Let us not even put a second thought to this one. Just now came across post where one guy tried to end his life because he lost more than 30k USD in crypto space and guess what from where the money came? You guessed it right - the loans! Not even that, he used money from the mums pension fund. Imagine what kind of days he might be living with that much stress. This is what happens when you go off the way to do non sensical investment. There rules of investment or basically ways to do it. We can't or should never do loans in the want of growing it in the VOLATILE market. That's stupid way to go around it
The reality is do not invest from borrowed money so that if you lose your investment, it will never create a life changing effect to you. And investments are definitely high risky especially if you are still new to it and you don’t have knowledge and experience about investments. So just to avoid life’s regrets in the future, never borrow money for investments. Invest at your own risk, invest only from your own savings. It is true that you should never try to invest into something risky like cryptocurrencies trading. It is hard to gamble your own money, what more a money that is considered a liability. Although if you are financially capable of paying it without compromising your basic needs and wants, then do so. I see this move as risk move over another risk move since it is risky to loan and it would be more risky if that borrowed money will be invested to something risky by nature. I agree that as long as you can choose to avoid these, do so, so that you won't regret the consequences that might be attached to your decision. |
|
|
|
There's no way we were not being affected during the covid 19 pandemic season few years back, this has brought us a severe hardships on the economy from normal runnings, things have changed drastically without having remedy to ameliorated avenue and many have finds it so difficult to make a living through, we never hope to expect something like this to happens again in the history of life.
Post-covid19 is over but many problems still linger, many people are experiencing a financial crisis due to job loss and even some dry areas due to the dry season have experienced crop failure, we have not fully recovered to recover financially because we have to find work for our necessities of life. We still feel traumatic from the pandemic because news of death is everywhere and we hope it never happens, but we don't need to drag on in the trauma of a pandemic and we have to start a new life for the future. It is indeed that although it feels like everything is back to normal, a lot of people have drastically change and affects their life as covid pandemic era happens. Problems in economy are still there like in our country where more people becomes unemployed due to businesses closing down. The economy are still recovering from its effects but I think it would be hard to completely recover. As for how I survived this pandemic, I think it helps that I am an introverted person that do not need that much physical contact and connection from others. In terms of financial, it becomes harder since jobs are stopped that time so we rely on governments aid. But, after that life continues and we move forward since there's no way to go. I just hope that we all can recover from this and hopefully another pandemic wont happen to us again. |
|
|
|
I think the thing that can make it difficult for money to come at this time is difficult economic conditions, when there is an economic disturbance it will have a big and widespread impact so that making money is a very difficult thing, but we must be optimistic and be able to take advantage of difficult conditions like today to be able to survive.
This is an excuse for lazy or not serious people, during difficult economic condition money still can get made, this kind of situations or means making money has been a little bit difficult then how it was when the economy was moving smoothly but that doesn't mean money has stopped been made. You have to push yourself above others in this kind of situations to progress. For example, during the 2020 pandemic, while others were busy complaining of how difficult the economy was and how they couldn't make money, we saw a rise in millionaire been made in that same economy condition. Economic crises gives you an opportunity to solve problem and make money. While I agree with your statement, I think we should not generalize it. People do have different situation in different countries, so if you think it is that just easy to find a job, someone could be struggling to find it even though applying in a lot of companies. Life after the pandemic is hard for most of the people in the world especially those who are part of the marginalized sector. It is really hard to earn money these days and with the added effect of increasing inflation, it can be said that it is really hard to make ends meet these days for some. We do have our own lives
We do have our own challenges
We do have our own works and income source
We do have different problems
We do have different approach on things
This is why it would really be that understandable that not all would really be on the same situation. You might find that it would really be that
that challenging and this is why we should really be that wise on taking up decisions in speaking about investment and other opportunities.
As what I am saying we all have different lives. I agree that in this time of hardships in economy, we could start thinking every decisions that we do so that it could really help us to move forward to make ourselves be better. Use every opportunity wisely and do it after thinking and considering every outcome that may come. So all in all, I must say that for some it is indeed that money can be felt as something that hardly come this days, but what we can do, that's life, the only thing that we can do is to continue moving forward into the future. |
|
|
|
Expect to receive more crypto selection since you are asking it on a forum where most of the users are using crypto so expect a bias answer and majority would choose crypto over forex trading here.
