Taking loan for investment can be life threatening

[ANSEL_2.0]

It was an uncle of mine who took a loan on his name and sent it to a childhood friend living in America, he knew I was a crypto enthusiast and he never asked me to help him. I asked him why he took the loan for this, and he replied that the person is reliable, and his friend is a crypto trader, but he doesn't even know how crypto works.

I find out that his friend is focusing on meme coins only, he invested in crypto projects on pink sale, and the names are the type that you will laugh at when you hear them, I later told my uncle to keep praying that things go his way, he still believes that his friend is better than me and I am not trying to prove that I am better.

I hope things go well like they hope, but this is a very big concern for me, because if anything happens, he will be left alone to pay back the loan, this can be life threatening because he is old and the loan amount is a lot, or do you have any better idea about this? What would you have done if you are in my shoes?

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[MIner1448]

Taking out a loan to invest in cryptocurrencies can be a dangerous and risky decision.
If you take out a loan to invest in cryptocurrencies, you risk not only losing your investment, but also having additional debt that needs to be repaid. If you fail to repay the loan, it can lead to serious financial problems, including debt, credit history problems, and even loss of property if the lender goes to court.
Credit for cryptocurrency is like betting in a casino, experienced traders or users of cryptocurrencies will never take a loan for investment.

[cryptoaddictchie]

This is something anyone who doesnt have experience or even has experience should do with their loan. Pulling investment in crypto is good but borrowed money isnt the best idea cause iy could ruin you. Expect always bad will happen on the market and you might caught up with a big mistakes if you could earn out what you loan. Yes defi is good but those people are expert and know hows the god move for that.

[coupable]

There are two types of loans people have in circulation. Consumer loans and investment loans.
The first type of loan is very negative and is not recommended at all. Generally, people resort to this type of loan during difficult times such as illness.
The second type is investment loans, which are the most widely circulated, and they are the ones that a large group of people started their working life by relying on these loans. Investment loans are generally carefully studied and require scrutiny.
Borrowing for trading is like borrowing for gambling, and it is like investing in any of the encrypted currencies because the degree of risk is very high. As evidence of this, you will not find any financial institution that accepts giving loans for such bets, even if the borrowers will bet on its own shares.

[ultrloa]

Your uncle is so unfortunate for trusting his friend which he don't actually know if he is reliable trader. If you can still do some action to save up the money of your uncle then tell him about what you notice so that he can slowly pull out his money if there are still left to minimize the damage done. Also give him an advice to not take a loan if he just invest it on crypto because this is so risky decision to do.

[Ahli38]

Well there isn't much to do at the moment. because your Uncle has already entrusted his money to his friend. Have you advised him about this? but to be honest it would be very difficult to give Advice to someone who is old. I have experience in dialogue with people who are interested in crypto but they are not young anymore. moreover, he had only just heard about crypto from television advertisements, which are currently often present on local television advertisements advertising an exchange. then asked me because he seemed very interested. but it was indeed very difficult to explain in detail to him. making as many analogies as possible is also not enough. and I think your situation is almost similar to that. I hope your uncle's friend is a reliable person. and can provide maximum benefits to your uncle. but after that I hope your uncle withdraw the money. because after all, making loans for crypto is a very, very risky thing. and I'm worried about your uncle's health if it turns out that the money he entrusted to his friend has suffered a loss.

[lovesmayfamilis]

I can tell you in advance that your uncle will screw up his investment in meme coins, lose everything, and then what? That's when he will come to you for help, saying that you are his relative and that close people should help each other.
If I were you, I would act the same way as you. Don't give anyone free advice when they don't even want to listen. But there is no need to rush to help such people either. We each live our own lives; those who do not listen to others should learn from their mistakes.

[Zaguru12]

Firstly Your uncle was wrong to had loaned money to invest into cryptocurrency even if it is bitcoin I don’t support investing in it either with loans. Now as to why he loaned that money, I am pretty sure that he was convinced or persuaded by his friend that there’s huge profits on it and you know most less educated people (mostly those in Africa) believe people in the US are way too smart than anyone. My advice is for you to continually persuade your uncle to get back his money before they all turn to dust if at all it is still available.

[Hyphen(-)]

Your uncle made the mistake of trusting; when it comes to cryptocurrency investment, trust no one. Furthermore, it is extremely risky to take out a loan to invest in cryptocurrency; it would have been preferable if he had invested in Bitcoin, but as you mentioned in the OP, his friend invested in meme coins, which are not guaranteed because the Bitcoin price, which controls the entire crypto market, has yet to stabilize; thus, your uncle should begin planning on how to repay his loan.

[salad daging]

It's a shame that your uncle has already fallen asleep with his own friends and he believes he can be relied on in crypto trading, even though he doesn't know how to work, what's even worse is on meme coins and also the initial project, which is clear, we know the risks there are too much big and if his relatives fail to return what your uncle wants then he will have to bear the brunt of it all.

There's nothing you can do unless you keep advising him and never repeat this stupid thing because there's nothing practical, let alone involve other people to get bigger profits while the biggest risk is that we ourselves will pay for all the loans.

I am against any investment from loans for the sake of crypto then that is a very big mistake.

[348Judah]

I find out that his friend is focusing on meme coins only, he invested in crypto projects

Well i can say that two were wrong here, both the lender and the recipient of the loan, your brother is very wrong and took the most dangerous part of it all because he went ahead in taking loan for his childhood friend who only is after the chase of bounties, if they were unable to make it through all these then your brother has the fine to pay back the loan he took, if his friends made it through but refused to pay back in refunding the loan, your brother will still be held responsible because he took the loan, now he needs to pray hard that the projects invested on yield positive results and that his friend has the mind of refundment.

[letteredhub]

Same circumstance a childhood friend of mine dating back then in secondary, a few months ago he told me about taking a loan to fix his house rent that's just about two months to expires counting from the day we had the discussion. Of which I advised him not to, but he said his intention is not to direct use the loan money to pay for the house rent but to use the loan money to trade and use the profits to pay the rent and then return back the loan in good piece. I was shocked to hear him talk that way cause from my own angle the market is like a jungle and risky to place our plans on it.
As it stands right now he has lost almost half of the money he took as loan to multiples of unfavourable trades and the rent is over due, he's now struggling between regaining the total loan amount and paying the rent. He thought he could make it out through altcoins but he only got into a deep ditch. So entirely I don't advise taking a loan to trade or investment in crypto
.

[michellee]

I won't do anything because I already advised as you told him. Maybe I can give another solution to invest the money that is still in your uncle so that if the market can start to rally, your uncle can also benefit and that he can use to repay the loan if something happens to his friend.

This is a risk that maybe your uncle doesn't understand and only trusts his friend. And if I were your uncle, maybe I would trust you more than my friend because you are my nephew whom I can trust. Hopefully, everything goes smoothly as expected so your uncle can return the loan.

[sheenshane]

We each live our own lives; those who do not listen to others should learn from their mistakes.

I tend to agree with this line and I like it.

Only care about those people who are willing to listen to you even if that's your relative, at one point, you can't control your uncle's actions or decisions, and he has the right to make his own decisions.  But it sounds good as a relative if shows him to be supportive and offers guidance and you could explain to him how meme coins and pink sale projects are often very high-risk investments and that there's no guarantee that they will succeed.

It seems your uncle wants to gamble his money, but if he can afford to pay with it, there's no problem with that at least, he might learn from a costly mistake like this and we hope they will get a profit on that project before it will collapse.
IMO, guiding him is the best solution if he is willing to listen to you.

[Husires]

In both cases, he will lose his money if things go well. Greed will control that, as long as I win once, I will win every time, and then he will send him more money, which he will inevitably lose.

If things did not go well, then he would have lost his money.
Therefore, both options are bad.

I hope that he will transfer the money from that loan into Bitcoin and think as if that money was lost and start paying off the loan

There is no point in investing if you do not do it yourself.

[Saisher]

I hope things go well like they hope, but this is a very big concern for me, because if anything happens, he will be left alone to pay back the loan, this can be life threatening because he is old and the loan amount is a lot, or do you have any better idea about this? What would you have done if you are in my shoes?

Your uncle was tricked by his friend to loan him to invest even if he is a good trader and he knows Cryptocurrency there's still no guarantee investing in altcoins, especially on these meme coins, do not give your uncle false hopes and try to give him the real picture on what it's like investing in Cryptocurrency, it's up to him to listen.

You did not provide information about collateral and what happened if the investment failed, your uncle should be wise to not ask for collateral or guarantee of return whatever happens to your uncle's friend's investment, honestly your uncle's money has a low chance to return so ask your uncle about the worse scenario, he is old enough to figure it out if he is not prepared then your uncle is too gullible and he easily believes, you will have to help your uncle to overcome the worse scenario that is coming.

[Issa56]

Why will your uncle take loan to invest in what he those not knows about? Before sending the money to his friend, he should have gone on a research and learn more about cryptocurrency, am sure if he goes for a little research, he will definitely know you should invest any amount you can afford to lose, even professional traders will say the same. And the funniest part is that your uncle's friend is investing in shitcoins alone, if he invested in bitcoin, I know if he can hold, he will definitely make his money back. I think your uncle should start looking for another source to pay the loan back, because shitcoins are not really doing well currently, we are not in their season.

[aysg76]

It was an uncle of mine who took a loan on his name and sent it to a childhood friend living in America, he knew I was a crypto enthusiast and he never asked me to help him. I asked him why he took the loan for this, and he replied that the person is reliable, and his friend is a crypto trader, but he doesn't even know how crypto works.

Your uncle did the first mistake where he had taken loan for any sort of investment because the market rule says never invest what you can't afford to loose but he took it further by taking loan which is very risky.The second mistake was when he doesn't have any knowledge then trusting any third person is not advisable at all as you should gain knowledge yourself and DYOR while trading.He will have to repay the loan despite the fact his investment goes down along with interest so lot of loss exposure to him.

I find out that his friend is focusing on meme coins only, he invested in crypto projects on pink sale, and the names are the type that you will laugh at when you hear them,

So he is investing them in meme coins? Then tell your uncle be prepared to face loss as most of them will collapse soon because of zero utility and centralised control.They might be pumping under some temporary influence but in long run it's loss.If they can sell now to take out money they can save it but no long term hopes frankly saying.

[isaac_clarke22]

~

I mean I wouldn't even loan to invest into Bitcoin and what more for meme coins? The only saving grace for that kind of thing would be another "Elon-like" influence around Twitter since we all know what happened with coins like Shiba and Doge that year.

I would not be able to sleep thinking that my loaned investment might not be able to cut it even in its breakeven point plus knowing that my earnings might just go to the repayment anyway along with the interest rates. Meh I'll pass.

[Wakate]

From what you have written it seems like your uncle took the loan for an investment. This is a very risky business or attempt because investing in meme coins is a very risky business if the trader or investor does not understand how the meme market works. I hope this would go well and your uncle would be able to recover his money back with profits if truly he uses the money like you have said. I would rather ask people to use there money and make investment than giving them to random people or friend to help them trade for the profits.

[Rruchi man]

I hope things go well like they hope, but this is a very big concern for me, because if anything happens, he will be left alone to pay back the loan, this can be life threatening because he is old and the loan amount is a lot, or do you have any better idea about this? What would you have done if you are in my shoes?

Your uncle made his decision on his own, the consequences of his actions will also be his to bear. Your uncle made the mistake of trusting easily, it may turn out to be something, a decision that he will regret. I have heard stories of people who send money to other countries for family members and so called close friends to secure assets for them in the form of property, only for them to travel there and find out that the person had done nothing. I know that that is a different scenerio, but it is also possible to happen.

If it is possible to get the person given the money to return it, you can try to convince your uncle to get his money back and avoid debt.

[Beparanf]

I find out that his friend is focusing on meme coins only, he invested in crypto projects on pink sale, and the names are the type that you will laugh at when you hear them, I later told my uncle to keep praying that things go his way, he still believes that his friend is better than me and I am not trying to prove that I am better.

I hope things go well like they hope, but this is a very big concern for me, because if anything happens, he will be left alone to pay back the loan, this can be life threatening because he is old and the loan amount is a lot, or do you have any better idea about this? What would you have done if you are in my shoes?

This statement looks like your a little butthurt that your uncle choose someone over you to trade his money. You didn’t mention if you offer your trading service or not because it’s very unusual to criticize someone for not choosing you if you didn’t offer yourself to the person.

How much money we are talking about here because this loan will become real shit if your uncle doesn’t have any capacity to pay it. Investing on meme coin means 99.99% of your money is considered as loss because this token has no real value at all. Anyway you just leave him be because it’s your uncle problem. He might blame you incase those meme coin pump miraculously while he miss that profit opportunity. Just remind what’s the risk involved on meme coins though.

[Kalchef]

I am wondering why OP was ignored right from the beginning, your uncle knows that you are into crypto and he didn't seek your attention first? If I were in your shoe I won't even bother warning such a person, he thinks too less of you that's why he never approached you for advice, people like that need to be ignored and let them learn their lessons the hardest way.

[bbigtart]

Your uncle is on the wrong path, investing with a loan is double the risk, especially without asking you first for advice. Before making a loan, uncle must have an investment soul that is qualified far above the average person. If you don't have the ability to invest, don't approach debt, even if it's only a little.

