Bitcoin Forum

Friend I met here on facebook.

Had a bunch of money in bitcoin last year. I told him not to do it, but he sold it ALL.....for EOS.....

He held EOS for like 6 months from july 2020 till roughly late February of 2021(EOS price has barely grown 100% in 6 months which is terrible for a shitcoin).

Bitcoin hit $57K, he thought it was the top. Sold ALL his shitcoin EOS when bitcoin hit 49K during a brief dump. He thought bitcoin was "old and slow". I told him it was still the undisputed,uncontested king.

Then he REALLY FUCKED UP and shorted bitcoin at $47K......

Don't be like him, sell shitcoins, HODL Bitcoin. Don't short bitcoin.

That's the problem for most people, lack of patience and lack of trust in their own investment due to lack of research. I personally hold some Bitcoin and altcoins since 2017, been through the bear market, and dca my bags because I believe in the projects (that most people don't do) and now most of them have gone 20x from atl and more. Holding bitcoin should be a no-brainer at this point since lots of institutions are publicly saying they'll play the game. People really need to have some patience in this space if they want 100x gain. If their goal is 100x in a single day, they'll lose a lot of money.

OP my advice to you is to stop giving advice to that friend because your friend clearly doesn't want to listen to you and greedy and in the end you are just wasting your time making sure that your friend doesn't fuck up his/her investment. My take on this is to make your own investment and make it grow and then show that to your friend and tell your friend that I told you so and don't give your friend anymore advice and just focus on yourself growing the investment that you own instead of your friends money.

Its hard for weak hands to hold bitcoin for long because they easily jump in and jump out with every slight change in price, but the reality of things in the bitcoin price have thought us some lesson that its better to hold bitcoin then any other altcoin for stability sake.

How many years your friend stayed here in crypto industry? Seems like he was new to this. If he shorted with 47k usd then probably he is a margin or a swing trader?

He was carried away with his emotions and seems he even do not know how to read some tools like technical analysis that is why he did some hastily decisions. Well, we did some mistakes and we should learned from this.  It is okay to hold eos for long term but doing bad entry, thats not an ideal decision.

Yeah, I just love those "friends" I meet on facebook.

And I love telling advice to random people on what to do with their money, because either they follow what I say and blame me for shit that eventually happens, or they do the complete opposite of what I say and I get to tell them "I told you so".

I think people should be allowed to let nature take its course. How else do we have a vibrant Bitcoin market? ;)

Shifting from one coin to another in term of investment will surely lead to constant losses. And such drive were being acted upon because of being unsure about the investment and at the same time being so much impatient.

They end up being unsure and impatient due to the fact that they play it as a game of luck, without a single support of market analysis. As a investor you should always look how the market moves, finding supports whether it is the right or wrong time to enter and exit the market, and not just simply putting and taking away money when price pumps and dumps respectively. You have to be wise using all informations you had gathered regarding coins you want to be into in order to get a better ROI. Your friend should not forget that it is also a game of mind and not luck and emotions.

So yea, I guess that's what happened to your friend and to majority of people investing in crypto market. And that should be a lesson to be learned.

Purchasing alts doesn't necessarily end up as a failure, depending on how lucky you are to choose a failing/successful project. Hoping to purchase an altcoin to make more Bitocin is an insane risk to assume though, since you're running both the risk that the alt might never actually succeed and the risk that Bitcoin might drop significantly in price at any point.

But now if we think about all the alts that've been bumped dozens of times in a matter of 2-3 months, sometimes it's a very quick way to multiply your BTC..

Depends. Some alts might drop in face of BTC while others will do better than it. Depends on what your goals are and how much risk you want to assume.

I agree. Giving advice to a person who doesn't seem to want to hear it is asking for trouble. On top of that about money matters, where the reaction can be visceral. If his friend was on the ball, would know that the most profitable strategy is just holding.

Here is bitcointalk, not facebook  ;)


You don't have to worry about others. One of the main rule of investing is to make your own choices. This way you won't held anybody responsible for them.
Your friend followed that rule, which is fine. He was impatient, he made poor choices, tough luck. Hopefully he will learn from his mistakes and next time he'll do better.
You did your part: you gave him good advises. Not much else you could do. It's his money, his choices.

People who aren't day traders and are not familiar with how pump and dumps work should never touch any altcoins ever, it will end in misery for them if they are lucky! Otherwise they lose all their life savings in the altcoins market to these pump and dumps.
Looking back at the past 3 years, ever since 2017 all the altcoins have been dumping consistently. Holding them is obviously foolish. They are made to day trade.

