BufferBear Bitcoin Bull Posted January 2, 2021 Share Posted January 2, 2021 Has anyone else encouraged close friends or family members to take a punt? On one hand I feel that I should at least put it out there to two of my closet friends (and 4 close family members) but I don't want to be responsible if it doesn't pan out in the way expected. All are in a position to put down at least 5k+ without even noticing it missing. I'm on the fence for several reasons including: I don't wish to oversee their investment (it would probably be expected) and more importantly, I wouldn't wish to risk any relationship - the old maxim springs to mind - don't mix business with pleasure/family). Quote Link to comment Share on other sites More sharing options...
winkie Posted January 2, 2021 Share Posted January 2, 2021 Coin owners require others to buy into it to prevent their own investment from falling......when everyone buys into it, it will rise, when few interested and selling it will fall..... continuous marketing and selling it as a easy to make money purchase, got to keep it in minds and hearts, worth a dabble if can afford to lose.....buying right, selling right..... high risk for those who love a gamble. Quote Link to comment Share on other sites More sharing options...
markyh Posted January 2, 2021 Share Posted January 2, 2021 Has anyone else encouraged close friends or family members to take a punt? On one hand I feel that I should at least put it out there to two of my closet friends (and 4 close family members) but I don't want to be responsible if it doesn't pan out in the way expected. All are in a position to put down at least 5k+ without even noticing it missing. I'm on the fence for several reasons including: I don't wish to oversee their investment (it would probably be expected) and more importantly, I wouldn't wish to risk any relationship - the old maxim springs to mind - don't mix business with pleasure/family). Apart from my wife's investment on Xmas eve, all of my firends and family (and ex workmates) know i own a bag of Bitcoin, but none yet have declared buying in. My facebook posts make them fully aware what the market is doing. It's there choice. Last conversation i had with a wealthy mate who works in Finance in the city in May 2019, who thought i was mad for not selling all in 2017 @ $17k , was he was putting £10k in Facebooks Libra as it was the smart move. I turned to him and asked, how are you going to make a profit, Libra will be a centralised stablecoin? His reply was, What is a "stablecoin and what does "centralised" mean? I changed the subject. The US Senate saved him from his ignorance. Quote Link to comment Share on other sites More sharing options...
PeanutButter Posted January 2, 2021 Share Posted January 2, 2021 (edited) I would never give financial investment advice to family unless they directly asked me for it and were taking professional advice at the same time. Edited January 2, 2021 by PeanutButter Quote Link to comment Share on other sites More sharing options...
markyh Posted January 2, 2021 Share Posted January 2, 2021 Coin owners require others to buy into it to prevent their own investment from falling......when everyone buys into it, it will rise, when few interested and selling it will fall..... continuous marketing and selling it as a easy to make money purchase, got to keep it in minds and hearts, worth a dabble if can afford to lose.....buying right, selling right..... high risk for those who love a gamble. Same mechanism for any asset. Gold is no different. How are Airline, Hotel and Pub shares doing? But they are "real businesses". Quote Link to comment Share on other sites More sharing options...
markyh Posted January 2, 2021 Share Posted January 2, 2021 I would never give financial investment advice to family unless they directly asked me for it and were taking professional advice at the same time. I would never take professional investment advice form anyone. If you have to earn a living telling me how to grow my money, why are you not rich and retired from working life. If anyone knows how to constantly compound @ 20% p/a, no excuse for not being rich. Quote Link to comment Share on other sites More sharing options...
HSvetz Posted January 2, 2021 Share Posted January 2, 2021 I agree, that is always my thinking too. Plus the fact that their crystal ball is about as useful (useless) as mine, unless it is has some access to insider trading. Quote Link to comment Share on other sites More sharing options...
longgone Posted January 2, 2021 Share Posted January 2, 2021 Coin owners require others to buy into it to prevent their own investment from falling......when everyone buys into it, it will rise, when few interested and selling it will fall..... continuous marketing and selling it as a easy to make money purchase, got to keep it in minds and hearts, worth a dabble if can afford to lose.....buying right, selling right..... high risk for those who love a gamble. Yes its an ancient Egyptian based business model. satoshi him or herself created the Mastaba tombs. Quote Link to comment Share on other sites More sharing options...
