Asking friend to buy crypto for me?

bertkelmer

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Apr 18, 2016
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Idk if this is the right place.

I tried opening up an account and of course verification will take forever since many people are jumping into it. If I ask my friend to buy some crypto for me on his account, should I write up a small contract just in case things go awry. I don’t think they will, but it couldn’t hurt. So my questions is, how would I word it if I were to send money through Venmo or PayPal to him?

I’m thinking something along the lines of:

This money is for the purchase of xyz for “my name” on “site” and it is to be held until “my name” account is verified and then it is to be transferred to said account. The principal and any gains are to be transferred in the form of the currency purchased.

Thank you for any input y’all, Happy New Year!!
 
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mkrohn

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Let me just say what you're thinking about is stupid. Just finish the verification. Start the verification on multiple exchanges and just deal with any delay. just do it right or go through something like local bitcoin where you can pay right at many banks and there's a third party holding.

arrays start at 0. awry is what you're looking for.
 

bertkelmer

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Apr 18, 2016
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Let me just say what you're thinking about is stupid. Just finish the verification. Start the verification on multiple exchanges and just deal with any delay. just do it right or go through something like local bitcoin where you can pay right at many banks and there's a third party holding.

arrays start at 0. awry is what you're looking for.
Autocorrect ‍♂️
 

mkrohn

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Autocorrect ‍♂️
owning crypto is a world of risk. No point in adding another layer of risk. As always don't put a dime in that you would be angry if it went POOF and disappeared tomorrow. My present holdings are nearing my 401k balance though so its probably time to transfer a lot out. I should probably just build a rig or two of 1070 ti's though. Yeah I have a bit more in crypto than I should though. Mine has been mining assets and NOT actually buying the coins.

I'm presently holding over 250 different coins.
 

bertkelmer

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owning crypto is a world of risk. No point in adding another layer of risk. As always don't put a dime in that you would be angry if it went POOF and disappeared tomorrow. My present holdings are nearing my 401k balance though so its probably time to transfer a lot out. I should probably just build a rig or two of 1070 ti's though. Yeah I have a bit more in crypto than I should though. Mine has been mining assets and NOT actually buying the coins.

I'm presently holding over 250 different coins.
Oh wow that’s awesome. I’ve made peace with the money I want to put in. It’s not a lot and if I lose it, it’s fine. It’s disposable income. Just trying to see what can happen, and if it goes poof, it won’t really affect me.
 
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nvgrim

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Trying to buy ripple so went through the websites they had posted on their site. Bitstamp, kraken, gatehub
i used poloniex for ripple and had no issues, and i barely signed up not too long ago. I also did the verification to raise my withdraw limit to 25k which only took like a day to go through.
 

bertkelmer

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i used poloniex for ripple and had no issues, and i barely signed up not too long ago. I also did the verification to raise my withdraw limit to 25k which only took like a day to go through.
Oh cool, I’ll check out that site. Thank you!
 

harsaphes

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Actually I just yesterday asked a friend to buy me Ripple. He did, I paypal him the money, he transferred me the coin. Easy.
 

atp1916

[H]ard|DCoTM x1
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Poloneix is one of the few 'original' exchanges still standing from years ago.

They are legit.
 
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bertkelmer

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Does anyone know why the price of a coin is different on different exchanges? Easy to just buy on a cheap exchange and sell on one that is higher no?
 

alienb

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Does anyone know why the price of a coin is different on different exchanges? Easy to just buy on a cheap exchange and sell on one that is higher no?

Fees involved are going to make sure you aren't making squat in most cases.
 

RevMen

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I wouldn't need a contract with any of my friends. That's why they're my friends.
 

yowen

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I wouldn't need a contract with any of my friends. That's why they're my friends.

Friends and family have a way of putting aside/forgetting that relationship once you muddy it with money, prime examples being loans and inheritances.
 

odditory

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Friends and family have a way of putting aside/forgetting that relationship once you muddy it with money, prime examples being loans and inheritances.

Oh yes. There's no better way to ruin a friendship. That's why I don't give crypto advice to friends, won't buy crypto for friends, won't build mining rigs for friends -- if things come crashing down or isn't what they expected, I don't need the aggravation that would follow.
 

yowen

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Oh yes. There's no better way to ruin a friendship. That's why I don't give crypto advice to friends, won't buy crypto for friends, won't build mining rigs for friends -- if things come crashing down or isn't what they expected, I don't need the aggravation that would follow.

Interesting you say that, I encouraged my friend just yesterday to give mining a shot on his 1080. You reminded me I now need to do due diligence to make sure he is monitoring temperatures.
 

RevMen

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I've handled a ton of money/crypto as a favor to friends and family in the last year. You guys are cynical.
 

yowen

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I've handled a ton of money/crypto as a favor to friends and family in the last year. You guys are cynical.

I'm not saying "don't do it", but I would advocate to be very cautious in your approach, cover all your bases.
 

dvsman

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I would sell some crypto I had in hand BUT I wouldn't buy some for them through an exchange - at least not here in the USA.

Call me paranoid, but you can be sure that the IRS is keeping an eye on everyone in the US buying crypto though a legit exchange and saying you bought it for a "friend" isn't going to help you out at tax time should you get audited.
 
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RevMen

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and next year when crypto tanks you'll know what we're talking about.

Let's be serious.

You don't know my friends. You don't know my family. You don't know me. You don't know what conversations took place before, during, and after the assistance I gave to people.

So before you go insulting the people who are important to me, maybe take a second to take stock of how much you don't actually know.
 

harsaphes

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I would sell some crypto I had in hand BUT I wouldn't buy some for them through an exchange - at least not here in the USA.

Call me paranoid, but you can be sure that the IRS is keeping an eye on everyone in the US buying crypto though a legit exchange and saying you bought it for a "friend" isn't going to help you out at tax time should you get audited.

Tax time wont come in to play unless you sell.
 

mkrohn

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Let's be serious.

You don't know my friends. You don't know my family. You don't know me. You don't know what conversations took place before, during, and after the assistance I gave to people.

So before you go insulting the people who are important to me, maybe take a second to take stock of how much you don't actually know.
My own sister dodged me for most of a year because she owed me $500. Then she needed money again so things were good for a week or so. The money advice I give people is max the 401k and leave the gambling to the people that can afford it. These coins are not investing and they don't follow investment rules other than PENNY STOCK rules. There is a clear difference between investing and gambling. This shit is gambling.
 

rec0d3

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My own sister dodged me for most of a year because she owed me $500. Then she needed money again so things were good for a week or so. The money advice I give people is max the 401k and leave the gambling to the people that can afford it. These coins are not investing and they don't follow investment rules other than PENNY STOCK rules. There is a clear difference between investing and gambling. This shit is gambling.

Damn that sucks man lol. I try not to get money involved with friends of family, it's just better that way.
 

RevMen

Limp Gawd
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Sorry your relationship with your sister isn't an honest one.

Please don't project that onto relationships you know nothing about.
 
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