Know your limit

[Accardo]

It's always important to know what is best for us in this cryptocurrency market. If a person uses all the money they've got for investment, such a person doesn't understand a bit about how the market works. Taking loans can work if the person won't be hurried to pay back the loan that is investing long term. Unfortunately, not everybody got the information or understand cryptocurrency, they were carried away by the profits others boosts of making in cryptocurrency. People keep making same mistakes and they refuse to learn.

[1714285155]

1714285155

[1714285155]

1714285155

[lixer]

A lot of persons, falls victims of fraud every time, all in the name of  Bitcoin investment. Probably got intimidated by some friends or somewhat websites that says 'pay this to get more'. You should at least be mind full of sites where you want to invest on, ask questions, make research's and try knowing more about the sites you are investing on.do not fall for all these get rich schemes. On the other hand, when you have finally found a legit site to invest, don't go to far, as much as taking loans from people just in the name of investment, I was a victim too and it wasn't good at all. I was down for a very long time, before I got back up on my feet. Yeah sure this was greed in the way that I totally forgot that I had other responsibilities to take care of and decided to put all my money into investment that never brought a return.

Unfortunately, there are people who lack experience or act in bad faith and end up being scammed, and with Bitcoin, it's even easier because a high degree of privacy is maintained. It's important to always do your research before investing in anything.

The weird part is that there are so many people who gets scammed while trying to scam, that's the weirdest part. Like for example if you click on something that says "free 1 bitcoin!!" and you get hacked, are you really an innocent person? Could you say that you weren't really doing something a bit fishy yourself? Who gives who free 20 thousand dollars?

It was obvious that you were trying to scam "someone" for it, even if the ad said so, it's obvious that this money would come out of someone and you were going to get it that easily? There are tons of people and situations that happened with similar mindset to this and I think I would say that it is not that easy.

[Dr.Bitcoin_Strange]

I think there was a cause to your friend's action: either he was misinformed about Bitcoin investment, because it's often lamented in this forum that Bitcoin investors should never take out loans to invest in cryptocurrency. Your friend took out a loan to invest, hoping to pay it back when he received his salary, but he got disappointed. That's because he doesn't understand life so well.  Joyram Shaw said "Expectation kills. Just go with the flow, you might be surprised when something better comes along in an unexpected way.” If he had just waited and invested from his salary, he would not have been in debt even as his job failed to meet his expectations. 

@Crypt0Gore, You said you warned your friend, but he never listened. I think you should refer him to this forum and expose him to some threads about risk warnings on Bitcoin.

[pixie85]

now I have to send him some money to buy some food.

You don't have to do anything. You're doing it because you want to.

I have friends who are shopaholics and spend too much. Sometimes they get a bill and want me to pay for it and I don't do it. I tell them to sell that new dress or shoes they bought and pay the bill. It's not like they need 20 dresses right now, but they have to pay the bill now.

Looks like you need to teach your friend about priorities before you teach him about saving money.

[serjent05]

Avoid ending up like a friend, who used all the money he has to invest in bitcoin and also took a loan, promising the lender that he will pay back when he gets paid in a month, after a month he never received the salary, I warned him doing this, because he has no doubt mixed investment with 'whatever it takes', is it safe to call this greed? I don't know.

I am wondering if you are talking about a bitcoin investment offered by a possible scam company or Bitcoin investment where he buy Bitcoin directly from the exchange.  If it is the latter, then I feel sorry for your friend since I believe after a month of investment, the promised profit (possible the salary you are talking about) wa not delivered and the company went rogue making your friend lost his investment.

Now he wants me to lend him some money to at least pay the loaner back and later settle me, there is more, now I have to send him some money to buy some food.

You don't have to use all your money to invest, even if you are not married yet or have other responsibilities, the best approach when planning to invest in Bitcoin is to buy with some percentage of the money you earning, maybe through business or a job.

If you do this weekly or monthly you won't feel any pressure, always remember that health is wealth.

Well, it is good to hear that you are helping your friend to recover.  I hope your friend learned his lesson well that he should only invest the money he can afford to lose.  Or accumulate  Bitcoin over time with the free money no matter how little it is.

