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In general, don't put all your money into trading nor make it a full-time job because whether we like it or not, this won't give us assurance unless we are too skilled with this.
We can never make a mistake with this because there is no turning back. It is suggested to start from the minimum amount required as it is best to familiarize the market first and how trading works. Trading is not a wrong choice but disastrous when you are not fully prepared.
A lot of advice on how to start trading but there is one thing I would say --invest time in learning first before anything.
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Bitcoin is not a scam but unfortunately, scammers make use of the name Bitcoin as a tool for scamming.
So many people misunderstood it and we can't blame them either because of lack of proper education and some influence also from those who become a victim of scam through the name Bitcoin.
And I could say that no matter how reliable is Bitcoin to us but it has no escape from negativities spread around. And it was hard to convince people who already have negative in mind. That is why I don't encourage someone to invest here if doubts are in their mind, this is not meant for them.
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Done...
I hope the team will settle the issues that have been spread.
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What make some people not to make profit is fear and greed.
Nothing happens to us if we are always afraid but if we talk about greed, that is possible despite people thinking it was bad. In this world, even outside crypto, we need to take risks and we need to stay out of our comfort zone in order to improve. Making a profit here is not just we dream and plan but should be properly executed and must take risks. Yes, DCA is a good strategy, yet choosing a potential coin is also very important. Many investors fail not because they have fear but also the choice of project to invest and this is a very common reason, especially for newcomers. |
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Well, actually you were right to recommend that he invest while he still has a job. In fact, I also thought like that, and at that time I was forced to invest. However, when I lost my job, I really felt the benefits of the investment. However, this could be a lesson for him that while he still has income, he needs to think about what things are good to invest in and not be quickly satisfied with his income at that time. Investments will help us when we have no source of income. Currently he has no source of income, and wants to invest in bitcoin which has quite a high risk of investing if you don't have a source of income. I suggest looking for income first, because I still adhere to the principle that don't invest using money you don't want to lose.
That will be a lesson for OP's cousin and he should change his life plans if he doesn't want to be in this situation again. But I don't think investment will help us in case we are unemployed because there is no guarantee that investment will always bring profit. Investment needs to have a long-term vision and must be completely separate from daily needs, only taking profits when the set goals are achieved. I think saving will be more effective in case we are unemployed than investing. By the way, I also agree with you that the idea of investing while we are unemployed is a bad idea, and OP was clearly right in giving advice to his cousin. It is to be noted that not all investments are good and suitable for everyone, some of them are not meant to be especially if we have a lack of interest and knowledge. We just imagine that not all investors are successful in this kind of investment but fortunately, they become successful in others. It has been the reality that investing depends on our risk appetite and we better not going to push through if we can handle the risk. We have to remind ourselves that there is no quick returns investment (other than scams) and if we rely solely on our Bitcoin investment for our expenses, that is a big NO. It is a big mistake and a wrong investment plan as it has never been seen like that. |
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The most common type of gambling addiction is the one with greediness. That is why the addicted person will be losing huge amount of money to the extent they may not have money again but start to borrow.
But addiction can also be that the gambler is not really wasting money on gambling but gambling is really taking his time. But this type of addiction is mostly not possible.
Most addicted gamblers are greedy.
I think we have to accept the reality that once we try gambling, it is possible to fall into these situations. And the best thing we can do is to control ourselves as much as possible. Yes, maybe for now we are good but we are not sure if we can keep it like this or if it change it along the way as we continue gambling. Overall, it really depends on how we discipline ourselves in gambling because no benefits to get if we have these things addiction and greediness as it brings us down financially and pollutes our minds. |
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Well, I believe that both Greediness and Gambling Addiction make our lives terrible. I was thinking about which one of the two reasons causes more disastrous in our life both in terms of mental health and finances.
It would be the base of experience or just purely an opinion but for me, Greediness is something that would really make us cripple.
"I want to bet more and more in order to win more. I will sell my properties so I can bet huge. " Greediness mindset keeps on the winning side, not satisfaction.
But addiction is a little disastrous, why? Because they can be satisfied with betting a small amount, at least they can gamble.
However, both can possibly happen in our lives when we can't control our gambling habit anymore. I prefer not the two but in this situation, I prefer to be just addicted rather than be greedy.
Gamble Responsibly...
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I would say they should not but considering their crypto experience, therefore, they must act cautiously. They should not invest and follow what these influencers are saying but rather urge themselves to research.
These are the reasons why they should act smartly;
- most new projects are scams and have no working product
- not listed in any exchange, a thing that has to be considered as well
In general, the risk is too high than buying old projects, and less confidence that we can get ROI. Sweet promises like earning 1000x are not our basis for choosing but the real potential and purpose of the project.
