Having an understanding of what loans are for would make people a lot more richer, because loans are amazing when they are used correctly and it could get you insanely rich. If you use a loan to make an investment, then you could get richer, it is not a bad idea and you should do it if the return will be good, but if that investment is just buying bitcoin and doing nothing else, then you won't be able to pay it back.
If you have a land and take a loan to invest into that land and build a house, and sell it, then you could make a profit from it. That's why investments are important and loans are a great way to increase your profits for sure.
Topic: Taking loan for investment can be life threatening - page 3. (Read 881 times)
It was an uncle of mine who took a loan on his name and sent it to a childhood friend living in America, he knew I was a crypto enthusiast and he never asked me to help him. I asked him why he took the loan for this, and he replied that the person is reliable, and his friend is a crypto trader, but he doesn't even know how crypto works.
I find out that his friend is focusing on meme coins only, he invested in crypto projects on pink sale, and the names are the type that you will laugh at when you hear them, I later told my uncle to keep praying that things go his way, he still believes that his friend is better than me and I am not trying to prove that I am better.
I hope things go well like they hope, but this is a very big concern for me, because if anything happens, he will be left alone to pay back the loan, this can be life threatening because he is old and the loan amount is a lot, or do you have any better idea about this? What would you have done if you are in my shoes?
I think the best thing to do in this situation is to provide your uncle with guidance and education about cryptocurrency and trading. You can also provide him with advice on how to manage his investment and how to protect it from potential risks. It would also be wise to discuss the loan repayment plan with him to make sure it is manageable for him. You can recommend that he diversify his investments, so that if one fails, he still has the others to rely on. Lastly, you can keep a close eye on his investments and remind him of the risks involved. I find out that his friend is focusing on meme coins only, he invested in crypto projects on pink sale, and the names are the type that you will laugh at when you hear them, I later told my uncle to keep praying that things go his way, he still believes that his friend is better than me and I am not trying to prove that I am better.
I hope things go well like they hope, but this is a very big concern for me, because if anything happens, he will be left alone to pay back the loan, this can be life threatening because he is old and the loan amount is a lot, or do you have any better idea about this? What would you have done if you are in my shoes?
make a loan for investment, in my opinion, you have to have the money in accordance with the loan that will be submitted. the money we have can be in anticipation of unexpected things one day. Unlucky days are not listed on the calendar, and borrowed money must be managed properly with certain allocations, for example, 40% 60% investment for anticipation and daily needs
There is no better idea than to trade or invest on your own with your own money. Do not be dependent on other people because you know that they're great traders or what. In this market, no one is great and everyone can get killed by the market by surprise. Those people that are also taking advantage of misinformed people, don't take investments from them, teach them how to invest in the market and let them know how risky it is to go here without having proper knowledge on how to deal with such volatile market.
Trading is risky, some people lost their own personal money in trading, and I still don't know why one would think of borrowing money to trade in the name of making money. People mostly make this mistake when they put money as the first priority to make out of trading. If people should take their time to learn I think they won't be making thus mistake in trading. This mistake happens due to ignorance, lack of knowledge. Learning should be the first step to consider in trading and not to think of making money which will definitely end up in a bad result. Of course investing and trading yourself with your own money is the best choice, apart from managing the risk yourself, it will also increase your knowledge because you will definitely be required to keep learning.
There is no better idea than to trade or invest on your own with your own money. Do not be dependent on other people because you know that they're great traders or what. In this market, no one is great and everyone can get killed by the market by surprise. Those people that are also taking advantage of misinformed people, don't take investments from them, teach them how to invest in the market and let them know how risky it is to go here without having proper knowledge on how to deal with such volatile market.
Trading is risky, some people lost their own personal money in trading, and I still don't know why one would think of borrowing money to trade in the name of making money. People mostly make this mistake when they put money as the first priority to make out of trading. If people should take their time to learn I think they won't be making thus mistake in trading. This mistake happens due to ignorance, lack of knowledge. Learning should be the first step to consider in trading and not to think of making money which will definitely end up in a bad result. 
There is no better idea than to trade or invest on your own with your own money. Do not be dependent on other people because you know that they're great traders or what. In this market, no one is great and everyone can get killed by the market by surprise. Those people that are also taking advantage of misinformed people, don't take investments from them, teach them how to invest in the market and let them know how risky it is to go here without having proper knowledge on how to deal with such volatile market.
A loan in some cases can be our salvation, but you should not even think about a loan for investment, at least I have not heard a single story when someone could take a loan, invest this money and make a profit. And even if I saw one such case, I would take it with skepticism, because I consider it stupidity, which carries much more danger than benefits and common sense.be raised up.If you do see that you cant pay up a particular loan in time then its better not to make yourself to get some loan because it would really be a huge problem but if you are aware on what are the risks
and on what are your responsibilities then go ahead and take a loan.Also, just like on what others been saying that its better to do it on your own rather than on entrusting it into other people.You dont know
that you might get scammed if you do trust that much and its better to do it on your own so that in case you do lost money then there's no one you could blame on.
