Interested in investing in Bitcoin my childhood friend after losing business

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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.

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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.

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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.

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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.

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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.

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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.

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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.

lizarder

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

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.

Is there the closest source that directs us to find out the causes of their financial losses, is the business they run with bankruptcy?

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

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?

If the investment knowledge he has is lacking, financial losses will also end like the business they run because of the true investment and business both use money. Although bitcoin can bring someone to be more independent in financial, but without knowledge and is unable to control risk it will not end satisfactorily.

You need to teach him about risk control and nothing is instant in investment, therefore your friend must also understand how to invest correctly and not enough just by listening to bitcoin from others for trying to invest.

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Quote from: Z_MBFM on June 17, 2023, 08:11:07 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?

Expressing interest in Bitcoin is a good idea. because Bitcoin will play a big role for the digital world and already the use of Bitcoin is widespread and big companies are also starting to decide to accept Bitcoin. and it is certain that bitcoin will be used more than paypal for international payments in future days. the price of Bitcoin is always volatile and the price goes up and down due to which it is very easy to earn by holding or trade Bitcoin. but your friend should know that there are also risk here

I am not sure if bitcoin will be used more than Paypal in the future because accepting bitcoin as a payment method is facing a lot of difficulties, most of them just see bitcoin as a commodity to trade a lot rather than a means of payment.
And I also disagree when you say that making money from bitcoin is very easy thanks to its volatility. To be fair, many people have become rich by holding or trading bitcoin, but there are also many people who have lost money investing in bitcoin. So it can't be said that making money from bitcoin is very easy, it all depends on the bravery of each person.

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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?

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.

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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.

Outhue

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The risk of investing in Bitcoin is where you should have started your Bitcoin initiation from.the beginning with your friends, you are making them feel like Bitcoin is totally risk free and they will get rich soon, sorry OP, you are not fit to introduce Bitcoin to people.

You simply gave them what they want to hear, the easiest way to make money without any worries or risks, this is wrong OP, some friends won't tell you a lot about the money they want to use for the investment until they invest and things are looking stagnant, that's when you will hear their cries.

Trust me, I have been there and I have learned my lesson, always tell them the scary side of investing in Bitcoin first and see how they will react, maybe they planned to invest 10000 and after hearing about the risk, they decide to limit the amount to 2,000$, it's still better this way.

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Suggesting I don't think it's necessary, it's enough to provide investment information what is good if he is included in the community of people who invest in crypto, naturally your friend will definitely understand and know which coin he can invest in
and don't forget you also have to provide risk information that can be obtained if we invest in crypto. because wherever we invest, we will definitely experience losses, not always get profits

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investing in btc will of course be better for the long term, and also investing in bitcoin is very risky, so it's different from the business your friend runs which usually makes money very fast. so investing in btc it won't make our rich overnight, unless we buy btc and after that we buy and then hold it suddenly the price goes up to $1000000000 and we manage to sell at $1000000000 then we will definitely be rich if we buy 2 bitcoin.

so you have to tell the risks of investing in btc to your friends.

Faisal2202

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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?

Before advising him to invest in BTC, teach him about the risk involved in crypto and how volatile it is, because no wonder one made awesome profits but there is a person too, who lost. So, tell him the basics such as:

Bitcoin purpose
How it is a hedge against inflation?
When to invest in BTC and when to avoid entry
Risks involved in it
Difference between Trading and holding, like either your friend wants to do trading or holding it for a longer period of time.
If, your friend chose to do trading then, as a newbie suggest he to avoid future trades and ask him to do spot trading
Bitcoin Halving
How much profit he/she wants to gain? like stop loss is necessary
How to avoid market sentiments
Tips and methods to accumulate BTC for longer period of time

I might have left many basic points, but you should figure out because your friend has asked you and you know his nature of him so tell him accordingly and do no hiding anything from your friend just to make sure that he invests in BTC, AFAIK, your friend has some money and he is too eager to invest in somewhere but he must have the knowledge that how much profit he is expecting from investing in BTC.

bluebit25

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Opening to newbies also needs to be clear on various issues, ask yourself whether you and your friend really understand investing, or simply know how to use and earn. be profitable in different things. I think it's a good idea to start by helping them understand more about investing, as well as better understand bitcoin, how the risks and return will appear, how to manage capital and goals when participating. Instead of being seen as a manipulator, convey information in a clear, targeted, risk-free manner instead of flashy offers regarding potential.

landheer

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Your friends benefit from their business with their friends, but in the end they suffer losses.