It's better to build insight, read lots of books, build relationships, community, and other positive things than just thinking about how to take debt for investment. The ability to invest is the most valuable asset, not just money, having money but not having the ability is the same as using a bicycle without wheels.

[sunsilk]

I'll show him the entire market through coingecko or coinmarketcap and show him the ranking of bitcoin and the coins that he has invested through his friend.

By that way, he'll see that you're not joking about your feedback towards the coins that he has bought with his loaned money. It's truly concerning when we know a person and we're aware of what they're doing wrongly and they don't want us to step on their decisions while them being a newbie.

[Vaculin]

Your uncle is so unfortunate for trusting his friend which he don't actually know if he is reliable trader. If you can still do some action to save up the money of your uncle then tell him about what you notice so that he can slowly pull out his money if there are still left to minimize the damage done. Also give him an advice to not take a loan if he just invest it on crypto because this is so risky decision to do.

He is just a victim of false hope and dishonesty. His friend is just clearly taking advantage of the situation knowing he could use your uncle’s money for the sake of his own investment. But the damage has been done. Just tell your uncle that he should not expect for his money anymore to be returned to him, his friend might lose them all for all he knows. For now, if he has still left to invest, then guide him if he ask assistance from you. If not, then let him see realize his own mistake by not trusting you and instead trust his friend who is not even sure if he’s doing the right thing in crypto.

[Asiska02]

When you have sufficient background knowledge about the cryptocurrency world, taking out a loan to invest in cryptocurrency is not even an option. Taking out a loan to invest could result in a person's life sentence. The disappointment and shock that comes with losing all of your money always sound deadly.

Since you know you’re better than his friend in cryptocurrency, you should help him out and let him know. I don’t pray he loses all the money because if he does he might lose interest in this opportunity of investing in cryptocurrency. Rather guide him and be his coach if you’re confident in your knowledge so far of the market.

[Viscore]

That is certainly true. It’s always life threatening to take a loan and used it for investments that don’t have guarantees if you will gain or lose in the end. Though some lucky investors have started from taking loans and able to manage the risk and handle their borrowed funds well, but that is not happening to all investors who take the risk in taking loans. Some have put their lives into worst situation and eventually live the poorest of the poor. That’s why if you want to invest responsibly, do not invest above your means. Use your spare money to invest so that if you lose, that will not affect your finances.

[Smartvirus]

I find out that his friend is focusing on meme coins only, he invested in crypto projects on pink sale, and the names are the type that you will laugh at when you hear them, I later told my uncle to keep praying that things go his way, he still believes that his friend is better than me and I am not trying to prove that I am better.

I hope things go well like they hope, but this is a very big concern for me, because if anything happens, he will be left alone to pay back the loan, this can be life threatening because he is old and the loan amount is a lot, or do you have any better idea about this? What would you have done if you are in my shoes?

The holy book of the Christians says, " a prophet isn't recognised in his own home".
So don't be surprised when all your advise and warnings fall on deaf ears. Just how could you know any better, a child he watched growing up and now comes to give investment advice to him with his many years of experience, both in life and business! That's often the thought.

I don't know, somehow, people tend to beleive that being a foreigner or having to live in some European country could mean having more knowledge about just any subject. Well, it could be just as one believes but what I would say to you now at OP is that,

You having to wish things go his way is the right idea and also be ready to console him should it not. Borrowing to invest in a highly volatile cryptospace is not always the right kind of idea.

[KingsDen]

I hope things go well like they hope, but this is a very big concern for me, because if anything happens, he will be left alone to pay back the loan, this can be life threatening because he is old and the loan amount is a lot, or do you have any better idea about this? What would you have done if you are in my shoes?

At first it is not a good idea to use a loan and invest in cryptocurrency. But since your uncle has already done it by proxy without your consent. All you do is to wish all go well for your uncle. If your uncle was actually willing to take such a loan and make such a huge risk, it would have been bitcoin and then the duration of the loan be extended to two years or more but with this idea of meme coins and Also not knowing the duration of the loan. It could turn out to be a bad news if the market slips to the negative direction.

And we all know that most times this meme coins don't come back to life after they slip. Well it is risky

[kamvreto]

~snip~I hope things go well like they hope, but this is a very big concern for me, because if anything happens, he will be left alone to pay back the loan, this can be life threatening because he is old and the loan amount is a lot, or do you have any better idea about this? What would you have done if you are in my shoes?

Taking high loans without caring about the risks involved and even being old enough. Have you thought about what action you will take? if it's life threatening, is it worth it. If you don't have any collateral for the loan, don't do it. Investments based on loans without having the skills that are really needed, never do it. it will only give new problems, because the loan interest will still run when you are late paying it. Moreover, the investment that will be made in meme coins which are clearly pump and dump coins and of course will also be abandoned and worthless. Other altcoins are even better, but Bitcoin is the undisputed top investment.

I personally do not advise anyone to invest with unsecured loan money or other work that will back up payments every month. Because investment can not be done only in a matter of months, it takes time and cannot be done instantly.

[worle1bm]

You have to take risks in gambling as it's risk reward return relationship but taking loans for investment which has no guaranteed returns is not risk but a blunder which should be avoided at any cost.I don't know what they have in mind while making such decisions and see they will make huge profits in short span but when the opposite happenes they become bankrupt so ask your uncle to be timely aware about it.

[VRExpress]

This won't end well, the friend might later say he lost the money or the project he invested money on rug pulled, the main plan was to enrich himself through his own private investment, it would have been better if your uncle learn the whole thing himself and carefully choose some good projects, any newbies can do this and still have some satisfying results.

[Mr.suevie]

Life is all about risk but even at that I have to tell you that your uncle has made a very big mistake by trusting someone outside of his reach with money he took from loan. Outside that the mentioned person is a trader, I can never entrust my funds to someone outside the country especially when I took it from loan because they are so many possibility that could turn out like
~ he is human, and is vulnerable to been tempted in using your funds for himself.
~there is no legal documents on the above person returning the money
~dont have knowledge on the investment

[StormHawk]

If anything happens it's none of your business anymore OP, I know some who invested a lot on BONK and one new INU project, he claimed that's where the real money will come from, I don't want to look stupid because I have tried to stop buying from buying Shiba inu before and I was proven wrong, I looked stupid and I promise myself to never do such again, sometimes even the most stupid investments may take the lead.

[Lida93]

It was an uncle of mine who took a loan on his name and sent it to a childhood friend living in America, he knew I was a crypto enthusiast and he never asked me to help him. I asked him why he took the loan for this, and he replied that the person is reliable, and his friend is a crypto trader, but he doesn't even know how crypto works.

I find out that his friend is focusing on meme coins only, he invested in crypto projects on pink sale, and the names are the type that you will laugh at when you hear them, I later told my uncle to keep praying that things go his way, he still believes that his friend is better than me and I am not trying to prove that I am better.

Very a few family members easily believe in us when it comes to money factor, especially when they choose to take in the believe that they are older than us and watched us as kids growing up and taught us certain things about life, so this idea blinds their sense of reasoning to believe that we can do better and know better in other areas of life as it concerns finance than they do. They then therefore out such faith in outsiders we are better than in same industry and that's just the case with your uncle about you.

Don't push yourself on him about this issues more than you already have, let him do as he chooses if it goes well for him, then fine, but if it doesn't then there's every chances that he would come running to you seeking for your knowledge about it.

[Getmon]

Do you have a very good relationship with your uncle? If that is not the case, you might be the only person feeling so stressed. He even told you that his friend is better than you, which gave the impression that you were acting or intervening better than his friend. I understand your point and agree with you. Given how dangerous meme coins with no purpose are, the investment will fail. If unlucky, your uncle is about to learn a very important lesson at this point in his life. And that is placing a loan at risk for an investment he does not understand. When it comes to money, relatives and friends occasionally change their tune.

[CryptoHeadlineNews]

.
I hope things go well like they hope, but this is a very big concern for me, because if anything happens, he will be left alone to pay back the loan, this can be life threatening because he is old and the loan amount is a lot, or do you have any better idea about this? What would you have done if you are in my shoes?

If I were in your shoe, I would have rather prefer your uncle invested in Bitcoin rather than these risky altcoins, because altcoins are more likely to fall in value in long term investment, whereas Bitcoin has always proven to pump with time. But moreover, I will never advice anybody to take loan simply because he or she wants to invest in cryptocurrencies, because due to it's volatile nature, it's price can either fall or rise, and it will be more unfortunate for the value of your crypto investment to decrease drastically while your static loan interest keep increasing

[Rockstarguy]

I hope things go well like they hope, but this is a very big concern for me, because if anything happens, he will be left alone to pay back the loan, this can be life threatening because he is old and the loan amount is a lot, or do you have any better idea about this? What would you have done if you are in my shoes?

It is so sad your uncle is making mistakes about going into investment by giving someone who is far from him and taking a loan to invest on something he has no knowledge about. Since it is this way , their is nothing that can be done about it.  I think his mistakes and wrong decisions will later help him and give him the best knowledge about investment to go into and will prepare him for something better. The early mistakes as beginners will not only put us in pain but will also teach a good lesson from it for the future.

[Odusko]

.............

I hope things go well like they hope, but this is a very big concern for me because if anything happens, he will be left alone to pay back the loan, this can be life-threatening because he is old and the loan amount is a lot, or do you have any better idea about this? What would you have done if you are in my shoes?

You really need to be concerned for that your uncle and try as much as you can to prepare his mind for the eventual outcome of this decision, because there is a high percentage that things will not go his way since he is expecting much from that investment, I am against taking loans to invest in cryptocurrency not to even talk of meme coins.
He took too much of a risk, and that move may end him in debt because of altcoins' volatility is too high and most of them just pump and dump coins and if you get in at the wrong time will end in loss.

[Luffygroove]

It sounds like you are in a difficult situation with your uncle's loan to his friend for crypto trading. It's concerning that the friend seems to be investing in questionable projects and meme coins, which can be very risky. If anything goes wrong with the investment, your uncle may be left with a large debt to pay back, which could be difficult or even dangerous given his age. In this situation, it's important to prioritize your uncle's well-being and financial security. You may want to have a frank conversation with him about the risks involved in this investment and encourage him to reconsider. If he is unwilling to change his mind, it may be helpful to consult with a financial advisor or other trusted professional who can offer guidance on how to minimize the risks.

Ultimately, it's up to your uncle to decide how to handle his finances, but as someone who cares about him, it's important to make sure he is making informed decisions and is protected from potential harm.

[Solosanz]

Although taking loan for investment is really bad, but we're at the last 7 days Bitcoin price is keep increasing, it's mean almost all of the altcoins are following Bitcoin price now, your uncle friend who are claiming if he is a crypto trader, should make a good profit now. So if your uncle friend can give the initial investment with the gain to your uncle, your uncle might try to invest more money to his friend, until he get a lesson where the token become a dead coin.

[Crypt0Gore]

This make sense if the lender want the money back in a few years, I don't know if there is such because I don't like going near any loan shark, if we keep seeing positive market action your uncle might be lucky, but many meme coins always end up dead, faster than other mid-range altcoins in the market. All in all, this is a very dangerous game, I hope his friend is a reliable person, since they are far away from each other, people tend to do anyhow with money that isn't theirs.

There are some cases whereby people send money to friend in other part of the world to help trade forex or crypto and it always ends with stories, some lied about losing the money and some did lose the money in trading, it's better to handle your hard earned money yourself, if you lose, you learn something at least.

[Distinctin]

I can tell you in advance that your uncle will screw up his investment in meme coins, lose everything, and then what? That's when he will come to you for help, saying that you are his relative and that close people should help each other.
If I were you, I would act the same way as you. Don't give anyone free advice when they don't even want to listen. But there is no need to rush to help such people either. We each live our own lives; those who do not listen to others should learn from their mistakes.

Its just sad on your part wherein he can trust other people more than like you, and he never listens to you because he thinks he is already on the right person to rely on. I guess if that’s what he believes, then its not bad too to let him realize his mistakes first and wait until he’ll be the one to ask for your advice. I guess old people really behave differently, and they become hard headed eventually.

[lizarder]

I asked him why he took the loan for this, and he replied that the person is reliable, and his friend is a crypto trader, but he doesn't even know how crypto works.

If he doesn't know how crypto works why does he trust other people and what a ridiculous thing again he is taking borrowed money and relying on others in trading. This is the biggest mistake he made, if he intended to make a profit on investments made in crypto.

I find out that his friend is focusing on meme coins only, he invested in crypto projects on pink sale, and the names are the type that you will laugh at when you hear them, I later told my uncle to keep praying that things go his way, he still believes that his friend is better than me and I am not trying to prove that I am better.

You could say that your uncle is risking his finances on other people and it's a shame they fooled him with meme coins. I slightly agree with them putting your Uncle's money into bitcoin investing, even though that is not the right way to trust other people to invest.

Your uncle will face problems both with loan and investment of meme coins that his friend is running, that's why it needs knowledge for people to enter investment in crypto.

I hope things go well like they hope, but this is a very big concern for me, because if anything happens, he will be left alone to pay back the loan, this can be life threatening because he is old and the loan amount is a lot, or do you have any better idea about this? What would you have done if you are in my shoes?

