Know your limit - page 3. | Bitcointalksearch.org

Wakate

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Quote from: DeathAngel on February 17, 2023, 02:14:39 PM

OP you can’t be responsible for your friends decisions. We are all adults here & we are responsible for our own financial decisions. Some people just can’t control themselves but that is not our responsibility. Bitcoin is the best performing asset of the last 10-15 years, anybody with half a brain & an ounce of patience can make good profits by simply holding for a few years.

I don’t have any sympathy for people who start taking loans & pawning out their belongings. This kind of ehavioyr is not required to do well in bitcoin.

since his friend chose to follow that part then he need to be prepared to bear the risk and consequences attached to his decision. Of his decision had went in the positive direction, he would have remind his friend and thank God that he ever followed his advise. Such is life and we should always prepared to learn from other people's mistake, not to wait till it happens to us.
Investing is good but when we do it in the wrong way then we might not make the right choice. We need to ask questions before doing anything or we might regret our decisions.

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Quote from: Kasabus on February 17, 2023, 03:22:10 PM

Greed is the most common reason why such people fail from their investments because they cannot focus on setting plans and actions for the investment to succeed, but rather they resort in thinking that it can make them rich quickly so they should put a huge amount to gain huge returns too, which I think won’t be possible if they don’t know well their investments in the first place. With this, your friend has clearly believe on crypto as a get-quick-rich scheme that’s why his actions are all based on greed and the desire to be fully profitable in the end.

Well, in that case, his friend will only not lose his money but might also lose their trust in each other. He was supposed to listen to what OP said to him for he has experience in the market but if he pushed his decision to put all of his money into his investment, I couldn't think if OP has any interest in helping him anymore. I'd see his confidence in crypto but having such a decision is not advisable and too risky.

Viscore

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Quote from: Crypt0Gore on February 14, 2023, 02:31:59 PM

Avoid ending up like a friend, who used all the money he has to invest in bitcoin and also took a loan, promising the lender that he will pay back when he gets paid in a month, after a month he never received the salary, I warned him doing this, because he has no doubt mixed investment with 'whatever it takes', is it safe to call this greed? I don't know.

Now he wants me to lend him some money to at least pay the loaner back and later settle me, there is more, now I have to send him some money to buy some food.

You don't have to use all your money to invest, even if you are not married yet or have other responsibilities, the best approach when planning to invest in Bitcoin is to buy with some percentage of the money you earning, maybe through business or a job.

If you do this weekly or monthly you won't feel any pressure, always remember that health is wealth.

The problem is your friend do not realized all of these, instead he invest everything he got and now he’s starting to suffer the consequences of his decision, and it seems he wants to obliged you in helping him out from this picture. I don’t want to say go on and help him because he needs you now, but instead help him realize his mistakes and eventually learn from it. Then he can understand you if you leave him solve his own problem if that’s the only way he will learn.

BitcoinPanther

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Quote from: DeathAngel on February 17, 2023, 02:14:39 PM

OP you can’t be responsible for your friends decisions. We are all adults here & we are responsible for our own financial decisions. Some people just can’t control themselves but that is not our responsibility. Bitcoin is the best performing asset of the last 10-15 years, anybody with half a brain & an ounce of patience can make good profits by simply holding for a few years.

But still the guys is @OP's friend and probably a close one, so he can't just turn a blind eye on that person. Besides, it is lending money and not giving money. It means the money he gave to his friend will be returned one day. Helping a friend in need when we have extra is a good feat. Besides saying that our income or fund is more than enough means, it won't affect us financially even after giving the amount of money our friend needed.

Quote from: DeathAngel on February 17, 2023, 02:14:39 PM

I don’t have any sympathy for people who start taking loans & pawning out their belongings. This kind of ehavioyr is not required to do well in bitcoin.

To people who are not close to you, yes, but probably to your siblings or parents, I am sure you wont turn a blind eye on them.

rojan

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Quote from: coinerer on February 17, 2023, 02:20:25 PM

Quote from: DeathAngel on February 17, 2023, 02:14:39 PM

OP you can’t be responsible for your friends decisions. We are all adults here & we are responsible for our own financial decisions. Some people just can’t control themselves but that is not our responsibility. Bitcoin is the best performing asset of the last 10-15 years, anybody with half a brain & an ounce of patience can make good profits by simply holding for a few years.

