Taking loan for investment can be life threatening - page 4.

carlfebz2

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Quote from: goaldigger on March 24, 2023, 08:13:30 AM

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.

When it comes to money then everyone could easily changed out and show off their true colors in a snap specially if you are dealing with a greedy person on which they wont really be minding whether you are a family or close friend it wont matter because everyone could really stab you at the back when it comes to money.

This is why its not really that something recommendable if you do really let other people do handle out your investment or someone who do really make out decisions on what you should buy.

It is true that once things get messed up then conflicts and issues would be raised up on possible extreme or severe manner on which there's no way that it could be easily
fixed specially if it does involved money.

goaldigger

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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.

AicecreaME

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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.

tvplus006

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The problem of such borrowers is that they are 100% sure that they will be able to increase the amount of borrowed money and it will not be difficult for them to pay off the lender. But when assessing risks, they lack knowledge about the volatility of cryptocurrencies, respectively, they cannot correctly assess the risks, which leads to the loss of borrowed funds.

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Your uncle trusts outsiders more than his own relatives, this is the worst for me. I really can't understand why some people don't trust their loved ones but trust outsiders. Is it for money?

In this case, in my opinion, let him experience it all for himself, although it will have serious consequences for him, but since he doesn't trust you, there is nothing you can do. The only way I can think of is to ask for help from relatives, I think when everyone gives advice, he will think again.

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Quote from: Dr.Osh on March 24, 2023, 02:33:19 AM

yes, but the fact is that many people blindly take out loans, even selling all the assets they have for investments that they believe will bring them wealth in a short time. they are truly inspired that the risk is worth the reward, but they forget that all such actions can lead them only to the risk. as long as we have income, put in a few percent to invest, and never take action looking for a loan to invest, especially since the loan is more than we can replace.

First of all I think that trading with loans should not be done, then when someone does not have the ability to repay the loan or only if the profit comes from that trade then it will be possible to repay the loan. If this is the case, then I think that trading with loans is a lot like hanging from the rope with your own hands. To get rid of it, we must first control our greed. And if you want to trade with what you can afford, always remember that trading gives profit but it also brings a lot of risks.

Questat

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Quote from: ANSEL_2.0 on March 16, 2023, 04:41:12 AM

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?

Well, the problem with your uncle is he really trusts that person to handle his money and make assurance that it will be back. However, the nature of the market and the coins that the person used to trade are not safe which makes you/us worried about what will happen. But I see we just underestimate the capability of that person, we never know exactly what he can do with these meme coins because we can't deny the fact that some people make a huge profit from investing in them which is also possible. We can't assume everything and the only thing you can do is to help your uncle and make him know the risk that he enters.

Dr.Osh

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Quote from: suzanne5223 on March 23, 2023, 07:32:33 PM

Quote from: Russlenat on March 23, 2023, 05:36:05 PM

Yes, it’s really life threatening especially if you have no means to pay for it. I guess you worry a lot, which I also understand because your uncle might lost everything more than he knew it. And with that, there’s nothing you can do but prepare for the future losses.

Why would anyone with a sensible mind even take a loan when there are sure means of repayment in the first? Not to talk about entrusting his investment to a strange, someone he has seen for a while is strange to him cause people can easily change especially when money is involved. The only thing that can cause this is greed for making money.

yes, but the fact is that many people blindly take out loans, even selling all the assets they have for investments that they believe will bring them wealth in a short time. they are truly inspired that the risk is worth the reward, but they forget that all such actions can lead them only to the risk. as long as we have income, put in a few percent to invest, and never take action looking for a loan to invest, especially since the loan is more than we can replace.

andriarto

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Quote from: lienfaye on March 23, 2023, 11:58:49 PM

Quote from: ANSEL_2.0 on March 16, 2023, 04:41:12 AM

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?

