Bitcoin Forum

You know what gets my gears grinding... My bubble to pop... My cheeks to tighten?

People who don't understand trading Bitcoin and are literally stupid about investing.

Here goes...
My brother-in-law is one of these idiota's - Let me explain.

I was all about telling him to buy into some BTCBTC when it was sub $300 back like 3 years ago. Just buy 1 or 2 I said - Whats $500?
He said NO, NO, NO - Not for me. So I left him alone about it.
Then come last year - When Bitcoin hit $15k - Guess what? He Buys In!  *at the time I did a quick facepalm* Seriously buys in after it pumps some 50x...

Anyways - Long story short - He lost like $5k after the collapse and he sold.

Now a couple months back, I was suggesting that $3.5k bitcoin might be a good time to get in again and redeem his loses... Figuring it's like 1/4th the price he originally bought at.

And he says... "NO, NO, NO. Not for me - I learned my lesson"

No Dumb-Ass... You didn't learn shit!

Why is it - that people are so ready to buy AFTER it pumps 50X - And then cry or call BTC a scam after they lost their ass?
But won't touch BTC once it stabilizes after a collapse?

Please Share you Stupid Bitcoin Trader Stories if you have em

Yes he did. He learned two valuable lessons:

1. Don't invest in something that you don't understand.
2. Don't invest in something just because some random relative tells you to.

Here's my lesson for you:

1. Don't recommend investments to friends or relatives.

You know what he/she learned a lessons.

1. Not anything into trend should be invested
2. Do not invest if you are pressured by someone without fully knowledge and research.
3. If you doubt, and scared in the first place. Do not Invest.

And for you . Don't screw up yourself, just to recommend someone into trading without giving them full details about trading. Better share some ideas first before recommendation. Also explain the risk, if he accept it then it's good to him. If he doesn't it's not your loss

I second this opinion. Under no circumstances, we should give any investment idea to your friends and relatives if it's not real estate. Cryptocurrency is already a very complex matter for a lot of people to understand! Talk about cryptos if you want and let them know about the technology, but don't share investment recommendations! It's not only ruins your relation but also you will become a villain for their financial losses. Enjoy the cake alone!

Your bro needs to become part of the hodl gang, or listen to you and buy low sell high.

Tell him to buy ETH and say it is super different from BTC to bring him round. Or you could buy for his bday some crypto, and tell him you'll keep it for him and sell once it hits the amount required to cover his losses. He might hate the present but whatever its all gain and no risk for him.

exactly as @odolvlobo said!
that is why i have never introduced bitcoin to anyone (relative or friend or others) as an "investment to make profit". when someone asks me about bitcoin, i will always focus on what it is and what it does as a decentralized currency. if they ask me about the price i will not answer or will advise against buying because they think price is going to go up.
that has two benefits, first it prevents from blinded by greed people to jump in with their head first and lost money, and also it introduces BITCOIN to them so that they learn a tiny bit about what they are planning to buy.

And maybe your brother-in-law is another statistics of this, People Only Want to Buy Bitcoin *After* Price Rises, Google Data Shows (https://bitcoinist.com/bitcoin-price-google-data-people-lag/). Worst, this guy, Japan’s Second-Richest Man Bet Massively on Bitcoin. He Lost $130 Million (https://www.ccn.com/japans-second-richest-man-lost-130-million-bitcoin). Those people who "buy high, and sell low".  ;D

Similar incident happened with my sister, but she didn't bought when the price was pumping. I suggested her to buy when it was around $350, truly speaking she didn't had funds with her. When the price topped she had saw it in the newspaper. Later she said I could've bought by selling my gold and later she didn't enquired, upon that it too won't be discussing much.

When trying to tell someone to invest into bitcoin or anything endeavor to put a disclaimer incase anything goes wrong. So you would not be held solely responsible explain to them that this is not a get rich scheme and there could be several downs along the way also try telling them the benefits of holding... And also don't call someone dumb ass

I have a friend who called bitcoin scam, each time I told him about investing in he bitcoin, he compared it with Ponzi schemes he had previously loss his money to. So I had to let him to his fate. After some months, he kept seeing ad about bitcoin everywhere, by this time bitcoin already hit high price, he dive into it and loss big. Today he is filling Airdrop and running bounty then buying and holding altcoins to see how he recovers. My friend and I are currently his guide. People will not believe until they see proof of result and at that time, it might already be very risky and needing professionalism.

We have heard that countless stories before in this community and it's so frustrating in our end to see those people losing money in the market wherein they could have make tons of money but just following our advises.

Anyways, I guess it's another expensive lessons to learn, and maybe he really learn from his past mistakes.  ;D

Honestly - I don't recommend investment ideas. I talk a lot about cryptos tho, and back when BTC was $300, I think anyone should have at least got 1.

What bugs me, is that he just got all FOMO'd up and bought in 2years after the fact, bitcoin rose some 50x. There wasn't any pressure on my end to buy. I think one of his work buddies was all telling him about litecoin, or at least thats part of the story.

