How many of you feel ashamed for recommending Bitcoin to family & friends?

[Pente]

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.

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[RGBKey]

Yeah, I still love the idea and implementation but when it comes to actually buying it and using it I don't talk to people about it any more, i get labeled awful things.

[frenulum]

Just tell them to hodl

[MadAlpha]

Just tell them to hodl

This is a good time-tested advice. A lot of people get desperate during a drawn out bear market. And a bear market can go for a long while, as we have seen. But if Bitcoin has value, as we all assume (or we wouldn't hold any), it will turn around eventually. Sadly there will be some who end up selling at the absolute low point before a turnaround, just as there are some who buy at the absolute top, but that's all part of market dynamics.

And no, you shouldn't feel ashamed. Do you feel ashamed if you recommend a stock at $500 and it goes to $250? If you feel ashamed, you may have invested for the wrong reasons. A good reason to invest in BTC would be that you wanted to be part of a disruptive new technology, a bad reason would be that you wanted to double your USD quickly.

[1Referee]

I recommended Bitcoin to several family members and friends and explained them in detail what Bitcoin is and the volatility that comes with it. Some of them are still using Bitcoin and others didn't come back due to the volatility. I am very happy I shared the idea of Bitcoin with them. They at least know there is a fantastic alternative to fiat and the old fashion financial system.

[Wapinter]

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 have just got into bitcoin few months back and none of my family members know about it neither do I intend to tell em unless I make a big fortune off it
That said I dont like the idea of buying btc for the simple reason that when you can get something for free why buy it

[Falconer]

It usually happens to people who didnt introduce the risk of bitcoin while recommending it for their family of friends, so it would be a big regret for them. I never feel ashamed to recommend bitcoin for my friends (my family are not interested with bitcoin) because I also explained the risks too, and thats why they dont want to get into bitcoin. Its really painful if I am in same situation with you

[ranlo]

I have only recommended BTC under the guise that it's a risky thing, equating it to stocks, only a bit more liquid. I'd never recommend people buy them without knowing the risks, though.

[dopecoindude]

Bitcoin isn't going anywhere. Just sit tight and you'll be a winner at the end.

[ranlo]

Bitcoin isn't going anywhere. Just sit tight and you'll be a winner at the end.

This is naive, at best. Bitcoin was never made to be a get-rich-quick scheme. It's a method of transferring wealth. If it were a guaranteed way to profit, every hedge fund/investor in the world would be all-in on it. Hint: it's not guaranteed, and it's HIGHLY risky.

[amiryaqot]

Well after reading this story it makes me feel proud because when i was enter into this innovation than it was around $70 and my brother entered than it was around $100 and after few months price raised to over $1200 so i am still in profit at the current price floor and i believe in great future of BTCitcoin, patient is the key of success in crypto world.

[gentlemand]

It's never worth dragging your family and friends into your own private investment fever. What happens will always be your fault. Crash? Your fault. Hacked because they're slack? Your fault. Price goes to the moon? Your fault for not persuading them to buy more.

[wadili89]

why on earth i will be ashamed for recommending Bitcoin to family & friends ? no not at all if bitcoin price is droped nothing to shame about it when it rise do you also feel proud ? i dont feel proud eaither its a currency it will go up and down

[bri912678]

It's never worth dragging your family and friends into your own private investment fever. What happens will always be your fault. Crash? Your fault. Hacked because they're slack? Your fault. Price goes to the moon? Your fault for not persuading them to buy more.

That's good advice and it applies to much more than Bitcoin. I bought things on ebay for family but found myself getting the blame if anything was defective. Luckily I kept quiet about Bitcoin and I'm sure I would have got the blame if they lost money buying it. On top of that I have the feeling they would spend so much time asking me when they should buy, and when they should sell that I would be left with little time to myself.

[ranlo]

It's never worth dragging your family and friends into your own private investment fever. What happens will always be your fault. Crash? Your fault. Hacked because they're slack? Your fault. Price goes to the moon? Your fault for not persuading them to buy more.

That's good advice and it applies to much more than Bitcoin. I brought things on ebay for family but found myself getting the blame if anything was defective. Luckily I kept quiet about Bitcoin and I'm sure I would have got the blame if they lost money buying it. On top of that I have the feeling they would spend so much time asking me when they should buy, and when they should sell that I would be left with little time to myself.

I've been the local "ask about Bitcoin" guy, but there's no way I can explain everything to people that they want to know. That said, if you explain that it's like a stock and can drop/rise at any second (but is more volatile than normal stocks), it usually gets the risk factor across.

[xhoneyael]

if your family is not aware in the risk or dont have any idea in bitcoin..
the best way is not drag them in bitcoin just introduce it to them
and let them do some research on its own..

[dopecoindude]

Bitcoin isn't going anywhere. Just sit tight and you'll be a winner at the end.

This is naive, at best. Bitcoin was never made to be a get-rich-quick scheme. It's a method of transferring wealth. If it were a guaranteed way to profit, every hedge fund/investor in the world would be all-in on it. Hint: it's not guaranteed, and it's HIGHLY risky.

How is it naive ?

Never said this :Bitcoin was never made to be a get-rich-quick scheme......

People who treat Bitcoin as other then a qet rich quick scheme are going to win in the end...

[Bit_Happy]

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 would always make sure they are aware of the risks, so I would never be needing to feel "ashamed for recommending Bitcoin". Why refuse to talk about it?

[chaoman]

1000 is alot of money?

[randy8777]

not at all. every one can make a decision for him self to invest a certain amount, whether you recommended bitcoin to them or not. investments aren't without risk.