Why recommend when they don't understand the risks?

[KiaKia]

Anything different from bitcoin is a pure gamble, before you start telling your friends and family about how crypto investment can change their lives, let them know that they are in for some pure gambling.

We could act like we know what we are doing, based on how we handle research but it's still all a hopeful gamble on the future,  let's not forget that even crypto experts have fell for the bad eggs im the past too.

I prefer keeping my mouth shut, rather than ending up looking like a clown when things failed to go my way after talking about how this coin can be 50x and how the other can 100x.

Instead of carrying your burden and that of your crypto investment, imagine having to carry the burden of others that invested based on what you tell them to,  without understanding the risks involved.

And when things failed to go your way, you will have to worry about how others are feeling about you because they are also in losses. You will end up regretting taking someone along on that uncertain journey.

The only way to avoid these is to accept that you are just like everyone else with a specific interest, keep your mouth shut when it comes to crypto investment, and only open up to those that are into crypto just like yourself.

I am talking about those that already understand how the market can be highly volatile at times and how even a good project could end up in a bin of waste.

No matter how good projects look in this crypto space, the risk is always present.

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[cryptoaddictchie]

We have different opinions regarding that. Yes risk is always present and I agree, and I even doubt those that posting 50x to 100x are all true. Possibly they are using that as a tool to do shilling and gain from it. There are really some cases of gains like that like the last bull run and I could tell that many experience it too but failed to gain due to greediness and expect a lot of return. Al2ays appreciate gain no matter how big it is. Avoid those 1000x gain when you already have 100x.

[Coyster]

The thing is, don't tell people that any crypto (including Bitcoin) can change their lives and make them wealthy, doing so can put them into very grave risks, it is better to be open about it all by explaining to them what crypto is all about, and make sure to aptly differentiate between Bitcoin and Altcoins so whoever it is would understand that they do not function in the same way.

Having said that, there is a difference between talking about Bitcoin/crypto to people and giving them financial advice or recommending crypto to them for investment purposes, you can do the former, educating people on how Bitcoin guarantees financial freedom and other whatnots, but the latter puts you in a very precarious position should the investment go south.

[Welsh]

Bitcoin is still a gamble. Plus, there's no way to predict that someone might actually develop something that is better than Bitcoin, and eventually we might come to that. At the moment, it's by far the best, and the most promising in terms of increasing your personal wealth, but it's not bulletproof. We're still going to face challenges in the near future, and well into the future, and there's going to be a element of risk that we aren't successful as we'd like to be.

I think investing into Bitcoin not expecting some of these challenges is risky in itself, and will likely lead to panic when we do hit these challenges. So, while Altcoins are definitely a lot more risky, Bitcoin isn't invulnerable to issues itself. Since, I've been involved we've had to solve several issues that have popped up, and while none have them have seriously threatened Bitcoin up until now, they have affected people's perception of Bitcoin, and therefore lead to higher, and lower rates of adoption.

[Nheer]

You are partially correct, but its good to spread and educate people about bitcoin and cryptocurrency.When you educate people about cryptocurrencies, especially those who are unfamiliar with it, you inevitably take on some of their problems and burden as well. When things go wrong, you feel bad, and people blame you because they believe you misled them and caused them to lose money. Until you correctly explain the situation and help them comprehend the market's unpredictability. Therefore, you should not only explain the benefits of cryptocurrency and how early investors were able to profit greatly, but also the drawbacks and how many people have lost a significant amount of money. You should also help people understand that there is a 50/50 chance that they will succeed or fail so they don't have unrealistic expectations. Cryptocurrency is not a get rich quick scheme where you 100x profit in no time.

[tranthidung]

Anything different from bitcoin is a pure gamble

Partially true. Besides Bitcoin (that is true), Ethereum is another cryptocurrency that is not a gamble with me. They are two back bones for cryptocurrency after many years.

before you start telling your friends and family about how crypto investment can change their lives, let them know that they are in for some pure gambling.

If I was you, I don't mind to tell anything to my friends and my family members about Bitcoin, cryptocurrency. It's headache and kind of pressure on myself. If they get rich, what will I get, maybe nothing. If they fail, they blame on me.

I have to mention another risk that they can think you are inviting them to something Ponzi. This risk is smaller nowadays than in 2017 because this industry has grown up more since 2017 and made more noise on media but I won't exclude it.

I am ready to give them advice if they knock my doors and ask for it but I'd like never proactively do this first.

[AbuBhakar]

Anything different from bitcoin is a pure gamble, before you start telling your friends and family about how crypto investment can change their lives, let them know that they are in for some pure gambling.

What kind of gambling you are talking about here? Because there’s stablecoin and other large cap crypto like ETH that does not have high volatility compared to typical shitcoin.