Also that $500 recommendation years ago is a whole bunch different than a $5k Loss...

As for investing in cryptos - I always tell people if your interested in trying, Take $100 and lose it - You will learn a lot.

They just ignoring our advises and they can't blame us either. They'll have their own decision and taking the risk for crypto investment is not the last option we have to do. Frustration will be at our side cause they'll never listen to us but it could be their biggest regrets also for just taking for granted of we we say or what the forum did to them and end up them losing.

I explained how bitcoin it works to my friends and relatives that this currency has peer to peer transaction that is good for internet transaction as we make digital currency. But when it comes investment I never introduce to them because I know if they don't understand how the technology behind the bitcoin works they will lose and probably they will blame me. I let them showed what I have achieved in doing business in cryptocurrency, then, if they ask that's the time I will teach them first then introduce bitcoin.

The story you mentioned is very accurate in investing Bitcoin and the money in the crypto market. To determine the good time to buy and invest is very difficult if the investor has no experience and no observation. .So the risk will come if we do not understand anything about the market. My friend also sold all of his houses and bought Bitcoin when he priced $ 18,000 and waited for Bitcoin to $ 25,000 and he lost money. and must go bankrupt.

this is how most retail traders are in all markets, not just bitcoin. they are impatient and greedy, so they buy near the top when the market is hyped. then being too impatient to wait through the drawdown, they sell near the bottom. this is classic behavior and is a really important aspect of bull/bear market cycles.

when i first started trading, i made the same mistakes. some people shake it off, learn how markets work, and become good traders. but most people say "i learned my lesson" like your brother-in-law and leave the markets for good after losing a bunch of money.

Any newbie or someone who doesn't understand enough about the market will likely do the same thing because they already see that it has risen so much, so probably it will rise more and it will never stop. That's what basically fomo does to us. On the other hand, buying when the price is at the bottom or there's too much blood on the street makes them feel insecure and they won't risk their asset for that, in other words, they don't know the value of that assets.

Which is why we have 1% ultrarich people. They buy and understand what they're buying and at what price that assets should be in the future.

No he has not learn his lesson yet, he is waiting for the price to reach above $10000 before he buy in again. I don't know why people always choose to buy bitcoin when the price is high does it mean that the the know the fundamental tool of buying low and sale high. Most of them who buy into bitcoin when it all time high and lose when price crash always tend to call bitcoin a scam but in the real sense they are the one who made the wrong choice.

I cant say they are stupid trader, but they are inexperienced traders who has few knowledge. Most them believe in some predictions, I did it as well when I was starting to learn about bitcoin/crypto trading. I used to read some predictions and suggestion from the community. I believe they will realize about it sooner or later, as experience is the best teacher unless they were giving up after making their first mistake.

They're basically controlled by fear.

When bitcoin's price was $300, your brother-in-law feared the price would go to $0. Hardly anyone knew about bitcoin at the time, it was confined to a few libertarians and tech enthusiasts. From his point of view it was perfectly rational to assume that it was a fad that would fizzle out.

When bitcoin was $15,000, he feared he would miss out if he didn't get in right then. After all it was moving up fast, every newspaper was talking about it, it seemed like it might take over just like the internet.

This is how most of the public approach things. They don't look at the fundamentals. They can't see pumps and dumps, they can't tell whether something might have real traction or whether it is a fad. They can't tell real adoption from pumps.

Investing is hard, which is why so few succeed at it. It requires a rare psychology and nerves of steel.

not to mention these are the people with the loudest voice.. claiming crypto investment is a scam etc.

Because they lacked in experience regarding price movement of Bitcoin.

He is afraid to invest right now because he invested when the price of Bitcoin is at its peak and he sold it at a loss. Now he is afraid to invest because what he is thinking is what happened to him last time will happen to him again.

Anyway, you can't blame your brother in law because that is his decision. Let him decide and he will regret again when Bitcoin's price will rise up again.

that is the story of a great number of "traders" in this market, and most of them never learn their lessons. I somewhat agree with the first reply but I say he might have learned his lesson only if he doesn't come back ever or only comes back when the educates himself. but in my experience these types of people never change. soon enough when the big rises begin they come back and again lose money because of bad decisions. in some cases it is even like an addiction!

and that doesn't stop there either, some even go to altcoins since they lost money in bitcoin and then get crushed even harder because they suddenly decide they should bag hold altcoins and as they get dumped on them (since they are pump and dumps anyways) they lost all their money there.

Well, we have to understand that not all people are born to be good at trading in the same manner that not all are born to be doctors or teachers. This is especially true with cryptocurrency where volatility is a big reality and because of its volatility greed can come in for many people, and we know that greed can be fatal in trading. I now realized that dealing with cryptocurrency for many people is just like falling in love which can be disastrous in many cases. Though of course, some can have happy ending.

