Don't advice anyone to invest on Bitcoin if he doesn't have Alt. income - page 3.

Marvell1

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Quote from: Betwrong on May 30, 2024, 04:09:51 AM

Quote from: AVE5 on May 27, 2024, 10:21:18 AM

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So I've told him that I'm not involved if he gets to Invest at this time because I know he'd panic over the volatiles of the bitcoin market since he doesn't have another source by which he can rely on earning income to process his financial needs. The choice is his to decide because if he had alternated his source of earning to bitcoin since I told him, the dividends of his bitcoin assets would had be reliable to him after much he may have made some profits from it. It'd had also served as means of savings and factor to encourage him to be economical with his luxury life which he doesn't have the potential to continuesly afford them

It was the right move on your part. Not only this time(because I don't think this time is any different from another) but you should never tell someone to invest in Bitcoin or any other crypto currency if it's not the money he/she can afford to lose, or, in your words, has a good Alt. income. Bitcoin is not something that consistently gives you profits, like, week after week. You have to be ready for many months with no income if you want to be a Bitcoin investor.

I think it's better not to give any investment advice to others even if that person has a stable economy and they say they are willing to take risks. There is no guarantee that if they lose money they will not blame us, they say they are ready just because they want to make money and they ignore the risks we mentioned. But if unfortunately their investment fails, they will most likely blame us. That's why I always avoid giving bitcoin investment advice to anyone, including my relatives.

Investing in bitcoin is not just about holding for a few months to make a profit, but sometimes it can take several years to generate profits because bitcoin is unpredictable. No one can predict anything or know in advance what will happen.

EluguHcman

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For those who blamed the OP that he wouldn't had asked the cousin to invest in Bitcoin in the first place, I don't think if OP really deserve the blames.

Of course Bitcoin is lucrative form of investment which all of us here knows and it does not seem bad when you learn about such opportunity and could not lead your relatives know about knowing quite well that the current state of your relatives can bear the volatile conditions of the industry. Probably they could be financially bouyant then which significe that they would not be emotionally traumatized when the market flops low.

OP did the right thing detaching himself when his cousin came back to him for the investment. Clearly based on OPs narrative, the cousin did not realize the advice from the OP as a regret instead the cousin is directly coming in to give it a try hoping he would generate income on usually basis which Bitcoin is not supported to the possibility of that.

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Quote from: AVE5 on May 27, 2024, 10:21:18 AM

So I've told him that I'm not involved if he gets to Invest at this time because I know he'd panic over the volatiles of the bitcoin market since he doesn't have another source by which he can rely on earning income to process his financial needs. The choice is his to decide because if he had alternated his source of earning to bitcoin since I told him, the dividends of his bitcoin assets would had be reliable to him after much he may have made some profits from it. It'd had also served as means of savings and factor to encourage him to be economical with his luxury life which he doesn't have the potential to continuesly afford them

I'll avoid also accountability with these kind of people. If they're going to pass the responsibility to me or they'd make me feel guilty, I don't like that. You just did the right thing to tell that you're not accountable what will happen to his investment and you're not involvement whether he profits or not. In my experience, with these people, they're likely to blame you just for the volatility of Bitcoin but when they're in profit, they'd happy secretly and won't even credit you for helping them.

That's why I avoid talking to friends and relatives that I know their motives and attitudes towards something. If they can't take it on their own, they should better get away and stay off the market because no one is going to save them with their losses. I don't like people who likes to blame because they'd make you feel bad at all times and with little losses that they'd get, they want to make you refund it to them as soon as possible.

Otherwise, they're going to tell you that you shouldn't tell them what to invest or pushed you to invest where in fact that you've told them that you shouldn't blamed for their investment because they were the ones decided to invest and not you.

