Know your limit - page 7. | Bitcointalksearch.org

SOKO-DEKE

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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?

will I call this Idea greedy or a newbie's behavior? Because I am unaware of his or her level of expertise in the crypto sector. Putting all savings in the industry is too risky due to its volatility and various obstacles. Taking out a loan was not that much problem to me because according to you his a salary earner but the issue is investing all his money in bitcoin,that is not ideal.

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

I believe he will do it again if you actually you can provide him money to solve his difficulties. Don't send him any money; instead, let him sell his Bitcoin and solve his own difficulties because that is how he can easily learn from his mistakes the next time.

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.

I believe that individuals who have invested all of their money in crypto are those who think they can fast make it in the crypto sector, as well as those set who invest in crypto without having the basic knowledge. I believe that no crypto expert will advise you to put all of your money in any coin, including Bitcoin; instead, they will advise you to invest only what you can afford to lose.

Bananington

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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.

Some people heard about the importance of investing at a very later time in their lives, some just came to realization the importance and necessity to invest and because of the suddenness are going heavy investing almost every penny they have and not even keeping enough money for themselves to follow up with. The suddenness of wanting to invest makes them make wrong decisions and choices like taking deciding to take a loan to invest just because you know it is what you should have been doing. If you have not started investing, starting today is also alright to avoid the rush. Do not invest all you have, but only what you can survive without, invest in bitcoins.

xSkylarx

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That is why you shouldn't put all your eggs in one basket so that not all go broke if the basket is dropped. Diversify your investments so that in case another investment goes wrong, you still have backup. But again, all of those things need thorough research. He is a very risk-taker because he took a loan, which is bad for his mood, and he is just thinking that he could gain profit, but it turns out that he cannot. I am not against on taking a loan for your investment but make sure that you can pay it back even if you failed in your investment

mendace

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Quote from: Old layer on February 15, 2023, 03:26:47 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.

Old layer

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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.

LogitechMouse

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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.

Another newbie has been trapped with the "quick-rich" mindset.

For sure the main reason why he go "YOLO" and put all of his money into Bitcoin is that, there is somebody who said that you can get more profit in investing into Bitcoin than other assets. Maybe it's you who said that? Kidding, but it frustrating that these people are teaching wrong things about Bitcoin to the point that they are investing most of their money into it hoping that they can get profit in a short amount of time.

It's greedy no doubt.

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

Be a good samaritan and help your friend.

After all you're friends anyway so... yeah just help him Cheesy

.
I hope that you're the last person that he will be borrowing money with because if not, he might do it with other people thus, it will be a nonstop cycle of "borrow here-Pay there" cycle. He borrows money from one person just to use it to pay to another person and the cycle goes on and on.

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.

Married or Single. Independent or Dependent. With Family or not. You must not all use all of your money into investing especially in to a risky asset like Bitcoin. Don't be into "YOLO" mode Cheesy

. Use only a portion of your monthly income.

reagansimms

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Lots of people are misguided by investing in Bitcoin, it is highly not recommended to invest in Bitcoin using borrowed money because the certainty of returning loans is weak. The interest in investing in Bitcoin cannot be separated from the promised return, but newbie investors must think 10X that the risk of loss is very large, far greater than the expected return.
You have to be sure of your ability and experience in the Cryptocurrency field if you want to be desperate for a loan for investment, but that's not a guarantee that it will work.

laurenB7742

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There are many people who want to borrow money to invest in bitcoin, many people think that if we do not take risks, we cannot succeed. That is true, but not in this way because investing in bitcoin is extremely risky, and we can never predict what we will face in the future if our plan fails.

I strongly encourage people to invest in bitcoin as it can give us more opportunities than any other asset class, but we should consider the risk aspect because there is no guarantee that bitcoin will rise again or will recover in the future, everything is just a prediction. Therefore, you should only invest with money you can lose, if you don't have capital, work hard, absolutely do not borrow.

Hispo

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OP are you sure he actually used that loan to buy into Bitcoin positions? I don't know your friend, but there is always a chance he is actually doing other things with that money... gambling, drugs, alcohol, women. It is not my intention to offend your friend, though.

I believe that before giving money to your friend you would asking a couple of things, like for example how much money he invested into Bitcoin and at what price he bought, whether it was spot or leveraged futures. If possible I would even ask him to show me in person his positions, both opened and closed.