I also experienced an mistake in trading, at that time I invested in Ethereum. March 2017 I bought it when the price was 19USD. When in December ETH prices reached 800USD and I still held them because I thought the value would continue to increase. entering 2018, I sold it with great regret.

This kind of people only following trend and they were only became the victim of FOMO and i had seen them a lot in my country when bitcoin price over than $15k they didn't stopped to buying until hoping the price will continue high and after the price gradually dropped they blame bitcoin because they says bitcoin was scam and stay away from it however they aren't suitable joining crypto world

I do not have any problems with my relatives, because I explain the risks involved with an investment into Crypto currencies in advance. They MUST know what the risks are, BEFORE they invest and they must understand that this technology is a HIGH risk investment, because it is still experimental.  ;)

They should also NEVER use debt to fund their investment in Crypto currencies, because nothing is guaranteed in this scene.  ::) Then it is all on their shoulders to make the decisions. Tip : Let them start with small amounts first.  :)

I guess that is because it is very catchy at the moment. When something trends up, even if it is very expensive, people can not resist. I do not know but most people are like that. They won't recognize your opinion but would probably end up being teased and do it themselves. It is annoying but at least it is not you to blame.

I also have that one friend who did buy when it started to shoot up. He did nothing! Now its half of what he have invested.

Well wrote OP. And this is the true. I have few online friends once bitcoin was $3.1K I have suggested to buy Bitcoin, but they refuse as well. But when bitcoin has been touched $4.5K then they were asked me to buy. Then I said during my suggestion you had not buy then why are you asking me? I don't know after that they bought or not. Usually people's behaviour is greedy. So during pump they like to buy and eventually they get REKT. Lot of people's wonder to buy during pump. But during dump they think it will go more down so wait wait. But really we don't know where is the bottom. So if you found bitcoin yearly bottom then we should take entry.

It's one of those lessons which cost a lot and makes you stay away fron something ever again. Whatever your relative's mindset regarding investments, don't budge in or make them place money on something they don't fully understand. That right there is FOMO done wrong because you may have only explained the trading aspects and not the entirety of what he/she needs to know about bitcoin. Should you go for the latter approach, he/she may have reconsidered and profited a hefty sum.

You called him a stupid trader, but he is not a trader. He is just an investor loser. There are many of those. People invest money in something they don’t understand at all. And your friend did the same. At first he did not want to invest in Bitcoin, because he did not see his prospects and then decided to drop into the departing train. Greed won out over common sense and he bought bitcoins for $ 15,000, and then became disillusioned with cryptocurrencies because he lost money instead of making quick money. There are 80 percent of such people on the cryptocurrency market. And they will always be. With this you just have to accept.

Not much of that bitcoin stupid story but I wanted to react on your story.  


People tends to reject what is not on the trend. If we tell them to buy this stuff but it is not in the current trend, they will ignore it and so when the train left and the price skyrocketed, they will buy it because they have this regret in their mind and probably if they buy during that "trend" they will at least get profit.  But sadly that does not happen and mostly, people who buy because it is  the trend often lose.  And once they lost their investment, they will turn their back on it while cursing that investment and will never touch that item again.  Unless he changed his views on BTC and get educated about BTC.  

That's a perfect example of human psychology. People were FOMOing into BTC when it was at or near its all-time high, but when it collapsed they sold and lost interest. They will then jump back in when BTC hits new all-time highs. One way to come to terms with this is by recognizing that this tendency of human psychology presents solid traders and investors with a golden opportunity.

Well, I think this condition also happened in some bitcoin investors where they invest in Bitcoin when the market is pump and bullrun, they are only attracted with something booming and very profitable at that time, but not for the long term condition.
Well, I think some may have lessons from that fear experience where they must utilize the right moment when to buy, hold, and sell, not only following the hype.
However, I don't know what happened to your friend now that he ignored to invest in BTC. Does he regret and fear of losing more money? Or he takes the lesson not to invest in something that he really doesn't know how to make it?

I like this reply. Your right - He wasn't a trader - just an investor loser  :D

Which, I hate seeing. I want people to make money and to be happy with crypto, and being a relative it kind of hurt me to see him lose so much.

I guess it also kind of hurt that he just went out and bought a significant $$$ amount without even considering what I would say - Which is why I call him a Stupid Trader.

As with other comments here - I fear that he will do it again in the future if/when Bitcoin starts pumping again. Like someone had said, at $100k he will most likely re-buy and get burned a 2nd time.

Unfortunately this is the story of most of the people associated with financial markets, buying late and selling in panic. I think its better to suggest someone to buy BTC or altcoins if your analysis is good about it but if one is not ready to invest just leave him.We should also tell about the risk involved before suggesting anyone to invest in Bitcoin/altcoins so that investor invests only the amount which he/she can afford to lose.  I suggested some of my colleagues to buy Bitcoin when it was $1K but none of the bought it, ok that is their call, if someone is not ready to take any risk let him not to take, thats it.

What makes him not believe in your words? I read your story, it's really very sad if your sister buys bitcoin when the price is high. If he follows your words, he will benefit several times.