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Quote from: AVE5 on May 27, 2024, 10:21:18 AM

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So I've told him that I'm not involved if he gets to Invest at this time because I know he'd panic over the volatiles of the bitcoin market since he doesn't have another source by which he can rely on earning income to process his financial needs. The choice is his to decide because if he had alternated his source of earning to bitcoin since I told him, the dividends of his bitcoin assets would had be reliable to him after much he may have made some profits from it. It'd had also served as means of savings and factor to encourage him to be economical with his luxury life which he doesn't have the potential to continuesly afford them

It was the right move on your part. Not only this time(because I don't think this time is any different from another) but you should never tell someone to invest in Bitcoin or any other crypto currency if it's not the money he/she can afford to lose, or, in your words, has a good Alt. income. Bitcoin is not something that consistently gives you profits, like, week after week. You have to be ready for many months with no income if you want to be a Bitcoin investor.

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Quote from: Barikui1 on May 30, 2024, 01:43:52 AM

So I would advice that your cousin to first of all look for a job, then after that, depending on how much he is being paid, he would have to remove like 10% or 15 % from it as long as it's an amount he can do away without, with that, I believe that he can start his accumulating journey till he is quite ok with the stash of Bitcoin in his possession.

He can always buy with any amount that won't empty his pocket and salary if ever his cousin has already a good job. It's hard to rely on it if he doesn't have alternative source of income and it's a good suggestion to let him find first something stable for him to do whatever he can and won't be affected a lot by the market's volatility. Many quits because they didn't anticipated the high volatile of the market because they thought that it will be easy for them.

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Quote from: Dr.Bitcoin_Strange on May 29, 2024, 02:35:02 AM

It's easy to invest when you don't have another means of survival; the disadvantage is that such investors may not be able to hold until the bull market is reached. While there are some people too who don't have alternative sources of income and yet are still investing for a long period of time, such people are those that are still under the care of their parents or guidance.

For example, there are some teenagers, probably at the age of 18, who are already aware of Bitcoin and any money they get from their parents, uncles, aunts, and friends they will just invest in Bitcoin and hold it for a very long time. They will not bother to sell because they don't have any responsibility yet; they are still the responsibility of their parents.

Yes, I am one of those people and even in this case I ended up selling anytime there was a medical emergency, even as recently as three days ago when mother in law was taken to Intensive Care, I had to spend 900 dollars that I didn't had, but took a loan out basically.

So all in all, sometimes the poor can't just invest, because at the end of the day we can't even survive with the income we have, and because of a few things our whole life gets crumbled, and there isn't anything I can do about it. We try, I do try to put anything I can, even if it's a dollar I will invest, even if it's 10-20 doesn't matter if I find a few cents then I would invest that, as long as I do not give up, I trust that one day I will have a good amount.

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Quote from: AVE5 on May 27, 2024, 10:21:18 AM

So I've told him that I'm not involved if he gets to Invest at this time because I know he'd panic over the volatiles of the bitcoin market since he doesn't have another source by which he can rely on earning income to process his financial needs. The choice is his to decide because if he had alternated his source of earning to bitcoin since I told him, the dividends of his bitcoin assets would had be reliable to him after much he may have made some profits from it. It'd had also served as means of savings and factor to encourage him to be economical with his luxury life which he doesn't have the potential to continuesly afford them

You did the right thing by protecting your cousin from investing in a desperate way, currently he is in desperations to get a new source of income because his old source of income has ended and this can make him to make irrational decisions that will make him to lose money and you are going to be the individual to receive the blame despite the fact you were doing something good for him because you introduced him to investing in Bitcoin. Let him first look for a new job then he can invest in Bitcoin and save up money to be investing more in Bitcoin to prevent him from not having another source of income to rely on if he was to lose the job again. He has already learnt his lessons and he would not behave in the way he did when you first told him about investing in Bitcoin. Experience teaches us lessons that will help us to make better life decisions.

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Quote from: YUriy1991 on May 30, 2024, 01:37:07 AM

Quote from: Die_empty on May 27, 2024, 12:46:16 PM

How do you expect a jobless man to invest in Bitcoin? How do you want him to survive if he uses his current savings to invest in a long-term project like Bitcoin? I think OP did the right thing by discouraging him from investing now he has no job. He should get a job first before investing.

There is an interesting point from what you have said above, namely "He should get a job first before investing". Well, I think this might also apply to everyone who has the will to invest, especially BTC. Normally, all of that has a beginning before entering and investing in BTC from various sources of income. Whether from following several campaigns in this forum or from other sources of income either daily/monthly salary.

