Always do your own research (DYR)

[Hatchy]

I found this image on WhatsApp and wanted to share it here as a message for everyone in our forum. In the crypto world, prices can change a lot especially during Bear season. Even though you might have the same amount of coins their value in the market may reduce drastically. This can be scary especially for newcomers who might not understand how it all works. In the image above ,someone introduced a newbie to crypto without explaining the risks or advising them to do research first. Now the newbie is upset and asking for his money back.
Something we should learn from this is that before investing in anything, it's important to do your own research and understand how it and the market works. If you introduce someone to crypto, make sure they know about the risks of volatility.

Theres also a risk of being blamed or even arrested if someone claims you lost their money through investing. This could lead to accusations of scams.
Incidents like this can give reputable coins like Bitcoin a bad reputation, as people might spread misinformation about them being scams. Let's be careful about how we introduce others to crypto investing.

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[Mia Chloe]

Newbies who rush into crypto especially altcoins without understanding often rush out of crypto with a loss too.

WHEN YOU RUSH INTO CRYPTO INVESTMENT WITHOUT UNDERSTANDING

[Davidvictorson]

If you don't have any friend that can look you in the eye and tell you the brutal truth about investing in the crypto market be it bitcoin or any altcoins then that person doesn't deserve to be your friend. And if you are that person tell your friends who ask for advice that they can lose all their capitalism the twinkle of an eye and therefore whatever money they plan to use for investing in Bitcoin should be one that if anything happens to it we wouldn't have to call emergency services.

[Zaguru12]

If you introduce someone to crypto, make sure they know about the risks of volatility.

Theres also a risk of being blamed or even arrested if someone claims you lost their money through investing. This could lead to accusations of scams.
Incidents like this can give reputable coins like Bitcoin a bad reputation, as people might spread misinformation about them being scams. Let's be careful about how we introduce others to crypto investing.

Although I don’t know what might have transpired between this newbie and someone who introduced him into cryptocurrency, but I can tell you that even if some newbies are warned about a potential bearish period they will still go ahead and buy. Even though social media isn’t a place to get quality information from i have seen influencers there warning of an upcoming dump and newbies still go ahead to buy the coins. If you even check his portfolio now you might be seen shit coins there.

I don’t think there is any law that will get someone prosecuted for telling you to buy something and you aid to the advice and you lost. The question will be whether you were forced under duress or you freely bought it. The former will get you arrested which I haven’t heard off before.


For the general public, this is the best time to stay away from looking at your portfolio.

[Amphenomenon]

Theres also a risk of being blamed or even arrested if someone claims you lost their money through investing. This could lead to accusations of scams.
Incidents like this can give reputable coins like Bitcoin a bad reputation, as people might spread misinformation about them being scams. Let's be careful about how we introduce others to crypto investing.

This is the reason when we introduced bitcoin and crypto to someone we need to tell them about the risk, we can't just focus on the good side of bitcoin and when there is bear, such person may never  take your word for true and then may end up selling their coin on the loss out of fear of not losing all Their money instead of HODLing.

To be frank Doing your own research is really important because Knowledge is power especially in the Crypto space but we have to be cautious of were we get information from and this is the main reason it's advisable to get from different trusted sources and compare them, while information common with these sources should be regarded more.

[Kristiyana]

Newbies who rush into crypto especially altcoins without understanding often rush out of crypto with a loss too

That is why we need to introduce patient in everything we do, most of the newbie are not patient enough to know more about cryptocurrency before looking out to make investment.

[SatoPrincess]

If you don't have any friend that can look you in the eye and tell you the brutal truth about investing in the crypto market be it bitcoin or any altcoins then that person doesn't deserve to be your friend. And if you are that person tell your friends who ask for advice that they can lose all their capitalism the twinkle of an eye and therefore whatever money they plan to use for investing in Bitcoin should be one that if anything happens to it we wouldn't have to call emergency services.

Sometimes it’s not that the newbies are not informed about the risks of investing in cryptocurrencies but they chose to ignore the advice because of the “rich” lifestyle of crypto investors they see on the internet and the overnight success stories they have heard. They look at the person who introduced them to crypto and think if this person is making money from crypto investments, then so can I. And even when the person tries to calm them down and tell them to invest only what they can afford to lose, they feel as though you want to limit them from making more money.

