Bitcoin purchase using proceeds of a sold asset - page 2.

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Quote from: wallet4bitcoin on November 25, 2023, 09:12:54 PM

I had a discuss with someone about how people become successful through the Bitcoin space with a case study of CZ, Binance's ex CEO. It was recorded that he had to do away with his house and invested the money into Bitcoin and today he has resources to afford more than enough houses anywhere in the world.

This is a controversial example to use.
CZ was already successful before Bitcoin. He had advanced greatly in his software career and had even started his own company 4 years before Bitcoin was launched. His house was not his "wealth". It wasn't a case of a retail employee who sold the only property he owned to invest in Bitcoin, in a make or break financial move.

From all publications about him CZ was never one who valued properties like houses and cars a lot, Wich could have made doing away with the house much easier, particularly it he had wealth locked away in other different digital assets.

Quote from: wallet4bitcoin on November 25, 2023, 09:12:54 PM

I suggested to him to pay deaf ears to what people will say if he wanted to invest in anything as it was his life and his money.

You're walking a tight rope here. If anything goes wrong in the investment you will bear the brunt of the blame for hoarding him into selling his property for a high risk investment.
Also, your friend should definitely pay attention to the public, read books on investment, understand the risk from those that have been there, before making a decision. The market today and when CZ sold his house is a lot different, so you can't simply replicate what was done then.

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Quote from: wallet4bitcoin on November 25, 2023, 09:12:54 PM

I had a discuss with someone about how people become successful through the Bitcoin space with a case study of CZ, Binance's ex CEO. It was recorded that he had to do away with his house and invested the money into Bitcoin and today he has resources to afford more than enough houses anywhere in the world.

I suggested to him to pay deaf ears to what people will say if he wanted to invest in anything as it was his life and his money. He, however stated his concerns, that his property has his parents inhabiting it and that they would not agree for him to dispose it and also he considers it the only chance he has at investing in Bitcoin since he was just venturing into that space newly.

I know the parents must have gottent some negative reports about the crypto space and have held onto that as a reason for refusing to allow him sell it off.

Share your thoughts on this as to what you consider a wise counsel...

When it comes to investment, It is a choice and not everyone succeed in their investment journey as it requires a lot of knowledge, perseverance and analysis, but if your friend has a determination to do so, the plan that he is trying to do is okay as long as he can't bother other people. If your friend's name is in the title of the land, then he has a right to sell it and use the money in investment but if not, He must tell it first to his parents and try to explain it to them but expect that not everyone has a good background idea when they hear the word bitcoin and crypto. This is a big risk because your friend is willing to sell his properties just to invest it in bitcoin even if he is newbie when it comes to this matter.

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Quote from: wallet4bitcoin on November 25, 2023, 09:12:54 PM

I had a discuss with someone about how people become successful through the Bitcoin space with a case study of CZ, Binance's ex CEO. It was recorded that he had to do away with his house and invested the money into Bitcoin and today he has resources to afford more than enough houses anywhere in the world.

I suggested to him to pay deaf ears to what people will say if he wanted to invest in anything as it was his life and his money. He, however stated his concerns, that his property has his parents inhabiting it and that they would not agree for him to dispose it and also he considers it the only chance he has at investing in Bitcoin since he was just venturing into that space newly.

I know the parents must have gottent some negative reports about the crypto space and have held onto that as a reason for refusing to allow him sell it off.

Share your thoughts on this as to what you consider a wise counsel...

There is not really much to discuss as he cannot afford to sell, it is not as if this is a spare house that he can sell immediately and then use that money to invest in bitcoin since his parents are living there, and even if the house is his he cannot really kick them out and sell the property, so even if I understand the enthusiasm he has over this market this is not really the way to start his journey, besides if he owns an additional house then it is not like he does not earn enough money, so as long as he sets aside some money each month he could easily do some DCA and earn some profits on the upcoming bull market.

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Investing is a choice. People should not invest if they are still having difficulty making ends meet. But they can still try to invest with the money they can afford.

