Know your limit - page 5. | Bitcointalksearch.org

nullama

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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.

Debt is one of the worst things you can get. It's all about control.

Whoever owns your debt, controls you.

With Bitcoin, you don't have to have anyone controlling you. That's the point.

Your friend seemed to miss this.

Alisha-k

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Is it greed or the GET RICH QUICK syndrome?
Which ever one it happens to be, Bitcoin isn't a get-rich-quick scheme, even though the profits are real, it has to take a while so what's with the rush actually??

It's best you start with a certain percentage of what's already in your possession, lending for start shouldn't be an option.

And hey mate, true friendship isn't really defined by the many years the people involved may have lasted, it's defined by the many times we helped our friends rise up after a fall.
If you're in a more comfortable situation and you think there's a way you can help your friend, please do, it doesn't take anything really.

Myleschetty

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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.

This is pure greed because he invested the amount he can't avoid losing and also borrow a loan which means he's only concerned about investing the Bitcoin without playing safe.

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

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.

If you have the money borrow him but I will advise you to only borrow the amount you can easily overlook cause people like him will still ask you for something more than he can pay back.

Mahanton

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Quote from: mendace on February 15, 2023, 03:51:43 PM

Quote from: lixer on February 15, 2023, 03:15:50 PM

The weird part is that there are so many people who gets scammed while trying to scam, that's the weirdest part. Like for example if you click on something that says "free 1 bitcoin!!" and you get hacked, are you really an innocent person? Could you say that you weren't really doing something a bit fishy yourself? Who gives who free 20 thousand dollars?

It was obvious that you were trying to scam "someone" for it, even if the ad said so, it's obvious that this money would come out of someone and you were going to get it that easily? There are tons of people and situations that happened with similar mindset to this and I think I would say that it is not that easy.

Honestly, this is the craziest way to get scammed. If there are still people who believe that they can win 1 Bitcoin or even an iPhone, then I think it's only right that they get scammed. It's impossible to fall for such silly traps, even someone who isn't very familiar with the internet wouldn't be fooled if they had a bit of savvy.

Instead, I believe that there are people who currently contact you through social media and try to befriend you. These are petty individuals who have to spend all of their money on medicine.

This isnt trying out to scam someone but rather you are really that greedy considering that you are clicking out that banner or ads showing about free 1 BTC which you do know deep inside that this one is really too good to be true since no one would be giving out some 20k in random which do only happens on dream this is why people do put up themselves on huge problem just because they are really that ignoring their sense.
If we are really just that sensible towards our actions then we wont really be falling out into this kind of situation where we do really put ourselves in harm.
In the case of on what OP had been saying that investing all in is harmful and being greedy do make it worst.Its not bad to invest but always know your limits and also your priorities that needs to be settled.

mendace

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Quote from: lixer on February 15, 2023, 03:15:50 PM

The weird part is that there are so many people who gets scammed while trying to scam, that's the weirdest part. Like for example if you click on something that says "free 1 bitcoin!!" and you get hacked, are you really an innocent person? Could you say that you weren't really doing something a bit fishy yourself? Who gives who free 20 thousand dollars?

It was obvious that you were trying to scam "someone" for it, even if the ad said so, it's obvious that this money would come out of someone and you were going to get it that easily? There are tons of people and situations that happened with similar mindset to this and I think I would say that it is not that easy.

Honestly, this is the craziest way to get scammed. If there are still people who believe that they can win 1 Bitcoin or even an iPhone, then I think it's only right that they get scammed. It's impossible to fall for such silly traps, even someone who isn't very familiar with the internet wouldn't be fooled if they had a bit of savvy.

Instead, I believe that there are people who currently contact you through social media and try to befriend you. These are petty individuals who have to spend all of their money on medicine.

Fivestar4everMVP

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First, taking a loan to invest in bitcoin was a big mistake, secondly, being over confident in bitcoin in bitcoin is a mistake as well, i believe that his over confidence in bitcoin lead him into believing that within a month, bitcoin would have increased in price to a stage where he could pay off the loan and possibly get to keep some profit, but unfortunately, things didnt go as he planned.
he should have don a proper research and know that investing in bitcoin simply means investing for the long term, except for those who can trade the bitcoin market, which requires good trading knowledge to be successful in.

