10 ms·

If you're struggling, and get $1000 from someone who made $100M on crypto, would you be in a hurry to pay them back, or even care at all?

roflyear 4y ago
I'd honestly hope that person wouldn't make it seem like it is a loan. I'd hope they just said "hey, here's money." Seems like a major jerk move to structure the "loan" in a way where you remove these people from your life.
- Consultant32452 4y ago
  It's an efficient and polite way of determining if your "loan" actually helps them, or they are going to be a bottomless pit of misery and $ requests. If the loan helps them, they will be able to pay it back and all will be well. If it doesn't help them, then there's likely no value in giving them more money. If you want be charitable, there's certainly more efficient ways than giving free money to random people who ask you.
  - roflyear 4y ago
    It's super inefficient, and it's absolutely not polite.
    - Consultant32452 4y ago
      You loan someone money not expecting them to pay it back, you never bring it up or bother them, they decide to leave your life forever. You are the bad guy. Only on the internet.
      - roflyear 4y ago
        No... if you have some messed up system that involved that process to filter people from your life, you're the bad guy, yeah. Not just on the internet, either.
        Consultant32452 4y ago
        It's not a "system" that anyone designed. It's an emergent property of helping people who ask for it.
- fragmede 4y ago
  Sorry to say, but not everyone you meet is worth keeping in your life. This is just one way of filtering the people who aren't worth keeping, out. Those that are worth keeping, and really are just temporarily down on their luck, will repay the loan and continue interacting with this person, none the wiser.
  - roflyear 4y ago
    Well, certainly not everyone who askes me to borrow a couple hundred dollars fits into that category....
boredemployee 4y ago
I think it's not about the value but about the deal (or principles). Some people in trouble really improve after a debt for a friend/family like that (some don't).
hayd 4y ago
> get $1000 from someone It's not "get" if it's a loan. The IRS might also be interested if you treat this a taxable gift rather than a loan... (unlikely they'd care for $1000).
- FpUser 4y ago
  Why the heck private gifts are taxable and it is tolerated?
  - shuckles 4y ago
    That law is not particularly widely enforced, and it seems to only be written to pursue those who use it as a loophole around inheritance laws.
  - lotsofpulp 4y ago
    In the US, gifts of up to $11M or maybe $12M are not taxable.
    - greyface- 4y ago
      Notably, that's a cumulative lifetime limit, not per gift or per year.
      - theonething 4y ago
        That doesn't sound right The per year limit for 2023 is 17,000. A 11M lifetime limit would mean 647 years of giving. I think the 11M figure is just totally way off. Not sure where they are getting that from.
        lotsofpulp 4y ago
        https://www.irs.gov/businesses/small-businesses-self-employed/whats-new-estate-and-gift-tax https://www.irs.gov/businesses/small-businesses-self-employe... Scroll down to ”Basic Exclusion Amount for Year of Death” The gift giver pays the tax, but only after they give more than the lifetime amount.
usefulcat 4y ago
Some people don't like to borrow money. For such people, it's usually not about whether the lender needs the money back, it's about how they see themselves.
- porcheetoh 4y ago
  This 100%. I try to cultivate friendships with people whose mental model of themselves and their friendships with me would require that they treat a loan seriously (even if, in the end, they couldn’t pay it back). With such a friend, whether to loan money is an easy question to answer: yes, as long as I can afford to. With anyone else I figure I’m not a bank (or a loan shark), so I shouldn’t get into a bank’s business.
nix23 4y ago
>would you be in a hurry to pay them back Yes, because i don't like to call myself a shitty human.
medellin 4y ago
Yes. Im not overly concerned with how someone made money but i am concerned at being a person that thinks other people don’t deserve what they have
Xcelerate 4y ago
Some people like to do things that are totally irrational from a utilitarian perspective (defined on whatever concept of “utility” you find important I suppose) but like to defy the nihilism of it all by adhering to this weird concept called “principles”. It’s more common than you might think.
stefap2 4y ago
They say "don't count other peoples money". Loan is a loan. Ask for a gift if you want charity.

roflyear 4y ago

I'd honestly hope that person wouldn't make it seem like it is a loan. I'd hope they just said "hey, here's money." Seems like a major jerk move to structure the "loan" in a way where you remove these people from your life.