There is no way to convince people who don't understand how investing in crypto works, they tend to move based on the beliefs that people convey to them, but no special research has been done before trusting people to make investments with their capital.

The only way to convince your Uncle to stop getting involved in the meme project, he can use the capital he has to invest in bitcoins with your help.

[FirmWars]

There is nothing you can do about this, not until this person learn his lesson, when it comes to money do not trust anyone, people will do you bad things when money is involved, they may come up with a cooked lie to make you leave the money and move on, you are the only one that can manage your money yourself.

[Rockson1]

It was an uncle of mine who took a loan on his name and sent it to a childhood friend living in America, he knew I was a crypto enthusiast and he never asked me to help him. I asked him why he took the loan for this, and he replied that the person is reliable, and his friend is a crypto trader, but he doesn't even know how crypto works.

I find out that his friend is focusing on meme coins only, he invested in crypto projects on pink sale, and the names are the type that you will laugh at when you hear them, I later told my uncle to keep praying that things go his way, he still believes that his friend is better than me and I am not trying to prove that I am better.

I hope things go well like they hope, but this is a very big concern for me, because if anything happens, he will be left alone to pay back the loan, this can be life threatening because he is old and the loan amount is a lot, or do you have any better idea about this? What would you have done if you are in my shoes?

borrowing money for somebody to invest it for you is a very big risk you are taking I told a friend of mine who wanted to do the same thing as ur uncle did I told him someone u don't even know u want to send him money to invest for u I told him  is a very big risk u are about to take, I have advice him to invest in bitcoin he was skeptical about it I have even told him how I have invest in crypto currency even the risk involved in bitcoin investment I told him even how u can make profit but he prefer the person he don't know to invest for him so I end the conversation with him. latter when I was sitting down with him someone who know I am investing on bitcoin now said my guy bitcoin is increasing there he now believe what I was telling him taking loan to invest is not advisable.

[Oceat]

Well, taking loan is allowed when you can pay the monthly mortgage but why would he do that to someone? He's just too soft to allowed someone doing like that if it's for an investment but if the money is needed then he has the right to choose to give it but it's just being used to invest on altcoins/shitcoins. And we never know how much profit will he get or how his friend gonna give him back the money.

Investing in altcoins is risky so chances are 50/50 to work but if you are quick you will gain profit but if not then you lose. I hope it's not gonna destroy their friendship but your uncle should never take a loan to invest in something.

[lousie9]

It was an uncle of mine who took a loan on his name and sent it to a childhood friend living in America, he knew I was a crypto enthusiast and he never asked me to help him. I asked him why he took the loan for this, and he replied that the person is reliable, and his friend is a crypto trader, but he doesn't even know how crypto works.

I find out that his friend is focusing on meme coins only, he invested in crypto projects on pink sale, and the names are the type that you will laugh at when you hear them, I later told my uncle to keep praying that things go his way, he still believes that his friend is better than me and I am not trying to prove that I am better.

I hope things go well like they hope, but this is a very big concern for me, because if anything happens, he will be left alone to pay back the loan, this can be life threatening because he is old and the loan amount is a lot, or do you have any better idea about this? What would you have done if you are in my shoes?

it's really unfortunate what your uncle did to just believe and take big risks without fully understanding what your uncle's friend was doing. This is the importance of understanding and learning about the basic knowledge and risks that exist about cryptocurrencies.
it will be difficult to convince people who are older than ourselves. but what you did was right to remind and try to explain properly to your uncle.
there is nothing else you can do because indirectly your uncle has rejected your understanding and explanation and still believes in his friend. Your uncle has taken the risk to make a loan and trust his friend.
even if it is relatives or family but when they have taken the risk and refuse the correct understanding, we cannot force them to make their choice and they will bear the risk themselves.

[odunybiz]

It's not really advisable to take a loan to start a business. Loan are majorly for existing businesses that need Capita to increase its productivity. Getting loan to start a business will make the business collapse in limited time after being established.

[Peanutswar]

Seems like their target is the shitcoins we know how does make a risky play with this because this must need to have a good entry and exit point so you can make double up your assets immediately but not all the time it works some of the meme coins have a trap, for example, is the honeypot, you can enter a position but upon release in the market you cannot make a sell or exit. Again the market is volatile theres a chance you can gain but not always it happens, if you take a loan better make sure you have a good moving forward plan such as the possible trend of the bullish market, grab the opportunity with it but some of the loan takes only months currently we are coming with the halving how can you make sure you can pay with the maturity date.

[bounceback]

It was an uncle of mine who took a loan on his name and sent it to a childhood friend living in America, he knew I was a crypto enthusiast and he never asked me to help him. I asked him why he took the loan for this, and he replied that the person is reliable, and his friend is a crypto trader, but he doesn't even know how crypto works.

Loans of any kind are highly discouraged if used to invest in Crypto, let alone put into shitcoin, it will actually make us lose twice as much if at any time the price drops drastically after buying it using borrowed money, it's a shame your uncle dared to go that far without thinking what if one day he loses everything because he chose a very risky investment, I'm sure when your uncle really can't pay off his debt anymore then at that time he will regret what he did and beg you to help him even though right now he doesn't want to hear financial advice from you .

[Z390]

It's not really advisable to take a loan to start a business. Loan are majorly for existing businesses that need Capita to increase its productivity. Getting loan to start a business will make the business collapse in limited time after being established.

You are right, but some people have managed to keep their businesses going with loans they took from Banks, it works for some but not for many, I have once used loan money to buy crypto mining equipment and instead of mining Bitcoin at the time I wasted the hash power on crappy altcoins, later ninety-nine percent of the coins died before they get listed on a trading platform, I had to find other means to pay the loan back before its too late, to avoid harassments, since that day, I have forbidden myself taking any loan for anything again.

[Alisha-k]

He doesn't trust your ability because you didn't sound convincing enough probably or because he hasn't seen you act or make expenses like one who was doing well in trading.

Have you explained to him that trading is risky and anything can happen, if you don't trust his friend's expertise. Isn't it wise to ask him to withdraw the money now he still can??

[Faisal2202]

do you have any better idea about this? What would you have done if you are in my shoes?

He just falls prey to offers from his friend, who know what his friend has told him about how much money he will earn, i am hoping your uncle is talking about a real friend, not a newly made friend on Twitter or telegram who try to convince you to invest in crypto and earn double in 2 hours, etc., etc. As you mentioned he is old and it would be hard for him to repay his loans again then all i can say he has axed himself on his foot.

There are many factors that one should keep in mind that you only invest that money in newly coming meme coins that you do not care of, well i am wondering what the work of venture capitalists to invest in newly upcoming meme coins by understanding the potential it has and once those VCs made there profits they exist from it leaving others behind stuck in that meme based platform. But in your case, your uncle having no or less knowledge obviously false knowledge could be life-threatening for him not the taking of loan, Because its the nature of the person who convinces him/her self to do stupid things (no offense)

i was in your shoes, I will ty to educate him about crypto in a proper way that an old man understands easily because of the education of how things work and how much potential do these meme coins have and how they start. will help in to decide whether he should invest or do these acts in the future or not, Well for Now, no one can do anything except your uncle's friend, maybe you should talk personally to him but what good it could be of, like if the money is already invested. all i can say is pray for now and be careful next time and teach him the lessons that he needs to know.

[ifarted]

I really don't know if this is really dangerous or not but I know that there's consequences in investing crypto as it is not stable which means your crypto's value let's say $1000 and later it won't be $1000 anymore due to price decrease. Also be careful when someone offers you that they can double your funds which is true (it could happen) but that's what scammers do or the scheme they are using and the time it will take doesn't match at all. Let's say x2 the amount of funds you have in 24 hours which is impossible unless you are gambling if lucky.

[GEMIN_M4]

Hmm, It seems there are some things we don't know about this claim yet, maybe OP is not a friendly person? Maybe you aren't approachable that's why your uncle doesn't bother coming to you for some guidance.

There is another possibility where the uncle feels like he will drag himself through the mud by seeking advice from a much younger person than him, believe me, some older people do not like this.

Or maybe he doesn't like you for some reason, there are some jealous uncles in the world, who don't like seeing younger people prosper.

[visionE2]

This won't end well, the friend might later say he lost the money or the project he invested money on rug pulled, the main plan was to enrich himself through his own private investment, it would have been better if your uncle learn the whole thing himself and carefully choose some good projects, any newbies can do this and still have some satisfying results.

Basically there is nothing wrong with investing with borrowed money, but what you need to learn first is knowledge about investing so you are not too hasty in choosing the crypto you want to invest. Because if you lose it will be a double burden.

If I were in your shoe, I would have rather prefer your uncle invested in Bitcoin rather than these risky altcoins, because altcoins are more likely to fall in value in long term investment, whereas Bitcoin has always proven to pump with time. But moreover, I will never advice anybody to take loan simply because he or she wants to invest in cryptocurrencies, because due to it's volatile nature, it's price can either fall or rise, and it will be more unfortunate for the value of your crypto investment to decrease drastically while your static loan interest keep increasing

Investing in bitcoin is a wiser choice than Altcoins whose future we don't know. Bitcoin, without the slightest doubt, even if the price falls, there is still hope for it to rise again because bitcoin is the mother of all coins. I agree with you.

[tvplus006]

...I asked him why he took the loan for this, and he replied that the person is reliable, and his friend is a crypto trader, but he doesn't even know how crypto works...

For me, such a situation looks unacceptable when one person borrows money himself in order to borrow it later to another person. Thus, your uncle violated one of the principles of trading by investing money that he cannot afford to lose, since it is money borrowed.

[freedomgo]

I hope things go well like they hope, but this is a very big concern for me, because if anything happens, he will be left alone to pay back the loan, this can be life threatening because he is old and the loan amount is a lot, or do you have any better idea about this? What would you have done if you are in my shoes?

Your uncle made his decision on his own, the consequences of his actions will also be his to bear. Your uncle made the mistake of trusting easily, it may turn out to be something, a decision that he will regret. I have heard stories of people who send money to other countries for family members and so called close friends to secure assets for them in the form of property, only for them to travel there and find out that the person had done nothing. I know that that is a different scenerio, but it is also possible to happen.

If it is possible to get the person given the money to return it, you can try to convince your uncle to get his money back and avoid debt.

I don’t think his friend will be able to return the amount, and if he’d do that, surely the amount is not complete already. So he must prepare himself and just face the consequences of his action. That’s what blind people get when they give easily their trust, so he must learn from that. Also, you should never stop from convincing your uncle not to take loans again, if he won’t listen to you, then that will be his problem definitely.

[alastantiger]

Taking loans to invest in a business is nice, but taking loan for cryptocurrency investment is one thing i wouldn't do or advice any one to do. Becsuse cryptocurrency investment is a long term investment, so if you are taking a loan to invest in it, and maybe the time to pay back the loan may be in a month or two months time and your investment will take like a year before you profit from it. And am pretty sure that no one would take a loan to pay back another loan.
So cryptocurrency is not an investment you take a loan to start up.

[Crypto Library]

or do you have any better idea about this?

The only better idea I have is to stop that uncle from trading by depending on others person. specially where your uncle is trading with loans.  And through this he is breaking the first rule of trading. So the Idea is only to stop him from this type of trading I think he gonna in trouble. It is really stupid to give that loan money to another person who is trading in meme coin.

What would you have done if you are in my shoes?

I will firstly tell him about the horrors of investing in meme coin and I willshow him the scams of the previous history and will give him knowledge about the basic rules of trading, and then tell him if you still want to invest money in this way, do it.

[KiaKia]

Taking loans to invest in a business is nice, but taking loan for cryptocurrency investment is one thing i wouldn't do or advice any one to do. Becsuse cryptocurrency investment is a long term investment, so if you are taking a loan to invest in it, and maybe the time to pay back the loan may be in a month or two months time and your investment will take like a year before you profit from it. And am pretty sure that no one would take a loan to pay back another loan.
So cryptocurrency is not an investment you take a loan to start up.

I disagree, taking a loan to invest in business carries risks as well, I know crypto investment is highly volatile but I am in the midst of people that have use loans to build companies and big businesses, it doesn't end well, when damages and losses comes it will shift your whole business into an imbalance state, if the money is your then its a lot better, you will still be in a cool mood, because the money is yours, no reason to panic or be in worries.

I am wondering how people walk around in peace when all they are built upon is on loan, I have seen banks taking over companies once the owner died, when the owner was alive no one knew he use bank loan to establish the business, now his children are in big poverty because the bank took everything from them.

[jrrsparkles]

First of all never take loan unless you have the ability to pay back even if you lost the loan which either you invested or failed in doing a business that is why taking loan is beneficial for rich people whereas for poor it will become a life time trap.

Taking loan for someone else is ultimate stupidity in my own, I will never do that unless under emergency situation but will close the loan in few months not keep paying for it every month.

This isn't really about cryptocurrency, its our financial management skill and what are do and don't s when it comes to money.

[Chilwell]

People always think of the positive side of investment which is taking of profit, assuming they are also thinking of the other part it will have been better, it will reduce a lot of tension because nothing will be new to them. Taking loan for any investment talk less of crypto is a big threat to life, taking loan for investment is not bad thing but don't take 100% loan for investment. Moreover don't take loan to start your business, not all business people do survive for their first investment. Start with the little amount you have. As for me you have play your role very well.

