Life is all about risk but even at that I have to tell you that your uncle has made a very big mistake by trusting someone outside of his reach with money he took from loan. Outside that the mentioned person is a trader, I can never entrust my funds to someone outside the country especially when I took it from loan because they are so many possibility that could turn out like
~ he is human, and is vulnerable to been tempted in using your funds for himself.
~there is no legal documents on the above person returning the money
~dont have knowledge on the investment
Topic: Taking loan for investment can be life threatening - page 7. (Read 916 times)
This won't end well, the friend might later say he lost the money or the project he invested money on rug pulled, the main plan was to enrich himself through his own private investment, it would have been better if your uncle learn the whole thing himself and carefully choose some good projects, any newbies can do this and still have some satisfying results.
You have to take risks in gambling as it's risk reward return relationship but taking loans for investment which has no guaranteed returns is not risk but a blunder which should be avoided at any cost.I don't know what they have in mind while making such decisions and see they will make huge profits in short span but when the opposite happenes they become bankrupt so ask your uncle to be timely aware about it.
~snip~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?
Taking high loans without caring about the risks involved and even being old enough. Have you thought about what action you will take? if it's life threatening, is it worth it. If you don't have any collateral for the loan, don't do it. Investments based on loans without having the skills that are really needed, never do it. it will only give new problems, because the loan interest will still run when you are late paying it. Moreover, the investment that will be made in meme coins which are clearly pump and dump coins and of course will also be abandoned and worthless. Other altcoins are even better, but Bitcoin is the undisputed top investment.
I personally do not advise anyone to invest with unsecured loan money or other work that will back up payments every month. Because investment can not be done only in a matter of months, it takes time and cannot be done instantly.
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?
At first it is not a good idea to use a loan and invest in cryptocurrency. But since your uncle has already done it by proxy without your consent. All you do is to wish all go well for your uncle. If your uncle was actually willing to take such a loan and make such a huge risk, it would have been bitcoin and then the duration of the loan be extended to two years or more but with this idea of meme coins and Also not knowing the duration of the loan. It could turn out to be a bad news if the market slips to the negative direction.
And we all know that most times this meme coins don't come back to life after they slip. Well it is risky
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?
The holy book of the Christians says, " a prophet isn't recognised in his own home".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?
So don't be surprised when all your advise and warnings fall on deaf ears. Just how could you know any better, a child he watched growing up and now comes to give investment advice to him with his many years of experience, both in life and business! That's often the thought.
I don't know, somehow, people tend to beleive that being a foreigner or having to live in some European country could mean having more knowledge about just any subject. Well, it could be just as one believes but what I would say to you now at OP is that,
You having to wish things go his way is the right idea and also be ready to console him should it not. Borrowing to invest in a highly volatile cryptospace is not always the right kind of idea.
That is certainly true. It’s always life threatening to take a loan and used it for investments that don’t have guarantees if you will gain or lose in the end. Though some lucky investors have started from taking loans and able to manage the risk and handle their borrowed funds well, but that is not happening to all investors who take the risk in taking loans. Some have put their lives into worst situation and eventually live the poorest of the poor. That’s why if you want to invest responsibly, do not invest above your means. Use your spare money to invest so that if you lose, that will not affect your finances.
When you have sufficient background knowledge about the cryptocurrency world, taking out a loan to invest in cryptocurrency is not even an option. Taking out a loan to invest could result in a person's life sentence. The disappointment and shock that comes with losing all of your money always sound deadly.
Since you know you’re better than his friend in cryptocurrency, you should help him out and let him know. I don’t pray he loses all the money because if he does he might lose interest in this opportunity of investing in cryptocurrency. Rather guide him and be his coach if you’re confident in your knowledge so far of the market.
Your uncle is so unfortunate for trusting his friend which he don't actually know if he is reliable trader. If you can still do some action to save up the money of your uncle then tell him about what you notice so that he can slowly pull out his money if there are still left to minimize the damage done. Also give him an advice to not take a loan if he just invest it on crypto because this is so risky decision to do.
He is just a victim of false hope and dishonesty. His friend is just clearly taking advantage of the situation knowing he could use your uncle’s money for the sake of his own investment. But the damage has been done. Just tell your uncle that he should not expect for his money anymore to be returned to him, his friend might lose them all for all he knows. For now, if he has still left to invest, then guide him if he ask assistance from you. If not, then let him see realize his own mistake by not trusting you and instead trust his friend who is not even sure if he’s doing the right thing in crypto. 
I'll show him the entire market through coingecko or coinmarketcap and show him the ranking of bitcoin and the coins that he has invested through his friend.
By that way, he'll see that you're not joking about your feedback towards the coins that he has bought with his loaned money. It's truly concerning when we know a person and we're aware of what they're doing wrongly and they don't want us to step on their decisions while them being a newbie.
By that way, he'll see that you're not joking about your feedback towards the coins that he has bought with his loaned money. It's truly concerning when we know a person and we're aware of what they're doing wrongly and they don't want us to step on their decisions while them being a newbie.