As for bitcoin, those who don't want to learn from the history and without using their head make statements like "it is old" shouldn't enter bitcoin world at all, specially if they think bitcoin is old while buying a shitcoin!

Very wrong decision, if someone like him starts to tell me his decision personally, I will tell him about my mistake of selling earlier prior to the bull run. Mistakes after mistakes will be committed if not going to learn from the first wrong decisions that have been done. That's why holding is effortless yet very effective and you only need to wait until it goes again onto the top. No need to convert from time to time and instead of thinking about altcoins, you should be adding bitcoin although it's also fine to add altcoins but better not to use bitcoin for it.

Well, you warn him yet he didn't listen which is I think the right thing to do because first of all, you don't need to give him any advice if there's something worse happen you will be responsible for his loss. The only mistake he made is having no patience and lack of proper research. I hope that would serve him as a lesson to build up our patience. Investing in alts is not a bad option but make sure that you will do some proper research to mitigate the risk. Alts can be more profitable than Bitcoin but the profit is more certain with Bitcoin.

This isn't like the 2017 an alt season because of the ICO hype.
It's now hard to find an altcoin/shitcoin that pumps up to 1000%. If you're still looking to find these coins, you don't have any idea how risky it is especially when you're putting a huge bag in it.
Regrets is inevitable as people didn't learn even how far Bitcoin has come in a span of more than 10 years. From $100, $1,000, $10,000, to $60,000 people always thought Bitcoin reached the top.

It doesn’t necessarily true. He could end up having more worth of BTC. See what happened with me. I have sold my BTC earlier at $31k may be If I can remember correctly. And after that, I have invested all the sum in altcoins and I was able to make 50%+ gain on my previous BTC holding. Don't you think it's good?
Problem with your friend is he didn’t sell in a good time, didn’t pick a great coin and he was unlucky.

At least you did your part, nothing to regret in your end. As to your friend, bad timing, no one really thought that bitcoin at the end of the 2020 and up to this year will have a significant gain. For others though, this might be a good lessons to learn. Of course you can still make money out of altcoins, but you have to constantly trade as opposed to just holding bitcoin and wait for the right time to sell.

I got into futures trading for the first time (both live and demo), and I was asking if I should short or long BTC. As of this time of writing, looks like Bitcoin is trading sideways and I am not sure if I am gonna long or short it.

As a day trader, of course we can choose whether to long or short BTC. However if you are just an investor who believe in Bitcoin for the long term, it’s better that you keep HODLing it. Despite that results are not guaranteed and accurate, I have a feeling that BTC might reach $100k before 2021 ends. The current gains of BTC nowadays have exceeded my expectations.

Looks like Your friend don't deserve advises instead you should have leave Him right away when he did not follow you for 2 consecutive time.
We must not spend our Time in senseless humans .

But what made me think? Why keep on telling Him and why not do it your self? is this just a story telling?

You keep on advising Him but you did not mentioned your actions ?

We cannot blame him for what he already do because first of all that his money but the problem with him is that he are not patient enough to wait the bitcoin to rise up again or to increase very high before he sell their bitcoin but most of us have regrets when we sold our bitcoin at the lower value because most us didn't expect that price of the bitcoin will reach that but as of now I think it's this time the altcoins will gives us a lot of profit than the bitcoin because it's price is already high and only double the price we can hit unlike the altcoins who can reach many times but if the altcoins are potential like ethereum and ripple.

You can't stop the people from doing dumb things.
I don't consider myself particularly smart or a savvy crypto trader,but I would never sell Bitcoins and buy an altcoin.It doesn't matter how promising the altcoin looks or how much profit I will make in the short term.
Selling BTC and buying altcoins/tokens is a big NO NO to me.
Maybe your friend should listen to your advises,even though this is definitely not recommended,especially when it comes to money making and crypto trading.You shouldn't tell other people what to do with their own money,because they might lose and put the blame on you.

Nothing wrong. Maybe he will win back. Risky gamblers are usually lucky

Those who are ignorant of the prevailing market conditions will eventually suffer loss in the long run and you should not waste your time giving advice to such people's.What he has gained by Selling btc for some shitcoins which will devaluate over time compared to btc which is giving huge returns from the start.Only few percentage of hodlers are holding their Bitcoins in cold storage from very long and now they are sitting on piles of funds.Those who envy Bitcoin or think it as bubble will soon shift towards it and it will be too late for them to invest in it.Even if they invest all their money they will be getting a crumb of bread instead of getting full loaf.So be smart and invest now instead of giving advice to these dumbheads.

