Stupid Bitcoin Traders

[Cuk0ng_bitc0in]

I don't have a story like you, but I have a story about my lazy brother, I invite him to become a bounty hunter. I suggested to him to join several campaigns for XRP payment, but he did not follow my advice.
 he is stupid and lazy, if he becomes a trader, it looks like he will die.

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[r1s2g3]

Don't know if your brother bought it again and following the golden rule that "if you own crypto,then do not tell anyone".

The mainstream media is highly negative for bitcoin and I guess he might be influenced by them.

[Apes]

an interesting story. only people who are successful and rich from BTC in that period will laugh out loudly reading this story. I understand your friend's situation without experience wanting to invest but instead losing. Your stupid friend, didn't hear your advice at the first time, after at the peak there must be a cliff ... so your stupid friend part of the person who fell into the abyss ... lol.

[sumangs]

I buy 200 mBTC 5 times a week at the price of bitcoin ranging from $1800 and $2500. After seeing my savings on buying bitcoin was happy of course and looking forward to a new investment. But then after days and days bitcoin showing signs of collapsing and made me panic sell and then another day it becomes $4000 and pump and pump and pump like it deeply stabs me with regrets on panic selling until I just watched bitcoin reached almost $20,000 with me having no bitcoin anymore at that time. So sad, really really sad.

[Digitalbitcoin]

... 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.

Completely agree.

It's my personal experience, I saw many newbies are a bit interested even fascinated about Bitcoin. But no one actually willing to understand what is Bitcoin. So my suggestion will be, encourage people to get into Bitcoin not for investing money but spending more time to understand the ecosystem and technology used behind Bitcoin. This will help in a more realistic way, which will give confidence and mobility and trust in the enviournment of Bitcoin technology.

In the above story person who bought Bitcoin just on a suggestion, request or order by someone, so we cannot say him as "Trader". But in case of buying and selling of Bitcoins, a person must have basic knowledge of trading. Introducing such a risk involved investment to relative or friends can bring them in trouble considering asset and equity.

[rosezionjohn]

What makes him not believe in your words? I read your story, it's really very sad if your sister buys bitcoin when the price is high. If he follows your words, he will benefit several times.

Not sister but brother-in-law.
It's only natural for people who are not really familiar with business or investing to doubt any kind of offer/suggestion. They often want to see result and when bitcoin started pumping like crazy, he probably realized that it's a real opportunity.

[Slow death]

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?

imagine that today the price of bitcoin was $3, his advice would have led his friend to have losses. with that I mean the following: nobody knows when the price is high and when the price is low, people only make assumptions ... you got it right because the price has gone up, but you could also have been wrong if the price dropped. This is the same as the people who bought when the price was $ 15000 if the price had increased to $ 50,000. so everyone who bought the $15000 would have made a good investment, but as the price dropped a lot and this at  $5000... people call stupid everyone who bought when the price was $15000. But who can say when low is low is when high is high?

[GunsLair]

I have a similar story. Only I didn't offer anyone to invest in bitcoin. I just decided to share with friends what I do, namely investment in cryptocurrency. But they only laughed at me. But what happened when the price of bitcoin began to soar upwards? That's right, they started buying it.

[Ucy]

Or  don't recommend investments to friends and family without informing them about the risks associated with such investments.  Better still, recommend investments only to risk takers. There are always the risk takers in most families guess.  They are the kinds people op may recommend bitcoin to.

[teejayrichard2]

I have one question for you, did you take time to really explain the whole bitcoin ideology to him or you just asked him to invest because you felt its a way to make profit in future?. Its really not a good idea investing into something you really don't understand. He learnt his lesson the hard way and am sure he won't want to invest into bitcoin again after loosing money. Next time, just tell people about something good you came across and let them make their own decision whether to invest or not.