Consultant32452 4y ago
It's an efficient and polite way of determining if your "loan" actually helps them, or they are going to be a bottomless pit of misery and $ requests. If the loan helps them, they will be able to pay it back and all will be well. If it doesn't help them, then there's likely no value in giving them more money. If you want be charitable, there's certainly more efficient ways than giving free money to random people who ask you.
- roflyear 4y ago
  It's super inefficient, and it's absolutely not polite.
  - Consultant32452 4y ago
    You loan someone money not expecting them to pay it back, you never bring it up or bother them, they decide to leave your life forever. You are the bad guy. Only on the internet.
    - roflyear 4y ago
      No... if you have some messed up system that involved that process to filter people from your life, you're the bad guy, yeah. Not just on the internet, either.
      - Consultant32452 4y ago
        It's not a "system" that anyone designed. It's an emergent property of helping people who ask for it.
fragmede 4y ago
Sorry to say, but not everyone you meet is worth keeping in your life. This is just one way of filtering the people who aren't worth keeping, out. Those that are worth keeping, and really are just temporarily down on their luck, will repay the loan and continue interacting with this person, none the wiser.
- roflyear 4y ago
  Well, certainly not everyone who askes me to borrow a couple hundred dollars fits into that category....

boredemployee 4y ago

I think it's not about the value but about the deal (or principles). Some people in trouble really improve after a debt for a friend/family like that (some don't).

hayd 4y ago

> get $1000 from someone It's not "get" if it's a loan. The IRS might also be interested if you treat this a taxable gift rather than a loan... (unlikely they'd care for $1000).

FpUser 4y ago
Why the heck private gifts are taxable and it is tolerated?
- shuckles 4y ago
  That law is not particularly widely enforced, and it seems to only be written to pursue those who use it as a loophole around inheritance laws.
- lotsofpulp 4y ago
  In the US, gifts of up to $11M or maybe $12M are not taxable.
  - greyface- 4y ago
    Notably, that's a cumulative lifetime limit, not per gift or per year.
    - theonething 4y ago
      That doesn't sound right The per year limit for 2023 is 17,000. A 11M lifetime limit would mean 647 years of giving. I think the 11M figure is just totally way off. Not sure where they are getting that from.
      - lotsofpulp 4y ago
        https://www.irs.gov/businesses/small-businesses-self-employed/whats-new-estate-and-gift-tax https://www.irs.gov/businesses/small-businesses-self-employe... Scroll down to ”Basic Exclusion Amount for Year of Death” The gift giver pays the tax, but only after they give more than the lifetime amount.

usefulcat 4y ago

Some people don't like to borrow money. For such people, it's usually not about whether the lender needs the money back, it's about how they see themselves.

porcheetoh 4y ago
This 100%. I try to cultivate friendships with people whose mental model of themselves and their friendships with me would require that they treat a loan seriously (even if, in the end, they couldn’t pay it back). With such a friend, whether to loan money is an easy question to answer: yes, as long as I can afford to. With anyone else I figure I’m not a bank (or a loan shark), so I shouldn’t get into a bank’s business.

nix23 4y ago

>would you be in a hurry to pay them back Yes, because i don't like to call myself a shitty human.

medellin 4y ago

Yes. Im not overly concerned with how someone made money but i am concerned at being a person that thinks other people don’t deserve what they have

Xcelerate 4y ago

Some people like to do things that are totally irrational from a utilitarian perspective (defined on whatever concept of “utility” you find important I suppose) but like to defy the nihilism of it all by adhering to this weird concept called “principles”. It’s more common than you might think.

stefap2 4y ago

They say "don't count other peoples money". Loan is a loan. Ask for a gift if you want charity.