We couldn't control them we could just give them advice just like what you did,
It is all on their own no matter what they do we shouldn't really care because it's their money it's their lost if they don't want to listen to our advice.
I also experience the same situation I told my friend to invest in BTC but he chose to invest in alt-coin last year and regret it.

I've never sold a bit of BTC since 2013. My only regret is I didn't joined earlier.

Oh my, that seems like a bad news for sure. I can't imagine how much he must regret over his own decision, especially after you warned him not only once, but twice, or maybe more?
I can't believe someone really sold btc to buy another coin, that might not be as promising as btc. But well, that's all his decision, i'm pretty sure he might have learned his mistakes, and if he invested in bitcoin again, he might be more careful and make a better decision next time. People can be reckless, and take wrong decision in investing, but that's the risk that someone should take.

That is really an unfortunate event, if only your friend could have listened to you, for sure he us gaining much benefit from bitcoin right now. Regrets are always at the end, for sure that friend of yours is spending most of his time each day regretting his wrong decisions and doubt about bitcoin. It is all good that we invest on other coins too but we should make sure first that it is worth it. Put some on other coins but make sure you have plenty left in bitcoin. Patience is really important together with faith and loyalty, through all of these you will know how wonderful it is to put all of your trust in bitcoin.

 It's a very sad story. I do not understand, why he does not understand also about bitcoin, that bitcoin is the king of crypto.
Maybe he wanted to find a quick profit in altcoin, but he was wrongly predicted, so he lost a lot of money. For that, it remains
a bitcoin holder. It'll make someone rich. Bitcoin is in a bullish state to date, so this is an opportunity to make a lot of profit.

Biggest tip for newcoiners: ignore the media entirely, and half of the YouTube “10000% PROFITS NOW!!!!!” guys. Last weeks correction commanded the media rats to start the “is this the top?” Shit and newcoiners panic sold. Either you’re in it for the long haul or you’re not. Just buy as much as you can, buy dips aggressively and just wait til each halving cycles corresponding bull cycle to take profits. It’s really this simple. People get into this space and try to day trade and lose their ass. Trust me. Remember NEO & TRX? 🤣

It is difficult when a person ignores people who have more experience, the case in which he sells Bitcoin at a low price will teach him that he must learn a lot, a shitcoin can be sold at any time, also it is necessary to take into account that the money was not From OP, the money belonged to the friend, and everyone does what they want with their money. Sometimes people do not believe in Bitcoin until they see their new ATH, at that moment they become aware and for many it is already very difficult to get back in.

He must have heard something different from someone who shills EOS to him so he sold his BTC for EOS. There is a big difference to the two and its obvious BTC is way superior but he listened to the shill. If he just hold his EOS for 6 months, then its obviously the wrong thing to do, it makes it a lot worse for his investment to sleep for there are other ways to hold EOS while earning some more EOS.

Holding bitcoin seems boring especially that you're not certain on when its price will go up so some people are choosing to sell shitcoins.

But altcoins are also profitable in the market and that's also an opportunity to earn money, not only by holding bitcoins.

It is true that holding bitcoin is good especially if you really want to secure your future in the long run.

Continue holding your coins and stay patient with the market because there are many good thing that are waiting for bitcoin.

At least that's not what you do, let your friend experiment with all the decisions in crypto, gradually he will learn from every mistake he makes (that is, if he wants to evaluate it).
Even if you choose to hold Bitcoin, can you be patient and believe that the price will go up when you see the conditions are just the opposite, so you need patience.

You can't push other people too much because we have different insights about the possible market it depends on you how it becomes profitable for the next coming months and years if you have a full capacity to handle and hold that money good for you but if not I think you need to try more knowledge about the coin you want to invest.

Getting aware of the coin you want gives you an insight into the possible profit you will get.

it shows he dosent understand times and season , he lacked patience and he had to let his emotions of missing out on the profit he could have made make him short at the wrong time. its too bad he had someone to advise him but he didnt listen. i hope he learns from his own mistake. anytime traders or investors allow emotions to run over them, their decisions at that time are usually a wrong one.

I understand your Point man , specially for those people that does not Really know deep what is Bitcoin and how it works, meaning those newbie feels the same but if you are here back in 2017 and this year? surely you will have another different opinion.
Sure, if you can find which coin will pump then really profitable to buy.
If His friend don't wanna follow His advise then He better do it Himself .