I think investing in bitcoin is the same as other businesses, which of course is at risk of getting losses and profits.
so I think you should tell your friends that investing in btc is very risky.
so if he invests in btc and gets a loss he won't blame you, because you have told him the risks of investing in btc.

wxa7115

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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?

You need to be very open about the real possibility of losing money by investing in this market, especially since your friend is just coming out of a situation in which he suffered a financial loss.

Whenever I hear that I take it as a red flag, as this is similar to what happens to a poker player which is on tilt, they are not thinking rationally and they want to recover their money as soon as possible, a situation that leads them to make yet another mistake and lose more money, and your friend seem to be on that state of mind, so do what you can to discourage him to invest on any asset until his thoughts are in order.

GreatArkansas

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

(.....)
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?

Being honest is always good especially that is your friend. Tell him what he will possibly get for investing in Bitcoin because you know that it is not 100% guaranteed.
Also, encourage him to do thorough research, and tell your friend to do as much information gathering as they can before putting their hard-earned money into investment.

LittleBitFunny

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Quote from: serjent05 on June 17, 2023, 05:12:37 PM

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?

You must make it clear that you tell him about the risk of Bitcoin investment. I think it is very crucial for your friend to invest in Bitcoin without knowing the risk he has to face when he invests in Bitcoin. You as a friend should feel responsible of telling him the pros and cons of Bitcoin investment. Then after he heard it, you do not need to push him into investing in Bitcoin he himself will know whether it best to invest in Bitcoin at the current market condition.

Giving investment advice to others is already a bad idea, and even worse if we try to hide the risks they may take. In my opinion, OP shouldn't just talk about the risks of investing in bitcoin, he should emphasize it to his friend because investing in bitcoin is really risky. Hiding the risk won't help his friend and will even hurt your friendship.
I agree with your advice, OP should not push or force him to invest. We should let him decide everything because he is investing with his own money and his own rights and interests.

Latviand

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First of all, are you a certified financial advisor? If not then it's best that you tell your friend about the risk and rewards involved in bitcoin investing, it's for your own safety in case your friend tries to blame you when they experience any losses. Remember that your friend has losses in businesses prior to asking you to invest in bitcoin so keep that in mind that your friend probably wants a fast route to recoup the losses that he's got. Satisfy their curiosity OP but tell them all the negatives, helps them formulate their own decisions, I'm sure your friend will understand that you're warning them about the risk if you talk about the negatives, he/she is a childhood friend after all.

Z_MBFM

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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?

Expressing interest in Bitcoin is a good idea. because Bitcoin will play a big role for the digital world and already the use of Bitcoin is widespread and big companies are also starting to decide to accept Bitcoin. and it is certain that bitcoin will be used more than paypal for international payments in future days. the price of Bitcoin is always volatile and the price goes up and down due to which it is very easy to earn by holding or trade Bitcoin. but your friend should know that there are also risk here

Japinat

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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?

You ought to tell him everything what you've learned and know about cryptocurrency and bitcoin, to be specific. Because it's you where he got some idea about bitcoin yet he is not that well informed about the reality where there are risks entailed with every coin in the market and before he start to invest, you should be aware if he already did his research first before he starts to deposit some funds so that he will not be surprised about the phenomenon we have.

Oilacris

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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?

On the time that your friend approaches you to invest and since you havent explained to him about risks then better you have to, make him/her aware about the risks of losing money because this isnt

a market which would be guaranteeing profits or something that would be talking about this would be a sure back up plan specially to those who get bankrupt. This isnt a viable option i would say because we know that in crypto space on which everything is still that unpredictable and there's no way that we could be able to tell on where it would be going.
If your friend do pushes you on investing then better not to make assurance so that you wont really be getting blamed in the end of the line. Dont make out some assurances
and tell him about on making in depth research and studies about the pros and cons of it.

serjent05

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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?

You must make it clear that you tell him about the risk of Bitcoin investment. I think it is very crucial for your friend to invest in Bitcoin without knowing the risk he has to face when he invests in Bitcoin. You as a friend should feel responsible of telling him the pros and cons of Bitcoin investment. Then after he heard it, you do not need to push him into investing in Bitcoin he himself will know whether it best to invest in Bitcoin at the current market condition.

Crypto Library

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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?

Since he was not involved in cryptocurrency and doesn't know about the risks of investing here and you didn't inform him about the risks,So I think your initial advice should be to mention to him all the risks involved in investing here.
There is no need to suggest or advise him to invest in Bitcoin or other cryptocurrency. After knowing the risks of investing here, if he wants to invest, it is his personal matter.
Another thing I notice is that you are a member of my local community so before investing in crypto currency let your friend know about the current state of our government regarding this. Those who are associated with investment in cryptocurrency are currently facing a lot of pressure. Bank sectors are going to be more and more strict now so I would suggest your friend to learn the safety issues well before investing here now because one mistake in the new situation can make his life miserable.
Moreover, I will request you to show this picture below to your friend.

Quote from: Z_MBFM on June 07, 2023, 09:27:54 PM

Agbe

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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?

You can advise him to invest but don't invest for him. Tell him the risk involve in bitcoin, though later when he has understand how the market is, he will not have that FUD on bitcoin again. He will build the confidence to over come the fud and the risky. One thing I am trying to understand these days is that, investing in bitcoin does not need too much knowledge. And where knowledge is very much needed in bitcoin is trading. If you want to trade with bitcoin then you have to get enough knowledge to trade if not you will just loss everything at once. Tell him the different between investing and trading, so you wi choose where to go.

acroman08

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

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?

from your post, it seems that your friend has very little to no knowledge about Bitcoin. bitcoin is volatile, and investing in it without knowing anything about its market could lead to financial loss. the best thing you can do for him is tell him the risks he is going to take by investing in Bitcoin, if he is still interested after you lay out the risks to him, encourage him to learn more about Bitcoin before investing any money in it.

Sanitough

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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?

Educate him first about bitcoin and its highly volatile crypto market. Talk about the risks and challenges when investing in bitcoin, and how it can bring life changing profits or losses in your life. Tell him to do his own diligence to research more about bitcoin and when he’s done, let him decided on his own if he’s still willing to invest or not. That way, whatever the consequences he may face, at least you’ll not be the one to be blame when he suffer some losses.

m2017

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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?

If your friend wants to invest in bitcoin, then why shouldn't he do it, since he is already interested in it. But first, let him invest a small and insignificant amount. Even with the fact that you didn't tell him about the risks, nothing bad will come of it. But his wish will be fulfilled, and he will also get the first experience of interacting with btc. Then, let him act at his own discretion, whether to increase the investment portfolio or not.

P.S. Of course, you must tell your friend about the risks and other nuances associated with cryptocurrencies, such as safekeeping. But judging by that story with his business of four participants and subsequent financial losses, then your friend, by personal example, faced risks and, in fact, already has an idea about this.

It will also be important to inform him that you don't have unlimited knowledge about bitcoin and therefore, after your introductory information about it, he himself will have to look for and study additional information about btc. Fortunately, in the age of the Internet this is easy to do and the bitcointalk has already existed for many years.

It will be good if one day your friend will create an account here and tell this story already on his own behalf mentioning you.

Jawhead999

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Don't convince him to invest in Bitcoin because you're involved in Bitcoin, if he's only looking to earn profit in Bitcoin, it's better if you tell all the possible bad reason can happen if he invest in Bitcoin e.g. must hold at least for four years, must learn about security, trust no one etc. If he can't accept that, you should advice him to invest what he believe and don't become a friend who's advice or making a decision for your friend because if he lose, he will mad to you.

lixer

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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?

