Interested in investing in Bitcoin my childhood friend after losing business

wxa7115

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Quote from: uneng on June 20, 2023, 01:55:24 PM

Quote from: synchronym on June 15, 2023, 01:58:17 AM

For several days now my friend has been asking me for some advice. Telling me that he wants to invest some of his money, telling me where to invest it. My friend works in a private company and he has saved some money from there. With that money they went into business in a four person partnership, initially he made some profit in the business then he suffered some financial loss. My friend knows that I am involved with Bitcoin. He got some ideas about Bitcoin from me. So he wants to invest money in Bitcoin. I didn't tell him anything about the risk of investing. Since he wants to invest, should I advise him to invest?

Tell him you are not a financial advisor, therefore you can't tell him where to invest his money. That is a decision that only him can take, added to all the responsabilities and possible consequences it may have on his finances.

Your friend already has a history of losses on professional field, and by what you said, it seems he is an insecure person, partnering with others and asking others where he should invest money. Personally, I think it's hard to deal with this kind of person, because he tends to not take responsability for his acts, blaming others when something goes wrong.

You can recommend him to study and learn more about Bitcoin. You can even share some links where he can read and watch videos to understand how to buy BTC, where to store it, what are the expectations for the future and so on. But never tell him to do this or that.

I think the same, to me the friend of the OP is the kind of person that will always take the credit if things happen to go in the direction they planned, but as soon as things take a turn for the worse he will throw the OP under the bus and blame him for his losses.

So the OP should be incredibly clear about the risks this market can present to such an investor and make it clear as well that he does not endorse his actions, even then if he losses his money I am sure he will blame the OP, and in that case it would be better to take some distance from such “friend”.

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Quote from: uneng on June 20, 2023, 01:55:24 PM

Quote from: synchronym on June 15, 2023, 01:58:17 AM

For several days now my friend has been asking me for some advice. Telling me that he wants to invest some of his money, telling me where to invest it. My friend works in a private company and he has saved some money from there. With that money they went into business in a four person partnership, initially he made some profit in the business then he suffered some financial loss. My friend knows that I am involved with Bitcoin. He got some ideas about Bitcoin from me. So he wants to invest money in Bitcoin. I didn't tell him anything about the risk of investing. Since he wants to invest, should I advise him to invest?

Tell him you are not a financial advisor, therefore you can't tell him where to invest his money. That is a decision that only him can take, added to all the responsabilities and possible consequences it may have on his finances.

Your friend already has a history of losses on professional field, and by what you said, it seems he is an insecure person, partnering with others and asking others where he should invest money. Personally, I think it's hard to deal with this kind of person, because he tends to not take responsability for his acts, blaming others when something goes wrong.

You can recommend him to study and learn more about Bitcoin. You can even share some links where he can read and watch videos to understand how to buy BTC, where to store it, what are the expectations for the future and so on. But never tell him to do this or that.

You should have told this since from the start on which its better to explain out about the risks involved and dont make someone to be that too excited on investing just because you have explained to them about the opportunities on which Bitcoin could give because on the time that the price would really be going down then for sure you would really be the ones who would getting blamed of with.

Crypto investment or Bitcoin isnt an lifeline on which you would be saved up after a business had been on extreme losses or getting bankrupt.Never ever consider such thing because it would make situations
gets more worst on the time that you would be losing more on crypto investment. Good thing on here is that you could be able to hold until it would recover but we should instill into our minds
that if we do seek for income making then holding isnt really that something that could fit out, unless if you would make out some active trades then you could make it possible but
thinking up for constant manner then it wont fit out on the criteria.

lizarder

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Quote from: erep on June 20, 2023, 10:46:47 AM

I don't understand why you hide the risk of investing in crypto for your friends, like you show the way but don't tell the potholes in the middle of the road that are at risk of causing an accident if he can't avoid it, your friend thinks there are big profit opportunities from investing but he doesn't have big risks that can hit him mentally if he has no knowledge of volatile markets.

It was a wrong decision when intending to provide instructions on investment to friends but not given an understanding of the level of risk produced, because when they were faced with the risk of loss could make a psychological impact on their journey. Especially when they lost money in large amounts of the investment made.