My best buddy doesn’t get it neither, and he’s pretty smart with stocks and finical stuff. So I stoped talking about Bitcoin with him, and maybe couple years later we’ll talk about it again and see what he thinks then.
On the other hand, I talked my father into Bitcoin. 4 years before he talked me out of it, 4 years later I talked him into it! When Bitcoin hits 20k for the first time, he talked me out of it, I sold all I had. He was like it’s a bubble, it’s not investing it’s speculating, it’s not backed by anything blablabla you know the drill. I was a paper hand and I’ve learned my lesson. And after weeks of preaching, he was finally informed enough and bought the dip at 52k.

I don't joke with  my personal research before selling my coins
not to regret at the end of the business. When the price of bitcoin hit $57k many traders where rushing to supply all their coins to market hoping that the price of bitcoin will dump soon not knowing that the price is about to hit $60k. I made a good profit from my investment when the price of bitcoin hit $60k last month.

You "friend" seems to be a dump one. Why would he say bitcoin is "old and slow" and then invest when the price dumps down to $49k? What worse is he then sold it at $47k. It looks like your friend is little impatient here and confused. He has no clue how the market works and how to make profits through holding. He probably was panicking and fell for FUDs and FOMOs.
But then, how did he manage to hold shitcoins and random altcoins without being anxious and panicking? He even made profit out of it. Looks like your friend just wants to be rich overnight.

Well, it's choice for all; some choose to HODL why others don't. The thing here is how you personally look into the technology that's driving the Bitcoin ecosystem, some actually see it as odd becasue of fake news arising from some quarters but lacking the will to investigate properly into these said news. Sometimes years back, a friend bought some bitcoin worth appr-2btc and couldn't hodl, he sold them back in 2017, kindly imagine what he's going through now?, he's doing some menial jobs on the street to survive, nothing beat holding onto your coins either bitcoin or shitcoins.

Not to mention that it will be convenient for you and you won't be stressed out because of their investment moves. And they will also have no one to blame when they failed to gain profit from their investment because you didn't give them the advice, imagine if you gave the advice and their investment has fallen, you are going to be blamed for it no matter what.

Such a bad move. This guy must have learned a lot from this lesson. Anyway, you should give people a free will to make any investment they want and sooner or later, they will definitely realize experience for their next moves.

I have a question that whether your friend still have profit from his previous bitcoin and EOS investment? Shorting bitcoin during this time is terrible. If you choose to make a short position, remember to hold it less than 3-4 days because the bull will soon come and visit your house

It all depends on the analysis of the market. If Bitcoin is on a selling point on why hold it when you can sell and make cool cash. Although at this point when Bitcoin is making series of higher lows. It better to hold onto your coin than sell it. It's even preferable you sell off your shit coin than gamble with your Bitcoin. It's indeed moving towards $70,000

If he wont listen into your suggestion and recommendation then so be it and just leave him on regretting on things that  he had done.You already have done your part
on telling on which one would be the worthy thing for us to engage when it comes to long term aspect.EOS isnt a shit coin and its better project compared in most
projects in the market but its price hadnt really risen up too much and you can expect drop in alts when bitcoin is in bull run which isnt something new into this market.
People do have their own perspective in life so let them realized into their mistakes or wrong things in mind.

He is not actually your friend because he never listens to you, he has been brag about his emotions and the worries that it dump.
Well, that is his decision and we don't need to make it a big deal, He can do anything with them because that is his money.

We will know that not all the crypto investors are willing to hold and the person you know online is one of them. It is a life, weak hands can't stop thinking negatively and that is why they often sell immediately once they saw the market price is peaking up even though it is not already reaching the high level.

You can try not to be like him and never buy shitcoins in the first place :D

I also know many people who did like OP's friend and sold bitcoin to buy shitcoins or sold shitcoins to short bitcoin. It's a risky move for sure. Much more risky than hoilding bitcoin or just exiting into fiat if the volatility begins to scare you.

Investing in bitcoin is already a risk and you can only increase it by buying altcoins thinking that they can bring you more profit because they are cheaper. It doesn't work like that. If cheap coins were the best bitcoin wouldn't have the highest market cap and be the most popular. Cheap does not mean good or profitable.

Well, how about buying fNFTs?  :D
Holding bitcoin is always has a guarantee that you will earn profit in the next 4-5 years long, it will perhaps double your capital and you can cut your initial capital. But if you will jump into shitcoins, that is a big problem here, because most commonly altcoins now are in pump and dump method, and if they are profitable, for sure it just a short period of time. It is really hard to choose your investment with millions of shitcoins and token it is impossible that it will give an opportunity to have a profit, why don't give focus on bitcoin investmnet.

