Topic: Out of prides, investors endangers themselves. (Read 364 times)

I do agree that showing off is troublesome, but some influencers who come from nothing doesn't know any better and they make moves like these. People are not educated about neither money, nor security of money in any part of the education system, and if their parents aren't that rich neither, then they would have no idea at all.

I believe that we should be considering the situation as something related to ignorance, because ignorance isn't really a thing about everything, a person could be wise and smart about one thing but ignorant about a completely different thing. This person could be ignorant about this subject, and that is why it could be the reason why he may do something risky and endangers people around him, not with intend, but more about not knowing.

It's like you're encouraging them to store their bitcoins on centralized exchanges, and how will you deal with them if there's a problem with the exchange and their assets are lost? Not to mention, once you introduce bitcoin to them, you don't mention decentralization, privacy, and non-custodial wallets...You intentionally let them store bitcoins on centralized exchanges to earn commissions, is that worth the trade-off?

I am not a bitcoin expert nor a good investor, my purpose of becoming an investor is to make money in the market. I have no intention of making money by providing trading signals or courses, bitcoin knowledge while they can be found for free on the internet. I'm not really a fan of making money using the methods you mentioned and I'm even quite against them.

I think convincing someone to invest in crypto without providing knowledge about crypto investment will be very risky, so always prioritize the word #DYOR when you convince other people to invest in crypto so that you won't be attacked because all investment decisions are up to each individual, even professional traders always reminded of the word #DYOR in signals distributed to private group members which indicates there is no guarantee of the signal results.

They actually hide more losses than the profits they show off but the losses are never published, usually traders always show off profits from the coin activities they trade, but in fact they hide bigger losses. However, I agree with your statement that traders never show off profits because they don't want others to join in that activity without knowledge of market analysis.

Yes, that's right, it doesn't mean if we're nobody here, just showing off because we want to be considered in the investment activity it's very sad and we don't get any benefits, maybe just feel better than others because we have invested, but even that is not a good thing for our character in the future.

That is unnecessary, it is enough that we bring life much better and they will realize that indeed we have a more beautiful life after investing in bitcoin and our finances are very safe, but maybe that person is forgetting himself and he thinks he is great because in his environment he is not as lucky as he is, this is like a person who just got a big win from gambling, they will always show it to anyone.

However, if the price decreases, after you work hard to convince someone to invest and, at the same time, use your referral link, you will be attacked by accusations that everything is not going as your referral would like. Why do you need to have this headache?
On the other hand, going back to the OP's story, many people are boastful. But boasting is a character trait of those people who like to assert themselves at the expense of others, those who try to prove their superiority literally in small things. Self-sufficient people know the value of their words and do not need proof that they are right. And when it comes to owning Bitcoin and generally speaking about their successful lives, they prefer to behave modestly while maintaining confidentiality.

Actually you can get benefit if you convince them to invest and at the same time ask them to sign up under your referral link, so you will earn the commission. Or, you can create a private mentoring, convince them the basic thing and offer them to join your class if he want to learn deeper.

That's why, you should have a goal or purpose before you doing something.

Bitcoin assets that you own should be kept in private because you do not need to prove yourself to others or let them know how many Bitcoin that you own or the fiats value in any currency. The feedback that you will get for letting others know about what you have is thefts or lost of your life. People will come after you when they know how much you have, if they can not get access to you because of the security that you have, they will go after your relative and you will be required to spend to get them out of harm to safety. You do not gain anything by proving to those doubting you about your wealth. Allow them to keep doubting and only time should prove to them that you were building your portfolio for a better life while they were wasting theirs chasing after pleasures of life that do not last.

OP is the one who introduced him to bitcoin and I think OP should contact him first to confirm about it before getting negative thoughts and accusing him of bragging. Although he was wrong to share his bitcoin balance with others, if he just wanted to convince others to invest in bitcoin, if he has good intentions, OP only needs to give advice and not necessarily give harsh criticism and spread this on the internet.