[Luzin]

People always think of the positive side of investment which is taking of profit, assuming they are also thinking of the other part it will have been better, it will reduce a lot of tension because nothing will be new to them.

If you know, that I started investing no more than $50. After I was sure, within a few months I tried to go into debt. This debt is without addition when payback, so that in the end of the year I can return with the remaining profit. But if now I was given a debt opportunity, I wouldn't do that again. Even today I feel more comfortable with the capital I use. Because trading is not my main job.

So now after almost more than seven years of trading I prefer a comfortable position to adjust to my circumstances. But I respect others who have different opinions, it's natural. Don't make your investments make you suffer more with your finances.

[MiF]

Taking loan for investing is totally risky, because crypto currency is very unstable it is very difficult to predict the market and if you don't have patience  you will surely loss, but if you have a good job and you can pay the interest of the loan then it is not life threatening but still it is not good idea because you need to pay for the interest and maybe your earning will only go to the interest of your loan ang nothing will be left for you.

[Flexystar]

Friend or relative or some sort of partner, I think taking loan without a security or just on the basis of a relation could be dangerous financial decision. What would your uncle do if his friend lost everything in the process? If that person is not getting loan for himself then there is something really wrong about the credit profile of his. I don’t know it could be less CIBIL score or something that’s why they might have taken loan in the name of friend. Anyways, that’s different procedure but whole point here, it’s stupid decision to take for investment and that too for someone else. I mean if someone is asking loan to me then I would only grant one in the case of emergency. Having this for crypto investment is complete non sense. Hope they get it back in time and everything settled for good.

[palle11]

Your uncle has acted out of pity to help a friend and pity isn't enough to decide into crypto investment. I don't think there will be a solution suggestion for you because your have already invested it and if the friend is asked to resell, it may amount to losses. The best is to be optimistic that the investment is successful. He will need patient for the halving season to come and probably the friend can record some profit to return the loan but if the loan money wasn't paid back then your uncle can only lick his wound and learn from his decision and action.

[xCryptoManiaX]

I feel alive when I take risks. Would I risk the apartment I live in? No. Would I risk my daily car? Maybe, dunno. Would I risk cash I've saved? YES

Would I take a loan and risk those money by investing them in cryptocurrencies? NO.

I'm going degen all the way with the money I've saved so that even if I lose I can still live a decent life. But I would never ever take a loan in order to invest the money either in crypto or stocks.

[imamusma]

If the person receiving the budget is so trustworthy, then I think your uncle will have to be patient to get his return on investment. The main problem is, how will he pay off his loan if the investment goes bad or things don't go according to plan?

I would never consider a loan to invest, obviously to me it would only add a burden that shouldn't exist when I have a personal budget. There are many things that need to be considered when someone really wants to invest, one of which is not to make a loan. The investment risk is very large, especially if you have to entrust the budget to other people.

[Digital_Lord]

Taking loan is not good idea and I think that as the crypto is volatile so giving another person a loan is somewhat risky. I think that your uncle is not familiar with risk involved with crypto that's why he taking loan for investments. Taking loan and investment in meme coins both are risky so if a person involved in dual risk then failure will be his fate. May be the price goes up and he take profit but taking loan for doing risky work is not good idea and everyone should avoid it.

[virasisog]

Borrowing funds and taking loans would be a big help if you're a skilled trader and you're knowledgeable about crypto investment and you know that you're able to pay your debt in time. But if you're just being influenced by a colleague or anyone who is not fully equipped with knowledge of the crypto industry, you are taking too much risk. One mistake that your uncle has committed is that he trusted his friend too much and maybe that person convinced him with too good to be true profit. He'll be lucky if that meme coin would boom but he might fail if that coin would turn into a bubble.

[maydna]

Taking a loan to invest in a crypto is indeed risky because of the changing price conditions. Therefore, taking out a loan to invest in crypto is not recommended. So you better tell your uncle that he should be careful with his friend and immediately pay off the loan. That's also what I would suggest if I were in your position to get a bigger risk. But if your uncle doesn't want to listen to your advice, that's up to him and you can't do anything about it.

[tjtonmoy]

What would you have done if you are in my shoes?

I have been in this crypto world for about 2 years now. I used to only focus on alts. But as days went by I come to know about Bitcoin and all about its features. Now I have little to no interest on alt coins. Those centralized coins are just sh*t. Some are even doing a better job than bitcoin, but the only reason for them being centralized is holding them back, and nothing could change that even if they show more progress.
Now coming to your uncle's decision. I wouldn't tell him to do anything. I would only explain the situation. And if he is wise enough to understand, he will take actions based on his own decision. Tell him about risk management and the bad side of centralization. Hope he will understand and also show him the past performance of other meme coins.

[stomachgrowls]

It was an uncle of mine who took a loan on his name and sent it to a childhood friend living in America, he knew I was a crypto enthusiast and he never asked me to help him. I asked him why he took the loan for this, and he replied that the person is reliable, and his friend is a crypto trader, but he doesn't even know how crypto works.

I find out that his friend is focusing on meme coins only, he invested in crypto projects on pink sale, and the names are the type that you will laugh at when you hear them, I later told my uncle to keep praying that things go his way, he still believes that his friend is better than me and I am not trying to prove that I am better.

I hope things go well like they hope, but this is a very big concern for me, because if anything happens, he will be left alone to pay back the loan, this can be life threatening because he is old and the loan amount is a lot, or do you have any better idea about this? What would you have done if you are in my shoes?

Just let him be since its his decision after all, if he was really seeing you as a better one then he would really be entrusting those amounts to you but he didnt but rather he did trust up someone other than you.

Good thing that you do let him know about meme coins and everything on pink sale doesnt guaranteed out profits and this is where learning would really comes in on which he would really be realizing that
crypto investment is never been safe and something risky to deal with and its better to make up decisions basing up with your own analysis and never ever trust up someone
to handle up your money in behalf of yours.

[fullhdpixel]

I find out that his friend is focusing on meme coins only, he invested in crypto projects on pink sale, and the names are the type that you will laugh at when you hear them, I later told my uncle to keep praying that things go his way, he still believes that his friend is better than me and I am not trying to prove that I am better.

I hope things go well like they hope, but this is a very big concern for me, because if anything happens, he will be left alone to pay back the loan, this can be life threatening because he is old and the loan amount is a lot, or do you have any better idea about this? What would you have done if you are in my shoes?

We can't do anything if the loan is already taken and the amount is already sent out to his friend but why will worry about this mess he made? I guess you truly love your uncle but all you can do for now is to join him pray that things will go as planned by his friend and by him so that he can get more because I think the reason he agree with this is he is promised with a big interest.

I think it's also the fault of the loaning company on why they agree for your uncle to take the loan when they already saw his condition that he is now old but maybe your uncle still have a good retirement money? And is the one that he use as a collateral in case he failed to pay out the loan.

[Russlenat]

Yes, it’s really life threatening especially if you have no means to pay for it. I guess you worry a lot, which I also understand because your uncle might lost everything more than he knew it. And with that, there’s nothing you can do but prepare for the future losses. This might teach your uncle to never trust anyone especially when huge amount of money is at risk. There’s nothing you can do about it, but to wait for the result before you take a new action that will make him recover his losses. Maybe this time, your uncle will be more cautious about the risk.

[Finestream]

It was an uncle of mine who took a loan on his name and sent it to a childhood friend living in America, he knew I was a crypto enthusiast and he never asked me to help him. I asked him why he took the loan for this, and he replied that the person is reliable, and his friend is a crypto trader, but he doesn't even know how crypto works.

I find out that his friend is focusing on meme coins only, he invested in crypto projects on pink sale, and the names are the type that you will laugh at when you hear them, I later told my uncle to keep praying that things go his way, he still believes that his friend is better than me and I am not trying to prove that I am better.

I hope things go well like they hope, but this is a very big concern for me, because if anything happens, he will be left alone to pay back the loan, this can be life threatening because he is old and the loan amount is a lot, or do you have any better idea about this? What would you have done if you are in my shoes?

I guess it’s too late for you to act on it, as you can’t change the fact that your uncle’s tons of money will just go into waste because of his friend. This might give him a lesson to never invest more than he can afford to lose, otherwise he will be financially broke until he’s done paying his debt. But the problem is how he would pay his loaned money when he has no other sources of income that would generate him some profits. This would be life threatening for sure, that’s why we should always invest with high caution.

[Quidat]

Yes, it’s really life threatening especially if you have no means to pay for it. I guess you worry a lot, which I also understand because your uncle might lost everything more than he knew it. And with that, there’s nothing you can do but prepare for the future losses. This might teach your uncle to never trust anyone especially when huge amount of money is at risk. There’s nothing you can do about it, but to wait for the result before you take a new action that will make him recover his losses. Maybe this time, your uncle will be more cautious about the risk.

If you do take a loan then you are already know the risks when you arent able to repay those loans which it would really be that normal that you would be putting yourself into a huge problem.
This is why its really that important that you should really be that mindful on what are the consequences if ever you wouldnt be able to repay a loan.Basing up on the situation on op stated
then it is something that you wouldnt really be that knowing if his uncle would be able to pay off the loan or not but the wrong thing that has been done is that he had
trusted up someone which it is really that something risky.

[DoublerHunter]

Yes, it’s really life threatening especially if you have no means to pay for it. I guess you worry a lot, which I also understand because your uncle might lost everything more than he knew it. And with that, there’s nothing you can do but prepare for the future losses. This might teach your uncle to never trust anyone especially when huge amount of money is at risk. There’s nothing you can do about it, but to wait for the result before you take a new action that will make him recover his losses. Maybe this time, your uncle will be more cautious about the risk.

^ That is definitely right but I think that scenario it is not too late to help his uncle, but instead, advise him and give a proper insight that memecoin investment is not worth it an investment or probably diverting his asset into BTC and cutting losses while it is not too late. Probably huge losses in the future can be avoided if his uncle diverts all his assets to BTC which is proven that could potentially give profit.

[suzanne5223]

Yes, it’s really life threatening especially if you have no means to pay for it. I guess you worry a lot, which I also understand because your uncle might lost everything more than he knew it. And with that, there’s nothing you can do but prepare for the future losses.

Why would anyone with a sensible mind even take a loan when there are sure means of repayment in the first? Not to talk about entrusting his investment to a strange, someone he has seen for a while is strange to him cause people can easily change especially when money is involved. The only thing that can cause this is greed for making money.

[shinratensei_]

never take any loan if you don't have stable income, you're quite literally just throwing yourself into poverty pit, you think you gonna score good money with the loan you just taken but you don't know that you're quite literally against the whales with thousands times capital than you if not more.
moreover you're pressed with the time you gonna need to pay your loan so basically it's added yet another factor to the bad decision you gonna make, loan for investment could be by far stupidest thing ever done if someone just  doing it out of their guts and not some proper thorough planning.

[lienfaye]

I hope things go well like they hope, but this is a very big concern for me, because if anything happens, he will be left alone to pay back the loan, this can be life threatening because he is old and the loan amount is a lot, or do you have any better idea about this? What would you have done if you are in my shoes?

Is your uncle collecting interest to this childhood friend? Or he just helped and take a loan on its behalf? The problem is the too much trust of your uncle thinking this friend is a reliable person and won't break its promise. But if the money is used to invest in crypto (which we are fully aware how risky it is) chances to lose are possible and in this situation, the friend take a higher risk investing in not established coins.

It's not really advisable to take a loan unless you can pay it regardless of the result of your investment. But if you're just relying on the profit of this investment, that would be a risky thing to do. So don't take a loan to invest and don't ever take a loan just to lend for your friend that he will use to invest regardless how reliable he is. Because you'll never know until you're put in a hard situation.

[DevilSlayer]

That's the fastest way for you to be in emotional discomfort, burnt trading account, and bad performance not only in trading but in life. It is very dangerous to make an investment from loans especially if it is your first time to experience the volatility in the cryptocurrency market. The nature of investment is uncertainty, you do not know if your investment will go up or it will go down so the expectations should always be flexible. It is okay to take loans and use it as an investments if you are already professional who have years of experience, know how to manage risks and have proven system that can lead to profitability. But if you do not have these 3, then do not try to take loan and invest it immediately.

You must learn from the people who make mistake like this, it is an idiot way to lose your money. Also consider the pressure because it is just the money that you borrow so it can be a double edge sword especially when it comes to your trading performance. I think it is better if you will just invest small amount of money first than to take huge loan and quickly putting it in an assets that is so volatile.

[andriarto]

I hope things go well like they hope, but this is a very big concern for me, because if anything happens, he will be left alone to pay back the loan, this can be life threatening because he is old and the loan amount is a lot, or do you have any better idea about this? What would you have done if you are in my shoes?

Is your uncle collecting interest to this childhood friend? Or he just helped and take a loan on its behalf? The problem is the too much trust of your uncle thinking this friend is a reliable person and won't break its promise. But if the money is used to invest in crypto (which we are fully aware how risky it is) chances to lose are possible and in this situation, the friend take a higher risk investing in not established coins.

