Friends and Family members want me to invest for them, help! - page 5.

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Quote from: Crypt0Gore on November 06, 2022, 08:00:36 AM

Now they want me to invest their own money on coins and they aren't ready to choose the coins they will like themselves.

After thinking this through and through I started feeling like they are doing this to hold me responsible if something goes wrong.

Is my thoughts right? If you are in my shoes what will you do?

You have to make a difficult decision, because in case of unsuccessful investment, your friends and acquaintances can show you claims that you have lost their money. Obviously, you need to explain to them the risks associated with investing in cryptocurrency, but which coin they need to buy, they must decide on their own.

Maestro75

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Quote from: Crypt0Gore on November 06, 2022, 08:00:36 AM

After thinking this through and through I started feeling like they are doing this to hold me responsible if something goes wrong.

Is my thoughts right? If you are in my shoes what will you do?

Act smart and do not fall for what they are asking you to do. They want to push the risk to you so that whatever negative outcome from the investment they will have you to blame. People are scared of confronting life but are happy to enjoy its dividends. If success comes from it they will be happy, so why should they not also accept losses from it when it comes.

Rigon

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Quote from: Crypt0Gore on November 06, 2022, 08:00:36 AM

In my country up to 7 people I knew very well ( friends and family ) want me to help them invest money in crypto, after telling them the risk involved and how it will be better if they learn themselves they turn the idea down..

Now they want me to invest their own money on coins and they aren't ready to choose the coins they will like themselves.

After thinking this through and through I started feeling like they are doing this to hold me responsible if something goes wrong.

Is my thoughts right? If you are in my shoes what will you do?

Here your friend mentions investing in own coins. If you feel risky here then never invest there. To invest, definitely invest in some good projects or coins. Always think about buying good coins to invest. By investing in the best coins you have no risk. So here I say your decision is the biggest decision. Make good decisions and do good things.

Adbitco

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I love your decision and do not ever try to take any money or funds from them to invest in any altcoin I know this is very tempting because we are in bear market and you can't actually predict what could happened next moreover with this sentiment on FTX news happening currently. Last thing you should ever do is to teach them how to buy and sell or possible how to buy any currency from their most recognized exchange but do not involved yourself with their funds otherwise you could be held responsible for their lost.

seleme

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Better to teach them the investing and portfolio management unless they accept the risks after your detailed explanation. You should let them know how things can go wrong way and investments can be on hold for years to reach break even point guessing you buying coins on spot market. If they refuse to accept risks, you shouldn't take other people's money to invest for them. Instead of feeling bad and being responsible for losses, teach first then let them do their investment ideas. There is no gain without risk in this industry.

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Quote from: Crypt0Gore on November 06, 2022, 08:00:36 AM

In my country up to 7 people I knew very well ( friends and family ) want me to help them invest money in crypto, after telling them the risk involved and how it will be better if they learn themselves they turn the idea down..

Now they want me to invest their own money on coins and they aren't ready to choose the coins they will like themselves.

After thinking this through and through I started feeling like they are doing this to hold me responsible if something goes wrong.

Is my thoughts right? If you are in my shoes what will you do?

Cryptocurrency is risky and sometimes we make loses from our own personal investment. Because of the risk involved in cryptocurrency, it will be better your friends and family learn how to trade by themselves to manage their own risk, so that if it does not favour then they will put blames on themselves.

Depends on the family though, sometimes it is not good to involve anything concerning money with family members, it can cause a severe disagreement that can cause hatred . Money can also destroy friendship that you never thought one day the friendship will end.

If at all you you want to invest for friends and family, they should be aware of the risking cryptocurrency and their should be and agreement to accept all outcome of any investigation.

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Quote from: Crypt0Gore on November 06, 2022, 08:00:36 AM

After thinking this through and through I started feeling like they are doing this to hold me responsible if something goes wrong.

Is my thoughts right? If you are in my shoes what will you do?

That's true, people know that the market can be very volatile and they don't want to take responsibility for the bad results that comes after the decisions they take so they won't mind putting that blame on someone else and when they do profit, they won't even recognize the risk you took for them.
They know investing in altcoins is very risky but yet because of the greed to make quick money, they want to still invest in them. I'll advice you stick to your feeling and don't go against them. Get them to buy Bitcoin or buy Bitcoin for them and tell them to hold.
Don't fall into the pressure of getting them altcoins as if there investment was to go south, you'll be held responsible and you know how family members can be when it comes to money, they'll spread rumors of you leading them to bad investment just to keep them broke.