But it happened anyway and his privacy was violated. I guess the guy who hasn't invested in bitcoin will continue to tell many other people about this and this will be a big lesson for this guy.

Introducing bitcoin to someone is not necessarily bad, but convincing them to invest is a bad idea because we do not gain any benefit from it and can even endanger ourselves as in this case .

Well, we are all making assumptions still, and the appropriate person to rightly declare his position to end our assumptions of if it was done out of pride or not is the guy in question, which unfortunately we can't reach the mysterious guy. Though Op on his own part alleged to have given him a comprehensive guide.

Nevertheless, we shouldn't risk our privacy in the process of trying to prove a point mostly when it concerns money. There should be a limit to what we can expose to friends and family as we can't really read their inner thought towards our success. At this era with how widespread the word bitcoin has penetrated into diverse corners of the society there is no need working up ourselves to convince anyone about investing.

Of course we don't need to publish how much we have accumulated in Bitcoin assets, even though we don't intend to show off what we have, it could be that the views of people who hear what we say are very different and this will likely be a problem when we show off our Bitcoin assets. we have collected this, as you said is very true, it could be that after we show off these assets it will endanger our lives because we will never know for sure who will try to control the assets we have, because currently most people have understand well that Bitcoin will be very valuable in the future even though they do not yet have a good understanding of Bitcoin.

you are right, when we talk about things that are very valuable in the future of course we have to be able to choose the right person to talk to us about and of course we can completely trust them and they will not betray us with what we have shared with them, because If we choose the wrong person, of course this will seriously endanger our own security.

Showing the growth or how successful is your investment is really dumb.

It's an exception if you're an influencer where you need to gather as much as possible in order to make your accounts grow and you will make more money. But, if you're just an Average Joe and didn't get anything after showing your money, it's very unnecessary. Although, there are some narcistic people that will feel happy after many people praise them.

Of course, I also disagree with the other guy's actions because it could endanger him and his relatives. But we should not be quick to criticize him and think that he just wants to show off or be arrogant . I think because all three of them are close friends and the purpose of him revealing his investment was to convince the other friend to invest in bitcoin , and he didn't have the purpose to brag.

OP was just giving his guess, OP never asked him directly why he did that, so we really don't know what his intentions were. In this case, OP should talk to his friend who invested in bitcoin and should explain to him the risks of disclosing his bitcoin to others. If he is a braggart, he deserves to be criticized and condemned, but if he just wants to convince the other friend,  OP should explain to avoid making the same mistake again.

that he bought Bitcoin at the time it was $65k and stayed few months till it got to $71k isn't enough reason to start showing people how potentially profitable investing into Bitcoin can be. I doubt he has even invested much into Bitcoin for such space of time for a different of $6k in Bitcoin price to have placed him in profit that will warrant him showing people his wallet.

The thing about going this extra mile just to prove a point to people is that it doesn't end up translating to them investing into Bitcoin and even if the person eventually gets convinced to invest at that $71k price, what do you think the person will be expecting in some few months or even at this point? He will expect Bitcoin to skyrocket into $120k and above and when he noticed that it's now getting bellow the amount his friends convinced him to buy, he will be made to explain tirelessly. Sometimes it's best we know that you don't go about trying to convince everyone to invest into something that's as volatile as Bitcoin when you don't know the emotional strength of the person or you end up being blackmailed when they aren't able to HODL for long.  He has done a lot of harm to himself just by trying to prove a point and his safety is no longer guaranteed caus when you expose how much you're earning to people, they tend to feel this sense of entitlement and might tell everyone that you hold a particular amount of coin in your wallet which exposes you to big threat of not just hackers but physical robbers.

Your friend is exposing himself to great danger as a result of his pride and arrogance, and perhaps he will regret it later, so you must quickly warn him to shut his mouth and also try to hide his assets in the greatest possible way. It is also better for him to change his wallet or buy a hard wallet and hide it in a safe place.

