Don't buy your greed

[Darker45]

Your friend is the kind of person that you should be constantly feeding with reminders, next to the basics of Bitcoin and crypto. I'm afraid your responsibility to this kind of person is to make him unlearn more than learn. It will do him better if you sway him from the focus of Bitcoin as an investment.

There's no point encouraging this man this early to buy Bitcoin. I hope I'm wrong but this is the kind of person who buys high and sells low. Your friend has the tendency to buy during the hype and sell during the FUD. FOMO and panic selling are tendencies to this kind of person. This is mainly because he's acquainted with Bitcoin's price first before Bitcoin itself.

Bring him back to the start or else he will learn his lessons the hard way.

[1715119050]

1715119050

[Etranger]

Try not to involve your friends in crypto. The moment they snag profits, they splurge them all on themselves.

On the other hand, once shit hits the fan, you'll be the first to blame.

There is a lot of wisdom in this quote but, it only lacks one thing, true friendship. A true friend will always want the success of his or her friends. To be sincere, I came by this bitcoin and this forum by friends and ever since, I've been helping myself through most of it and the forum contributed a great deal too.

What I think should be the best reaction to your friend is welcoming him or her into the field. Teach to him or her, let them drop all the ill ideas they've had about the field and then, teach them to see things from your own perspective and more. Only by teaching and learning can we correct the ills ponzis have left bitcoin.

I have also found out about this forum from my friend, who has been here for quite a long time. She inspired me to get acquainted with this new crypto world. And I am just grateful for it, because before that, I heard a lot of different information, but did not dare to go deeper. I think that I needed some guidance. And now, thanks to this forum, I am beginning to learn and be interested in how cryptocurrencies are changing the image of the modern world.

[Pmalek]

There is a lot of wisdom in this quote but, it only lacks one thing, true friendship. A true friend will always want the success of his or her friends.

A true friend will want that. But money has a way to corrupt things. A successful experience with crypto could make that bond stronger, but in case of a negative experience such as the loss of a significant sum, that friendship could be put to a serious test. I understand why UserU said what he did.

Besides, those who get into crypto after seeing ads on social media during periods of hype rarely want to research and learn about the subject. They want the same profits that were promised to them in whatever it is that they were watching and if that doesn't happen, they can easily put the blame on those who introduced them to crypto in the first place.

The Fear and Greed index is provided free. You can get it for Bitcoin or Ethereum that are the two largest cryptocurrencies right now.

Follow the index and follow the smart money.

I have actually never paid any attention to that. I can't call it bollocks because I don't understand if one can make a serious correlation between what the index shows and how the markets are moving. Is there a connection between the two in your opinion?   

[Etranger]

The Fear and Greed index is provided free. You can get it for Bitcoin or Ethereum that are the two largest cryptocurrencies right now.

Follow the index and follow the smart money.

I have actually never paid any attention to that. I can't call it bollocks because I don't understand if one can make a serious correlation between what the index shows and how the markets are moving. Is there a connection between the two in your opinion?   

I know that the question was addressed to tranthidung, but I am just studying indicators and recently read about the Fear and Greed index. What I have taken for myself at the moment is that the crypto market is driven by two emotions: greed and fear. Greed is intensified by agiotage during a period of a sharp rise in the exchange rate, and fear is strengthened by panic during a period of a sharp decline. This index demonstrates current situation and is insufficient to predict future events, in my opinion. However, its boundary values can be a signal for opening or closing positions (in conjunction with other indicators, of course).

[Porfirii]

This is, to me, the difference between a gambler and an investor. The first one, which is the one it seems you are talking about, want to get rich fast, usually aware of the risks involved, but in the case of crypto-newbies, it seems that they won't focus on the risks and that they look for a safe get-rich-quick scheme.

Investors, on the contrary, seek to avoid the the loss of their wealth, against the intrinsic devaluation of traditional FIAT, so they focus in the long term and are less prone to fall into this trap.

[UserU]

There is a lot of wisdom in this quote but, it only lacks one thing, true friendship. A true friend will always want the success of his or her friends. To be sincere, I came by this bitcoin and this forum by friends and ever since, I've been helping myself through most of it and the forum contributed a great deal too.

What I think should be the best reaction to your friend is welcoming him or her into the field. Teach to him or her, let them drop all the ill ideas they've had about the field and then, teach them to see things from your own perspective and more. Only by teaching and learning can we correct the ills ponzis have left bitcoin.

Yup, even its hard to find true friendship out of friendships.

All it takes is a moment of trouble to see everything. I've been there, and it sucks.

In regards to your last statement, just add "Not Financial Advice" so you can't be blamed :p