[Fivestar4everMVP]

First, taking a loan to invest in bitcoin was a big mistake, secondly, being over confident in bitcoin in bitcoin is a mistake as well, i believe that his over confidence in bitcoin lead him into believing that within a month, bitcoin would have increased in price to a stage where he could pay off the loan and possibly get to keep some profit, but unfortunately, things didnt go as he planned.
he should have don a proper research and know that investing in bitcoin simply means investing for the long term, except for those who can trade the bitcoin market, which requires good trading knowledge to be successful in.

Anyways, I hope we all learn from the experience of your friend.

[mendace]

The weird part is that there are so many people who gets scammed while trying to scam, that's the weirdest part. Like for example if you click on something that says "free 1 bitcoin!!" and you get hacked, are you really an innocent person? Could you say that you weren't really doing something a bit fishy yourself? Who gives who free 20 thousand dollars?

It was obvious that you were trying to scam "someone" for it, even if the ad said so, it's obvious that this money would come out of someone and you were going to get it that easily? There are tons of people and situations that happened with similar mindset to this and I think I would say that it is not that easy.

Honestly, this is the craziest way to get scammed. If there are still people who believe that they can win 1 Bitcoin or even an iPhone, then I think it's only right that they get scammed. It's impossible to fall for such silly traps, even someone who isn't very familiar with the internet wouldn't be fooled if they had a bit of savvy.

Instead, I believe that there are people who currently contact you through social media and try to befriend you. These are petty individuals who have to spend all of their money on medicine.

[Mahanton]

The weird part is that there are so many people who gets scammed while trying to scam, that's the weirdest part. Like for example if you click on something that says "free 1 bitcoin!!" and you get hacked, are you really an innocent person? Could you say that you weren't really doing something a bit fishy yourself? Who gives who free 20 thousand dollars?

It was obvious that you were trying to scam "someone" for it, even if the ad said so, it's obvious that this money would come out of someone and you were going to get it that easily? There are tons of people and situations that happened with similar mindset to this and I think I would say that it is not that easy.

Honestly, this is the craziest way to get scammed. If there are still people who believe that they can win 1 Bitcoin or even an iPhone, then I think it's only right that they get scammed. It's impossible to fall for such silly traps, even someone who isn't very familiar with the internet wouldn't be fooled if they had a bit of savvy.

Instead, I believe that there are people who currently contact you through social media and try to befriend you. These are petty individuals who have to spend all of their money on medicine.

This isnt trying out to scam someone but rather you are really that greedy considering that you are clicking out that banner or ads showing about free 1 BTC which you do know deep inside that this one is really too good to be true since no one would be giving out some 20k in random which do only happens on dream this is why people do put up themselves on huge problem just because they are really that ignoring their sense.
If we are really just that sensible towards our actions then we wont really be falling out into this kind of situation where we do really put ourselves in harm.
In the case of on what OP had been saying that investing all in is harmful and being greedy do make it worst.Its not bad to invest but always know your limits and also your priorities that needs to be settled.

[Myleschetty]

Avoid ending up like a friend, who used all the money he has to invest in bitcoin and also took a loan, promising the lender that he will pay back when he gets paid in a month, after a month he never received the salary, I warned him doing this, because he has no doubt mixed investment with 'whatever it takes', is it safe to call this greed? I don't know.

This is pure greed because he invested the amount he can't avoid losing and also borrow a loan which means he's only concerned about investing the Bitcoin without playing safe.

Now he wants me to lend him some money to at least pay the loaner back and later settle me, there is more, now I have to send him some money to buy some food.

If you have the money borrow him but I will advise you to only borrow the amount you can easily overlook cause people like him will still ask you for something more than he can pay back.

[Alisha-k]

Is it greed or the GET RICH QUICK syndrome?
Which ever one it happens to be, Bitcoin isn't a get-rich-quick scheme, even though the profits are real, it has to take a while so what's with the rush actually??