We all sometimes commit such mistakes unintentionally or because of bragging. We want to prove to our friends that we have succeeded and that we are superior to them, but we do not pay attention to the danger inherent in these actions, which may lead to real problems due to envy or greed on the part of some friends. Therefore, it is always best to maintain as much confidentiality and privacy as possible regarding our crypto assets.

When I hear things like this, I feel sorry for people who decide to share the good that has happened to them with everyone without having any little restraint. Bitcoin transactions are meant to be anonymous and so other natures both investment and otherwise. We are supposed to keep our investment personal to us until we have reached our targeted goal. I have heard stories of people getting frauded because they shared information online or orally. Even our businesses and the things we plan to accomplish, it will be of higher risk if we tell people everything that is going on in our lives. People shouldn't know much about you and most importantly anything that has to do with your investment, business, and how you make your wealth in general. They can only be aware that you're not this but how you run it, and what you make from it should be kept to yourselves.

There's a phrase "quiet wealth" and I remind people how important it is. I guess OP's friend wasn't aware of its existence and importance. What can I say more?

I've heard of a guy who run a bitcoin exchange since 2014 or 2015 and he was pretty popular due to his political connections, some people said also mob connections... Anyway, he had an incredible apartment in a skyscraper that basically consisted of a whole floor, drove expensive cars, everybody knew who he was. One day he disappeared. The police looked for him, there was no trace.
He's dead for sure, but the body was never found.

Be careful guys, don't show how much money you have because you don't know who's watching.

When it comes to security then im that guy whose really that too mindful even with the smallest detail or information that might leaked out on which it would really be causing for myself to be put up on such potential huge problem on the moment that you would really be finding yourself having that kind of issues. On the moment that you would really be finding yourself that being too talkative or tactful or being that too showy on how much you do own or possess then you are really that opening up the doors of possibilities that you might really be that able to get those dangerous life threatening situations on which we know that this could really be something that will really be happening on you at the moment that you do find yourself that being put up on the corner and asking for your coins.

This is why it would really be always best that you should really need up to low key or make yourself that silent on what are the things or how much you've been keeping or
you do have in hold. You dont need on trying out to make things that been proven out with other people.

Yes, you should try to keep the security at all time high, and should keep your name out of public knowledge. I have never told anyone how much bitcoin I have, to be fair even if the whole world knew how much I have, it would be stupid to try to rob me because I have so few lol, but in the end I still do keep it hidden, just in case.

People have done much worse for just a few hundred dollars in some parts of the world, so it is not really something that I would consider as an issue, we should try to continue and avoid getting in danger. These days people try to be "brave", but they do not realize the difference between brave and stupid, publicly showing how much you have isn't brave, that is just plain old stupid.

Your bitcoin is your private asset, you don't need to show people your assets just to show off or make them see you differently, that's too dangerous because your endangering your life. It can as well be that he is showing his friends the profit he has made so far from his bitcoin investment out of excitement, without any intent to intimidate them, but human beings in their typical nature will always read meaning out of everything. This just goes out to tell us that, whatever we are doing that involves profit making, we should just mind who we share our certain personal information with.

It might not have been pride in his own sight; I think he was just too excited and also wanted to prove to the other guy that Bitcoin is real. I think he actually did that because he trusted the guy too, but that was the wrong step. There are still other ways to show a friend the price difference of Bitcoin online and let them do some simple math to get the value of the profit they would have made if they had bought it at a low price. 

@OP, Did you teach your friend about privacy, or did you only teach them how to invest in Bitcoin without teaching them the implications of displaying their asset to everyone? Take some blame for not enlightening him on that. 

Maybe economics board will be more appropriate. However, I do not believe the story in OP. It is not connected. It is just what everyone has been saying; don't allow people know your holdings. He just made up a story from it and that's all.

Among my friends, I know how rich they are. This is what I also expect in every pair group. So, you wouldn't be surprised to know how much your rich friend invested in bitcoin. But then, the message is still valid. Not to know people know about your holdings.

