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Author Topic: How many of you feel ashamed for recommending Bitcoin to family & friends?  (Read 3300 times)
maxhor
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August 31, 2015, 08:36:15 AM
 #41

I never feel ashamed with bitcoin and have no reason to think like that because i have strong believe in this true crypto currency.
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August 31, 2015, 09:39:25 AM
 #42

I would never feel ashamed of talking about Bitcoin, I don't however tend to tell many people about it due to it's complexity and my bad explaining skills Tongue

If I were to explain it to someone I would be sure to point out it's current volatility and that is the main reason I have refrained from telling a few of my café / restaurant owning friends about bitcoin; I would hate for the price to drop on them just after starting to accept it. I did convince my father to buy a few in 2013 when the price was hovering around $250-300 and he then sold some off when the price peaked. He's not the most tech savvy person but he keeps an eye on the bitcoin price and I let him know when it's a good time to buy; so far he is the only person I have shown how to use and buy bitcoin.
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August 31, 2015, 09:56:37 AM
 #43

I am one of the lucky ones, because I got my family into this and they got a good profit when they sold. It's all about timing... there is a fine line between being zero or a hero in Bitcoinland. Unfortunately the OP

got his family in when the price was at it's highest... if he brought them in and the price went to $10 000 ...He would have been their hero. This is just the way it works in early adoption of new technologies.

The other side of the penny.... if they hoard it and it goes beyond $10 000 ...he will still be the hero.  Wink

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August 31, 2015, 10:01:16 AM
 #44

I started buying bitcoins back in summer of 2013. I was so excited by this new technology and when the price shot up in November, my excitement became contagious. My brother bought a bitcoin for $1000 from me, my mother asked me to buy her one too also at $1000, my niece bought a tenth for $100, my boss bought a few from coinbase, a co-worker bought a few dozen or so until the price dropped to $800. He died about a year later and his family threw away his computer. So those were all lost.

I continued buying in 2014 and then spent a bunch early this year to take care of some things. Anyway, I went over my buys & sales, and discovered that my remaining couple dozen bitcoins cost me around $500 each, despite my use of cost averaging. And I know I did much better than all the people that I know who started buying later than me.

Now I am ashamed to even mention Bitcoin. Everyone I know has lost money and a lot of it. If they ask me about it, I refuse to talk about Bitcoin.

Don't get me wrong, I still love the concept. I am sure the technology will take off in a decade or two. I even use it to send money overseas (using bitpesa) and to fill phones (using bitrefill) all the time.

Anyway, just curious to hear how you all deal with the bitcoin shame from friends & family.


I never advised anyone to buy bitcoins. I always explain the technology, what might be possible in the near future with it, how disruptive it can be, what are the risks and actual downsides. That's it.
When I got asked if someone should buy I always say only if you have some money left what you can afford to lose. Because right now it's still a high bet and very speculative if it well ever become a worldwide success. Some bought 0.5 or 1 Bitcoin. They said let's see what it will be in the next ten years.Others never touched it.

The key is to show the positive and negative aspects.No risk no reward.That is why super early adopters are the lucky one today.
If you own Bitcoin you might be with them in 10 years.But no guarantee.

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August 31, 2015, 10:02:37 AM
 #45

That is hard maan unlucky :/ I managed to get there a little before which cost me around 50 -70 dollars and the only guys I spoke with it about, my sister and partners farther all made money from it. It was not as much as they could have because they sold before the all time high. But, glad I don't have to ignore them or the conversation because they lost out like many did. Head up OP and don't let nothing make you feel ashamed, try put a little money aside each week and repay them a percentage of their losses.

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August 31, 2015, 10:03:26 AM
 #46

I mentioned to a few people, shouldn't feel ashamed as everyone has their own choice to make and I can't see any harm in giving people information.  It will pay off in the long run I'm sure.