Anyways, I hope we all learn from the experience of your friend.

serjent05

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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.

I am wondering if you are talking about a bitcoin investment offered by a possible scam company or Bitcoin investment where he buy Bitcoin directly from the exchange. If it is the latter, then I feel sorry for your friend since I believe after a month of investment, the promised profit (possible the salary you are talking about) wa not delivered and the company went rogue making your friend lost his investment.

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

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.

Well, it is good to hear that you are helping your friend to recover. I hope your friend learned his lesson well that he should only invest the money he can afford to lose. Or accumulate Bitcoin over time with the free money no matter how little it is.

pixie85

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

Dr.Bitcoin_Strange

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I think there was a cause to your friend's action: either he was misinformed about Bitcoin investment, because it's often lamented in this forum that Bitcoin investors should never take out loans to invest in cryptocurrency. Your friend took out a loan to invest, hoping to pay it back when he received his salary, but he got disappointed. That's because he doesn't understand life so well. Joyram Shaw said "Expectation kills. Just go with the flow, you might be surprised when something better comes along in an unexpected way.” If he had just waited and invested from his salary, he would not have been in debt even as his job failed to meet his expectations.

@Crypt0Gore, You said you warned your friend, but he never listened. I think you should refer him to this forum and expose him to some threads about risk warnings on Bitcoin.

lixer

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Quote from: mendace on February 15, 2023, 03:03:20 AM

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.

Unfortunately, there are people who lack experience or act in bad faith and end up being scammed, and with Bitcoin, it's even easier because a high degree of privacy is maintained. It's important to always do your research before investing in anything.

The weird part is that there are so many people who gets scammed while trying to scam, that's the weirdest part. Like for example if you click on something that says "free 1 bitcoin!!" and you get hacked, are you really an innocent person? Could you say that you weren't really doing something a bit fishy yourself? Who gives who free 20 thousand dollars?

It was obvious that you were trying to scam "someone" for it, even if the ad said so, it's obvious that this money would come out of someone and you were going to get it that easily? There are tons of people and situations that happened with similar mindset to this and I think I would say that it is not that easy.

Accardo

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It's always important to know what is best for us in this cryptocurrency market. If a person uses all the money they've got for investment, such a person doesn't understand a bit about how the market works. Taking loans can work if the person won't be hurried to pay back the loan that is investing long term. Unfortunately, not everybody got the information or understand cryptocurrency, they were carried away by the profits others boosts of making in cryptocurrency. People keep making same mistakes and they refuse to learn.

Oceat

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Your friend basically risk it all without knowing the consequences I guess since he's like gambling and not actually trading. Perhaps, it's the greed that pushes him to do that stuff thinking he could get it back without expecting the unexpected and then boom, surprise!

People tend to do this kind of stuff if they were overwhelmed with the feeling that they could get it back without considering the consequences and unexpected things to happen. I've seen these kind of people during the bull run and I can't believe they just did that like selling their house to invest in Bitcoin or taking a loan while Bitcoin was in bull run already and by the time Bitcoin price starting to dump they are forced to sell their investment even though it's a loss.

The key here is to learn to control yourself.

GideonGono

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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.

This is like an addiction your friend destroyed his life with his greed or obsession.
And you supporting him could be considered like you are tolerating his addiction.
I know that you just want to help your friend on his darkest time but you should also know how to limit on how you help him.
This is a great example for all of those who want to invest in crypto to invest only what you could afford.

Marykeller

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What information about bitcoin did your friend learn that inspired him to put all of his money in it with such conviction and even take out a loan on top of that to ensure he did so(invested in bitcoin)? Will I label it greedy or what? Anyway, if I were to pinpoint the origin of everything, I would look for and point the finger at the person who first encouraged and introduce him to invest in bitcoin. Your friend was given a poor explanation of the situation. He was simply uninformed about what the individual told him about investing in bitcoin.

