I tried to tell him just HODL bitcoin, don't make this hard.

[sherryDEFI]

Friend I met here on facebook.

Had a bunch of money in bitcoin last year. I told him not to do it, but he sold it ALL.....for EOS.....

He held EOS for like 6 months from july 2020 till roughly late February of 2021(EOS price has barely grown 100% in 6 months which is terrible for a shitcoin).

Bitcoin hit $57K, he thought it was the top. Sold ALL his shitcoin EOS when bitcoin hit 49K during a brief dump. He thought bitcoin was "old and slow". I told him it was still the undisputed,uncontested king.

Then he REALLY FUCKED UP and shorted bitcoin at $47K......

Don't be like him, sell shitcoins, HODL Bitcoin. Don't short bitcoin.

[joniboini]

That's the problem for most people, lack of patience and lack of trust in their own investment due to lack of research. I personally hold some Bitcoin and altcoins since 2017, been through the bear market, and dca my bags because I believe in the projects (that most people don't do) and now most of them have gone 20x from atl and more. Holding bitcoin should be a no-brainer at this point since lots of institutions are publicly saying they'll play the game. People really need to have some patience in this space if they want 100x gain. If their goal is 100x in a single day, they'll lose a lot of money.

[Lorence.xD]

OP my advice to you is to stop giving advice to that friend because your friend clearly doesn't want to listen to you and greedy and in the end you are just wasting your time making sure that your friend doesn't fuck up his/her investment. My take on this is to make your own investment and make it grow and then show that to your friend and tell your friend that I told you so and don't give your friend anymore advice and just focus on yourself growing the investment that you own instead of your friends money.

[BIN-BIN]

Its hard for weak hands to hold bitcoin for long because they easily jump in and jump out with every slight change in price, but the reality of things in the bitcoin price have thought us some lesson that its better to hold bitcoin then any other altcoin for stability sake.

[maxreish]

How many years your friend stayed here in crypto industry? Seems like he was new to this. If he shorted with 47k usd then probably he is a margin or a swing trader?

He was carried away with his emotions and seems he even do not know how to read some tools like technical analysis that is why he did some hastily decisions. Well, we did some mistakes and we should learned from this.  It is okay to hold eos for long term but doing bad entry, thats not an ideal decision.

[buwaytress]

Yeah, I just love those "friends" I meet on facebook.

And I love telling advice to random people on what to do with their money, because either they follow what I say and blame me for shit that eventually happens, or they do the complete opposite of what I say and I get to tell them "I told you so".

I think people should be allowed to let nature take its course. How else do we have a vibrant Bitcoin market?

[uelque]

Shifting from one coin to another in term of investment will surely lead to constant losses. And such drive were being acted upon because of being unsure about the investment and at the same time being so much impatient.

They end up being unsure and impatient due to the fact that they play it as a game of luck, without a single support of market analysis. As a investor you should always look how the market moves, finding supports whether it is the right or wrong time to enter and exit the market, and not just simply putting and taking away money when price pumps and dumps respectively. You have to be wise using all informations you had gathered regarding coins you want to be into in order to get a better ROI. Your friend should not forget that it is also a game of mind and not luck and emotions.

So yea, I guess that's what happened to your friend and to majority of people investing in crypto market. And that should be a lesson to be learned.

[20kevin20]

Purchasing alts doesn't necessarily end up as a failure, depending on how lucky you are to choose a failing/successful project. Hoping to purchase an altcoin to make more Bitocin is an insane risk to assume though, since you're running both the risk that the alt might never actually succeed and the risk that Bitcoin might drop significantly in price at any point.

But now if we think about all the alts that've been bumped dozens of times in a matter of 2-3 months, sometimes it's a very quick way to multiply your BTC..

Depends. Some alts might drop in face of BTC while others will do better than it. Depends on what your goals are and how much risk you want to assume.

[Poker Player]

OP my advice to you is to stop giving advice to that friend because your friend clearly doesn't want to listen to you and greedy and in the end you are just wasting your time making sure that your friend doesn't fuck up his/her investment.

I agree. Giving advice to a person who doesn't seem to want to hear it is asking for trouble. On top of that about money matters, where the reaction can be visceral. If his friend was on the ball, would know that the most profitable strategy is just holding.

[NeuroticFish]

Friend I met here on facebook.

Here is bitcointalk, not facebook 

Don't be like him, sell shitcoins, HODL Bitcoin. Don't short bitcoin.

You don't have to worry about others. One of the main rule of investing is to make your own choices. This way you won't held anybody responsible for them.
Your friend followed that rule, which is fine. He was impatient, he made poor choices, tough luck. Hopefully he will learn from his mistakes and next time he'll do better.
You did your part: you gave him good advises. Not much else you could do. It's his money, his choices.