I bet your in-law doesn't know your moniker on this forum (obviously he isn't a registered member), otherwise that might cause you your in-law ship with him for using such strong word on him. You see, life has different shades to it. That someone differs with us on issues doesn't make him a less intelligent person. But more importantly is the fact that people like to chase price. For these people it shows that patronage determines the usefulness of a thing (this is not totally correct) This was what happened with Bitcoin in 2017. People like your brother in-law helped boost the demand and sent price to the moon. We need more of his ilks to ride us to another FOMO in 2019. May be we achieve a fresh ATH.

The truth is no one really knows for certain what the future holds.  Most of us on this forum are bullish and expect bitcoin to last for a very long time but its still young and a lot of the skeptics have good points.

Investing and trading isn't all about intelligence but rather about keeping your emotions in check.

He got caught on FOMO, but very weak to sold when the price is dumping, his only purpose is just to cut his losses but still lose a decent amount.
Maybe he get out completely in crypto as he is not interested in buying again although you told him the best entry price.

For me, I don't have story to tell as my friends don't believe in crypto investing, so they will never gonna buy, they just talk without talking an action.

I don't have a story like you, but I have a story about my lazy brother, I invite him to become a bounty hunter. I suggested to him to join several campaigns for XRP payment, but he did not follow my advice.
 he is stupid and lazy, if he becomes a trader, it looks like he will die.

Don't know if your brother bought it again and following the golden rule that "if you own crypto,then do not tell anyone".

The mainstream media is highly negative for bitcoin and I guess he might be influenced by them.

an interesting story. only people who are successful and rich from BTC in that period will laugh out loudly reading this story. I understand your friend's situation without experience wanting to invest but instead losing. Your stupid friend, didn't hear your advice at the first time, after at the peak there must be a cliff ... so your stupid friend part of the person who fell into the abyss ... lol.

I buy 200 mBTC 5 times a week at the price of bitcoin ranging from $1800 and $2500. After seeing my savings on buying bitcoin was happy of course and looking forward to a new investment. But then after days and days bitcoin showing signs of collapsing and made me panic sell and then another day it becomes $4000 and pump and pump and pump like it deeply stabs me with regrets on panic selling until I just watched bitcoin reached almost $20,000 with me having no bitcoin anymore at that time. So sad, really really sad.

Completely agree.

It's my personal experience, I saw many newbies are a bit interested even fascinated about Bitcoin. But no one actually willing to understand what is Bitcoin. So my suggestion will be, encourage people to get into Bitcoin not for investing money but spending more time to understand the ecosystem and technology used behind Bitcoin. This will help in a more realistic way, which will give confidence and mobility and trust in the enviournment of Bitcoin technology.

In the above story person who bought Bitcoin just on a suggestion, request or order by someone, so we cannot say him as "Trader". But in case of buying and selling of Bitcoins, a person must have basic knowledge of trading. Introducing such a risk involved investment to relative or friends can bring them in trouble considering asset and equity.

Not sister but brother-in-law.
It's only natural for people who are not really familiar with business or investing to doubt any kind of offer/suggestion. They often want to see result and when bitcoin started pumping like crazy, he probably realized that it's a real opportunity.

imagine that today the price of bitcoin was $3, his advice would have led his friend to have losses. with that I mean the following: nobody knows when the price is high and when the price is low, people only make assumptions ... you got it right because the price has gone up, but you could also have been wrong if the price dropped. This is the same as the people who bought when the price was $ 15000 if the price had increased to $ 50,000. so everyone who bought the $15000 would have made a good investment, but as the price dropped a lot and this at  $5000... people call stupid everyone who bought when the price was $15000. But who can say when low is low is when high is high?

I have a similar story. Only I didn't offer anyone to invest in bitcoin. I just decided to share with friends what I do, namely investment in cryptocurrency. But they only laughed at me. But what happened when the price of bitcoin began to soar upwards? That's right, they started buying it.

Or  don't recommend investments to friends and family without informing them about the risks associated with such investments.  Better still, recommend investments only to risk takers. There are always the risk takers in most families guess.  They are the kinds people op may recommend bitcoin to.

I have one question for you, did you take time to really explain the whole bitcoin ideology to him or you just asked him to invest because you felt its a way to make profit in future?. Its really not a good idea investing into something you really don't understand. He learnt his lesson the hard way and am sure he won't want to invest into bitcoin again after loosing money. Next time, just tell people about something good you came across and let them make their own decision whether to invest or not.

what your brother experienced is something so many people who invested in bitcoin late experienced. So many people had the chance to invest in bitcoin when the price was very low but felt they can't keep their money there and when they saw how those who took the risk were making profit, they decided to join the trend and invest but then it was already late. Next time dont try to convince anyone into investing in anything because you will be blamed when things go wrong. Just give them tip about it and let them decide if they will take the risk or not. Also your brother in law is just one of the numerous people who want to be rich but are not willing to take risk, they rather stay with the little they have than risk it to have more.