He should try to earn money first by working. Once he has money, he can use some of his money to start investing in Bitcoin. By regularly saving in Bitcoin, he can have a lot of Bitcoin. Don't think about selling the property, especially if the property is not yours but belongs to your parents. They obviously wouldn't agree.

It is better for you to regularly save in Bitcoin in the sense of buying Bitcoin regularly rather than having to sell assets such as houses, gold, necklaces, motorbikes, or others. By saving regularly in Bitcoin, you don't have to lose these items and can also have an investment in Bitcoin.

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Quote from: wallet4bitcoin on November 25, 2023, 09:12:54 PM

I had a discuss with someone about how people become successful through the Bitcoin space with a case study of CZ, Binance's ex CEO. It was recorded that he had to do away with his house and invested the money into Bitcoin and today he has resources to afford more than enough houses anywhere in the world.

Even though the decision by CZ turns out to be a good after all, I think it is rather extreme unless he has many houses of which he decided to sell one. But taking this decision when you have no shelter is not the best for me.

Quote from: wallet4bitcoin on November 25, 2023, 09:12:54 PM

I suggested to him to pay deaf ears to what people will say if he wanted to invest in anything as it was his life and his money. He, however stated his concerns, that his property has his parents inhabiting it and that they would not agree for him to dispose it and also he considers it the only chance he has at investing in Bitcoin since he was just venturing into that space newly.

I will admonish you not to motivate anyone into taking b9g risk for the sake of investing in Bitcoin. CZ acted based on his personal conviction and not because of advice from anyone, in this case he has no one to blame but himself should anything go wrong. For your case, you might have generations blaming you for misleading your friend should anything go wrong. As a matter of fact, he iight take risk and Bitcoin price increase giving him huge profits but if he loses his wallet or got hacked, you will receive the blame. So I am of the opinion you advice him to invest what he is comfortable with.

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Quote from: wallet4bitcoin on November 25, 2023, 09:12:54 PM

I had a discuss with someone about how people become successful through the Bitcoin space with a case study of CZ, Binance's ex CEO. It was recorded that he had to do away with his house and invested the money into Bitcoin and today he has resources to afford more than enough houses anywhere in the world.

I suggested to him to pay deaf ears to what people will say if he wanted to invest in anything as it was his life and his money. He, however stated his concerns, that his property has his parents inhabiting it and that they would not agree for him to dispose it and also he considers it the only chance he has at investing in Bitcoin since he was just venturing into that space newly.

I know the parents must have gottent some negative reports about the crypto space and have held onto that as a reason for refusing to allow him sell it off.

Share your thoughts on this as to what you consider a wise counsel...

I mean his money. If it goes bad then boo, if all went well then yay. Both cases? You don't give a damn really. Responsibility? His house, his decision, not yours. If you want to help then just telling him that what was back then and what was now in the instance of Bitcoin is vastly different. It's always the case of "he did this back then, so it should work again" that always gets the most victims. If things were that simple in the real world, then a lot of people probably wouldn't have needed to suffer.

But hey, you do you.

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There are many other ways someone can buy bitcoin. He can buy bitcoin from his salary or the money he is earning. He does not need to sell his property like house before he should think he can buy bitcoin. CZ bought bitcoin when the price was very low and people have not adopted the coin like of this day. He should not sell his house or property, he should look for other ways to buy bitcoin instead.

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Quote from: wallet4bitcoin on November 25, 2023, 09:12:54 PM

I had a discuss with someone about how people become successful through the Bitcoin space with a case study of CZ, Binance's ex CEO. It was recorded that he had to do away with his house and invested the money into Bitcoin and today he has resources to afford more than enough houses anywhere in the world.

I suggested to him to pay deaf ears to what people will say if he wanted to invest in anything as it was his life and his money. He, however stated his concerns, that his property has his parents inhabiting it and that they would not agree for him to dispose it and also he considers it the only chance he has at investing in Bitcoin since he was just venturing into that space newly.

I know the parents must have gottent some negative reports about the crypto space and have held onto that as a reason for refusing to allow him sell it off.

Share your thoughts on this as to what you consider a wise counsel...

