start with 10% of what they have, and they should focus on Bitcoin more, because Bitcoin is the safest for newbies, and altcoins are good only if you know about them, as there are too many scam altcoins in crypto space, jumping into any altcoins without necessary knowledge is like gambling on a casino.
You need to gain his attention and tell him that the crypto market is all about when to buy and when to sell, tell him he bought the coins when he was supposed to be selling them, the right time for him to buy was in 2020, not in 2021.
Also using 40% of his money is kinda high, for a newbie that needs a lot of trading and research to do, they should start with 10% of what they have, and they should focus on Bitcoin more, because Bitcoin is the safest for newbies, and altcoins are good only if you know about them, as there are too many scam altcoins in crypto space, jumping into any altcoins without necessary knowledge is like gambling on a casino.
In such case, not only him but many has gone fustrated in such situations, and they have made up their minds not to get involve in such game again, this life is all about trying, you fall today, you raise up tomorrow,. It is good seen your friend prospering along with you as a good friend. But one thing in life is that we have different mind experience and our understanding toward life and goal achieve is quite different as well.
Call him down and explain your own experiences in life, the journey and struggle of gain and profit to what extent you take risk several times to become who you are today, let him know and understand that there is always light at the end of the tunnel. advise in on the successful individual in the society and how much they suffer before they came to make it in life.
Another method is educating him about what you are advising him into, because is possible he may have not tried such before, when he got full knowledge about Bitcoin and how it has changed some people life entirely and your own achievement and progress on it and how you began and where you are today, I think you can win back his mind and brought his thought and idea on something new to make him progress more.
Call him down and explain your own experiences in life, the journey and struggle of gain and profit to what extent you take risk several times to become who you are today, let him know and understand that there is always light at the end of the tunnel. advise in on the successful individual in the society and how much they suffer before they came to make it in life.
Another method is educating him about what you are advising him into, because is possible he may have not tried such before, when he got full knowledge about Bitcoin and how it has changed some people life entirely and your own achievement and progress on it and how you began and where you are today, I think you can win back his mind and brought his thought and idea on something new to make him progress more.
Every problem has a solution and the solution is to seek for knowledge and meet people at that is doing cryptocurrency business, because through them information will be shared and Bitcoin is the best for anybody want to start crypto investment new, because no fear of dump or rug bull, and going for a new alt-coins to invest, the risk is very high either lost or profit and is not much advise for newbie that comes into cryptocurrency trading or investment, because it may lost all his/her fund's overnight.
Jump to: