I had another chat with my friend, the gal who likes to discuss savings/stock market with me. Classical weak hands type. I wrote about her a while back, on Dec 7, 2020. Price was around the old ATH @19k . (here:
https://bitcointalk.org/index.php?topic=178336.msg55770951#msg55770951 )
Today she wrote me and started with a message like "Why is Bit coin rising? The government should ban it cuz launder drug money blah blah".
My first replies were curt. "Bitcoin: one word or you'll sound like a noob. The primary cleaning agent for laundering is USD by far."
Then she said: "I am afraid, blah blah, so many types of bitcoin, how do I buy blah blah"
I was gentler. "Only one kind, ticker is XBT or BTC. The other 'types' look cheaper because they're junk. Don't touch them."
I went on - You need to open an account at an exchange. Try Bitstamp or Kraken. Avoid Coinbase if you can. You'll need to go through KYC/AML, money laundering my ass. Once you have a bunch, you'll need to make yourself a wallet and transfer them into your own possession. Bitcoiners say "Not your keys, not your coins".
Long story short, I held up to her barrage of questions and gave her a crash course. More than anything, I told her to buy and hold. I spelt it wrong, just like this: hold. She's not advanced enough yet to be taught proper spelling. I said it might go down. I'm pretty sure it will go down and you'll suffer. That is when you have to buy more. That's the difference between happy and sad in the long run.
At the end she said "Oh thank you. But you know, call me chicken but I won't."
I'm pretty sure she'll come around. She'll probably want some at 50k. What could I reply to that?
"Of course you're free to do as you please. Bitcoiners say 'Have fun staying poor' "