There is no better idea than to trade or invest on your own with your own money. Do not be dependent on other people because you know that they're great traders or what. In this market, no one is great and everyone can get killed by the market by surprise. Those people that are also taking advantage of misinformed people, don't take investments from them, teach them how to invest in the market and let them know how risky it is to go here without having proper knowledge on how to deal with such volatile market.
A loan in some cases can be our salvation, but you should not even think about a loan for investment, at least I have not heard a single story when someone could take a loan, invest this money and make a profit. And even if I saw one such case, I would take it with skepticism, because I consider it stupidity, which carries much more danger than benefits and common sense. 
Trading isn’t guaranteed money, rather in trading too much risks involved. In trading you don’t become rich overnight or make tons of money in shorter period of time. Rather in trading there are high amount of risks involved. So if without proper knowledge and calculation, you trade, then definitely you gonna end up making losses. Now in such a type of profession, if you borrow money and trade, then you are just inviting unnecessary trouble for yourself. Just invest your own money for buying the coins and invest that much which you can afford to lose. Read OP’s story and really felt sad. Hope my view on this topic helps.
I like with your viewed about trading in cryptocurrency by using loan money, is unnecessary ideas when trading with loan money depend trading can't promising earn much profit in short time. Right now many side support with loan and some of them illegal by paying loan interest with higher amount. If loss in trading can't imagine how to repay loan payment and need to recovery how much percent loan interest.Trading with own money in cryptocurrency and not have huge pressure when moment floating because not allowed for paying loan payment, but have different position when floating and price coins drop but another side have been deadline with loan payment. Keep extended we have to pay higher loan interest but try to cut loss have loss much.
Please, do not wait until something bad happens before you speak to him. Be firm in your approach let me know that you know your onions. This will give him confidence in you.
I'm actually still curious whether Uncle OP's childhood friend knew that Uncle OP even took out a loan to invest with him.
If he finds out and allows OP's uncle to take out the loan then it is certain that his investment trip with his friend might end badly.
Especially if it was actually his uncle's friend who told Uncle OP to take out a loan, then his friend might be a fraud. I wish the OP really confirmed his uncle's friend is the right person or not.
Of course it is deeply regretted, if it turns out that Uncle OP trusted the wrong person. Regardless of being a good friend or not, we know that even a good friend cannot guarantee whether he is not a fraud. There have been many cases of fraud committed by close people or even friends.
I agree with your opinion that OP should issue a strong warning and act decisively to prevent further harm and cause his uncle to regret.
Your uncle has acted out of pity to help a friend and pity isn't enough to decide into crypto investment. I don't think there will be a solution suggestion for you because your have already invested it and if the friend is asked to resell, it may amount to losses. The best is to be optimistic that the investment is successful. He will need patient for the halving season to come and probably the friend can record some profit to return the loan but if the loan money wasn't paid back then your uncle can only lick his wound and learn from his decision and action.
Right, there’s nothing you can do anymore but to be optimistic that the investment will still be profitable in the end. If not, then your uncle should start learning from his own mistake and never do it again in the future. Now, if your uncle has lose everything, maybe if you have some spare money that you won’t be using, you can help him paying his loan. Yes, he was very wrong in his decision especially of not telling you, but as you’ve said he would surely be living in debt even in his old age. 
When things goes wrong with regards to the loan he took he will have himself to blame, taking unnecessary risk in the name of investing in a some unreliable meme coins in a bid to earn massive profits with the help of someone is not a good idea, atleast with your experience in crypto you are in the best position to guide him to invest in reliable and trustworthy cryptos like Bitcoin, Ethereum, BNB etc in which in the long run his investment is safe and paying back his loan with easy is guaranteed although profits earned might not be much, however rest of mind is assured.
There is no better idea than to trade or invest on your own with your own money. Do not be dependent on other people because you know that they're great traders or what. In this market, no one is great and everyone can get killed by the market by surprise. Those people that are also taking advantage of misinformed people, don't take investments from them, teach them how to invest in the market and let them know how risky it is to go here without having proper knowledge on how to deal with such volatile market.
Trading isn’t guaranteed money, rather in trading too much risks involved. In trading you don’t become rich overnight or make tons of money in shorter period of time. Rather in trading there are high amount of risks involved. So if without proper knowledge and calculation, you trade, then definitely you gonna end up making losses. Now in such a type of profession, if you borrow money and trade, then you are just inviting unnecessary trouble for yourself. Just invest your own money for buying the coins and invest that much which you can afford to lose. Read OP’s story and really felt sad. Hope my view on this topic helps.
The first things I learned in cryptocurrency especially bitcoin investing in this forum other places are:
- Invest only what you can afford to lose.
- Never take out a loan to invest because obviously it is not money you can afford to lose.
- Do Your Own Research(DYOR). Never leave your bitcoin future in the hands of someone else.
- Be committed. Invest and hold until you understand better.