It's not really advisable to take a loan unless you can pay it regardless of the result of your investment. But if you're just relying on the profit of this investment, that would be a risky thing to do. So don't take a loan to invest and don't ever take a loan just to lend for your friend that he will use to invest regardless how reliable he is. Because you'll never know until you're put in a hard situation.

investing by taking a loan in my opinion is also not in accordance with investment principles, which is that we have to make ends meet first and then we use the rest for investment. burdensome, unless it's for trading and we have the expertise for that, then at any time of course there will be an opportunity to make a profit, but this is indeed more risky

[Dr.Osh]

Yes, it’s really life threatening especially if you have no means to pay for it. I guess you worry a lot, which I also understand because your uncle might lost everything more than he knew it. And with that, there’s nothing you can do but prepare for the future losses.

Why would anyone with a sensible mind even take a loan when there are sure means of repayment in the first? Not to talk about entrusting his investment to a strange, someone he has seen for a while is strange to him cause people can easily change especially when money is involved. The only thing that can cause this is greed for making money.

yes, but the fact is that many people blindly take out loans, even selling all the assets they have for investments that they believe will bring them wealth in a short time. they are truly inspired that the risk is worth the reward, but they forget that all such actions can lead them only to the risk. as long as we have income, put in a few percent to invest, and never take action looking for a loan to invest, especially since the loan is more than we can replace.

[Questat]

I hope things go well like they hope, but this is a very big concern for me, because if anything happens, he will be left alone to pay back the loan, this can be life threatening because he is old and the loan amount is a lot, or do you have any better idea about this? What would you have done if you are in my shoes?

Well, the problem with your uncle is he really trusts that person to handle his money and make assurance that it will be back. However, the nature of the market and the coins that the person used to trade are not safe which makes you/us worried about what will happen. But I see we just underestimate the capability of that person, we never know exactly what he can do with these meme coins because we can't deny the fact that some people make a huge profit from investing in them which is also possible. We can't assume everything and the only thing you can do is to help your uncle and make him know the risk that he enters.

[|MINER|]

yes, but the fact is that many people blindly take out loans, even selling all the assets they have for investments that they believe will bring them wealth in a short time. they are truly inspired that the risk is worth the reward, but they forget that all such actions can lead them only to the risk. as long as we have income, put in a few percent to invest, and never take action looking for a loan to invest, especially since the loan is more than we can replace.

First of all I think that trading with loans should not be done, then when someone does not have the ability to repay the loan or only if the profit comes from that trade then it will be possible to repay the loan.  If this is the case, then I think that trading with loans is a lot like hanging from the rope with your own hands. To get rid of it, we must first control our greed. And if you want to trade with what you can afford, always remember that trading gives profit but it also brings a lot of risks.

[Minecache]

Your uncle trusts outsiders more than his own relatives, this is the worst for me. I really can't understand why some people don't trust their loved ones but trust outsiders. Is it for money?

In this case, in my opinion, let him experience it all for himself, although it will have serious consequences for him, but since he doesn't trust you, there is nothing you can do. The only way I can think of is to ask for help from relatives, I think when everyone gives advice, he will think again.

[tvplus006]

The problem of such borrowers is that they are 100% sure that they will be able to increase the amount of borrowed money and it will not be difficult for them to pay off the lender. But when assessing risks, they lack knowledge about the volatility of cryptocurrencies, respectively, they cannot correctly assess the risks, which leads to the loss of borrowed funds.

[AicecreaME]

It's hard to trust your money from a loan to a friend who trades especially when you're far from each other, it could escalate quickly in the worst case scenario. Also, if your uncle doesn't have any source of income, he would only have a headache on where to get money to pay off his loan. I wouldn't even dare to do such crazy thing like that, well maybe if I'm the one who is going to use that loan money in trading.

[goaldigger]

Trusting your friend that much is not easy, it takes a lot of courage to do so especially if its your hard earned money.
Your uncle should know what he is doing, and know that money in crypto is not guaranteed after all. You can just help your uncle to get his money back as soon as possible, maybe there's still money left for him. Taking loan is not good as well, you must be able to pay for that even if the market will not be in your favor.

[carlfebz2]

Trusting your friend that much is not easy, it takes a lot of courage to do so especially if its your hard earned money.
Your uncle should know what he is doing, and know that money in crypto is not guaranteed after all. You can just help your uncle to get his money back as soon as possible, maybe there's still money left for him. Taking loan is not good as well, you must be able to pay for that even if the market will not be in your favor.

When it comes to money then everyone could easily changed out and show off their true colors in a snap specially if you are dealing with a greedy person on which they wont really be minding whether you are a family or close friend it wont matter because everyone could really stab you at the back when it comes to money.

This is why its not really that something recommendable if you do really let other people do handle out your investment or someone who do really make out decisions on what you should buy.

It is true that once things get messed up then conflicts and issues would be raised up on possible extreme or severe manner on which there's no way that it could be easily
fixed specially if it does involved money.

[Johnyz]

Trusting your friend that much is not easy, it takes a lot of courage to do so especially if its your hard earned money.
Your uncle should know what he is doing, and know that money in crypto is not guaranteed after all. You can just help your uncle to get his money back as soon as possible, maybe there's still money left for him. Taking loan is not good as well, you must be able to pay for that even if the market will not be in your favor.

This is a basic rules when it comes to money, trusting can be a big thing and borrowing funds just for trading is not good same thing with gambling.
His uncle should know this already as he is old enough to understand the risk of trusting someone, I'm sure he got betrayed by someone already he should take that as a lesson. Well, money is the root of evil as per many his friend might be more greedy hiding the true transactions under his wallet. If you're into crypto, try to educate more people as much as possible, that can be a big help.

[Smack That Ace]

...
 What would you have done if you are in my shoes?

Your uncle is committing investment taboos, the first is to borrow money to invest, and the second is to trust a friend far away and give them money. He doubled his own risk, I wouldn't be surprised if one day your uncle loses all his money and friendship.
You must be very worried about the future of your loved ones, I have never been through something like this, so I cannot give you any helpful advice. You should quickly find a way to help him or things could turn out worse than you think.

[Pandu Geddon]

It's hard to trust your money from a loan to a friend who trades especially when you're far from each other, it could escalate quickly in the worst case scenario. Also, if your uncle doesn't have any source of income, he would only have a headache on where to get money to pay off his loan. I wouldn't even dare to do such crazy thing like that, well maybe if I'm the one who is going to use that loan money in trading.

borrowed money to trade, chances are the loan was given by someone who knows nothing about crypto. and if the greatest risk occurs, there may be a case of fraud when it is not possible to return the money borrowed until the time of return.
I won't do it, it's bad. but in case of a severe dump of Bitcoin and it is possible to borrow it from a family without a binding return deadline. maybe it can be done, but for Bitcoin investment is not trading.

[Farma]

if I were you, I would do what you are doing right now. tries to explain the risks of crypto trading and the dangers of failing. seeing the condition of your old uncle, and borrowing a lot of money is a mistake if the investment fails. I don't know if this will be life-threatening or not, but I think it will be a huge stress boost when the plan doesn't work out. After all, you warned him, it's just that he's so sure about his friend. all you can do right now is pray and prepare for the worst so you can be relied on when it happens.

[abel1337]

The trust that your uncle is giving is just so much that it can bring the friendship they have into blackhole. One thing I don't understand is the childhood friend of your uncle that accepts the offer of your uncle. He know by himself that he is doing risky trades and investing on a very risky tokens, I don't understand why would you put someone in the same risk as yours knowing that it can put a stain in your friendship if you failed horribly. I'm wondering if that childhood friend of your uncle knows that the money that your uncle gives to him came from a loan. If he knew it from the start, I think that childhood friend is just an a**hole trying to put stain on their good relationship.

[Rigon]

Your uncle did the wrong thing in the first place. Because he involved himself in investing in loans. Second He trusted his childhood friend. Everyone should know never to trust anyone in cryptocurrency. But here since you have knowledge about crypto currency your uncle should have taken advice from you. It is true that his childhood friend bought him the meme coin, so many accidents happened to him. If his childhood friend had invested in Bitcoin it would also have been a reliable investment.

Now my advice to all is never invest with borrowing. It is seen that you have invested with loan but you have suffered a lot of losses due to the fall in the market. You have to pay the money in between, if you don't, the loan amount will continue to increase. There will come a time when your loan amount will double. If you are unable to pay then you may have to sell your house and property to repay the loan. Never invest with debt anyway. If necessary, you invest slowly through working earnings. That investment will be worry free and successful for you.

[Davidvictorson]

The first things I learned in cryptocurrency especially bitcoin investing in this forum other places are:
- Invest only what you can afford to lose.
- Never take out a loan to invest because obviously it is not money you can afford to lose.
- Do Your Own Research(DYOR). Never leave your bitcoin future in the hands of someone else.
- Be committed. Invest and hold until you understand better.

Please what you know about bitcoin and meme coin you have a huge responsibility to educate your uncle. If possible appeal to him to withdraw his investments from those shitcoins. Please, do not wait until something bad happens before you speak to him. Be firm in your approach let me know that you know your onions. This will give him confidence in you.

[Nrcewker]

Trading isn’t guaranteed money, rather in trading too much risks involved. In trading you don’t become rich overnight or make tons of money in shorter period of time. Rather in trading there are high amount of risks involved. So if without proper knowledge and calculation, you trade, then definitely you gonna end up making losses. Now in such a type of profession, if you borrow money and trade, then you are just inviting unnecessary trouble for yourself. Just invest your own money for buying the coins and invest that much which you can afford to lose. Read OP’s story and really felt sad. Hope my view on this topic helps.

[blockman]

There is no better idea than to trade or invest on your own with your own money. Do not be dependent on other people because you know that they're great traders or what. In this market, no one is great and everyone can get killed by the market by surprise. Those people that are also taking advantage of misinformed people, don't take investments from them, teach them how to invest in the market and let them know how risky it is to go here without having proper knowledge on how to deal with such volatile market.

[gabbie2010]

When things goes wrong with regards to the loan he took he will have himself to blame, taking unnecessary risk in the name of investing in a some unreliable meme coins in a bid to earn massive profits with the help of someone is not a good idea, atleast with your experience in crypto you are in the best position to guide him to invest in reliable and trustworthy cryptos like Bitcoin, Ethereum, BNB etc in which in the long run his investment is safe and paying back his loan with easy is guaranteed although profits earned might not be much, however rest of mind is assured.

[Kasabus]

Your uncle has acted out of pity to help a friend and pity isn't enough to decide into crypto investment. I don't think there will be a solution suggestion for you because your have already invested it and if the friend is asked to resell, it may amount to losses. The best is to be optimistic that the investment is successful. He will need patient for the halving season to come and probably the friend can record some profit to return the loan but if the loan money wasn't paid back then your uncle can only lick his wound and learn from his decision and action.

Right, there’s nothing you can do anymore but to be optimistic that the investment will still be profitable in the end. If not, then your uncle should start learning from his own mistake and never do it again in the future. Now, if your uncle has lose everything, maybe if you have some spare money that you won’t be using, you can help him paying his loan. Yes, he was very wrong in his decision especially of not telling you, but as you’ve said he would surely be living in debt even in his old age.

[deathcode]

Please, do not wait until something bad happens before you speak to him. Be firm in your approach let me know that you know your onions. This will give him confidence in you.

I'm actually still curious whether Uncle OP's childhood friend knew that Uncle OP even took out a loan to invest with him.
If he finds out and allows OP's uncle to take out the loan then it is certain that his investment trip with his friend might end badly.
Especially if it was actually his uncle's friend who told Uncle OP to take out a loan, then his friend might be a fraud. I wish the OP really confirmed his uncle's friend is the right person or not.

Of course it is deeply regretted, if it turns out that Uncle OP trusted the wrong person. Regardless of being a good friend or not, we know that even a good friend cannot guarantee whether he is not a fraud. There have been many cases of fraud committed by close people or even friends.
I agree with your opinion that OP should issue a strong warning and act decisively to prevent further harm and cause his uncle to regret.

[Oneandpure]

Trading isn’t guaranteed money, rather in trading too much risks involved. In trading you don’t become rich overnight or make tons of money in shorter period of time. Rather in trading there are high amount of risks involved. So if without proper knowledge and calculation, you trade, then definitely you gonna end up making losses. Now in such a type of profession, if you borrow money and trade, then you are just inviting unnecessary trouble for yourself. Just invest your own money for buying the coins and invest that much which you can afford to lose. Read OP’s story and really felt sad. Hope my view on this topic helps.

I like with your viewed about trading in cryptocurrency by using loan money, is unnecessary ideas when trading with loan money depend trading can't promising earn much profit in short time. Right now many side support with loan and some of them illegal by paying loan interest with higher amount. If loss in trading can't imagine how to repay loan payment and need to recovery how much percent loan interest.

Trading with own money in cryptocurrency and not have huge pressure when moment floating because not allowed for paying loan payment, but have different position when floating and price coins drop but another side have been deadline with loan payment. Keep extended we have to pay higher loan interest but try to cut loss have loss much.

[Altryist]

There is no better idea than to trade or invest on your own with your own money. Do not be dependent on other people because you know that they're great traders or what. In this market, no one is great and everyone can get killed by the market by surprise. Those people that are also taking advantage of misinformed people, don't take investments from them, teach them how to invest in the market and let them know how risky it is to go here without having proper knowledge on how to deal with such volatile market.