This isn't stupidity it's a normal human behavior. Give someone 100 dollars for free and tell them to bet it on bitcoin or something else where there's a chance they could lose and they will because they got it for free. Make them work for it and they will be scared of losing it and will value it much higher than money they were given.

I know people who were delaying an investment until they thought they were sure it was going to go up and it went down soon after.

This is true because in the end of the if they lose money you will be the one who will blame about their loses in bitcoin. Since I came in crypto I never ask any person to invest or talk about cryptocurrency even they ask about it. I just say to them that they need to research what bitcoin is and how bitcoin works. I just give some tips but not totally pursue them to invest.

he is not a stupid trader. but I think he's FOMO. I have that experience. even doubt, fear and attraction is in my heart. and that is something normal experienced by a beginner. he doesn't understand volatility, pump and dump, and he also doesn't understand how to analyze market charts. even today I am always regret for selling good coins quickly and without analysis.

I still think he is a stupid trader, he doesn't understand the market but still want to invest and when the opportunity comes again he refused to invest and then that person going to regret again when the price go up, to make profit we need to see the potential of the coin and understand the market situation, and then we need to adjust the investment term

This hits the spot.

Don't expect your relatives to always believe what you are saying and follow what you want them to do. They have their own way of thinking so don't expect them to think like you do. Other's will not really understand how Bitcoin works and others will start shouting scam as soon as we start telling them that how we earn them or how we get them. sometimes its even better to introduce Bitcoins to non-relatives than to our relatives.

people are funny about their investments.
when bitcoin hit 20,000 everyone was paying me to consult with them on how to get into bitcoin and all they talked about was how they wish they had gotten in when bitcoin was much lower.
now that its much lower, no one wants to get into it, not even to lower their overall cost on their assets.
people are definitely odd and fickle

Are you a consultant ? Thats normal and even all of us who are already here in bitcoin we still wish that we can buy bitcoins at a more lower cost not 3k ,2k but i mean under 100 usd like what happen on the year 2015 and below where bitcoin is not yet popular but unfortunately that was nearly impossible to happen   .  i dont think that bitcoin can go down hard because the adoption and demand today are now totally different from the past   .

Haha, he wasn't listening to you and still had a pride even if he bought btc at a peak price? I may say that he has really "something" in his mind. If he doesn't want others to teach or guide him, let him be. He doesn't learn his own lesson so, let him be. If I were you, I will just take care of myself and let my brother in law lose all his fund by being so conceited man.

It's natural for people who are not involved with crypto to want to buy in when the price is sky high - they are experiencing FOMO.

Of course, anyone who knows anything about crypto nows that it comes crashing back down at some point, the cycle continues.

Really FOMO. And for some reason, it's also because they want easy money like they can become a millionaire in just a week. That's why most of the people are losing their money, they don't even research. I also have a lot of friends bought above $15,000 and when the BITCOIN drops, they start to cry and talk negative about Bitcoin, like scam or whatsoever.

My experience was almost the same but I didn't advised them to invest instead they asked me more about bitcoin and suddenly they bought it during $18k-$19k. They didn't even noticed me that they were about to buy.

I warned them that it may go higher and lower so take the risk that they can accept. And you know what? after all of those dips, they started to be disappointed to me, yes to me, not with bitcoin and not with their decision.

Yes, this is the best advice is not to advice and talk to your relatives and friends about crypto investments.

For me sharing to relatives and friends about cryptocurrency investments isn't a bad action to do so, but if one of them became judgemental better not discuss anything to them. However, if a person's thoughts was negative for their loved ones then so be it don't open up some topic all about because you'll turn out failure once they don't have interest on a certain matters.
Stupid mindsetting is due to lack of proper informations regarding bitcoin, so if you're a trader of bitcoin I think it's hard to make those people acquire basic knowledge if they're distant to us. Just pick those that will listen to you and ignore those who don't pay attention.

Well i was not as stupid as your brother because i am not a trader back then but i have my own stupid experiences here

My brother encouraged me in 2015 to try studying cryptocurrency specially bitcoin since he was inside the community year before then,but what i did is denied all his encouragement and sometimes i even told him to stop asking me because i am not interested

Not untill 2017 when he showed me the graph of bitcoin from when he encouraged me till 2017 and damn the price went out to a unbelievable value,so I invested when the price drop to $8k but another damn thing because it continued to fal to $3k lol

It isn't a bad action and no one stops you of doing it but I'm basing my action now with the experience that I had. I just can't take it anymore when you spent your time with them discussing all that you know and experiences.

And what's frustrating is at the end of it, you'll be blamed with the actions that they did and guess what? you are not even associated or part of the creation of their plan. That really taught me that I should only talk to those people that are interested and much better if they aren't my relatives.

many traders analysts say that now the scenario is possible that bitcoin will once again fall to 3000 dollars. today we see the beginning of another correction. it's terrible if they're right.

