Mometaskers
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June 01, 2022, 01:23:29 PM |
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Those two are also hold a lot of Luna's and Luna's crash causes them to lose all their possessions and become insane. As he said, one person has gone through the crisis and one has not. Those two guys who invested in Luna were all from my friend's advice. He said it was he who indirectly harmed them, money can be earned, but his friend are gone.
Why would they even go all in? "Only invest money that you can afford to lose" is an old adage here. Those guys don't sound like they were investing - they were gambling.
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Sir Legend
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June 01, 2022, 01:54:16 PM |
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When investing we have to understand risk, most investors only think about profit, there are always bad things that are unexpected especially cryptocurrencies that are never guaranteed to profit forever, I have known cryptocurrencies since 2013 and have thought of selling assets for mining and investing, if I did at that time and in 2014 the price dropped by more than 90% of course I will be very regret.
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lovesmayfamilis
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✿♥‿♥✿
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June 01, 2022, 02:01:07 PM |
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The way people react to their losses speaks volumes about their very nature. It's always easier for people to blame someone, saying that it's everyone's fault but not mine. This is a sign of weakness and a lack of autonomy to make decisions. How can you think that there is a sure way to get rich without risk? Why not think that in this scenario, everyone around us will get rich?
Therefore, we very often understand that the expression "do not do good, you will not see evil" in our time becomes very relevant.
There is no need to teach anyone, just show them the goal and how to achieve it. That should be the problem of the seeker.
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Rruchi man
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Bitcoin Casino Est. 2013
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June 01, 2022, 02:33:09 PM |
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there is a reason it is recommended that you keep your family and friends matters apart from your money matters, because if there is some disagreement or issue when it comes to the money not only you will be affected financially but your personal relationships will also suffer...
Money matter is always a delicate matter and can end relationships no matter how long it has been. Exposing financial opportunities (investment opportunities) should not be mistaken for financial advice. When you expose someone to a financial opportunity, it is subject to the individual to further his research and decide for themselves, but what a financial advice may mean to some family and friends is- "don't worry about research, you can follow my word" and it is often taken seriously considering that they don't see you as someone that will tell them something bad. While it is good to expose family and friends to financial opportunities, we should avoid giving unsolicited financial advice especially when you value your relationship with them. And when it is a solicited financial advice, be sure to spell out the risk involved and encourage them to carry out their research and not depend on your word alone before taking a step further.
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Hamphser
Sr. Member
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June 01, 2022, 03:07:17 PM |
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I have a friend who invests in cryptocurrency like me, he is an investor hold Luna and he has also lost quite a bit because of Luna. But what's more sad is his 2 best friends. Those two are also hold a lot of Luna's and Luna's crash causes them to lose all their possessions and become insane. As he said, one person has gone through the crisis and one has not. Those two guys who invested in Luna were all from my friend's advice. He said it was he who indirectly harmed them, money can be earned, but his friend are gone.
This is a sad story that I have heard. Through this story I want everyone to know 1 golden rule in investing is: never give financial advice to anyone. By the time you give them financial advice, you may feel like you're one step ahead of them, but if that advice is wrong, you could be the one hurting them.
This is the thing or the reason on why i dont really make myself make out some suggestions or recommendations when it comes to investment because i dont really like to be blamed whenever assets do really goes down into its price which would really be putting the risk on losing your friendship or good relation because once money is really get involved then things do really changed which you dont expect for it to happen. On the time you do make at least some suggestion then always remind off about the risk so that you wont really be get blamed in the end.
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hugeblack
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June 01, 2022, 03:08:07 PM |
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If no one provides financial advice to anyone, we will not develop. The problem lies in giving investment advice and you do not have the sufficient knowledge background for that, or that the other party does not have sufficient knowledge experience, or blind investment “just investing without a clear plan in the hope of getting rich quickly.”
Always tell your friends that high-risk investments mean good profit, but good loss, the time factor is also important, so invest money that you do not need at the moment. After that stop being greedy and learn more.
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TheUltraElite
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So anyway, I applied as a merit source :)
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June 01, 2022, 03:16:41 PM |
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If someone invests in a ponzi/HYIP scheme, the only person to blame is the person who invested in it.
Although the person suggesting their friends is somewhat to be blame, but the complete blame still goes to the shoulders of the ones who invested. Because they are putting their money at their own free will.
Point is there are a number of such gullible people in the world who get jealous of their friends profits and want to join in without doing any sort of check or maybe they are completely new to crypto having no idea that this ecosystem is full of scammers and thieves.
The LUNA scandal reminds me of BitConnect, just in another form. Those who learn their lesson are the not the targets of these, it is the newly joined users or no-coiners who start their journey in crypto via such scams, sadly.