If you ask this on neutral place for sure you can get different type of answers coming from different people and you can see some reasons why they choose forex and also why they choose crypto.
This is also what I think, most here (even I) only experienced cryptocurrency trading so the easiness of the process and the volatility of the market would really make them choose cryptocurrency over forex. But based on what I understand about forex trading, it is a trading that is targeted on certain people. It is for those who can settle for low returns as forex is low risk trading. Also, the level of protection through regulations could be deal breaker to some. For me, I would love to experience the forex trading soon, so that I could have an actual experience and review regarding it. But for now, like most of people here, I would also choose cryptocurrency trading as it can yield to higher returns. |
|
|
|
If the relationship between relatives is ruined because of money, then you will think that he considered money more than your relationship. So there is no problem even if there is no such false relationship.
As he seems cousin to you, you should have helped him. Because if relatives are not available during times of danger, people's trust or faith in relatives is broken. But you have good reason not to help because you said that cousin of yours is not a trustworthy person and the amount of money is too much. So if you help him by giving him that much money in times of danger and later if he refuses to give you the money, maybe you did not give him the money out of such a fear. But your cousin should have understood why you hesitated to pay him.
Hope you don't break the bond of kinship because of money. And because of the attitude that refused to give your cousin a loan, I hope your cousin will change that attitude
I agree that as a relative you should have the heart to help them but it varies in different scenarios that happens since everyone has their own story to tell based on their actions and decisions. I personally would do the same of not helping him since I know he had history with me regarding financial issues. As soon as you make me feel that your are not trustworthy on the money that I lend you, It would be very hard for me to help you the next time. I tend to just make excuses so that I don't end up lending that someone with money. I agree and I must add that the cousin truly knows why you don't lend him the money but he is not that matured enough to admit it. Well, what ever happened I think you have done the right thing. |
|
|
|
I think so, nowadays it's too easy to find a loan because of the presence of online loan applications, in my country to borrow $2,000 worth of money, just send identity and selfie, and within a maximum of 3 days the loan amount will be accepted, but with the ease of the loan, interest must be paid very high.
Actually there is a problem of loan addictions, it's like gambling: people get what they want to have, then they pay properly, then they take one more credit, and so on... And at some point this person experiences problems with money loss (either problems with job, or other problems which need much money to solve), and then in order to pay the debts he or she needs to take actions in a hurry, which lead to even more money loss: they start selling houses/cars/business projects in really short periods of time, which makes them get less money for selling their belongings and property. This economic activity makes people gamblers, though most such gamblers don't even understand it and think that everything is stable. I have seen people who experienced these and it is kind of sad that some who already have existing loans have no choice but to take a loan again just to pay those existing charges. It is not good to do this as you have the tendency to be stuck and be forcefully be in the loop of unending series of loan. But its still depends on the person doing this as I believe there is still way out. For those who have no choice but to sell their assets, it should be a wake up call to do something in order to stop their addiction with loans. So to answer the main question, I think it depends on the situation whether you can consider one to be addicted to loan/debt since it varies based on how one pays the loan and how they managed the situation that they are into. |
|
|
|
I really have problems with my emotions, mostly at work, but luckily I was able to control myself when it came to gambling because I do walk away when I get frustrated in a game, and I won't be playing if I'm angry because I lose a lot and I won't attract luck, which was the opposite when I was at work. Controlling emotions is the key to not losing a lot in gambling because, for sure, if you are angry, you'll lose more.
