Quote from: Betwrong on Today at 09:09:51 AM

Quote from: AVE5 on May 27, 2024, 03:21:18 PM

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So I've told him that I'm not involved if he gets to Invest at this time because I know he'd panic over the volatiles of the bitcoin market since he doesn't have another source by which he can rely on earning income to process his financial needs. The choice is his to decide because if he had alternated his source of earning to bitcoin since I told him, the dividends of his bitcoin assets would had be reliable to him after much he may have made some profits from it. It'd had also served as means of savings and factor to encourage him to be economical with his luxury life which he doesn't have the potential to continuesly afford them

It was the right move on your part. Not only this time(because I don't think this time is any different from another) but you should never tell someone to invest in Bitcoin or any other crypto currency if it's not the money he/she can afford to lose, or, in your words, has a good Alt. income. Bitcoin is not something that consistently gives you profits, like, week after week. You have to be ready for many months with no income if you want to be a Bitcoin investor.

I think it's better not to give any investment advice to others even if that person has a stable economy and they say they are willing to take risks. There is no guarantee that if they lose money they will not blame us, they say they are ready just because they want to make money and they ignore the risks we mentioned. But if unfortunately their investment fails, they will most likely blame us. That's why I always avoid giving bitcoin investment advice to anyone, including my relatives.

Investing in bitcoin is not just about holding for a few months to make a profit, but sometimes it can take several years to generate profits because bitcoin is unpredictable. No one can predict anything or know in advance what will happen.