Topic: Don't advice anyone to invest on Bitcoin if he doesn't have Alt. income - page 9. (Read 1043 times)

Before he was convinced to move back to you for help like this to come and invest in Bitcoin, he was already convinced in his mind that since he lost his job, Bitcoin will be the life saver for him.

Maybe it will be based on the things he might have read about those who invest in Bitcoin and how they made it out rich from it, which is the misinformation most people live with.
 
The best thing he needs right now is to look for another job that could give him earnings and not invest the little savings that he might have into bitcoin, whose price will be floating, thinking he can have a life-changing opportunity.  

OP is not running away from his cousin, simply because the other guy's economic conditions are no longer suitable to invest in bitcoin at this time. Why don't you ask the opposite question, why did he previously have a stable economy and avoid OP's investment advice? I don't see anything wrong and completely agree with the OP's advice to his cousin.

For someone with no income and a get-rich-quick mindset, giving investment advice at this time is trying to kill them rather than help them. Even if you give them thousands of tips, thousands of warnings about the risks of investing in bitcoin, they will never know how risky it will be because they have never experienced it before. The volatility and risk of investing in bitcoin cannot be described in words, only those who have truly experienced it can know what it feels like.

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.

You were the ones who first told him about investing in Bitcoin and now when he's ready to invest in Bitcoin, you're trying to run away from him. I know his situation is different now because he has lost his job but you can still help him to start investing in Bitcoin.

If you're a good cousin then tell him in detail about the crypto market and its volatility, and at the same time you should tell him about the security issues that could arise if someone invest in Bitcoin without proper knowledge.

Once you clear out everything, then allow him to decide that whether he's going to invest in it or not, if he again decided to invest in it after knowing all those things then you should at least help him out a little bit by guiding him that how one can start investing in Bitcoin, or you could tell him about this forum and then he may learn about Bitcoin investing from the reputed members of the forum.

When someone does not have a means of income, it will be impossible for that person to invest in bitcoin because he will hardly hodli that investment and might run at loss because when he is faced with challenges, he will sell of his bitcoin regardless the price of bitcoin at that moment, which will make him run at loss especially if bitcoin is below is entry price. Your friend had the opportunity to invest when he can, and you were there to put him through but he refused. Just because he lost his job, he is back to his senses that he wants to invest. This is how some people are, they will think that they will have whatever they want everytime due to their current financial status, and they will not think of investing when they can it is when they have lost it all, they Wil want to invest.

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.

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.

This has someone living a luxurious life without undermining that his job is just temporarynand economy inflations could affect his savings.
Then I reminded him that the bitcoin investment isn't a get quick rich and for an individual who has bills and financial needs to respond to as responsibility, 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.

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