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snipped...
well, however, these two things are what interest us all, especially the profit part. In fact, when I studied crypto, we naturally entered the world of trading. Therefore, sooner or later, people who study crypto will see the potential that can be gained from trading. This doesn't just happen to crypto, but also to other investments. After all, all this happens because of "interest" which has the goal of generating "profit". So, that's why people are interested in trading. Well, in my opinion, what @Kelvinid wrote regarding the "Interest and Profit" as the reasons why people are trading is not so true. The one and only reason why people trade is to make money from it (Profit) and nothing more, except you allow people to deceive you. Trading is not a game or something similar to games like betting, so why have a mere interest in a thing like that if not for the money? Fine, our interest could be in the financial market, but reading about it and getting the updated information like other sectors we love without investing in it would have been the end of it, not how it is in such a way that we will now invest our money just because of the interest we have in it. Let me remind you, that trading is risky, meaning that we can either gain our money or lose it, so when it is of interest only, why are people investing an insane amount of money into it? Besides, to date, I have never seen a single person, whether online or offline that categorically states that he is trading for the interest he has in it, but for the money, which is so feasible. Well, my statement is right but can be wrong in some other ways or based in your opinion and trading experience. But what makes people become interested in trading is the money that can possibly get from doing this. Just like you gambling, what makes you interested in this is the winning prize as well. We surely know that money is so powerful, it can influence someone and much of our minds when we think we can get something big from trading and becoming rich. That is actually what the majority are thinking especially newbies. It is the profit that leads people to become interested in trading or else, nobody takes this option. |
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We keep talking about gambling addiction and how bad it is to become addicted, does it mean that addicted gamblers lose money all the time? Do you means those guys doesn't win anything at all? Can they not be lucky to win jackpots?
No, it doesn't mean they lose all the time. But it's not the point, because regardless of they win or lose, an addicted gambler will still continue what they used to since it's already hard to stop. So it's not about winning or losing, because they're just like a normal gambler. The difference is, they're already out of control so they lose more for not having contentment and can play long hours to feed their addiction. The sad reality is that winning is not important for them but instead, to keep their addiction as long as they can still perform. Yes, they win today and even tomorrow but suffer losses in the following days. But it was not a big deal for them because what makes them more happy is to stay gambling. Of course, I won't say all gamblers have that kind of mindset and gambling habits. There are just some and we know the ending story if we become a irresponsible gambler, winning won't and never give us satisfaction. |
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Now crypto market is growing super faster along with Bitcoin. Altcoins are become so expensive. People who keep waiting to buy altcoins with cheap price during Bitcoin halving, are disappointed cause market is still on up trend. Sometimes little dump is happening but market recovery also done so fastly. So what do you think? Will altcoins ever cheap again? Or you are buying overprice altcoins?
It is quite simple to understand that not always the market is on the top and rolling high, a time will come when it rolls down again. Perhaps, volatility is the nature of the market and price moves up and high. Therefore, the chance is equal to the chance that it pumps. We are experiencing a surge in price because of bull season and high demand pushing the price to roll up. But after all of this thing, a dump is also about to be expected. The same experience we had in the previous years where bear season strikes after price hyped. |
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Not me but one of my relatives and I really see how addiction changes the entire life of a person, it changes everything. If some people say it is easy to stop addiction, I certainly disagree with that because until now he is still addicted to gambling despite the fact that he heard advice from us (friends and relatives). And I found it difficult when you (as a gambler) won't help yourself to get out of the cage of addiction. Advices is useless, they will only just listen but no action has been made. In the end, it is hopeless and a waste of time, and I think the thing to do is to let him do what he wants.
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Reasons why I chose trading instead of something else;
- profit potential
- interest
Trading is indeed another way of generating money that someone could fall into. Unfortunately, the risk is terribly high making a lot of traders suffer losses instead of earning money. The sad thing about this is if you don't have enough knowledge and skills, you will not earn any but lose all of your money.
Trading is quite interesting because of some social media influence showing a lot of money but this is the thing we should have to remember before we try, the market is unstable so we don't have to take it easy and it is why we can't ensure profit.
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The only issue about potential adoption is the high transaction fees. I think Bitcoin would be more valuable if transaction fees were really tiny and one can make a $1 transaction and receive at least $0.99. Some people who implemented it took it out for as ample as this reason. Because you have to wait for the transaction, yet, you pay some really high fees.