It's really hard to give advise as far as finance or money goes, I mean it can go either way for the person. If his parents is not agreeing to him then he can't do anything about it, simply as that. Maybe if he has a job or something, then he can used that money to invest slowly just like what the majority of us here are doing. It's a slow and steady grind, but at least you have total control of everything.

So I guess don't go extreme and to far to sell all his properties just saying. Just invest what he can afford to lose and then see how it goes for him. We still have less than a year to do that before the block halving, so it's not to late for him to go and put some money on Bitcoin.

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Quote from: wallet4bitcoin on November 25, 2023, 09:12:54 PM

I had a discuss with someone about how people become successful through the Bitcoin space with a case study of CZ, Binance's ex CEO. It was recorded that he had to do away with his house and invested the money into Bitcoin and today he has resources to afford more than enough houses anywhere in the world.

Your words remind me of several motivational speakers who come up with good ending stories without considering that everyone is different. There are many stories of people who have sold valuables and lost all because of investment. So you have to take note that everybody will not be like CZ.

Quote

Share your thoughts on this as to what you consider a wise counsel...

Although Bitcoin could give higher returns on investment, real estate is also another good place to invest. It has fewer risks compared to Bitcoin and has greater security. If his house is his only means to invest in Bitcoin, then he shouldn't invest. This is because the house is meeting an important need not just for him but for his family. One of the golden rules of bitcoin investment is to invest what you can afford to lose and I don't think he can afford to lose the money he will get from selling his house. Let him focus on seeking alternative means of income that will enable him to save to invest in Bitcoin. Diversification is the spice of investment, hence he shouldn't sell the house.

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If your friend has the name on the title of the land and your friend is the rightful owner of that said asset, then his parents won't be able to do anything about it. But you have to advise your friend though that it's a bad idea to put in all the money that he will get from selling that asset, make him understand that he only needs to invest what he can afford to lose no matter how promising the investment is, in fact your friend should be more cautious when the investment is promising because of the possibility that it's going to be a volatile investment or a scam investment.

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It worked out for cz, it could have not too.

Quote from: wallet4bitcoin on November 25, 2023, 09:12:54 PM

He, however stated his concerns, that his property has his parents inhabiting it and that they would not agree for him to dispose it and also he considers it the only chance he has at investing in Bitcoin since he was just venturing into that space newly.

I would never advise anyone selling something as property for Bitcoin, aside from obvious fluctuations, he could lose his investment from hacks/scams, is he in position to be fine if this doesn't work out?

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Then find money elsewhere? If he thinks it's his only chance to invest in bitcoin then he has already failed. Imagine thinking that there aren't any other possibilities than selling your house. You don't need to invest all in one go. You can buy slowly but surely. What does he think? That bitcoin will go to $1 million next month?

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Quote from: Solosanz on November 25, 2023, 10:25:35 PM

Oh look, one more thread that seeking a suggestion from the community toward investing in Bitcoin.

Your friend is right, he need to sell his house and use that money to invest in Bitcoin. My suggestion he need to take a loan as much as possible, don't worry about the interest because he can pay it after Bitcoin break new ATH. After all it's his money and if he's failed, it doesn't affect you, myself or anyone else.

Good irony, my friend. I'm going to say it without irony. Just because someone sells or mortgages their house to invest in Bitcoin or make any other investment has a high risk, and just because CZ did well doesn't mean by any stretch of the imagination that everyone else will do well. Even more so when I understand that, as happens to many people, they have all their net worth in their home, so if it goes wrong they are left with nothing.

I am in favor of a slow approach to enrichment following basic rules of personal finance, but there are always those who do these crazy things, and most of them go wrong.

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Investment is not by force, it is by choice, and with the situation of your friend, if I were in his shoes too, I would have done the same thing. Aside from the fact that the house is his only property, his parents are also living there, where do you want them to move to?

Everything is not about money, my friend, a good living goes a long way as well. It's not as if your friend is facing some financial challenges, at least you didn't include that in your explanation, so why the desperation?