That is good for you since it is really hard to contain your emotions especially when dealing with these kind of situations. It is actually good to have that mantra since doing something while having a big emotions would sometimes cause bad things so it is really better for us to just take time to reflect by doing anything that you think that can really calm you. In gambling, it is indeed that you should at least master controlling your emotions since being in the situations that deals risking money can cause some bad emotions that might affect your way of dealing in further situations and also it might affect your decision-making. Have you experienced tilt over the long game? How have you dealt with it? How do you think you can gamble with a cool head, and how do you make yourself a good brake inside)
Tilting in gambling is a very common thing but the mental frustration and emotional confusion displayed varies amongst gamblers. Gambling with a cool head first starts with a gambler defining why the choose to gamble and what kind of benefit the choose to gain from gambling. If the gamble is for fun it will be more easier to keep a cool head. But if the money is the principal motive then aggressiveness is inevitable which will certainly result in more losses.. I agree with these as people have different take on handling situations and their own emotions. It is completely normal to experience those but what we do as an effect of those emotion would define us on how we handle those emotions. Gambling would let you experience a lot of emotions, so you need to have a clear mindset on your budget and try to focus on handling those because as soon as you recognize that there is problem, you can handle those pretty well. |
|
|
|
Today, due to the needs of life, most of us are forced to use technology devices, online services, etc., so it is completely impossible to hide our identity. I believe that even companies like Apple claim to respect their users' privacy but still secretly collect our data in a more sophisticated way after being detected. User data is something they can earn a lot of money on, they will never ignore it easily. As long as we depend on government-generated products and services, anonymity is not possible.
I agree with these, technology and internet has been transforming to be of necessity for majority of people. Most of the activities in our daily lives involves the use of at least one gadget and with the use of internet. So with these, it would be very hard to make yourself be completely anonymous. But there are still ways so that you can be as anonymous as you can get online. A lot has been suggested here, but for me personally, I could not see myself to be completely anonymous any part of my life. I have been somehow dependent of devices and internet; it would be hard to put an effort to do these things. What I am doing is keeping all my internet footprint to be contained in a small circle like having my social media be only for those close to me. Also, majority of services that is offered online requires personal data so it is somehow impossible to use this without using your real identity. |
|
|
|
Learning from past mistakes is how humanity grows as well, that's the thing that allows us to grow as much as possible.
...
This allowed past mistakes to be not repeated and start from a good place.
It is indeed that experiences will shape ourselves in the future . It makes us grow as a person. Whenever we are in different situations, we have different emotions that may be experienced. This is important to recognize and understand since it would help you analyze each situation and assess the emotions you experienced. This will help us to be better next time and do what should have been done at the first place. This is the reason i always recommend every new traders to start trading with real money and don't follow any youtuber or telegram channel. As a newbie one can make many mistakes but these mistake will teach many skills and every mistake will increase your confident and next time you will be able to trade free of tention and as OP mentioned The more you trade your emotion will be controlled.
Depending on how well a person is doing financially, maybe trading in a demo account until gathering experience may be a better option. I saw many traders get wiped out early on in the pandemic and they stopped trading because they couldn't afford to lose the amounts of money that they lost, and felt "cheated." People are wired to work ad gain income from their work, losing large amounts of money can break people down very early on and then they never gain the experience necessary to be profitable with their trading. I think this is a good idea since i this way you could have your first trading experience with hypothetical money that isn't real. This would help you experience losses without compromising your hard earned money. But keep in mind that investing is risk and in no time you have to make your self be in that situation of risking through investments. I think people would only learn from their experience if they would fully assess and reflect on the actions that they do. If they just experience the emotions from losses without thinking further what really happened would make you gain no real experience from it. |
|
|
|
First of all, why would you be convincing people to invest in Bitcoin?
I feel the same as you. I tried to convince many people to buy bitcoin in early days. Now I feel that you can only teach them about bitcoin and after that they will have to decide for themselves. Honestly many people do not understand bitcoin enough to trust their money into this system. Still everyone should know for themselves. This is the safest method to promote bitcoins and to avoid the blames of the people once the market is currently experiencing volatility which most of the newbies panic when they see it. The only thing you can help them with is to share with them some knowledge you have learned these past few years from this community especially how to prevent themselves from getting scammed from these multiple tactics by crooks and scammers with their Ponzi Schemes. Other than that is up to them to decide because it's really hard to even for ourselves when it comes to investment, especially with money. I totally agree with these, sceptical persons on bitcoin investing will always found arguments just to make them don't go forward with the decision of investing into it. The only thing that we can do is just educate them with your first hand experience and let them know all the advantages and disadvantages of investing into it. They should first know what they are entering to. So that, the final decision would be coming from them, and we have no way and any rights to force them to buy when it's against their understanding and assessment. It is their money to invest so they have all the right to be sceptical, so you don't have to suggest right away a decision to invest, just present all the positive and negative facts about it. It is really a tough decision when money is involved since it may be part of your hard earned money so we all should be cautious on every decision that we do and always do your own analysis based on different information regarding it. |
|
|
|
I'm sure many people do not care about decentralization, they prefer centralization so that their money is not crashing like decentralization, and in terms of security indeed decentralization is very dangerous and will not make us calm, if we have $ 1 million money in decentralization then there is a chance of $ 1 million to $ 10 or even under $ 1.
Only a small percentage of the global population are really using the decentralised transactions of cryptocurrencies. This means that there is a small percentage who actually understand what these decentralization really means to them. So, I agree that most of people really don't care about these. But I must say also that there is really a case to case basis to how bigger deal is the decentralization compared to a centralized form of transactions. It isn't always that decentralization is better than the other. Also, I think what really people care about is in the process on whether it is fast and cost efficient. This, I think, would determine the adaptation of majority into these decentralization. |
|
|
|
Looks like the choice whether to spend bitcoin or not is a personal matter for every bitcoiner. By spending bitcoin on things, you help the adoption of bitcoin and make it more recognizable. If you hold bitcoin, you can make a profit from it. I personally choose to hold my bitcoin long-term, it's been in my ownr wallet for like 2 years now. #diamondhands  Spending bitcoin isn't always about buying something with bitcoin, but it's meant for all kinds of things like paying for certain service, gambling with it, selling it for fiat, or whatever. I'm not thinking about not touching bitcoins, which means I still have very high chance of spending them on variety of things. If one morning I make lot of profit on this investment, then I might consider selling some or all of it. As some have said, you should enjoy your life instead of having to hold on your investment assets forever untouched. Hold now and sell later, that's fine. I had the same sentiment since I see bitcoin as a currency that is meant to be used as intended. I think bitcoin adoption would continue if we would let others see it the way it is intended which is to spend and invest. Spending it also helps the market of bitcoin to be stronger so it would continue to be the strongest among the market. Also, having investments yields to profit so as long as you gain the profit that you aim, make sure that you get the profit that you deserve since it would be very rewarding to see the results of your investments. But there are different circumstances, and as long as you are satisfied with you continue holding, then do so. |
|
|
|
do you think money can retain its value?the amount of money in circulation will continue to increase over time,that is why inflation occurs.
as opposed to something that is a fixed amount, since the value will continue to rise all the time, there may be a small correction but in the long term it is not too worrying.
Money should be a store of value as it is one of its most basic characteristics, for example thousands of years ago before money as we know it was created we had commodity currencies, people use commodities to trade with others and on some parts of the world tea was a popular way to trade with others, but tea was not a good form of money, because even if people knew it was valuable it could not act as a store of value as it deteriorated too fast, and this is a similar problem we are facing with fiat now. Although money will continue to be a stored value in the future, it does not guarantee to be the only one. I think cryptocurrencies will have a great impact on the future of fiat money since it offers a more decentralized way of transactions. This would be of great challenge when a lot of people would recognize and adapt to the advancement of our society through cryptocurrencies. Also, the inflation that is currently experienced in various countries would totally affects the way the stored value of money is seen. The ongoing increase of inflation rate would make low purchasing power of the people. It would probably shift people to digital currency since it really shows more advantages than current fiat money, but all in all I think fiat money would co-exist with cryptos in the future. |
|
|
|
In that part is they keep saying that experience is the best teacher you keep learning while exploring this serves you a different lesson every decision you made have a reflection with all of those action taking in life. One of my biggest mistake is having a trade over night without proper execution of the stop loss that's lose me a lot of money because I didn't catch the market unexpected price movement.