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serjent05
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June 01, 2022, 03:32:31 PM |
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This is a sad story that I have heard. Through this story I want everyone to know 1 golden rule in investing is: never give financial advice to anyone. By the time you give them financial advice, you may feel like you're one step ahead of them, but if that advice is wrong, you could be the one hurting them.
This is one great example of why we must not listen to or trust our friends' investment advice wholeheartedly. As the ones receiving the advice, we must do our own research and never put all our investments in one basket. As for giving advice, we should always give the pros and cons of whatever investment we are suggesting. We should also encourage our listeners to do their own research and make sure to tell them that whatever they decided, they are the ones responsible for their actions.
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stompix
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June 01, 2022, 03:59:58 PM |
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The golden rule of investing is that there are so many golden rules at one point you're going to inevitably break one of them. Don't invest more than you can afford to lose, diversify our portfolio, set goals, don't set high goals, don't follow the crowd, do the opposite of what the crowd does, kill the crowd..just lol. I love how everyone is giving advice but let's look at the reality. Diversify your portfolio, what does that mean for your average crypto Joe? Buy 20% BTC and the rest in shitcoins, well, that's not diversifying, it's like buying both Exxon and Shell shares! Don't put all your eggs in one basket! Again, lol! What's the common trend here, put all your money in crypto because not any other investment will be that safe or profitable! Common, everyone here is breaking rules after rules, let's just be honest with ourselves. Everyone is pointing fingers at Luna while praising other coins, if Ethereum crashes tomorrow there will be full of people who would say I told you so, I know it, and they come with tons of arguments they hadn't had the courage to say once before! I was in a situation where I felt responsible for someone losing money because of my advice, so even though I wasn’t directly to blame for someone behaving irresponsibly, I paid damages out of my own pocket and learned an important life lesson.
One of the guys I played online games with has bought some eth from an atm, stored on god knows what wallet, when after a year it hits 600$ per coin he tried two times to learn how to open an account, send those coins, etc, etc, never managed. I told him I would buy those from him if he's that desperate to sell and pestering me each day about docs banks taxes, but since it was a 30 km drive and bad weather day after day he said fuck, he'll keep them. One year later he sold at $3500. Sometimes it's better not to help people! ![Grin](https://bitcointalk.org/Smileys/default/grin.gif) I always make fun of him when he is in trouble in the game, I'm not going to help you, I bet it's going to be better for you if I don't!
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ChiBitCTy
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June 01, 2022, 04:37:59 PM |
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I have a friend who invests in cryptocurrency like me, he is an investor hold Luna and he has also lost quite a bit because of Luna. But what's more sad is his 2 best friends. Those two are also hold a lot of Luna's and Luna's crash causes them to lose all their possessions and become insane. As he said, one person has gone through the crisis and one has not. Those two guys who invested in Luna were all from my friend's advice. He said it was he who indirectly harmed them, money can be earned, but his friend are gone.
This is a sad story that I have heard. Through this story I want everyone to know 1 golden rule in investing is: never give financial advice to anyone. By the time you give them financial advice, you may feel like you're one step ahead of them, but if that advice is wrong, you could be the one hurting them.
I'm a financial advisor, so giving people financial advice is my job. I am legally able to do so in terms of being compensated, otherwise you aren't allowed to do so if you're being paid for it (at least here in the United States). I would mostly agree with you, unless you have done an extreme amount of homework and truly understand investing and finance, don't give advice. There's nothing wrong with giving your opinion. Also I would put the blame on the person taking the advice. It's not your friends fault they listened to him. Anyone who's risking a lot in Luna tells me that they do not understand cryptocurrencies or finances. The LUNA scandal reminds me of BitConnect, just in another form. Those who learn their lesson are the not the targets of these, it is the newly joined users or no-coiners who start their journey in crypto via such scams, sadly.
I followed Bitconnect very closely. I tried warning people for months on end. Mostly met with a lot of hate saying "I'm jealous". Crazy that there are people who actually believe this nonsense. I don't know much of anything about Luna, was it actually a scam or just a pure shitcoin that crashed?
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merchantofzeny
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June 01, 2022, 05:02:38 PM |
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That is unfortunate, I hope your friend's friends recover financially and mentally. You can also tell your friend to stop beating himself up. Sure he was the one who introduced them to Luna (and it was definitely not a good advice) but they are the ones who decided to risk their money for what is clearly hyped up shit. The LUNA scandal reminds me of BitConnect, just in another form. Those who learn their lesson are the not the targets of these, it is the newly joined users or no-coiners who start their journey in crypto via such scams, sadly.
I think that's how it really is. People who are familiar with even just bitcoin for 2-5 years would have already learned that these alts are nothing but things to pump and dump, and wouldn't have risked a lot money if they ever "invest". Moral of the story: Don't risk money you can't afford to lose. Till the next big scam.