In terms of mass adoption of Bitcoin, the issue of costs should not be a barrier that should be used as the main reason, because the amount of costs that you give is a very small amount and even in some countries such a small amount cannot buy a piece of candy  . What I want to convey is that you can pay attention to these fees with the amount of Bitcoin that you will bring into the transaction, you will definitely find a difference in the amount of fees based on the number of Bitcoin units that you transact so I assume that this is always adjusted by the amount that we transact. So this should not be a reason to stop our own desires in terms of adopting Bitcoin at this time and forever. Fees are still a factor in why adoption isn't going fast. Those days that fees rise to $10 ( and more), I don't think it is encouraging to spend and use BTC to buy. Indeed, it was not the excuse why but the lack of trust really mattered. After all, and all the factors concerning the adoption, still, no reason why Bitcoin will never survive. As long as Bitcoin remains useful to the community, it still gets strong support. Of course, corrections happen always but it recovers then because that is how it works. Some are selling and dropping the price but on the other side, some are also buying and uplifting the price again. |
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We are still investing our time and effort with those simple tasks that airdrops requires therefore it is not free because when we are talking about "free" you get it totally free no need to do nothing and no catch. If they use it for their gambling activities then it's their choice and losing it all would be a mistake as they are wasting their time and effort for nothing at all.
Most of us think that is how it works. With little work/effort, with also small rewards. Joining airdrops just serves as a part-time job for others, so they don't bother to complain about it. But for those who think about earning huge from airdrops will only disappointed in the point that it won't give such expected rewards. The question arises if it is worthy or not. While more reviewers say it is not worth spending their time and is useless, some also find it good and join. It means that not all see things the same way the same as how airdrops look like. |
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I would if the prize is big but if it just to show who is the best trader among the participants, I don't think it gains such courage and motivation. It is unlikely that will have a huge impact on our trading career, possibly nothing change. Perhaps, we can challenge ourselves to improve without this stuff if we want to level up and become more profitable. What is important for us a traders, we are certain of our plan and continue finding strategies that really work. It is not necessary to go into competition so we have to enhance our capability but since we want to become successful, therefore, there is indeed a need to keep improving.
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Because nowadays the younger ones take gambling more seriously then school. Yesterday i got back home early so I decided to step out and go to a betting shop to catch some fun while gambling, I saw two teenagers gambling with their school uniforms on them.
I asked someone besides me why did they allow this boy's to come in with their uniforms and gamble, he said did they put any restrictions that younger ones are not allowed to gamble. I said but it's not normal, I replied him what if this are your kids would you be happy seeing them gambling with their uniforms on them. So what do you guys think about this situation at hand now.
The kids in uniform, the casino, and their parents should take all the blame for why these kids are gambling while they are still not at legal age. Restrictions are just made for the authorities to think that casinos are following what the government told them but on the other side, it is business and they will welcome everyone who wants to gamble even if not the legal age. To ask if it is a proper? It is very clear that was wrong otherwise we making these young people early expose to gambling which is supposedly not a good time for them. They are young and they are curious about the things around which is why we have to guide them in the right way, not by letting them gamble knowing that they are not in that position already. |
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According to the recent SEC filing you all know, ETH is now a commodity - highlight: according to the SECIs there still a chance that some other force (e.g. congress) will overthrow SEC's right to make this decision? (Source: SEC mentions ETF funds as Commodity-Based Trust Shares: https://www.sec.gov/files/tm/lk87adfs99.pdf ) Well, that is the result of their market analysis and it supports their claims to consider that ETH is no a commodity. But I think there is still a need to further their survey and market analysis to enhance the proof that it is worth saying it is now a commodity other than a usual coin used to trade with USDT and any stablecoins. For now, I couldn't disagree but rather give support to such a claim believing that they ate right. In fact, ETH is known for its potentiality and popularity. We can't deny also that many people are buying and holding this just like what they did to Bitcoin. I know the SEC are planning for the next step they will do to make this analysis official and be recognized. |
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So I don't really blame the people who sees gambling as a bad thing to the society, meanwhile If the younger ones take of the steps of being addicted don't you think they'll experience all this as well. So gambling it's bad to the society nevertheless it's also helping in the other hands, to ones which are benefiting and earning from it.
That is the point of gambling --it is good for those who benefit from it and it is bad for those who are not. Indeed, we can't stop people from blaming gambling but in the first place, they also think about why they gamble when nobody forced them to do that. Perhaps, it was their choice and it was their fault for being addicted because they will just be able to control their gambling habits, it is certain they won't lead to that way. Unfortunately, they let this thing happen because of the wrong mindset. We should know and must keep in mind that gambling is not source of income were many gamblers got it wrong and fall into chasing. |
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They are not against cryptocurrency, particularly Bitcoin but just hate how it going to be when people, their clients will no longer use banks as they switch to crypto wallets with less hassle and faster transactions. But why still a lot of people continue to use banks even if they are Bitcoin investors? It is a fact that we know that people still looking for a place to secure their money without worrying that any time we might lose their money due to hacking incidents. That is why I still don't believe that the existence of cryptocurrency makes banks issue bankruptcy because many people still trust the usual banking system.
Until now, banks still dominate the market. Maybe someday, cryptocurrency dominate when risk issue solve and hacking incidents slow down or it all gone in order to gain confidence.
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