Topic: Friends and Family members want me to invest for them, help! - page 8. (Read 5906 times)
Ofcourse it’s a terrible idea, they will hold you responsible if they lose a cent of their investment and it could cause bad blood. Family and friends are not a wise option to go into business with especially a volatile market like crypto that I suspect they do not fully understand. Unless you’re willing to take responsibility for the risks and pay them from your own pocket should things go sideways I suggest you refuse them now.
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.
That is a reasonable ideas by telling them the risk the cryptocurrency involve and advise them to learn about it first. It is going be a great opportunity to them if each of them can learn and invest themselves, so that it will not later turn to a story. Just know the issue of money doesn't know friends or family.
Now they want me to invest their own money on coins and they aren't ready to choose the coins they will like themselves.
I will not advise you to do that because it involves serious risk. I believe that no matter how you will try to explain yourself to them if anything later happen in future, it will not actually be all of them will understand you do to lack of more knowledge of it. Just tell them to keep patient so they should learn about Bitcoin and understand it first, so they can have full control of their money whenever they invest.
After thinking this through and through I started feeling like they are doing this to hold me responsible if something goes wrong.
I think that will be true. Because this are the kind of people who hear from their people that people are making money from Cryptocurrency and they decided invest too. This are also the set of people who are always eager to make it in short period, thinking that 50 dollar can turn to 500dollar over night. Always learn first before you invest.
Is my thoughts right? If you are in my shoes what will you do?
If i am in your shoes like you ask, i'd do no such thing, you cannot do someone's research for them, take their money and invest in something they neither understand or have absolutely any knowledge about, you'd definitely be held responsible should things go awry, and it could go as far as cost you family relationships and friendships.Having said that, all you basically have to do is tell your friends and family to do their own research, that you can help them with by providing them with important research materials so they can come up to speed with what crypto is all about and the risks involved, you could also tell them the difference between Bitcoin and altcoins, that whilst the former has an actual utility, the latter doesn't, after these people must have understood what they are getting into, they can now come to a conclusion on what they want, and you are thus free from any responsibility of the outcome of their decision.
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?
Since you have told them the risk involved in the crypto investment and they still choose to invest but I will advise you to invest their fund in Bitcoin only because it is the only excellent coin in the market that's good for all market trends.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?
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.
Since you explained the risks involved in investing in crypto and they refused, I don't think they should do what they want. It will be a problem in the future even though they are close friends and even your siblings.
Investing in crypto is not good when there is pressure and under pressure.
If they want you to explain what coins to invest with their money, tell them that Bitcoin is the right choice.
Investing in crypto is not good when there is pressure and under pressure.
If they want you to explain what coins to invest with their money, tell them that Bitcoin is the right choice.
Since 2017, coinciding with the ICO-based project, many of those who heard of the wave and many of them are my friends and relatives did not hesitate to ask me to invest in the cryptocurrency market and did not believe that I refused, although some of them offered me significant sums . It was always difficult for me to explain the reasons for the refusal, except that this is not my specialty and that I cannot help them. To be honest, some of them got so angry and interrupted me.
It is not recommended at all to risk investing other people's money or convince someone that you are able to help them reap profits from the investments. Even if he was aware of its dangers, this does not give anyone the right to dispose of the money of others.
It is not recommended at all to risk investing other people's money or convince someone that you are able to help them reap profits from the investments. Even if he was aware of its dangers, this does not give anyone the right to dispose of the money of others.
Now they want me to invest their own money on coins and they aren't ready to choose the coins they will like themselves.
You should expect that they will rely on you for everything that concern bitcoin or cryptocurrency investment so don't be fussed about it.
You said they are your friends and family members so go ahead to help them invest but not without educating them about fluctuation and the volatility. Don't trade there coin if you know you can't show them evidence of profit or the quantity of the coin because of losing all but you can invest and hodl in your wallet or open a wallet for them that they can monitor and have access to the control. Gradually they will learn .
Obviously I will not take action on this idea because you will be investing their money while they refuse to learn to make their own purchases, so you will be responsible for all the risks involved.
If there is something like that then I always refuse to let them do it themselves while I will only guide from behind about their investment and even then I advise bitcoin investment if they believe in altcoins then I will not give that advice then I will not advise again because for me altcoins are bad for investment for beginners.
I think you shouldn't be too bothered if you keep thinking about it, especially about responsibility later if there is a mistake, if you are afraid of it then avoid it and just refuse to let them do it themselves.
I think they should learn better despite losing because of experience than investing in other people.
If there is something like that then I always refuse to let them do it themselves while I will only guide from behind about their investment and even then I advise bitcoin investment if they believe in altcoins then I will not give that advice then I will not advise again because for me altcoins are bad for investment for beginners.
I think you shouldn't be too bothered if you keep thinking about it, especially about responsibility later if there is a mistake, if you are afraid of it then avoid it and just refuse to let them do it themselves.
I think they should learn better despite losing because of experience than investing in other people.
It's definitely a bad idea. Let's even leave the risk of the coins dumping out.
The first mistake the OP is going to make is investing in altcoins, I believe if they invest in bitcon the risk won't be that much, and if they are planning to invest in bitcoin, then they should be ready to hold for long term, which it's better the OP allow his friends to know about that, so that after few weeks they won't won't disturbing for their money. 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
I think it's better they learn some basics about bitcoin and cryptocurrency in general, they should know about wallet security and how to secure private key, I don't think it's a good idea to invest for someone without teaching the person basics of cryptocurrency. I don't know if his friends really trust him, but I think nobody should be trusted when it comes to money, I will have asked the OP to help them buy bitcoin and hold in his wallet, but it will be better if they do that themselve. The risk is too much to handle by you
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?
