Friends and Family members want me to invest for them, help! - page 7.

GeorgeJohn

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Quote from: Crypt0Gore on November 06, 2022, 07:00:36 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?

In trading of cryptocurrency, two things are involved, either you adventure into profit or you land into lost which is the negative aspect of it, i will willingly advice you to trade for yourself first or invest for yourself and know the implication before you can invest for anyone, because if you don't know the rudiments of trading and you venture into lost with the money entrusted in your hand for investment, their is a tendency that they might think that you have scam them.

stomachgrowls

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Quote from: Crypt0Gore on November 06, 2022, 07:00:36 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?

I would simply ignore on such manner or situation on which its never been a good feeling when you do know that you do get a hold of some funds that had been invested which isnt yours or simply you've been

entrusted up by their funds which means if ends up on negative then pretty sure you would really be get blamed of it which this is the thing where i dont really like specially when someone do really entrust their money.

Better to suggest that they should invest on their own and just simply provide with the basics of information in regarding crypto.If they insist then its up to you if you do let yourself
but its better that you would just simply reject or ignore.

Hyphen(-)

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Quote from: Crypt0Gore on November 06, 2022, 07:00:36 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?

OP You did an excellent job by providing them with a basic understanding of how crypto investments work, as well as explaining the high risk involved.
Investing for them is not an option because money, no matter how close you are to someone, be it family or a friend, can enter your relationship and ruin it; however, try to explain basically how to buy and sell crypto because I know fear is the main reason they wanted you to invest for them as they are afraid of making a mistake that will cause them to lose it all at once.

temple

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What's often the case is that family members (and also friends for that matter) often underestimate the stress one has to go through when investing in crypto and experience its full volatility. You can warn them and yet they would mostly say they don't care. Greed outpaces rationality. Those who have been around for a long time do in most cases know what they are doing and what they might be facing. I guess we all went through the same hard school there. Some people then just want to rush it and I can only agree that giving advice would usually more likely backfire than make everyone happy.

The only thing I might advice though is to get some Bitcoin, but still only an amount that you are not dependent on just a few weeks later. The more experimental advice becomes, the worse it gets. i would never recommend buying some small cap coin suggesting it might go up 1000x, but that is the type of advice many people hope to get from those with some experience.

Peanutswar

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For sure there's a possibility that they've saw something on the internet that's related into cryptocurrency and your are the one they know who have background on it, try to wait if they really want to know until a few days because sometimes getting too much excited with these large earnings makes the people get greedy and want to invest without a proper plan and also another thing it is good to teach them about those fundamentals if they really need to do so there's nothing to blame with the possible market price movement unexpectedly.

Issa56

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Quote from: libert19 on November 06, 2022, 10:35:35 PM

I would not. Just say, No.

If the OP say No, then his friend's will think he those not really want to help them, most of them don't know about trading, they believe you just invest and you will start making money, they don't know you can lose money and if you don't want to help them, they will think you don't also want them to make money.
I think the OP should just explain everything about cryptocurrency to his friends and he should let them know that anything can happen to their money, not that after investing you will start expecting profits. If the OP is going to help them them he should only invest in bitcoin and they should be ready to Hold.

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Quote from: Crypt0Gore on November 06, 2022, 07:00:36 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?

You're thinking it right. That's what they want to happen for sure as you take into account if ever what the value projected by those coins that they've chosen don't go accordingly to what they have expected.

You guide them with everything and let them handle all of those important things like keeping the private keys and their wallets.

Don't be associated with any of those as you already have that gut and trust it.

Frankolala

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I will not do that so that I will not be blamed if anything goes wrong. This will save you of problems in case things didn't go the way they expected it. If you must help them because they are close to you,you should explain them about the volatile of Bitcoin ans the risk of investing. Explain to them the disadvantages of the action they want to take. Finally let them know that if something goes wrong with their investment, you will not be responsible for it.

You can better still have witness or even sign an agreement to prove this . There is no harm for them coming into the crypto space if all terms and conditions which you gave them have been accepted.Then you ahead to teach them

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Quote from: Crypt0Gore on November 06, 2022, 07:00:36 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?

I absolutely agree with your concerns, and if I were you, I would refuse to take responsibility for their investment. That's why. In case of failure, whether it is a temporary cyclical fall of cryptocurrencies or the "death" of altcoins, you will receive a lot of questions and complaints from your friends and relatives. This is at best. In the worst case scenario, they will accuse you of a failed investment and demand their money back. Do you need it? Here is my advice to you. Politely explain to them that you are not qualified to help them in this situation and will not take responsibility for their money, let alone take risks. Let them learn the basics of investing themselves and study cryptocurrencies. Of course, they will make mistakes, but they will be their own, not yours, and there will be no claims against you.

libert19

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Quote from: Crypt0Gore on November 06, 2022, 07:00:36 AM

If you are in my shoes what will you do?

I would not. Just say, No.

_morghulis

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Quote from: Crypt0Gore on November 06, 2022, 07:00:36 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?

For me is a big NO NO.
Educating them about the risk involved won't be enough.
If eventually something bad happens just know that you will be the one responsible and they might even want you to pay for it.

You can still decline the offer if you haven't accepted it yet,
just let them know you're not ready to take such a risk.

Mr.right85

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What I would do if I were you?
Probably nothing or if I can't do nothing, I would create them a wallet and then buy them bitcoin. Of course that would would after teaching them how to ensure security of there private keys and to ensure they don't get to compromise there device.

That way, there money is likely to remain safe so long as they don't withdraw and they could watch it rise and fall with the various market conditions. Altcoins don't make a better or safe investment.
It's good your friends/family buy the idea but, its up to you to help them do it right.