Nah, i would just buy EOS rather than going with the hype of NFT's. Atleast you are bit confident that you are dealing or accumulating much more worth than with Nft's which i dont really
consider to be that great.All of those prices are just purely on hype.

Back on topic about holding bitcoin then we do have our own views on it some might be positive and some might be negative thats what his friend had the same view.

Nothing is assured and what if EOS did fly? for sure we had some different words because nothing is sure that can happen on  this market.

Bitcoin, be it on a pump or dump situation, offers great profits to whoever is patient enough to save it. It's not for weak-hearted people that get easily swayed by sudden price changes, without considering the padt trends bitcoin have treaded. That's why many newbies lose money on bitcoin, they are not well-informed of the fact that it is vedy good for keeping money and waiting for a hefty passive income.

When i started trading, i learnt a lot from losses. I lost a lot and then realized that my problem was impatience. Always jumping across coins, thinking they'll just "moon". When i realised what i was doing wrong, i stopped jumping around. Bought a coin and settled, and then, i've come to see that the problem most people have is lack of waiting (impatience).

Many greedy people want to make big profits from investing in cryptocurrency, it is true that if the shitcoins we buy are suddenly pumped,
usually the profit generated is much greater than the profit earned from holding Bitcoin. But the problem is we don't know which shitcoins
to pump. Finally, randomly buy coins that are considered to be able to generate high profits, even though in fact the coins we buy sometimes
the price goes down. Therefore, don't hesitate to HODL Bitcoin, because this is the safest investment compared to investing in other coins.
 

Bitcoin is not to be shorted but an asset to hold for a very long time. Most people lack patient, a little correction in the market will make them to do wrong thing

Yes bitcoin is good for long time investment that's why if someone want to invest in the crypto currency for long time investment it is better to invest  into bitcoin as the leading coins in the crypto currency. We can conclude the future of bitcoin about its price history; for five years ago there's a big change that we can see, and its can proves that bitcoin price is still going better year by year and that the good reason to invest in bitcoin to make more money.

Good that you learned from your own mistakes, that is part of the learnship towards excellency. I believe impatience and impulsivity are the main reasons which most prejudice investors in crypto market. Once they overcome these feelings they are able to calmly see the profits coming within the time, on long run, as bitcoin rises. Sometimes it's really hard to control ourselves, but it's very rewarding in the end, not only as an investors, but also as human beings.

Bitcoin is the most profitable asset to hold and has the most powerful fundamentals. However, some of us greedy want to try even more in gaining an profit. Well, it makes us try something else and will cry later.

Yeah, here patience and the belief in bitcoin is key. If you do not believe in the power of the peer-to-peer network and digital gold, then you should not have bitcoin in the first place. A friend of yours had a terrible year if we were honest. Bad timing for selling and being BTC and bad timing to buy EOS. EOS is just taking off now.

Most of these greedy people are not aware that they are being greedy so you can't really fully blame them. As almost everyone in this thread says, I do agree that you don't have to give advice to that friend because you are just wasting your time on someone that is stubborn and in the end you don't profit from it even if you were to give the advice.

That is really a sad story for your friends, seeing your friend's loss is not a good thing, well that would happen to those beginners who don't even try to listen to their friends who have more knowledge in cryptocurrency than them. It is better if you are going to show him your success from investment so the next you give him advice he will trust you.

I have been buying and selling bitcoins for years and I frequently use it as a currency too, but the thing I have learnt from making mistakes is this : "Buy Low ...hoard...Sell high" (No matter if the price dropped with 70%, like it did after 2017)  :P

The other important lesson that I have learnt is this : Never push people with financial advice on trading Bitcoin, because they never listen to good advice. Most of them are speculators and the majority are used to traditional commodities. (They over react when the price with more than 10%)  ::)

and you think hodling is easy as it says no it wasnt . it was clear that he isnt listening at you but what he acted was fine because facebook had lots of scammers but if he knew you personally , chances is he will follow your advices . what i only dislike to the guy is if he really sold all his btc for eos because is already in profit that time and he can secure some for himself but atleast he get back again in btc

but is there a non terrible shitcoin ?

Jeez.
-insert Michael Scott cringe gif-
He's right about one thing. It is "slow, but he took it the wrong way and just went altcoin.
Couldn't blame him though, the mindset of altcoins following Bitcoin's price doesn't apply to everybody.

