Stupid Bitcoin Traders

[Mr.Ease]

You know what gets my gears grinding... My bubble to pop... My cheeks to tighten?

People who don't understand trading Bitcoin and are literally stupid about investing.

Here goes...
My brother-in-law is one of these idiota's - Let me explain.

I was all about telling him to buy into some BTCBTC when it was sub $300 back like 3 years ago. Just buy 1 or 2 I said - Whats $500?
He said NO, NO, NO - Not for me. So I left him alone about it.
Then come last year - When Bitcoin hit $15k - Guess what? He Buys In!  *at the time I did a quick facepalm* Seriously buys in after it pumps some 50x...

Anyways - Long story short - He lost like $5k after the collapse and he sold.

Now a couple months back, I was suggesting that $3.5k bitcoin might be a good time to get in again and redeem his loses... Figuring it's like 1/4th the price he originally bought at.

And he says... "NO, NO, NO. Not for me - I learned my lesson"

No Dumb-Ass... You didn't learn shit!

Why is it - that people are so ready to buy AFTER it pumps 50X - And then cry or call BTC a scam after they lost their ass?
But won't touch BTC once it stabilizes after a collapse?

Please Share you Stupid Bitcoin Trader Stories if you have em

[odolvlobo]

... And he says... "NO, NO, NO. Not for me - I learned my lesson"

No Dumb-Ass... You didn't learn shit! ...

Yes he did. He learned two valuable lessons:

1. Don't invest in something that you don't understand.
2. Don't invest in something just because some random relative tells you to.

Here's my lesson for you:

1. Don't recommend investments to friends or relatives.

[joesan2012]

You know what gets my gears grinding... My bubble to pop... My cheeks to tighten?

People who don't understand trading Bitcoin and are literally stupid about investing.

Here goes...
My brother-in-law is one of these idiota's - Let me explain.

I was all about telling him to buy into some BTCBTC when it was sub $300 back like 3 years ago. Just buy 1 or 2 I said - Whats $500?
He said NO, NO, NO - Not for me. So I left him alone about it.
Then come last year - When Bitcoin hit $15k - Guess what? He Buys In!  *at the time I did a quick facepalm* Seriously buys in after it pumps some 50x...

Anyways - Long story short - He lost like $5k after the collapse and he sold.

Now a couple months back, I was suggesting that $3.5k bitcoin might be a good time to get in again and redeem his loses... Figuring it's like 1/4th the price he originally bought at.

And he says... "NO, NO, NO. Not for me - I learned my lesson"

No Dumb-Ass... You didn't learn shit!

Why is it - that people are so ready to buy AFTER it pumps 50X - And then cry or call BTC a scam after they lost their ass?
But won't touch BTC once it stabilizes after a collapse?

Please Share you Stupid Bitcoin Trader Stories if you have em

You know what he/she learned a lessons.

1. Not anything into trend should be invested
2. Do not invest if you are pressured by someone without fully knowledge and research.
3. If you doubt, and scared in the first place. Do not Invest.

And for you . Don't screw up yourself, just to recommend someone into trading without giving them full details about trading. Better share some ideas first before recommendation. Also explain the risk, if he accept it then it's good to him. If he doesn't it's not your loss

[avikz]

Here's my lesson for you:

1. Don't recommend investments to friends or relatives.

I second this opinion. Under no circumstances, we should give any investment idea to your friends and relatives if it's not real estate. Cryptocurrency is already a very complex matter for a lot of people to understand! Talk about cryptos if you want and let them know about the technology, but don't share investment recommendations! It's not only ruins your relation but also you will become a villain for their financial losses. Enjoy the cake alone!

[TheHas]

Your bro needs to become part of the hodl gang, or listen to you and buy low sell high.

Tell him to buy ETH and say it is super different from BTC to bring him round. Or you could buy for his bday some crypto, and tell him you'll keep it for him and sell once it hits the amount required to cover his losses. He might hate the present but whatever its all gain and no risk for him.

[pooya87]

exactly as @odolvlobo said!
that is why i have never introduced bitcoin to anyone (relative or friend or others) as an "investment to make profit". when someone asks me about bitcoin, i will always focus on what it is and what it does as a decentralized currency. if they ask me about the price i will not answer or will advise against buying because they think price is going to go up.
that has two benefits, first it prevents from blinded by greed people to jump in with their head first and lost money, and also it introduces BITCOIN to them so that they learn a tiny bit about what they are planning to buy.