Mpamaegbu

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Quote from: Cryptomultiplier on November 06, 2022, 03:50:14 PM

Quote from: Mpamaegbu on November 06, 2022, 02:52:12 PM

~snipped~

As long as the parties involved, I.e, the helper and the helpee, are willing to at least know or understand certain key areas involved

You're apt with that insight about money issues often resulting in scuffle among/between friends. I've tried as much as I can not to allow it come between me and anyone I call my friend. In the case I pointed out, I explained the possible scenario of one losing their money on crypto investment to the friend. He said he knew and still wanted to go ahead (possibly because he wanted something he could survive on). At that point, I decided to shoulder the loss if it ever came to that so he wouldn't have to lose a dime of his investment. That was why I chose to invest it on Bitcoin. As it stands now, he's in profit as per his investment in fiat value.

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I would refuse to do it, I just would not want the responsibility of being the one to pick which coins their money goes into. If they’re willing to be decisive & tell you what to buy then no problem. If it’s just that they dont know how to use an exchange or whatever then it’s fine. I would refuse to take responsibility for selecting what to invest in on their behalf.

Cryptomultiplier

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Quote from: Mpamaegbu on November 06, 2022, 02:52:12 PM

Quote from: Crypt0Gore on November 06, 2022, 07:00:36 AM

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

I can relate with your situation because I'm in it too. As a principle, I don't like holding investment for people when I'm not directly involved in it. Normally, what I do is help them establish a wallet and then buy and send them the crypto while they monitor its growth by themselves. However, that wasn't to be recently as a friend begged me to buy and hodl for him. It was a difficult moment of decision taking for me. The friend was in a deep financial struggle and was counting on my help. Initially, I wanted to jointly invest his capital on a launchpad token. That was like two months ago. I contemplated it for a while and then went for Bitcoin. That's the only one I'm sure will still be here no matter what. Launchpad token may dip tomorrow and never rise but Bitcoin will always rise even after a serious dip.

The best options so far, is as rightly stated in this context. No matter how close people are, money venture is the easiest thing an issue can arise from. That is why most persons think deep mostly when it involves doing such kind of investment venture with friends and family.
Also, one has to have attained some level of confidence and is a living proof of how the success of an investment in bitcoin or crypto currency in general can pay off big time. As long as the parties involved, I.e, the helper and the helpee, are willing to at least know or understand certain key areas involved; If one can help out, I see no reason why not, as long as one clearly states the terms and conditions so as prevent long explanation should there be a loss.
Bit coin has proven overtime to be able to rise beyond expectations. That is why they still remain top.

Ultegra134

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If I were you, I'd show them how to do their own research or even refer them to the forum. Honestly, I wouldn't give out any kind of advice because chances are, if something doesn't go as expected, you'll be the first one they blame. I generally refrain from talking about cryptocurrencies and investments with my friends and acquaintances for this very reason. Most of them treat it as a way to earn money quickly, which it isn't. Provide them with a few tips and tools, depending on their capital and the results they are aiming for, and avoid interfering.

I had a few friends ask for advice on which coin to invest in, but I tried being as modest and general as possible. Fortunately, they weren't completely ignorant, and any choices they made were completely based on their own choices and research.

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Quote from: Crypt0Gore on November 06, 2022, 07:00:36 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?

this is just my opinion, but yeah, probably. I've seen too many people blame the person they forced or persuaded to do something for them despite that person repeatedly saying that they won't take responsibility if something went wrong. if I were you I'd make it clear to them that I won't do it and if they don't stop they will be ignored.

Mpamaegbu

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Quote from: Crypt0Gore on November 06, 2022, 07:00:36 AM

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

I can relate with your situation because I'm in it too. As a principle, I don't like holding investment for people when I'm not directly involved in it. Normally, what I do is help them establish a wallet and then buy and send them the crypto while they monitor its growth by themselves. However, that wasn't to be recently as a friend begged me to buy and hodl for him. It was a difficult moment of decision taking for me. The friend was in a deep financial struggle and was counting on my help. Initially, I wanted to jointly invest his capital on a launchpad token. That was like two months ago. I contemplated it for a while and then went for Bitcoin. That's the only one I'm sure will still be here no matter what. Launchpad token may dip tomorrow and never rise but Bitcoin will always rise even after a serious dip.

Agbe

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It is better you teach them how to fish than fishing for them. So in my opinion, I will suggest that you teach them how to invest since they don't know how to do it. But before then since the money belong to them, use the money invest it in your platform, then when they have known how to invest through your training. Then you give them back the money for them to invest and make sure you guide them for like a month plus. Before let them do it by themselves.
And because of the risk in it, you have to invest a little at the beginning, so that they will not feel serious impact if they mistakenly loss out.

erep

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Quote from: Myleschetty on November 06, 2022, 01:26:20 PM

Nonetheless, I will advise you teach your family members how to use BTC wallet and exchange so they can be in charge of their investment this is the money we're talking about. Besides, investments like this may go sour in the future.

Exactly, we just need to teach them to know the basics about cryptocurrencies including how to use wallets and exchanges, so when they are interested in investing Bitcoin then they can buy the exchange and move the assets to the wallet address, so whatever investment they choose is their own decision to be responsible for for their respective investments and I think the right choice to invest in BTC. In conclusion, anyone can introduce cryptocurrencies but we don't force them to invest because of the risk factor and they will blame us if the market price drops or does not meet expectations, if they are not ready for market risks then keep them away from cryptocurrency investments unless they understand that investing is responsibility for his own decisions.

Topic: Friends and Family members want me to invest for them, help! - page 7. (Read 5906 times)