A loan in some cases can be our salvation, but you should not even think about a loan for investment, at least I have not heard a single story when someone could take a loan, invest this money and make a profit. And even if I saw one such case, I would take it with skepticism, because I consider it stupidity, which carries much more danger than benefits and common sense.

[Hamphser]

There is no better idea than to trade or invest on your own with your own money. Do not be dependent on other people because you know that they're great traders or what. In this market, no one is great and everyone can get killed by the market by surprise. Those people that are also taking advantage of misinformed people, don't take investments from them, teach them how to invest in the market and let them know how risky it is to go here without having proper knowledge on how to deal with such volatile market.

A loan in some cases can be our salvation, but you should not even think about a loan for investment, at least I have not heard a single story when someone could take a loan, invest this money and make a profit. And even if I saw one such case, I would take it with skepticism, because I consider it stupidity, which carries much more danger than benefits and common sense.

As long you are responsible on paying it back then there wont really be any problem.One of the most common problem of someone is on how to repay those loans on time and this is where conflicts and issues would

be raised up.If you do see that you cant pay up a particular loan in time then its better not to make yourself to get some loan because it would really be a huge problem but if you are aware on what are the risks

and on what are your responsibilities then go ahead and take a loan.Also, just like on what others been saying that its better to do it on your own rather than on entrusting it into other people.You dont know
that you might get scammed if you do trust that much and its better to do it on your own so that in case you do lost money then there's no one you could blame on.

[Rockstarguy]

There is no better idea than to trade or invest on your own with your own money. Do not be dependent on other people because you know that they're great traders or what. In this market, no one is great and everyone can get killed by the market by surprise. Those people that are also taking advantage of misinformed people, don't take investments from them, teach them how to invest in the market and let them know how risky it is to go here without having proper knowledge on how to deal with such volatile market.

Trading is risky,  some people lost their own personal money in trading,  and I still don't know why one would think of borrowing money to trade in the name of making money. People mostly make this mistake when they put money as the first priority to make out of trading. If people should take their time to learn I think they won't be making thus mistake in trading. This mistake happens due to ignorance, lack of knowledge.  Learning should be the first step to consider in trading and not to think of making money which will definitely end up in a bad result.

[nara1892]

There is no better idea than to trade or invest on your own with your own money. Do not be dependent on other people because you know that they're great traders or what. In this market, no one is great and everyone can get killed by the market by surprise. Those people that are also taking advantage of misinformed people, don't take investments from them, teach them how to invest in the market and let them know how risky it is to go here without having proper knowledge on how to deal with such volatile market.

Trading is risky,  some people lost their own personal money in trading,  and I still don't know why one would think of borrowing money to trade in the name of making money. People mostly make this mistake when they put money as the first priority to make out of trading. If people should take their time to learn I think they won't be making thus mistake in trading. This mistake happens due to ignorance, lack of knowledge.  Learning should be the first step to consider in trading and not to think of making money which will definitely end up in a bad result.

Apart from ignorance, trust in people who are "entrusted" with money to invest or trade is the root of the problem. The story told by OP proves that his uncle's trust in that person is enormous, it's difficult if it's like this, unless something bad happens, it will only wake him up from the mistakes he has made.
Of course investing and trading yourself with your own money is the best choice, apart from managing the risk yourself, it will also increase your knowledge because you will definitely be required to keep learning.

[irsykes]

make a loan for investment, in my opinion, you have to have the money in accordance with the loan that will be submitted. the money we have can be in anticipation of unexpected things one day. Unlucky days are not listed on the calendar, and borrowed money must be managed properly with certain allocations, for example, 40% 60% investment for anticipation and daily needs

[pgbit]

It was an uncle of mine who took a loan on his name and sent it to a childhood friend living in America, he knew I was a crypto enthusiast and he never asked me to help him. I asked him why he took the loan for this, and he replied that the person is reliable, and his friend is a crypto trader, but he doesn't even know how crypto works.

I find out that his friend is focusing on meme coins only, he invested in crypto projects on pink sale, and the names are the type that you will laugh at when you hear them, I later told my uncle to keep praying that things go his way, he still believes that his friend is better than me and I am not trying to prove that I am better.

I hope things go well like they hope, but this is a very big concern for me, because if anything happens, he will be left alone to pay back the loan, this can be life threatening because he is old and the loan amount is a lot, or do you have any better idea about this? What would you have done if you are in my shoes?

I think the best thing to do in this situation is to provide your uncle with guidance and education about cryptocurrency and trading. You can also provide him with advice on how to manage his investment and how to protect it from potential risks. It would also be wise to discuss the loan repayment plan with him to make sure it is manageable for him. You can recommend that he diversify his investments, so that if one fails, he still has the others to rely on. Lastly, you can keep a close eye on his investments and remind him of the risks involved.

[el kaka22]

Having an understanding of what loans are for would make people a lot more richer, because loans are amazing when they are used correctly and it could get you insanely rich. If you use a loan to make an investment, then you could get richer, it is not a bad idea and you should do it if the return will be good, but if that investment is just buying bitcoin and doing nothing else, then you won't be able to pay it back.

If you have a land and take a loan to invest into that land and build a house, and sell it, then you could make a profit from it. That's why investments are important and loans are a great way to increase your profits for sure.

[reagansimms]

Your uncle has made two wrong decisions in Cryptocurrency investing. First he took a loan, secondly he entrusted the money to be managed by someone else. Cryptocurrency investment is a very risky activity, every money that goes into it is not guaranteed to return intact.

What if the value of the money invested decreases or even runs out as a result of the coins being purchased have no selling value. If my assumption occurs, your uncle is responsible for repaying the loan taken, while his friend will never care about the loss that befell him.
Investing with borrowed money is not recommended, because there are so many risks that might occur, especially if the money is managed by someone else.

[livingfree]

make a loan for investment, in my opinion, you have to have the money in accordance with the loan that will be submitted.

And some of the borrowers that I've seen, they borrow money and then there's no certainty if they'll be able to pay the loan that they took.

It's because they're too confident that they'll be able to pay it off from the profit that they might make from that borrowed money. But it's all about the risk that they're taking and it's not a good thing to practice.

If you take loans, make sure that you've got the resources to pay it when things didn't go accordingly to what you've planned for so you won't have your reputation damaged to the loaner.

[irsykes]

make a loan for investment, in my opinion, you have to have the money in accordance with the loan that will be submitted.

And some of the borrowers that I've seen, they borrow money and then there's no certainty if they'll be able to pay the loan that they took.

It's because they're too confident that they'll be able to pay it off from the profit that they might make from that borrowed money. But it's all about the risk that they're taking and it's not a good thing to practice.

If you take loans, make sure that you've got the resources to pay it when things didn't go accordingly to what you've planned for so you won't have your reputation damaged to the loaner.

Anticipation is necessary, but fighting hard so that you don't want more and get the expected results. and don't spend money on things that aren't important unless it's more important. arranging money must also be conditioned so that the loan can be paid off quickly. and have to think more confidently before taking a loan

[Sweetbtc]

It was an uncle of mine who took a loan on his name and sent it to a childhood friend living in America, he knew I was a crypto enthusiast and he never asked me to help him. I asked him why he took the loan for this, and he replied that the person is reliable, and his friend is a crypto trader, but he doesn't even know how crypto works.

I find out that his friend is focusing on meme coins only, he invested in crypto projects on pink sale, and the names are the type that you will laugh at when you hear them, I later told my uncle to keep praying that things go his way, he still believes that his friend is better than me and I am not trying to prove that I am better.

I hope things go well like they hope, but this is a very big concern for me, because if anything happens, he will be left alone to pay back the loan, this can be life threatening because he is old and the loan amount is a lot, or do you have any better idea about this? What would you have done if you are in my shoes?

The first thing is that you should never borrow and rate in the cryptocurrency market because here, if you can make a profit, you can also lose your capital.And the second most important thing is that it will be a very wrong decision to give capital to someone in a business about which you have no experience and no knowledge.Trading through a friend without any experience and knowledge in the cryptocurrency market can prove to be very damaging.And if your friend is also clumsy and does business through him and that too trading business, then this may prove to be a very wrong decision.And then meme coin investment can prove to be very risky.You should gain experience in trading yourself.If we were in your shoes, we would have told all these things to your uncle.And try to get your uncle interested in trading by himself instead of trading through his friend.

[ShowOff]

Your uncle has made two wrong decisions in Cryptocurrency investing. First he took a loan, secondly he entrusted the money to be managed by someone else. Cryptocurrency investment is a very risky activity, every money that goes into it is not guaranteed to return intact.

What if the value of the money invested decreases or even runs out as a result of the coins being purchased have no selling value. If my assumption occurs, your uncle is responsible for repaying the loan taken, while his friend will never care about the loss that befell him.
Investing with borrowed money is not recommended, because there are so many risks that might occur, especially if the money is managed by someone else.

Some people may consider their budgets to be invested by others who are more affluent and get their share of the returns. I think it's fine as long as it's not a loan budget, meaning it's a personal budget.

The problem is that loan budgets are at higher risk due to price volatility. One can never guarantee a return on investment, but as long as a deal is made then I don't think there is a problem between the two. But if it was me, I don't think I would.

[borovichok]

Your uncle has made two wrong decisions in Cryptocurrency investing. First he took a loan, secondly he entrusted the money to be managed by someone else. Cryptocurrency investment is a very risky activity, every money that goes into it is not guaranteed to return intact.

What if the value of the money invested decreases or even runs out as a result of the coins being purchased have no selling value. If my assumption occurs, your uncle is responsible for repaying the loan taken, while his friend will never care about the loss that befell him.
Investing with borrowed money is not recommended, because there are so many risks that might occur, especially if the money is managed by someone else.

Loan is never an option for me because I don't entrust my plans with it, based on the high volatility of the market. There's 50/50 chances of both losses and profits. It's considerate to map out solid planning before taking decision on the market rather than waking up one morning and take a drastic decision on the market which you will leave to regret later on. Investing in cryptocurrency is a risky decision to take because it's not a get rich quick scheme rather it's for passive income. We invest what we can afford to lose not what we get us into trouble if the project doesn't go as planned.

[stadus]

Your uncle has made two wrong decisions in Cryptocurrency investing. First he took a loan, secondly he entrusted the money to be managed by someone else. Cryptocurrency investment is a very risky activity, every money that goes into it is not guaranteed to return intact.

What if the value of the money invested decreases or even runs out as a result of the coins being purchased have no selling value. If my assumption occurs, your uncle is responsible for repaying the loan taken, while his friend will never care about the loss that befell him.
Investing with borrowed money is not recommended, because there are so many risks that might occur, especially if the money is managed by someone else.

Loan is never an option for me because I don't entrust my plans with it, based on the high volatility of the market. There's 50/50 chances of both losses and profits. It's considerate to map out solid planning before taking decision on the market rather than waking up one morning and take a drastic decision on the market which you will leave to regret later on. Investing in cryptocurrency is a risky decision to take because it's not a get rich quick scheme rather it's for passive income. We invest what we can afford to lose not what we get us into trouble if the project doesn't go as planned.

That is why before investing, it is already on our mind that crypto investment can't assure a profit and so we never expect much with this. However, we change it if we can do it better and are able to wait for the perfect timing. So if we are taking a loan and giving assurance to the lender that we can pay on time, we better not do it as it only compromised our promises and even turn to stress about where to get money to pay our debts. In order to avoid this, we better save our extra money and use it as it was the best option in this kind of investment.

[blockman]

There is no better idea than to trade or invest on your own with your own money. Do not be dependent on other people because you know that they're great traders or what. In this market, no one is great and everyone can get killed by the market by surprise. Those people that are also taking advantage of misinformed people, don't take investments from them, teach them how to invest in the market and let them know how risky it is to go here without having proper knowledge on how to deal with such volatile market.

A loan in some cases can be our salvation, but you should not even think about a loan for investment, at least I have not heard a single story when someone could take a loan, invest this money and make a profit. And even if I saw one such case, I would take it with skepticism, because I consider it stupidity, which carries much more danger than benefits and common sense.

I have heard a lot of sad stories about those people that took loans for investments. They've never done their research first before going all in with those investments that they were too happy to get in with the loan they've taken and guess what, majority of it got no luck.

Trading is risky,  some people lost their own personal money in trading,  and I still don't know why one would think of borrowing money to trade in the name of making money. People mostly make this mistake when they put money as the first priority to make out of trading. If people should take their time to learn I think they won't be making thus mistake in trading. This mistake happens due to ignorance, lack of knowledge.  Learning should be the first step to consider in trading and not to think of making money which will definitely end up in a bad result.

Well, we use our personal money in trading and investing and that's much better than using someone else's money with trading and investing while it's in our hands.
Someone who takes a loan for trading has got that not-so-unique purpose and that's to make money. And their greed is harming them because they have never foreseen what's in it for them to come until they go into the actual situation of losing not just the money but also the trust of the lender.

[LUCKMCFLY]

Your uncle has made two wrong decisions in Cryptocurrency investing. First he took a loan, secondly he entrusted the money to be managed by someone else. Cryptocurrency investment is a very risky activity, every money that goes into it is not guaranteed to return intact.