Is your uncle collecting interest to this childhood friend? Or he just helped and take a loan on its behalf? The problem is the too much trust of your uncle thinking this friend is a reliable person and won't break its promise. But if the money is used to invest in crypto (which we are fully aware how risky it is) chances to lose are possible and in this situation, the friend take a higher risk investing in not established coins.

It's not really advisable to take a loan unless you can pay it regardless of the result of your investment. But if you're just relying on the profit of this investment, that would be a risky thing to do. So don't take a loan to invest and don't ever take a loan just to lend for your friend that he will use to invest regardless how reliable he is. Because you'll never know until you're put in a hard situation.

investing by taking a loan in my opinion is also not in accordance with investment principles, which is that we have to make ends meet first and then we use the rest for investment. burdensome, unless it's for trading and we have the expertise for that, then at any time of course there will be an opportunity to make a profit, but this is indeed more risky

DevilSlayer

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That's the fastest way for you to be in emotional discomfort, burnt trading account, and bad performance not only in trading but in life. It is very dangerous to make an investment from loans especially if it is your first time to experience the volatility in the cryptocurrency market. The nature of investment is uncertainty, you do not know if your investment will go up or it will go down so the expectations should always be flexible. It is okay to take loans and use it as an investments if you are already professional who have years of experience, know how to manage risks and have proven system that can lead to profitability. But if you do not have these 3, then do not try to take loan and invest it immediately.

You must learn from the people who make mistake like this, it is an idiot way to lose your money. Also consider the pressure because it is just the money that you borrow so it can be a double edge sword especially when it comes to your trading performance. I think it is better if you will just invest small amount of money first than to take huge loan and quickly putting it in an assets that is so volatile.

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Quote from: ANSEL_2.0 on March 16, 2023, 04:41:12 AM

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?

Is your uncle collecting interest to this childhood friend? Or he just helped and take a loan on its behalf? The problem is the too much trust of your uncle thinking this friend is a reliable person and won't break its promise. But if the money is used to invest in crypto (which we are fully aware how risky it is) chances to lose are possible and in this situation, the friend take a higher risk investing in not established coins.

It's not really advisable to take a loan unless you can pay it regardless of the result of your investment. But if you're just relying on the profit of this investment, that would be a risky thing to do. So don't take a loan to invest and don't ever take a loan just to lend for your friend that he will use to invest regardless how reliable he is. Because you'll never know until you're put in a hard situation.

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never take any loan if you don't have stable income, you're quite literally just throwing yourself into poverty pit, you think you gonna score good money with the loan you just taken but you don't know that you're quite literally against the whales with thousands times capital than you if not more.
moreover you're pressed with the time you gonna need to pay your loan so basically it's added yet another factor to the bad decision you gonna make, loan for investment could be by far stupidest thing ever done if someone just doing it out of their guts and not some proper thorough planning.

suzanne5223

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Quote from: Russlenat on March 23, 2023, 05:36:05 PM

Yes, it’s really life threatening especially if you have no means to pay for it. I guess you worry a lot, which I also understand because your uncle might lost everything more than he knew it. And with that, there’s nothing you can do but prepare for the future losses.

Why would anyone with a sensible mind even take a loan when there are sure means of repayment in the first? Not to talk about entrusting his investment to a strange, someone he has seen for a while is strange to him cause people can easily change especially when money is involved. The only thing that can cause this is greed for making money.

DoublerHunter

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Quote from: Russlenat on March 23, 2023, 05:36:05 PM

Yes, it’s really life threatening especially if you have no means to pay for it. I guess you worry a lot, which I also understand because your uncle might lost everything more than he knew it. And with that, there’s nothing you can do but prepare for the future losses. This might teach your uncle to never trust anyone especially when huge amount of money is at risk. There’s nothing you can do about it, but to wait for the result before you take a new action that will make him recover his losses. Maybe this time, your uncle will be more cautious about the risk.