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?
First of all, I wouldn't do this at any cost because mixing up family, friend emotional bond with finance always bring bitter experience which even many successful investors advised to the people.
And if you are still want to be a person to invest for them then first point you need to make sure is those people understand the risk associated with the investment and it can completely goes to zero at any cost so ask them what will be their choice if the investment goes ultimately on the negative side.
When they accept the outcome then you hold much greater responsibility because its others money so I won't like high risk just go with bitcoin for long term.
If you are in my shoes what will you do?
I'd absolutely refuse to take their money, and use them for their own benefit. They should be doing it. I'd first of all explain them how things are; that they shouldn't be leaving coins to exchanges as they have a pro-confiscation behavior and they get hacked frequently, and that they should do self-custody. Secondly, I'd tell them that I don't want to hold accountability of their decisions.
It will be unprofessional backing off on them that way. First ask those friends and family members how long they are willing to hodl if the have intentions of long term investment then put all in Bitcoin while the wait but first there should be a legal agreement so no one puts you under duress to how the investment is going. Stick to Bitcoin if the agree on a long term investment.
Since it looks too obvious they will want to hodl you responsible if things goes wrong avoid shitcoins even if they persuade you to try a few shitcoin keep your investment lone and it should be strictly on Bitcoin
Since it looks too obvious they will want to hodl you responsible if things goes wrong avoid shitcoins even if they persuade you to try a few shitcoin keep your investment lone and it should be strictly on Bitcoin
I've been in similar situation I must say that I talked several people out of investing in bitcoin as I knew that they tend to panic or that they couldn't really afford it (they were living from salary to salary). With that being said, I would advise to weight carefully what kind of people your friends and family are before proceeding further.
Now they want me to invest their own money on coins and they aren't ready to choose the coins they will like themselves.
The most logical choice for any newbie like them (and not just for them) is of course bitcoin so if you have to suggest them something, that would be the way to go. But before telling them that, you should clearly explain to them all the advantages of bitcoin has over some other altcoins, so they have all the info and can decide it by themselves.After thinking this through and through I started feeling like they are doing this to hold me responsible if something goes wrong.
If you really feel like that, I would suggest to sustain giving any advice on what to buy and instead focus only on educating them about cryptocurrencies, like where to buy, how to safely store etc and leave decision to them. you would only be comfortable doing this if there really is a bull market that is obviously going on. if not its better to decline before you get blamed. remember that money is always the cause of relationship to go sour.
i did convinced my sisters to invest in BTC which she also bought and also advised her to dump when i saw the bull run is about to be over.
she bought shiba inu while the bear market wasn't over yet. so i again advised to dump it. it becomes a responsibility for me to teach her which took my time too.
I too have been asked to do something like this and I have rejected it outright. The responsibility this brings is tremendous, specially in such a volatile market.
If you invest in bitcoin then it has to be long term (a couple of years at least) and they may not have enough patience to wait years to see profit more so if the price drops and they are in a loss (like buying at $4000 then price falls to $3200 like it happened in the past).
If you invest in altcoins then you are taking an even bigger risk since they are pump and dumps and you may actually end up losing a large portion of their money which you won't be able to recover either.
It simply is not worth the troubles. Just tell them to educate themselves and if they wanted they should buy bitcoin and store it in a safe place (like a paper wallet). You can help them in creating the cold storage.
If you invest in bitcoin then it has to be long term (a couple of years at least) and they may not have enough patience to wait years to see profit more so if the price drops and they are in a loss (like buying at $4000 then price falls to $3200 like it happened in the past).
If you invest in altcoins then you are taking an even bigger risk since they are pump and dumps and you may actually end up losing a large portion of their money which you won't be able to recover either.
It simply is not worth the troubles. Just tell them to educate themselves and if they wanted they should buy bitcoin and store it in a safe place (like a paper wallet). You can help them in creating the cold storage.
Is my thoughts right? If you are in my shoes what will you do?
It is not a good idea to invest with friends and family members, because if something goes wrong you will see their true colors very soon, regardless of what they say right now. So, I would kindly advice you to be extra careful dealing with your friends and family.
Risk is inherent in any type of investment and speculation, that may not satisfy their expectations and/or needs. In the end, be honest with them if your goal is to maintain a good relationship. If they want you to handle the work, don't promise them a profit, but point out the risks involved and explain that you cannot guarantee anything. It is not your job to guarantee that they will get something out of it, so don't make false promises. Instead, explain what you are doing and why you think it is a good idea, then let them decide whether they want to invest or not. If they still want to invest, then be sure that they understand the risks involved in doing so.
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?
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've experienced something like this and I highly recommend that you don't accept requests from them (to manage their money), I have lost 2 closest people because I used to manage their money but the bear market and the value of their assets decreased made them think I cheated them.
They will think you look arrogant at first for refusing their request but in the future, you will still maintain a good relationship with them. The point is don't pretend to be a hero over other people's lives, especially when it has a relationship with money.
Been in this position, and it was an immediate no for me. I'm fairly happy with my 6-year performance, but just to be entirely sure that I wouldn't have any problems with friends/family — I declined. I don't even tell them which ones to buy! Most I can do is to just show my portfolio allocation percentages.
Explain the risks involved very well. If they are your true friends and family, you can help them out, not everyone has the technical knowledge about bitcoin and cryptocurrencies in general. I too have some families (not friends) which are telling me to help them invest, I may have no option than to help them as long as they trust me. But it is better to further tell them in advice that they should use the amount of money they can afford to lose for the investment.
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
The risk is too much to handle by you
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