CryptoYar

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If they are willing to take the risk then why not. You can invest their a small amount of money in bitcoin

After purchasing, create wallets for them and send their bitcoin to those wallets. Inform them not to share their private keys with anyone. This is because the individual who has the private key will be the owner of the wallet. And can spend all the funds.

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Quote from: royalfestus on November 11, 2022, 04:44:35 PM

Quote from: Augustine Carrie on November 10, 2022, 10:12:40 PM

It is not advisable to risk investing other people's money to help them make a profit from their investments. If you help invest other people's money, it may cause unnecessary trouble in the future.
Give them a better explanation of the risks associated with investing in crypto trading and the investment losses they need to bear. They should learn more about cryptography and gain experience to invest in themselves.

In my experience, most people are most interested in the height of the bull market when the risk is highest. To avoid people's interest and commitment, I will suggest silence about cryptocurrency at the time. It is hard to advise most interested individuals to put their money at risk on such a strange venture, where they have so little experience or knowledge.

the most important thing in dealing with this fluctuating market is an understanding of cryptocurrencies before investing funds. because a lot of things don't match the beginner's imagination at first. after they understand about the crypto world, they can choose the path to take, because it means they already understand the risks and rewards in the crypto world. so that when a disaster occurs, it will not dissolve in disappointment

DoublerHunter

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Quote from: Marykeller on November 11, 2022, 05:17:33 PM

Not heading to request will do you enough good. This is not the actual time to invest in bitcoin for someone who doesn't understand the cons and pros of crypto investment. It's better to say no than get yourself involved in what you get tired of explaining now and then of how their investment is losing value. As it stands now, the crypto market is unhealthy and nobody can boldly tell you where the market is pointing at.

^All they want is profit and for sure they will not accept when there is a loss, if you don't want to get involved and blame them soon, I rather refuse the offer but instead let them understand how investments in crypto work. There is no problem if they will support you financially to invest in crypto as long as they are understood, they will wait until we will see a healthy market but as of now itis very risky to the market. Just tell them holding a long-term will give them a reasonable profit.

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Quote from: Marykeller on November 11, 2022, 05:17:33 PM

Not heading to request will do you enough good. This is not the actual time to invest in bitcoin for someone who doesn't understand the cons and pros of crypto investment. It's better to say no than get yourself involved in what you get tired of explaining now and then of how their investment is losing value. As it stands now, the crypto market is unhealthy and nobody can boldly tell you where the market is pointing at.

Im also a person who doesnt really like on explaining things over and over again which it do really pisses me off when someone do really ask me on whats this and whats that.
When one of your family members or friends been asking about making investment then appoint them into those basic information and other related things which is correlated to Bitcoin
or crypto as a whole.Make them aware about the risk and try to stop those kind of mindset that they could make huge money out of it which its never been the reality.
If they resist then its up to you whether you would be accepting or not.

Marykeller

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Not heading to request will do you enough good. This is not the actual time to invest in bitcoin for someone who doesn't understand the cons and pros of crypto investment. It's better to say no than get yourself involved in what you get tired of explaining now and then of how their investment is losing value. As it stands now, the crypto market is unhealthy and nobody can boldly tell you where the market is pointing at.

royalfestus

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Quote from: Augustine Carrie on November 10, 2022, 10:12:40 PM

It is not advisable to risk investing other people's money to help them make a profit from their investments. If you help invest other people's money, it may cause unnecessary trouble in the future.
Give them a better explanation of the risks associated with investing in crypto trading and the investment losses they need to bear. They should learn more about cryptography and gain experience to invest in themselves.

In my experience, most people are most interested in the height of the bull market when the risk is highest. To avoid people's interest and commitment, I will suggest silence about cryptocurrency at the time. It is hard to advise most interested individuals to put their money at risk on such a strange venture, where they have so little experience or knowledge.

lovesmayfamilis

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I find it hard to believe that you cannot explain the situation that you can expect in the case of unforeseen circumstances. If these are friends and relatives, and they and you wish each other well, there must be trust on both sides. Set thought-through deadlines for your friends to give them more information and review materials, so they understand the risks. Adults should be responsible for their actions. You can help them, but first, imagine all the situations and the way out of them. To be honest, I don't see a problem if you have a really strong relationship.

Alisha-k

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Quote from: ScamViruS on November 10, 2022, 11:06:41 AM

If you invest someone's money, it may create problematic situation for you in future. Many have run into major problems with such ideas as I have seen myself. I have not told my relatives that I am involved in the crypto market, because if they know that I am involved in the market then they might have given me such an offer like you.

