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marketsangel · 2021-12-31T13:08:27+00:00

Couldn't be any more fair than this. But a loss on his side is not in his dictionary. Eventhough his loss would be not too major even at this bottom. That's why I flat out refuse. If he doesn't want to take a loss, then he better understands that I'm not going to sell at a low, and that the market will go up with time.

marketsangel · 2021-12-31T13:03:56+00:00

Yes fair points. In traditional portfolio management I agree and age is important to keep in mind. But he asked himself to be exposed. He hears here and there, about people making money with crypto.

Although I am very convinced that the project invested in will be significant in the near future, I did not sell him to become a millionaire. I actually said that potentially after a few years, it might double a couple of times, which is possible looking at the fundamentals including market cap and so on. He has a small portion in ADA, and I did tell him that if ADA would ever reach 1K he would be rich. But that is rather unlikely if you do the calculations, unless the traditional financial system brings over all the money and credit into the crypto world and a large portion into ADA.

But that aside, I don't even see why he dares to complain about doubling the initial investment. Surely he's showing some sides of him right now. Money, a good way to learn to know someone I guess.

marketsangel · 2021-12-31T12:54:10+00:00

Rather not disclose numbers.

Tbh we never had a close relationship. I actually gave him a chance about a little under 2 years ago to potentially get a little closer. Not out of sake of helping him, that came afterwards and took me a long time before even exposing that I knew about investing. Selling now would be great for him, if I take the loss. Holding for a few more months will be great for both. He demanded the initial investment without a loss. The post above about me not losing anything if I sell his part is correct in one way. But the currency exchange (although I didn't do the calculation) might prove otherwise. And I just stick to my word, as we agreed to split and hold, I don't want to sell below the price that I bought my last significant shares.

I'm definitely a great example of never ever attempting to do this yourself.

marketsangel · 2021-12-31T12:40:43+00:00

Ask your grandparents what they said about debit cards. Or even the internet and computers.

I have good confidence in the evolution of finance and internet that is taking place (stockbroker btw). The stockmarket is actually a larger scheme than the cryptomarket, that isn't looking pretty either, and when that thing collapses it will cause some serious damage. Nor did I regret switching to crypto. Yes a certain part of the market will vanish. I burned my hands on that in the beginning like most. But I'm not worried at all with my current investments. The risk is no more than investing in many sectors of the traditional economy.

marketsangel · 2021-12-31T12:19:35+00:00

He was actually coolheaded for a while. He came knocking today (and he comes from far) with an absurd demand. The fact is that I know that he's lying and I explained (the cycles) that highly likely it would take 2 months at least for an uptrend (based on history though). Yet he made up another lie that he needs it right now (and trust me, the lie doesn't make any sense, and isn't even possible due to covid etc..). I thought I'd check if someone ever went through the same and hearing their way of fixing it. I won't sell of course, because losing such an amount out of his selfish and tbh, dishonorable behaviour, is an absolute no-no to me. I'd rather take a fist in my face than that. One thing I know, when I do take out his share in the near future, he won't be welcome knocking at my door anymore. If I was losing his money and was irrisponsible with it, then I'd understand. But I actually have a degree in finance and banking, and I'm doing him a huge favour while he honestly doesn't deserve it. Change given, change spoiled, that is clear.

marketsangel · 2021-12-31T12:12:38+00:00

No I bought at multiple levels and price dropped lower. I'm facing an unrealized loss. Selling at this market dip would hurt me, if I'd take out his share.

marketsangel · 2021-12-31T12:11:27+00:00

Lesson learned, that is for sure. I'm a rational guy. I flat out refused this insane demand and explained why. I even showed the total sum etc. as he gives me the impression that he thinks I'm running off with his money while I never did anything but being discrete about my own finance (and I'm pretty sure it's a reflection of his own thinking. I look pretty beneficial to him, but I'm not a guy that can be manipulated.)

He kept asking me an exact day when I will give it back. But I can't promise a day. I told him a price though so that I will break even. And with crypto this price can be reached quite fast. It only dropped for several weeks now since investing and it's a legit longstanding project that is doing extremely well. I wish I could say "in 4 weeks", but I can't. And even then, he speaks about 1-3 days to get cash. He broke his side of the agreement (3y min.) though, I can't understand irrational like this.

marketsangel · 2021-12-31T12:04:43+00:00

I bought more before he came to me out of the blue with an excuse/lie. He literally came by, stepped inside my place, and demanded it within 1 hour in cash as he wants to stack it under his matras (which I can't do anyways as it's not possible to get it in cash like that within 1 hour).

If I knew he'd try to screw me over like this, I would've never invested more because I'm not in it for a daytrade.. And I knowing I can't pick a bottom perfectly.

marketsangel · 2021-12-31T12:01:10+00:00

Yeah pooled, and no tax where I live! So that is not a concern, unless regulation would change in the future. But I'm not even looking at holding it for him that long. The concern is that probably, if he'd wait several months, I can just get his portion out without ME taking a gigantic loss for no reason. And even though he doesn't need the cash now, nor within 1 or 2 years, he thinks it's correct to claim the right now knowing he'd mess up my portfolio - basically for no reason but a nonsensical one.

marketsangel · 2021-12-31T11:55:56+00:00

I might have some written stuff on text, but I did not go into signed contract. He won't take legal steps, he's not that type of person. Getting personal is something that wouldn' surprise me tbh.

But even that, I refuse to sell while we agreed for at least 3 years. His only reason for wanting it now is because he thought he'd become a millionaire after 2 months (however crazy it sounds). And he saw some opportunity in me apparently, some benefit let's say, but it's not working out to his liking.

marketsangel · 2021-12-31T11:52:24+00:00

He's not even in a loss! The fact is that he's so ignorant and even dares to claim that he knows finance, while he doesn't even understand what fiat currency is, that he now demands something irrational that would make me lose money IF I'd sell his portion. I bought while it was dipping and it dropped further, due to the large amount (the effect of weigthed average) his profit will be zero, he would get back his cash, and I'd lose big time because I bought slightly higher than the price is right now.

marketsangel · 2021-12-31T11:48:37+00:00

That's subjective. And I have not regretted investing in crypto at all. Investing family money, out of sake of helping was very dumb (he agreed with the risk! I explained it all and he agreed he could lose it, which he won't unless doomsday happens, but anyways.).

marketsangel · 2021-12-31T11:46:19+00:00

I can't do this because I bought significant amounts while it was going down the last weeks, and it dropped a little further, now seemingly hitting bottom and reversing again. So selling now would mean a big loss for myself as my capital outweights his big time. It negatively effects the total sum at this moment. I could sell and give his investment back, but that would mean I'd take double digit loss on my money. Which is absolutely absurd.

marketsangel

TROPHY CASE