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Author Topic: Reason why I will never help anyone to invest in crypto  (Read 506 times)
Outhue (OP)
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January 26, 2023, 06:30:21 AM
Merited by ajiz138 (5), DdmrDdmr (4), NotATether (2), bakasabo (1)
 #1

I have successful stories of people around me that are now crypto guru, it's been a long time coming and I feel happy that they are now even better than me who teach them almost everything about Bitcoin and crypto in general but..

There are some people like six of them who are troublesome to me, they don't want to learn but they like the success stories surrounding crypto investment, not sure about the risk side, the funny thing is they want me to help them invest and choose coins for them, to me this is like breaking the rules of crypto investment, meaning they have no knowledge about what they are investing money on.

Even if they invest what they are ready to lose it still makes no sense, no one can run crypto investment for you while you know nothing about the tech, I told them this but they believe I intentionally do not want help them.  In this case they are the only ones that can help themselves.

If you are in same position like me, no matter how much you like someone or want the best for them do not help them to invest in crypto, they are lazy asses who can't get anything done on their own, and this type of game I don't play it because, in the end, you will become their enemy.  It's already happening and I just ignored them. Is anyone seeing the same thing in their city or country?

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Vyeon11
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January 26, 2023, 07:58:01 AM
 #2

fortunately I don't have friends like that, all my friends don't know what I'm doing, they are also focused on their own work, fortunately my friends are more individual, don't harm others and are more focused on what they do.

if you have friends like that, it's better to give them information about the risks of investing in crypto, the model of people like that are usually people who see everything from above, and don't understand and know the journey from below.

so it's better if you give them a slightly bitter understanding, so they want to learn before they start investing.
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January 26, 2023, 08:24:25 AM
 #3



There are some people like six of them who are troublesome to me, they don't want to learn but they like the success stories surrounding crypto investment, not sure about the risk side, the funny thing is they want me to help them invest and choose coins for them, to me this is like breaking the rules of crypto investment, meaning they have no knowledge about what they are investing money on.

I have never done that and will never do that the one who teaches me how to invest taught me what to look and not following him on what to invest, because of the volatility of the market, you will end getting a blame if the coins that you picked to your friends crash in the market and never recovered, I advice them its their money so they have to decide for themselves.

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If you are in same position like me, no matter how much you like someone or want the best for them do not help them to invest in crypto, they are lazy asses who can't get anything done on their own, and this type of game I don't play it because, in the end, you will become their enemy.  It's already happening and I just ignored them. Is anyone seeing the same thing in their city or country?

There are so many people in our country because of ignorance and their perception of Cryptocurrency, choose to rely to people who are long time investors to pick the right coins to invest, they claimed to be overwhelmed by the technology behind it and you are right, too lazy to learn how these things work because it really takes time and effort to learn how to invest and profit.

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January 26, 2023, 08:29:06 AM
 #4

I completely understand you Outhue. There is such a category of people, that either are afraid to take responsibility, or lazy to do research themselves. This is not only in crypto. For example I have personally faced people, who have asked to advice which car to buy, but later, if something breaks in it, the person that helped them to choose that car was responsible for it. Or I was asked to help to choose a laptop. I have suggested either Macbook or Lenovo. The person have said they are expensive and bought cheap Toshiba, that turned into crap after a year. Me and laggy Windows were responsible for users bad experience... Same goes with investment, purchase or taking a decision in something.

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January 26, 2023, 09:23:47 AM
Merited by JoyMarsha (2), XEN_Protocol (2), NotATether (1)
 #5

Maybe you hype the success stories more than the ugly side of crypto investment? I prefer telling people about how stupid mistakes could make them lose everything in crypto than telling them they can make a life changing money, and if any still stand after the frightening side of crypto investment warnings then the person may be ready to learn.

Do not waste your time on people who are not ready to work and take responsibility but want all the goodies for themselves.
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January 26, 2023, 10:26:04 AM
 #6

Maybe you hype the success stories more than the ugly side of crypto investment? I prefer telling people about how stupid mistakes could make them lose everything in crypto than telling them they can make a life changing money, and if any still stand after the frightening side of crypto investment warnings then the person may be ready to learn.
What you are doing is also very good because remembering that everyone should be able to know the level of risk that must be faced after knowing the level of profit that can be obtained. Actually telling someone or everyone for these two things is also not wrong, because telling both of them at the beginning will not hurt unless what we tell or you suggest is indeed a person who is basically lazy so whatever method you give him he will not develop.