It is not all about getting a job first, it is all about investing for the right reasons. The young man is only interested in making quick money just to fund his expensive lifestyle. Considering how volatile bitcoin price is, he might get disappointed if things don't go as he envisioned it. Getting a job first is not the solution because he can dumb the idea of investing in bitcoins once he gets another job and starts earning money. There are several things to consider before investing in anything at all.They include:

Risks involved and your ability to tolerate those risks
Your financial plan

From OP's post above, the young man doesn't seem like he is willing to take the risks. He isn't investing with amounts he can afford to lose neither does he have any other plan aside wishing to double the money he is investing. Investments needs a committed investor, the young man lacks it and that is why he might get little or no returns from his investment.

CODE200

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You've already made yourself unaccountable to whatever happens next, I think that it's time that you shut up about it with your cousin, and you should've known not to advised him to invest in bitcoin in the first place if you already knew that your cousin is already hanging by a thread with that temporary job. I feel like you've screwed up big time OP and you're just trying to tone what's happened to you and your cousin because if the money will get lost because of the panic, I'm pretty sure that there's bound to be a fall out somewhere that would lead to you saying things like this, that's the thing that makes me think is happening in this one. I guess your advice is a good one given that it does make sense that you don't really want to prioritize investing when you don't have any money to spare for it, and when the choice is between not starving and investing, most would recommend you the former.

Barikui1

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Quote from: Apocollapse on May 27, 2024, 10:28:12 AM

Quote from: AVE5 on May 27, 2024, 10:21:18 AM

you must have an alternative source of income by which your bitcoin investment can only be fertilexbti yield profits when you invested and doesn't panic it to grow else he may end up selling his bitcoin at lost having me to be blamed.

the dividends of his bitcoin assets would had be reliable to him after much he may have made some profits from it.

This is not about alternative source of income, but how much money he can set aside to invest which will not affect his monthly spending, this is why people who want to invest something need to have emergency funds.

If he only have one job that pay really well, he don't have to looking for alternative source of income.

Bitcoin never produce any dividend, if Bitcoin can produce dividend or generate more coins, it's clear you're hold your coins in centralized exchanges, holding in CEX is bad for security.

That's just it, I agree to your sentiment bro, you don't practically need another source of income for you to be able to invest in Bitcoin, what is actually mandatory is having a source of income that comes in regularly then I believe that you are good to go, because as long as you are paid weekly or monthly, the logical thing to do is to invest an amount you can do away without through the DCA accumulating strategy, with that, you can still sort out your monthly expenses, so with that method it would be must more easier to invest, as long as it's an amount you can do away without.

So I would advice that your cousin to first of all look for a job, then after that, depending on how much he is being paid, he would have to remove like 10% or 15 % from it as long as it's an amount he can do away without, with that, I believe that he can start his accumulating journey till he is quite ok with the stash of Bitcoin in his possession.

YUriy1991

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Quote from: Die_empty on May 27, 2024, 12:46:16 PM

How do you expect a jobless man to invest in Bitcoin? How do you want him to survive if he uses his current savings to invest in a long-term project like Bitcoin? I think OP did the right thing by discouraging him from investing now he has no job. He should get a job first before investing.

There is an interesting point from what you have said above, namely "He should get a job first before investing". Well, I think this might also apply to everyone who has the will to invest, especially BTC. Normally, all of that has a beginning before entering and investing in BTC from various sources of income. Whether from following several campaigns in this forum or from other sources of income either daily/monthly salary.

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Quote from: Renampun on May 29, 2024, 04:16:38 PM

an unemployed person is not worthy of being a bitcoin investor, remember bitcoin is a very volatile asset, it is certain that an unemployed person will not be able to withstand emotional stress when the price of bitcoin goes down, he will definitely sell the bitcoin he has when the price goes down or when he needs money then that bitcoin is not suitable for unemployment. look for a job first, increase your income then you deserve to be a bitcoin investor.

