Topic: How do you deal with friends/family when they lose their investment? - page 2. (Read 834 times)
April 06, 2018, 05:17:08 AM
To avoid this circumstances at the very beginning we must tell our friends and family about the high risks. We must warn them that price is high volatile and loosing of investment will probably happen if they have lack of knowledge. We must advice them that whatever the outcome will be depends on their own decision. Since, in your case if they are already in position of loosing. You can lessen their worries by telling that bitcoin will recover but nobody knows when it will happen. So its up to them if they want to sell their investments for lose and still it depends on their own hand.
April 06, 2018, 05:16:02 AM
I think I will talk about its benefit and fluctuation condition before they invest in btc. Although they invest and get loose that their decision. I will make them understand that crypto market is always like ups down. So hold it.
April 06, 2018, 05:14:14 AM
Never give anyone any financial advice. If they help, no one will thank you. If they make a loss, they will blame you for everything.
April 06, 2018, 05:04:08 AM
If you tell your friends and family about Bitcoin without giving them any sort of in-depth financial advice and they go ahead and invest, how do you deal with it when the market dips very low and they silently blame you for losing them money.
Some people are not really open-minded when it comes to investment especially when they are not aware of bitcoin. Well, just like my other friends and relatives on that. Just it's their own choice if they want to invest anyway especially in crypto.
April 06, 2018, 05:03:45 AM
If you tell your friends and family about Bitcoin without giving them any sort of in-depth financial advice and they go ahead and invest, how do you deal with it when the market dips very low and they silently blame you for losing them money.
Every Bitcoin investor takes a high risk. Sometimes you can make a profit, but sometimes you lose money. All investors know it and are willing to accept it. For your friends and family, if they make a decision to sell Bitcoin, they may lose money. But before they go to Bitcoin, you tell them about the opportunity and ability of Bitcoin, they need to update the market, expert opinion from time to time ... you advise them not to rush to sell, wait a while they still make the final decision. I think you have done your best to protect their interests. You have no errors! April 06, 2018, 04:57:55 AM
I think it's best not to remember these people. And first of all draw the right conclusions.
Well it would be a hard moment for them once it happens. I think the best think that I can do for them is to support and understand what they are going through. They might feel depressed with that so we must not lose sight of them. Let's look after them so that they could still feel the love. Helping them to rise up and motivate them to keep going is the best thing to do to deal with their problem. April 06, 2018, 04:54:03 AM
I am a "bitcoin guru" in my family so no one sells without letting me know and asking for my advice...So I don't let them sell when the prices are lower
April 06, 2018, 04:42:58 AM
I just tell them not to sell and buy constantly. Simple as that. They know how the trend works and they are smart enough to hold onto their coins because there will always be a time when the markets rise.
April 03, 2018, 05:53:23 PM
I try not to talk about bitcoin with people let alone giving advices about investing in it. People tend to blame others for their own mistakes but at the same time they praise themselves even if someone else helped them. If you had told them to invest and bitcoin rose, I doubt that anyone would have remembered that it was actually you who told them to do so. And if you had advised them to invest and it had gone down, they would have remembered and blamed you for sure. It's a lose-lose situation. So you better just be silent about it 
If they ask something, tell them to do a research themselves.
If they ask something, tell them to do a research themselves. April 03, 2018, 05:33:34 PM
I think it's best not to remember these people. And first of all draw the right conclusions.
April 03, 2018, 05:22:55 PM
obviously, you do not have to make any problems or even feel guilty, even if the people in question are family members or friends. In any case, a person before making a large investment must always be well informed about the possible risks. Above all if we consider a market so fluctuating, in which everything is possible.
April 03, 2018, 04:16:37 PM
The very first time I told my friends/family about crypto currency, I did not encourage them to invest in it unless they made their own research about it and have experience about stocks. I explained that the price may fluctuate and has higher volatility and risks than the traditional investment vehicles. The risks involved can be managed as well and the funds they invested in it is their sole responsibility. They don't blame me for their losses because they have done their research and they understand the market movement.
Explaining how crypto works to other people is hard to understand unless they try it on their own. I have invited many people to join me here but they just pay attention at the beginning but now that the price of bitcoin bubbled up and that bigger number of people are using it now, they are rushing things out just to get into this business. They often regret not believing me the first time I told them about it. Honestly, I also feel sad for those who were invited before but give no attention because it is very hard to get the rank high now. Normally, the good rank for saving up and in joining signature campaigns is Full Member and above. With the merit, it will be very hard for them to earn money with low ranks and with the feeling like "this account should be in rank ____ like this". April 03, 2018, 03:46:18 PM
If you tell your friends and family about Bitcoin without giving them any sort of in-depth financial advice and they go ahead and invest, how do you deal with it when the market dips very low and they silently blame you for losing them money.
I don't think it will happen to me. But my price and my friends asked me some questions about bitcoin, and I always told them that the price of bitcoin was not stable, and that investing in bitcoins would be risky. So when you persuade your family and friends to invest in bitcoin, you win and say that investing in bitcoin is risky. April 03, 2018, 03:39:12 PM
I think it is very important you tutor your friend or family member first on the bitcoin business before allowing to invest. But if you did not do that and the business went bad you should own up to the fault and apologize, share from the loss also so you gain back their trust.
April 03, 2018, 03:21:43 PM
Explaining it to the family is the hardest thing, because when a family member lose money in a investment, you also get affected one way or other.
April 03, 2018, 03:17:11 PM
I try to explain them that they didn't loose any coin. It is just the value which went down. I also try to convince them to have more patience
April 03, 2018, 03:16:31 PM
I had this situation only once. It was my friend ... but I warned him about everything, that this is a big risk and at any moment everything can be closed. Therefore, the response was in principle adequate.
April 03, 2018, 03:14:06 PM
Haha my dad always tells me to let him know when to buy. I'm afraid to drag him into this for that very reason.
Let people come to the conclusions and make the investment on their own. Always helps when you do well so they can see that it is possible with timing and patience.
Let people come to the conclusions and make the investment on their own. Always helps when you do well so they can see that it is possible with timing and patience.
April 03, 2018, 03:06:44 PM
The very first time I told my friends/family about crypto currency, I did not encourage them to invest in it unless they made their own research about it and have experience about stocks. I explained that the price may fluctuate and has higher volatility and risks than the traditional investment vehicles. The risks involved can be managed as well and the funds they invested in it is their sole responsibility. They don't blame me for their losses because they have done their research and they understand the market movement.
April 03, 2018, 02:35:22 PM
I currently am holding some bitcoins for a friend which I helped buy for him at $9300. Now he is looking at the charts and seeing that he is losing money, at one point he was going to start freaking out so I sat him down and explained the market to him as much as I could, showed him charts and all that and he is calm for now. Although I don't know how calm he will be if the price drops even lower so I have offered to give him the exact amount he invested in if it turns out he cannot wait.
That's a very hot seat to place oneself and I won't recommend it to anyone! Evidently you only showed him the juicy part of investing in Bitcoin, prior to his handing over some money to buy on his behalf and that actually makes the risk all on you. Meanwhile, you were supposed to have waited patiently to buy only after a bottom is confirmed from a panic selloff, as is mostly the case, because the money involved, you really cannot afford to lose.Moreover, while it would be easy for you to understand that all what the market needs is just some time, your friend/family member would likely be having sleepless nights, calling your number all too often and barging into your house and in the invent that the waiting gets lengthier, other family members and friends would start murmuring about you! I think it's best to place everything on the table from the onset and let them choose to invest or not!
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