Advise to a friend - page 6. | Bitcointalksearch.org

loopes

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Quote from: Ultegra134 on April 20, 2023, 07:25:46 PM

Quote from: Alpha Marine on April 20, 2023, 05:24:32 AM

I've read through all the replies and although there were different responses, I think I have gotten the best answer to my question because most members gave similar answers.
I was not trying to convince my friend, I just educated him a bit on the difference between Bitcoin and altcoins. I don't convince people to invest in anything at all, not even Bitcoin.
From the replies, I think I would just help him understand Bitcoin better and leave the rest for him. If he wants to buy then fine, if he doesn't, still fine.

You made the correct decision; pressuring him to purchase Bitcoin even with a small percentage of his life savings could have ended awfully badly. You'd be the one to blame in case anything happened. -snip-

I agree with you, convincing or even forcing your friend to invest some of his money in bitcoin is not a good idea. But educating your friend is a tricky enough to do. i mean you should be a neutral guider while explain how bitcoin works and do not to conceal the deficiency aspects such as the high volatility of bitcoin price, and etc.

lienfaye

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Quote from: Alpha Marine on April 19, 2023, 07:17:07 AM

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.

As you've said, your friend already had an experience investing in altcoins and unfortunately the two alts didn't go well. What's his reaction after knowing the result? Did he blame the one who convinced him to invest? If no, then I will help him to invest if he is interested.

Well, for me, since he already experienced investing in crypto before and likely aware of the risk especially if you happen to choose a wrong coins, then I will encourage him to why not choose Bitcoin this time. It is risky as well but compared to investing in alts, we know Bitcoin is way better and ideal for long term hodling. The good thing about this is, he is not a newbie that is clueless about crypto investment. Educate him further then let him decide on his own.

Ultegra134

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Quote from: Alpha Marine on April 20, 2023, 05:24:32 AM

Quote from: mocacinno on April 19, 2023, 07:22:40 AM

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.

I've read through all the replies and although there were different responses, I think I have gotten the best answer to my question because most members gave similar answers.
I was not trying to convince my friend, I just educated him a bit on the difference between Bitcoin and altcoins. I don't convince people to invest in anything at all, not even Bitcoin.
From the replies, I think I would just help him understand Bitcoin better and leave the rest for him. If he wants to buy then fine, if he doesn't, still fine.

You made the correct decision; pressuring him to purchase Bitcoin even with a small percentage of his life savings could have ended awfully badly. You'd be the one to blame in case anything happened. Your friend could freak out and sell at a lower price, and you'll always have on your mind that you introduced him and is likely to blame you for his misfortune. I tend to avoid cryptocurrency discussions with any friends or acquaintances for this exact reason, because the discussion always leads to financial and investment advice I cannot provide. I wish I had a secret formula to turn rich, but I don't.

Fatunad

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Quote from: passwordnow on April 20, 2023, 04:23:37 PM

Quote from: CageMabok on April 20, 2023, 04:01:46 PM

Giving him knowledge about Bitcoin is also the same as directing him to a better place even though the final decision is in the hands of his friend. And since no one is held accountable when a friend loses on an investment, this is where every piece of good advice is needed before making a hasty decision. Because a wise enough decision will provide a few steps that might be better for people who are trying to invest in their life.

Only his friend alone can be blamed for the misfortune and the result of his decision. I've got those types of friends before that they've asked me what is bitcoin, stuff about it, and if it's a good investment and I'd told them everything and with a yes. But then later, it seems that they don't believe me and went to invest in altcoins, they just revealed that to me when they lost almost all of their capital to a shitcoin because they thought that I was wrong and they better. Remember that these people are just new to the market, they think that they're better than with those experiences and that's why they gather info and decide to follow their own decisions and not the good advises.

This is the reason on why i dont like on recommending or advising something when it comes to things not only on Bitcoin but also on other stuffs as well as i dont like on getting blamed when things goes shit and wrong.
Just simply tell them about that they should invest on the amount that they could afford to lose and thats all, you should really be trying out to avoid on things because there are people who are really just that good
when they need something from you but if there's none and having no use then they would be starting on having that u-turn against you which do really sucks.

passwordnow

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Quote from: CageMabok on April 20, 2023, 04:01:46 PM

Giving him knowledge about Bitcoin is also the same as directing him to a better place even though the final decision is in the hands of his friend. And since no one is held accountable when a friend loses on an investment, this is where every piece of good advice is needed before making a hasty decision. Because a wise enough decision will provide a few steps that might be better for people who are trying to invest in their life.

Only his friend alone can be blamed for the misfortune and the result of his decision. I've got those types of friends before that they've asked me what is bitcoin, stuff about it, and if it's a good investment and I'd told them everything and with a yes. But then later, it seems that they don't believe me and went to invest in altcoins, they just revealed that to me when they lost almost all of their capital to a shitcoin because they thought that I was wrong and they better. Remember that these people are just new to the market, they think that they're better than with those experiences and that's why they gather info and decide to follow their own decisions and not the good advises.