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August 31, 2015, 11:22:22 AM
 #47

I'm so proud that all my friends listened to me to buy at 2012 before the first reward halving at least 20xed their investment. They typically bought a couple of coins for their children to play with but now that can buy the children a car. But I still insists that they should hold it for at least 2 reward halving to see the real power of bitcoin's long term anti-inflation potential

By the way, "BLASH" is always a wisdom when it comes to investment of anything  Grin

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August 31, 2015, 11:27:03 AM
 #48

We all know that bitcoin is unstable. Price is extremely volatile. It is not investment without risk which give you pure profit every time. If that was the case everyone would be riding this bitcoin train by now.
Op I feel sorry for you and I understand that your overzealous attitude caused you and your friends troubles, but that is to be expected in bitcoin world, you will never know.
It was foolish to think that bitcoin will be only stronger and more expensive.


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bitcoin567
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August 31, 2015, 11:52:53 AM
 #49

im not ashamed of recommending it to my friends in the future they will see that i was right when choosing it
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August 31, 2015, 12:26:00 PM
 #50

I don't really see why you would feel shame. You talked about Bitcoin back then because you were excited about the new technology and its potential, that's fairly normal behavior. The actions your family and friends take based on the knowledge you've imparted to them has got nothing to do with you. They are their own person, you can't be responsible for their decisions.
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August 31, 2015, 12:28:06 PM
 #51

I don't. EVerybody already get rich after I suggest them Bitcoin. That was early 2013. Wink





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August 31, 2015, 12:31:10 PM
 #52

I recommend Bitcoin as just like other investment instruments, like Stocks, Gold, Real Estate, etc.
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August 31, 2015, 12:33:52 PM
 #53

I dont recommend so much as try to explain the money supply system and why BTC needs to be part of any investment protfolio, eg 2%~5% if considered High risk. Most people understand the need for a diversified portfolio that needs to include some *high* risk.

Personally I see BTC as low risk and FIAT as High risk....but then I have spent years getting to grips with money supply, banking, IT, BTC, programming, Law etc

most people just dont have that time to go into it .... ironically by the function of the the FIAT system mostly.

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August 31, 2015, 12:39:14 PM
 #54

I never feel ashamed with bitcoin and have no reason to think like that because i have strong believe in this true crypto currency.

exactly this. When i recommend bitcoin to family and/or friends,i always advert them about the risk and the advantages, i just leave them the decision to invest on it or not, there is nothing to hide.

I don't. EVerybody already get rich after I suggest them Bitcoin. That was early 2013. Wink

haha you feel like a unlucky man yes?, i know how you feel Tongue
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August 31, 2015, 01:23:35 PM
 #55

I don't feel ashamed, because I never really feel when the price goin' down. Because I started to know Bitcoin when the price is around $400, and I also never buy a Bitcoin with fiat. Instead, I feel proud because the longer my Bitcoin income is increasing.
 Wink Smiley

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August 31, 2015, 01:27:24 PM
 #56

I recommended to some friends with the warning of uncertain future and price, there is always certain amount of risk when you invest your money.

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August 31, 2015, 01:38:22 PM
 #57

Well you are not the only person. Despite being so confident in the past and then doing all the best that I can to promote it, somehow I feel it might be a wrong decision after all. Even though there is a glimmer of hope that one day the price will take off and adoption becomes widespread I would rather leave it to the individuals to find out themselves. Better than telling something from my gut feeling that eventually turns out to be wrong

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August 31, 2015, 01:51:37 PM
 #58

I am a little ashamed as there are many people that would think it is a game, or that I am crazy. But if you take your time to explain it, and warn about the risks beforehand, it does not have to be shameful.

Problem is when you say it is all the rage, and then people see they are not easy to spend or that its price is very volatile.

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August 31, 2015, 01:58:10 PM
 #59

I don't feel ashamed because of bitcoin itself, but I'm not feeling comfortable about public opinion.

when we start discussion about bitcoin with friends, it EVERY-TIME ends up on mtgox, silkroad, BFL (they had preorders) or Avalon (I bough chips for them here). Generally, I really can't recommend to anybody here to recommend bitcoin to friends - it is quite dumb idea.

within my friends and family, bitcoin is (still) handled like some ponzi game for geeks looking for quick bucks and for some dreamers, which thinks, that they can beat government and taxes and bring endless freedom and prosperity to whole world.)

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August 31, 2015, 02:20:57 PM
 #60

I suggest for your family to hold, someday the price will rises surely Smiley
Also next time tell your family to not invest more that then can afford to lose Cheesy

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