I was the stupid one actually. As the Bitcoin's price was moving up at the end of 2017, I decide to sold all of my Ethereum for Bitcoin. I think it was good just to hold Bitcoin, but later Bitcoin price was stable and ETH/BTC pair was increasing. I should have got more Bitcoin if I was patient enough not to convert my Ethereum to Bitcoin.

@odolvlobo, you can recommend but do not persued them. there MUST be some kind of self willingness otherwise you might end-up pushing a rock. and the end result might be hatred if, thing's goes the wrong direction.

Year's back, i told a family friend about making money online (ebay) since he  was knew to the internet stuff.

Himself and the wife where skeptical about this due to stories of scammer's on the web.

The good thing is that he was excited about this whole stuff. The bad thing is that i disappear from him for about 3 year's after that encounter.

We finally meet one morning after 3-4 year's . he was quick to ask me with a pen in his hand about the internet biz opportunities.

I guess he's ready now to take action.

Thanks

Yes it is true let them do their own research and let them learn on their own way.
This is the reason why I don't recommend investment on my friends and family because it is risky .
They have to know what they are investing on and don't let them be fooled and be greedy because they've seen some people become successful from it.

Nobody is stupid because the right word is unlucky. price changes that occur are very difficult to predict. it is closely related to the amount of investment we have. The world of trading requires a risk and we must be prepared to accept any risks that may exist. a trader must be prepared to accept all the results that ultimately occur.

It's an advantage if that analysis will happen, knowing that that is an opportunity to buy again and wait for the bounce back, learned from how the market behaves and always look at the bright side, fomo's suffered because since they are lack of knowledge, then pros always take the bunch of profits knowing how to act correctly from the current situation.

If i was you, i don't like to recommend it to some friends or relatives unless they find it interesting but it seems that just like your story. Your relative doesn't seem to care and he may have a little knowledge about it, so let him find the truth by seeking it. Once you fed them already with the right knowledge and they seem to don't care then it won't work for him as long as he sought more about it.

Your brother-in-law doesn't learn from experience, he should first learn what BTC is and the price. Don't when the high price of buying and selling panic I think is not suitable in this industry, IMO BTC can also be grown from other investments such as buying ALT ETH XRP or investment in various other industries gambling same with me.

Actually bitcoin price will fall after pump because traders will always look for profit. Maybe he didn't see the longer time Frame chart of bitcoin price. I don't have any story like that, it seems that my brother and all of my team members are always becarefull when they do trading. Please always keep this patern in our mind " when bitcoin price go up then we should ready to sell at higher price and if it price go down then we should ready to buy bitcoin at lowest price at that period".

Not everyone learns from the previous experience. Your brother may want to prove his right about what he speculate than you being right. Of curse there is the truth  about his losing  money instead of gaining. Its now going to be one big FACT to him. You on the other hand are just about too prove that its the right time to buy BTC. If BTC price goes up, he will soon expect price to take a nose dive.

Classic story. But you can consider that the most of us got involved in the cryptocurrency community in a similar way.

I had a conversation with a friend when bitcoin was around 400 and we were discussing to buy together some.
Guess what... We didn't buy... But we got involved in the industry when bitcoin was around 2k (still a lot more than 400).

The only difference with the initial story is that we still haven't cashed out and we expect a bigger raise in the price.

I often contact people who don't know BITCOIN to buy, but from all the people I invite all don't understand (what is bitcoin) so I have to explain from the beginning how the development of bitcoin is, but it's not a problem for me to keep saying that bitcoin is an investment ahead, when I am old

Well they say experience is the best teacher, now that he has experience it first hand he has learned his lesson on how to deal with this space, but unfortunately, most people who lost money during btc ATH just stay away from the market, they don't want to have anything to do with btc, they fail to understand that they still have the opportunity to recover some of their loss especially now.

I barely new bitcoin until 2016 when clixsense introduce bitcoin as one of the payment options for crowdworker via some of the virtual card called tango card. For me I never think of investing then because i merely see it as payment options such as others like paypal, perfect money. etc. I have seen and heard how many people make a lot of money during the rise in 2017. For some that invested lately they also run a lost. Investing is crypto is very risky and that is the reason why many people are always afraid to invest.

I have a friend who was all hyped in late 2017. He wanted to trade, invest big, research new crypto, use trading bots etc. basically everything he could possibly do (of course, he had no experience in any of this). Then we talked a few months ago when I mentioned crypto he really got triggered. "Don't even mention any of this to me!" he said. I was really surprised by his reaction. I didn't want to dig deeper so I just asked him "So you will never ever get involved in it again?" And I will remind him of this question in the bull market when he will probably be all hyped again. :)

And about not giving advice to friends/relatives I only partly agree. You shouldn't say "Buy Bitcoin it will moon!" But talking about it in terms of technology is good and necessary so people can start trusting it. But of course, most of the people aren't interested in this.

This sentence has a profound meaning as if to say that in carrying out this life it takes provision in the form of experience so that we can live well. Thus, past mistakes that have been made willnot repeat for the second time. That experience's very valuable, you shouldn't waste the opportunity to know more deeply about the valuable information that you get at that time.

