Know your limit - page 4. | Bitcointalksearch.org

Cantsay

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Quote from: Old layer on February 15, 2023, 02:26:47 AM

A lot of persons, falls victims of fraud every time, all in the name of Bitcoin investment. Probably got intimidated by some friends or somewhat websites that says 'pay this to get more'. You should at least be mind full of sites where you want to invest on, ask questions, make research's and try knowing more about the sites you are investing on.do not fall for all these get rich schemes. On the other hand, when you have finally found a legit site to invest, don't go to far, as much as taking loans from people just in the name of investment, I was a victim too and it wasn't good at all. I was down for a very long time, before I got back up on my feet. Yeah sure this was greed in the way that I totally forgot that I had other responsibilities to take care of and decided to put all my money into investment that never brought a return.

Most times it's because of greed; how will a site be offering free Bitcoin worth thousands of dollars for free and you still want to be part of it? Take your time and ask yourself some questions that could have prevented you or anyone else from making the stupid mistake of investing in such a site. Once a site promises you a reward that seems to good to be true just run far away from that site don't even contemplate of putting anything into the site not even a dime.

Mahanton

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Quote from: Botnake on February 16, 2023, 04:49:51 PM

Quote from: Crypt0Gore on February 14, 2023, 01:31:59 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.

In the first place, you don’t have to let your greed motivate you into investing. Investing has its own risks, so one should never invest with greed to the extent of investing all your life savings, or taking some loans just to invest. Those were a big NO in all types of investments. I just hope your friend is aware about this before he starts to invest. Now, he is facing the consequences of his dumb decision, and it’s up to you if you will help him or you will try to let him suffer the results of his own greediness.

When you are still noob then it cant really be denied that greed is something that you would commonly felt out on these kind of times on which you would really be thinking that you would really be rich for whatever things that you are intending to get involved with.This is really very wrong because when you do have this kind of mindset and beliefs on mind then you would definitely be ending up on lots of mistakes since you would really be that desperate for whatever things that you would be dealing with. Sooner or later you would be able to realize thats not how this thing works and you would find for yourself on what are the actual things needed
on making yourself that sustainable or able to survive specially into this unpredictable market.

Smartvirus

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Quote from: Crypt0Gore on February 14, 2023, 01:31:59 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.

There isn't anything wrong in lending a hand to a friend every now and then. The main idea for me is that, you get to do only that which you would be comfortable doing, that which would bring you peace and some satisfaction other than, going out of your way then start regretting your actions.

Your friend probably never learned anything as, its always said you have to invest with what you can afford to lose. Clearly, loans aren't that and worst of all, it comes at a price #Interest.

How do one gets so sure over something that isn't within your control? It just gets shocking how they just come in and feel its all profit. If that was the case, you won't find people trying other trades, bitcoin would have surely been more of a trend than it is now if it cae without any risk.
Understanding the risk comes as a directive on how to place your funds. Your friend @OP needs to take things easy on himself and do more analysis on how to manage his finances to accommodate his needs, wants and excesses.

BitDane

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Quote from: Botnake on February 16, 2023, 04:49:51 PM

Quote from: Crypt0Gore on February 14, 2023, 01:31:59 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.

In the first place, you don’t have to let your greed motivate you into investing. Investing has its own risks, so one should never invest with greed to the extent of investing all your life savings, or taking some loans just to invest. Those were a big NO in all types of investments. I just hope your friend is aware about this before he starts to invest. Now, he is facing the consequences of his dumb decision, and it’s up to you if you will help him or you will try to let him suffer the results of his own greediness.

One investment I knew that can trigger greed that much and it is a Ponzi Scheme investment. Just like what the earlier reply stated, it is possible that his friend is a victim of a ponzi scam. Maybe his friend is promised a good return monthly so his friend, seeing how huge will be the possible profit decided to go all in even getting a loan to add more fund into the investment then the ponzi company run with the money.

It is a good thing to help a friend in need @OP. I hope your friend had learned his lesson well and will recover quickly. It has been advised that we must only invest the money we can afford to lose, is free and is not committed to any obligations in order for us to have no problem if the investment goes southward.

Botnake

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Quote from: Crypt0Gore on February 14, 2023, 01:31:59 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.

In the first place, you don’t have to let your greed motivate you into investing. Investing has its own risks, so one should never invest with greed to the extent of investing all your life savings, or taking some loans just to invest. Those were a big NO in all types of investments. I just hope your friend is aware about this before he starts to invest. Now, he is facing the consequences of his dumb decision, and it’s up to you if you will help him or you will try to let him suffer the results of his own greediness.

Yamifoud

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Quote from: Crypt0Gore on February 14, 2023, 01:31:59 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.

carlfebz2

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Quote from: Mate2237 on February 16, 2023, 03:25:55 PM

Quote from: Crypt0Gore on February 14, 2023, 01:31:59 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.