An investor who has just made a profit for the first time means he wants to show off to other friends because he has succeeded, meaning he doesn't think about the privacy of protecting his wealth, he doesn't even care, he just wants other people to know that he invested in Bitcoin. and has made a profit.

It's natural for your friend to invest for the first time, right? It feels like your friend hasn't explored much about how to protect wealth assets and shouldn't tell anyone even though it will be dangerous for him later... I also have a friend and the first time he made a profit then showed off on his social media by saying that he has successfully invested.

If your friend did not tell him it would not have happened and he would never have known their assets. Remember one thing and why people are more anonymous for investments in bitcoin because they want to protect themselves from bad activities that can happen outside our expectations. These kinds of people only try to show that they have advantages over others so that when people find out that they have a lot of money they feel proud. In fact, most of us want to try so that no one knows the amount of assets we have so that we can better maintain the level of privacy and security.

Whatever he does, he definitely just wants to get applause and feel flattered by others so that he forgets that these actions can endanger him. If you can advise him, it would be much better and if he doesn't want to listen, then let him be with all the arrogance he has. Later at some point he will definitely feel the impact and he will regret having done something stupid like that.

I don't think this topic fits in the Speculation board, i don't know where it even fits, maybe in beginners and help, maybe.
I don't think "lucrative" is the appropriate word to use, when you want to introduce Bitcoin to people. Buying bitcoin isn't a business, and you can send the wrong message to people if you tell them that 'bitcoin is lucrative". That being said, it is a bad decision to tell people about your bitcoin hodlings and make yourself vulnerable to their attacks.

How can you be uncertain to decode if the Investor did that out of pride but you are certain that i did not teach him of the security aspects?
You just made felt like you were there when it all happened.

Does it mean that whatever mistakes a student does is as a result of the teacher no teaching the student appropriately?
Well, if you wish to know, I as an older Investor before this guy in question, I have made numerous mistakes on my Bitcoin investment even when my investment mentor has thought me all of it but yet I went contrarily.

So, count me out of this investors particular mistake because I am aware that talking to newbies about the Privacy and security factors including the volatility potentials of Bitcoin is an essential and primary focus by which the experienced investors are to spread across the beginners so, I never underrated this very fact at when bringing this guy up to this Bitcoin industry.

If you also read me correctly, I said "I think" it was out of pride and looking at it, aside pride I don't think any valid reason why the guy would expose his wallet to the other guy knowing very well that it is about money which is assumed you are telling someone how much money you have in your bank account.
If such such case is not of business transactions, then it is of pride with out of ignorance, such act portrays potential risks.

I wouldn't blame the OP in this case because he didn't mention privacy to his friend. Even if it is not bitcoin but another asset/investment, it is his decision whether to share it with others or not because if he had a boastful personality, he would do it with other assets as well, not just with bitcoin.

But you're right, we don't know what his real intentions are, is he bragging or just wants to convince the other friend. But regardless of his intentions, revealing his assets to others is a huge risk even if it is not bitcoin. Not only should we keep our bitcoin investments a secret, but we should also refrain from flaunting our wealth under any circumstances and to everyone.

First things first,
You don't have to feel disappointed. Whatever that person do to his invested money, whether he showed it to anyone or be happy talking about it with different person due to the joy of making a profit through his investment, you have nothing to do with it. Just be happy like how he feels.

Second thing is, sooner or later, he will probably realize that his investment is too personal to share with other people. He may only be overjoyed and come to the point of bragging it to the other guy who did not invest together with him without realizing it.

The last thing is, on your point of view, he is indeed looks like proving himself with his investment and want to make the other guy to regret for not investing, but based on your story, he's just showing off his profit just like any other newbie. He does not seem to prove anything like telling the other guy some words like "you should invest and see how easy I make money, etc.."

This is no big deal if they are friends and the value of Bitcoin purchased is not worth envying. You never included the amount of Bitcoin bought by the friend you successfully converted, so we can't judge him outrightly. At least, he is not a kid and might have handled it better when the money is big.