What's the fear that you have talking about the risks involved with investing in Bitcoin or cryptocurrencies in general? What's the worst that could happen? He might change his mind, so what? He needs to know everything before he gets himself involved so that he doesn't call you out later on if his investment doesn't go the way he might have expected, so for the sake of your own safety, you should tell him everything very clearly.

I would suggest you tell him everything you can that you know and then tell him to do his own research for the peace of his mind, because you might tell him everything but he may miss some information from you that he might find somewhere else, so it's always better to advise someone do to their own research as well before making any investments.

justdimin

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Quote from: laurenB7742 on June 15, 2023, 04:04:49 AM

If it were me, I wouldn't give any advice to my friends because I don't want to be blamed or our friendship will be ruined because of money. Instead, I will give him all the documentation and knowledge about bitcoin I know to him. I would advise him to find out everything before making a final decision.

I don't know if you don't want or haven't had a chance to explain the risks of bitcoin to your friend. But I think you should focus on that rather than just talking about bitcoin profits. Hiding it won't help your friend get better results in investing.

This is exactly why I do not ask my friends to invest, hell it is not even nice to ask for birthday gifts lately I learned. My birthday is coming up, and they were all coming to celebrate with me, and there was this game I wanted to play, and told them you do not have to get me any presents, just get me wallet code so I can buy the game, and some of them took offense to that for some reason.

However, when money is involved, it is not nice to do anything for a friend but help, if you help them get more that's lovely, but if it goes down then it is going to ruin some part of your friendship and shouldn't be done at all. I hope that it gets better in the future and humans could finally talk about money a lot easier without worrying about it, but I can't really bother with it until then, just let them do what they want and I won't be part of it.

someone703

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You should share your own experience with Bitcoin to provide a real perspective. Sharing your own journey and experience can help your friend better understand the potential rewards and challenges associated with investing in Bitcoin. Furthermore, you must emphasize risks and encourage thorough research to avoid misconceptions and unrealistic expectations. This can help your friend develop a comprehensive understanding of Bitcoin and its investment potential. Encouraging them to delve deeper into Bitcoin technology, market dynamics, and potential risks will equip them with the knowledge they need to make informed decisions.

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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.

Take it easy on the financial advice that you give when you are not a financial expert, even if it is to your friend.

A funny but wise video that I saw sometime about giving advice to friends when they demand it, says we should always add "well, I don't know though" at the end of every advice you give in field where you know you are not an expert. Funny, but the purpose is to act as a disclaimer should they want to blame you tomorrow for any action they finally take.

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

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?

Your friend should know everything about what he is about getting into. There is no need witholding any information even about the risk involved from him. Him understanding the risk involved, will help your relationship with him so he does not blame you tomorrow for not letting him know.

xSkylarx

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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?

Your friend is a smart person for sure; he knows what he is getting into, and even if you don't tell him the risk, he will eventually know it, as he has been a business owner before, and their number one thing to do is do research on risk and how to lessen it. What I've suggested you do is guide him on where to start, introduce him in this forum, provide YouTube videos and articles, and mostly tell him that investing in Bitcoin is like riding a roller coaster.

Dr.Bitcoin_Strange

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It's not a bad idea to introduce something relevant and very cool to people, mostly when you stand as evidence of success in what you preach. I don't know if you have bought some bitcoin already because it will build full confidence in you to convince your friend you have enough experience with bitcoin. Imagine someone who bought Bitcoin at $30k and sold it at $20 because of panic telling another of his friends to come and invest in Bitcoin. You have seen the other important things that other members here deem necessary to educate your friend about before investing in Bitcoin.

In bitcoin investment, security and privacy should be his priorities. Every investor must know that investing in Bitcoin is not mostly a short-term investment.

SOKO-DEKE

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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?

It's fantastic to invest in bitcoin because I see it as good investment. But now that your friend has made the decision to invest in bitcoin, make sure he understands every aspect of it. If you can, try to teach him more about it or provide him some articles.I tell him to read up on Bitcoin and conduct independent research on it.