Si1 Posted January 2, 2021 Share Posted January 2, 2021 Nope Quote Link to comment Share on other sites More sharing options...
longgone Posted January 2, 2021 Share Posted January 2, 2021 Quote Link to comment Share on other sites More sharing options...
PeanutButter Posted January 2, 2021 Share Posted January 2, 2021 I would never take professional investment advice form anyone. If you have to earn a living telling me how to grow my money, why are you not rich and retired from working life. If anyone knows how to constantly compound @ 20% p/a, no excuse for not being rich. That's not it. A professional is liable, a tip from a family member or friend is not. I don't care if a professional gives someone bad advice, but I'd be gutted if someone followed my advice and the fallout destroyed our relationship. Quote Link to comment Share on other sites More sharing options...
markyh Posted January 2, 2021 Share Posted January 2, 2021 That's not it. A professional is liable, a tip from a family member or friend is not. I don't care if a professional gives someone bad advice, but I'd be gutted if someone followed my advice and the fallout destroyed our relationship. Then i must find the one i talked to at a BBQ in 2015. He said i should sell my Bitcoin and buy Pubs and Airlines. Had i listened to him, would have cost me about £200k loss by now. Quote Link to comment Share on other sites More sharing options...
Si1 Posted January 2, 2021 Share Posted January 2, 2021 Then i must find the one i talked to at a BBQ in 2015. He said i should sell my Bitcoin and buy Pubs and Airlines. Had i listened to him, would have cost me about £200k loss by now. I'm sure he did. Quote Link to comment Share on other sites More sharing options...
Huggy Posted January 2, 2021 Share Posted January 2, 2021 Investment advice, IMHO, should only ever be along the lines of "don't invest more than you can afford to lose", "diversify" "if it's too good to be true" etc etc. I've been told by a close 'friend' before that a certain equity will increase by 300% in 3 years. I ignored him as it was too specific (and too good to be true) and I knew he didn't know. It didn't hit anywhere near 300%, or even a profit IIRC, but that's not the point. I also told that exact same friend in March 2013 that there's this new thing I found called Bitcoin and explained a bit of background to it but said the upsides could be massive if certain assumptions were true. He ignored me to be fair. I would have felt bad if I had made the recommendation and someone had lost money though. Quote Link to comment Share on other sites More sharing options...
PeanutButter Posted January 2, 2021 Share Posted January 2, 2021 Then i must find the one i talked to at a BBQ in 2015. He said i should sell my Bitcoin and buy Pubs and Airlines. Had i listened to him, would have cost me about £200k loss by now. Yes you should do that. Perhaps via linkedin. It sounds as if you weren’t engaging his services officially (unless you paid him in sausages?) and neither was he a close friend or family member - the two options I was talking about. Quote Link to comment Share on other sites More sharing options...
Peter Hun Posted January 2, 2021 Share Posted January 2, 2021 I would never give financial investment advice to family unless they directly asked me for it and were taking professional advice at the same time. Especially in what is essentially a Ponzi scheme. Keep yourself well away from advising anyone to get involved, it will be your fault. Quote Link to comment Share on other sites More sharing options...
markyh Posted January 2, 2021 Share Posted January 2, 2021 Especially in what is essentially a Ponzi scheme. Keep yourself well away from advising anyone to get involved, it will be your fault. Explain? What is Bitcoins promised annual Yield? Quote Link to comment Share on other sites More sharing options...
longgone Posted January 2, 2021 Share Posted January 2, 2021 My facebook posts make them fully aware what the market is doing. What does this mean ? Are you posting the benefits of bitcoin on Facebook to find new entrants? Quote Link to comment Share on other sites More sharing options...