Your uncle is on the wrong path, investing with a loan is double the risk, especially without asking you first for advice. Before making a loan, uncle must have an investment soul that is qualified far above the average person. If you don't have the ability to invest, don't approach debt, even if it's only a little.
It's better to build insight, read lots of books, build relationships, community, and other positive things than just thinking about how to take debt for investment. The ability to invest is the most valuable asset, not just money, having money but not having the ability is the same as using a bicycle without wheels.
It's better to build insight, read lots of books, build relationships, community, and other positive things than just thinking about how to take debt for investment. The ability to invest is the most valuable asset, not just money, having money but not having the ability is the same as using a bicycle without wheels.
I am wondering why OP was ignored right from the beginning, your uncle knows that you are into crypto and he didn't seek your attention first? If I were in your shoe I won't even bother warning such a person, he thinks too less of you that's why he never approached you for advice, people like that need to be ignored and let them learn their lessons the hardest way.
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?
This statement looks like your a little butthurt that your uncle choose someone over you to trade his money. You didn’t mention if you offer your trading service or not because it’s very unusual to criticize someone for not choosing you if you didn’t offer yourself to the person.
How much money we are talking about here because this loan will become real shit if your uncle doesn’t have any capacity to pay it. Investing on meme coin means 99.99% of your money is considered as loss because this token has no real value at all. Anyway you just leave him be because it’s your uncle problem. He might blame you incase those meme coin pump miraculously while he miss that profit opportunity. Just remind what’s the risk involved on meme coins though.
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?
Your uncle made his decision on his own, the consequences of his actions will also be his to bear. Your uncle made the mistake of trusting easily, it may turn out to be something, a decision that he will regret. I have heard stories of people who send money to other countries for family members and so called close friends to secure assets for them in the form of property, only for them to travel there and find out that the person had done nothing. I know that that is a different scenerio, but it is also possible to happen.If it is possible to get the person given the money to return it, you can try to convince your uncle to get his money back and avoid debt.
From what you have written it seems like your uncle took the loan for an investment. This is a very risky business or attempt because investing in meme coins is a very risky business if the trader or investor does not understand how the meme market works. I hope this would go well and your uncle would be able to recover his money back with profits if truly he uses the money like you have said. I would rather ask people to use there money and make investment than giving them to random people or friend to help them trade for the profits.
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I mean I wouldn't even loan to invest into Bitcoin and what more for meme coins? The only saving grace for that kind of thing would be another "Elon-like" influence around Twitter since we all know what happened with coins like Shiba and Doge that year.I would not be able to sleep thinking that my loaned investment might not be able to cut it even in its breakeven point plus knowing that my earnings might just go to the repayment anyway along with the interest rates. Meh I'll pass.
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.
Your uncle did the first mistake where he had taken loan for any sort of investment because the market rule says never invest what you can't afford to loose but he took it further by taking loan which is very risky.The second mistake was when he doesn't have any knowledge then trusting any third person is not advisable at all as you should gain knowledge yourself and DYOR while trading.He will have to repay the loan despite the fact his investment goes down along with interest so lot of loss exposure to him.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,
So he is investing them in meme coins? Then tell your uncle be prepared to face loss as most of them will collapse soon because of zero utility and centralised control.They might be pumping under some temporary influence but in long run it's loss.If they can sell now to take out money they can save it but no long term hopes frankly saying. 
Why will your uncle take loan to invest in what he those not knows about? Before sending the money to his friend, he should have gone on a research and learn more about cryptocurrency, am sure if he goes for a little research, he will definitely know you should invest any amount you can afford to lose, even professional traders will say the same. And the funniest part is that your uncle's friend is investing in shitcoins alone, if he invested in bitcoin, I know if he can hold, he will definitely make his money back. I think your uncle should start looking for another source to pay the loan back, because shitcoins are not really doing well currently, we are not in their season.
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?
Your uncle was tricked by his friend to loan him to invest even if he is a good trader and he knows Cryptocurrency there's still no guarantee investing in altcoins, especially on these meme coins, do not give your uncle false hopes and try to give him the real picture on what it's like investing in Cryptocurrency, it's up to him to listen.
You did not provide information about collateral and what happened if the investment failed, your uncle should be wise to not ask for collateral or guarantee of return whatever happens to your uncle's friend's investment, honestly your uncle's money has a low chance to return so ask your uncle about the worse scenario, he is old enough to figure it out if he is not prepared then your uncle is too gullible and he easily believes, you will have to help your uncle to overcome the worse scenario that is coming.
In both cases, he will lose his money if things go well. Greed will control that, as long as I win once, I will win every time, and then he will send him more money, which he will inevitably lose.
If things did not go well, then he would have lost his money.
Therefore, both options are bad.
I hope that he will transfer the money from that loan into Bitcoin and think as if that money was lost and start paying off the loan
There is no point in investing if you do not do it yourself.
If things did not go well, then he would have lost his money.
Therefore, both options are bad.
I hope that he will transfer the money from that loan into Bitcoin and think as if that money was lost and start paying off the loan
There is no point in investing if you do not do it yourself.
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