It's best you start with a certain percentage of what's already in your possession, lending for start shouldn't be an option.

And hey mate, true friendship isn't really defined by the many years the people involved may have lasted, it's defined by the many times we helped our friends rise up after a fall.
If you're in a more comfortable situation and you think there's a way you can help your friend, please do, it doesn't take anything really.

[nullama]

Avoid ending up like a friend, who used all the money he has to invest in bitcoin and also took a loan, promising the lender that he will pay back when he gets paid in a month, after a month he never received the salary, I warned him doing this, because he has no doubt mixed investment with 'whatever it takes', is it safe to call this greed? I don't know.

Now he wants me to lend him some money to at least pay the loaner back and later settle me, there is more, now I have to send him some money to buy some food.

You don't have to use all your money to invest, even if you are not married yet or have other responsibilities, the best approach when planning to invest in Bitcoin is to buy with some percentage of the money you earning, maybe through business or a job.

If you do this weekly or monthly you won't feel any pressure, always remember that health is wealth.

Debt is one of the worst things you can get. It's all about control.

Whoever owns your debt, controls you.

With Bitcoin, you don't have to have anyone controlling you. That's the point.

Your friend seemed to miss this.

[lienfaye]

You don't have to use all your money to invest, even if you are not married yet or have other responsibilities, the best approach when planning to invest in Bitcoin is to buy with some percentage of the money you earning, maybe through business or a job.

Because many people think investing in Bitcoin is guaranteed and they can profit in a short period. Hence they're willing to take risk even it's not a spare money that they can afford to lose, much worse is if they take loan just to invest like what your friend did.

As I've said before taking loan to invest is not advisable but it depends on us if we can face the consequences of using a borrowed money to invest. Because if you're able to pay the loan regardless of the result of your investment that would be good, just shows you're responsible and won't end up in more debt. Anyhow, always apply the golden rule before investing and that is to only invest what you can afford to lose for your own sake.

[michellee]

Know Your Limits is a must for us, not only when we invest. But in investing, we must not exceed the budget limits that we have set and always try to follow them so that they do not exceed our budget and do not interfere with the budget for other things.

You get a valuable lesson from your friend so this is an example for you and all of us not to take a loan to invest. We can invest in small amounts of crypto and stick to that. That's okay too. What matters is how it will turn out in the future.

[NotATether]

Nobody should take a loan with a risky collateral to offer.

Unless it is guaranteed that you shall receive a salary from your employer (because you work for a company with an actual accounting department as opposed to freelancing for other people), don't use that as collateral.

[Raflesia]

Unless you promise the same thing to your friend then it's only natural that a little help there. because indeed the initial condition that your friend made was the mistake of doing everything on investment and borrowing for the sake of it as if crypto was an instant way to get rich.
This is clearly not justified, let alone borrowing money with the promise that you will pay back from the profits.

However, everyone here is also aware that investing in crypto is quite risky, so you don't need to do anything really too over the top to be here because it will only kill yourself.

It is always wise to think that there are risks to be considered when one wants to invest in crypto. Everyone has an acceptable level of risk threshold, and of course that includes budget amounts and origins. If they can only afford to lose $10K on their investment then that should be the maximum budget amount to invest, but if they can afford to risk $1M that should be fine too.

One just has to be aware that crypto investing is not a way to get rich quick, but behind the possible profits, there is a potential loss that they are very likely to experience due to market fluctuations. Even if they can afford to be responsible for their investment risks, it is always wise not to believe 100% in crypto without an emergency budget.

The stigma is still the same for new people because they are still very naive when they really think this is a place for people to get rich quick because they have seen some people who are usually seen from several streaming or some other social media platforms that always show profits in crypto that make them as suggested that if you really want to get rich instantly you have to be in crypto.
Believe it or not, the stigma is still like that even in this case I used to have thoughts like this.
Regardless of what you say, it's true, because we really have to know our limits, whether we can afford to lose or not, because if we don't, then don't ever try when you're not completely sure you're ready to lose.