MonsieurCopperCrutch Posted January 2, 2021 Share Posted January 2, 2021 (edited) Has anyone else encouraged close friends or family members to take a punt? On one hand I feel that I should at least put it out there to two of my closet friends (and 4 close family members) but I don't want to be responsible if it doesn't pan out in the way expected. All are in a position to put down at least 5k+ without even noticing it missing. I'm on the fence for several reasons including: I don't wish to oversee their investment (it would probably be expected) and more importantly, I wouldn't wish to risk any relationship - the old maxim springs to mind - don't mix business with pleasure/family). No I do not give out financial advice to my friends and family. However, when they have asked me from their own initiative about Bitcoin I have helped answer their queries and concerns, and pointed them to the correct literature for them to make up their own minds. Everyone who asked me now owns some. Edited January 2, 2021 by MonsieurCopperCrutch Quote Link to comment Share on other sites More sharing options...
markyh Posted January 2, 2021 Share Posted January 2, 2021 What does this mean ? Are you posting the benefits of bitcoin on Facebook to find new entrants? Find new entrants, no , inform people i know what is happening with Bitcoin and world finance. Yes. I last posted about Bitcoin on facebook when Libracoin was buzzing in 2019. not much to report since then. Resumed for 2020/21 when we past $20k for new ATH in December, now post every $5k rise, as every $1k rise would be excessive. posting every day. lol. They can get informed and invest, or ignore and miss out. I don't have to pay f/a towards their lives so it's up to them. Quote Link to comment Share on other sites More sharing options...
longgone Posted January 2, 2021 Share Posted January 2, 2021 Find new entrants, no , inform people i know what is happening with Bitcoin and world finance. Yes. I last posted about Bitcoin on facebook when Libracoin was buzzing in 2019. not much to report since then. Resumed for 2020/21 when we past $20k for new ATH in December, now post every $5k rise, as every $1k rise would be excessive. posting every day. lol. They can get informed and invest, or ignore and miss out. I don't have to pay f/a towards their lives so it's up to them. Sounds very ponzi ish to me 😂 Quote Link to comment Share on other sites More sharing options...
markyh Posted January 2, 2021 Share Posted January 2, 2021 Sounds very ponzi ish to me 😂 People generally post things on Facebook that interest them. Getting wealthier every day interests me very much, especially when i know there must be a good chunk of people i know struggling a bit with Xmas just past and continued lockdown. They need help. £1000 in Bitcoin will have them sorted by Xmas. Quote Link to comment Share on other sites More sharing options...
longgone Posted January 2, 2021 Share Posted January 2, 2021 People generally post things on Facebook that interest them. Getting wealthier every day interests me very much, especially when i know there must be a good chunk of people i know struggling a bit with Xmas just past and continued lockdown. They need help. £1000 in Bitcoin will have them sorted by Xmas. So what is the main driver of price rises Quote Link to comment Share on other sites More sharing options...
markyh Posted January 2, 2021 Share Posted January 2, 2021 So what is the main driver of price rises Like anything. More buying than selling. But.........with bitcoin supply is forever fixed, so unless the old time whales who accumulated 1000+ btc before 2020 crack and sell, it's up up up. But they aint selling because bigger FIAT whales are now coming in behind them and buying everything they sell, then taking it off exchanges and storing it for long term. So their pre halving 2020 retail tactics of constant , scare, dump and rebuy to get more dont work in 2020/21 post halving. All their dumps get snapped up by the billionaires to who bunging $50m, $100m, $500m into Bitcoin is chump change. So the old school whales are now the weak hands. And are to scared to sell. Yuo had 1000 BTC , dumped 500, the market only drops 2%, your 500 BTC are now gone and the price has risen 5% against you. You now have 1/2 your Bitcoin and a big bag of devaluing FIAT. What now with that big bag of FIAT? Buy Gold, But Property, leave it in Cash? Or panic and buy back less Bitcoin. Poetry in motion. Quote Link to comment Share on other sites More sharing options...
Si1 Posted January 2, 2021 Share Posted January 2, 2021 Like anything. More buying than selling. But.........with bitcoin supply is forever fixed, No it isn't. What about bitcoin 2. Quote Link to comment Share on other sites More sharing options...
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