In my case I have been quite successful with bitcoin trading, because I started to accumulate when the price was around $450 a few years ago, and I was fortunate to sell a good portion of my holdings over $15,000. However, my worst decisions were made in the ether market, because I accumulated a good amount when its price was at $4.50, and I sold it at $7 because I thought that a 50% profit was very good for me.  :'(

very true, not everyone is able to learn from past experiences and failures and the causes are lack of self-control, inaccuracy, and impatience. I actually belong to a stupid trader, always losing because I can't control myself, I will panic  when I see the price fall  :D

You cant become a succesful trader if you dont learn anything from you past mistakes  .  what can happen to you is that you will be repeating the same mistakes again and again . better if you will just quit trading than to keep on loosing . maybe trading is not for you  but its okay dont force yourself as there are still alot of profitable activities out there that you can do and they are more easier and more safer than trading 

I have of course no such stories, but it was interesting to read yours. Unfortunately, people do not want to learn something, they want to get money immediately. But it doesn't. I think that you should not advise investing in crypto to people who do not ask for it.

The hardest part is not selling when the sky is falling and you've lost 80%+ scared that you will lose everything. The second hardest is to not sell when market recovers and you made only a small gain. The third hardest is DO sell when it's up 10x but you are day dreaming about lambo and retirement

Don't be so confident, try to do some research. Moreover, recently I was surprised to find crypto social networks, such as Taklimakan, that offers crypto education.It's really great idea especially for newcomers. You'll find many interesting things there for urself. In particular, I’m fed up to answer the same questions all the time, lets ask it and answer in specific networks and stop polluting forum with it

Not only your relative was in such a situation. Many after the explosive growth of Bitcoin began to buy it.And there are a lot of illiterate traders in General.In any case, if we talk about bitcoin, now is the right time to buy it.There are all signs that it will cost more.Alas, not everyone knows how to trade wisely.A paid channel with signals helps me a lot. Almost always, these signals help me to buy and sell in time.

Many people still stupid become bitcoin trader because always hear about how other recommendation for buying or selling their asset, by the way its not good become profitable trader of bitcoin.

everybody tell newbies the same stuffs but people still making mistakes.its hard to understand.if you are into trade, you should know those pump groups are the first danger to stay away.

IT IS HUMAN NATURE TO BE A SHEEP AND FOLLOW THE HERD.

Have you ever wonder why ponzi schemes are 85% profitable (for the founders anyway). It is because increasing value regardless of how it does always attract the greed of many people. We naturally just want to join in the crazy profits.

So what happens next when almost everybody already bought in? The damm thing collapses! It's because you have no one else to sell to. The panic selling ensues afterwards.

i never recommend anyone to invest, everyone must take their own risks and invest in what they believe can be profitable, think of those who invested (perhaps badly advised) when bitcoin was worth $ 22k...

Many people buying into hype instead of investing into the real things.  Like the in-law brother of op, many of such people did not know how bitcoin has been trading and it market behavior.  I seriously believe that many people here that claim to have investing into bitcoin has not put a cent into it and we do know the really investors and those that has been following cryptocurrencies market conditions. If you really want to join the really investors then you will need to study the historical data of bitcoin and its market behavior in the past and not investing because bitcoin is at the overbought area or avoid trade because you have lose in the past.

It's simply because those kinds of traders and investors like your brother in law isn't well informed about the real flow of the market and the role of blockchain technology. I have doubted about bitcoin years ago and honestly, I have also thought of it as a scam and that is because I was clueless about it.
If people would know how to apply the basic strategy which is to biy low and to sell high, they would surely gain a good profit as they deal with the market.

Stupid thing was when I was spending bitcoins like nothinf when price was playing between 1000-3000 usd but don't blame myself much because at that moment people 1000$ surpass was a done impossible thing and had no hope of further rise.
Btw in your story, problem is truth and people in bitcoin act that way. They don't trust you when price is low but when they see price rises and rises for a long period, then they are becoming confident and invest but in reality they are choosing the worst time and lose money + lose confidence to risk in future.

A big mistake to trust every pump group, though i have to admit that mistakes like this are normal with the newbies and we can’t help but to keep on learning. Stupid things about trading is not to learn from your mistakes, people will always become greedy so try to have patience and don’t look for an easy trade and make huge profit.

hahaha it happened to my friend too. Every human being can be blinded by lust, just like your friends and my friends compile that contains the hype of bitcoin and cryptocurrency those who are just starting to look for info about it and maybe assume bitcoin will rise even higher, so they buy bitcoin at a price that very high bitcoin bitcoin prices and losses when the price falls

LOL, yeah totally shit mind set. It was not clear for him probably you did not explain to him how bitcoin trading works and how he could earn. A little bit of encouragement when you think it is good thing to buy and a little bit discouragement when you think it is not good to buy.

