Is it a scam?
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You are currently reading a thread in /adv/ - Advice
You are currently reading a thread in /adv/ - Advice
An old friend I hadn't talk to for a while texted me out of the blue. He told me about a serious accident he had (which is true) but quickly changed the subject to his new interest in crypto currencies. He said he had a rig with a friend already and wanted to know if I would be interested in doing one with him. I said that it's interesting (my bad, I guess) and that I'll think about it.
Fast forward a couple of weeks and he's spamming every other day with his recent news about his rig etc. and saying that now would be a great time to send him some money to invest. He says that in a couple of months he'll be making 1000$ per month.
His recent behaviour really seem unlike the friend I knew and I know for a fact that his family worries about him (he has like 1000 of interests now and can't stick with one seriously except this crypto currency).
So anyway, I have no intention in trading any crypto currency, but I am worried about him. He's investing in this alt-coin every penny he had saved (and he has quite a lot saved up). I can't tell for sure if he knows what he's doing but even before the accident he was a guy that didn't really think things through and had no patience. I feel like it is either some kind of scam, or that he's going to fail miserably (or fall well below his expectations) at some point which worries me. He has essentially no knowledge in finance, mathematics or computer science.
It seems like he thinks that it is a stable market where regular payouts come with probability 1 and that there is no risk. He hasn't accounted for the energy needed to run everything.
Is deception unavoidable for him?
Did you have anal sex with said friend and how many years?
>>17356030
>He says that in a couple of months he'll be making 1000$ per month.
Nope.
>Is deception unavoidable for him?
I think you mean disaster.
its easily a scam, he's probably hooked on a pyramid scheme
also $1000 a month is fuck all, you can make more than that abusing offers on betting sites
>>17356042
>I think you mean disaster.
Yeah. I feel like I'm watching someone standing on the train tracks, just unsure when the next train is scheduled to pass.
Well, he'll either make bank with crypto or go broke. My guess is go broke since he missed the eth train. Gotta invest before the hype. And know when to pull out.
A few years back when bitcoin went from $150 to $1100 each in a month, I was making over $1000 per day with it. But that was me being smart, selling every bitcoin as soon as I made it because I knew it was going to crash, and it only lasted a month.
>>17356086
Yes, the problem is that he seems to see this as a long term investment, making X amount each month, steadily, seems improbable.
Crypto isn't really a scam. That's a crappy generalization. Many people have invested a ton of money into mining rigs and are turning a profit.
Also, Is OP's pic of ETH crashing after the DAO attack? Looks like it.
Anyways, check out the bitcointalk forum and /biz/ to learn more. I'm not saying your friend is going to actually make any money, but others do every single day with cryptocurrencies (including even the most mundane altcoins).
>>17356030
It is a scam. Delete all mails from him and block him.
Chances are that it isn't even him, but that a spammer has hacked his email and is sending this to everyone in his address book as if it came from him.
>>17356108
Many people win the lotto every day. That doesn't mean it's a good investment.
Currency has no inherent value. Its has value only so long as other people have faith in its continued value as a currency. Any digital asset that can be easily mined at a cost far lower than the value of that asset, is doomed to collapse in value.
It may not exactly be a *scam,* but hoping to make money in the way your friend is hoping to make money, certainly is a *scheme.* He can see (or should be able to see) that mining this digital asset for a profit is unsustainable. Thus, he can only hope to make quick gains by investing heavily and then selling out completely before the market collapses.
It's not impossible to succeed at making quick gains, and of course there going to be the "lotto winners" who succeed big. But such winners are going to be very few in number. Most people will instead make very meager gains, or will suffer moderate losses.
Your friend is *buying risk.* He believes he's going to be one of the lucky ones. Hey, maybe he will be! But you're right to think he probably won't.
>>17356108
I'm not assuming it is a scam in general but the whole situation makes me think it is in this case. Him coming back again and again saying this would be a great time to send him 400$ or more to invest is really weird coming from him.
>>17356110
Unfortunately it is really him. He even called me once to discuss it (even though the last time we actually talked was 1 year ago, otherwise it's only been text).
>>17356342
it could be that he saw massive gains in the first few months and then lost alot of it or it just slowed to a crawl (like 99.9% of any stocks), needs more money to get his fix and bring that money back