I had the same experience where I kind of get greedy because the price movement is going up, I thought it would get higher. So, instead of having more profit, I end up having low profit since the price drastically goes down after that. It's like I let the opportunity for high rewards to go into waste since I get greedy and want more profit. This helps me have the courage to have a desired profit so that as soon as I got into that price, I would get the profit I aimed. Even though it might get higher, I would just think that profit is still profit. It is really important to assess everything and make sure that every experience that we had even on those wasted opportunity to earn more, we can definitely learn something from it. |
|
|
|
In today's time that we have, you must be a strategic person. It is not right that we depend or rely on things from the government. Because the government only supports our citizens of a country.
Then in reality, many people survive without government help. Just like my life, I can survive without the help of the government,
because I know that no one will help me but myself.
The reality of life is that government has little part on the way we live specifically on having job. I think the only part that they do is some support for businesses to offer more jobs to people. I agree that being strategic in life is one way for us to have job and earn to support our basic needs. It all boils down to our personal efforts to survive the society that we live in today. Of course we should be able to survive even without the government providing jobs, but the government is obliged to provide good security in the country so that we can start a business with the belief that we will be able to develop well and live from the business that we manage and can even provide jobs, but also not all people are suitable to be business people, that's why when they graduate they will expect jobs provided by the government and actually it is also the government's job to provide jobs for its people, if the government fails in this do not be surprised to see a high crime rate because a lot of unemployment.
I agree since the main job providers in the industry comes from private businesses. But still government have its function and part to make these businesses continues to strive and make people retain their jobs. The way the government handles the economy would determine how people would adapt and create more jobs when the economy is going well. This is the main indicator of how government plays their role since everything in our society has that domino effect that everything is interconnected. |
|
|
|
me? i don't really think i'll consider my self as risk taker at all, since there are different kinds of risk. as for me, i'll consider my self as a gambler since it's like i'm only playing around with money without expecting great in return while i am learning the processs at the same time. the reason why i won't consider my self as a risk taker is that, i didn't like the idea of risking without getting something in return, but with playing around i expect that i will lose that money immediately, this is mostly why i'll only play the amount that i can afford to lose or some spare money that i don't really need. the idea of converting valuable things to fiat and gamble the money is not really for me.
Well, that is, at least, an odd point of view... First, because gamblers are risk takers by nature, and second because when you gamble (and you consider yourself a gambler), you are completely risking money for something in return. So I really don't understand why you don't like the idea of doing so. That is a very contradictory statement! Even if we are willing to lose and do not expect to receive any reward when investing, it also means that we have accepted the risk as freely as possible. Investing in bitcoin meant we took the risk, but given what bitcoin can give us, I think our risk is well worth it. There is no such thing as a completely safe investment in this world, it's just more or less risky, and bitcoin is one of the riskiest investments compared to traditional investments. But high risk brings high returns, so if someone is willing to step out of their comfort zone and take the risk, they will succeed faster than others. The moment you decide to invest into something is the start for you to be considered as risk taker. All investments have its own risk that varies on different degree. In the point that you just are willing to lose your money, I agree that it is still a risk that you tend to make your mind believe that you do not care but you really are aware of the risks you are taking, thus, you are still considered to be as a risk taker. I can see gamblers as automatically be considered to be as risk taker since they are taking the risk through playing with your money that does not have any guarantee of any returns. But being risk taker is not that bad at all, if you are willing to take higher risk, you can expect higher returns. Always keep in mind that there is what we call calculated risk so that we could make the results be more favorable to us. |
|
|
|
I spent most of my free time with him at his shop so I know the number of customers that walk in for a haircut daily and I know what his rates are, so by calculations, he should be making enough money even after rent and other expenses required to run the shop. So one day when he complains about rent I asked him how much he makes in a week and he couldn't tell me an estimated number.