Your story is not clear to me. Glancing through your story, I sense untrue in it. But there must be a comment in it so I will say it is not a greed from your friend side but I might call it unplanned investment. If really he planned before going into the investment everything would been working fine but I still believe that the money that borrowed from the lender is still available if the money he used in the investment is still in the wallet. So if the pressure of the lender is high he has to withdraw them and give to the women. As from your side. It is your friend, if like give him or not because you know him better then any other person.

Would really be that impossible eh? Yes, its true because when you are in the verge of getting being pressured and been suing out by someone because of your loan then it is really that impossible that you wont

consider it out on pulling those investment and would be repaying or would settle up your loans rather than on making yourself that hiding and keep on running away.This is why its never been that ideal on having that borrowed money to be invested on crypto specially if you are really that relying or depending on its profits.

You wouldn't know on when the market would pump out and if you dont have any other sources of repaying any loan then you would really be in big trouble.

lalabotax

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Quote from: Crypt0Gore on February 14, 2023, 01:31:59 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 is all about money management. Managing money for our life must be balanced and affordable. It will depend on how able we are in spending money for life. It is true that everything in this life needs money, so we must have good management to make it more balanced.
Let's say that you want to do some investment, the first thing is not the investment but the money for your daily life. Without it, we will have nothing to do, although we have an investment in Bitcoin or others, it doesn't guarantee that the profits will come regularly. Additionally, you need to tell him that it is important to understand this fact: "Invest the amount that we can afford to lose". This means very deep. It means that we don't try too hard over our ability to invest in something. So that it will harm us because it is too greedy, too risky, and also not based on consideration.
I think that you have no responsibility to send him money because it is his fault, except you are the one who supports and invites him to invest and promise big profits in Bitcoin. This story becomes a good experience for everyone who wants to invest in Bitcoin or anything.

Mate2237

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Quote from: Crypt0Gore on February 14, 2023, 01:31:59 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.

Your story is not clear to me. Glancing through your story, I sense untrue in it. But there must be a comment in it so I will say it is not a greed from your friend side but I might call it unplanned investment. If really he planned before going into the investment everything would been working fine but I still believe that the money that borrowed from the lender is still available if the money he used in the investment is still in the wallet. So if the pressure of the lender is high he has to withdraw them and give to the women. As from your side. It is your friend, if like give him or not because you know him better then any other person.

Distinctin

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Quote from: Crypt0Gore on February 14, 2023, 01:31:59 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 greed for money will never guarantee good returns, instead it will only put yourself into a bigger problem that will eventually make you feel stress and frustrated. That is why we should only invest on our own savings so that if you lose them, at least you will not be pressured of gaining them back, unlike if you invest from your loaned money, you will really struggle on where to find money to pay for it knowing its high interest will keep on growing and that really sucks.

And as his friend, of course he is expecting that you will help him in this tough times. However, the decision is yours. If you can help him, then go and lend him some amount. But if you think he should learn from his failed investment, you can actually help him not by lending money but by buying him some foods so he won’t starve to death.

Belarge

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If he's a friend that you can trust with your money that he might pay back, I would advise you to give him the the money to go pay the loaner , but he's someone you can't trust with your money, I will tell you to help him with the least money you can help him with, and maybe he should wait when he gets his salary so he can pay the loaner, nothing good comes easily, maybe the person that introduced him to Bitcoin mis-interpreted everything to him, and he thought the investment is all about profits,

Don't go beyond your limits, help him any way you can, and try to advise never to put all his money in Bitcoin, or either getting a loan for Bitcoin again, but if you advice and he insists, then avoid him and let him be,

Russlenat

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Quote from: cabron on February 14, 2023, 01:53:59 PM

Did you tell that to your friend? Because it sounded like he is now your responsibility.

Whoever gave him the idea that he can make huge amount of money after a month of investing really made him totally believed on it. I hope its not you because he really put it all down the line. Helping a friend in times of trouble is being a good friend and he seem to be in need and you are the one he calls for. Hope you know him well and not trying to scam you. I'm not saying he is a scam but find out. Just a warning.

Your friend is never your responsibility so you don’t have to pressure yourself on lending him some money if you think you are also in need of your money. It’s good to help but if it’s already beyond your limits, then you should also think of yourself first before anyone else. And besides, you did not lack on reminding him to only invest with his spare money as losing is very inevitable, but he never listened so he should be ready whatever consequences of his own actions.

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Quote from: Crypt0Gore on February 14, 2023, 01:31:59 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.

Your friend has fallen into the classic trap of his own greed and stupidity.my advice to you is not to lend him money in any case, so he will not learn the main lesson and will not understand anything.The best option for him is now to look for an additional source of income and close his loan.There are simply no other options.

dezoel

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Yes, OP it looks like your friend is already greedy on earning a profit on bitcoin, which is why he put every money he can find into it but why you still agree to lend him money despite all of what he gone through?

It will only worsen the situation. He will keep on repeating it when he is confident that someone is concerned on him and will lend him money to pay the other lenders. He can just choose to not pay you or less prioritize you because he knows that nothing bad will happen to him. Your friend might be single now but this attitude of him could change once he already have his own family because he will think of them first before his own self.