Rigon

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Quote from: Alpha Marine on April 19, 2023, 07:17:07 AM

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.

Here if your friend shows interest in investing on his own then you can suggest him to invest. You should never force him to advise you to invest. It turns out that he has a lot of wealth but you advised him to invest and he did as you said, if later on that investment loses, your friend will blame you for the rest of his life. So you do not make such mistakes and explain to him and prepare him to invest only if he expresses interest to invest on his own. He probably doesn't know much about cryptocurrencies. Because of which he invested in worthless altcoins according to others.

milewilda

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Quote from: CageMabok on April 20, 2023, 04:01:46 PM

Quote from: MoonOfLife on April 20, 2023, 10:15:09 AM

Good for you and your friend, you made the right decision. Let your friend decide for himself because it's his money, so it's better for him to know what to do with his money. And you will not bear any responsibility if his investment unfortunately loses. Try to give him all the knowledge about bitcoin.

Giving him knowledge about Bitcoin is also the same as directing him to a better place even though the final decision is in the hands of his friend. And since no one is held accountable when a friend loses on an investment, this is where every piece of good advice is needed before making a hasty decision. Because a wise enough decision will provide a few steps that might be better for people who are trying to invest in their life.

Just answer if ever they would really be having some questions or something that they would really be liking to know.As a friend, then this is where you should really be minding on and be sure of that you shouldnt really make out some assurances because this is where people do make out some mistakes and make up some argumentation or quarrels on the time that the market would be fuck*ing up your investment on which you would be the ones who would really be getting blamed and this is something that we dont really like to happen. This is why we should really be that careful when it comes to this manner.
Give them and make them know about the pros and con's of this market and dont solely focus on the positive.

CageMabok

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Quote from: MoonOfLife on April 20, 2023, 10:15:09 AM

Good for you and your friend, you made the right decision. Let your friend decide for himself because it's his money, so it's better for him to know what to do with his money. And you will not bear any responsibility if his investment unfortunately loses. Try to give him all the knowledge about bitcoin.

Giving him knowledge about Bitcoin is also the same as directing him to a better place even though the final decision is in the hands of his friend. And since no one is held accountable when a friend loses on an investment, this is where every piece of good advice is needed before making a hasty decision. Because a wise enough decision will provide a few steps that might be better for people who are trying to invest in their life.

Fivestar4everMVP

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Quote from: Alpha Marine on April 19, 2023, 07:17:07 AM

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 can perfectly understand how you feel, simply because I've been in a similar situation before, long time ago around 2017 or so, when I was still pretty new to crypto, I still had some guys who looked up to me for advice on what to invest in, and would pretty much invest in which ever coin I told them to invest in..

Nowadays, the number have more than trippled, but I don't do that shit anymore, I know better now from experience..
I don't advice no body on what or which coin to invest in, not bitcoin, not any altcoin, you are solely responsible for your decision, and if what ever you decided to invest in doesn't go well as you envisioned, it's not a burden on me to feel remorseful for you, and you are solely responsible for your loss, not me.

Ale88

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Quote from: Alpha Marine on April 19, 2023, 07:17:07 AM

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 would absolutely go with the second option. Talking to a friend about some investment opportunity is one thing, actually convincing him into buying something is a totally different thing. And if for any reason he changes his mind and he needs the money and he's at loss, well, guess who's going to blame. I told some of my friends about bitcoin years ago, mainly because I found it very interesting and I thought it would be to share it with them but I never told them to follow me.

SOKO-DEKE

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According to my knowledge, Bitcoin is a fantastic investment. However, I have little faith that anyone who invested in it will one day be appreciative. All I can say is that it might take some time if you truly want to profit from your investment in Bitcoin.If your friend is truly willing to invest in Bitcoin for the long run, persuading him may be of tremendous use to him in the future.

It will be better to convince your friend to learn about Bitcoin first, so it can understand how things workout about Bitcoin, especially the term of risk it involves.it will be good for friend to convince itself through his Bitcoin knowledge than you convincing him.after you are able to convince your friend Bitcoin may do well as you think but the problem that will be there can he provide strong security to his Bitcoin investment?so best is to teach him about Bitcoin, so it can convince himself.

wahyuagung26

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Quote from: Z-tight on April 20, 2023, 10:07:21 AM

That is a good decision you have taken, if they invest in BTC of their own choice and understanding, there is a better chance they would not make a blooper and lose it, and you also would not be worried about losing your friendship with them if they are unsatisfied with the short term result of their investment. If you want your friend to even understand BTC much better, advise them to join the bitcointalk forum, this is where they will get the best information they need.

