Taking loan for investment can be life threatening

[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.