Giving your friend an advice to invest in Bitcoin may not be a good idea as for me because he may not understand how the Bitcoin market operates. However, I will advise you to encourage him to do his own research, and I believe that will help you if anything goes wrong in his Bitcoin investment in the future. This is because Bitcoin is a volatile digital currency, and its price may drop to a certain level as a result of a bear market currently. New investors may easily get worry if market didn't go the way they want and they may end selling their investments at lost, and after they will like to to blame on anyone that advice them to invest.

safar1980

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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 a little about the risk management system. Buying bitcoin is probably less risky when buying other cryptocurrencies, but the crypto market loves to take money from newcomers. If he invests all his money in bitcoin, then he too may lose the investment or lose bitcoins on the exchange. Advise him a good secure wallet.

leonair

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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?

Business helps a person to develop a lot financially, but to get something good from business, he must learn business techniques. but a person doesn't need to do much analysis or strategy to invest in bitcoins, just buy and hold bitcoins to get profit. But investing in Bitcoin is much higher risk than business. you should explain this to your friend first. If your friend can accept this risk then he can invest in Bitcoin. But another thing you should do is teach your friend how to hold bitcoins safely and then your friend can make his personal decision whether to invest in bitcoins or not.

aioc

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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?

Investing in Bitcoin always involves risk and a long wait for the profit, it will have a serious strain on your relationship if he invests and you did not tell him the many things including the risks involved in investing in Bitcoin, you have to be honest and open to your friend if you have told him about the good side, you should also tell him about the bad sides.

Now after you told him both then ask him and let him decide if investing in Bitcoin is something that he really wants, after he loses his business ventures, he understand the risk factors in investing in every venture, so he can decide but you have to be honest.

Because of the high volatility in investing in Bitcoin, investors should be aware of the many sides of investing in a highly volatile market, your friend has the right to know, so give to him.

ultrloa

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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?

He might suffer for another financial loss again if he will not be careful on dealing with Bitcoin. So best is to advice him to read or research first before entering the scene since telling him to invest at this early might give him wrong expectation that if he invest a large amount of money he became rich so quickly. So guide him up by sending some good article to read like its benefits and also the scams then the other risk involve.

lovesmayfamilis

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How many accounts do you have, OP? You appeared on the forum for the pizza baking contest; therefore, you can hardly be called a newbie, since your goal was defined as getting merit. But you, like many from your country, Bangladesh, forgot to mention that Bitcoin is banned in your country. Therefore, talking about investing in Bitcoin and, moreover, campaigning your friend would be another crime under the law. As I have repeatedly said on similar topics, it is strange to me why people advise people but cannot show them the right way out. Show your friend the way to the forum. If he is not a stupid person, then he will find the right answer for himself. It's always better to hear the opinion of the majority of people, have several options, and do your own analysis.

rozak

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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 you also invest in Bitcoin, then you can tell everything you know to your friends. including the risk of Bitcoin investment. but you also have to provide a solution to minimize the risk. such as having a hardware wallet to store Bitcoins and several ways to deal with panic situations in market conditions.
Your friend has good intentions to improve his finances. but I hope your friend still has income from his work and does not consider this investment as a source of income.

Franctoshi

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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?

Investing in Bitcoin is always never a problem, But getting the knowledge and understanding of how the industry works before getting involved, basically educate him on the risks that are associated with trading cryptos and the volatility nature of Bitcoin as well, hence their is a second chance that he's also going to lose if proper knowledge is not gained or acquired.

superman184

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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?

If the desire to invest comes from the bottom of his heart, you also won't go wrong if you tell him the advice for investing in Bitcoin. As long as you also have to say how the risks are so that he can understand the risks and be able to deal with them himself when what he hopes for doesn't happen to his investment, apart from that you also have to advise him to keep working at a company or open another business that he can master so he can continue to earn real income while waiting for income through the investment he wants to make.

After all, the failure he has experienced can also be a valuable experience and the key to starting another business with the hope of becoming more successful, because there are many investors who, after investing, still work at their main job. So it won't be wrong if your friend also tries to keep working while investing in Bitcoin, that's a little advice from me to your friend.