[FatFork]

It's possible this is a genuine message, or maybe it's a joke.  Someone  invested their "business capital" in something they may not fully understand, which could lead to financial loss. Can you imagine his business venture if he is really that stupid and reckless? Perhaps this will be a valuable learning experience. As the saying goes, "Fools and their money are soon parted."

[Ambatman]

It's possible this is a genuine message, or maybe it's a joke.  Someone  invested their "business capital" in something they may not fully understand, which could lead to financial loss. Can you imagine his business venture if he is really that stupid and reckless? Perhaps this will be a valuable learning experience. As the saying goes, "Fools and their money are soon parted."

It is highly likely. Things like this are not uncommon in my country that even been aware that MMM is a scam people still go ahead in investing in ponzi scheme because of greed.
I'm not sure the newbie was properly educated on the risk of entering into cryptocurrency.
This is the reason I never advice or direct anybody to invest
If it all goes wrong, Then you become the villain and if it goes well they become the smart one for listening to your advice.
Invest money you can afford to lose should be the first thing that's been told to any newbie
I'm sure the senior never did or explicitly warned about the risk.

[Wakate]

I cants just hold my laughter because this is very funny and the conversation is just too sweet to make my day. This is one of the reasons why we need to keep telling people that wants to invest in cryptocurrency to understand and teach them what they needed to know. The market is very risky and anyone can lose money if they are not patient enough to wait for the market to recover before they could get their funds back. Just like recently that we are seeing the price of Bitcoin falling drastically, their are people that are complaining about the market and how they could get their funds because to the actual amount because they do not understand the market and how things works here. It is our duty to tell people and teach them what they needed to know.

[GxSTxV]

It's truly unfortunate to see situations like this especially when newcomers are involved. This person might be young or inexperienced without any knowledge of crypto or even how the small basic things works, going into the world of crypto in this way without a full understanding of the risks involved is messed up and a mistake with much regret. So, undoubtedly it will be a learning experience for this guy, one that will surely change his future decisions and the way approaching to investing.
This conversation reminded me of my very same experience, as a young student went through trading experience without any knowledge. However, after such incidents and experiences we learn by doing researches, I believe losing is the first hard step to start learning and without it you can’t go through such investment or industry.

[Dorkylickjj]

When it comes to cryptocurrency, one advice I'll give is, when it comes to short term purposes, like taking capital and putting it in crypto, and expecting magic in a month, while the price of your coin 'could' appreciate within that space, it's quite unlikely or rather risky, as you could equally make losses before the end of the month, when you need it. But then, when the margin is large, and Bitcoin is the said coin, then  there is likely profits. The shorter the margin, the more risks of losses.
And secondly, you shouldn't enter Bitcoin or crypto being half informed. This is a clear example of the panic people express at dips, which is a popular failure.  Maintaining  composure during dips is one thing that bitcoiners should learn. I can't speak for shitcoiners though. It's natural that a dips you panic, but then it shouldn't lead to you selling off your holdings. Before you do Bitcoin, be familiar atleast  with different terminologies, and then with the behavior of the market. These are little things that make a bitcoiner.

[lalabotax]

Indeed, DYOR is very important when investing in crypto. Because with DYOR, we can also really think about what is urgent, what isn't yet, and what should be invested in. Because, after placing a position for investment, not everything will be clear, but the process is honest and really understands the deepening of knowledge. Because with enough knowledge, we can do it ourselves. but of course it won't be that easy.  However, the mistake is that when investing in Bitcoin and the price falls, there are still many who panic if the price of Bitcoin also drops quite drastically.

[nakamura12]

The first thing I will advise to someone is when someone ask you some money in crypto for a chance of profit is that it is a scam for scam attempt situation and for knowledge is that you should understand it first by doing some research before doing it. It is the same as to this saying "don't dive to an unknown body of water" which means you don't know if it's safe or not. What I explained here is kind of the same as the gif above. Research first is a must for everyone who is new in something.

