Apparently what he heard was right.
[UPDATED] PSA: Most Stablecoins Can Be Frozen, Even in Your Own Wallets
Maybe give it a good read for a little bit, hmm?

1. Could be faked images. There are fake projects using stock images.
2. I wouldn't focus on this in looking if a project is legitimate. Could be faked.
3. One could write an essay with some copy-paste from some project to make it look legitimate. Page like homepage? It is easy to learn html,css and javascript. Scammers could just even download a clone a homepage and just edit the html and css to make it look unique and host it.
4. Do you remember when there was fake Binance channel in Youtube that has a lot of subscribers to make it look legitimate?
[They are stealing YouTubers accounts to stream fake Binance, Ripple, Ethereum or Bitcoin Cash giveaway on them] - It is a Medium article link. I am not the author of this article, I just looked up for the past incidents.

Plus in addition to number 4, pages in Facebook are being sold and once the ownership has been transferred, they have the means to change the page name and delete past posts to make it look like they're launching legitimate project.

News leads to reaction of investors that's why some people think that news are controlling the market, same goes to celebrities hyping a coin, governments regulation, etc.
However these fuds are a "meh" for those who hodl Bitcoin.
I wouldn't advice that you base your decisions from the news itself.

I haven't read all the SCs rules in the Services section, but from what I recall last time is that most of it now require minimum of merits so that should at least minimize the chances of low-quality posters to get into the campaign, although we have issues of merit abuse, I am pretty sure it won't last long due to how limited merit/s is/are.
Most likely in the Bounties section there would be no merits required for SCs, that's why many join there and continue doing their usual "thing".

Nothing much can be done to solve the problem, except reporting their post. Most of the time, I read the post histories of those I reported because there are chances that they'll just go in an plagiarize in order to fish some merits while it is obvious that their other posts are comparable as night and day.

Too early to tell there, OP. Still stabilizing above 38k and anytime soon whales would take weak hands' coin.
There are people that are still not over with Musk and it's kind of getting insane and out of hand let alone here in the forum already.

Thing is some people expect too much from the volatility of the market. Trends are being forgotten that there will be times that top coins like Bitcoin would be stuck or stabilize at certain price range. Felt that when it was 7k-ish in 2019.
There are newbies that aren't even familiar with the bearish side of the market.

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Cool meme there, OP btw.

It's not a loss, until you sell your Bitcoin.
You sold, didn't you? Don't panic there, and don't FOMO at the same time.

This is me like couple years ago. I always refresh BTC to USD conversion every 5 minutes expecting something to happen.
Like what the hell was I doing? Long-term holder checking the price every 5 minutes? What?

Business will destroy other businesses in order to dominate. This is to all those celebrities trying to bring Bitcoin down, though it's not even a business establishment.

Bleak market or the opposite, you can't convince others to learn everything about the Bitcoin, even the truth of it.

Keep being optimistic, mate.
However there will always be ignorant people sadly and even if you can pass down open mindedness and positive trait, there will always be the opposite.

Just put it like this.
In the market full of legitimate people, there will still be sliver portion of scammers.

An opportunity to....panic. Well for some people.
Some aren't used to price correction anyway in here. We will see a lot of threads like this for few more months to come.
It's just like that good ol' reaction when Bitcoin crashed to 3k back then.

Back when McAfee was popular due to his challenges that he will eat his...thing, though I know that's just a joke, I never even thought that he was like pushing  or hyping people to invest in Bitcoin. He was just like a troll for me in the internet when he started popping up in the discussion here around the forum.

Some people should consider their decisions in life if they're purely doing their decision based on celebrities or truly from their own.

Didn't expect that such retaliatory coin would exist in the first place. I even heard that before there was like Corona coin when the pandemic started.
Just like how others described here that tokens are in control by the devs, I would just laugh over this coin.
I expect exit scam anytime soon from this coin.
Some people are seriously giving Musk too much attention already.

You could follow someone like your idol or someone you're inspired of but it shouldn't lead to something wherein the one you follow controls what you'll do.
This is what I believe that pushed some people to go to crypto. They're blindly following.
Though I wouldn't use it as a reason that BTC had its price correction lately.

I just look at their Twitter page and get a good laugh on what they say about Bitcoin regardless if it is positive or negative. We can all just say that they don't have any single idea in Bitcoin.
Hopefully this Musk trend and threads will slowly stop already.
It is just looking like that we care a lot about celebrities' words, now that we have OP saying that s/he doesn't care about the words from celebrities s/he mentioned, we're good to go.
 

Let the dude be already. He's being mentioned a lot already in here.
It is now looking like that crypto holders are being controlled by Musk, from how people's reaction seem to pop up these days. Somewhere around the world, one could be saying the same thing as well like Musk.

I am aware of the said strategy as well but I just don't want to use that strategy aside from hodling for now. From how the OP described what happened, I don't think I can handle the stress that his friend undergo through those losses.
We're not in the middle of pandemic and having that kind of financial stress as I mentioned here earlier is a lot of burden in one's mental health.

Depends sometimes on how money is badly needed.
Say for one invested Bitcoin for long-term. S/he wouldn't just let it do its own price increase/decrease for just a week/months.
There are long-term hodlers that wouldn't touch the coin for years and there will also be time that people will be unemployed due to economic reason and they would obviously badly need that money so they'll cash it out.

These are like the questions asked back in 2017 like "will ethereum overtake or replace Bitcoin?"
Like others mentioned, there are more that surpasses market value of Bitcoin.....for now.
But Ethereum replacing BTC? Meh.

Not really attacked on, but just corrected with logics and not just slamming them with their beliefs just like how other believers in a certain religion slams their "sacred book" into non-believers.
Maybe the OP just thought that because many are going into crypto because of the hype that it made a cult or religion as well.

Give this thread a good read, OP.
[UPDATED] PSA: Most Stablecoins Can Be Frozen, Even in Your Own Wallets
There are more in Google.

About the utility by the way, my friend requested an immediate fund to me and through Bitcoins using Electrum wallet, I got the money sent to him without going out. Saved me for travel expenses plus time.

Not sure if that's possible, OP though I even heard a myth or theory about that one.
If you're gonna uninstall your online wallet, you could clean it so that any residual junks from the uninstalled app would be cleaned as well though that will be way too much already to be honest.

You should probably research first if the mentioned country bans crypto usage though.