shaggy404 (OP)
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September 12, 2017, 11:25:28 AM Last edit: September 13, 2017, 07:44:33 AM by shaggy404 |
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Hello everyone!
One of my friends has just entered the crypto world and wants to invest. He is able to arrange 2000 USD in the last week of October and he is seeking an advice on where to put that money. I am tempted to advise him to put 50% in BTC and 50% in ETH. However I would like a second opinion on same. Any recommendations?
(Just so that everyone knows, my/your role here is to only show him potential good coins. The final decision to do his own R&D and making final choices is his own liability and me/you nowhere to be blamed. Think of it as an introduction for a newbie.)
PS: Edited for clarity.
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gentlemand
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September 12, 2017, 12:03:06 PM |
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My main recommendation is never involve your friends when it comes to finances. Why were you trying to convince him? How much does he understand?
If it goes down it's your fault. If it goes up it's your fault for not making him buy more. If he gets hacked then it's your fault for involving him.
Let him do more of his own reading and make his own decision. I'd be discouraging people from getting involved myself and certainly not leading them to it.
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shaggy404 (OP)
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September 12, 2017, 12:07:56 PM |
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My main recommendation is never involve your friends when it comes to finances. Why were you trying to convince him? How much does he understand?
If it goes down it's your fault. If it goes up it's your fault for not making him buy more. If he gets hacked then it's your fault for involving him.
Let him do more of his own reading and make his own decision. I'd be discouraging people from getting involved myself and certainly not leading them to it.
I understand. I have done exactly what you suggested. I convinced him to learn more about crypto and he made his own decision to invest. We're also in mutual understanding that he must only invest what he is ready to lose. So when he puts 2000 USD into it, he is very well prepared to lose it all (if that ever happens, lol). I am nowhere to be blamed. I am just walking him through the process.
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ChainSmoker
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September 12, 2017, 12:11:18 PM |
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Hello everyone!
For last few months I was trying to convince one of my friends to invest in crypto. Yesterday I was finally able to convince him. He is able to arrange 2000 USD in the last week of October and he is seeking an advice on where to put that money. I am tempted to advise him to put 50% in BTC and 50% in ETH. However I would like a second opinion on same. Any recommendations?
First thing is never try to convince anybody to invest.Only advice them because crypto is very volatile and if your friend lose his capital he will blame you.Inform him of all the risks involved and then let him decide.I would prefer BTC over ETH.I see it more successful in future then ETH.
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shaggy404 (OP)
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September 12, 2017, 12:38:56 PM |
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^^ See my post above. I didn't convince him to invest. Thanks for advising on preference for BTC.
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sannitata
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September 12, 2017, 01:06:47 PM |
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Well, it would be best to diversify your portfolio for at least 5 or more altcoins.
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shaggy404 (OP)
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September 12, 2017, 01:11:20 PM |
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Well, it would be best to diversify your portfolio for at least 5 or more altcoins.
Good suggestion. BTC and ETH are already locked. I would invite suggestions for the other three.
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BrewMaster
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September 12, 2017, 02:10:29 PM |
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first of all stop advising others to invest in bitcoin without making them understand the risks and the swings. newcomers don't understand the swings sometimes and i have seen people who introduce bitcoin as something that will make them rich overnight. that won't end well for you.
secondly investing in altcoins for a newcomer is not wise. specially something like ETH which lives and dies with the hype and ICOs and stuff like that.
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There is a FOMO brewing...
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iamTom123
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September 12, 2017, 02:28:06 PM |
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My main recommendation is never involve your friends when it comes to finances. Why were you trying to convince him? How much does he understand? If it goes down it's your fault. If it goes up it's your fault for not making him buy more. If he gets hacked then it's your fault for involving him. Let him do more of his own reading and make his own decision. I'd be discouraging people from getting involved myself and certainly not leading them to it.
