I have a relatives who ask advise to invest, what should I do? - page 2.

LUCKMCFLY

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Quote from: Fatunad on March 31, 2021, 05:26:58 PM

Quote from: LUCKMCFLY on March 31, 2021, 07:54:22 AM

Quote from: Kong Hey Pakboy on March 31, 2021, 05:31:53 AM

It is good that your relative is eager in regards to investing, I mean you could name bitcoin as the coin that your relative to invest because it is safer and is proven to grow exponentially. I don't think that your relative isn't FOMOing because the earlier that he/she can get in the market, the better but you have to advice him/her that it doesn't guarantee to go up and the growth that your relative should wait is the long-term investment.

I very much agree with this advice, I think that first of all you should recommend Bitcoin and at the same time tell you the difference between investment and market speculation, Bitcoin is the safe asset but it has a huge volatility index, which at any time the price goes up or down, you have to wait as long as it takes until you make a profit.

In the same way, you should let him know that if he investigates, he may have the option of learning some investment schemes well, one of the best books that I recommend for those looking for investment information are those by Warren Buffett, which are fully applicable to the market of the cryptocurrencies. .

When you do talk about being safe asset then its 100% that you can make profits which isnt the case even if we do stick out with Bitcoin.We can still have the tendency for losing money
but if we do talk about long term then most likely we will really be on profits because we have seen on how bitcoin do really progress out when it comes to future years.
When one of your relatives do ask out about to investment then better always give them warning that they cant make profit on a short time basis and always consider
the risk behind crypto investment.There are no assurance that you could really make out some profits or wont experience any losses.

Of course, when it comes to investment, it means that it is long term, of course if it gives benefits in the medium or short term it is in the possibilities, unlike when it is taken into account as a speculator in the market.

Some investments outside the Crypto market can take up to 8 years to obtain benefits, but in Bitcoin it is very likely that there is little left to give benefits in the short and medium term according to what is currently being experienced, despite the pandemic, the price is very next to rise even much more than its recent ATH, to that extent is that I mean that it is the safe stock or currency.

Ultegra134

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Quote from: Golftech on March 30, 2021, 02:08:34 PM

Quote from: SaShiRaJaVu on March 28, 2021, 06:50:49 PM

I will never advice anyone to invest in any market, if any of my relatives or friends asks specific questions on how to invest then i might explain it to them gladly but if not it is always best to stay away from that mess because if the market goes the other direction you will get all the blame for advising them to invest in that asset and now they are at a loss and hence i usually avoid those situations.

Providing your relatives and your friends something to learn about is very important, it will serve as guide

to their own venture to this makret, it's true that better to stay away from suggesting or recommending

as if those people suffered from losing thier money, the blame will pointed to you. Share your knowledge

but make sure that they'll also do their part.

The best ability to currently possess is the ability to learn. If you can teach them how they can do their own research on how cryptocurrency works and where it's suitable to invest, would be your best option. On the plus side, you won't be to blame if their investment goes wrong.

Fatunad

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Quote from: LUCKMCFLY on March 31, 2021, 07:54:22 AM

Quote from: Kong Hey Pakboy on March 31, 2021, 05:31:53 AM

It is good that your relative is eager in regards to investing, I mean you could name bitcoin as the coin that your relative to invest because it is safer and is proven to grow exponentially. I don't think that your relative isn't FOMOing because the earlier that he/she can get in the market, the better but you have to advice him/her that it doesn't guarantee to go up and the growth that your relative should wait is the long-term investment.

I very much agree with this advice, I think that first of all you should recommend Bitcoin and at the same time tell you the difference between investment and market speculation, Bitcoin is the safe asset but it has a huge volatility index, which at any time the price goes up or down, you have to wait as long as it takes until you make a profit.

In the same way, you should let him know that if he investigates, he may have the option of learning some investment schemes well, one of the best books that I recommend for those looking for investment information are those by Warren Buffett, which are fully applicable to the market of the cryptocurrencies. .

When you do talk about being safe asset then its 100% that you can make profits which isnt the case even if we do stick out with Bitcoin.We can still have the tendency for losing money
but if we do talk about long term then most likely we will really be on profits because we have seen on how bitcoin do really progress out when it comes to future years.
When one of your relatives do ask out about to investment then better always give them warning that they cant make profit on a short time basis and always consider
the risk behind crypto investment.There are no assurance that you could really make out some profits or wont experience any losses.

LUCKMCFLY

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Quote from: Kong Hey Pakboy on March 31, 2021, 05:31:53 AM

It is good that your relative is eager in regards to investing, I mean you could name bitcoin as the coin that your relative to invest because it is safer and is proven to grow exponentially. I don't think that your relative isn't FOMOing because the earlier that he/she can get in the market, the better but you have to advice him/her that it doesn't guarantee to go up and the growth that your relative should wait is the long-term investment.

I very much agree with this advice, I think that first of all you should recommend Bitcoin and at the same time tell you the difference between investment and market speculation, Bitcoin is the safe asset but it has a huge volatility index, which at any time the price goes up or down, you have to wait as long as it takes until you make a profit.

In the same way, you should let him know that if he investigates, he may have the option of learning some investment schemes well, one of the best books that I recommend for those looking for investment information are those by Warren Buffett, which are fully applicable to the market of the cryptocurrencies. .

btc78

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Quote from: Sanitough on March 20, 2021, 09:05:34 AM

I just want to share my experience, I have a relative who come to me and ask advise on what coins to invest now, I don't name a coin and I said he must do his research but he insist that I know, he want to invest immediately.

You just have to say Bitcoin mate because that is the safest currency to invest for Newbies .

Quote

I know he is into FOMO because he seems so aggressive and like to get instant return.
He told me that since I'm a veteran, he would like to ask some advise on what coins will pump in the coming days so he can invest on it.

Well if he is looking for Instant return ? then best tell him, not to Invest in bitcoin because the way he want it is he may get the opposite side.

Quote

I knew he is so positive, and I can feel him since I also got FOMO'd before.

he is not so Positive but he is Very Desperate .

Quote

What do you think should I do guys? how can I help him?

Best to Just tell Him the consequences , And if he insist more? then tell him about Bitcoin .

Kong Hey Pakboy

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It is good that your relative is eager in regards to investing, I mean you could name bitcoin as the coin that your relative to invest because it is safer and is proven to grow exponentially. I don't think that your relative isn't FOMOing because the earlier that he/she can get in the market, the better but you have to advice him/her that it doesn't guarantee to go up and the growth that your relative should wait is the long-term investment.

OgNasty

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I tell people it is going to go higher, and then a lot lower. If they want to ride the rollercoaster, hop on. It isn't a set it and forget it situation though. We're going to see a peak and trough in Bitcoin prices between now and the end of 2023. Many will get rich and many will lose their shirts. We're well into the greed cycle right now, so it's dangerous territory. Then I quote them all the messages I sent telling them to buy BTC below $5, again telling them to buy at $200, and then again telling them to buy at $4,000. I also let them know that there won't be any more buying opportunity messages in the future, as this is likely the last hurrah.

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Quote from: bisdak40 on March 30, 2021, 03:53:55 PM

Quote from: uninterestedparty33 on March 20, 2021, 03:17:50 PM

My advice, don't give out advice. Or at the very least tell them they are better off not investing, you won't be blamed if there is a bigger correction.

I just think that it's better to give his relatives some ideas about crypto, not totally advising on what particular coins to invest to.

Per experience, most of the coins in the top 20 ranking appreciate in value overtime and if you hold into it i think we still profit though it will take some time but at least it is still a gain, this should be emphasized to someone seeking advises about cryptocurrency.

It is a need for them to understand clearly what will happen next and never give them the assurance that everything will be fine and works totally a 100% easy return.

If someone will ask me like that, I would say "just visit this site first, do the study, and just come back to me when you think you are ready enough to lose". We never have to give them we will get money and have a quick return because it will get back to us and get angry once they fail.

That is very important for them to understand the risk and they should have the knowledge first before trying to help them, that could be fair maybe.
But, I don't want to encourage them to start now even though they like it.

bisdak40

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Quote from: uninterestedparty33 on March 20, 2021, 03:17:50 PM

My advice, don't give out advice. Or at the very least tell them they are better off not investing, you won't be blamed if there is a bigger correction.

I just think that it's better to give his relatives some ideas about crypto, not totally advising on what particular coins to invest to.

Per experience, most of the coins in the top 20 ranking appreciate in value overtime and if you hold into it i think we still profit though it will take some time but at least it is still a gain, this should be emphasized to someone seeking advises about cryptocurrency.

adzino

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Quote from: Sanitough on March 20, 2021, 09:05:34 AM

I just want to share my experience, I have a relative who come to me and ask advise on what coins to invest now, I don't name a coin and I said he must do his research but he insist that I know, he want to invest immediately.

I know he is into FOMO because he seems so aggressive and like to get instant return.
He told me that since I'm a veteran, he would like to ask some advise on what coins will pump in the coming days so he can invest on it.

I knew he is so positive, and I can feel him since I also got FOMO'd before.

What do you think should I do guys? how can I help him?

If they seriously wants to invest in bitcoin, why not tell them to invest in bitcoin? If they are interested in altcoin, then why not suggest them to invest in well known altcoins like Ethereum? Those two coins will help them to get started. If they further wants to expand their investment and try out different coins, provide them with resources where they can find important information about the coins that they might want to invest. Maybe send them over to this forum?
Oh, and tell them to avoid those shitty coins that are pumped and dumped on regular interval. And tell them, if they are here to make quick profit, then crypto isn't the best place for them.

Fortify

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Almost everyone with prior experience knows that these sort of situations are bound to end badly. Cryptocurrency is a highly volatile field and you never want to lose money for friends & family. I suggest you avoid it altogether, but if they insist then simply say you will not recommend anything - if they want to buy, then help them with that, but do not select anything for them. They will most likely steer towards Bitcoin as the most well known and that may be the best thing overall. If they lose money, then they will have lost it on the favorite and most popular right now, instead of some obscure altcoin that may lose value much easier. You may also want to tell them that they should only put 5% of their money into this asset, that way they could see an upside from the diversification, but the downside will be much more controlled.

Golftech

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Quote from: SaShiRaJaVu on March 28, 2021, 06:50:49 PM

I will never advice anyone to invest in any market, if any of my relatives or friends asks specific questions on how to invest then i might explain it to them gladly but if not it is always best to stay away from that mess because if the market goes the other direction you will get all the blame for advising them to invest in that asset and now they are at a loss and hence i usually avoid those situations.

Providing your relatives and your friends something to learn about is very important, it will serve as guide

to their own venture to this makret, it's true that better to stay away from suggesting or recommending

as if those people suffered from losing thier money, the blame will pointed to you. Share your knowledge

but make sure that they'll also do their part.

justdimin

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Quote from: Sanitough on March 20, 2021, 09:05:34 AM

I just want to share my experience, I have a relative who come to me and ask advise on what coins to invest now, I don't name a coin and I said he must do his research but he insist that I know, he want to invest immediately.

I know he is into FOMO because he seems so aggressive and like to get instant return.
He told me that since I'm a veteran, he would like to ask some advise on what coins will pump in the coming days so he can invest on it.

I knew he is so positive, and I can feel him since I also got FOMO'd before.

What do you think should I do guys? how can I help him?

Yesterday my wife went to her parents to visit (she does this frequently because of covid and to help them) and she came back and told me that her dad had a business associate who is dealing with bitcoin now, he invested like 200 bucks and turned it to 400 bucks and talked about how awesome it was. Father in law told him I have been involved for over 8 years and the guy asked if I could help him, like build a portfolio and all. They didn't even asked me, they just refused it, you know why?

Because, they know for a fact that I do not help people with their money. Not in a bad way, I do not mean bad, I just think people should take money risks themselves and I am not here to help them because if they make money I would be very happy but if they lose money I would be incredibly sad, and I would be afraid as well, so I never help anyone.

mamesso

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Quote from: Sanitough on March 20, 2021, 09:05:34 AM

I just want to share my experience, I have a relative who come to me and ask advise on what coins to invest now, I don't name a coin and I said he must do his research but he insist that I know, he want to invest immediately.

I know he is into FOMO because he seems so aggressive and like to get instant return.
He told me that since I'm a veteran, he would like to ask some advise on what coins will pump in the coming days so he can invest on it.

I knew he is so positive, and I can feel him since I also got FOMO'd before.

What do you think should I do guys? how can I help him?

You have to convince him that investing in cryptocurrency are not as easy as he imagined. Yeah, everyone wants a big income, but if not based on experience, it is very difficult to do.
Try to make him understand how the crypto market moves, because here it is not only the profit that can be obtained, the risk of loss is also very large. All I fear is when he loses everything, you're the first to blamed.

Viscore

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Quote from: ReiMomo on March 20, 2021, 05:39:16 PM

Quote from: Viscore on March 20, 2021, 05:08:56 PM

Make sure they don't blame you when you give an advice, and please tell them to educate themselves first and not just rely on someone's call. The market is very unpredictable, it's not bullish every time, what if your relatives will get caught in a bearish market and the price will continue to dump that could cause a panic?

That's why I don't give an advice on what project or coin to invest, but I give an advice on how to know or study a particular projects or the crypto market in general.