^ That is definitely right but I think that scenario it is not too late to help his uncle, but instead, advise him and give a proper insight that memecoin investment is not worth it an investment or probably diverting his asset into BTC and cutting losses while it is not too late. Probably huge losses in the future can be avoided if his uncle diverts all his assets to BTC which is proven that could potentially give profit.

Quidat

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Quote from: Russlenat on March 23, 2023, 05:36:05 PM

Yes, it’s really life threatening especially if you have no means to pay for it. I guess you worry a lot, which I also understand because your uncle might lost everything more than he knew it. And with that, there’s nothing you can do but prepare for the future losses. This might teach your uncle to never trust anyone especially when huge amount of money is at risk. There’s nothing you can do about it, but to wait for the result before you take a new action that will make him recover his losses. Maybe this time, your uncle will be more cautious about the risk.

If you do take a loan then you are already know the risks when you arent able to repay those loans which it would really be that normal that you would be putting yourself into a huge problem.
This is why its really that important that you should really be that mindful on what are the consequences if ever you wouldnt be able to repay a loan.Basing up on the situation on op stated
then it is something that you wouldnt really be that knowing if his uncle would be able to pay off the loan or not but the wrong thing that has been done is that he had
trusted up someone which it is really that something risky.

Finestream

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Quote from: ANSEL_2.0 on March 16, 2023, 04:41:12 AM

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 guess it’s too late for you to act on it, as you can’t change the fact that your uncle’s tons of money will just go into waste because of his friend. This might give him a lesson to never invest more than he can afford to lose, otherwise he will be financially broke until he’s done paying his debt. But the problem is how he would pay his loaned money when he has no other sources of income that would generate him some profits. This would be life threatening for sure, that’s why we should always invest with high caution.

Russlenat

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Yes, it’s really life threatening especially if you have no means to pay for it. I guess you worry a lot, which I also understand because your uncle might lost everything more than he knew it. And with that, there’s nothing you can do but prepare for the future losses. This might teach your uncle to never trust anyone especially when huge amount of money is at risk. There’s nothing you can do about it, but to wait for the result before you take a new action that will make him recover his losses. Maybe this time, your uncle will be more cautious about the risk.

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Quote from: ANSEL_2.0 on March 16, 2023, 04:41:12 AM

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?

We can't do anything if the loan is already taken and the amount is already sent out to his friend but why will worry about this mess he made? I guess you truly love your uncle but all you can do for now is to join him pray that things will go as planned by his friend and by him so that he can get more because I think the reason he agree with this is he is promised with a big interest.

I think it's also the fault of the loaning company on why they agree for your uncle to take the loan when they already saw his condition that he is now old but maybe your uncle still have a good retirement money? And is the one that he use as a collateral in case he failed to pay out the loan.

stomachgrowls

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Quote from: ANSEL_2.0 on March 16, 2023, 04:41:12 AM

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?

Just let him be since its his decision after all, if he was really seeing you as a better one then he would really be entrusting those amounts to you but he didnt but rather he did trust up someone other than you.

Good thing that you do let him know about meme coins and everything on pink sale doesnt guaranteed out profits and this is where learning would really comes in on which he would really be realizing that
crypto investment is never been safe and something risky to deal with and its better to make up decisions basing up with your own analysis and never ever trust up someone
to handle up your money in behalf of yours.

tjtonmoy

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Quote from: ANSEL_2.0 on March 16, 2023, 04:41:12 AM

What would you have done if you are in my shoes?

I have been in this crypto world for about 2 years now. I used to only focus on alts. But as days went by I come to know about Bitcoin and all about its features. Now I have little to no interest on alt coins. Those centralized coins are just sh*t. Some are even doing a better job than bitcoin, but the only reason for them being centralized is holding them back, and nothing could change that even if they show more progress.
Now coming to your uncle's decision. I wouldn't tell him to do anything. I would only explain the situation. And if he is wise enough to understand, he will take actions based on his own decision. Tell him about risk management and the bad side of centralization. Hope he will understand and also show him the past performance of other meme coins.

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