Investing in Bitcoin is more appropriate in the long term, although there are also those who do it in the short term, and in fact they are not called investors, they just want to double up, but this is not correct, so far most investors are more effective in using the long term. it's good when Op's friends join the forum to get at least a little stock of knowledge considering the forum is very broad to gain knowledge.

Jody.Drummer

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The problem is that when you really try to convince your friend, then in the biggest case you will be considered responsible for this because it is as if your friend was taken by you.
I think it's possible to suggest, but the risk is that you have to be prepared with a few questions that corner you as if you brought your friend to bitcoin. on the other hand it would be better if indeed he could consciously move himself because of course this would be better.
Your friend, if you are really serious about crypto, then I really don't think you will look at bitcoin one-sidedly, so a few words will be enough to awaken him as long as he studies this well.

blckhawk

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40% is a lot of money to invest in something that's volatile, you better keep that advice to your self because the amount that you are recommending isn't really a good percentage, I think the best course of action would probably be to make your friend aware of bitcoin, don't force them into getting in because when they're in and the prices starts plummeting and your friend will likely panic, you will be the first one to take the blame. Ease your friend into investing, give them other options because you sound like you want to control the choices of your friend.

justdimin

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Quote from: Alpha Marine on April 20, 2023, 05:24:32 AM

I've read through all the replies and although there were different responses, I think I have gotten the best answer to my question because most members gave similar answers.
I was not trying to convince my friend, I just educated him a bit on the difference between Bitcoin and altcoins. I don't convince people to invest in anything at all, not even Bitcoin.
From the replies, I think I would just help him understand Bitcoin better and leave the rest for him. If he wants to buy then fine, if he doesn't, still fine.

I would also keep reminding that the best way to learn more about bitcoin and the lingo would be checking binance academy. You should check that out too, not for yourself because if you have been here long enough then you know them all already, but you should check it for your future, to tell people. Knowing something and teaching it are different skills, I know how to write very well for example, I am very good at it in fact, but when it comes to teaching it to others? I would be fish out of water.

So if you check binance academy yourself as well, then you will know how to teach it to other people and if your friend reads it then they will learn a lot better from there than what you can tell them personally.

cydrix

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Go ahead and give him the recommendation to acquire bitcoin if you are willing to accept responsibility for it and your conscience won't bother you if something goes wrong. I see that this is your friend, and you want to be kind to him, but sometimes it's hard to tell what's good and what's bad in life—you never know how something will turn out. I know that I would hate to disappoint a buddy, and I would find it challenging to assume responsibility for his investing choice. As a result, I believe the following to be the best course of action in this case: inform your friend of all the opportunities and hazards associated with investing in bitcoin, but let him make his own decision. Best of all, that lessens the impact of emotions after a few days of reflection.

Litzki1990

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According to your comment, the friend has worked hard and deposited money in a savings account. The main purpose of saving his money is to get a good support through money in the future. But in the current market context, you suggest him to invest 40% of his money, it can definitely be a good decision. Share various investment information with him before advising him on the matter so that he does not blame you if the assets are at risk later.

It will be more convenient for him to invest in bitcoins than ALT coins. Hope you advise him to invest in bitcoin as his savings money because investing in ALT coins may be too risky for his money.

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Quote from: Alpha Marine on April 19, 2023, 07:17:07 AM

...

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 you do is a form of caring for your friend and who is the loser in that, of course he is, because he ignores you and prefers to buy altcoins instead of bitcoin.
but too much concern can make you an annoying person so you have to stop trying to be a hero for him, and let him buy Bitcoin really with desire in his heart. not everyone can survive in the crypto investment and not everyone will be lucky to choose Bitcoin as their investment.

xSkylarx

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Don't convince him, just tell him and then let him do research on it. I think it has no point in convincing him. I mean, for sure, if you just introduce bitcoin to him, he will get curious about it. Also, just to be safe on your side, don't ever convince anyone because for sure, there are people mocking you that they lost money because of you, and for sure, you are uncomfortable with that. If I were you, I would just introduce him to bitcoin and tell him about your personal experience, but don't try to convince him.

MoonOfLife

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Quote from: Alpha Marine on April 20, 2023, 05:24:32 AM

Quote from: mocacinno on April 19, 2023, 07:22:40 AM

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.

I've read through all the replies and although there were different responses, I think I have gotten the best answer to my question because most members gave similar answers.
I was not trying to convince my friend, I just educated him a bit on the difference between Bitcoin and altcoins. I don't convince people to invest in anything at all, not even Bitcoin.
From the replies, I think I would just help him understand Bitcoin better and leave the rest for him. If he wants to buy then fine, if he doesn't, still fine.

Good for you and your friend, you made the right decision. Let your friend decide for himself because it's his money, so it's better for him to know what to do with his money. And you will not bear any responsibility if his investment unfortunately loses. Try to give him all the knowledge about bitcoin.

Topic: Advise to a friend - page 6. (Read 1014 times)