Still, I wonder what he is still proving when the price of Bitcoin is fluctuating as we see it now, to the point that it is now about $65,000 at present, so moving from the buying price of $65,000 to $71,000 and back again to almost the same level as the buying price still amount to nothing to me, no encouraging ROI.

Bitcoin has not even doubled the investment for him, or earned him 1/4 of it, why then is he emotional to the point of proving and proving to his friend? It is the choice of the other friend to invest even if he made millions from it and this is better provable to the persons who did not invest when the bull run is over and the one who invested can count his blessings to prove the other one wrong. Certainly this way, he is doing it wrongly.

Because he was new so he didn't really understand that there had to be a secret about the assets he had in cryptocurrency otherwise something like this would happen This Crypto Investor Lost Nearly $4M in Ethereum (ETH) to Armed Robbers
And it should be your duty to tell him everything if you want to become an investor in cryptocurrency, not only about the profits you will get but also how to secure your assets properly so that they are not lost because you store them incorrectly.
Lack of knowledge can put investors in danger, not only can they become the target of crime but they can also lose their assets because they are hacked, so investors must understand everything well if they want to enjoy the benefits of being an investor later.

 Well, you won't blame this friend of yours after all you said it yourself that he's a newbie to the world of Bitcoin investment and if you had known, while telling him about the benefits of investing in it, you should have let him on some of this minor things like personal security and the rest. Supposing this guy he showed his Bitcoin holdings were to set him and the rest, who would the blame fall to?
 It's not everyone that should know about Bitcoin as sad as it because to some of them, it's regarded as a scam project and until they see proof, they remain doubtful.
Personally, your doubtful friend should not bother going into crypto because should the market experience it's usual volatility, he'd blame you because he feels since this other who involved himself got profits, he too should get.

To your friend that investment on Bitcoin when the price is still $65,000 and then went to $71,000, then good for him, specially if he take that profits already as the price goes back to $65,000 again, so it's either just a paper lose for him and he did have a profits already. And to your friend that didn't invest and now wanting to, this is the perfect time if you can advise it to him and they could be in the same boat right now (if the one that investment early didn't sell).

I don't think though that it's a bad idea for your friend that initially invested, I mean that's one way to proved that Bitcoin is not a scam and you can really make money out of it if you know what you are doing.

But in the end, both of them can invest, no need for the other friend to feel that the other friend is rubbing it in to him. Just take it as it is, and then believed now and invest what he can afford to lose, win-win for both of them and to you as well because you are the one who advises both of them about the beauty of BTC.

Better to be wary and be paranoid when it comes to your safety rather than on ending up on having that huge regret because of such mistake. People wont really be able to realize it not until they would be experiencing those horrible situations in their life on which getting abducted or being that point out with some sharp objects or being that pointed out with a gun is really that traumatizing. On the moment that they do know that you are holding that much money and asking out on transferring into their own accounts or wallet, then what you would gonna do? Pretty much sure you would really be that giving those money for your own safety. Just like on what you have said that when it comes to safety then we should really be thinking up the very best that protects us from potential harm.

If you are really that having those plans on introducing something specially in connection with crypto then you could always direct them to some video in youtube or having that single search in google
on whats Bitcoin or crypto then it would be that much more sense and viable on doing such step rather than on making on your own method or path.

Sometimes people do get careless and really just that not thinking about their safety and really just that focusing on trying out to convince someone or really just that making some show-off that
they did make out that huge money without even thinking about their security on which we know that people could really be ending up on having those bad intentions at the moment that
he sees that he had been holding that huge sums of money. We might be able to see up those headlines again on getting robbed using up that $5 wrench. 

Dont make those stupid actions if you wont really be putting up yourself on such bad condition on which we know that not everyone would really be that good
and some would really be doing crimes just for them to get on what you do have. This is why dont mind about sharing up those opportunity
and showing up your entire wallet balance or portfolio.

I think yes and no. IMO, sometimes it's better to do the same thing even if we are not prideful because it can give us contentment and also for others to learn that we are right and they are wrong, and they can change their life for the better. They might even thank us one day for this and that can make us even more proud for our selves.