Mind you, for others to have sold their properties to buy Bitcoin and it worked for them doesn't guarantee it will work this time. What if it didn't work this time? What kind of friend would you be? This is why you should even give him breathing space so that everything will not bounce back on you. There is no certainty anywhere, we are just speculating and hoping that everything works well with our investment plans in cryptocurrency.

Besides, the rule of investment urges us to "invest the amount we can afford to lose." Selling his property is certainly not part of that. But if the guy must invest at all, he can still do it a little by saving towards it and get to invest his own meagre bit if he can't do much.

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Quote from: wallet4bitcoin on November 25, 2023, 09:12:54 PM

I had a discuss with someone about how people become successful through the Bitcoin space with a case study of CZ, Binance's ex CEO. It was recorded that he had to do away with his house and invested the money into Bitcoin and today he has resources to afford more than enough houses anywhere in the world.

I suggested to him to pay deaf ears to what people will say if he wanted to invest in anything as it was his life and his money. He, however stated his concerns, that his property has his parents inhabiting it and that they would not agree for him to dispose it and also he considers it the only chance he has at investing in Bitcoin since he was just venturing into that space newly.

I know the parents must have gottent some negative reports about the crypto space and have held onto that as a reason for refusing to allow him sell it off.

Share your thoughts on this as to what you consider a wise counsel...

Apart from acknowledging the ability to learn and perseverance of CZ, I do not think it is necessary to mention those who are successful in this field. I think the biggest lesson that anyone involved in investing should clarify from the beginning is that it is better to balance risk/return. I also witnessed many people failing to borrow money and defaulting, and then there were tragic situations where they committed suicide. Before, I had some questions about why not all of us are rich, but after the process, I realized that if we are patient, better results are waiting for us.

It's understandable that we did everything right from the beginning, either no one would understand what we were doing, or they would actually understand bitcoin and crypto in the same way that we do. Because this is a common asset, you need to be responsible for how it will affect those around you.

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In hindsight, if one does have any viable means, you don't have to goto the extreme in order to join the bandwagon. The individual in question should simply sort out other means to acquire Bitcoin. Maybe he needs to up skill or start a business and use the proceeds to start accumulating Bitcoin but having to dispose the house with his parents in it isn't worth it become at the end of the day, family will come first.

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Oh look, one more thread that seeking a suggestion from the community toward investing in Bitcoin.

Your friend is right, he need to sell his house and use that money to invest in Bitcoin. My suggestion he need to take a loan as much as possible, don't worry about the interest because he can pay it after Bitcoin break new ATH. After all it's his money and if he's failed, it doesn't affect you, myself or anyone else.

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Not everyone can be successful. Success requires both luck and hard work. Binance CEO CZ has a lot of cryptocurrency knowledge and is very hardworking which is why he has achieved so much success. As a result of a lot of hard work and skill, he has now become one of the richest people in the world. The success of the one who was once thrown out of the house will create stubbornness in everyone's mind.

OP the person you suggested to invest should express interest in investing himself. You should never force him to invest. Whenever you force him to invest, he will blame you for life if he invests and loses in the investment. Especially I do not advise anyone to invest by selling property. 5% to 10% of income should be invested every month/week to invest. Because the property is very valuable once you sell it, you will not get it back later. That's why I always recommend to invest part of the income in Bitcoin.

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I had a discuss with someone about how people become successful through the Bitcoin space with a case study of CZ, Binance's ex CEO. It was recorded that he had to do away with his house and invested the money into Bitcoin and today he has resources to afford more than enough houses anywhere in the world.

I suggested to him to pay deaf ears to what people will say if he wanted to invest in anything as it was his life and his money. He, however stated his concerns, that his property has his parents inhabiting it and that they would not agree for him to dispose it and also he considers it the only chance he has at investing in Bitcoin since he was just venturing into that space newly.

I know the parents must have gottent some negative reports about the crypto space and have held onto that as a reason for refusing to allow him sell it off.

Share your thoughts on this as to what you consider a wise counsel...

Topic: Bitcoin purchase using proceeds of a sold asset - page 2. (Read 333 times)