Huge portion of your port should be BTC if you are not much of a risk taker. You can put some of it on altcoins. BTC has done 3x since breaking the 2017 ATH while many altcoins have done higher than that. I've also bought some alts using BTC and I have no regrets so far.

The key here is to know when to exit and go back to BTC or stable coins. If bear market comes, most alts will be diving again.

don't feel like you are the loser because you've done everything for Him , and besides you have spend your chances just to guide him
so if there is someone that must feel the loss then It's Him.

Everyone has their own favorite coin and this is their rights. I could earn more if i would just hodl btc instead of trading but i dont regret anything

I am hearing stories such as this one very frequently. A lot of those who invest in shitcoins such as DOGE, EOS, XRP and IOTA are newbies who don't do much research on their own. They solely depend on the social media to get their information, and this is where they get all wrong. There is a lot of propaganda in the social media sites in favor of shitcoins. Inexperienced people believe all of that and end up losing their money by investing in coins such as XRP.

Damn what a story. I can not comprehend what was going on in his head. If he just sold BTC, but man....

They can't realize what they are doing if they will never experience regrets in their life.
We give a piece of advice to them and that it depends if they will put it in their mind or not. If they lose, we are also affected, right? They will get angry because we never convince them, we never tell them the truth.

That is why I'd never give any hint to any of my friends what coin we should have to invest in because I don't want to hold any responsibility if ever they lose. If they ask me, I answer what I have but not to say you have these coins also.

This is one of the reasons why I never recommend any cryptocurrency to my friends. Back in 2013 and 2014, I tried to convince my friends to make investment in cryptocurrency, but all of them ignored my advice. And now the cryptocurrency rally is there and everyone want my advice on which coin to make the investment in. I have told them that I don't want to give any recommendation. Let them learn the lesson themselves. Everyone want to become billionaires overnight and that's the reason why they are going for shitcoins. 2x or 3x return in a year from Bitcoin doesn't appeal to them.

Yeah his choice made him cry for letting his Bitcoin go instead of holding it for long term but it is still his choice. Opportunity comes once when you lose it you'll never know when it will be back again. I actually once like your friend but I learned that my decission is stupid so if I had the change to invest again I will surely be buying Bitcoin.

I can never understand why people want on the short side against an asset that has proven to go up at average of 300% per year for the past 12 years when flattened out the volatility. That's such a bad risk/reward.

Oh yes.. I can't undertand too.

Well, at least you have tried to stop him at all cost now it is his own fault to suffer the consequences of the things he have done in the past. It is such a great thing to have a friend like you that are willing to give advice for a friend specially with regards to crypto but it seems that your friend really lacks patience and just follow his guts. There is nothing wrong on selling but better think of it to just sell a percentage or a part and not to go all out. Also, instead of putting your Bitcoin in line of selling, better get rid of other cryptocurrencies that you think serves no purpose or will have no improvement and focus on dealing with Bitcoin and worthy altcoins in the market. Also, you must assess the scenario. Sometimes listening to an advice can really do help but still it is up to you to do your own decisions since you will be the one to prosper or suffer the results of it.

This is the thing with many people. They don't do any research and analysis on the market trend and just trade blindly.
This often leads to losses and then they complaint that the market always goes against them.
Although we have a good amount of data in the history for performing various analysis, people still just want to invest blindly in hope of good returns.

Good that my friends heard me before and on time only they invested in it and on the boom time some of them made money and existed some of their position by booking profits. But atleast they are now doing well and at times buy and sell accordingly which is good thing rather than just staying away from it.

During the recent months, there have been a rise in altcoin market share. At one point, Bitcoin held up to 71% of the market share, and this has come down to 56%. That is a 15% reduction in a matter of few months. And most of it is being driven by a handful of altcoins, such as Polkadot, Binance Coin, Cardano and Ethereum. Also, need to mention USDT and the other "stablecoins", which together account for a considerable fraction of the cryptocurrency market cap nowadays.

That is the common problem or situation that we may encounter for the beginners of the crypto world, some beginners choose to invest in shitcoins because they have seen the faster movement of the value of it compared to bitcoin. That is also what just happened to me before when I invested in tokens in the yobit invest box. I regret my decision of doing it because that token became a dead coin.

Patience is also important when investing in bitcoin, if you can't wait and you always have a doubt about bitcoin then you won't be a good investor. Patience is always the key plus the knowledge you also have.

Yup. I would agree. Actually a lot of information is available in forums such as this one. But going through all these threads may take a lot of time and many of the newbs don't have patience for that. A lot of users who have lost their money in scam projects have posted about their experience here in Bitcointalk. But I don't know the reason why the newbs who believe in social media propaganda never takes these threads seriously.