No one will ever take the financial responsibility of someone else be it a friend or your brother. So always think about any investment or expenses according to your ability. If he thinks more than his ability, he will never be successful. The opposite will be in danger. I must think about my ability before doing anything and I will not accept anyone else's advice or decision blindly

Yes, I also think that before we invest, we should think our own thoughts and then invest. And if we don't do that, we have a big chance of losing money. But I have found that if we start trading on our own in the first place, we will make some money first. If you lose, you can learn a lot from it later and there is no chance to lose any more money.

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Quote from: Crypt0Gore on February 14, 2023, 02:31:59 PM

Avoid ending up like a friend, who used all the money he has to invest in bitcoin and also took a loan, promising the lender that he will pay back when he gets paid in a month, after a month he never received the salary, I warned him doing this, because he has no doubt mixed investment with 'whatever it takes', is it safe to call this greed? I don't know.

Yes, but it appears that your friend did not have enough knowledge about Crypto investment and lacked proper guidance, which is why he did all of this thinking Bitcoin investment is a quick money scheme, similar to how Ponzi schemes scam people.

Quote

You don't have to use all your money to invest, even if you are not married yet or have other responsibilities, the best approach when planning to invest in Bitcoin is to buy with some percentage of the money you earning, maybe through business or a job.

If you do this weekly or monthly you won't feel any pressure, always remember that health is wealth.

It is always advisable here in the forum that " You should not invest the money you can not afford to lose" therefore, borrowed money is a money no wan can afford losing therefore using the money for Bitcoin investment is a wrong idea because the risk is too high.

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Quote from: Yamifoud on February 16, 2023, 05:45:36 PM

Quote from: Crypt0Gore on February 14, 2023, 02:31:59 PM

Avoid ending up like a friend, who used all the money he has to invest in bitcoin and also took a loan, promising the lender that he will pay back when he gets paid in a month, after a month he never received the salary, I warned him doing this, because he has no doubt mixed investment with 'whatever it takes', is it safe to call this greed? I don't know.

He needs investment advice and that is your responsibility now. But based on his statement, doubted if he would listen to you. What I can see is that he already got an influence on what he sees on the internet bringing them a huge interest in putting his money into an investment that he is not really familiar with and does not even have experience with. Yes, that is already greediness and we know what is the possible outcome of such an idea, losing. If he won't listen, that was his decision and I believe you have done with your part already.

Greed is the most common reason why such people fail from their investments because they cannot focus on setting plans and actions for the investment to succeed, but rather they resort in thinking that it can make them rich quickly so they should put a huge amount to gain huge returns too, which I think won’t be possible if they don’t know well their investments in the first place. With this, your friend has clearly believe on crypto as a get-quick-rich scheme that’s why his actions are all based on greed and the desire to be fully profitable in the end.

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Quote from: Vaculin on February 17, 2023, 01:58:49 PM

Investing needs not to be rushed but it takes a good plan before you will start doing it. And when you do, it’s best to invest at a spare money or from your own savings that you can manage to lose, not from a loan amount or money that is reserved to pay the bills. Because we all know that bitcoin investing is for long term, so we should not expect quick profits from it, the reason why we should only invest with extra money that we are not going to use. However, your friend still insist on his own timeline and his own way of investing. Whatever the consequences, he should bear them all responsibly. And you are not obliged to help him at all times, especially if it’s already crossing your limits.

It's not true that when someone expects quick returns on bitcoin investment, they won't get rich overnight unless they have tens of millions to invest. And it is true that it is highly discouraged to invest with hot money I mean unless they are doing it on a specific budget some kind of savings.

In the short term they are just traders, but in the long term they are investors. I think long term options would be better than day trading for those who are not familiar with how the market works. The best option is to buy and hold and profit from it in the long term instead of keeping money in the bank or something like that.

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This is a very sad story and I think not your friend needs to be more and speak more or seek counsel more from people in the Bitcoin community. If he had done this he wouldn't be in the mess he is at the moment. The dollar cost averaging strategy is one of the best strategies with which any newbie can easily without any stress on their finances get into Bitcoin.I just wonder why a lot of newbies ignore this strategy and instead jump into investing in Bitcoin with borrowed money which in the long run makes them lose their peace of mind.

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Quote from: DeathAngel on February 17, 2023, 02:14:39 PM

OP you can’t be responsible for your friends decisions. We are all adults here & we are responsible for our own financial decisions. Some people just can’t control themselves but that is not our responsibility. Bitcoin is the best performing asset of the last 10-15 years, anybody with half a brain & an ounce of patience can make good profits by simply holding for a few years.