I truly agree with you. For a better caption, bitcoin investment is ought to be an alternative source of income and not a primary based to rely on because on everyday life, we'd always been in need to facilitate on monetary commodities and expenses which bitcoin can not offer the privileges to execute them at when we needed it.
Bitcoin investments is bets regarded for future bargain because the fertility of bitcoin is basically (time) which may long or longer magnitude and the strategic (DCAing) accumulations.
Otherwise, the investor would end up labeling bitcoin a scam while it was out of how investment misconducts and inability to stick to the system demands.

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Quote from: bettercrypto on May 29, 2024, 06:09:19 PM

The bitcoin should be on purpose not because you were told, you got hyped, or you just keep up with it because you see a lot of people are interested in it, it's better and better that you understand what Bitcoin is and what it really is it can bring to human life in this age.

Because for others, one of the reasons why they invest in Bitcoin is because it is proven and tested in long-term investment, which for me is also true, second, there are as many merchants or companies in the whole world now really recognizes this as a mode of payment or investment.

That's right, it's not good for someone to decide to invest in Bitcoin because they're just following the hype or other people telling them to, of course this will be detrimental to us if we do that and it would be better for us to understand it first before deciding to invest.

Investing in Bitcoin has indeed been proven and they will benefit from holding Bitcoin in the long term, the large number of large companies that have used Bitcoin certainly makes us more confident in choosing to invest in Bitcoin in preparing for a better future.

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The bitcoin should be on purpose not because you were told, you got hyped, or you just keep up with it because you see a lot of people are interested in it, it's better and better that you understand what Bitcoin is and what it really is it can bring to human life in this age.

Because for others, one of the reasons why they invest in Bitcoin is because it is proven and tested in long-term investment, which for me is also true, second, there are as many merchants or companies in the whole world now really recognizes this as a mode of payment or investment.

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Quote from: Sandra_hakeem on May 29, 2024, 04:59:29 PM

Quote from: AVE5 on May 27, 2024, 10:21:18 AM

My cousin who in time i asked to investment on bitcoin but has always had excuses that he'll invest later, sometimes he tells me that he's afraid to invest his money on the bitcoin due to the potential losses.
He had aslo told me that he's contented with his monthly salaries at then but now he has fall back to me that he's ready to invest because he has lost his job and it's becoming tough for him to meet up with his financial requirements.

He's messing up Big time.. tell him that if he doesn't wanna blame you at the end for introducing him to something as unproductive as Bitcoin is (ofcourse that'll be his fate since he's out there, hoping that his investment appreciates in a space of no time) he better get his ass a Job to sustain himself. Investing in Bitcoin with your savings, without doing anything else to keep life going smoothly, until it gets to a good selling period is as good as wagering on casino games with borrowed funds - both will lead you to unending problems.

The process of HODLing takes and time and requires patience; there's no way he's gonna be patient enough for, let's say, 2 year or so, to be able to get an ATH price tag regardless of how much it'd be.
Edit;
P/s: This is not even a good time to buy, especially for little capital base since the market is bullish.

Waiting will only be worth it if you have other income-generating activities on the other side. But if you are just waiting for your assets to grow, it would be like waiting in vain as you don't know if you will be earning profit or not. At least, if you have other side jobs, you are not totally depending on your assets. Life goes on while waiting for your assets. It means, you have other expenses to pay for or monthly bills you need to pay.

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Quote from: AVE5 on May 27, 2024, 10:21:18 AM

My cousin who in time i asked to investment on bitcoin but has always had excuses that he'll invest later, sometimes he tells me that he's afraid to invest his money on the bitcoin due to the potential losses.
He had aslo told me that he's contented with his monthly salaries at then but now he has fall back to me that he's ready to invest because he has lost his job and it's becoming tough for him to meet up with his financial requirements.

He's messing up Big time.. tell him that if he doesn't wanna blame you at the end for introducing him to something as unproductive as Bitcoin is (ofcourse that'll be his fate since he's out there, hoping that his investment appreciates in a space of no time) he better get his ass a Job to sustain himself. Investing in Bitcoin with your savings, without doing anything else to keep life going smoothly, until it gets to a good selling period is as good as wagering on casino games with borrowed funds - both will lead you to unending problems.