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Fortify
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June 01, 2022, 08:57:20 PM |
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I have a friend who invests in cryptocurrency like me, he is an investor hold Luna and he has also lost quite a bit because of Luna. But what's more sad is his 2 best friends. Those two are also hold a lot of Luna's and Luna's crash causes them to lose all their possessions and become insane. As he said, one person has gone through the crisis and one has not. Those two guys who invested in Luna were all from my friend's advice. He said it was he who indirectly harmed them, money can be earned, but his friend are gone.
This is a sad story that I have heard. Through this story I want everyone to know 1 golden rule in investing is: never give financial advice to anyone. By the time you give them financial advice, you may feel like you're one step ahead of them, but if that advice is wrong, you could be the one hurting them.
Ironically the advice you came up with is pretty poor financial advice. If you want to give financial advice you need to look far beyond the realm of cryptocurrency to stick with the tried and tested method that has done well over many decades, not just two. Your money is safest and will grow at a reasonable rate within a globally diversified fund which has absolute bare minimum additional fees. Vanguard has traditionally pioneered this method, where you buy into a fund which is receiving dividend payments or growth in the share price from all those companies and reinvesting it for the benefit of all shareholders while small amounts are allocated to transaction / management fees - a very passive method of investing that lets the market decide. You get a very safe and average return instead of chasing ridiculous growth rates which more often than not fail.
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Kasabus
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June 01, 2022, 09:56:53 PM |
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I have a friend who invests in cryptocurrency like me, he is an investor hold Luna and he has also lost quite a bit because of Luna. But what's more sad is his 2 best friends. Those two are also hold a lot of Luna's and Luna's crash causes them to lose all their possessions and become insane. As he said, one person has gone through the crisis and one has not. Those two guys who invested in Luna were all from my friend's advice. He said it was he who indirectly harmed them, money can be earned, but his friend are gone.
This is a sad story that I have heard. Through this story I want everyone to know 1 golden rule in investing is: never give financial advice to anyone. By the time you give them financial advice, you may feel like you're one step ahead of them, but if that advice is wrong, you could be the one hurting them.
This is why i don't convince my friends to invest in crypto because this is a very risky investment. One could lose all his hard earned money just because of doing wrong moves in crypto. If they think they can make quite a fortune in crypto, i always tell them to DYOR first before they create conclusions. It's not that crypto is all about profits, but more on losses too that is why i don't give financial advice as i don't want to be responsible on their future losses.
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BuNga_cute
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
June 01, 2022, 09:59:21 PM |
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I have a friend who invests in cryptocurrency like me, he is an investor hold Luna and he has also lost quite a bit because of Luna. But what's more sad is his 2 best friends. Those two are also hold a lot of Luna's and Luna's crash causes them to lose all their possessions and become insane. As he said, one person has gone through the crisis and one has not. Those two guys who invested in Luna were all from my friend's advice. He said it was he who indirectly harmed them, money can be earned, but his friend are gone.
This is a sad story that I have heard. Through this story I want everyone to know 1 golden rule in investing is: never give financial advice to anyone. By the time you give them financial advice, you may feel like you're one step ahead of them, but if that advice is wrong, you could be the one hurting them.
Actually there is nothing wrong if we give financial advice to others, but we also have to remind the risks that will occur. And make sure whenever we give financial advice to someone else, to keep suggesting that person do their own research and analysis. So they can make their own decisions and are not completely dependent on the financial advice we provide. So even if the financial advice we give is wrong, that person will not completely blame us. After all, humans are social creatures, so it is natural in life to advise each other in any case. Sometimes advice from other people is needed in my opinion, to just compare with the results of the analysis that we do.
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Taskford
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June 01, 2022, 10:08:54 PM |
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I have a friend who invests in cryptocurrency like me, he is an investor hold Luna and he has also lost quite a bit because of Luna. But what's more sad is his 2 best friends. Those two are also hold a lot of Luna's and Luna's crash causes them to lose all their possessions and become insane. As he said, one person has gone through the crisis and one has not. Those two guys who invested in Luna were all from my friend's advice. He said it was he who indirectly harmed them, money can be earned, but his friend are gone.
This is a sad story that I have heard. Through this story I want everyone to know 1 golden rule in investing is: never give financial advice to anyone. By the time you give them financial advice, you may feel like you're one step ahead of them, but if that advice is wrong, you could be the one hurting them.