Indeed, Bitcoin in 2021 shows an excellent result, its price has already gone to the moon, but as you correctly noted, this is far from the limit. Analysts say that BTC has passed only one-fifth of its path in this growth cycle, which means that the price of BTC from the current values ​​may still grow by 4-5 times by the end of this year. I agree that it is very difficult to keep your BTC and not sell it, but if you believe in success, then you need to find the strength in yourself and go this way to the end. I keep a little bit of BTC myself and regret not having bought more before.

People shouldn't invest if they can't control their feelings, and they shouldn't invest in coins that haven't been thoroughly researched.

One of the basics of trading is studying the coins because you're spending money on a coin because you know it is promising and a lot of future ventures, not because of the hype. If you believe it will turn bullish soon, hodl and wait rather than panic selling because you will lose a lot of money.

2021 has a good result for cryptocurrency, just be patient and wait for the huge outcome. I researched first before trying to enter the market especially right now where altcoins are giving x10 or x100 profits.  ;D

You did what you could so I hope you do not feel guilty about it because this is not your fault, at the end of the day people need to take their decisions on their own even if the decisions are mistaken, while I am really sorry about what happened to your friend stories like that are incredibly common, people somehow think that bitcoin can be easily replaced when this is not true, once a currency has a monopoly it is incredibly difficult to get it out of that position and when that form of money is still the best then that is basically impossible.

That’s just how it is, lack of patience will always be ruining opportunities for a lot of people, if you can’t wait then you’re going to missing out on opportunities that will come later on.

This is the same problem that most people I know do have, when I tell them that they should invest in Bitcoin with any amount of money that they are going to afford to lose, they will always say that they can’t do that because they can’t afford to risk any money and are always expecting quick profit from any money that the are going to be investing in the crypto currency market. At the end when the market increases in value they will start regretting that they didn’t invest when I told them to invest, but still they will be scared of investing later. I don’t stress myself with such people.

Why does it looks like you are blaming yourself for your friends Stupid action ? he don't deserve your affection mate.

Try to spend your time in more valuable things and that is Investing on your own and caring about someone like Him.

I have done that so many times before but now? I'm tired and I quit, these days I just entertained those who ask for advice and not giving any single seconds for others.

Do not let your emotions take cover your decision. Sooner or later, you'll regret that decision you made. Well investing in ALTcoins is not a bad thing but the worst decision he made is selling all of his assets in BTC. Thank you for sharing your experience and I learned something from it.

Bitcoin is always king and we have to realize that. Selling bitcoin for other shitcoins isn't a good idea at all. We can sell shitcoins and buy more bitcoin to gain more profit. It is time to hold bitcoin and more good news are coming.

Unless you fully understand what you are doing then the chance of riding with the train is still possible,

but if not, better not to short Bitcoin as it will burned you due to volatility, it should take a lesson learn

from this OP's friend, trying to short without the patience to research first is to dangerous with your

investment, always bringhuge amount of patience when investing to this market.

As of my experience it is better to hold bitcoin in the long time than other coins. I regret did not convert all my coins into bitcoin before because at end of 2018 I do not have time for my crypto things, I have left crypto for a while where all of my accounts even my wallet became inactive due to I have to prioritize things then when I decided to do cypto things again , some of my coins do not have value now, while some has a very small value. I have realized, if those coins were converted into bitcoin that early even though during those times it do not have a bigger value, for sure it has now.

Such people have no patience. but in my opinion, what he did was not wrong either. Because he had to make a profit. Some people are afraid that the price will go down so they choose to sell and buy back when the price drops. But unfortunately, bitcoin is not that easy to predict. When someone thinks bitcoin going down, they sell it.

This is what happens when people get greedy. It is true that some of the altcoins are going up very fast. I am talking about coins such as Ethereum, Binance Coin, Polkadot, Cardano.etc. There is a lot of hype around these coins. But the most important fact that everyone is ignoring is that out of the 10,000 plus altcoins, only a small fraction has gone up like this. The remaining coins are still stagnant or declining.

A really unpleasant outcome and the end of the story for your friend. But like most comments here, I agree with two basic things:

1. Most people do not have patience or knowledge in the field and very often fuck up by selling or buying at the wrong time (or due to greed, I do not know).

2. And second, very few people take advice or are even willing to at least consider the advice they receive, they just ignore it.