No one will ever take the financial responsibility of someone else be it a friend or your brother. So always think about any investment or expenses according to your ability. If he thinks more than his ability, he will never be successful. The opposite will be in danger. I must think about my ability before doing anything and I will not accept anyone else's advice or decision blindly

DeathAngel

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OP you can’t be responsible for your friends decisions. We are all adults here & we are responsible for our own financial decisions. Some people just can’t control themselves but that is not our responsibility. Bitcoin is the best performing asset of the last 10-15 years, anybody with half a brain & an ounce of patience can make good profits by simply holding for a few years.

I don’t have any sympathy for people who start taking loans & pawning out their belongings. This kind of ehavioyr is not required to do well in bitcoin.

Vaculin

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Quote from: Crypt0Gore on February 14, 2023, 02:31:59 PM

Avoid ending up like a friend, who used all the money he has to invest in bitcoin and also took a loan, promising the lender that he will pay back when he gets paid in a month, after a month he never received the salary, I warned him doing this, because he has no doubt mixed investment with 'whatever it takes', is it safe to call this greed? I don't know.

Now he wants me to lend him some money to at least pay the loaner back and later settle me, there is more, now I have to send him some money to buy some food.

You don't have to use all your money to invest, even if you are not married yet or have other responsibilities, the best approach when planning to invest in Bitcoin is to buy with some percentage of the money you earning, maybe through business or a job.

If you do this weekly or monthly you won't feel any pressure, always remember that health is wealth.

Investing needs not to be rushed but it takes a good plan before you will start doing it. And when you do, it’s best to invest at a spare money or from your own savings that you can manage to lose, not from a loan amount or money that is reserved to pay the bills. Because we all know that bitcoin investing is for long term, so we should not expect quick profits from it, the reason why we should only invest with extra money that we are not going to use. However, your friend still insist on his own timeline and his own way of investing. Whatever the consequences, he should bear them all responsibly. And you are not obliged to help him at all times, especially if it’s already crossing your limits.

John Abraham

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Quote from: Adbitco on February 17, 2023, 01:23:14 PM

Anyone who invested with all his savings is just like playing a game of probability, is either you gain or you lose. And family pressure may not give you that opportunity to freely invest all your live savings or indulging scheme where you would want to borrow money for investment.

I would say it's a kind of gambling. You really don't have to invest all your savings on something. No matter how strong the project is or how confident you are. Invest on internet if you can afford to lose. Bitcoin will give you a good return in a long time period. I really believe that. But, you have to wait for a good time. I won't suggest anyone to invest somewhere by taking loan.

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Quote from: posi on February 17, 2023, 06:07:38 AM

Quote from: Adbitco on February 16, 2023, 07:13:13 PM

Only those who doesn't have a family that would likely invest with all their money wanting to get Richer overnight.

Even if you don't have a family, you shouldn't be like OP's friend, debt will make you stuck, involve your parents or make you have negative thoughts. We all know that making money from outside work is not easy, so whether we are married or not, we should not squander our hard earned money. Never invest the total amount or with borrowed money, it will not make us better but instead will be a bleak future with debt.

Anyone who invested with all his savings is just like playing a game of probability, is either you gain or you lose. And family pressure may not give you that opportunity to freely invest all your live savings or indulging scheme where you would want to borrow money for investment.

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Quote from: Crypt0Gore on February 14, 2023, 02:31:59 PM

You don't have to use all your money to invest, even if you are not married yet or have other responsibilities, the best approach when planning to invest in Bitcoin is to buy with some percentage of the money you earning, maybe through business or a job.

it looks like your friend is pushing his skills too hard for a big option. it all depends on how strong he is withstanding the pressure he will get when more financial problems your friend receives.
however he is your friend, even though it is troublesome, maybe you can help him a little regarding needs. instead of giving him money to survive. because maybe he will use some of the money he has to enter the market again.
let him work hard to solve his problems. if the pressure gets bigger, however, he has to let go of the Bitcoin investment he made to solve all the problems.

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Quote from: pixie85 on February 15, 2023, 04:25:56 PM

Quote from: Crypt0Gore on February 14, 2023, 02:31:59 PM

now I have to send him some money to buy some food.

You don't have to do anything. You're doing it because you want to.

I have friends who are shopaholics and spend too much. Sometimes they get a bill and want me to pay for it and I don't do it. I tell them to sell that new dress or shoes they bought and pay the bill. It's not like they need 20 dresses right now, but they have to pay the bill now.