It is better to take some precautions, It is your money.

bitzizzix

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If I were in the OP's shoes I would do it on the condition and agreement never to do it again and I intend to help, reasoning that he is a friend of mine and I know him well even though he loves to borrow. And I would have thought that one day I would need his help and this was true, and I helped because he had no choice after all the effort.
and I'm not going to be afraid of him not giving it back because I think he still has crypto or bitcoin that I can count on, and because he doesn't want to sell it maybe he believes that in the long term bitcoin will give him a profit even very profitable, like I did bitcoin for the long term long and I also enjoy the results and definitely profitable. So I will help him on the condition that once the bitcoin goes up high he will give it back and without even asking for more he will definitely do it because he will think I have helped him when he was having a hard time.

and on condition, I want to do it because I know he who in my opinion has 1 or several shortcomings, there will be many advantages that everyone has.

CryptoBuds

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Quote from: Macadonian on February 14, 2023, 03:50:48 PM

If you send him money to pay off his loan you are enabling this behavior and he will not learn from it. he needs to sort this out and sell things to pay it off. If you lend him the money he is borrowing money to pay off a loan and you will probably not get the money back. he needs to sell the bitcoin and recoup what he can and then sell whatever he can. He has probably ruined his credit rating and will not be able to get a loan in the future.

I agree with you, if OP sends him money, it is no different from OP agreeing with what he did, and there is no guarantee that he will repent and not repeat the offense. He needs to get a proper lesson and the result he has caused, if he helps now, he will get no lesson at all. He should sell everything to pay off the debt, and for the rest, he should find a job to pay off the debt. Helping in this case will only make him rely on him and not try on his own.

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Yaunfitda

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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.

I know that he is your friend, but you have to set limits as well. I don't know if your friend knows the old adage in bitcoin invest,

"Invest what you can afford to lose".

If not then you have to remind him that. But if you want to stick with him, it's up to you, but you should advise him on what to do and not just rely on your good deeds as a friend, just saying.

inthelongrun

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You have an irresponsible friend right there. Greedy and not caring about other people by taking a loan and recklessly invested in into something not secure. Did your friend trade the loan proceeds in futures trading? I'd been a victim of this a few years ago from old friends who took my money without paying me until now as if nothing happened. So personally, I would stay away from people like your friend. Single or with a family, the rules don't change when it comes to investing. Only invest an amount that we can afford to lose. This is very basic and anybody with a common sense knows this simple basic rules of investing.

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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.

Mixed feelings: yes it was definitely foolish to go all in (when did he invest?). The timing is ok, I guess we've seen the bottom and stuff but what was he thinking when he took a loan for a period of one month? He really expected that Bitcoin will moon within a month? How stupid is that? On the other hand, I feel huge respect for people who are brave enough to go all in. And sometimes, some lucky guys like that win big! Cool

seoincorporation

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For me that's a terrible way of administration on personal finances, I think getting a loan to pay another loan is one of the biggest mistakes we can make because in the end all our money will go in pay interest and that sucks really hard.

In the past years, I had a friend who loved to be in debt with me, and the fun fact is that he had the money to pay, but those was his savings, and after years of owing me money I had to confront him to recover my money, that makes me lose the friendship but at least I get my money back.

drwhobox

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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, you can call that greediness without any doubt. If you are worried about a friend then why don't you warn him before he takes the loan?
Your friend will get in more trouble if he doesn't pay the loan in time and investing in bitcoin or other assets with loaned money is not a great idea.

Yatsan

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It will never be advisable to invest all your funds that into one asset that is why deversification would be a better investment simply because it would somehow minimize the risk of losing everything in a single bucket. Also, no investment would give you a hundred percent chance of profit which should be an enough reason to avoid being greedy of profit. Know and set limits on any investment. Cliché as it may sound but only invest an amount you can afford losing. The idea is there, and no one wants to lose right? But always expect for the worse given that there's no certainty in this industry due to market price volatility and also, to lessen the weight of losing.

HajiBagi

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Firstly, I think Your friend has a greedy mentality because otherwise he would not have taken that kind of risk by taking out a loan to invest in bitcoin, which was terrible because no one can thinks that investing in bitcoin will result in profits the next day, bitcoin investment is not for those who are not capable or who don't have concrete ways to earn money. This situation of taking out a loan has put the lives of many people in danger, so me here, taking a loan to invest in bitcoin, is taking a risk and is not advisable to those who are feeding or relying on salary to pay back, because no one knows the issue that will come to he or her at any period of time.

GiftedMAN

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First of all op, I will like to know the kind of bitcoin investment that your friend is into that made him have so much confidence in paying back the loan he took as you have said, is he into trading, or someone is trading for him then pays him monthly? It is only a greedy person and one who does not have experience they will take a loan to invest in bitcoin without considering the current market price of bitcoin. You can assist your friend to pay off his love if you wish but you need to educate and possibly introduce him to the forum here so that he will come and learn more so that he won't make such mistakes again.

Topic: Know your limit - page 7. (Read 826 times)