[Ruttoshi]

FOMO sometimes can make a newbie ignore all the risk side of bitcoin that you have told him because he saw bitcoin price pumping and pumping, and he wants to buy because he thinks that bitcoin is a get rich quick scheme. Most newbies will think that you do not want them to invest and make profit.

It is when they have started experiencing the dip just like the chat posted by OP, when bitcoin price have dip bow their entry point, that is when they will be panicking and they will forget about what you told them. Some of them will start blaming you for their losses. This is why I don't tell anyone to buy bitcoin until the person is ready to use bitcoin as a means of saving his funds.

[stadus]

If you don't have any friend that can look you in the eye and tell you the brutal truth about investing in the crypto market be it bitcoin or any altcoins then that person doesn't deserve to be your friend. And if you are that person tell your friends who ask for advice that they can lose all their capitalism the twinkle of an eye and therefore whatever money they plan to use for investing in Bitcoin should be one that if anything happens to it we wouldn't have to call emergency services.

Honesty is the best policy. It’s still better to speak frankly and tell the truth to all newbies that bitcoin investment is never easy and carries a lot of risks. Much more to altcoins as they are only a pump and dump thing in the crypto market. And for the investor part, it’s crucial to have your own extensive research prior to investing. Not all you heard are valid, especially if it comes from a YouTuber. Do your own research so that you won’t end up rushing to invest and blame others because you weren’t warned in the first place.

[Churchillvv]

~Snip~

A lot of people are fascinated by the success of crypto investors and because they are so much attracted to the wealth or the luxury they see in investors they therefore request to invest in that which is making an investor successful but when the risk it been spread out they will either quit or go ahead to invest believing that they will be lucky not to meet the bearish season of the market but when it comes they scream like kids waking up from nightmares.

While reading the conversation in the image you posted OP, I burst into laughter because I feel it hilarious 😂 that the newbies is requesting for his funds back from the person who introduced them into it, forgetting that the person is not in charge of whatever happens to the coin. I don't really know what transpired between them but this is constantly happening where the newbies act like the person who introduced them is responsible for their loses but they profit they act like they meet heaven.

A lot of things happen in the market and that's why I'm afraid of introducing people into bitcoin investment, unlike right now as I'm speaking I just checked my Electrum wallet and bitcoin price has depreciated, but since it's a long term investment I don't care what happens now, but till the next few years. So we should let people know the volatility of the market (risk) in order not to face situations like this. Hence our one research is paramount for a successful crypto investment.

Honesty is the best policy.

This the exact quote that my parents used to trap me as a kid.

I even read books title the same thing.

But truly Honest is the best policy; if anyone is honest enough to let the newbies know the truth of the market, how volatile it is then they will have no queries to answer.

[odunybiz]

Newbies who rush into crypto especially altcoins without understanding often rush out of crypto with a loss too

That is why we need to introduce patient in everything we do, most of the newbie are not patient enough to know more about cryptocurrency before looking out to make investment.

I can't call this lack of patience.... It all about getting right information from the wrong hand. With this conversation, it's clear he was introduced to the space without the person telling him how things work here. He too joined and invest with doing any research. This is laziness from his own part. It is good to introduce friends to crypto but let's always tell them that it can also be risky.

[DaNNy001]

Newbies who rush into crypto especially altcoins without understanding often rush out of crypto with a loss too.

WHEN YOU RUSH INTO CRYPTO INVESTMENT WITHOUT UNDERSTANDING

This is a very cool meme 😎 bro, practically explains the concept of what the OP is trying to pass. Many people and of course newbies are either drawn to crypto investment maybe through some superb story they heard about an investor who made it big and decided to go into it without even making proper research to what they are getting involved in.

[Cantsay]

That is why we need to introduce patient in everything we do, most of the newbie are not patient enough to know more about cryptocurrency before looking out to make investment.

Not just newbies, the so-called experts should be blamed for not properly informing them about the risks involved. You can see from the image in the picture that the newbie knew nothing about price movements - I’m sure all that guy told him was that he’d be able to hit jackpot if he invests in crypto (that’s how most newbies are lured into investing in bitcoin).

If you’re introducing someone to make an investment, make sure you tell them all the disadvantages or risks involved don’t just sugarcoat everything make sure that they are mentally prepared for what is to come.