What bugs me, is that he just got all FOMO'd up and bought in 2years after the fact, bitcoin rose some 50x. There wasn't any pressure on my end to buy. I think one of his work buddies was all telling him about litecoin, or at least thats part of the story.
Any newbie or someone who doesn't understand enough about the market will likely do the same thing because they already see that it has risen so much, so probably it will rise more and it will never stop. That's what basically fomo does to us. On the other hand, buying when the price is at the bottom or there's too much blood on the street makes them feel insecure and they won't risk their asset for that, in other words, they don't know the value of that assets.
Which is why we have 1% ultrarich people. They buy and understand what they're buying and at what price that assets should be in the future.