Anyway, the deed has been done. People make mistakes in life, and we must correct them while always remaining as our friends. Please help him if you can.

summonerrk

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Quote from: yhiaali3 on February 15, 2023, 12:17:17 PM

Accumulating debt upon debt is the biggest mistake, he will never be able to get out of this circle.

I know a lot of people who get into debt and then when they can't pay off the debt they borrow from someone else to pay off the first debt, and so they get into a cycle that never ends.

The investment is only by part of the capital that you can leave for a long time in the first place and secondly you can afford to lose it, you have to take the loss into account first of all.

I do not mind investing a large part of my savings in Bitcoin, but borrowing in order to invest in Bitcoin carries a very high risk.

There is a concept of Maslow's pyramid. The pyramid of human needs, based on which what a person needs in his position is determined. In the first place is warmth and food, then safety, etc. And one of the levels is self-realization. Unfortunately, many people do not see trading as a dangerous game, but an opportunity to realize themselves financially. They hope for a miracle like in roulette. And they are ready to risk all other levels (food, shelter, security) for the sake of chances of success. This is fundamentally not the right attitude. Our needs must be met, they cannot be risked. Therefore, you can enter only Extra money on the exchange.

Crypt0Gore

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Quote from: Questat on February 14, 2023, 04:32:42 PM

It sounds like your friend is very confident that he can make a profit every day or monthly that promises to the loaner that he can pay on time. He actually underestimates the market and that he thinks that he controls the situation but unfortunately, he ended up asking for help as he fails. He is your friend but I think there is a limitation to such word "help" otherwise, he will take advantage of your weaknesses and would rely on you for everything. In this case, a decline should be delivered, it is not being rude to him but this is helping him realize the unstable situation of the market which couldn't assure a fixed profit, and stop relying on the crypto as collateral for loans.

He was very confident with the decision, but he made me feel like I was blocking his way to success or something, he knew I went through a lot with crypto and I told him what I have went through in the past, he was aware that I lost some money, I believe he failed to believe me because he 100% trusted his monthly salary, he was a good friend that's why I can't leave him be in this situation right now, but a man got to do what a man got to do, I can only help with what I can.

yhiaali3

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Accumulating debt upon debt is the biggest mistake, he will never be able to get out of this circle.

I know a lot of people who get into debt and then when they can't pay off the debt they borrow from someone else to pay off the first debt, and so they get into a cycle that never ends.

The investment is only by part of the capital that you can leave for a long time in the first place and secondly you can afford to lose it, you have to take the loss into account first of all.

I do not mind investing a large part of my savings in Bitcoin, but borrowing in order to invest in Bitcoin carries a very high risk.

kryptqnick

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Taking a loan is often a bad idea, but especially if a person isn't 100% confident about being able to pay it back, and when it's taken not out of necessity but out of a whim. I don't think you should lend him the money unless you are ready to lose that money.
But if a person bought BTC, can't he at least sell that and repay a part of the loan?
Op, you're correct, of course, that one should only invest out of the money one is earning, and it should be a sum that a person is ready to lose. It can be different percentage based on how much a person is earning and how much is required to cover monthly expenses, but the investment should not come from money required to cover basic expenses.

ethereumhunter

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That is why in investing, we must know the amount we want to use and not use all the money just to invest. We still have other needs besides investing. If we can manage expenses and investments simultaneously, we can achieve what we want in investing and won't bother with money for daily expenses.

You have to remind him by suggesting limiting his investments and setting aside money for his monthly expenses. By investing in bitcoin, he can prepare for his future, but that needs to do well and correctly. And don't invest by borrowing money because you have to repay the loan.

Lucius

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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...
~snip~

So he invested all his savings and borrowed money to buy Bitcoin, and then he didn't receive the monthly salary with which he was supposed to repay the loan? Well, the solution is simple - why not sell Bitcoin and pay off the debt? He can't possibly be at a loss as far as the price is concerned, because if your story is true, it happened this year and he could only increase his investment.

Topic: Know your limit - page 5. (Read 872 times)