SINGAPORE: A man took to social media for help after discovering that his best friend buys random crypto coins daily because he hoped to make 10x-100x profit from it.
“How do I convince my friend not to get into crypto?” the man asked on r/SGcrypto on Sunday (March 10). “He’s recently become obsessed with those crypto youtubers promising crazy gains, etc.”
However, the complication arises because his best friend also has other financial issues. The man disclosed that his friend depleted his monthly salary of S$3,000, continues to live with his parents, and has outstanding debts from credit cards and legal money lenders amounting to S$20,000.
“I keep asking him if he can afford to lose the money or not. No response from him. I kept telling him, you buy these cryptos; don’t expect the coin to go up etc. He says he needs to see gains to pay off his debts etc.”
“He needs to learn from his mistake if it didn’t moon”
Singaporeans flooded the comments section with advice.
One individual said, “You’ve already done your part. He needs to learn from his mistake if it didn’t moon.”
Another added, “Getting into crypto is one thing; being ‘obsessed with those crypto YouTubers promising crazy gains, etc’ is another thing altogether.
The majority of crypto is meme tokens with hype as their only function. Many crypto users get rugged when the token creators pull out after the initial pump.
Your friend seems to be in this camp. The ones getting rugged.”
One individual also explained that his best friend might have a different point of view, which is why his logic did not seem to work.
He said that rich and poor people have different perspectives when it comes to managing risk and finances, writing:
“The people who are poor and need the money like to buy 4D/toto in hopes of striking the jackpot and settling their debt ASAP, while the people who are rich are in no rush, can afford to wait and take safer bets. Thus, they tend to invest their money and live off the interests/dividends.”
Meanwhile, other crypto investors defended his friend, claiming they had engaged in similar practices and reaped significant profits by enduring the associated risks.
One individual shared, “I bought a coin Anyinu.xyz with 10k; now I’m at 700k profit just for your info.”
Another added, “Your friend betta unfriend you for trying to sabotage him. Dude is already broke as hell, and you still discourage him from yoloing for a windfall. Watch him triple your net worth in three months.”
In similar news, a man took to social media to share that he had lost most of his money in the stock market and cryptocurrency last year and ended up owing the banks over S$60,000 on credit cards and personal loans.
“Right now I have $6 left in my bank account to last me until mid March. For food, I decided I can use our family’s CDC vouchers to buy groceries and toiletries from the neighborhood shops,” the man shared.
Read more: “$6 left in my bank account” after losing it all in stock market & crypto; bank debts over S$60K