I think you should distance yourself from this idea, because you know very well about the crypto market situation where anything bad can happen to your trade at any time. And if for any reason their funds are damaged by you. Then they will make you responsible for that damage

What if family members have to find out from outsiders won't it even stir up more problems. How about teaching them to trade for themselves. Relatives can be competitive in some cases and can go extra mile to get their funds invested in crypto. Instead of keeping them completely blacked out i prefer the get the knowledge themselves then take their own risk in their hands

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Quote from: RealMalatesta on November 10, 2022, 10:38:23 AM

Quote from: maydna on November 08, 2022, 08:14:58 AM

~snip~

Yeah true. I am all for people investing into crypto and I will even personally show them how they could get it, and how they could cash it out, so they would know what to do, and if possible I will be there with them if they need any help as well doing something.

But it is 100% impossible for me to hold it for them, I will not be responsible for anything when a crash happens, they should see it on their own portfolio and not when I have it. That’s why it would be smarter to invest all by yourself to see it and I will force them to do it. If they won't, and only want me to do it, then I will decline, because I won't take that risk at all, impossible.

We've been taught everything we know until they really understand, so if they do something we don't know, we won't be responsible for anything. We have to explain that investing in crypto is the responsibility of each person, and they need to learn more to avoid the risks that could become huge in the future.

Thus, they can also learn independently without having to be with us so that their knowledge can improve. And we can also invite them to study together, so we know how they are progressing in learning to invest in crypto. And if they don't understand something, we can help them out, so they don't get scammed.

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Quote from: Crypt0Gore on November 06, 2022, 08:00:36 AM

In my country up to 7 people I knew very well ( friends and family ) want me to help them invest money in crypto, after telling them the risk involved and how it will be better if they learn themselves they turn the idea down..

Now they want me to invest their own money on coins and they aren't ready to choose the coins they will like themselves.

After thinking this through and through I started feeling like they are doing this to hold me responsible if something goes wrong.

Is my thoughts right? If you are in my shoes what will you do?

It appears based on your story @OP that they are willing to invest here in cryptocurrency because they know you know more about this industry but it is up to you to grow it and if it doesn't grow and loses money you will be responsible for the capital they will give you. Is that right?

If I were in your situation, I would just make them understand that they should hold their investment capital, I would just teach and guide them on what coins there are and explain that I will not be responsible for whatever happens to their capital. , and if they still don't want that setup, it's fine for them to decide where they want to use their capital.

Because your explanations to them are correct, but they don't want to follow your advice on investing in cryptocurrency
so better to leave them dude.

Augustine Carrie

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It is not advisable to risk investing other people's money to help them make a profit from their investments. If you help invest other people's money, it may cause unnecessary trouble in the future.
Give them a better explanation of the risks associated with investing in crypto trading and the investment losses they need to bear. They should learn more about cryptography and gain experience to invest in themselves.

lalabotax

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If they ask for your help and they expect you to manage it by passing the responsibility on to you, then it would be better if you avoid this for your own good. Because we know that there are no guarantees in crypto investments and there is always risk in investing. So, you yourself know your relatives and friends better whether they will blame you or not. However, to avoid one thing or another, it might be best to just teach them and let them make the decisions and investments themselves. If forced, then make an agreement of responsibility. Even if they are family or close friends, this is to avoid any problems in the future, because sometimes money can ruin everything very easily.

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Quote from: Zaguru12 on November 06, 2022, 09:13:50 AM

It's definitely a bad idea. Let's even leave the risk of the coins dumping out. My concern is who creates the wallets for storing those coins, certainly You. Then how would they know the importance of the private keys/seed phrases if they don't want to learn? How sure are you that they wouldn't share it others or even avoid phishing sites? You can't keep all there wallets secure for them, so my advice is you either tell them to take the task of learning it by themselves or you just blatantly tell them to abolish the idea.
The risk is too much to handle by you

In a broader sense, it's what big VCs do using others' money to trade. It isn't a bad idea or more risky if you take certain factors into consideration. I will give advice to people who are thinking of doing it.
1. A long period of investment is safer when funds are received early in the market, before the next halving
2. The refund period should last over a year, which should be after the bull market is over
3. It is a good idea not to give investors too much hope and to take profit as early as possible. Capital preservation is essential

Topic: Friends and Family members want me to invest for them, help! - page 5. (Read 5864 times)