Friend borrowed 4 digits money from me, saying wait until BTC rises

[cheezcarls]

Hello, my friend borrowed from me 4 digits money (more than half 5 digits) since 6 month already , and we're supposed to split the profits and he's saying he's waiting for the bitcoin to be at high value to sell what he bought. I said to him, aren't you supposed to make money with what I gave you by doing day trading stuff, he said no because his excuse is: He's sticking to the BTC currency and if he sell some while it's higher he will have to buy it again (not really sure of his excuses, anyway it doesn't seems to be real)

I suspect that he is doing day trading (he said to me that he reads hundreds of webpages and watches videos on crypto so..) and he bought a second laptop to have multiple screens, just for crypto. I suspect that he's doing money with my money and invented a story about selling BTC on December when the BTC will rises "before going stable for 3 years" so he said, then he would give me some kind of earnings that we would split.

My question would be: does he obviously hiding a lot of earnings from me in day trading, that he would do from Mars to December? Or is he legit to say he is just waiting all this time the good time to sell BTC when it will be a good time(with a new laptop just for crypto that he bought, not a expensive one, but anyway)

First of all before you lend 4 digit money to your friend, did you both come up with a written agreement on something with both you and your friend’s signatures?

With all due respect, it is a no-no to lend money to those people (even close friends) for the purpose of trading cryptocurrencies. It is because cryptocurrencies are volatile and unpredictable, and it may go up or down in value without warning.

What you’ve been doing is high risk on your part. You might get lucky if BTC shoots up again and if your friend is fulfilling his promise to you. I had a bad feeling about this in my opinion.

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[stompix]

Strictly speaking, if he borrowed money from you 6 months ago (so let's say in March), then the price of BTC was identical to today's at the beginning of the month, but at the end of the month, it approached almost $60 000. It is possible that your friend has not made any profit, or that as an inexperienced crypto trader he has lost most of what he borrowed from you.

Probably the exact date when the purchase in BTC was made would prove to be the most important thing.
The vague term of 6 months could mean he has bought at either below current prices or above 55k, it's a matter of a week or so, and if he has bought over the current price, and given the fact that this discussion between friends has probably also started a bit in the past before the user has decided to share his story, so probably when we were under 40k it makes me think that the so-called friened is currently at a loss even with his trading and it's hoping for a bull run to come even, especially since he has invested a bit off the money in a laptop.

As for hiding the profits, unfortunately, there are so many ways his friends would be able to cheat him out of those, there is no way to be able to track everything he has done if he has used multiple websites and wallets and a lot of pairs tracking only the movements, not the profits made at the end of the story would be an impossible task.

But, my hunch is on zero profits as we speak.

Anyhow, assuming he has extra money and he is hiding from him, what would OP do about it? Go to court over a verbal agreement?

[TopTort777]

Just ask him to show the address where he hold Bitcoon if you have agreed to hold and sell at good price. You will see every coin movement there and have proofs if he has moved funds and did daily trading.
If he hold Bitcoin on exchange, screenshots of balance and trading/deposit/withdrawal history would be enough.

[Pokapoka124]

From what I understand of OP's  post is that OP and his friend had agreement, a non-written contract for that matter to venture into a joint business of crypto trading. They both share the profit and loss after a period of time. Money exchanged hands, OP being the less educated one about crypto and probably the more financially buoyant brought the capital and the other party was supposed to use his trading prowess to double OP's capital. Please note that OP doesn't have access to the trading account nor monitors it. OP didn't concern himself with an overview of weekly or monthly profit and loss from trades.
Now he comes to you to tell you he can't give ROI, its up to you to see this picture for what it really is. If possible sell, cut your losses and make do with what you have instead of letting him continue "trading". OP, I suggest you learn from your mistake, an important lesson here is how human greed works. You don't want to bear the loss of the business only profits. Everyone thinks they are more intelligent than the next person. That never ends well

[Lucius]

Anyhow, assuming he has extra money and he is hiding from him, what would OP do about it? Go to court over a verbal agreement?

Such people just reckon that no one will do anything against them, but often when faced with a serious threat they completely change the story. In case the OP does not manage to get his money, he has the option to report the fraud to the police or to forget about the money and his friend. As I’ve already written, maybe he’s not the only one who lent money to his friend - and that could significantly change the situation if the matter ends up in police or court.

[aoluain]

From all the posts everyone is in agreement, the OP lost control of his funds after handing
it over to his friend.

I can imagine there were great plans for the funds and probably very few specifics like:

Timeframe: when and how the loan is paid back
Profit: how is it divided
Visibility: so that you both could track the funds
Liquidation: what happens if the friend gets liquidated
Binding: how to make the loan visible or traceable in the event of difficulties.

It was a nice idea, somebody with funds in partnership with another who has no funds but can trade (hopefully)

[BIT-BENDER]

Your friend can be telling you the truth if he says he is waiting, I think if your friend is knowledgeable about crypto-currency he won't even borrow money from you to out into crypto-currency, either trading it or leaving it to rise, they are both risky, and except he has seek and gotten your consent to use your money for crypto-currency, if not your friend is wrong, and his lucky because bitcoin is rising, although I don't administer that using borrowed money to invest as an advice.

[qwertyup23]

My question would be: does he obviously hiding a lot of earnings from me in day trading, that he would do from Mars to December? Or is he legit to say he is just waiting all this time the good time to sell BTC when it will be a good time(with a new laptop just for crypto that he bought, not a expensive one, but anyway)

I can't answer your question and provide an absolute answer for it but I can just speculate on to the existence of the funds you let him borrowed.

First things first, profiting in day trading is relatively difficult. As for newbies, there has been study published that around 97% of newbie day traders lose their money in the process and the remaining 3% earn as much as a bank teller. Though I am giving the benefit of the doubt to your friend (assuming that he is an expert on this field), then he probably made some profit out of the funds you provided.

Another thing, if your friend tells you that he's waiting 'until the price of BTC rises' can have multiple interpretations. The best course of action to do here is to ask for actual receipts and pictures of your fund.

[TheMimic1]

Since you know about crypto already why don't you take the risk yourself? Friends can't always be trusted most times they've backstabbed me when it comes to money, also do not lend out money you aren't ready to lose if the money is too much for your friend to pay back there might be some form of betrayal