What if the value of the money invested decreases or even runs out as a result of the coins being purchased have no selling value. If my assumption occurs, your uncle is responsible for repaying the loan taken, while his friend will never care about the loss that befell him.
Investing with borrowed money is not recommended, because there are so many risks that might occur, especially if the money is managed by someone else.

Some people may consider their budgets to be invested by others who are more affluent and get their share of the returns. I think it's fine as long as it's not a loan budget, meaning it's a personal budget.

The problem is that loan budgets are at higher risk due to price volatility. One can never guarantee a return on investment, but as long as a deal is made then I don't think there is a problem between the two. But if it was me, I don't think I would.

I think that everything Depends on the type of Loan that is going to be requested, because the conditions are the first thing to take care of, if a person does not have the ability to pay, it is impossible for a loan to be given for the same Reason, that can be Converted in a worse problem, especially if it is due to trading and if you lose in trading, I think that would make it Worse,however, what I recommend is that if you are going to get into debt, that it be with immediate payment capacity in the event of any eventuality, that is , if you lose the loan money in trading that does not Affect your payments, otherwise any consequence is not good,Neither with a person, nor with banks.

[MusaMohamed]

I think that everything Depends on the type of Loan that is going to be requested, because the conditions are the first thing to take care of, if a person does not have the ability to pay, it is impossible for a loan to be given for the same Reason, that can be Converted in a worse problem

Two biggest factors for a loan that will decide how it will possibly end for the borrower.

Interest rate
Liquidation term

Interest rate should not be too high because if it is too high, you will not be able to convert your loan to real profit for your investment.
Liquidation term is so important. When you use something as a collateral for your loan and it is liquidated per the loan terms and agreement, I am sure you will end with very small part of what you start.

[so98nn]

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

[Sterbens]

Well, we use our personal money in trading and investing and that's much better than using someone else's money with trading and investing while it's in our hands.
Someone who takes a loan for trading has got that not-so-unique purpose and that's to make money. And their greed is harming them because they have never foreseen what's in it for them to come until they go into the actual situation of losing not just the money but also the trust of the lender.

To invest, it is better to use your own money, for example, the money left over from your monthly shopping. I do not recommend that someone make a loan to invest, myself included. Because the market is neutral, not everyone can predict the market accurately and it is possible that you will experience a loss. The point is that when you borrow money to invest, there will be times when you feel anxious and you will be psychologically disturbed when you experience a loss. So use personal money, it doesn't matter even if the value is small because you can invest for the long term.

[MFahad]

Investment is good idea but selection of coins should make wisely and I think that taking loan for investment is not good idea because if you have taken loan and unlikely you choose such coin which have not future at Al then you will loss that money which you have taken from others. So in this case you will be in dual problems first is loss and second is to return that money to the others person from which you have taken it. If a person has no other option to increase wealth then he can put money into bitcoin because there is no doubt that it will enhance your money so one can easily return loan.

[Vaculin]

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.

[bitgolden]

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

Yeah, it is a terrible tragedy and definitely something we should avoid. If you are taking a loan, consider what would happen if you can't pay it back before you took it. I took a loan, well not a loan but I put a big debt on my credit card in installments and for the next 3 years I will be paying that back, it is a big amount as well, it's a huge deal for me, but you know what?

I knew the risks when I took it and no matter what happens in my life, I would be able to pay the bare minimum that I need, even the worst possible things ever could happen, like if I lose my job, I would still be able to pay my bare minimums one way or another. Consider that and do not put yourself in a place where you would consider suicide if you fail.

[Oilacris]

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

Yeah, it is a terrible tragedy and definitely something we should avoid. If you are taking a loan, consider what would happen if you can't pay it back before you took it. I took a loan, well not a loan but I put a big debt on my credit card in installments and for the next 3 years I will be paying that back, it is a big amount as well, it's a huge deal for me, but you know what?

I knew the risks when I took it and no matter what happens in my life, I would be able to pay the bare minimum that I need, even the worst possible things ever could happen, like if I lose my job, I would still be able to pay my bare minimums one way or another. Consider that and do not put yourself in a place where you would consider suicide if you fail.

You should be always that thinking up ahead on what are the risks and consequences if ever you wont be able to repay those loans on the right time.It would really be just that common sense that you

would really be having a huge problem on paying it back with those interest and having those penalties which would be piling up overtime on the time that you dont able to pay on the right time.
This is why when you do tend to invest on crypto then it should really be done via those extra funds you do have.You shouldnt really be making yourself that pushing on making use of loan amounts.
It would be life threatening if you are really that not responsible in towards into your actions, this is why you should really be that considerate.

[Twentyonepaylots]

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.

[Renampun]

...
I hope things go well like they hope, but this is a very big concern for me, because if anything happens, he will be left alone to pay back the loan, this can be life threatening because he is old and the loan amount is a lot, or do you have any better idea about this? What would you have done if you are in my shoes?

if I were you what I would do is no longer care about the uncle, crypto is not an old man's game, if your uncle trusts his friend who invests in the meme coin then he only remembers their friendship story, not purely investing by his own decision. there are 3 mistakes your uncle did,
- Borrowing money for investment without thinking about ROI.
- give the loan money to other people, who also do not know about the risks involved in the investment.
- do not consider your words (as a nephew) to be words that must be heard.

don't think too deeply about what your uncle is doing, let him make his decisions and just pay attention.

[martyns]

Investment is good idea but selection of coins should make wisely and I think that taking loan for investment is not good idea because if you have taken loan and unlikely you choose such coin which have not future at Al then you will loss that money which you have taken from others. So in this case you will be in dual problems first is loss and second is to return that money to the others person from which you have taken it. If a person has no other option to increase wealth then he can put money into bitcoin because there is no doubt that it will enhance your money so one can easily return loan.

You are right.This topic is really interesting because I believe so many person's have fallen victim of the kind of situation before,when they take loan for investmest sake,and at the end of the day,they have problem with the person they got the money from.
To me,I really see it as something totally bad because investment alone is a big risk,and risk is supposed to be taken with your own personal money,and not someone else's money.
Anybody who values friendship and relationship won't try it, especially when the investmest would not guaranteed you hundred percent return rate.Risk is very good to take,but not to the extend that you will take risk on the money you are not sure you will get back.

[Quidat]

Investment is good idea but selection of coins should make wisely and I think that taking loan for investment is not good idea because if you have taken loan and unlikely you choose such coin which have not future at Al then you will loss that money which you have taken from others. So in this case you will be in dual problems first is loss and second is to return that money to the others person from which you have taken it. If a person has no other option to increase wealth then he can put money into bitcoin because there is no doubt that it will enhance your money so one can easily return loan.

You are right.This topic is really interesting because I believe so many person's have fallen victim of the kind of situation before,when they take loan for investmest sake,and at the end of the day,they have problem with the person they got the money from.
To me,I really see it as something totally bad because investment alone is a big risk,and risk is supposed to be taken with your own personal money,and not someone else's money.
Anybody who values friendship and relationship won't try it, especially when the investmest would not guaranteed you hundred percent return rate.Risk is very good to take,but not to the extend that you will take risk on the money you are not sure you will get back.

Taking a loan does have different functions;

- Investment
- Emergencies
- Opportunities

But in overall, you should really know on how to repay it back.This is the only issue or problem for most people when taking up some loan.
They do forget on repaying on what they had borrowed. If you do resist on paying back then it would surely be putting yourself
into a situation where you would definitely putting your life at risks.

[Aanuoluwatofunmi]

Some people have already make this mistake by considering taking a loan first before they have their own capital investment with them, this are the set of traders that rush into gambling and later rush out as well, if we are interested in trading bitcoin, we need to source for the money or earn bitcoin enough to the capacity we could afford when trading it, we trade because we want to make profits and this only comes when we properly have a good start and not to be in debt.

[Bushdark]

When things goes wrong with regards to the loan he took he will have himself to blame, taking unnecessary risk in the name of investing in a some unreliable meme coins in a bid to earn massive profits with the help of someone is not a good idea, atleast with your experience in crypto you are in the best position to guide him to invest in reliable and trustworthy cryptos like Bitcoin, Ethereum, BNB etc in which in the long run his investment is safe and paying back his loan with easy is guaranteed although profits earned might not be much, however rest of mind is assured.

I still don't get it why we someone will go and get a loan just for the purpose of using it for trading. Trading had shown me some experience that we should never in any condition go and get a loan for the purpose of trading and using the profits to pay back.
The question is that what if you get a loan thinking you are going to use it to trade and use the profits to pay back and the contrary happens. This can be a great setback and a broken experience for any trader that would ever think of getting a loan for trading.
Even to collect money for people and trade is very bad.

[AnonBitCoiner]

You are right because trust easily can destroy the life of someone and it can also destroy the relationship. So I think that a person should first get knowledge by himself because there is nothing difficult everything can be possible if one work for it.

you uncle is old man so I think his experience will be more than us may be he knows his friend very well and may be it will be a profitable decision. I think that you should just tell your uncle about meme coins that they can be risky so instead of making investment in meme coins why he not chooses some super beneficial coins. Further decision will be made by your uncle because he understands well about his success.

[usekevin]

You should not take loan to inverse in the trading,because both the profit aind loss happen from the trading. When you trade with loan,you are forced to do of payment in terms of interest.After few years,the pump on your invested coin will happen.But you can’t hold the loan giver for few years.So it’s better to earn some money and trade or invested after the earnings.I had same experience during my beginning of investment ,after learning something.Its easy to master in trading of cryptocurrencies with the experience.It’s essential to understand the fundamentals of crypto investing and crypto currency trading.You need to understand the different between trading and investing.

[Yamifoud]

You should not take loan to inverse in the trading,because both the profit aind loss happen from the trading. When you trade with loan,you are forced to do of payment in terms of interest.After few years,the pump on your invested coin will happen.But you can’t hold the loan giver for few years.So it’s better to earn some money and trade or invested after the earnings.I had same experience during my beginning of investment ,after learning something.Its easy to master in trading of cryptocurrencies with the experience.

Not the really best idea but if we just wait until we save money from our salary, we are about to lose a great opportunity as well. I hereby do not encourage doing this but can't afford also to mess up those opportunities while we still have another option which is taking a loan. As long as we have invested in Bitcoin, we can assure you that our investment will grow and can able to pay back our loan. Besides, we also have salaries that can help to pay. But if we are buying new projects and put all together, we simply put ourselves to high risk and possible losses.

[LogitechMouse]

Re: Taking loan for investment can be life threatening

First of all, taking a loan for investing isn't life threatening, and it depends on your way of thinking.
I borrowed money many times already, and I've been using it to invest into different assets. Why am I doing it? Because it's better to do it that way.
Remember Robert Kiyosaki? He is borrowing money if he feels that he needs to. If he feels that a real estate property's price is low, he will borrow, buy that property, make profit from it, and then pay the loan using the revenue. I mean there's nothing wrong in borrowing money for investing. It all depends on the one who is borrowing.

It was an uncle of mine who took a loan on his name and sent it to a childhood friend living in America, he knew I was a crypto enthusiast and he never asked me to help him. I asked him why he took the loan for this, and he replied that the person is reliable, and his friend is a crypto trader, but he doesn't even know how crypto works.

I find out that his friend is focusing on meme coins only, he invested in crypto projects on pink sale, and the names are the type that you will laugh at when you hear them, I later told my uncle to keep praying that things go his way, he still believes that his friend is better than me and I am not trying to prove that I am better.

I don't know how I feel with this one.

I mean investing into meme coins "ONLY" is very laughable already, but there's money involved, so I'm kind of sad, and scared at the same time for your uncle because he got tricked by his "trusted" friend. Well, I guess the best thing that your uncle can do is to pray like you said. Sometimes, people will only realize that they're wrong when the worst thing happened to him. Let him continue what he did. He doesn't listen to you right? Let him experience it the hard way. I'm not saying though that his decision is wrong because there is still a chance that he can make money if he withdraws that money, pay that loan and keep the profit, but with how you shared it to us, I guess it wasn't the case.

I always say this. Experience really is quite expensive (in price).

I hope things go well like they hope, but this is a very big concern for me, because if anything happens, he will be left alone to pay back the loan, this can be life threatening because he is old and the loan amount is a lot, or do you have any better idea about this? What would you have done if you are in my shoes?

It's his problem, and not yours anymore.
Like you said, he doesn't listen to you. Why bother spending time convincing him that what he did was wrong when he isn't listening at you at first place. It's a concern yes, and it's life threatening considering that you said that he is old, and the amount that he borrowed is huge, but sometimes people need to experience the worst things in life in order for them to realize that what they did was wrong.

Any better idea? Just let him do what he wants to do.
What would've I done if I'm in your situation? Like you, I will take some time in convincing him, but if I felt that he really don't listen to me, then I'll just forget about it.

[Alphakilo]

Someone who want to invest in a business and he or she is not Financially stable, he may decide to take a loan which to me i think is a norml thing anyone else can think of but taking a loan to invest in bitcoin is not a welcome idea. Reason is because bitcoin investment is a long term investment and requires patient to hold for the long period.
In my own opinion and conclusion, taking loan to invest in crypto is a wrond thought.

[martyns]

Someone who want to invest in a business and he or she is not Financially stable, he may decide to take a loan which to me i think is a norml thing anyone else can think of but taking a loan to invest in bitcoin is not a welcome idea. Reason is because bitcoin investment is a long term investment and requires patient to hold for the long period.
In my own opinion and conclusion, taking loan to invest in crypto is a wrond thought.