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Do not waste your time on people who are not ready to work and take responsibility but want all the goodies for themselves.
We do need to filter and choose the right person to tell anything related to crypto, but at first we also don't know how much responsibility he has for himself so we need to try to tell him first before wasting more time on him in crypto matters.

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January 26, 2023, 10:35:55 AM
 #7

Relationships and businesses should never have collided with each other for any reason.

Well, technically you can if they don't know about crypto but trust you with your decision then you can act like their fund manager and take the certain percentage from their profits but before doing that you must come up with written paper work and what are your terms and conditions, importantly what will happen in case of loss to the principal amount.

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January 26, 2023, 10:38:39 AM
 #8

I can somewhat understand the initial excitement and the need to share one's successes with others, but anyone who does it in such a way as to tell such things to their friends and acquaintances is only creating problems in their own lives, whether it is the risk of becoming a victim of hacking/armed robbery or someone will blame you because their investment failed (for whatever reason).

I have noticed that most people from African countries care very little about their own safety and do exactly the opposite of what an average investor from Europe or the US will do. If you want to spread knowledge about Bitcoin, you have so many opportunities thanks to the Internet, don't expose yourself in the real world and pretend to be a financial advisor.

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January 26, 2023, 11:00:26 AM
 #9

If you recommend cryptocurrencies to people who were newbies to the network and eventually they invested without you given them enough information to how they can avoid risk and what's at stake if they invested on certain coins, if they loose at the end they will blame you and finds you responsible for their loss since they never expect such, they must know that Bitcoin is the best digital currency to start with and there's volatility attached to investing on ot, whereby it price can rise or fall at any time, they must also understand the possible scams that are common and how they can stay off their coast.

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January 26, 2023, 11:08:23 AM
 #10

If you are in same position like me, no matter how much you like someone or want the best for them do not help them to invest in crypto, they are lazy asses who can't get anything done on their own, and this type of game I don't play it because, in the end, you will become their enemy.  It's already happening and I just ignored them. Is anyone seeing the same thing in their city or country?

If they always ask you about basic things which they can easily know if they just do a research then don't feed them the information since they cannot learn easily with that. If they get dismayed about what you tell them then they are not really worth your time since if they are interested to know more about crypto they do more effort by themselves to get other information to enhance their skills and learnings. But if they are their because they know they can earn and always after with money then for sure they provably will not last long because for sure their expectation might not meet in short period of time.

R


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January 26, 2023, 11:58:47 AM
 #11

The worst error is to advise someone to invest in cryptocurrency when they don't understand its principles.

I've attempted to advise a friend to invest in crypto but it later bounces back at me. The decision I made to "assist a friend" invest in crypto was ultimately held against me.

After that incident, I made the decision to keep my crypto investment information to myself. I can at least let you know about this forum so you may learn more about crypto and how to invest in it.


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January 26, 2023, 12:21:21 PM
 #12

I don't think I can help anyone invest in cryptocurrency even family members, I will never try that because it seriously take some potions of risk. No assurance in crypto industry so with that anything can happen.the best I can do for anyone is teach without that nothing ex.

I once heard about a rumor of a person that claimed to be good in term of crypto investment. So everyone no him for that in society, so with that knowledge people believe he have people  start coming to his side to help them invest in crypto and that is how it got start, so like 20 investors was under him with peace minds, but when people heard that market crash they start coming to him to withdraw their funds but it try to make them understand that is just a matter of time but don't gree.and with that he was frustrated by issue. From there people started describing as a bad person in society and call scammer, so with that he have sell most of his properties to pay those people back and get free from them. With this I will never advise anyone to allow any person invest under him/her. We should always know no friends and families when it come to money issue.

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January 26, 2023, 12:49:08 PM
 #13

Almost everyone encounters those set of people who do not want to stress themselves, does not want to take responsibilities and don't want to take charge of anything. What they want is to sleep and wake up with huge money as profits without stressing.
While persuading you to invest for them, they will be so polite, but if anything goes wrong you will be surprised how they will turn against you and even call you a scammer.
The best you can do for you relatives, no matter how close the relationship, is to teach them how to fish and not give them fish.

