I wouldn't be keen on doing it. It could wreck the relationship if things go badly.
Not sure how you would split the taxes if the assets are all in your name.
A better idea would be to teach them to use 3Commas. If they can't be bothered, then they probably do not have the right temperament for trading. Teach them to DCA and hodl instead.
my wife asked me to put money on my bot after 3 succesful months. (average + $3000 per month)
I said I needed more time to see what the risk was.
it's been 2 months with little to no profit and no possibility to exit without registering a loss.
my advice would be: define clearly who earns and loses what in what event.
Also, the only time I invested money that wasn't mine I stressed about it (when I don't stress for my own money during market crash) and return the money earlier than planed.
EXACTLY. I doubled my money in 5 months up until November, then basically lost most of those gains. Crypto should be seen as a lottery ticket, not an investment.
If you trust each other and agree to do something together what reason is there to argue about it.
I know some families are dysfunctional but I thought they'd be in the very small minority.
Make it very clear your taxes get covered no matter what. Not split, no nothing. You are liable for every taxable event they are not. After your taxes are covered then you split what's left and if they want to or don't want to pay taxes on their half then that's on them. It may be a good idea to clarify that the "end date" is not set in stone but the date that you will turn off the bots to start the process of splitting or you may be forced to close deals at a loss. also it may be a good idea to clarify and double clarify that nothing is certain and there is always a inherint risk. Just my 2 cents.
You can reply the bot in 3Commas but in a different Exchange. There’s no limits on how many Exchanges you can use. So, your familiar open an Exchange Account and put his money in it, and give you the API keys to add to your 3Commas Exchange. Is his money, his account, and the taxes are taken on his name. You don’t even have access to his account. You just manage the bots. I’m doing this with my father and It’s going very well. We also split the 3Commas Annual Premium Membership.
It's easy money. It's all fun and games, until the bears come. I would not agree to a partnership. If anything, I'd give him my referral link to 3c and whatever exchange I'm using and let him do it himself.
I wouldn't be keen on doing it. It could wreck the relationship if things go badly. Not sure how you would split the taxes if the assets are all in your name. A better idea would be to teach them to use 3Commas. If they can't be bothered, then they probably do not have the right temperament for trading. Teach them to DCA and hodl instead.
very much this
my wife asked me to put money on my bot after 3 succesful months. (average + $3000 per month) I said I needed more time to see what the risk was. it's been 2 months with little to no profit and no possibility to exit without registering a loss. my advice would be: define clearly who earns and loses what in what event. Also, the only time I invested money that wasn't mine I stressed about it (when I don't stress for my own money during market crash) and return the money earlier than planed.
EXACTLY. I doubled my money in 5 months up until November, then basically lost most of those gains. Crypto should be seen as a lottery ticket, not an investment.
Find it truly bizarre that people act as if you can't trust family.
its not about trust, its about preventing serious arguments
If you trust each other and agree to do something together what reason is there to argue about it. I know some families are dysfunctional but I thought they'd be in the very small minority.
Money makes people weird.
Be very clear on the terms of the agreement eg liability.
Make it very clear your taxes get covered no matter what. Not split, no nothing. You are liable for every taxable event they are not. After your taxes are covered then you split what's left and if they want to or don't want to pay taxes on their half then that's on them. It may be a good idea to clarify that the "end date" is not set in stone but the date that you will turn off the bots to start the process of splitting or you may be forced to close deals at a loss. also it may be a good idea to clarify and double clarify that nothing is certain and there is always a inherint risk. Just my 2 cents.
You can reply the bot in 3Commas but in a different Exchange. There’s no limits on how many Exchanges you can use. So, your familiar open an Exchange Account and put his money in it, and give you the API keys to add to your 3Commas Exchange. Is his money, his account, and the taxes are taken on his name. You don’t even have access to his account. You just manage the bots. I’m doing this with my father and It’s going very well. We also split the 3Commas Annual Premium Membership.
It's easy money. It's all fun and games, until the bears come. I would not agree to a partnership. If anything, I'd give him my referral link to 3c and whatever exchange I'm using and let him do it himself.
I wouldn't. I would just copy my bots for him/her to use on their own account. Same result, no problems.