This is why i don't convince my friends to invest in crypto because this is a very risky investment. One could lose all his hard earned money just because of doing wrong moves in crypto. If they think they can make quite a fortune in crypto, i always tell them to DYOR first before they create conclusions. It's not that crypto is all about profits, but more on losses too that is why i don't give financial advice as i don't want to be responsible on their future losses. Although I also don't recommend the person I know on crypto but I encourage them to do research because only theirselves can help them up towards this industry especially to avoid scams. If we totally discourage them without giving them the context for sure they will not try their best to earn on crypto because we are the one who kill their curiosity about it. Its good to tell always to your friend to DYOR since this is like little reminder that they should research and never play lame game upon investing
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qwertyup23
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June 01, 2022, 10:40:49 PM |
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I have a friend who invests in cryptocurrency like me, he is an investor hold Luna and he has also lost quite a bit because of Luna. But what's more sad is his 2 best friends. Those two are also hold a lot of Luna's and Luna's crash causes them to lose all their possessions and become insane. As he said, one person has gone through the crisis and one has not. Those two guys who invested in Luna were all from my friend's advice. He said it was he who indirectly harmed them, money can be earned, but his friend are gone.
This is a sad story that I have heard. Through this story I want everyone to know 1 golden rule in investing is: never give financial advice to anyone. By the time you give them financial advice, you may feel like you're one step ahead of them, but if that advice is wrong, you could be the one hurting them.
I will not say that this is the golden rule of investment but one must always have a contingency before they invest. In addition, the investor must also determine the limits of his/her investment (e.g. knowing when to cash out their investments and/or pullout incase of crash in the market). What happened among you friends is that, the other one got greedy and decided to at least wait for more time to cash out. In the event of a crash, always have a contingent plan about the investments. Lastly, also invest on the money that you can and are willing to lose. Treat your investments as "loss money" so the feeling of loss (in such event), will not be that too bad.
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Hydrogen
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June 01, 2022, 11:50:22 PM |
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1 golden rule in investing is: never give financial advice to anyone. https://i.ibb.co/K7D24fy/fish.jpgThe main advantage humans have over animals is greater cognitive capacity. Which is interesting considering our trend towards many believing they're better off not developing it. Everyone has within themselves the power to learn to become a good investor and trader. But most will never succeed at it due to the belief that they're better off not developing their minds and simply accepting financial advice from others.
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Wong Gendheng
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June 02, 2022, 02:23:01 AM |
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I have a friend who invests in cryptocurrency like me, he is an investor hold Luna and he has also lost quite a bit because of Luna. But what's more sad is his 2 best friends. Those two are also hold a lot of Luna's and Luna's crash causes them to lose all their possessions and become insane. As he said, one person has gone through the crisis and one has not. Those two guys who invested in Luna were all from my friend's advice. He said it was he who indirectly harmed them, money can be earned, but his friend are gone.
This is a sad story that I have heard. Through this story I want everyone to know 1 golden rule in investing is: never give financial advice to anyone. By the time you give them financial advice, you may feel like you're one step ahead of them, but if that advice is wrong, you could be the one hurting them.
Agree, when we are active to advise people to invest, there are 2 possibilities, if he gets a big profit usually will forget our advice, but if he loses he will continue to blame us, this is what makes me never invite friends or family to invest in Forex, stocks or cryptocurrencies, even though I get profits from stocks and cryptocurrencies, but I have never said in detail to those who ask about my investment especially cryptocurrencies.
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Kemarit
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June 02, 2022, 02:48:00 AM |
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Those two are also hold a lot of Luna's and Luna's crash causes them to lose all their possessions and become insane. As he said, one person has gone through the crisis and one has not. Those two guys who invested in Luna were all from my friend's advice. He said it was he who indirectly harmed them, money can be earned, but his friend are gone.
Why would they even go all in? "Only invest money that you can afford to lose" is an old adage here. Those guys don't sound like they were investing - they were gambling. Exactly, this is what they are doing here, it's the risk that they are willing to take, a big gamble and unfortunately, they've lost everything. So yeah, there is a lot of golden rule with regards to investment. But I don't think that majority of crypto investors are adhering to it because they want crazy returns and thinks that crypto is a get rich quick scheme and then they sold everything invest on it and later lose big. Lots of lessons to learn on that LUNA debacle and hopefully everyone understands how not to fall from it.
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lienfaye
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June 02, 2022, 03:48:35 AM |
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Those two guys who invested in Luna were all from my friend's advice. He said it was he who indirectly harmed them, money can be earned, but his friend are gone.
This is the reason why I dont encourage someone to invest (unless they're really interested and willing to learn plus aware of the risk) because of the fear that they will blame me incase their investment didnt turn out well. I experienced this before, I learned my lesson and dont want to repeat it again. If you invest your hard-earned money, make sure that you know what you're getting into especially the risk that you might lose your money. Thus its a must to only use the money that you can afford to lose so if the outcome is not what you expected it to be then its not going to be so hard to accept. Lastly, you can give advice but dont give an assurance because every investment has risk.
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