As long as OP doesn’t put any of their own money in though, are they really at risk of anything? Maybe the friend is trying to pump the numbers for users, but it seems analogous to casinos giving you money to play. If you just use their money and never your own you don’t lose and it’s a net loss for the casino.
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fubo@lemmy.world 1 year ago
This person may be trying to get you to participate in the cryptocurrency “ecosystem”. As with Ponzi schemes, people who have already bought into it benefit from the scheme’s expansion.
meco03211@lemmy.world 1 year ago
jigatone@lemmy.world 1 year ago
As long as I’m not putting anything in though I don’t lose anything and still gain what I was sent so I don’t see a problem with this. I’m going through personal matters that have made my living situation less then ideal, and while I don’t know this persons true intentions I don’t see it as anything besides someone just helping out a little with what they can.
Deestan@lemmy.world 1 year ago
So, most important thing to remember is: you can’t turn this into a significant amount of money.
I know the “yeah but what if” lure is strong with crypto, and even more so if your personal situation is rough.
But you can’t turn this into a significant amount of money, and putting more money in to have more investment potential is the worst thing you can do.
There are ways to eke out a profit from crypto, but they are either illegal, or require more network and experience than you will ever have. Or both. Plus tons of work.
It could be useful to play around with it to learn crypto, so I’d say go for it. But if you have a gambling streak in you, best avoid having that temptation in your life.
You will not make a significant amount of money on crypto.
jigatone@lemmy.world 1 year ago
Thanks for the information, I do have an addiction filled past (gambling and alcohol) so as someone who is now both sober and no longer wagers on sports (my only form of gambling) and would like to keep it that way, I really appreciate you mentioning that in your reply. That being said, I have no plans to invest any of my own money so I guess my best option is to figure out how to cash out and get myself a coffee. Thanks. for the reply.
dhork@lemmy.world 1 year ago
The easiest way to cash out might be through Coinbase. Sell BTC for USD, then have them transfer it to your bank account using an ACH transaction. But that would require you to set up a link to your bank account, which you might not want to do. Coinbase is reputable (I’ve used them, but not their wallet), but I would understand if you didn’t want to do that. (I also don’t know whether Coinbase has any minimums on ACH transfers).
PayPal takes Bitcoin transfers now, so that might be a better way to transfer it to something usable. But be aware that transfers on the Bitcoin network have fees, and they can get high for transfers on the main network. It should be possible to designate the transaction as “low priority” or something like that, which reduces the fee you pay but means you may have to wait until all the higher fee transactions clear before yours does.
Moobythegoldensock@lemm.ee 1 year ago
Definitely be very careful with crypto and stocks. My wife discovered her gambling tendencies with stock options, and lost a lot of money before she was able to stop.