Bitcoin Forum

Anytime Bitcoin is bullish, there is a lot of talk in the media. People get suddenly interested in  cryptocurrency. This is the period they make all the wrong decisions, fall for scams. Just this morning a friend came to me asking me how he can invest in crypto. I was surprised because he always has been skeptical of Bitcoin. The high gains of crypto like wakanda inu and shiba is his attraction to the crypto space. These kind of people look at crypto as ponzi and just want to make quick money. He asked some annoying questions like "How much can I make if I invest?" How much have you made since you started? "When can one withdraw?" e.t.c.
I gave him some pdf files and books on the subject. He didn't look like he's going to read them. My friend is one of those who flock to crypto attracted by hype.
https://alternative.me/crypto/fear-and-greed-index/

Try not to involve your friends in crypto. The moment they snag profits, they splurge them all on themselves.

On the other hand, once shit hits the fan, you'll be the first to blame.

Be very careful on how you present the information to your friend. Make it 100% clear that it's his choice whether he invests or not. Make it 100% clear that Bitcoin price can rise and fall. Also, if he indeed wants to invest, present him information about how to keep his coins safe (the wallet, which can be even hardware wallet, and the backup too).

I remember someone that blame me before he was invested a big amount in BTC and built a miner when the price reach the highest ATH last 2017 I think.

But the price keeps crashing after the new ATH, I thought that the price would increase more at that time but I'm wrong. That is why they blame me because they never earn a profit even just reach the return of investment and end up selling the miner and BTC at low prices.

So right now I never tell anyone or sometimes I tell but I always tell them to invest only that you can afford to lose.

I don't need anyone's money, there's nothing wrong in that. It's their money and risk
I did exactly that. I know how people act when it comes to money. I did my best to educate him, it's all on him now

I have always try as much as possible to avoid advising any of my friends to invest in bitcoin or any other volatile asset as it always turn out to be a blame game on you when something goes wrong. I take my risk and stay on my own its not greed or selfishness but avoiding troubles that can rise when market crash.

There is a lot of wisdom in this quote but, it only lacks one thing, true friendship. A true friend will always want the success of his or her friends. To be sincere, I came by this bitcoin and this forum by friends and ever since, I've been helping myself through most of it and the forum contributed a great deal too.

What I think should be the best reaction to your friend is welcoming him or her into the field. Teach to him or her, let them drop all the ill ideas they've had about the field and then, teach them to see things from your own perspective and more. Only by teaching and learning can we correct the ills ponzis have left bitcoin.

Well, I sometimes do the same as you when my friend asked me about cryptocurrency or bitcoin, they know from social media that it is profitable. Give neutral advice and let them understand first rather than you will blame them at last. A true friend will listen to you and you, as a true friend of your friend will give good advice not to put your friend in danger. Just tell your friend to only invest what he/she can afford because buying bitcoin is does not have a time frame or perfect timing, when you purchase it you already know the risk. We will never know that bitcoin will reach another ATH and becomes $100k soon.

Give him a good background to know when buy and sell.  I think he is new he shouldn't rush, let him learn first. Buying coin when you don't have any good knowledge about cryptocurrency and how to manage it is not the best.

It is funny how some people think of bitcoin as a Ponzi scheme and when bitcoin price rises they start coming in and instead buy shitcoins and shittokens, most of which are actually Ponzi schemes! This is why I always say some people deserve to lose money since it seems like they resist education and instead only listen to whatever crap the scammers tell them.
I don't call it greed, it is purely about stupidity.

That's really scary when your friends suddenly become interested on crypto. They only hear it cause the market is turning green, but when he invested and suddenly the market crash in an instant they will say that its a scam now. People are always like that when the market is green and its the talk of the town they go in and invest but when the market is down, they will cut loss and tell others its a scam. They must also learn many terms like volatility to avoid such grief when having a red portfolio.

The Fear and Greed index is provided free. You can get it for Bitcoin or Ethereum that are the two largest cryptocurrencies right now.

Follow the index and follow the smart money (https://insights.glassnode.com/follow-the-smart-money/). Control your emotion, fear and greed and make smart decisions.

Next, HODL, then you will be rich.

This hasn't happened to just you alone, I think everyone who is a Bitcoin user has had this experience one time or the other with friends or relatives asking how they can get rich overnight through Bitcoin, it's actually a difficult question to answer cause the more you try to make them understand how the network works and that it isn't a get rich quick scheme, the more they get the same erroneous feeling that you prolly do not want to assist them to make money, and if you go on to tell them to invest and there's maybe a plunge/correction, then they point fingers at you and blame you. I think people need to understand quite a lot about the network before investing or even attempting to, the best way to avoid this sort of question is to make sure you do not make most of your acquaintances aware that you use Bitcoin.

The title is subjective because I get greedy when bitcoin dumps and I start to buy bitcoin as well as few of my favorite altcoins when market is dumping.
So that's actually a good thing to do. Buy when people are fearful and sell when people are greedy.
It's just that context of greed gets changed for some people.

