I found out, by accident, that my sister is investing in crypto (bitcoin and ether). She is not a technology person. The fact that she did it without consulting me (the “computer guy” of the family, with an actual career in technology) is what bothers me the most: either she had no idea that this was a risky investment and thus did not think it was relevant to even ask me, or she knew it and actively avoided my opinion. Both situations are alarming. (What I actually think happened was that some kind of enthusiast friend convinced her.) How would you go about showing someone you love the dangers and harsh reality about crypto investments?
Leave your sister alone, she doesn't need to consult you about anything. How entitled are you to think that just because you work in software you get to authorize the decisions that another adult makes.Reply
She is right, this crypto has nothing to do with technology, why bother asking a "computer guy"?Reply
> The fact that she did it without consulting me (the “computer guy” of the family, with an actual career in technology) is what bothers me the most
That sounds patronizing. I don't typically give my family members financial advice unless they bring it up first.Reply
Tell her to Google BitConnect, as well as Luna. Then have her go to the r/TerraLuna sub-Reddit, and see some of the stories.
Crypto isn't horrible, if you only put in what you're comfortable losing, have a long-term timeline, and invest in coins that have a history of retaining a reasonable value. Panic selling is a real danger, as volatility is the name of the game.Reply
You don't mention any details that would be a cause for concern and are throwing some red flags. Deep breath. It is going to be OK. There are worse things to be putting money into, she could be taking out loans from the mob and gambling, or shorting stocks. The worst case scenario here is just that she loses all of the money she put in.
Maybe start by engaging her in a conversation about the topic. What does she think about crypto? If she already figures its akin to gambling, like any other kind of speculation, then it is probably fine.Reply
>did not think it was relevant to even ask me, or she knew it and actively avoided my opinion. Both situations are alarming.
You're right to be concerned, but maybe a little enthusiastic about influencing her decisions. I would gently urge her with what facts I could but maybe go easy with the big brothering. Sometimes letting people make their own mistakes beats the risk of chasing them away with overbearing guidance.
Of course I don't know anything about your relationship with your sister so YMMV.Reply
Tell her to explain the whitepaper to you.
That usually does it.Reply
> How would you go about showing someone you love the dangers and harsh reality about crypto investments?
Show her the posts about people committing suicide after losing everything investing into LUNA.Reply
Better buy Magic The Gathering old cardsReply
Dont even do it. Let her play the game, but tell her to use just 10% of the money she's willing to invest. Then she shall play it for 6 months. If she's profitable (which I don't guess she will be), then let her do it. If she is loosing money, she will stop eventually.Reply
I think you could casually send her some articles on the Luna collapse - or the 100 of recent articles on the collapse. But unless she is investing the majority of her wealth I would probably stay out of it? It isn't your money. It's possible to have opinions on bitcoin without being a programmer. And plenty of people with actual careers in technology have different opinions from you. And people in finance may have different opinions altogether and may even be more qualified.
If you had a relative in real estate would you not buy a certain house even if you felt like you did your due diligence and you really liked it? What if you had a friend in cars who had a strong opinion on Tesla?
I don't own any crypto - but also don't give my family too much financial advice unless they ask.Reply