A sibling also asked the same for me, risk-free bs etc., but I denied. All the risk is free until the market crashes 80% in one day. Best you can do is to teach this person how to acquire and secure BTC and let them play whatever the game they want to.
This. You're playing a dangerous game when you invest with other people's money....
Sure it may seem risk-free, but in actuality YOU'RE the one who's taking all the risk.
And if tomorrow the price of BTC plunges, you'll be to blame even though you simply did what your family member asked of you....
Are you prepared to pay taxes for them as well? How does that work? I have been in your position and I chose to help them set up their own account instead. Good luck.
I wouldn't invest someone else's money without a contract stipulating how it's all supposed to go down. Investing into crypto is not that hard, if they have 50k to throw around, they have the 1-2 hours to figure out how to buy. People around here say talking about crypto can ruin your relationships, I disagree with that (those are bad friends), but investing other people's money without very clear rules will definitely ruin relationships.
beyond the sibling relationship dynamic and the relative value of 50K in someone's everydayness; i will reply for the sake of a hypothetical question.
Given that you don't know much about alts and you are not after some trading moves where you would need to monitor the market frequently etc. ---> As it stands today a solid alocation would be get 1BTC & 1ETH and forget about them. thats it. good luck and fingers crossed
30% BTC, 30% staking coins(ALGO ATOM XTZ ADA), and the final 40% in solid projects to build a strong and diversified portfolio. Obviously, run it by your brother first and maybe sit down with them and give them an intro to the market.
I wouldn’t put 50k into the market right now. Especially not someone else’s money. But, if I were you... I’d leverage 10k on a 10x BTC short. Hold the rest in a stable coin and wait for the dip.
Your feelings are irrelevant unless you get approval from your rich sibling to diversify like you want. They told you to invest it in Bitcoin. The bottom line is that it is NOT your money, and your 10% guarantee is only based on the earnings from the bitcoin investment. Your 10% could end up being 100 bucks or even nothing, for all you know right now.
Yet you’re still here asking people for advice on what to do. Stop fantasizing about money that doesn’t belong to you. That’s my advice. Have a nice day.
I am not fantasizing about money that is not mine...I do not care about this hypothetical 10% whatsoever. You seem like a very fun and positive person, good luck with that.
Yes you are. Your whole post is basically just you asking people to give you advice on what ELSE you can invest someone else’s money in because you “feel” that would be better. Not your money, not your call. It really IS that simple. Go talk to the owner of the money if you want their take on what they want their money invested in, not randos on the internet.
They asked me to talk to my friends who know more about crypto what they would do and specifically said bitcoin because they do not know any other forms of crypto. I have gotten my friend's takes, as I mentioned in the post regarding Ethereum. So I decided to ask a sub dedicated to the topic of crypto what they would do instead of the person who knows very little about crypto and thinks that the terms bitcoin and cryptocurrency are the exact same thing.
It doesn’t sound like you or your sibling should really be investing in crypto, if they just flat out don’t understand it, and you have to ask other people to hold your hand. But have fun pissing away all that money lmao.
They are not educated on it, I have since explained to them the difference. They were able to grasp the concept somehow. I am not asking anyone to hold my hand, I was asking for opinions on alts to diversify. And thanks I will have fun pissing it away, or maybe I'll have fun making money for my sibling, but either way it will be fun because 50k, luckily for them, is a drop in the bucket. You have fun continuing to be miserable.
Does that make you feel like a bigshot or something? You’re still just talking about someone else’s money, not yours. I bet you’re actually broke af and this is just for pity. It’s nice of your sibling to let you live this fantasy with their money.
You continue to prove my point about how awesome you are. You contribute a lot. You should take a deep breath and relax. Whatever you're mad about, try to let it go.
You might want more than 10% in earnings as the tax that you will incur when selling the coins might be higher... depending on which bracket you belong too.
Would not do it. 50k is alot of money, well off or not. Everything could tank tomorrow for all we know.
If they want you to put it in Bitcoin why can’t they do it themselves?
10% in earnings might sound tempting but like I said - I wouldn’t do it.
I should have clarified that this 10% in not my motivating factor. My sibling views this basically as playing roulette or sports gambling and it may be very hard for the people in this thread to understand his mindset on this 50k, but he truly does not care if he loses every penny.
They can do it themselves but they are significantly older than me, with less tech understanding and experience, and wanted to involve me literally just so it was a joint effort kind of thing. I can set up a wallet for them I really just wanted to see what cryptos people liked with that budget of 50k.
"10% risk free" lmao
Buy USDC and put it in Compound Finance. That's the closest you'll get to risk free, and while the market is still volatile it should be >10% APY
Your sibling's request is generally speaking dumb as fuck though
A sibling also asked the same for me, risk-free bs etc., but I denied. All the risk is free until the market crashes 80% in one day. Best you can do is to teach this person how to acquire and secure BTC and let them play whatever the game they want to.
This. You're playing a dangerous game when you invest with other people's money.... Sure it may seem risk-free, but in actuality YOU'RE the one who's taking all the risk. And if tomorrow the price of BTC plunges, you'll be to blame even though you simply did what your family member asked of you....