[pooya87]

People who aren't day traders and are not familiar with how pump and dumps work should never touch any altcoins ever, it will end in misery for them if they are lucky! Otherwise they lose all their life savings in the altcoins market to these pump and dumps.
Looking back at the past 3 years, ever since 2017 all the altcoins have been dumping consistently. Holding them is obviously foolish. They are made to day trade.

As for bitcoin, those who don't want to learn from the history and without using their head make statements like "it is old" shouldn't enter bitcoin world at all, specially if they think bitcoin is old while buying a shitcoin!

[passwordnow]

Very wrong decision, if someone like him starts to tell me his decision personally, I will tell him about my mistake of selling earlier prior to the bull run. Mistakes after mistakes will be committed if not going to learn from the first wrong decisions that have been done. That's why holding is effortless yet very effective and you only need to wait until it goes again onto the top. No need to convert from time to time and instead of thinking about altcoins, you should be adding bitcoin although it's also fine to add altcoins but better not to use bitcoin for it.

[blckhawk]

Well, you warn him yet he didn't listen which is I think the right thing to do because first of all, you don't need to give him any advice if there's something worse happen you will be responsible for his loss. The only mistake he made is having no patience and lack of proper research. I hope that would serve him as a lesson to build up our patience. Investing in alts is not a bad option but make sure that you will do some proper research to mitigate the risk. Alts can be more profitable than Bitcoin but the profit is more certain with Bitcoin.

[Oasisman]

This isn't like the 2017 an alt season because of the ICO hype.
It's now hard to find an altcoin/shitcoin that pumps up to 1000%. If you're still looking to find these coins, you don't have any idea how risky it is especially when you're putting a huge bag in it.
Regrets is inevitable as people didn't learn even how far Bitcoin has come in a span of more than 10 years. From $100, $1,000, $10,000, to $60,000 people always thought Bitcoin reached the top.

[Little Mouse]

It doesn’t necessarily true. He could end up having more worth of BTC. See what happened with me. I have sold my BTC earlier at $31k may be If I can remember correctly. And after that, I have invested all the sum in altcoins and I was able to make 50%+ gain on my previous BTC holding. Don't you think it's good?
Problem with your friend is he didn’t sell in a good time, didn’t pick a great coin and he was unlucky.

[cryptomaniac_xxx]

At least you did your part, nothing to regret in your end. As to your friend, bad timing, no one really thought that bitcoin at the end of the 2020 and up to this year will have a significant gain. For others though, this might be a good lessons to learn. Of course you can still make money out of altcoins, but you have to constantly trade as opposed to just holding bitcoin and wait for the right time to sell.

[cheezcarls]

I got into futures trading for the first time (both live and demo), and I was asking if I should short or long BTC. As of this time of writing, looks like Bitcoin is trading sideways and I am not sure if I am gonna long or short it.

As a day trader, of course we can choose whether to long or short BTC. However if you are just an investor who believe in Bitcoin for the long term, it’s better that you keep HODLing it. Despite that results are not guaranteed and accurate, I have a feeling that BTC might reach $100k before 2021 ends. The current gains of BTC nowadays have exceeded my expectations.

[btc78]

Friend I met here on facebook.

Had a bunch of money in bitcoin last year. I told him not to do it, but he sold it ALL.....for EOS.....

He held EOS for like 6 months from july 2020 till roughly late February of 2021(EOS price has barely grown 100% in 6 months which is terrible for a shitcoin).

Bitcoin hit $57K, he thought it was the top. Sold ALL his shitcoin EOS when bitcoin hit 49K during a brief dump. He thought bitcoin was "old and slow". I told him it was still the undisputed,uncontested king.

Then he REALLY FUCKED UP and shorted bitcoin at $47K......

Don't be like him, sell shitcoins, HODL Bitcoin. Don't short bitcoin.

Looks like Your friend don't deserve advises instead you should have leave Him right away when he did not follow you for 2 consecutive time.
We must not spend our Time in senseless humans .

But what made me think? Why keep on telling Him and why not do it your self? is this just a story telling?

You keep on advising Him but you did not mentioned your actions ?

[bitcoin31]

We cannot blame him for what he already do because first of all that his money but the problem with him is that he are not patient enough to wait the bitcoin to rise up again or to increase very high before he sell their bitcoin but most of us have regrets when we sold our bitcoin at the lower value because most us didn't expect that price of the bitcoin will reach that but as of now I think it's this time the altcoins will gives us a lot of profit than the bitcoin because it's price is already high and only double the price we can hit unlike the altcoins who can reach many times but if the altcoins are potential like ethereum and ripple.

[davis196]

You can't stop the people from doing dumb things.
I don't consider myself particularly smart or a savvy crypto trader,but I would never sell Bitcoins and buy an altcoin.It doesn't matter how promising the altcoin looks or how much profit I will make in the short term.
Selling BTC and buying altcoins/tokens is a big NO NO to me.
Maybe your friend should listen to your advises,even though this is definitely not recommended,especially when it comes to money making and crypto trading.You shouldn't tell other people what to do with their own money,because they might lose and put the blame on you.