[Tony116]

You don't have to use all your money to invest, even if you are not married yet or have other responsibilities, the best approach when planning to invest in Bitcoin is to buy with some percentage of the money you earning, maybe through business or a job.

Because many people think investing in Bitcoin is guaranteed and they can profit in a short period. Hence they're willing to take risk even it's not a spare money that they can afford to lose, much worse is if they take loan just to invest like what your friend did.

As I've said before taking loan to invest is not advisable but it depends on us if we can face the consequences of using a borrowed money to invest. Because if you're able to pay the loan regardless of the result of your investment that would be good, just shows you're responsible and won't end up in more debt. Anyhow, always apply the golden rule before investing and that is to only invest what you can afford to lose for your own sake.

Yes, borrowing money to invest is risky, but in case you have a job with a stable income, you can consider borrowing a suitable amount to invest, as long as you ensure that even if that investment goes away, you can still pay that loan on time with your other income. But if you do not have a stable income, never consider borrowing even a small amount, let alone a larger amount. Whether investment or business is risky, we should take into account the worst case scenario that we encounter, do not think about profit but ignore the risk.

[Sanitough]

You're not responsible for his actions, nor are you obligated to lend him money. If you do, you may also consider them lost. You warned him against spending all his money and taking a loan, but he chose to ignore you. We've already seen numerous threads asking whether taking a loan to buy Bitcoin is a good idea or not, and I'm pretty sure your friend is not the only one who's gotten themselves into such a mess. Never invest more than you can afford, and never take anything for granted. You may be fired, made redundant, have your salary delayed, or experience anything else that you can't currently imagine.

True. Anyone who decides to invest should take responsibility of his own action and should be ready to face the possible consequences if ever his investment fails. That is why one should only invest at its own risk. But it seems your friend is not aware of the risks that is why he’s struggling right now. However, as a friend, it’s your decision if you will lend him him some money or not, but you should know that if you keep on providing for him, he will never learn his lesson and he will never be responsible of his own decision.

[dezoel]

Yes, OP it looks like your friend is already greedy on earning a profit on bitcoin, which is why he put every money he can find into it but why you still agree to lend him money despite all of what he gone through?

It will only worsen the situation. He will keep on repeating it when he is confident that someone is concerned on him and will lend him money to pay the other lenders. He can just choose to not pay you or less prioritize you because he knows that nothing bad will happen to him. Your friend might be single now but this attitude of him could change once he already have his own family because he will think of them first before his own self.

[nimogsm]

Avoid ending up like a friend, who used all the money he has to invest in bitcoin and also took a loan, promising the lender that he will pay back when he gets paid in a month, after a month he never received the salary, I warned him doing this, because he has no doubt mixed investment with 'whatever it takes', is it safe to call this greed? I don't know.

Now he wants me to lend him some money to at least pay the loaner back and later settle me, there is more, now I have to send him some money to buy some food.

You don't have to use all your money to invest, even if you are not married yet or have other responsibilities, the best approach when planning to invest in Bitcoin is to buy with some percentage of the money you earning, maybe through business or a job.

If you do this weekly or monthly you won't feel any pressure, always remember that health is wealth.

Your friend has fallen into the classic trap of his own greed and stupidity.my advice to you is not to lend him money in any case, so he will not learn the main lesson and will not understand anything.The best option for him is now to look for an additional source of income and close his loan.There are simply no other options.

[Russlenat]

Did you tell that to your friend? Because it sounded like he is now your responsibility.

Whoever gave him the idea that he can make huge amount of money after a month of investing really made him totally believed on it. I hope its not you because he really put it all down the line. Helping a friend in times of trouble is being a good friend and he seem to be in need and you are the one he calls for.  Hope you know him well and not trying to scam you. I'm not saying he is a scam but find out. Just a warning.

Your friend is never your responsibility so you don’t have to pressure yourself on lending him some money if you think you are also in need of your money. It’s good to help but if it’s already beyond your limits, then you should also think of yourself first before anyone else. And besides, you did not lack on reminding him to only invest with his spare money as losing is very inevitable, but he never listened so he should be ready whatever consequences of his own actions.