The same on me, the reason why I didn't give some advice to anyone because I am afraid that someday they will come back and blame me for their losses. The thing that I don't want to happen.

Explain to your relatives very well how bitcoin will work and invest only in bitcoin, nothing else. Altcoins and other defi projects need to have a dig deep research so will I guess your relative will hard to understand.

There are too many crucial things to understand before investing in crypto, you must explain it first include the risk that brings while investing.

It would be nice if they are open minded, what if they only listen to the reward and not on the risk because they are eager to invest as they like to ride the FOMO. lol.. if people does not listen to the risk, then I would not force anything, besides, I don't benefit on what they do, so I also don't want to be blame.

SaShiRaJaVu

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I will never advice anyone to invest in any market, if any of my relatives or friends asks specific questions on how to invest then i might explain it to them gladly but if not it is always best to stay away from that mess because if the market goes the other direction you will get all the blame for advising them to invest in that asset and now they are at a loss and hence i usually avoid those situations.

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Quote from: rhodelmabanal on March 28, 2021, 03:49:39 PM

Quote from: Sanitough on March 20, 2021, 09:05:34 AM

I just want to share my experience, I have a relative who come to me and ask advise on what coins to invest now, I don't name a coin and I said he must do his research but he insist that I know, he want to invest immediately.

I know he is into FOMO because he seems so aggressive and like to get instant return.
He told me that since I'm a veteran, he would like to ask some advise on what coins will pump in the coming days so he can invest on it.

I knew he is so positive, and I can feel him since I also got FOMO'd before.

What do you think should I do guys? how can I help him?

Investing in cypto is really good but you need o select the best coin to invest. Because not all of the coin inside the crypto market will give you an instant return. Sometimes you need to wait for a very long time to earn a very big amount of profit, so you need to research everything and make your own decision depending on your own understanding and sight on that coin that you wanted to invest in.

But people does have those kind of different views because usually they do believe that making money is just easy without even truly experiencing on how fierce or hard
to become profitable into this market.When your relatives are asking out then just dont give them guarantees or hope that they can make money.Always tell
them about the risk and give out warnings so that they would be aware and wont really go to the verge on getting wrecked just because they had carelessly
make out investment without even thinking on when they should really get in.

rhodelmabanal

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Quote from: Sanitough on March 20, 2021, 09:05:34 AM

I just want to share my experience, I have a relative who come to me and ask advise on what coins to invest now, I don't name a coin and I said he must do his research but he insist that I know, he want to invest immediately.

I know he is into FOMO because he seems so aggressive and like to get instant return.
He told me that since I'm a veteran, he would like to ask some advise on what coins will pump in the coming days so he can invest on it.

I knew he is so positive, and I can feel him since I also got FOMO'd before.

What do you think should I do guys? how can I help him?

Investing in cypto is really good but you need o select the best coin to invest. Because not all of the coin inside the crypto market will give you an instant return. Sometimes you need to wait for a very long time to earn a very big amount of profit, so you need to research everything and make your own decision depending on your own understanding and sight on that coin that you wanted to invest in.

thecodebear

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Quote from: zanezane on March 25, 2021, 12:25:27 AM

Refer them to a financial advisor, do not give advice if you are not one because if something wrong were to happen, I don't think that you will want to take the blame because there will be some factors that are out of your control and will have a difficulty of explaining to them. Plus with financial advisors, it will be more convenient for you because you aren't going to waste your time answering their questions which you might have a limited knowledge of.

A financial advisor almost certainly will not be able to give any relevant advice when it comes to crypto. 99% chance they'll just repeat some headlines they've seen about it being bad. New people should talk to people who are actually in the bitcoin/crypto space, not go to people simply because they have "finance" in their job title.

Best advice is to advise a new person on the fundamentals of bitcoin/crypto and the whole point of it and give them some history of bitcoin/crypto. Next tell them any money they put into crypto should primarily be in Bitcoin, and outside of that Ether is the least risky, and beyond that for other coins they should do plenty of research and know that most coins will fail or at least lose significantly against Bitcoin over the long term. And of course point out that any money they put in is entirely on them, that you don't know the future and aren't able to predict anything any better than anyone else in general.

WatchMaker

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I think the best advice that you should give here to him or her should in bitcoin for the long-term because the cryptocurrency market is unpredictable. Investing in cryptocurrency for the short-term doesn't pay off most of the time. thus, investing in bitcoin for the long-term is the best idea. Also, he or she should go and learn a bit about bitcoin and the cryptocurrency ecosystem, how bitcoin works, and also how to store bitcoin securely.

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