As long as they are not entering into debt but are rather looking for more ways they can earn, then that's healthy competition.
N.B, majority of these stories which have the same theme just seem made up.
Well, you can say it's a made up story, but if it was, then do you think there would be any reason for me to play around here with just fabricated stories, like a joker or some sort of storyteller?
The argument I met that day was not a healthy one; at least I could tell the difference between a healthy investment conversation between mature minds and a conversation lacking some proper knowledge. Imagine someone saying he can get up to 3–5 bitcoins in two years, despite that their yearly income is not up to $15k. How else can the person be able to accumulate five bitcoins in three years? By the way, two of those guys are just traders; it's not even as if they are all into a job that is paying them a huge salary every month.
Not bad but I think, becoming a true Bitcoiner isn't about accumulating a certain quantity of Bitcoin for the sake of bragging rights, rather, it's about embracing the underlying philosophy and principles of decentralized finance and being a part of the global crypto community. To avoid being left out, individuals should focus on educating themselves about Bitcoin and its long-term potential, rather than indulging in unhealthy competition
Exactly. Imagine, for example, that someone tells you that they want to accumulate up to 10 Bitcoins before the year runs out, and someone else opposes the person and tells you that if someone like him can accumulate 10 bitcoins in a year, then he will accumulate 20 bitcoins at all costs even though his yearly income is not even close to $15k. Then how can he be able to achieve what he has said? Unless he takes a loan to fulfil his desires.
Damn, the supposed friends of the OP have money to compete to see who can buy more whole Bitcoins.
When you improve your financial situation, do it within your means and don't compare yourself to others who are much better off than you, because if you want to get where they are you're probably going to try too fast and with too many risks, which will probably leave you worse off than when you started
At first, I thought it was just some very rich dudes, but come on, after I join the discussion, I only realise that not even all of them can be able to accumulate like 1 Bitcoin in a year. They were just in a bragging argument, with each claiming to be doing better than the other person. while in reality, no one can even buy 2 Bitcoin even in a year.
You are very correct, @Poker Player.
But the problem I am viewing here is that I hope they are not taking loans for this competition.
Some people can do anything to show off to their friends, especially now that they are competing to accumulate the most Bitcoin within a certain period of time.
Although it's a good thing to hear such news if they are capable of doing the competition with the money they can afford to lose and if they will be holding the Bitcoin for long and not just to accumulate it and sell it immediately after the argument.
It would have been a good one if it was really a good one, and maybe it would not have even triggered me to join that conversation. Talk more about having to discuss it here.
Imagine when someone says they will make sure they get something at all costs or by any means. To me, it means that even if it cost any of them to collect loans just to make sure that they accumulate more than their openennt, they would do so, and taking a loan to invest in Bitcoin is not a wise decision. I was even Wondering, What if they close down their business and use all the money to invest in Bitcoin, just for the sake of proving that they can accumulate more Bitcoin than the other person?
Such a competition among friends isn't necessarily a bad thing if it eventually leads to more people adopting bitcoin and understanding the benefits it gives them.
If can become unhealthy if you make dangerous financial decisions just to win and do better than your friends. Challenging your peers is completely fine. If you grew up with a brother or sister, you will remember that you always competed against each other, regardless if it was attention, who was faster, who was stronger, who did better in school, etc. etc.
Yes, that's right, but only if it's in a very positive way rather than the opposite.
That was the reason why I decided to join the discussion, because it was really going to reach a point where any of them could go against the healthy way of Investing in Bitcoin, taking a decision that they might have paused along the way and begun to regret.
On the contrary, your advice to them may come back to hurt them in future, especially when they notice how Bitcoin price soars. If they were challenging one another on who would accumulate the most, I don't see how that would be a problem. That challenge is better than they gambling their cash away on some sites. I think you should've encouraged them to go ahead and accumulate at a time like this and then remind them to sell during the expected bull run in 2025 to take profit. Sorry, I don't think you advised them well.
I did not advise them not to invest in Bitcoin, but all I did was let them understand that Bitcoin investment is not about wanting to be greater than the next person in a negative way that can land them taking loans, selling of their other assets, selling all their properties, Investing all their monthly salary in Bitcoin, closing down their business, and Investing all the money in Bitcoin. Perhaps if they have any arising need, they will now have to sell some Bitcoin before they can solve the problem. I told them that competition is meant to be positive, like if they really have those huge funds to accumulate 3 or 5 Bitcoin, let them go ahead, but if they don't, let them just do according to their financial capabilities at that moment (no fighting to do better than the next person when you know fully well that at that moment, the person is far better than you in finance).
Why wait for the best financial time when you can do it here and now?
By investing at ease and at the best financial time, I mean when they think they have solved some personal stuff and they have really made the decision for the set amount they wish to invest at a time (for example, I can decide to invest about $200 every month I receive my salary). You know the situation with some people: they will invest all their salary into something, and at the end of the day, they will be looking for someone who will give them loans so that they can solve their problems while they also wait for their investment to mature before they repay the loan. You know the saying that we should "invest only what we can risk at that moment?"
How can we compare the number of bitcoins two people have when, for example, one initially had the capital to acquire them, and the other put aside several years from his salary? It's like having a competition between an athlete and a man with a broken leg. This does not lead to anything but psychological problems and low self-esteem, since the conditions are not equal from the very beginning. Financial matters should not be in competition with other people, only with yourself. A person in pursuit of others may not have time to notice what he has achieved himself and how he has grown compared to his past.
I feel you really understood the situation.
Possibly a made-up story
like some kind of forum storyteller or something else? If it were an imaginary story, I'd probably say it is, and I will not be prosecuted by anyone for putting up an imaginative topic.
What's more, as long as they don't make themselves too poor doing it so,
There is the kind of competition that is healthy that can motivate you to make better financial decisions, there is also the unsafe kind of competition that can lead to jealousy. Competition about accumulation of bitcoins is dangerous, because in the process of trying to compete with someone, you make it known to people that you are accumulating bitcoins, so they know exactly what to steal from you, that puts you in danger. Bitcoin accumulation is something that should be done privately.
You are right, @Queentoshi; this thing you said made me remember a movie that I watched. In the movie, there were about 8 friends who run a drug cartel, but along the way, only 3 of them became more successful than the rest of the 5, which got them wondering why they shared everything equally. So, the five of them became envious of the three colleagues, and they conspired to get them executed, so it could only be the five of them in the business.