Everything can turn into gamble even Bitcoin if the user that investing on it didn’t know the risk. Bitcoin has a high volatility too and it can cost a high loss when the user invest on the wrong time like on 65K. Gamble is when a user didn’t know the risk what he is entering.

[noorman0]

-snip-
I prefer keeping my mouth shut, rather than ending up looking like a clown when things failed to go my way after talking about how this coin can be 50x and how the other can 100x.

I like this method, and I always apply it. I'm not speaking just yet unless someone else is getting started to show how interested they are in crypto investing. One to three times I will warn them of the risks at the beginning of the explanation, bitcoin is no exception. Just want to avoid as much guilt and bad feelings as possible in the future.

[cryptoaddictchie]

Bitcoin is still a gamble. Plus, there's no way to predict that someone might actually develop something that is better than Bitcoin, and eventually we might come to that.

In your opinion, what could be the possible contender of bitcoin in terms of wealth creation that could work decentralized like bitcoin but with a superior one? Im thinking AI hype could unlock something powerful in the coming years which is quite scary when perfected.

More or less Ive been hearing and reading a lot of it lately that even Elon somehow tweet about it.

[348Judah]

This sounds the most annoying thing about cryptocurrency when you're been recommended to go for it without being properly orientated on the challenges and risk involved in choosing it, this is often referred to an half baked bread when an information is not completely given to educate others about a particular new system, when such newbies have fallen then they regret why taking the step at first place, if we must bring in new people into the crypto world, then we should give it all the best in helping them realize the good and risk involved.

[SeeBiscuit]

Anything different from bitcoin is a pure gamble

No matter how good projects look in this crypto space, the risk is always present.

You basically said it all in these two lines. People are slowly starting to realize that the power of bitcoin is because the guy/group who started it is/was a good person. He/they had great intentions because of the fact that his/their coins haven't moved for over 14 years now.

A true holder. A true believer in the technology.

How many of your favorite crypto personalities have bought and then sold their bitcoin or crypto?

Not so say that makes them bad people, but it kinda defeats the entire purpose by doing so. That's why holding is so freaking hard, it's because holding this digital value that doesn't "produce" anything is making us think twice about our investment every waking second it sits in your wallet. It's one big psychological mind game because you have really big personalities such as Bill Gates and Warren Buffet calling this stuff "rat poison".

._.

[Spaceman1000$]

Well the idea of not wanting to tell anyone about crypto, or in a better word, wanting to keep it to yourself is not really a good one.  Let's see it like this, why not at the point of educating them, you also make it a priority to let them know the risk involved.  

Because if you've been investing in crypto and you've been yielding good results, then your friend is not aware about this, trust me when he gets to know, he won't take it lightly with you. it will be like, bro why didn't you tell me about this since.  So my point is, in telling them about how it is good to invest in crypto, also tell them to that there are risk involved, if they can manage their risk properly then they are good to go.

[Eureka_07]

<snip>

There was some of my friends before that told me to invest into a project, some were a success, but most are not. I'm glad that they what I tried were those that they recommended & I gave time to research of. Gladly those lead me to profit.
What I am trying to point out is just do not rely on anyone for your investment, if you rely though, make sure that you also understand the project first before spending money investing into it.

[coupable]

You are partially correct, but its good to spread and educate people about bitcoin and cryptocurrency.When you educate people about cryptocurrencies, especially those who are unfamiliar with it, you inevitably take on some of their problems and burden as well. When things go wrong, you feel bad, and people blame you because they believe you misled them and caused them to lose money.

According to what I understood from his words, he introduces people to Bitcoin on the grounds that it is a source of wealth and will change their lives, and that its risk is similar to the risk of gambling. This is relatively reasonable, but it is not the whole truth, nor what we can recommend the rest to do. It would have been better to introduce people to Bitcoin, given that it is a good way to achieve payments and facilitate exchanges between individuals, in addition to providing degrees of independence and security that even the largest banks may not be able to fulfill. On this basis, talking about the degrees of danger turns into another direction.

[un_rank]

Almost all crypto educators follow their content with "this is not investment advice" to tell their readers or viewers that they are not giving investment advice. In the same way, when answering questions people ask about bitcoin you give information based on knowledge you have and not advice them on what to purchase or how much to put in.

Another reason to keep quiet about crypto is to not make yourself a target for thieves or criminals.

- Jay -

[coolcoinz]

Bitcoin is still a gamble. Plus, there's no way to predict that someone might actually develop something that is better than Bitcoin, and eventually we might come to that.

What is the meaning of better? There are coins with biger blocks, faster transactions, cheaper coins, more coins in circulation, less coins in circulation, centralized, anonymous, with partnerships, with councils, with CEOs, with market strategies and plans, with apps build on them, with side chains, with forks, without forks, with coin burning, without burning... All of them fail when compared to bitcoin, all of them have lower market caps, less users, less trading volume, less real transactions.