Despite all the changes that are taking place in the world of cryptocurrency, bitcoin has been and remains the coin with the largest capitalization and the largest recognition. All other cryptocurrencies are quoted exactly to bitcoin and therefore usually strongly depend on the exchange rate dynamics of bitcoin. Therefore, any novice or doubting investor should first of all have bitcoin, and as for altcoins, it is worth bearing in mind the risks. You can say as much as you like about the riskiness of investing in bitcoin, but investing even in the most popular altcoins is always riskier.

people that think they’re late...this story is way worse than being late. knowing about bitcoin only to bet against it is an even worse situation. especially when it blessed you with gains only to throw it all away.

Well that’s a lesson for him to learn when trading. And that’s why we need to educate ourselves also about these cryptocurrencies so you’d know what coins need to be hodled or for short term. Not everyone has the capability to hodl and not mix it with their emotions and think it’ll be the peak of these cryptocurrencies especially Bitcoin because we’ll never know, we will wake up the next day and Bitcoin will be $100k and regret afterwards for not hodling.

hahahahahaha..... not everyone thinks like you, maybe they have their own analysis. And all decisions will have consequences.
So, just relax ^^

How i wish to have a Friend like you lol, Because you are really concern about His Trading  activities.

Bitcoin is the strongest coin in crypto world, So if you are willing to Wait then I see no reason for you to lose at any case.
I can Feel Him , Because in past i also did that to some friends , But like what OP's experience they denied my advises and feels frustrated when it happens soon.

I mean, using feeling when trading is okay but the problem is some people just rely entirely on feeling without any analyzation thus the bad decision.


I think it's more of people believing that bitcoin has reached its peak somewhat and think it's gonna be a lot slower in term of growth and the volatiltiy just isn't there although it's true that from the past decade the bagholder has proven to be the winner but it's just human nature to have doubt that the very same thing could happen twice.

To this date, close to 10,000 different altcoins have been created and out of that more than 90% are either dead or dormant by now. These coins had their 2 seconds of fame, when they went up in pump-and-dump cycles. There are a few users who ended up in profit, by purchasing these coins at low prices and selling them during pumps. But in 99% of the cases, it was the promoters who profited from these coins. Ordinary users almost never benefited from these altcoins.

I am seeing a lot of people here in crypto that they're really emotionally controlled when they do their trading or investment.
I am not quite surprised if they even dumped their BTCs when the alts started to fall.
Thing is people have different perception to what an opportunity and disaster is.
Another one would be not investing their time researching as well.

all will end with regrets later, because if it is in front of it is not regret but is registration.
sometimes the nature of people is certainly different and cannot be equated but usually later it will end the same thing with others, regret.

You have to tolerate this because it is a humane thing and will continue to be done by people who do not understand circumstances different from those who have experienced it, so like you will certainly invest in yourself and not think about things that do not care about you. Of course the things that happen will make someone unable to think clearly because they are divided by things that are not desired. but it was the best experience of being able to stay upright.

To make good profit in crypto market require patience and not jumping in and out of indisputable asset like Bitcoin. Hope he has learned the lesson and will make a right choice from now onward.

Dude, I don't think its a good idea to push your beliefs on someone else, what if its the other way around and you were wrong. Feel free to make some suggestion but make sure that in the end, they will be the one to make the decision. After all, its their money and they should be the one responsible about it.

If you think the project of a crypto is promising and really nice, you can invest in that altcoin and HODL it for some time also. But as for Bitcoin, there is no other more logical way than HODLing it. You can't expect a decent profit while shorting Bitcoin. Patience is the number one thing after investing in BTC.

everybody gets price they deserve...
unfortunately, i think that nearly everyone has to burn his hands, you know. Experience is the best teacher. All you can do is hope that he learnt his lesson.
And keep in mind that you are not responsible for mistakes of others. Not for family, not for friends, not for your GF if you did not sell her for those sweet sats.

It is a pity! Your friend lost patience. There is a certain percentage of bitcoiners who also lose it with bitcoin and decide to experiment with altcoins. Investors in bitcoin think of a long-term investment, it is not the only coins in their portfolios. An example of them is Grayscale services, let's take a look at this tweet.


What happened to your friend is a bad experience that reminds us that we must set a goal and not hesitate to avoid having to regret bad decisions.

This is just to know that not all are having the courage to hold longer. Many were often discourage especially when they saw a market declines, the chart is red, and they will think negatively. That person as OP mentioned is an example of those people that are incapable to stay calm but they often to get worried and then thinking about selling.

That is somewhat pitty but that is his decision, he could realize it soon and that might be a reason for him to change. I hope he will.