348Judah

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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.

Introduce bitcoin to him, let him have interest and don't force him to invest, ask him to research about it personally and ask you on areas he's not clear with, let him know the risk involved and make decisions for himself, you can site out many examples for him to learn from and probably introduced him to the bitcointalk community here to deepens his learning if found interested in bitcoin, additional, advise him to also invest on other profitable assets aside bitcoin like gold or real estate investments to have more than one investment made.

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

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?

It will be very bad of you not telling him the risk involved because bitcoin is not a scheme to make money as they like or thought, which this is part of what he would have expected from you to tell him that han discovering losses after he invested, it may appears you're a liar or hide things from him about bitcoin which he should have known.

aoluain

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So everyone is talking about "investing" and "risk", it really comes down to education.
In order for anyone to even consider those two topics they need to be educated about
what they are getting into - Bitcoin

Why it was created
How it works
The benefits Bitcoin offers
How to store it and how not to
How the markets work
The Bitcoin halving cycles and the "4 year cycle"
Explain the concept of patience
Explain how FOMO and FUD happens
The risks of falling into the seemingly easy opportunities of $hitcoins

After all those discussions it would be up to your friend to make the choice and be
comfortable that you wouldnt be responsible if somethings goes wrong
for the "investment" and without that knowledge there would be a very high chance
wrong decisions would be made.

mk4

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Don't tell him to invest or to not invest. Give him educational material then let himself decide if he wants to invest or not. Simple as that.

* If he likes reading articles: https://coindesk.com/learn
* If he likes reading books: https://theinternetofmoney.info/
* If he likes watching videos: https://www.youtube.com/playlist?list=PLPQwGV1aLnTuN6kdNWlElfr2tzigB9Nnj

Security related:
* https://chainsec.io
* https://www.lopp.net/bitcoin-information/security.html

If he wants to get more technical
* https://github.com/bitcoinbook/bitcoinbook#chapters

hZti

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You can just simply bring your friend to this forum where he can ask any question he would like. Here is unlimited professional information that can probably help him a lot. Maybe he is interested in starting a new business in the crypto world or something like this.

If you are not very much informed about bitcoin yourself it is probably not the best idea to teach other people about bitcoin, but you may provide them with useful things to read.

eightdots

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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?

It would be wrong to get an opinion from someone who doesn't talk about the risks of investing. I think you should not give advice and direct your friend to consult someone else. When describing such an investment tool, it is necessary to talk about its risks first. After all, your friend will invest his savings there, and he has the right to know the pros and cons. Actually, it's strange that your friend didn't ask you about the risks.

bayu7adi

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Encouraging your friend to invest in Bitcoin is not misguided. Share with them the remarkable journey you've experienced alongside Bitcoin, so that they may be truly prepared to embrace the realities that await them. Mere tales of profits can inflate their expectations to great heights. However, it is essential to recognize that Bitcoin remains an asset laden with considerable risk.

Ensure that your friend also delves into understanding the intricacies of Bitcoin's functioning and the dynamics of its market, so as to avoid misconceptions in the face of adversity. Let us not permit your friendship to be jeopardized merely due to misunderstandings regarding money and the enigmatic realm of Bitcoin.

SeriouslyGiveaway

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When you are in losing, you should take a break and don't try to recover your loss.

Because when you are losing money, your minds will no longer be good as when you are in a normal status. Having ability to take a break is important when you are losing money or you are in profit. Because in very negative or positive mood, your minds will not be calm and you will be keen on making more mistakes.

laurenB7742

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If it were me, I wouldn't give any advice to my friends because I don't want to be blamed or our friendship will be ruined because of money. Instead, I will give him all the documentation and knowledge about bitcoin I know to him. I would advise him to find out everything before making a final decision.

I don't know if you don't want or haven't had a chance to explain the risks of bitcoin to your friend. But I think you should focus on that rather than just talking about bitcoin profits. Hiding it won't help your friend get better results in investing.

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

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.