Looks like you need to teach your friend about priorities before you teach him about saving money.

Friends are said to be shoulders to lend on when one is in a tough period. But I think it’s case to case basis too like what happened to your friend. He knows already the risks of investing all in with bitcoin but still he did not listen to you so maybe whatever he is facing right now should serve a lesson to learn. So my advice is never lend him money, let him find the solution to his own problem. But you can give him foods if you want so he can feed himself despite of the consequences he is into right now.

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Quote from: CryptSafe on February 14, 2023, 03:25:11 PM

Quote from: Crypt0Gore on February 14, 2023, 02:31:59 PM

Avoid ending up like a friend, who used all the money he has to invest in bitcoin and also took a loan, promising the lender that he will pay back when he gets paid in a month, after a month he never received the salary, I warned him doing this, because he has no doubt mixed investment with 'whatever it takes', is it safe to call this greed? I don't know.

Now he wants me to lend him some money to at least pay the loaner back and later settle me, there is more, now I have to send him some money to buy some food.

You don't have to use all your money to invest, even if you are not married yet or have other responsibilities, the best approach when planning to invest in Bitcoin is to buy with some percentage of the money you earning, maybe through business or a job.
If you do this weekly or monthly you won't feel any pressure, always remember that health is wealth.

People fail to understand this phrase " invest what you can afford to loose" this is absolutely the best form of Crypto investment where by you do not need to panic when ever the market situation is going otherwise. You can not be under any pressure so as to quickly collect your capital because already you got a backup plan which is your source of income or profit from other business you so so far as you only invest a little to buy fractions of bitcoin at various intervals. Well seems OP friend was under pressure so as to meet up because no man can make such mistake up to the point of getting a loan for just a risky deal which you are not certainly sure of. OP you did good by supporting your friend with feeding. I commend your efforts but you should caution your friend not to make such mistake next time.

In my opinion, you don't need to have a large amount of money to start investing in crypto assets. "You can buy cryptocurrency for $100. It depends on what kind of token you want to buy.

But I agree with you. You should invest in cryptocurrencies only the money you can afford to lose. If the amount is large enough, you don't have to invest all 10% of your portfolio in risky assets. You can start with smaller percentages - 2-5-7%.

First, you need to set aside an amount that you are willing to lose easily. And buy cryptocurrency for 10% of this amount. This will be enough to start familiarizing yourself. And you should never invest your last money, or even worse, credit funds, in crypto assets.

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Quote from: Crypt0Gore on February 14, 2023, 02:31:59 PM

You don't have to use all your money to invest, even if you are not married yet or have other responsibilities, the best approach when planning to invest in Bitcoin is to buy with some percentage of the money you earning, maybe through business or a job.

Planning and financial education are vital things when investing. We can't just put everything on investment as it was not a smart decision but only form some percentage like allocating 40%. As we are in the crypto world, the more we should be more careful in investing because the ROI is not fast and sometimes it takes years. That is why it is advisable to spread our funds to different investments so that whatever happens to other investments there is another to back it up.

Quote

If you do this weekly or monthly you won't feel any pressure, always remember that health is wealth.

We can apply the DCAing strategy if we can. We always have to remember this - invest only the amount that we can afford, we don't need to exceed our limitations.

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Quote from: Adbitco on February 16, 2023, 07:13:13 PM

Only those who doesn't have a family that would likely invest with all their money wanting to get Richer overnight.

Even if you don't have a family, you shouldn't be like OP's friend, debt will make you stuck, involve your parents or make you have negative thoughts. We all know that making money from outside work is not easy, so whether we are married or not, we should not squander our hard earned money. Never invest the total amount or with borrowed money, it will not make us better but instead will be a bleak future with debt.

Adbitco

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Only those who doesn't have a family that would likely invest with all their money wanting to get Richer overnight. Like me I have a family (Married) and whatever plans I have today I consider my family first and if in way I want to spend, I do have my spending limit and max I can go. Same as investment, I don't bundle all my money into any projects thinking I would made fortune out of it why because I know as a business man there always alternatives if the investment fails what would be the next remedy. So out of my income is being divided accordingly and I have a charity account where I do my charity spending and also having my family account where only is meant for my wife and baby at any point they have access to it. While for investment and gambling, whenever the funds are no longer there I don't conflicts issues by altering the next rather I would wait for the next month. For investment it's best advisable to always invest what will not hinder you or even what you can afford to loose. Everyone must understand that part of investment principles., Your friend don't have to borrow to run investment.

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