What was the problem with this barber? If you say that he has a good flow of customers and sufficient rates to make a profit, even after paying all taxes, then why did he have no money left, what was the problem? Some people lead such a lifestyle that only keeping records will not help them, for this you need to learn how to plan a budget. Although accounting is very important in business, and after that he will see how much he earns, but if he does not change his lifestyle, does not reduce his spending, then he still will not have enough money for rent, because his habits are costly. He will need to improve financial planning, and after he sees where and how much he spends, he will be able to understand how much he needs for a comfortable life, and in relation to this amount he will be able to plan his budget. It all boils down to having financial planning since it is important to track all your expenses and income so you can further assess the performance of your business. Having keeping records is one way to go since it could give you an image of the business' financial flows. I think in the situation of the barber, having personal financial planning is important since it could be a problem of how he personally manage his own money. It is important to any business and individuals to track their expenses and have financial planning so that they can really see what to do and also to view their standing in terms of financial secureness. |
|
|
|
I play slot because of its randomness, it unpredictability. And purely because of it's luck factor. I am consider myself as a luck person so some extent. Skill based slots sounds boring and like a lot of work to me. As an oldie, II am not going to change my ways because if you consider it critically, you would see that traditional slots wins at the end of the day.
This is what I also think. Slot machines should always be a game of luck which is based on unpredictable nature. Also, I think casinos would be in the middle since there has been some market of these skill based machines but I think majority of people engaging in gambling would prefer the traditional way of gambling that is unpredictable. It could also be intimidating to some since it would require more game mechanics rather than the simpler way of traditional slot machines. But it is a great concept to think since there would be way to increase your chances of winning through these skill based slot machines. It might not be for everyone but it has potential to attract some customers since even me is intrigued on these new concepts regarding slot machines. |
|
|
|
This is why I never say it's bad to spend your coins to feed yourself, family needs, health, college or something that will make your life brighter.
...
This is good to consider since we consider it as cryptocurrency so we should at one way use it for what it is intended for. It should be used when there is nothing that we can do to get money to be used for important things. This can prove how this digital currency can be useful in the daily activities that we can do. Hodling is not for everyone. A Bitcoin hodler should also have something else that should sustain and fund their daily expenses, possibly something that will drive their attention away from how much worth of Bitcoin they own. That way it will be more easy to hold for as long as they wish without fear of depriving themselves anything.
If there is nothing else that generates income for a Bitcoin holder then they have no point holding because they will own end up depriving themselves their basic needs as well as the good part of livelyhood.
I agree since we should never compromise the basic necessities just to have a portfolio of investments in cryptocurrency. Basic needs should be the main thing to consider. We should always assess our financial capability. Assess how well you can provide your needs since what's the point of holding the coins if you will have hard time in dealing with your financial obligations. It is indeed important to always put ourselves first and always take good care of ourselves. |
|
|
|
If you know yourself that you can manage your borrowed money correctly and you can grow it, do it. However, if you do this without concern, the money you borrow will only be put at risk or go to nothing.
Aside from this, it's also important that you are not just relying on the investment that you'll be entering in to pay your debt. Always think of the worst that can happen because investing is risky, and have another plan just incase. It's a good debt if you'll use the money to make more money and would not use it for luxuries. However make sure that you have the capabilities to repay your debt even your investment didn't work well. Anyway, dont borrow if you can just to invest, much better to use your own money when you invest so less stress in your part and you won't be pressured. This is a good idea since if you are capable enough in terms of your salary to pay the loan that you invest, it is good debt to consider. You are paying the debt and over time the money you invest would take profit but take note that this does not guarantee anything. It is very risky to invest on crypto, but when it comes to bitcoin specifically, I can see its potential and I know that it can peak again in the future. In my opinion, to change our lives for the better, we have to be willing to take risks, of course, everyone understands that the risk of investing in bitcoin is very high, but if we don't dare to take risks, we don't have a chance to get big profits. so in my opinion we have to be brave in investing in bitcoin even though we have to take a loan.
I agree, you really need to put yourself into situations with uncertainty to really progress as an individual and taking risk is one way to go. Know that higher risks will be the only one that could offer you higher returns. It takes a brave soul to take this step and I soon want to take this step to make my life be better. |
|
|
|
|
Show Posts
