Taking loan for investment can be life threatening

[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.