[thankyoulord]

what your brother experienced is something so many people who invested in bitcoin late experienced. So many people had the chance to invest in bitcoin when the price was very low but felt they can't keep their money there and when they saw how those who took the risk were making profit, they decided to join the trend and invest but then it was already late. Next time dont try to convince anyone into investing in anything because you will be blamed when things go wrong. Just give them tip about it and let them decide if they will take the risk or not. Also your brother in law is just one of the numerous people who want to be rich but are not willing to take risk, they rather stay with the little they have than risk it to have more.

[pixie85]

This isn't stupidity it's a normal human behavior. Give someone 100 dollars for free and tell them to bet it on bitcoin or something else where there's a chance they could lose and they will because they got it for free. Make them work for it and they will be scared of losing it and will value it much higher than money they were given.

I know people who were delaying an investment until they thought they were sure it was going to go up and it went down soon after.

[samycoin]

... 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.

This is true because in the end of the if they lose money you will be the one who will blame about their loses in bitcoin. Since I came in crypto I never ask any person to invest or talk about cryptocurrency even they ask about it. I just say to them that they need to research what bitcoin is and how bitcoin works. I just give some tips but not totally pursue them to invest.

[muratsink]

he is not a stupid trader. but I think he's FOMO. I have that experience. even doubt, fear and attraction is in my heart. and that is something normal experienced by a beginner. he doesn't understand volatility, pump and dump, and he also doesn't understand how to analyze market charts. even today I am always regret for selling good coins quickly and without analysis.

[Indrawan77]

he is not a stupid trader. but I think he's FOMO. I have that experience. even doubt, fear and attraction is in my heart. and that is something normal experienced by a beginner. he doesn't understand volatility, pump and dump, and he also doesn't understand how to analyze market charts. even today I am always regret for selling good coins quickly and without analysis.

I still think he is a stupid trader, he doesn't understand the market but still want to invest and when the opportunity comes again he refused to invest and then that person going to regret again when the price go up, to make profit we need to see the potential of the coin and understand the market situation, and then we need to adjust the investment term

[nydiacaskey01]

... 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.

This hits the spot.

Don't expect your relatives to always believe what you are saying and follow what you want them to do. They have their own way of thinking so don't expect them to think like you do. Other's will not really understand how Bitcoin works and others will start shouting scam as soon as we start telling them that how we earn them or how we get them. sometimes its even better to introduce Bitcoins to non-relatives than to our relatives.

[olliecrypto]

people are funny about their investments.
when bitcoin hit 20,000 everyone was paying me to consult with them on how to get into bitcoin and all they talked about was how they wish they had gotten in when bitcoin was much lower.
now that its much lower, no one wants to get into it, not even to lower their overall cost on their assets.
people are definitely odd and fickle

[shesheboy]

people are funny about their investments.
when bitcoin hit 20,000 everyone was paying me to consult with them on how to get into bitcoin and all they talked about was how they wish they had gotten in when bitcoin was much lower.
now that its much lower, no one wants to get into it, not even to lower their overall cost on their assets.
people are definitely odd and fickle

Are you a consultant ? Thats normal and even all of us who are already here in bitcoin we still wish that we can buy bitcoins at a more lower cost not 3k ,2k but i mean under 100 usd like what happen on the year 2015 and below where bitcoin is not yet popular but unfortunately that was nearly impossible to happen   .  i dont think that bitcoin can go down hard because the adoption and demand today are now totally different from the past   .

[Moiyah]

Haha, he wasn't listening to you and still had a pride even if he bought btc at a peak price? I may say that he has really "something" in his mind. If he doesn't want others to teach or guide him, let him be. He doesn't learn his own lesson so, let him be. If I were you, I will just take care of myself and let my brother in law lose all his fund by being so conceited man.

[Cryptopher]

It's natural for people who are not involved with crypto to want to buy in when the price is sky high - they are experiencing FOMO.

Of course, anyone who knows anything about crypto nows that it comes crashing back down at some point, the cycle continues.