Sanitough

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Quote from: Ultegra134 on February 14, 2023, 03:58:29 PM

You're not responsible for his actions, nor are you obligated to lend him money. If you do, you may also consider them lost. You warned him against spending all his money and taking a loan, but he chose to ignore you. We've already seen numerous threads asking whether taking a loan to buy Bitcoin is a good idea or not, and I'm pretty sure your friend is not the only one who's gotten themselves into such a mess. Never invest more than you can afford, and never take anything for granted. You may be fired, made redundant, have your salary delayed, or experience anything else that you can't currently imagine.

True. Anyone who decides to invest should take responsibility of his own action and should be ready to face the possible consequences if ever his investment fails. That is why one should only invest at its own risk. But it seems your friend is not aware of the risks that is why he’s struggling right now. However, as a friend, it’s your decision if you will lend him him some money or not, but you should know that if you keep on providing for him, he will never learn his lesson and he will never be responsible of his own decision.

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Quote from: lienfaye on February 15, 2023, 07:56:25 PM

Quote from: Crypt0Gore on February 14, 2023, 01:31:59 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.

Because many people think investing in Bitcoin is guaranteed and they can profit in a short period. Hence they're willing to take risk even it's not a spare money that they can afford to lose, much worse is if they take loan just to invest like what your friend did.

As I've said before taking loan to invest is not advisable but it depends on us if we can face the consequences of using a borrowed money to invest. Because if you're able to pay the loan regardless of the result of your investment that would be good, just shows you're responsible and won't end up in more debt. Anyhow, always apply the golden rule before investing and that is to only invest what you can afford to lose for your own sake.

Yes, borrowing money to invest is risky, but in case you have a job with a stable income, you can consider borrowing a suitable amount to invest, as long as you ensure that even if that investment goes away, you can still pay that loan on time with your other income. But if you do not have a stable income, never consider borrowing even a small amount, let alone a larger amount. Whether investment or business is risky, we should take into account the worst case scenario that we encounter, do not think about profit but ignore the risk.

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Quote from: imamusma on February 15, 2023, 09:46:03 AM

Quote from: Raflesia on February 15, 2023, 09:27:03 AM

Unless you promise the same thing to your friend then it's only natural that a little help there. because indeed the initial condition that your friend made was the mistake of doing everything on investment and borrowing for the sake of it as if crypto was an instant way to get rich.
This is clearly not justified, let alone borrowing money with the promise that you will pay back from the profits.

However, everyone here is also aware that investing in crypto is quite risky, so you don't need to do anything really too over the top to be here because it will only kill yourself.

It is always wise to think that there are risks to be considered when one wants to invest in crypto. Everyone has an acceptable level of risk threshold, and of course that includes budget amounts and origins. If they can only afford to lose $10K on their investment then that should be the maximum budget amount to invest, but if they can afford to risk $1M that should be fine too.

One just has to be aware that crypto investing is not a way to get rich quick, but behind the possible profits, there is a potential loss that they are very likely to experience due to market fluctuations. Even if they can afford to be responsible for their investment risks, it is always wise not to believe 100% in crypto without an emergency budget.

The stigma is still the same for new people because they are still very naive when they really think this is a place for people to get rich quick because they have seen some people who are usually seen from several streaming or some other social media platforms that always show profits in crypto that make them as suggested that if you really want to get rich instantly you have to be in crypto.
Believe it or not, the stigma is still like that even in this case I used to have thoughts like this.
Regardless of what you say, it's true, because we really have to know our limits, whether we can afford to lose or not, because if we don't, then don't ever try when you're not completely sure you're ready to lose.

NotATether

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Nobody should take a loan with a risky collateral to offer.

Unless it is guaranteed that you shall receive a salary from your employer (because you work for a company with an actual accounting department as opposed to freelancing for other people), don't use that as collateral.

michellee

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Know Your Limits is a must for us, not only when we invest. But in investing, we must not exceed the budget limits that we have set and always try to follow them so that they do not exceed our budget and do not interfere with the budget for other things.

You get a valuable lesson from your friend so this is an example for you and all of us not to take a loan to invest. We can invest in small amounts of crypto and stick to that. That's okay too. What matters is how it will turn out in the future.

lienfaye

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Quote from: Crypt0Gore on February 14, 2023, 01:31:59 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.

Because many people think investing in Bitcoin is guaranteed and they can profit in a short period. Hence they're willing to take risk even it's not a spare money that they can afford to lose, much worse is if they take loan just to invest like what your friend did.

As I've said before taking loan to invest is not advisable but it depends on us if we can face the consequences of using a borrowed money to invest. Because if you're able to pay the loan regardless of the result of your investment that would be good, just shows you're responsible and won't end up in more debt. Anyhow, always apply the golden rule before investing and that is to only invest what you can afford to lose for your own sake.

Topic: Know your limit - page 4. (Read 874 times)