[Kemarit]

And maybe your brother-in-law is another statistics of this, People Only Want to Buy Bitcoin *After* Price Rises, Google Data Shows. Worst, this guy, Japan’s Second-Richest Man Bet Massively on Bitcoin. He Lost $130 Million. Those people who "buy high, and sell low". 

[n0ne]

Similar incident happened with my sister, but she didn't bought when the price was pumping. I suggested her to buy when it was around $350, truly speaking she didn't had funds with her. When the price topped she had saw it in the newspaper. Later she said I could've bought by selling my gold and later she didn't enquired, upon that it too won't be discussing much.

[Onuohakk]

When trying to tell someone to invest into bitcoin or anything endeavor to put a disclaimer incase anything goes wrong. So you would not be held solely responsible explain to them that this is not a get rich scheme and there could be several downs along the way also try telling them the benefits of holding... And also don't call someone dumb ass

[omone1]

I have a friend who called bitcoin scam, each time I told him about investing in he bitcoin, he compared it with Ponzi schemes he had previously loss his money to. So I had to let him to his fate. After some months, he kept seeing ad about bitcoin everywhere, by this time bitcoin already hit high price, he dive into it and loss big. Today he is filling Airdrop and running bounty then buying and holding altcoins to see how he recovers. My friend and I are currently his guide. People will not believe until they see proof of result and at that time, it might already be very risky and needing professionalism.

[Yaunfitda]

We have heard that countless stories before in this community and it's so frustrating in our end to see those people losing money in the market wherein they could have make tons of money but just following our advises.

Anyways, I guess it's another expensive lessons to learn, and maybe he really learn from his past mistakes. 

[Mr.Ease]

Here's my lesson for you:

1. Don't recommend investments to friends or relatives.

I second this opinion. Under no circumstances, we should give any investment idea to your friends and relatives if it's not real estate. Cryptocurrency is already a very complex matter for a lot of people to understand! Talk about cryptos if you want and let them know about the technology, but don't share investment recommendations! It's not only ruins your relation but also you will become a villain for their financial losses. Enjoy the cake alone!

Honestly - I don't recommend investment ideas. I talk a lot about cryptos tho, and back when BTC was $300, I think anyone should have at least got 1.

What bugs me, is that he just got all FOMO'd up and bought in 2years after the fact, bitcoin rose some 50x. There wasn't any pressure on my end to buy. I think one of his work buddies was all telling him about litecoin, or at least thats part of the story.

Also that $500 recommendation years ago is a whole bunch different than a $5k Loss...

As for investing in cryptos - I always tell people if your interested in trying, Take $100 and lose it - You will learn a lot.

[Kelvinid]

We have heard that countless stories before in this community and it's so frustrating in our end to see those people losing money in the market wherein they could have make tons of money but just following our advises.

Anyways, I guess it's another expensive lessons to learn, and maybe he really learn from his past mistakes.  

They just ignoring our advises and they can't blame us either. They'll have their own decision and taking the risk for crypto investment is not the last option we have to do. Frustration will be at our side cause they'll never listen to us but it could be their biggest regrets also for just taking for granted of we we say or what the forum did to them and end up them losing.

[Capt00]

I explained how bitcoin it works to my friends and relatives that this currency has peer to peer transaction that is good for internet transaction as we make digital currency. But when it comes investment I never introduce to them because I know if they don't understand how the technology behind the bitcoin works they will lose and probably they will blame me. I let them showed what I have achieved in doing business in cryptocurrency, then, if they ask that's the time I will teach them first then introduce bitcoin.

[tonlong]

You know what gets my gears grinding... My bubble to pop... My cheeks to tighten?

People who don't understand trading Bitcoin and are literally stupid about investing.

Here goes...
My brother-in-law is one of these idiota's - Let me explain.

I was all about telling him to buy into some BTCBTC when it was sub $300 back like 3 years ago. Just buy 1 or 2 I said - Whats $500?
He said NO, NO, NO - Not for me. So I left him alone about it.
Then come last year - When Bitcoin hit $15k - Guess what? He Buys In!  *at the time I did a quick facepalm* Seriously buys in after it pumps some 50x...

Anyways - Long story short - He lost like $5k after the collapse and he sold.

Now a couple months back, I was suggesting that $3.5k bitcoin might be a good time to get in again and redeem his loses... Figuring it's like 1/4th the price he originally bought at.

And he says... "NO, NO, NO. Not for me - I learned my lesson"

No Dumb-Ass... You didn't learn shit!

Why is it - that people are so ready to buy AFTER it pumps 50X - And then cry or call BTC a scam after they lost their ass?
But won't touch BTC once it stabilizes after a collapse?

Please Share you Stupid Bitcoin Trader Stories if you have em

The story you mentioned is very accurate in investing Bitcoin and the money in the crypto market. To determine the good time to buy and invest is very difficult if the investor has no experience and no observation. .So the risk will come if we do not understand anything about the market. My friend also sold all of his houses and bought Bitcoin when he priced $ 18,000 and waited for Bitcoin to $ 25,000 and he lost money. and must go bankrupt.

[figmentofmyass]

Why is it - that people are so ready to buy AFTER it pumps 50X - And then cry or call BTC a scam after they lost their ass?
But won't touch BTC once it stabilizes after a collapse?

Please Share you Stupid Bitcoin Trader Stories if you have em

this is how most retail traders are in all markets, not just bitcoin. they are impatient and greedy, so they buy near the top when the market is hyped. then being too impatient to wait through the drawdown, they sell near the bottom. this is classic behavior and is a really important aspect of bull/bear market cycles.

when i first started trading, i made the same mistakes. some people shake it off, learn how markets work, and become good traders. but most people say "i learned my lesson" like your brother-in-law and leave the markets for good after losing a bunch of money.

[joniboini]

What bugs me, is that he just got all FOMO'd up and bought in 2years after the fact, bitcoin rose some 50x. There wasn't any pressure on my end to buy. I think one of his work buddies was all telling him about litecoin, or at least thats part of the story.

Any newbie or someone who doesn't understand enough about the market will likely do the same thing because they already see that it has risen so much, so probably it will rise more and it will never stop. That's what basically fomo does to us. On the other hand, buying when the price is at the bottom or there's too much blood on the street makes them feel insecure and they won't risk their asset for that, in other words, they don't know the value of that assets.

Which is why we have 1% ultrarich people. They buy and understand what they're buying and at what price that assets should be in the future.

[okala]

You know what gets my gears grinding... My bubble to pop... My cheeks to tighten?

People who don't understand trading Bitcoin and are literally stupid about investing.

Here goes...
My brother-in-law is one of these idiota's - Let me explain.

I was all about telling him to buy into some BTCBTC when it was sub $300 back like 3 years ago. Just buy 1 or 2 I said - Whats $500?
He said NO, NO, NO - Not for me. So I left him alone about it.
Then come last year - When Bitcoin hit $15k - Guess what? He Buys In!  *at the time I did a quick facepalm* Seriously buys in after it pumps some 50x...

Anyways - Long story short - He lost like $5k after the collapse and he sold.

Now a couple months back, I was suggesting that $3.5k bitcoin might be a good time to get in again and redeem his loses... Figuring it's like 1/4th the price he originally bought at.

And he says... "NO, NO, NO. Not for me - I learned my lesson"

No Dumb-Ass... You didn't learn shit!

Why is it - that people are so ready to buy AFTER it pumps 50X - And then cry or call BTC a scam after they lost their ass?
But won't touch BTC once it stabilizes after a collapse?

Please Share you Stupid Bitcoin Trader Stories if you have em

No he has not learn his lesson yet, he is waiting for the price to reach above $10000 before he buy in again. I don't know why people always choose to buy bitcoin when the price is high does it mean that the the know the fundamental tool of buying low and sale high. Most of them who buy into bitcoin when it all time high and lose when price crash always tend to call bitcoin a scam but in the real sense they are the one who made the wrong choice.

[Bitinity]

I cant say they are stupid trader, but they are inexperienced traders who has few knowledge. Most them believe in some predictions, I did it as well when I was starting to learn about bitcoin/crypto trading. I used to read some predictions and suggestion from the community. I believe they will realize about it sooner or later, as experience is the best teacher unless they were giving up after making their first mistake.

[alyssa85]

Why is it - that people are so ready to buy AFTER it pumps 50X - And then cry or call BTC a scam after they lost their ass?
But won't touch BTC once it stabilizes after a collapse?

Please Share you Stupid Bitcoin Trader Stories if you have em

They're basically controlled by fear.

When bitcoin's price was $300, your brother-in-law feared the price would go to $0. Hardly anyone knew about bitcoin at the time, it was confined to a few libertarians and tech enthusiasts. From his point of view it was perfectly rational to assume that it was a fad that would fizzle out.

When bitcoin was $15,000, he feared he would miss out if he didn't get in right then. After all it was moving up fast, every newspaper was talking about it, it seemed like it might take over just like the internet.

This is how most of the public approach things. They don't look at the fundamentals. They can't see pumps and dumps, they can't tell whether something might have real traction or whether it is a fad. They can't tell real adoption from pumps.

Investing is hard, which is why so few succeed at it. It requires a rare psychology and nerves of steel.