Please what you know about bitcoin and meme coin you have a huge responsibility to educate your uncle. If possible appeal to him to withdraw his investments from those shitcoins. Please, do not wait until something bad happens before you speak to him. Be firm in your approach let me know that you know your onions. This will give him confidence in you.
- Invest only what you can afford to lose.
- Never take out a loan to invest because obviously it is not money you can afford to lose.
- Do Your Own Research(DYOR). Never leave your bitcoin future in the hands of someone else.
- Be committed. Invest and hold until you understand better.
Please what you know about bitcoin and meme coin you have a huge responsibility to educate your uncle. If possible appeal to him to withdraw his investments from those shitcoins. Please, do not wait until something bad happens before you speak to him. Be firm in your approach let me know that you know your onions. This will give him confidence in you.
Your uncle did the wrong thing in the first place. Because he involved himself in investing in loans. Second He trusted his childhood friend. Everyone should know never to trust anyone in cryptocurrency. But here since you have knowledge about crypto currency your uncle should have taken advice from you. It is true that his childhood friend bought him the meme coin, so many accidents happened to him. If his childhood friend had invested in Bitcoin it would also have been a reliable investment.
Now my advice to all is never invest with borrowing. It is seen that you have invested with loan but you have suffered a lot of losses due to the fall in the market. You have to pay the money in between, if you don't, the loan amount will continue to increase. There will come a time when your loan amount will double. If you are unable to pay then you may have to sell your house and property to repay the loan. Never invest with debt anyway. If necessary, you invest slowly through working earnings. That investment will be worry free and successful for you.
Now my advice to all is never invest with borrowing. It is seen that you have invested with loan but you have suffered a lot of losses due to the fall in the market. You have to pay the money in between, if you don't, the loan amount will continue to increase. There will come a time when your loan amount will double. If you are unable to pay then you may have to sell your house and property to repay the loan. Never invest with debt anyway. If necessary, you invest slowly through working earnings. That investment will be worry free and successful for you.
The trust that your uncle is giving is just so much that it can bring the friendship they have into blackhole. One thing I don't understand is the childhood friend of your uncle that accepts the offer of your uncle. He know by himself that he is doing risky trades and investing on a very risky tokens, I don't understand why would you put someone in the same risk as yours knowing that it can put a stain in your friendship if you failed horribly. I'm wondering if that childhood friend of your uncle knows that the money that your uncle gives to him came from a loan. If he knew it from the start, I think that childhood friend is just an a**hole trying to put stain on their good relationship.
if I were you, I would do what you are doing right now. tries to explain the risks of crypto trading and the dangers of failing. seeing the condition of your old uncle, and borrowing a lot of money is a mistake if the investment fails. I don't know if this will be life-threatening or not, but I think it will be a huge stress boost when the plan doesn't work out. After all, you warned him, it's just that he's so sure about his friend. all you can do right now is pray and prepare for the worst so you can be relied on when it happens.
It's hard to trust your money from a loan to a friend who trades especially when you're far from each other, it could escalate quickly in the worst case scenario. Also, if your uncle doesn't have any source of income, he would only have a headache on where to get money to pay off his loan. I wouldn't even dare to do such crazy thing like that, well maybe if I'm the one who is going to use that loan money in trading.
borrowed money to trade, chances are the loan was given by someone who knows nothing about crypto. and if the greatest risk occurs, there may be a case of fraud when it is not possible to return the money borrowed until the time of return.I won't do it, it's bad. but in case of a severe dump of Bitcoin and it is possible to borrow it from a family without a binding return deadline. maybe it can be done, but for Bitcoin investment is not trading.
...
What would you have done if you are in my shoes?
What would you have done if you are in my shoes?
Your uncle is committing investment taboos, the first is to borrow money to invest, and the second is to trust a friend far away and give them money. He doubled his own risk, I wouldn't be surprised if one day your uncle loses all his money and friendship.
You must be very worried about the future of your loved ones, I have never been through something like this, so I cannot give you any helpful advice. You should quickly find a way to help him or things could turn out worse than you think.
Trusting your friend that much is not easy, it takes a lot of courage to do so especially if its your hard earned money.
Your uncle should know what he is doing, and know that money in crypto is not guaranteed after all. You can just help your uncle to get his money back as soon as possible, maybe there's still money left for him. Taking loan is not good as well, you must be able to pay for that even if the market will not be in your favor.
This is a basic rules when it comes to money, trusting can be a big thing and borrowing funds just for trading is not good same thing with gambling.Your uncle should know what he is doing, and know that money in crypto is not guaranteed after all. You can just help your uncle to get his money back as soon as possible, maybe there's still money left for him. Taking loan is not good as well, you must be able to pay for that even if the market will not be in your favor.
His uncle should know this already as he is old enough to understand the risk of trusting someone, I'm sure he got betrayed by someone already he should take that as a lesson. Well, money is the root of evil as per many his friend might be more greedy hiding the true transactions under his wallet. If you're into crypto, try to educate more people as much as possible, that can be a big help.
Jump to: