I'll be spending Christmas with Lemmy this year, thank you

Whoever thinks suggesting crypto to family members is a good idea deserves the hate.
- you don't sound too bright
- Unless they hate their family and want to see them come crashing down in a ball of fire and misery, finally getting what they deserve for decades of pain they themselves created
  ...why are you looking at me like that
  
  In that case, go for it :)
- I did when family asked me. I said it's a good way to play with spare cash that you have no qualms about losing. That it's the most volatile place you can put your money, either making a few bucks or losing it all
  That's how everyone described crypto, right?
  
  My mate made 15k the other day from investing in a shitcoin. Then he told us about all of the other shitcoins he invested in that went to zero.
  Overall he does make a profit, but that's with a lot of knowledge in the sector and a lot of understanding that you're going to lose far more often than you win.
- But guys, AES256 is the new standard!
  
  ik you're being facetious but
  "new"
- I bought bitcoin at $6.
  Now if I could only find that damn hard drive.
- Nah I don't suggest anyone ever invest in crypto but simply to observe in the apps and be open minded, e.g. if you invest 10 dollars and watch the scene for some time you can see where things are going and have a long view rather than their 1000s in a big gamble. I doubt anyone I know is that dumb anyway

I could shame OP for falling for the crypto hype but I think the more important lesson here is to never ever mix family and finances.
Even if you know for 100% fact that you have a slam dunk investment, it’s not worth it. Money corrupts.
Never loan money, even if you don’t expect it to get paid back. It creates a power imbalance. Envy and resentment for you having money is better than creating any financial ties.
Never go into business with family.
Don’t mix finances and family. Family is more important than money.
- Yes, times a thousand. But I would go even further.
  Never give investment advice. You might explain what investments you have made and why you made them, but never give advice and never urge or prompt someone to invest. You should also end every conversation with "but that's not advice and I'm not an expert." It is too easy for either the investment to not work out, or for them to do it wrong (wrong timing, panic sale, misunderstood the options, etc).
  The last thing you want on your conscience is someone investing a life changing amount of money just for it to go down in flames. I might invest $1000 in something that I think might pay off, tell someone they should invest, and next thing you know they drop in $40k and panic sell on a dip in two weeks, when I was planning to hold for five years. You never know.
  
  Honestly, this kind of goes for everything that's more complicated than average people can understand. (By "average" I mean "anyone not familiar with this particular knowledge." I have in depth IT knowledge but very weak automobile maintenance knowledge, for example. This makes me "average" when it comes to automobile maintenance.)
  I don't give out IT advice for the most part, because the number of people who will come hounding you because they misunderstood, did something wrong, or missed several steps, is too damn high. Doesn't matter that they made the choice to take initiative to do it on their own, now it's your fault for suggesting it when their PC blows up in their face.
  
  You should also end every conversation with "but that's not advice and I'm not an expert."
  "But son, aren't you a literal investment advisor?"
- Disclaimer: not financial advice, also the stuff mentioned here is specific to a certain country and to my mom's situation.
  I'll share a slightly uplifting story I guess? My mom has asked me for advice after she asked me what I was doing with my money and found out I was doing well with it. It wasn't unsolicited advice so that probably helps. I don't have some crazy life hack or some crypto scheme. I just presented her the facts that stock market indexes (NASDAQ specifically) tend to avg around 10% YoY and it's an ok investment if you don't need the money for the next 5 to 10 years at least. I also disclosed risks and suggested bonds if it's too risky or at least open a high interest savings account with an insured bank (FDIC or CDIC).
  I helped her set up a bank account with a bank that offered competitive high interest savings account and she agreed to the risk so we dumped the rest of her extra money into index funds. She's up 20% since she started so she's happy.
  
  Honestly in my other comment I said never give investing advice, but as far as it goes, recommending investment in indexed funds is probably there exception with the caveat that it is a multi-year investment and there are dips.
- Family is more important than money.
  Wanna buy an extra brother, then? I've been having compatibility problems with one of mine for over 37 years now and am looking to downsize.
- Family is more important than money.
  A lesson sadly so many will never learn.
  