Quote from: erep on June 20, 2023, 10:46:47 AM

I only suggest that your friend must understand the knowledge of cryptocurrencies and not rush to invest before he is prepared to accept the risk of loss that can occur at any time, he must implement a DCA strategy for buying crypto assets and it is strongly recommended that he use a reserve fund that is not tied to anything else , he will focus on long-term investment

Knowledge of investment must be taught in full, both regarding the problem of risk and long -term/short -term investment patterns that they need to learn, because this is directly related to money that can interfere with their minds when involved in losses.

Likewise regarding the pattern of purchasing and they can try to study DCA as a way of approach to routine adjustments. Minimum learning is more experienced in undergoing investment and trying to use methods that are not so risky in the number of purchases when learning to invest.

uneng

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Quote from: synchronym on June 15, 2023, 01:58:17 AM

For several days now my friend has been asking me for some advice. Telling me that he wants to invest some of his money, telling me where to invest it. My friend works in a private company and he has saved some money from there. With that money they went into business in a four person partnership, initially he made some profit in the business then he suffered some financial loss. My friend knows that I am involved with Bitcoin. He got some ideas about Bitcoin from me. So he wants to invest money in Bitcoin. I didn't tell him anything about the risk of investing. Since he wants to invest, should I advise him to invest?

Tell him you are not a financial advisor, therefore you can't tell him where to invest his money. That is a decision that only him can take, added to all the responsabilities and possible consequences it may have on his finances.

Your friend already has a history of losses on professional field, and by what you said, it seems he is an insecure person, partnering with others and asking others where he should invest money. Personally, I think it's hard to deal with this kind of person, because he tends to not take responsability for his acts, blaming others when something goes wrong.

You can recommend him to study and learn more about Bitcoin. You can even share some links where he can read and watch videos to understand how to buy BTC, where to store it, what are the expectations for the future and so on. But never tell him to do this or that.

tjtonmoy

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Never invest without knowing everything about it. You should tell him about everything. Every pros and cons of Bitcoin investment. Otherwise, if he takes a loss in that investment, he will blame you. You have to provide your friend with every information about Bitcoin, and then it should be his choice whether he wants to invest or not. It should never be your idea, has to be his own choice. Bitcoin investment includes risks and market is uncertain, anything could happen at any time. So never suggest anyone to invest without them knowing everything.
Your friend has already made a loss in his business. So when he will get the full idea behind bitcoin investment, he will think it through. Tell him everything and let it be his decision. Always tell others to do their own research.

erep

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Quote from: synchronym on June 15, 2023, 01:58:17 AM

I didn't tell him anything about the risk of investing. Since he wants to invest, should I advise him to invest?

I don't understand why you hide the risk of investing in crypto for your friends, like you show the way but don't tell the potholes in the middle of the road that are at risk of causing an accident if he can't avoid it, your friend thinks there are big profit opportunities from investing but he doesn't have big risks that can hit him mentally if he has no knowledge of volatile markets.

I only suggest that your friend must understand the knowledge of cryptocurrencies and not rush to invest before he is prepared to accept the risk of loss that can occur at any time, he must implement a DCA strategy for buying crypto assets and it is strongly recommended that he use a reserve fund that is not tied to anything else , he will focus on long-term investment

Ico.best

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Don't try to convince him to invest in Bitcoin that you don't understand, if he only thinks about making a profit on Bitcoin. I think it's better if you tell all the possible bad reasons that could happen in this crypto world if he invests, at least he has to first understand the basics of both technical and fundamental analysis.

If he can't accept that, you should advise him to invest in what he believes in and not be the friend who advises or makes decisions for you. No matter how good a friend is, it could become hostility, it's only a matter of money! because if he loses, he'll be mad at you.

savetheFORUM

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Quote from: Nrcewker on June 18, 2023, 04:34:00 AM

Quote from: synchronym on June 15, 2023, 01:58:17 AM

For several days now my friend has been asking me for some advice. Telling me that he wants to invest some of his money, telling me where to invest it. My friend works in a private company and he has saved some money from there. With that money they went into business in a four person partnership, initially he made some profit in the business then he suffered some financial loss. My friend knows that I am involved with Bitcoin. He got some ideas about Bitcoin from me. So he wants to invest money in Bitcoin. I didn't tell him anything about the risk of investing. Since he wants to invest, should I advise him to invest?

Don’t ask him to invest in Bitcoins, just say him how the investment with Bitcoins works. If he wants to invest then it’s completely up to him. Investments are not done on other peoples advice. Moreover, all types of investments have risk so yes, if he wants to invest in bitcoin, then make sure that he can take the risk. Yes, as we are bitcoin members, we know that how bitcoin have done previously. So yes, investing in bitcoin can be a wise decision. But he should understand the risk and invest only through his own will.

That is why it is better to simply ask those you inform about Bitcoin and the investment opportunities it provides to do their own research before they get involved so that they understand all the risks and rewards that they will be entitled to if they get into Bitcoin or cryptocurrency investments and so that they don't blame you later on if things don't go the way they might have expected because we know how unpredictable crypto market can become at times.

Generally, people who get into Bitcoin or cryptocurrencies as newbies tend to think that they will get a lot of wealth through it in a very short period of time which is not always the case, people only get rich sometimes by investing in meme coins which suddenly gain significant value due to community hype but that doesn't happen all the time and it only happens to a few people.

Mpamaegbu

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Quote from: Blitzboy on June 18, 2023, 10:42:32 PM

Transparency is paramount. Bitcoin, while promising substantial returns, is also unpredictably fickle. Market fluctuations can occur wildly and without clear reason, rendering Bitcoin more speculative than stable. The final call is your friend'. Your duty, though, is to provide the full scenario, not just the attractive slices.

Sincerely, I don't know why anyone should be dodgy talking to people about the complete embodiment of what Bitcoin is just to hoodwink them. It smacks of deceit. I believe those who do this are those who profit from referrals as they need more people to join in whatever scheme they run. While I trust Bitcoin investment in terms of stability more than any alts, the first thing I still do talking to anyone about investing in it is to let them know of the risk also associated with it. No business is immune to risk and loss.

Sebas.tian

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You need to tell him about the risk involved in Bitcoin investment before advise him to invest in Bitcoin, so that he will not be looking at you as a bad person who don't want his progress which is very common among other business men. If that your childhood friend can take your advice and invest in Bitcoin, I believe he will not regret for the choice, if only he can apply long term holding which is the easiest way many potential traders used to embraced huge amount of money from Bitcoin investment. Don't forget to tell him to buy Bitcoin when the price is low and hold until the price increase higher to his satisfaction before he can release for sale to make a good profits.

Blitzboy

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Remember, all investments, especially Bitcoin with its infamous volatility, are fraught with risks. Given your friend's history of financial setbacks, its vital to make him aware of Bitcoin' potential pitfalls. Transparency is paramount. Bitcoin, while promising substantial returns, is also unpredictably fickle. Market fluctuations can occur wildly and without clear reason, rendering Bitcoin more speculative than stable. The final call is your friend'. Your duty, though, is to provide the full scenario, not just the attractive slices. Emphasize that investment isn't a profit guarantee, but a measured gamble.

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Quote from: posi on June 18, 2023, 09:12:35 AM

Quote from: kryptqnick on June 18, 2023, 08:29:32 AM

Quote from: synchronym on June 15, 2023, 01:58:17 AM

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Bitcoin investment is like business, there is a chance of success but also a possibility of failure and loss. Since his friend has failed in business it will be easy for him to understand the risks involved, so OP needs to talk about all the risks he can take when investing in bitcoin. It is better that OP should only provide necessary information and documents to his friend, not give any advice or invite investment. The investment is personal to each person, so it should be an independent decision of each individual, we are not responsible and cannot guarantee anything for them, so we should not interfere in their decision.

Even with the friend already knew the risk, There’s still a high chance that his friend will blame him in case his friend Bitcoin journey went bad. The OP doesn’t have anything to gain when he gave an advice while his friendship is at stake in case something goes. Giving a financial advice is really a bad idea because you will just getting a responsibility on someone’s financial decision.

Yes introduction of Bitcoin is really good but given the circumstances of his friend that recently suffer on business losses. I think he will do a lot of risky investment on crypto just to recover losses quickly.

If I were the OP, I will just gave a friendly advice or companionship but not a financial advice since his friend is on a financial crisis. Let them decide for their own then introduce Bitcoin when they are already stable.

Lorence.xD

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It's actually good to find some opportunities and explore more other investment than business, since if it's not for you despite you have the money and knowledge but if you think it really doesn't suit you to run a business then it's better to stop and find another investment. From your post OP, you could give them the basic knowledge about Bitcoin like it's volatility. You really need to mention the risk involved since some people only aims for the good side and forgetting that in investment there's a risk of losing assets. You could tell him "do your own research" then it's up to him alread, it's hard to get rely on and blamed for losing other's funds which is fro mmy experienced.

posi

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Quote from: kryptqnick on June 18, 2023, 08:29:32 AM

Quote from: synchronym on June 15, 2023, 01:58:17 AM

For several days now my friend has been asking me for some advice. Telling me that he wants to invest some of his money, telling me where to invest it. My friend works in a private company and he has saved some money from there. With that money they went into business in a four person partnership, initially he made some profit in the business then he suffered some financial loss. My friend knows that I am involved with Bitcoin. He got some ideas about Bitcoin from me. So he wants to invest money in Bitcoin. I didn't tell him anything about the risk of investing. Since he wants to invest, should I advise him to invest?

Giving financial advice is never a good idea. People will blame you if anything goes wrong. If it's your friend, I think you can spend some time to tell him about Bitcoin. You can say that it's a new kind of money compared to how things have been done throughout human civilization, but that it's also only legal tender in a couple of countries, whereas many others treat it as an asset. You can also point to a price chart to show that Bitcoin seems to grow over time, but also easily loses well above half of its value in a bear market, which can last for years. It's also worth mentioning that there's never any guarantee that Bitcoin will truly recover from a particular bear market. Investing in Bitcoin should be a responsible personal decision of a person who understands the risk.

Bitcoin investment is like business, there is a chance of success but also a possibility of failure and loss. Since his friend has failed in business it will be easy for him to understand the risks involved, so OP needs to talk about all the risks he can take when investing in bitcoin. It is better that OP should only provide necessary information and documents to his friend, not give any advice or invite investment. The investment is personal to each person, so it should be an independent decision of each individual, we are not responsible and cannot guarantee anything for them, so we should not interfere in their decision.

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Quote from: synchronym on June 15, 2023, 01:58:17 AM

I didn't tell him anything about the risk of investing. Since he wants to invest, should I advise him to invest?

If like you said, your friend have invested in business before now, and now, he wants to invest in bitcoin, it is rather common sense to know that anything that has to do with investing money carries various degrees of risks with it, no matter how legitimate the so called assets or business being invested in is..

But then again, it is still your responsibility to let your friend know the risk involved with investing in bitcoin, and crypto currencies at large, this is if he's a complete newbie to crypto though, if he is not a newbie, I believe that he should already without being told, know the risks involved, and by the way, make sure he begins he's crypto investment with Bitcoin, bitcoin is the safest crypto coin to invest in, most especially for newbies, bitcoin is the crypto coin with the lowest risk.

CODE200

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Quote from: crwth on June 18, 2023, 04:25:49 AM

Isn't that always the case when you are doing business? There's always going to be a risk of losing everything and maybe you are going to lose it all if you have done something wrong. Let him know that it is his decision and make his decision on hiimself and not blame you. He could do a lot of things for investing, like trade, loan, stake, etc. He should pick one and do what is best for him.

Well, yes there is risk but if your business has a plan and you've done your SWOT analysis, the risk is almost always averted or most of the time minimized. Totally on your side about the liability though, OP needs to make sure that the investment is his friends idea and that the final decision is his friend's because most of the time, people that recommend bitcoin or crypto as an investment tend to forget that it's other people's money that they're advising to be invested and they end up having to get the blame when that person experience loss because the market is going down.

To everyone that has been asked advice before regarding investing in bitcoin, it's a good habit to form that you drop in a disclaimer that it's their decision and that they shouldn't blame you and that you've just given them the information that they need to know before getting into it.

Yatsan

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Depends on the situation but for me it is like putting a gasoline to a fire. If he lose from his business, then I guess accumulating funds should be prioritized. I myself have been there. I had a small business before and unfortinately, things ended up bad. I applied to be an employee and when I got back with savings, I started to invest in this technology. I know how bigger the risk is, in crypto industry. So I made sure I would be able to sustain my daily expenses. I'm not saying that this is the right thing to do but it worked well for me.