And yes, buying just because of the hype is definitely a wrong thing to do. If anyone is investing in any asset just because of the hype then he is too late to invest in it.
Many would have already invested and we never know when the trend would reverse causing a loss of money.
So just tell anyone who asks you to do a research before investing and be sure about their own choices before investing.

Your friend shows all the characteristics of someone headed for disaster: impulsive, wanting to invest at a maximum, without being properly informed...

A word of advice: the less people know that you invest in cryptos the better.

Let everyone make their own decisions and deal with their mistakes.

I will not say it is wrong decision, I am not talking about scam but investment. If they are losing already, they should leave the bitcoin on their wallet for months and see it rise again and they will gain. But the mistake is that they will panic and sell.

Wakada is not a good token, do not make it as an example, Shiba is the coin that grow most this year, even more than doge. That is the question those that want to invest will have. If they are friends, then it is good for someone to show them more ways about it.

Who wants to invest and never gain, there is no a single person, everyone wants to gain. It is not bad to follow the hype, but selling when the market has falled is what is wrong, tell them to always hold.

There are many of them that are like that. It's not only you that have those type of friends that sees the crypto market as if it's an overnight success market which they can take advantage and make money easily.

I've got friends too that have thought of like that but upon explaining the real side of this volatile market and the pros and cons for the newbies. After being delighted from it, they've never asked me again. The profit and the boom of the market is what they only see but they're not willing to look at it when it's on its lowest.

You know some people outside there see cryptocurrency generally and understand it on their own perceptions as a process whereby you can buy in a moment and get rich in the next hour, that is the reason while when them buy bitcoin and  it give them negative feedback by falling to the extent that ii will not be condole or bear, they will finally conclude that bitcoin is a scam. Anyone that wants to enjoy bitcoin investment after buying give it a gap for it to add more values in market.

I am agree with you mate but in our country some reason why people greed to buy Bitcoin/other Cryptocurrencies even though the price is too high because of those people  around them, still  promoting thier scam project with fake information about Bitcoin. for example they say that if you invest in their company you can earn up to 100 Dollars a day wich is sounds good for new investors.

Friends that don't have crypto understanding will always ask silly questions for their selfish and greedy interest; they want a platform that they can invest little and get tons and trillions of cash but they loss nothing at the end without waste of time.
 Crypto on the other hand isn't so; it needs maximum patience and perseverance and these attributes,most peeps can't afford to bear.. :) also have it in one side of your mind that it might actually get banned and quenched overnight; if they became too intimidating and doesn't promote they flow of fiat money, therefore causing inflation or some economic instability

Your friend is the kind of person that you should be constantly feeding with reminders, next to the basics of Bitcoin and crypto. I'm afraid your responsibility to this kind of person is to make him unlearn more than learn. It will do him better if you sway him from the focus of Bitcoin as an investment.

There's no point encouraging this man this early to buy Bitcoin. I hope I'm wrong but this is the kind of person who buys high and sells low. Your friend has the tendency to buy during the hype and sell during the FUD. FOMO and panic selling are tendencies to this kind of person. This is mainly because he's acquainted with Bitcoin's price first before Bitcoin itself.

Bring him back to the start or else he will learn his lessons the hard way.

I have also found out about this forum from my friend, who has been here for quite a long time. She inspired me to get acquainted with this new crypto world. And I am just grateful for it, because before that, I heard a lot of different information, but did not dare to go deeper. I think that I needed some guidance. And now, thanks to this forum, I am beginning to learn and be interested in how cryptocurrencies are changing the image of the modern world.

A true friend will want that. But money has a way to corrupt things. A successful experience with crypto could make that bond stronger, but in case of a negative experience such as the loss of a significant sum, that friendship could be put to a serious test. I understand why UserU said what he did.

Besides, those who get into crypto after seeing ads on social media during periods of hype rarely want to research and learn about the subject. They want the same profits that were promised to them in whatever it is that they were watching and if that doesn't happen, they can easily put the blame on those who introduced them to crypto in the first place.

I have actually never paid any attention to that. I can't call it bollocks because I don't understand if one can make a serious correlation between what the index shows and how the markets are moving. Is there a connection between the two in your opinion?   

I know that the question was addressed to tranthidung, but I am just studying indicators and recently read about the Fear and Greed index. What I have taken for myself at the moment is that the crypto market is driven by two emotions: greed and fear. Greed is intensified by agiotage during a period of a sharp rise in the exchange rate, and fear is strengthened by panic during a period of a sharp decline. This index demonstrates current situation and is insufficient to predict future events, in my opinion. However, its boundary values can be a signal for opening or closing positions (in conjunction with other indicators, of course).

This is, to me, the difference between a gambler and an investor. The first one, which is the one it seems you are talking about, want to get rich fast, usually aware of the risks involved, but in the case of crypto-newbies, it seems that they won't focus on the risks and that they look for a safe get-rich-quick scheme.

Investors, on the contrary, seek to avoid the the loss of their wealth, against the intrinsic devaluation of traditional FIAT, so they focus in the long term and are less prone to fall into this trap.

Yup, even its hard to find true friendship out of friendships.

All it takes is a moment of trouble to see everything. I've been there, and it sucks.

In regards to your last statement, just add "Not Financial Advice" so you can't be blamed :p