R


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January 26, 2023, 12:55:01 PM
 #14

I really understand the dilemma of the OP. I have same situation in my office when they knew that earn huge profit from my crypto trading. They are very eager to learn how to do what I’m doing but the problem was they didn’t want to DYOR instead they are keep asking me on what’s my personal opinion for their own investment and what to but. They want to copy my trade but I’m not comfortable doing that since I ‘m taking risk for myself and I don’t want to be blame when they lose using my trading advice. I decided to ignore them and just give them some website to study for themselves.

At the end, They didn’t pursue crypto investment but I’m still happy that they didn’t since I know that they only want quick profit and they are not interested on the technology behind it.



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January 26, 2023, 01:17:52 PM
 #15

If you are in same position like me, no matter how much you like someone or want the best for them do not help them to invest in crypto, they are lazy asses who can't get anything done on their own, and this type of game I don't play it because, in the end, you will become their enemy.  It's already happening and I just ignored them. Is anyone seeing the same thing in their city or country?
I think that human psychology does not depend on the city or country. If your advice is good, they won't thank you. If you make a mistake, you will hear a lot of negativity.
If Financial Advice is not part of your job, then it's best that friends and family don't know about your passion for cryptocurrencies.

...AoBT...
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January 26, 2023, 01:25:22 PM
 #16

the story you tell is almost the same as a beginner who trades by following trading signals from the telegram channel. they want to do activities but don't want to think too much. until whenever such a person will ever develop. because they will only rely on other people's abilities without knowing anything.
I support what you do for your friends. they must know the true risks of crypto investment. rather than just asking for advice from you, they should be able to learn a lot.



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January 26, 2023, 01:26:41 PM
 #17

I assume the OP means "crypto" rather than Bitcoin.

There is a problem currently with "influencers" who preach only positive things about
shady crypto projects, I guess it rubs off on others who want to be just like them
and don't see the potential problems with doing so.

The central bank in Ireland only yesterday released a warning about being sucked
in to investing in crypto, it's a problem, so many get infleuenced and lose, crypto
investing is being portrayed as a no-brainer get rich quick activity.

Stick to Bitcoin

R


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January 26, 2023, 02:08:25 PM
 #18

That's why we should always tell those optimistic friends or relatives or strangers that we talk to and shown interest in investing in crypto that, before investing they should know what they're investing. It's the first rule of all and even the best investors do that.

Just like what we're seeing, those known investors like Warren Buffett, he's not even in crypto because he don't understand it even if we testify in front of him on how it changed our lives and how it's a real money, a real asset that he can surely invest with a little of his money and make a lot from it.

It's simply because he don't understand it.

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January 26, 2023, 02:15:54 PM
 #19

I have also met some friends of mine that also behave that way and here's what I do; once I noticed that you'll skeptical about something that involves you putting your money in it, I don't even bother to convince you anymore because if that thing should fail to go as planned I'm sure that such a person is going to pressure me to pay back his money because I was the one that forced them to invest in it. And that's also the case of Op here.

It's more preferable to introduce one to something new and then teach them everything there's to learn about that thing but once it gets to the investment part, they have to do that their self. They should be the one taking the risk and not the other way around.

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January 26, 2023, 02:31:34 PM
 #20



....The central bank in Ireland only yesterday released a warning about being sucked
in to investing in crypto, it's a problem, so many get infleuenced and lose, crypto
investing is being portrayed as a no-brainer get rich quick activity.



Sad to say, many of us here think and perceive that investing in Cryptocurrency is the easiest way to get, go check here altcoin section and so you can see many threads and posts about making a profit and getting rich on a particular coin, I discourage my all my friends from investing in Cryptocurrency unless they understand the technology behind it what problems it solves.
Cryptocurrency now is being used by scammers and integrated into their platforms, two of the notorious Ponzi Scheme that uses Cryptocurrency are OneCoin and Bitconnect.
Many people still fall under similar schemes because of their ignorant of how the technology behind Cryptocurrency works
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