I understand. I have done exactly what you suggested. I convinced him to learn more about crypto and he made his own decision to invest. We're also in mutual understanding that he must only invest what he is ready to lose. So when he puts 2000 USD into it, he is very well prepared to lose it all (if that ever happens, lol). I am nowhere to be blamed. I am just walking him through the process. Good thing that you both have this clear agreement so that no matter what can happen you will not be blamed and the friendship can never be affected. I am sure your friend already realized that in investing there would always be attached risks...big risks can mean big gain...no risks no possible gain. Also don't forget to explain to your friend about the China Effect as we are not yet out of the woods or should I say we are not yet out of China? As to what I can recommend, I am for 25% Bitcoin, 25% Eth, 25% Monero and 25% for a good ICO project. Now, please don't blame me if one or all of those coins can tanked.
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alyssa85
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September 12, 2017, 02:53:07 PM |
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My main recommendation is never involve your friends when it comes to finances. Why were you trying to convince him? How much does he understand?
If it goes down it's your fault. If it goes up it's your fault for not making him buy more. If he gets hacked then it's your fault for involving him.
Let him do more of his own reading and make his own decision. I'd be discouraging people from getting involved myself and certainly not leading them to it.
I understand. I have done exactly what you suggested. I convinced him to learn more about crypto and he made his own decision to invest. We're also in mutual understanding that he must only invest what he is ready to lose. So when he puts 2000 USD into it, he is very well prepared to lose it all (if that ever happens, lol). I am nowhere to be blamed. I am just walking him through the process. Are you sure you are just trying to walk him through the process? It sounds very much like you are telling him what coins to buy and what amounts/percentages. Instead just let him make up his own mind.
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xFiber
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September 12, 2017, 02:55:53 PM |
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The best advice you can give to him is to make up his own mind. You can surely listen to what others have to say but in the end it's your own decision. This will avoid harsh feelings when the investment turns out to be bad. And I'm not saying investing in bitcoin is bad but just for investments in general.
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Stedsm
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September 12, 2017, 03:07:13 PM |
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You should make him understand that whatever will be the outcome of his investments, he will solely responsible for them and so he should learn himself, research and invest in what they wish to. Because if you will ask them to do so and time's off for them, they might lose and you may end up losing your friendship which is more valuable than anything in this world, right? Guide them to learn more first than go for anything, I don't say investing in BTC could lead them to loss but they should be completely aware of what they are putting their money into.
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AtheistAKASaneBrain
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September 12, 2017, 03:13:50 PM |
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Well, it would be best to diversify your portfolio for at least 5 or more altcoins.
It's a mistake to think that it's too late to get on bitcoin and then proceed to diversify on altcoins that are most likely useless shitcoins. If you are not sure what to do, but you are sure that crypto is the future, stop looking for the next bitcoin and buy bitcoin and hold long term. Now if you want to take an higher risk, buy some alt after doing a lot of research, but there isn't a single altcoin that can compete with bitcoin, so my general advice is, buy bitcoin and don't gamble too much with alts unless you have years of experience in the field.
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mobnepal
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September 12, 2017, 04:36:04 PM |
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Diversify those $2000 in multiple altcoins along with bitcoin. Also its always adviced to hold atlest 20% in fiat too to buy back whenever there will be huge correction on market.
Hold 30% in bitcoin, 20% in ethereum and invest remaining 30% in different promising ICO and hold those coin for atleast 6 month.
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HeRetiK
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September 12, 2017, 05:29:40 PM |
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I would advise against investing into any alt coins or ICOs, except for maybe small amounts of play money (< 30%). This includes ETH. While there are potential short-term profits to be made, historically most alt coins got outperformed by BTC and almost never acted as a viable hedge against possible BTC drops, making them a questionable diversication choice. ICOs are too young to draw historical conclusions yet, however they appear to be highly overvalued, even for startups.
That being said, your friend should of course take a close look at the currently most widely used alt coins and draw his own conclusions. There are some alts that I personally am bullish about, but only as a form of personal gambling.
What I can recommend though is easing into Bitcoin over a couple of days or weeks. While possibly not as profitable, it evens out the dips and spikes along the way.
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shaggy404 (OP)
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September 13, 2017, 07:41:46 AM |
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My main recommendation is never involve your friends when it comes to finances. Why were you trying to convince him? How much does he understand?