Just do constant feedbacking and definitely he will learn from it especially the right way to risk the money.

This is a normal situation, because I can not all be specialists at the same time in all sectors. Someone understands the principle of operation of Bitcoin and someone does not understand. But people who just want to make money without trying to explore the subject of investment is likely to lose money.

Well we do have the same situation but the difference is I did it to my friend.
Back when it was just around $400 I told them to buy some or at least try it but they all ignored me .
And when the price pumps up and they heard the news they bought some and guess what ,They lose so much of their investment and tried to ask me how to gain it back so I told them to trade but they didn't want to because they don't know what to buy and when to buy and sell it.
And I couldn't handle it so I just let them do what they want since they only saw it as a quick way to get money.

They are not stupid, most of those ''traders'' are same, I mean that's not about the individual. Most people did such mistakes in the past, but they were very much into crypto so they figured out their mistakes and level up as a trader instead of coming back in the next season and repeating it.

This is the story of majority of people. First time you made this mistake is ok because no one is born perfect and we do not know what will be the outcome. But again people repeat the same mistake. When Bitcoin is at 3.5K, they think its going to 1000$, so they plan to buy when it is more lower. Now when it is 5000$, same people ask "Should i buy now ?"  :D

they are only too eager to pursue their desires so that sometimes they are careless and finally repeat the same mistakes.
I think they have to stop for a moment and start thinking about the best solution from the problem and try not to repeat it, namely patiently in everything including selling, buying, holding and making decisions.

That is why I never recommend investing in cryptocurrency to my friends or family. It's not good to tell them to invest into something they are not fully aware of because in the end they might blame you for their losses. Better to let them learn and find out about bitcoin investment by themselves.

Most people make that mistake, being skeptical because they are not aware of it's potential, and suddenly riding in and investing out of FOMO then losing a lot of money.

In my opinion, many traders operate in like manner and at the end, they all end up with lost because; they where unable to understand the movement of Bitcoin at that time. At any given in time; in the price of Bitcoin, many traders would think like this, i will buy when the market get lower than what the market is today. Stupid traders will always wish the price fall further before they buy.

I always advise you to invest only the money that is not a pity to lose.  Without which you can live.  And in no case do not take out a loan.

We are something different, I'll keep them aware of what I've been doing and I'll give them time to find themselves comfortable in doing this or not. Letting them to decide if they will go at risk as what I do and not forcing them. This is also away that they won't be far behind of what is happening in the world of currency and giving them some insights of how crypto will work for us, and maybe they'll be accepting the challenge at the right time.

my friend thing bitcoin as valas like he ussually trade on forex. he bought bitcoin on january 2018 when price high to moon. then holding 6 six month only and sold it into june. he crying to me and talking about who was mad bitcoin and stolen his money.

ouch that was a bad story and i feel bad about your friend . anyway you did mention valas but idk what is it . i suggest that the next time you post try to use common words if not then its better if you can only stick on your local board ( no offense )  .

also  ,  last january 2018 i dont think that the price was on moon but rather the price that time was starting to decline  . buying that time is not a bad idea but selling at low ( much lower than his buy price ) is consider a bad thing .

There are a lot of people like that, it is a normal situation. And the author just spends his energy and nerves, this is not your money, why do you even care about it at all?

Agreed because if time comes they fail let us not be blamed.

Just like what my brother did when he was encouraging me to study this crypto world,he told me to read alot learn things not just in my favor but what is this all about

He evn told me that never engaged into crypto gambling and never invest a single penny untill I totally recognized the meaning of losing behind gaining so thats what i do and i stay safe for atleast a year befoe i bought my first crypto investment

Because of the hype,new traders/bitcoin users just hopped in because of the hype it created last year i know many people like what you mentioned i told them to buy when its low they didnt and waste money on buying on the top price and they all crying same thing,the reason of being that stupid is they dont know what they are going in they just go because it is hyped.

It is best to refrain from giving investment advice to close friends and family. You can be easily be blamed if the investment goes wrong. This is true to any investment type, bitcoin or fiat. I would talk to my friends and relatives about bitcoin: its price and technical side. But I will not urge anyone to buy any crypto even if the price is really tempting. I let them decide on their own.

Because your friend is stupid enough to invest in a thing he don’t really understand,and you as friends should told him about this consequences
Thats why people must understand that cryptocurrency is not just a area in which they can only profit,instead this is also an area that they can lose everything they invested

Continue to my experience: it turned out that after much study, I decided to ask my brother to stop investing in Bitcoin. And I also advise you to stop. Quite often many positive opinions about Bitcoin are tempting investors to invest in it. But I actually argue the opposite.

Gosh Darn - Tons of action on this thread. I guess the word "STUPID" and "BITCOIN" gets some attention around here.

I Loved the responses - each and everyone of them touched my heart in some special way and I'm glad you all enjoyed my story!

Agree or disagree, Lets make better decisions in the future.

Make Some Money

And More importantly...

Make some BTCBTCBTCBTC