Quote from: kryptqnick on June 18, 2023, 08:29:32 AM

Quote from: synchronym on June 15, 2023, 01:58:17 AM

For several days now my friend has been asking me for some advice. Telling me that he wants to invest some of his money, telling me where to invest it. My friend works in a private company and he has saved some money from there. With that money they went into business in a four person partnership, initially he made some profit in the business then he suffered some financial loss. My friend knows that I am involved with Bitcoin. He got some ideas about Bitcoin from me. So he wants to invest money in Bitcoin. I didn't tell him anything about the risk of investing. Since he wants to invest, should I advise him to invest?

Giving financial advice is never a good idea. People will blame you if anything goes wrong. If it's your friend, I think you can spend some time to tell him about Bitcoin. You can say that it's a new kind of money compared to how things have been done throughout human civilization, but that it's also only legal tender in a couple of countries, whereas many others treat it as an asset. You can also point to a price chart to show that Bitcoin seems to grow over time, but also easily loses well above half of its value in a bear market, which can last for years. It's also worth mentioning that there's never any guarantee that Bitcoin will truly recover from a particular bear market. Investing in Bitcoin should be a responsible personal decision of a person who understands the risk.

Sharing idea is not a bad thing. No one to blame in the first place 'coz no matter what advice you get, it depends solely to yourself whether to do it or not. Decision would still be on your end and if things would go bad, it will still be because you decided to follow other's advice, therefore you took part with things in the first place.

kryptqnick

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Quote from: synchronym on June 15, 2023, 01:58:17 AM

For several days now my friend has been asking me for some advice. Telling me that he wants to invest some of his money, telling me where to invest it. My friend works in a private company and he has saved some money from there. With that money they went into business in a four person partnership, initially he made some profit in the business then he suffered some financial loss. My friend knows that I am involved with Bitcoin. He got some ideas about Bitcoin from me. So he wants to invest money in Bitcoin. I didn't tell him anything about the risk of investing. Since he wants to invest, should I advise him to invest?

Giving financial advice is never a good idea. People will blame you if anything goes wrong. If it's your friend, I think you can spend some time to tell him about Bitcoin. You can say that it's a new kind of money compared to how things have been done throughout human civilization, but that it's also only legal tender in a couple of countries, whereas many others treat it as an asset. You can also point to a price chart to show that Bitcoin seems to grow over time, but also easily loses well above half of its value in a bear market, which can last for years. It's also worth mentioning that there's never any guarantee that Bitcoin will truly recover from a particular bear market. Investing in Bitcoin should be a responsible personal decision of a person who understands the risk.

demonica

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Your friend already experienced losing in an investment yet he still want to take a risk investing in Bitcoin. It probably means that he isn't afraid of losing. Maybe he's not the type of person that when he experienced losing, he will give up and will be scared to give it another try. I think it's a good attitude towards investing. He's not losing hope. Giving him some advice won't hurt, and in fact, it will help him decide whether he'll continue to invest in Bitcoin or not. With your advice about the pros and cons of Bitcoin, it will definitely help regarding the choice he'll make. For sure, he's already aware about the possibility of losing since he already experienced it and that he should be more careful to minimize it.

irhact

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Quote from: synchronym on June 15, 2023, 01:58:17 AM

For several days now my friend has been asking me for some advice. Telling me that he wants to invest some of his money, telling me where to invest it. My friend works in a private company and he has saved some money from there. With that money they went into business in a four person partnership, initially he made some profit in the business then he suffered some financial loss. My friend knows that I am involved with Bitcoin. He got some ideas about Bitcoin from me. So he wants to invest money in Bitcoin. I didn't tell him anything about the risk of investing. Since he wants to invest, should I advise him to invest?

Why did his previous investment failed, what happened. You need to know that so you can advise him correctly to avoid making similar mistakes while investing in Bitcoin. Some individuals don't have patience and they can be too worried about their profits investment that it makes it difficult for them or others that they get into business with to profits. Investing in Bitcoin is a personal decision but some people need extra help.

Encourage your friend to buy Bitcoin and hold it in his non custodial wallet that's open source so he owns the private key to his wallet and constantly monitor him so he doesn't make any decisions that he'll regret when Bitcoin starts pumping next year that halving is happening.

Topic: Interested in investing in Bitcoin my childhood friend after losing business (Read 456 times)