If it goes down it's your fault. If it goes up it's your fault for not making him buy more. If he gets hacked then it's your fault for involving him.
Let him do more of his own reading and make his own decision. I'd be discouraging people from getting involved myself and certainly not leading them to it.
I understand. I have done exactly what you suggested. I convinced him to learn more about crypto and he made his own decision to invest. We're also in mutual understanding that he must only invest what he is ready to lose. So when he puts 2000 USD into it, he is very well prepared to lose it all (if that ever happens, lol). I am nowhere to be blamed. I am just walking him through the process. Are you sure you are just trying to walk him through the process? It sounds very much like you are telling him what coins to buy and what amounts/percentages. Instead just let him make up his own mind. I will offer him all the suggestions I receive and he is free to make his choices either based on those recommendations or his own. We're pretty clear on this. I guess I should edit the OP, looks like everyone is thinking I am making choices for my friend. Also, thanks for many useful advices here. He still has a month before he arranges fiat, so I will let him read more about various coins during this time so that he is able to make an informed decisions. Of course I will be there to answer any technical questions he may have.
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Pursuer
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September 13, 2017, 08:00:23 AM |
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I advise others to always invest in bitcoin only. I never bother them with altcoins to introduce them to them at all. it will only be confusing for them and will lead to more of their money lost. but bitcoin is the sure investment so far for the long term. so if I were you I would have suggested my friend to invest 100% in bitcoin for now.
if you want to introduce them to altcoins do it as a future project after they are introduced to bitcoin and are involved. then you should warn them that altcoins are good performers in short term only and in long term they are not very well liked.
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Only Bitcoin
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timerland
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September 13, 2017, 08:27:06 AM |
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Hello everyone!
One of my friends has just entered the crypto world and wants to invest. He is able to arrange 2000 USD in the last week of October and he is seeking an advice on where to put that money. I am tempted to advise him to put 50% in BTC and 50% in ETH. However I would like a second opinion on same. Any recommendations?
(Just so that everyone knows, my/your role here is to only show him potential good coins. The final decision to do his own R&D and making final choices is his own liability and me/you nowhere to be blamed. Think of it as an introduction for a newbie.)
PS: Edited for clarity.
I would focus on bitcoin and not altcoins. Altcoins are way too volatile and i think that a lot of them are overvalued. It really depends on how much bitcoins are worth when he gets his funds arranged because it is not a very good idea to just blindly buy bitcoin whenever you have the means to do so. I would think that bitcoin may have already adjusted downwards by the time your friend gets his $2k, and therefore would be a good time to buy the dip. Anything below $3000 per coin would be a good time to load up imo. I would also suggest buying in $200 chunks if possible. That way you have 10 opportunities to buy in and you won't lose a crap ton if btc dropped overnight.
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harizen
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September 13, 2017, 08:36:14 AM |
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Hello everyone!
One of my friends has just entered the crypto world and wants to invest. He is able to arrange 2000 USD in the last week of October and he is seeking an advice on where to put that money. I am tempted to advise him to put 50% in BTC and 50% in ETH. However I would like a second opinion on same. Any recommendations?
(Just so that everyone knows, my/your role here is to only show him potential good coins. The final decision to do his own R&D and making final choices is his own liability and me/you nowhere to be blamed. Think of it as an introduction for a newbie.)
PS: Edited for clarity.
Since no one to blame here if ever your friend followed some advices and suggestions then stick with "what he think is good". Since there will be lots of advices that will be given I doubt your friend will invest on it all. Bitcoin is considered as good for long term holding and we have reasons to believe on that. On the other hand, ETH is an altcoin that can also considered as good for long term holding but by looking at it's past performance, still it doesn't sustain strong resistance around the expected correction price. Anyways past performance can't guarantee future results. As long your friends knows the risk, that even can lead to losses go on and invest.
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Dart18
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September 13, 2017, 08:43:37 AM |
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Have you ever asked him what crypto currency does he know or have heard before you even suggested it? Maybe that could somehow help you to which you will choose to advise him on investing. If you diversify it in other coins then it might also divide the profit or could be both at the losing side. How about trying to explain ICO's or you could go full blast with bitcoin.
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