How do you deal with friends/family when they lose their investment? - page 3.

Victorycoin

hero member

Activity: 1134

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Quote from: StevenPop on March 14, 2018, 06:07:46 AM

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!

napi

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Quote from: Sombabe on March 09, 2018, 04:58:40 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.

before you should remind your family to not trust with fake investments and when it is exposed to fraud then you should not make your family panicked invite them to refreshing to a little forget the incident that just happened to the family.

Silberman

legendary

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Quote from: p i e c e on March 16, 2018, 08:51:50 AM

Quote from: Sombabe on March 09, 2018, 04:58:40 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 have philosophical attitude to the people who are interested in cryptocurrencies. This is a risky activity, but it really can be earned on it. I know many people who got rich on cryptocurrencies.

This is why I have stopped telling people about bitcoin, when you mention the possibilities of earning money even if there is a high risk most people will ignore you when you're talking about the risks in the market then they will invest blindly in a coin and they will lose their money and then they will blame you so I only share my knowledge about bitcoin to people that already know what it is and how risky it can be.

Victorycoin

hero member

Activity: 1134

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Quote from: Venue101 on March 09, 2018, 09:05:46 PM

You never lose your investment until you cash out. Unless you betting on bullshit coins.

You're talking here to friends and family members, who are most likely not as seasoned or enlightened as you're on cryptocurrency and don't forget, they are already taking the heat from a plunging market! How easily can one convince a seemingly drowning man?

I understand the risk involved in trading or investing in cryptocurrency is enormous and not a thing to be taken lightly, so I personally stay from encouraging people from committing their funds into it until they can appraise the inherent risks by themselves and be able to come up with some pertinent questions.

Obito

sr. member

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Quote from: Sombabe on March 09, 2018, 04:58:40 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 have some experience with that, my friend lost in his investment and we are talking about it and make some funny things out of it to make him happy and think it as a positive thing. I deal it with more happy and positive things because if you think more on it, nothing will happen.

trk

full member

Activity: 228

Merit: 100

Quote from: StarLawl on March 16, 2018, 01:38:55 AM

I invested on behalf of my husband - and some of my own money - not much - but it is down with about 66%. When he asks how it goes, I say it is fire and brimstone - and that he should just forget about the money for now. It is not much anyway. Compared to the rest of our funds. Of course it would be excellent to have earned a lot of money like you see others have, but for now, I am content with not earning money, and just following the huuuuge dip we are in at the moment. I do hope things turn for the better. For those friends who lost, I dont mention that. It was their own choice.

Awesome example you have there. You invest some amount you afford to lose and voila you and your husband do not really bother with current dip. But yeah, I also believe it will go up again sooner or later. Bitcoin is too big to be fail. Just keep hldong and believing in blockchain potential

Silberman

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Quote from: StarLawl on March 16, 2018, 01:38:55 AM

I invested on behalf of my husband - and some of my own money - not much - but it is down with about 66%. When he asks how it goes, I say it is fire and brimstone - and that he should just forget about the money for now. It is not much anyway. Compared to the rest of our funds. Of course it would be excellent to have earned a lot of money like you see others have, but for now, I am content with not earning money, and just following the huuuuge dip we are in at the moment. I do hope things turn for the better. For those friends who lost, I dont mention that. It was their own choice.

People are very sensitive about money and I cannot blame them money is a very important part of our lives so the most important thing is if you have a partner is to be completely honest about the way your investments are doing, it can be painful to hear the truth sometimes but it is necessary, so if you took the time to explain to your partner about the possibilities of losing money through your investment then there is not going to to be a problem but if your partner did not understood that clearly then some problems may happen.

p i e c e

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Quote from: Sombabe on March 09, 2018, 04:58:40 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 have philosophical attitude to the people who are interested in cryptocurrencies. This is a risky activity, but it really can be earned on it. I know many people who got rich on cryptocurrencies.

mkcube

newbie

Activity: 196

Merit: 0

I think its easy to deal with your family with bitcoin by simply telling them the how the btc got a profit drom it.I would also tell mu family first before my friends because my family can easily understand hiw the ntc works.after that i will tell to my friends.

StarLawl

jr. member

Activity: 63

Merit: 5

I invested on behalf of my husband - and some of my own money - not much - but it is down with about 66%. When he asks how it goes, I say it is fire and brimstone - and that he should just forget about the money for now. It is not much anyway. Compared to the rest of our funds. Of course it would be excellent to have earned a lot of money like you see others have, but for now, I am content with not earning money, and just following the huuuuge dip we are in at the moment. I do hope things turn for the better. For those friends who lost, I dont mention that. It was their own choice.

russella31

newbie

Activity: 126

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It is a must to tell them the pros and cons in bitcoin. That not all the time they can gain profit. They must have in depth knowledge about bitcoin because you don't like to get all the blame in the end.

roshanfious

member

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Merit: 10

I think you can't do anything because it already happened, the only things you can do is helping them to pay their debt if they're in one .
Debts could create desperates for people and make them do stupid things so better to prevent it from happening.

Silberman

legendary

Activity: 2716

Merit: 1383

Quote from: Sombabe on March 09, 2018, 04:58:40 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.

If you just introduced bitcoin to them and gave no financial advice then it is their fault for investing in something they had no prior knowledge they may blame you but it was their fault, now if you gave financial advice telling them to invest and they listened to you they still have a great share of the blame since they invested without knowing what bitcoin was about but in that scenario you are at fault too by not explaining them the risks.

Crystacool

newbie

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Quote from: Sombabe on March 09, 2018, 04:58:40 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 was telling my friends about bitcoin that it's risky to invest in bitcoins. When they invested in bitcoin, the price of bitcoin crashed and fell so much that it caused a lot of damage. They should not blame me.

mobilazy

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I'm not sharing it with my friends and family, or at least I never mentioned how much I invested. If my investment will make 10x, I rather keep quiet about it. If opposite and I will lose my money, I want to be even more discreet about it. Don't want mocking from bitcoin's haters among my friends. I will be generous with my family though, will buy some nice presents without mentioning where money is coming from.

hashshashin

sr. member

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Look ARROUND!

Quote from: Sombabe on March 09, 2018, 04:58:40 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.

If you are going to do this, you first need to report and warn about all the nuances and risks associated with crypto-currencies. In the field of cripto-currency, there is no stability and confidence, everyone should independently answer and make decisions.

rtm125

member

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Merit: 10

If you tell anyone about cryptocurrency and convince a person to invest-please tell them about all possible risks, do not be afraid! That man at least was ready for it. And in this case you are relieved of all responsibility

Keeminakar

member

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Merit: 14

None of my friends has yet invested in cryptocurrency, but if they decide to do so and ask my advice, I will tell them about the possible risks for the first time.

tosindesign

newbie

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Merit: 0

one of the thing you should do is to encourage them that there is still lots of hope .you can site example of men who have fail in their career before , but took courage and became great later .always be there for them, cheer them up until they are strong , and give them financial tips and books for them to read.i hope you found this helpful.

zhopas

full member

Activity: 323

Merit: 100

Before anything else, I would encourage first my family to buy and invest in bitcoin, but before that I will educate them and help them to understand what is bitcoin all about. So I don't think that they will blame me sooner when they're money are slowly fading out as well as their investment because in the first place I already explain to them how bitcoin trading works and how it's risky is.

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