  I wish my parents had learned it.
- Don’t mix finances and family. Family is more important than money.
  It seems like OP's family may not feel the same way.
- Sigh, too true.
- Something tells me you didn't read this in a book.

My last boss told all his employees to invest in crypto, and I believe all of them put a substantial amount into it. He was a country hick who worked machine repair beside me at their shop. Thought he was hot shit because he was a member of a Facebook Q group and thought he was smarter than everyone else because he "knew secrets on a deeper level". Okay bud.
I left before the end of the year because he stopped scheduling me over a comment I made about another one of his fucking insane conspiracy theories he liked to spout instead of helping with the workload.
Then the crypto crash happened. They went out of business 8 months later. Can't imagine why!
Eat shit, Wayne. Those gals and that kid working under you deserved better, you cunt.
- he was a* part* of a

"This is why we don't love you."
"Fix it."
Ah yes, very convincing language, I'll get right on that.

YTA - You deserve it

I would never, ever suggest anyone get into crypto. It's far too volatile for any type of reasonable investment scheme.
The only reason I even have crypto is so I can donate to the private torrent sites I am on.
Crypto isn't outright evil, but you really should only use it if you have things to use it for, and aren't trying to game the system to get rich quick.
Honestly, anyone playing such "get rich quick" investing games with crypto needs to be honest with themselves that maybe they've got a gambling problem.
- Yeah, literally just alternative currency at this point for me too.
  
  That was always the point of it.
- Honestly, anyone playing such “get rich quick” investing games with crypto needs to be honest with themselves that maybe they’ve got a gambling problem.
  Gambling is what it is. Putting your life savings in it is stupid, but if you put a bit in, it's a better gamble than putting it on the horses.
  
  Agreed, which is why I labelled it a "problem." I go gambling very rarely, but sometimes I do when I have a spare $80 that I don't mind pissing away. But once that $80 is gone, I'm done, and I stop. I also stop when I've made at least 200% profit (I've very rarely made it that high). It's a good point to stop if you want to do well the few times you do win.
  Gambling isn't the problem as much as the addiction to it and an industry which purposefully makes it more addictive.
  
  It is much better to invest in a company than it is to invest in crypto.
  Because the money gets actually used to improve the company and society, instead of being stuffed into a sock and doing nothing.
- "Bitcoin isn't a get rich quick scheme, it's a don't get poor slowly scheme."
  — Jameson Lopp
  
  can't get poor slowly if it happens quickly

There are much better reasons to not love me, mom!
- "For example, the grandchildren I've given you are entitled little shits"

Buy the dip, mamma paperhands could have averaged down.

Fake texts and a confirmation bias. One hell of a combo for people in the comments.

"Fix it" lol shouldn't have invested in a crypto ~~scam~~ currency if you couldn't afford it

fortunefavorsthebold
- NyEhhh I don’t think so.
  And I’m never wrong about this stuff. Never.

Damn and here I am trying to keep my family away from crypto
- lowkey with all the volatility in the US dollar and stuff, I'd at least consider learning the mechanics behind the scenes for it

DWAC stocks will skyrocket any day now. You should invest.

I'm failing to muster up some sympathy here

For real

XMR is the only crypto worth shit.
- Just remember monero is not an investment platform. Use it for it's utility and not to make money.
  
  Exactly.
- Came here to say this. Of course your downvoted. Bitcoin is the snitch coin. Makes it perfect to force all businessestio use it and it ONLY with any business funds. Anything otherwise is literal embezzlement.
  Monero is private and cannot be tracked. Makes it perfect for personal and any and all business MUST handle BTC then. For the rest of us, swap for your business payment on Bisq.
  
  Right. Investment wise, it's just like any other crypto; just fuckin don't.
  \ But technology wise it's by far the best to use as an actual currency.