It is a two way thing,we can't just conclude its totally wrong,what if he takes the loan,and the Money brings profit for him,should we say it was bad for him to take the loan? everything in life involves risk,and if you are not ready to take risk,then you have a slim chance if survival as an individual.It is only those who are ready,and those who have determined that no matter what it takes them or cost them in life,they are definitely going to make it,it is those people that also go extra mile in working hard to ensure that they have a good and quality future.Life isn't a bed of roses,where we easlily get everything we want,it is full of turns and stones which are ready to make you talk at the end if the day.At the same time,I am not in support that loan for investmest is a good idea,but I'm also saying one can actually take it,and become successful as well.

[Litzki1990]

I hope things go well like they hope, but this is a very big concern for me, because if anything happens, he will be left alone to pay back the loan, this can be life threatening because he is old and the loan amount is a lot, or do you have any better idea about this? What would you have done if you are in my shoes?

It is better to avoid loans for investment. You may be encouraged by everyone while taking a loan but when the time comes to repay the loan you will not have those who encouraged you. You took a loan and invested everything went well but one time you will see that suddenly the person from whom you took the loan will apply pressure to you to repay his loan, what will you do if your investment is facing loss at that moment. Then you could not profit from the investment and you could repay your loan properly.

As long as you don't have enough money to invest, keep learning about investing, this education will help you a lot and when you have enough money to invest, use the education you have gained and invest where you will see success.

[SOKO-DEKE]

Taking a loan to invest in cryptocurrency is not advisable at first time because no certain assurance that this is what will happen in crypto industry.

 I will say your uncle have make  a mistake by trusting his friend about a business he doesn't know all about.i don't think your uncle may even have knowledge about cryptocurrency industry, if not he could have not just go ahead and pick a loan to invested cryptocurrency. As for me even it is someone's money that he/she can afford to lose, I will not abide by ideas of giving money to any friends to help to invest in crypto industry because it very hard nowadays to even trust even family members with money.the truth is that anything can happen and hardly human beings admit with others people mistakes.helping others to hold their cryptocurrency investment is what I will not like to do, the best can do is to help them with the knowledge.

[xSkylarx]

Someone who want to invest in a business and he or she is not Financially stable, he may decide to take a loan which to me i think is a norml thing anyone else can think of but taking a loan to invest in bitcoin is not a welcome idea. Reason is because bitcoin investment is a long term investment and requires patient to hold for the long period.
In my own opinion and conclusion, taking loan to invest in crypto is a wrond thought.

Thats taking a risk; those people who took out a loan for their business have a plan B, meaning if their business is not successful, they can still pay it off, or in the worst case scenario, they have collateral on it with which they can still pay it off. The problem right now is that if you take out a loan just to invest in bitcoin, you have no control over its price, meaning if the price drops, you have nothing to do with it, unlike in business where others will buy your business or investors will invest in you.

[Sanitough]

Taking a loan to invest in cryptocurrency is not advisable at first time because no certain assurance that this is what will happen in crypto industry.

 I will say your uncle have make  a mistake by trusting his friend about a business he doesn't know all about.i don't think your uncle may even have knowledge about cryptocurrency industry, if not he could have not just go ahead and pick a loan to invested cryptocurrency. As for me even it is someone's money that he/she can afford to lose, I will not abide by ideas of giving money to any friends to help to invest in crypto industry because it very hard nowadays to even trust even family members with money.the truth is that anything can happen and hardly human beings admit with others people mistakes.helping others to hold their cryptocurrency investment is what I will not like to do, the best can do is to help them with the knowledge.

Right. Investing into cryptocurrency from a loan certainly increases the level of risk. You could have lose a lot  in the end especially if you invest on those coins who have no potentials to succeed. The reason why we should  only invest a small amount from our hard-earned money, and not from taking a loan. And for OP’s uncle, his way of trusting his friend has gone too far. In the end, he’ll be the one to suffer the consequences of his action. And most likely, even if his friend make some profits, I don’t think the amount of money from your OP’s uncle will still be return.

[Mahanton]

Taking a loan to invest in cryptocurrency is not advisable at first time because no certain assurance that this is what will happen in crypto industry.

 I will say your uncle have make  a mistake by trusting his friend about a business he doesn't know all about.i don't think your uncle may even have knowledge about cryptocurrency industry, if not he could have not just go ahead and pick a loan to invested cryptocurrency. As for me even it is someone's money that he/she can afford to lose, I will not abide by ideas of giving money to any friends to help to invest in crypto industry because it very hard nowadays to even trust even family members with money.the truth is that anything can happen and hardly human beings admit with others people mistakes.helping others to hold their cryptocurrency investment is what I will not like to do, the best can do is to help them with the knowledge.

Right. Investing into cryptocurrency from a loan certainly increases the level of risk. You could have lose a lot  in the end especially if you invest on those coins who have no potentials to succeed. The reason why we should  only invest a small amount from our hard-earned money, and not from taking a loan. And for OP’s uncle, his way of trusting his friend has gone too far. In the end, he’ll be the one to suffer the consequences of his action. And most likely, even if his friend make some profits, I don’t think the amount of money from your OP’s uncle will still be return.

Its never been recommendable on doing such act or thing on where you are really putting yourself into huge trouble specially if you do rely with your crypto profits then you would really be putting  yourself at risks.
We know that this market doesnt assure on where it would be making up some movements which means that what if it wont really be making profits on the time you would be needing to pay up your loan?
Pretty sure you would be fucked up and something that you would really be putting yourself into great trouble, unless if you do have other income sources on which you could really make yourself
sustain despite of the market condition or whatever it would be.This is the importance on minding on what are your capacity when it comes to funding sustenance.

[NicNacCoin]

It was an uncle of mine who took a loan on his name and sent it to a childhood friend living in America, he knew I was a crypto enthusiast and he never asked me to help him. I asked him why he took the loan for this, and he replied that the person is reliable, and his friend is a crypto trader, but he doesn't even know how crypto works.

I find out that his friend is focusing on meme coins only, he invested in crypto projects on pink sale, and the names are the type that you will laugh at when you hear them, I later told my uncle to keep praying that things go his way, he still believes that his friend is better than me and I am not trying to prove that I am better.

I hope things go well like they hope, but this is a very big concern for me, because if anything happens, he will be left alone to pay back the loan, this can be life threatening because he is old and the loan amount is a lot, or do you have any better idea about this? What would you have done if you are in my shoes?

Investing in cryptocurrencies with debt is one of the riskiest decisions in my opinion. No matter how many trusted coins you invest in cryptocurrency, once you lose it, you're out of debt. And here your uncle trusted his friend here even though your uncle is wrong but his friend is the most wrong. His friend has betrayed him. Your uncle should have consulted you since you were experienced in cryptocurrency here. I pray that your uncle does not lose. If he falls into loss, he has no speed but death in old age.

[EdenHazard]

Someone who want to invest in a business and he or she is not Financially stable, he may decide to take a loan which to me i think is a norml thing anyone else can think of but taking a loan to invest in bitcoin is not a welcome idea. Reason is because bitcoin investment is a long term investment and requires patient to hold for the long period.
In my own opinion and conclusion, taking loan to invest in crypto is a wrond thought.

Thats taking a risk; those people who took out a loan for their business have a plan B, meaning if their business is not successful, they can still pay it off, or in the worst case scenario, they have collateral on it with which they can still pay it off. The problem right now is that if you take out a loan just to invest in bitcoin, you have no control over its price, meaning if the price drops, you have nothing to do with it, unlike in business where others will buy your business or investors will invest in you.

That's a better case, but you know what ... most people that doing this are highly possible speculating, they are lured by how successful other people , thinking that he can do it as well while he never know the darkside of all of these investment thing.

Mostly clueless on what they are doing and as fir the result they get busted and confused.

[LUCKMCFLY]

Someone who want to invest in a business and he or she is not Financially stable, he may decide to take a loan which to me i think is a norml thing anyone else can think of but taking a loan to invest in bitcoin is not a welcome idea. Reason is because bitcoin investment is a long term investment and requires patient to hold for the long period.
In my own opinion and conclusion, taking loan to invest in crypto is a wrond thought.

Thats taking a risk; those people who took out a loan for their business have a plan B, meaning if their business is not successful, they can still pay it off, or in the worst case scenario, they have collateral on it with which they can still pay it off. The problem right now is that if you take out a loan just to invest in bitcoin, you have no control over its price, meaning if the price drops, you have nothing to do with it, unlike in business where others will buy your business or investors will invest in you.

That's a better case, but you know what ... most people that doing this are highly possible speculating, they are lured by how successful other people , thinking that he can do it as well while he never know the darkside of all of these investment thing.

Mostly clueless on what they are doing and as fir the result they get busted and confused.

In Colombia there is a type of loan, and it is drop by drop, where every day you give the interest, and those who do not pay are sought out by people who have training in hostile treatment to intimidate them until they pay, and thus, that type of It is not good to take loans, less for crypto and you that depend on crypto to do it, however, a loan with payment facilities and with a good deal, it is very possible that good things will happen and a happy term will be reached, but that already depends Whatever the person, then I don't know if they have this type of loan in other countries.

[NotHatinJustTrollin]

It was an uncle of mine who took a loan on his name and sent it to a childhood friend living in America, he knew I was a crypto enthusiast and he never asked me to help him. I asked him why he took the loan for this, and he replied that the person is reliable, and his friend is a crypto trader, but he doesn't even know how crypto works.

I find out that his friend is focusing on meme coins only, he invested in crypto projects on pink sale, and the names are the type that you will laugh at when you hear them, I later told my uncle to keep praying that things go his way, he still believes that his friend is better than me and I am not trying to prove that I am better.

I hope things go well like they hope, but this is a very big concern for me, because if anything happens, he will be left alone to pay back the loan, this can be life threatening because he is old and the loan amount is a lot, or do you have any better idea about this? What would you have done if you are in my shoes?

I completely understand your concern about the situation with your uncle and his friend. It's always risky to invest in any asset, including cryptocurrencies, and it's especially concerning that your uncle took out a loan to invest in a market he doesn't understand.

If I were in your shoes, I would try to advise your uncle on the risk of investing in cryptocurrencies, especially meme coins and other projects that do not have a solid track record or strong fundamentals. I would recommend that he seek unbiased advice from a financial planner or advisor before investing any more money.

[xSkylarx]

Someone who want to invest in a business and he or she is not Financially stable, he may decide to take a loan which to me i think is a norml thing anyone else can think of but taking a loan to invest in bitcoin is not a welcome idea. Reason is because bitcoin investment is a long term investment and requires patient to hold for the long period.
In my own opinion and conclusion, taking loan to invest in crypto is a wrond thought.

Thats taking a risk; those people who took out a loan for their business have a plan B, meaning if their business is not successful, they can still pay it off, or in the worst case scenario, they have collateral on it with which they can still pay it off. The problem right now is that if you take out a loan just to invest in bitcoin, you have no control over its price, meaning if the price drops, you have nothing to do with it, unlike in business where others will buy your business or investors will invest in you.

That's a better case, but you know what ... most people that doing this are highly possible speculating, they are lured by how successful other people , thinking that he can do it as well while he never know the darkside of all of these investment thing.

Mostly clueless on what they are doing and as fir the result they get busted and confused.

But not all. There are people that get influenced by what they've seen, like those they follow on social media. It doesn't mean that the person you follow has a lot of followers and is very influential. If then give you financial advice, you will then follow them, thinking that you will make a profit on it. I remember before, a lot of influential people promoted some coins, and a lot of people bought them, but it turned out later on that the price was dump, and those investors haven't recovered.

[YOSHIE]

or do you have any better idea about this?

Investing in the crypto world and in the real world are two different things, that's the point.
Investing in the internet world, the risk is greater than investing in real things like gold etc.
For most people who invest in the crypto market, they start small first, for example: in a day, week or month invest according to their income to set aside money for investment, without loans.

Borrowing, it's the same anywhere, especially at the bank, you have to think about interest every month, coupled with the large bank interest, it makes anyone add a burden on their shoulders, for me, invest little by little according to the income you have.

Investing is encouraged, but forcing yourself into loans is discouraged.

[Mauser]

or do you have any better idea about this?

Investing in the crypto world and in the real world are two different things, that's the point.
Investing in the internet world, the risk is greater than investing in real things like gold etc.
For most people who invest in the crypto market, they start small first, for example: in a day, week or month invest according to their income to set aside money for investment, without loans.

Borrowing, it's the same anywhere, especially at the bank, you have to think about interest every month, coupled with the large bank interest, it makes anyone add a burden on their shoulders, for me, invest little by little according to the income you have.

Investing is encouraged, but forcing yourself into loans is discouraged.

That's exactly the point, people should invest their money responsible and within their means. The risk of using borrowed money and trade above our means is too big compared to the limited upside we get. Borrowing money means we are bound to fixed interest payments to not default on our debt. Investing is usually the exact opposite of making a fixed repayment schedule. There is a lot of randomness in financial markets that can lead to unforseen losses or winnings. When having a profitable trading strategy there is. I need to increase the risk with leverage, we can just run our strategy for a longer period of time to make enough returns.