At the moment, it's by far the best, and the most promising in terms of increasing your personal wealth, but it's not bulletproof. We're still going to face challenges in the near future, and well into the future, and there's going to be a element of risk that we aren't successful as we'd like to be.

I think investing into Bitcoin not expecting some of these challenges is risky in itself, and will likely lead to panic when we do hit these challenges. So, while Altcoins are definitely a lot more risky, Bitcoin isn't invulnerable to issues itself. Since, I've been involved we've had to solve several issues that have popped up, and while none have them have seriously threatened Bitcoin up until now, they have affected people's perception of Bitcoin, and therefore lead to higher, and lower rates of adoption.

Aren't you describing every single investment on the planet? They all have issues, they are all risky. Fiat is risky and it has issues and so do bonds. Trusting the government is risky, holding money under the mattress is risky, owning physical gold is risky, moving to a different country is risky, buying a property is risky and renting it out is even more risky.

When we compare bitcoin to everything else, I'd say it has a pretty high chance of surviving and becoming something much bigger than it is.

All of us should think about the question. Would you feel better putting your savings on a bank account so it can lose 10% a year for the next 20 years, buying a house with it that will tie you to a country with taxes and all the maintenance that this house needs, or buying bitcoin.

[Ndabagi01]

The truth is that you should never tell people that they will become wealthy after investing in cryptocurrency, not even bitcoin. The risk of assuring them outweighs the fear of entering the market. When things don't go as planned, you've not only lost the person's trust, but also you’ve made the person create a negative notion towards bitcoin. You can only warn them about the risks, then let them trade with caution and an eye out for red flags. Let them know that  personal discoveries and knowledge about cryptocurrency would be an added benefit in serving as a guide for them when they begin investing.

[drwhobox]

Anything different from bitcoin is a pure gamble, before you start telling your friends and family about how crypto investment can change their lives, let them know that they are in for some pure gambling.

If you consider crypto(alt coins) investment as gambling, yes I agree on that part. but bitcoin investment is not gambling and other altcoin investment is like gambling to me. Only a few altcoins have a strong base but the majority of them are really very much unpredictable.

Instead of carrying your burden and that of your crypto investment, imagine having to carry the burden of others that invested based on what you tell them to,  without understanding the risks involved.

I felt that kind of burden once and I was suggesting people to buy altcoins at that time, which somehow turned out bad for some of my friends. So, now if anyone seeks advice regarding crypto investment, I told about them the bad side first. But I encourage everyone now to involve only in bitcoins not going for any cheap and hyped altcoin.

[NeuroticFish]

Anything different from bitcoin is a pure gamble

No matter how good projects look in this crypto space, the risk is always present.

You basically said it all in these two lines. People are slowly starting to realize that the power of bitcoin is because the guy/group who started it is/was a good person. He/they had great intentions because of the fact that his/their coins haven't moved for over 14 years now.

Yes and no. Bitcoin is still risky too. Clearly not in the way it was 8, 10 or more years ago, but still risky, let's be honest. Some accept and embrace that risk, some get scared and end up buying high and selling low. Some don't even understand that if Bitcoin will be an even bigger success than now, it will be even farther than now from what it was 10 years ago (as privacy - KYC, as hacks, as technology - see LN for example). Plus the war and a (bad ass) blizzard can still drop the hash rate significantly in 2023!

So bitcoin is still fair to be seen as a risky investment. Riskier than some others (like buying a house and renting it out, for example). Better than some others (imho bitcoin is less risky than many stocks!).

Altcoins, omg, yes, much, much riskier. But pure gamble? No, I wouldn't call them that. I would call 95%+ of them scam, simply because their sole use is to get money flowing for no good reason. Then there are the actual altcoins that may worth attention. Now and then they have good gains even vs bitcoin. Now and then they fall badly. A skilled trader or even investor can earn nicely. Some are strong projects that even worth more support. But gamble? A beginner, probably he can see them as a gamble and they will most probably lose in that. For somebody with enough experience it can be.. just a higher level of risk.

So if one wants to go that route.. it needs years of research before the first move is made. Clearly at that point one is no longer beginner. Before that... yes, avoid.

[Taskford]

Make them understand the risk by not telling only but also showing how risky the market is. For sure they realize that over the time when they are trying to participate and take the risk. But also make sure that the person you told about this information is really open for the consequences since if you just hype that guy and telling that he can earn money here without acknowledging the risk provably he will end up blaming you for losing his money because of what you tell to him.

If you can't take to teach and bare the situation maybe focus on yourself and let them discover bitcoin so no blame game will happen.