Taking loan for investment can be life threatening

[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.

[1714850291]

1714850291

[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]

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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.