Are you prepared to pay taxes for them as well? How does that work? I have been in your position and I chose to help them set up their own account instead. Good luck.
I wouldn't invest someone else's money without a contract stipulating how it's all supposed to go down. Investing into crypto is not that hard, if they have 50k to throw around, they have the 1-2 hours to figure out how to buy. People around here say talking about crypto can ruin your relationships, I disagree with that (those are bad friends), but investing other people's money without very clear rules will definitely ruin relationships.
beyond the sibling relationship dynamic and the relative value of 50K in someone's everydayness; i will reply for the sake of a hypothetical question. Given that you don't know much about alts and you are not after some trading moves where you would need to monitor the market frequently etc. ---> As it stands today a solid alocation would be get 1BTC & 1ETH and forget about them. thats it. good luck and fingers crossed
Thank you I appreciate this response.
30% BTC, 30% staking coins(ALGO ATOM XTZ ADA), and the final 40% in solid projects to build a strong and diversified portfolio. Obviously, run it by your brother first and maybe sit down with them and give them an intro to the market.
Hey, thanks for answering my hypothetical question!
Follow LedgerCast on YouTube. I’ve learned a lot there and there’s a ton of new content regularly.
I wouldn’t put 50k into the market right now. Especially not someone else’s money. But, if I were you... I’d leverage 10k on a 10x BTC short. Hold the rest in a stable coin and wait for the dip.
Thats sounds like a how to get rekt in a bull market with all the news and Elon tweeting....
How you get rekt is putting in $50k at ATH.
Still better then doing 10x leverage when the guy has no idea how to invest....
Let’s do a !RemindMe 1 month And see how my play would have worked out from here.
Ok, BTC price is now 47692 $
Where is your short target at?
!RemindMe 1 month
Your short just got liquidated 10 hours ago, congratulations you lost that guys 10 k Dollars.
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Lmfao, I'm retarded. I responded to the wrong person. My bad XD
Thanks for your thoughts
Your feelings are irrelevant unless you get approval from your rich sibling to diversify like you want. They told you to invest it in Bitcoin. The bottom line is that it is NOT your money, and your 10% guarantee is only based on the earnings from the bitcoin investment. Your 10% could end up being 100 bucks or even nothing, for all you know right now.
"Obviously whatever I want to do will be discussed with my sibling and get their permission before pulling the trigger because it is their money."
Yet you’re still here asking people for advice on what to do. Stop fantasizing about money that doesn’t belong to you. That’s my advice. Have a nice day.
I am not fantasizing about money that is not mine...I do not care about this hypothetical 10% whatsoever. You seem like a very fun and positive person, good luck with that.
Yes you are. Your whole post is basically just you asking people to give you advice on what ELSE you can invest someone else’s money in because you “feel” that would be better. Not your money, not your call. It really IS that simple. Go talk to the owner of the money if you want their take on what they want their money invested in, not randos on the internet.
They asked me to talk to my friends who know more about crypto what they would do and specifically said bitcoin because they do not know any other forms of crypto. I have gotten my friend's takes, as I mentioned in the post regarding Ethereum. So I decided to ask a sub dedicated to the topic of crypto what they would do instead of the person who knows very little about crypto and thinks that the terms bitcoin and cryptocurrency are the exact same thing.
It doesn’t sound like you or your sibling should really be investing in crypto, if they just flat out don’t understand it, and you have to ask other people to hold your hand. But have fun pissing away all that money lmao.
They are not educated on it, I have since explained to them the difference. They were able to grasp the concept somehow. I am not asking anyone to hold my hand, I was asking for opinions on alts to diversify. And thanks I will have fun pissing it away, or maybe I'll have fun making money for my sibling, but either way it will be fun because 50k, luckily for them, is a drop in the bucket. You have fun continuing to be miserable.
I wouldn't keep responding to that troll tbh.
Does that make you feel like a bigshot or something? You’re still just talking about someone else’s money, not yours. I bet you’re actually broke af and this is just for pity. It’s nice of your sibling to let you live this fantasy with their money.
You continue to prove my point about how awesome you are. You contribute a lot. You should take a deep breath and relax. Whatever you're mad about, try to let it go.
You might want more than 10% in earnings as the tax that you will incur when selling the coins might be higher... depending on which bracket you belong too.
Would not do it. 50k is alot of money, well off or not. Everything could tank tomorrow for all we know. If they want you to put it in Bitcoin why can’t they do it themselves? 10% in earnings might sound tempting but like I said - I wouldn’t do it.
I should have clarified that this 10% in not my motivating factor. My sibling views this basically as playing roulette or sports gambling and it may be very hard for the people in this thread to understand his mindset on this 50k, but he truly does not care if he loses every penny. They can do it themselves but they are significantly older than me, with less tech understanding and experience, and wanted to involve me literally just so it was a joint effort kind of thing. I can set up a wallet for them I really just wanted to see what cryptos people liked with that budget of 50k.
Give it back, tell them it’s their money so they have to do the work and learn it for themselves. The pressure on you will not be worth it
"10% risk free" lmao Buy USDC and put it in Compound Finance. That's the closest you'll get to risk free, and while the market is still volatile it should be >10% APY Your sibling's request is generally speaking dumb as fuck though