Topic: Know your limit - page 8. (Read 874 times)
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 fixed profit and stop relying on the crypto as collateral for loans.
If you do this weekly or monthly you won't feel any pressure, always remember that health is wealth.
There are really just that people who cant really manage up their risk taking properly on which they do really end up on being impulsive with their decisions which ending up on huge mistakes.
Also, its never been ideal on taking up a loan just to invest on Bitcoin or crypto in overall.Just like on what the rest been saying that assurance isn't there.We dont know on when
would be the pump or price increase which means if you do rely with those profits then it isnt something that you could really expect on for it to happen immediately.
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.
Beforehand, you warned your friend not to invest in bitcoin with all his money and loan money. He still went ahead and do his wish. Now he wants you to lend money to him to repay the loaners. Is it not funny? Allow him to learn his lesson a hard way that bitcoin is not a get-rich scheme so that he won't ever dare to invest in bitcoin with the amount he can't afford to lose. Let him to find means to sort himself out of the mess he has committed for himself than lending money to him. If you lend money to him, forget it cause he won't pay it back. 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 want to help as a friend give him the amount you know you can readily give out without second-guessing
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.
Once you do past up some due date and wont be able to repay some loan the credit score would really be a mess and this is something that we should really avoid as much as we could.In a problem like this then there's no other way but to sell out his bitcoin holdings and repay on where he did get that loan because it would really make things even more worst.
Its true that never go all in for whatever investment you are dealing with whether on typical investment or with crypto.You cant really be so sure on when they would be giving out
returns or making out huge movements for you to make money and also we know that loans does have durations which means you do need to pay them of.
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.
you are not his responsibility. his employer that failed to pay his wage is responsible to pay
if you do wish to help him. ask him to move some or all of his investment over to you as collateral for the loan you are giving him of his missed wage amount to pay off another loan
where you make the good friend promise to give him back said investment when he pays you back.
the good thing about bitcoin is its divisible.
so if you made friendly arrangements for him to pay you back over 10 payments, you can give him back his collateral in 10 allotments of divisions
if he is trying to keep the investment. and sponge(cheat you) by asking for more then the investment (loan) and not want to (when he gets his wage) pay you back immediately. he is not the good friend
so come to an arrangement that makes everyone happy.. or just say no to him
if you do wish to help him. ask him to move some or all of his investment over to you as collateral for the loan you are giving him of his missed wage amount to pay off another loan
where you make the good friend promise to give him back said investment when he pays you back.
the good thing about bitcoin is its divisible.
so if you made friendly arrangements for him to pay you back over 10 payments, you can give him back his collateral in 10 allotments of divisions
if he is trying to keep the investment. and sponge(cheat you) by asking for more then the investment (loan) and not want to (when he gets his wage) pay you back immediately. he is not the good friend
so come to an arrangement that makes everyone happy.. or just say no to him
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.
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
People who always like to boycott the normal procedures always falls into this category because they had not been identified with those having all it takes to start a bitcoin investment with the absent of the idea, they never reason on how to follow the prompts pathways others had been following having good results, they were too eager and over excited to invest rather than learning about what to invest on.
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.
Another means is to learn how to earn bitcoin, you dont really have to use money this time but your values creates you an incentive which can be paid to you in bitcoin, many people still don't know how to materialize this to function well for their own benefit, but i will always say this that you should create value first by building yourself up.
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.
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.
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.
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.
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.
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