The process of HODLing takes and time and requires patience; there's no way he's gonna be patient enough for, let's say, 2 year or so, to be able to get an ATH price tag regardless of how much it'd be.
Edit;
P/s: This is not even a good time to buy, especially for little capital base since the market is bullish.

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Quote from: Franctoshi on May 29, 2024, 02:18:32 PM

People have so many reasons why they want to invest in bitcoin, Some invest for their retirement time, Some invest for hedging against inflation, whereas some are looking for quick profit returns, but whichever way or purposes the end goal is realizing profit, is quite unfortunate that your friend lost his job, However I kind of think that since he didn't invest when he has a job when you first told him about to buy Bitcoin and now coming back to invest, it means he's looking for a quick profit which is not in line with Bitcoin investment beacause there's no 100% certaintity that the price of Bitcoin is going go up immediately .Therefore one thing you should let him know is that Bitcoin is not a get rich quick business, so he don't put the only available cash he has thinking that the market will shoot up tomorrow.

Well, seeing the fact that he suddenly become eager to invest now because he has lost his job, it’s clear that his main purpose is to achieve quick profits, but unfortunately he’s in the wrong investment as no one gets immediate profits with bitcoin. Long term hodling is the best key for bitcoin, if he won’t submit to that, he’ll definitely end up losing and regretting. No wonder why OP cannot support his way of investing right now, because he’s definitely into the thought that bitcoin could cover up all his bills and make him instant rich in the process.

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Quote from: pawanjain on May 27, 2024, 10:56:17 AM

At this point of time almost everyone considers bitcoin as an investment method and investment should be done only when we have met our basic necessities and have savings that can be invested with affordable risk.
So considering your friend's situation we can say that since he doesn't have a job right now, it wouldn't be wise for him to invest in bitcoin at this point of time.
If he had been earning then it would have made sense but right now the time is to find a job and then start earning and then may be consider investing in bitcoin.

Some people don't really understand how bitcoin investments should be followed up with as they just think that Bitcoin investment is just about buying when you don't have a source of income to take care of your other needs and maybe buy more using the DCA. Bitcoin investment is not a get rich quick scheme whereby you are promised to double your investment within a short interval which in most cases are scam projects and if not that Bitcoin has passed that stage of being referred to a scam projects, you can agree with me that cryptocurrency are associated with various risks so I won't advise anyone to persuade anybody to invest in Bitcoin except they have a good source of income and the income should come on regular basis so that they can be able to be patient enough and allow their investments to grow in the long term.

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Quote from: AVE5 on May 27, 2024, 10:21:18 AM

My cousin who in time i asked to investment on bitcoin but has always had excuses that he'll invest later, sometimes he tells me that he's afraid to invest his money on the bitcoin due to the potential losses.
He had aslo told me that he's contented with his monthly salaries at then but now he has fall back to me that he's ready to invest because he has lost his job and it's becoming tough for him to meet up with his financial requirements.

One of the things that is quite risky and important to prepare is indeed related to the maturity of preparation before birth. Because if you are not really ready, then there will be certain fears or worries that befall someone. And we don't need to rush them to quickly invest in Bitcoin if they are still unsure and not ready. because that will actually make the risk much higher.

Investment is not just about investing money and taking profits. But also emotional management is also what makes a person ready or not for various existing conditions, both mental and financial readiness.

And in my opinion, it's normal if you're not ready to invest in Bitcoin because you feel your financial condition is still unstable and you can't set aside it yet. Instead of forcing yourself, it will actually be at a higher risk. So, just think about it first, make sure whoever is really ready with everything, so that they don't worry or panic easily when making decisions.

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an unemployed person is not worthy of being a bitcoin investor, remember bitcoin is a very volatile asset, it is certain that an unemployed person will not be able to withstand emotional stress when the price of bitcoin goes down, he will definitely sell the bitcoin he has when the price goes down or when he needs money then that bitcoin is not suitable for unemployment. look for a job first, increase your income then you deserve to be a bitcoin investor.

Topic: Don't advice anyone to invest on Bitcoin if he doesn't have Alt. income - page 3. (Read 999 times)