For the reason I quoted above I don’t think it is best for you to advice him to invest rather tell him the risk and the profit he might be getting from the investment and then let him make the decision of either investing or not. If your friend is coming straight into bitcoin invest right after loosing in his business then I think you friend is looking for way to help make up for his losses and probably might have seen how you have gained profits from bitcoin in the past and that is why he wants to invest in them. With such narrative it will be hard for him to hold for long because that is the easiest and safest way to earn profit from this space. And also as a person you shouldn’t be keeping the risk away from him just because you want him to come into bitcoin, any losses incurred by him will definitely be blamed on you. So best his give him the necessary information and allow to make his own decision

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You can advise him to invest when you have explained the risks. I'm afraid that when the bitcoin price drops, your friends will blame you for this. IMO, it's best to explain everything about the advantages and risks of investing in bitcoin or crypto. after that, try to suggest that he do his own research. when he is ready to invest in bitcoins, you just have to tell him to come to you to know where to exchange or where to buy bitcoins and a safe place to store them. Besides that, make sure that all the risks that can occur are beyond your responsibility.

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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 you don't want to be blamed tomorrow or create enmity between you and your friend,It is better that you tell him about the risk involve in bitcoin Investment. Let him know that bitcoin is not a get rich quick project,it needs patience and endurance for him to enable him benefit from his investment. Advice him to only use money that he can afford to lose,he should invest in a long term investment so that no matter how dip bitcoin price goes,he wouldn't panic and sell because bitcoin price is volatile and unpredictable. Tell him on how he can keep his bitcoin safe by using a noncustodial wallet to keep his coins and let him not leave his coins in an exchange. Bitcoin has high risk than any other business.

Findingnemo

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Just like any other investments bitcoin also comes with the risk and you mentioned that you have been involved in cryptocurrency related things then probably you already know that so all you need to do is tell about the risk factors and benefits of long term holding and let him decide what is best for him.

Investing in bitcoin when you are not financially stable is like double edged sword so one who take the risk also need to face the consequences but if he can hold the bitcoin for more than 4 years then he won't regret about investing in Bitcoin.

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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.

Yes, you should advise him to invest in Bitcoin but give him the pros and cons of investing without knowing it first. Being transparent and tell him your experiences which will speak for you.

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?

Then, that's the start and you should tell him the risk of investing and since he's into a business before. He surely know that investing into such or any investment or asset bears risk. You just have to explain to him how volatile Bitcoin is and then let him all do the decision making after you explain it to him.

Minor Miner

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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 don't you talk about the risks of investing in bitcoin? You already know that investing in bitcoin is riskier than any other investment.
I don't think advising him to invest in bitcoin would be a wise decision. Instead, you should tell him everything you know about bitcoin, especially you need to emphasize the risks he will face if he decides to invest. Let him decide things for himself, you should not interfere or give any advice, if you don't want to be the one to blame if his investment fails.

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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?

my advice is that you better give him information to invest in bitcoin instead of investment advice. you have to explain to him things about bitcoin, and in particular you need to emphasize that investing in bitcoin is high risk and it is not a get-rich-quick way.

you have to explain to him that you are providing the information for the bitcoin investment because he asked, not because of your will. because according to my experience, usually these ordinary people will blame us if their investment suffers a loss or various other things. so you need to emphasize from the start that all risks are borne by him not you, you are here only as someone who provides education about bitcoin investment.

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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.

Life is usually challenging like this. When you start, it looks rosy like your friend business, profitable first and loss later.

Quote

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.

If you didn't tell your friend about risk, don't tell him about opportunity with Bitcoin. Because risk and opportunity, profit and loss are two sides of a coin, are two parts of investment. An investor must know about both and if you are a tutor of your friend, you must tell him about both.

You must be honest with your story and lesson to your friend, about your loss, profit with Bitcoin and what you learned so far, what you want to avoid in future and what he should not step in shits like you, if you did and escaped successfully from it.

Quote

Since he wants to invest, should I advise him to invest?

Just tell him stay away, if you are not ready to talk about risk.

synchronym

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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?

Topic: Interested in investing in Bitcoin my childhood friend after losing business (Read 455 times)