When it comes to trading, trading is only trading but our individuality is still more important than it because this is what shapes us. So, I won't compromise it only for trading. Despite of it, I think it is still possible to be successful in it. I want a life like this, that everything seems to be balanced and there is no need for me to make sacrifices.

This does happen quite often, and I always find it quite funny because they do not even need to. I mean if you leave pride aside, you are going to get richer, but because you get prideful, or you fear your pride will be hurt, you lose money? How is that a fair trade? Even if you were right and made profit, you took a big risk for absolutely no reward other than having better ego.

I would say screw my pride and give me my money, in this day and age pride means nothing when you have kids you need to feed, or a family to take care of. Right now, I have two sick people in my family, and one of them is my wife, she needs rest and she needs care, if it means I will make money, you can whip me on the streets and I won't care, because as a husband I need to make sure she gets all the help she can get, my pride or ego doesn't matter compare to hear health.

We don't know if he did what he did out of pride or by sheer attitude of trying to convince the doubting friend about bitcoin with a proven evidence directly from his wallet. One thing is here is certain, you didn't preach to him about privacy with bitcoin and how important not to comprise on it.

While we brush people up about how profitable bitcoin can be to them if they invest long we should with that approach enlighten them too on the tenets of how to safeguard their investment from public notice because privacy is peace.  The more people don't know about your finances the more peaceful and secure live becomes for you.

It is only when one is full of pride that he will find himself under this category of behavior, have seen some people that despite they knew what they were doing and they are right in it, they don't have to argue themself and insist on the same thing over time, this same attitude is what many traders are taking along to making trades, we have to sometimes let go of our individuality and follow the due process in other for us to achieve some certain level of results and achievements.

Your friend in trying to prove a point has proved his ignorance and put himself in harm's way . These reiterates the reason for proper orientation about Bitcoin, cryptocurrency, and cyber security . Like this say ignorance is not an excuse and whatever happens to him he brought it on himself. There is nothing to prove to anyone who is not interested in investing in Bitcoin . They would eventually get into Bitcoin at the price they deserve. Send your friend this link and let him read the stories of people who lost their bitcoins and crypto because they wanted to proof something to someone. Some people in the story did not only lose their crypto assets, they also lost their lives. - Physical Bitcoin and Cryptocurrency Attacks that Have Been Reported Worldwide

Have you experienced where someone went an extra mile just to prove himself right because he doubted?

While we all thrives on our Bitcoin investments regarding its  lucrativeness, we actually wish that our loved ones can find the opportunity feasible and also invest on it just as we do.
For some cautious reasons, we do not want to discuss about it with them but we still wish they cou embrace the system in one way or another.

Out of two friends I introduced into the Bitcoin during the halving, one successfully Invested and the other one did not. In a few week ago we experienced over $71K in Bitcoin market price, the newly Investor friend of mine approached the other one who did not invest expressing how lucrative Bitcoin investment is.
The guy was still in doubt saying it is all fallacies that the guy is just trying to convince him.
So in other for this newly invested friend to prove the legitimate and lucrativeness of Bitcoin, he opened his Crypto wallet for the doubted guy in explaining how he bought Bitcoin when it was $65 and now it is $71K yet further increase is being expected.

So the doubted guy wowed over it that his friend has such amount of money?

Just by past weekend this doubted guy came asking if am I aware that the other of his friend has a lot of money in his Bitcoin wallet? And I ask how he knew about it then he explained in details.
I was surprised and felt disappointed of my newly Investors friend because I could wonder further people that doubted guy would tell about the guys funds in his wallet he can linger to danger that even if this doubted guy does not have evil thoughts on him, others being aware of it could be.

I think this my newly investor friend was out of pride and just wanted to make this other guy feel regret but does not know the dangerous implications he has just made upon himself and his Bitcoin assets.
It is unfortunate for investors who lives this life of proving themselves to people just to make them believe on their investment.