Topic: Treat newbies right - Teach them and sell to them at the ATH (Read 494 times)

As for the way you've been doing it so far I think there is a suggested one way. I've been applying it to myself for a long time since I got to know bitcoin. Never once did I try to get other people to my passion for cryptocurrency and bitcoin unless they started asking questions.

Because most of them are attracted to bitcoin because of its value, it will be very risky if they do not know beforehand what risks they will face. It is much safer for me not to invite anyone to be interested in my interests and desires in bitcoin and cryptocurrency in general. They should really take the time to study before they get here.

Sound advice. If you value your friendship, you shouldn't risk it by trying to influence someone into anything. All friends of mine, have approached me for advice, rather than me trying to push anything on them, because no matter how much you put a disclaimer out there, they will likely hold you responsible, if it was your idea for them to invest.

Also, if you are recommending books I wouldn't suggest recommending it without vetting it yourself. You shouldn't be recommending anything that could potentially be bias either way, or provide misinformation. Especially, when it comes to cryptocurrencies, the amount of factually incorrect statements, and bias even on "reputable" websites is quite significant.

This is my way; never push your ideals, or even ideas on anyone. If they are interested, they will ask how to start. I'm not into the whole business of advertising, and basically being a recruiting agency. I didn't find Bitcoin by being recommended it, I found it because it was in line with my values, and situation.

If we talk about teaching someone and explaining the theoretical part, it is always necessary to offer the necessary materials for reading or viewing. This is where we can properly direct the newbie by showing him the right sites and books that provide competent information. It will be very reckless to direct a newbie to watch YouTube, in which, when the price of bitcoin rises, a lot of garbage appears and confuses a person.
Only after you see that a person is ready, that he has an understanding of the risks that may await him when investing, then you can express your opinion about purchasing cryptocurrencies. And as the next step, move on to practice.
Your conscience will be clear if you are careful about what to do and what not. And the choice should always remain with the owner of the funds who plan to invest.

Over a period of time I have been telling a friend to purchase some portion of Bitcoin and hodl but it seems that I was distracting and disturbing his peace, I felt like I have made some silly mistake by introducing someone to what he hasn't shown interest in. At the beginning of the bull run, I posted on social media that Bitcoin is starting to recover, go get some before it's late, it shocked me to see the same friend saying I want to buy and hodl, come direct me.

Newbies might not be positive at first time, but over time as news on heavy gains with Bitcoin comes up lets them sink in, never have the intentions of forcing them into getting it, rather let them think over it again and again, it was a nice experience though while I was happy that I let someone, a friend bought btc at ATH, I'm glad.

I get it, people have to learn but the best way to show them is to provide them the application of a specific cryptocurrency.  The worst thing possible is just to let anyone go in blind during such a chaotic time, even worse would be to show them leverage.  It's probably best to tell them if you are going to use any trading platform and think of leverage, you will see me come at you like a catholic school teacher with a metal ruler.

The bold part; no one should ever try to influence in any financial decision as at the end, if it turns out bad, you will be accused of. I have shared about bitcoin among a lot of my friends but they were never interested untill recently when they saw news on Bitcoin here and there. A few of my friends knocked me and started to ask whether they should invest now or not & my answer was same almost for everyone as the price has skyrockted already, "DYOR". However, to my known, one has invested around $33k; I had helped him picking wallets, purchasing his first bitcoin.

First, I would say without a doubt that trying to help newbies know about bitcoin, buying and selling it is the way to make bitcoin more and more popular with the wider public.

I have the same experience with the storyline at OP, two of my friends were interested in trading bitcoin in mid-2020. I didn't influence them to buy and trade bitcoin at that time, but they were interested because they saw my activity almost every day monitoring price movements . Their interest grew stronger after they learned of the profit I was making from trading at that time and they were eager to do so.

Because trading is a risky activity, I did not immediately grant their request to make the first purchase because I had to explain the risks they might face later. I wanted them to first learn and figure out what bitcoin is by encouraging them to read, watch YouTube and so on and that took over a week. Once done, I thought it was time for them to make their first purchase.

There were two things I offered at that time, whether they wanted to own bitcoin directly from me or they want to get them from an exchange. Because they want to have it from the exchange so I had to register it with the local exchange at that time and do the verification which will be processed in 24 hours. The next day they made their first bitcoin purchase on an exchange with an initial capital of not more than $500.

As far as I know, they have been selling bitcoin and profiting from it for the first time even though at some time they asked if it was time to sell. But yes, now I think they have to be independent and carry out trading activities with full consideration and analysis without having to depend on other people. When I explain to them about the risks, they are fully responsible for their money.

Too many technically new words will be in the explanation of bitcoin, which many have never even heard. Therefore, it is necessary to explain in the simplest possible language. Here are some explanations from Martys Bent:

"Why is the price of Bitcoin going up?"

"Is there really a limited supply?"

"How the hell does mining work?"

But a very big problem for people is that they only see the PRICE in Bitcoin. They're not interested in anything else.

This for sure subsides my worries on the matter. It's all in the purpose because, it would be very bad to start a trade and be under the weather and not just the mid one, a stormy one at the very first step and that's what most tends to face at the ATH. It only takes one with such purpose of hoarding the acquired or have other means of reinvesting to maximize profit to last in such situations. Devising another source of income or setting up a young wards or anyone's future plan could be just that as they all require a waiting period, a long wait at that.

Really shitty, and I have an experience to back up how actually shitty it is: When Btc touched 20k few weeks back, I was contacted by a friend for advice if he should buy or not, of course I tried as much as possible to play safe with my advice, leaving the ultimate decision in his hands, though, that in one way or another discouraged him from buying cause he weighed up what could happen if the cons instead of the pros was what was going to happen...

Moving on from then to Bitcoin reaching 41k, my friend talks to me like I let him miss out on huge ROI, forgetting that the reverse could also have been the case, I don't feel bad for not categorically telling him to buy, but I feel bad cause he doesn't believe in the network, many people are like that, they've been hearing of Bitcoin, even when it was 9k, but it only piques their interest, causing them FOMO when there is a Bull run and the price is appreciating like it is now, it's more difficult advising such people imo.

Wait is my sandwich based portfolio missing out on something?? Agreed on the rest, Bitcoin needs not be shilled.

That's a good way to approach it. I did specify the need to be wary about exchanges, past reputations, verifications, as well as custody of coins. What was nice was having irl conversations on the what might it do? (pullbacks and run-ups large and small, as well as talking some of the long term projections)

It could be a negative experience that's for sure. That's why it's about guidance and letting everyone make their decisions. On the flip side how shitty would it feel to dissuade someone from buying at say 12K or the last bottom. These people I assisted this time around are in certain points of their life that while not fully appreciating what Bitcoin and Blockchain in general are capable of understand the potential.

Neither are looking for a quick trade. One I believe plans to leave it to his daughter, the other is growing an empire whose size remains to be seen. This is an offshoot for him to diversify and learn BTC, and I plan to try and get him to accept crypto payments in the future through his company.

Honestly, it is a good approach to prevent any disappointments regarding the investment decision-making process. As some of our personal recommendations could be wrong and the outcome may contradict their expectation. Thus, it is better to suggest the evaluation of the market themselves to help them realize what actions they should do. In that manner, they will learn to weigh the possible risk associated with their investment. Personally, when my friends ask me about bitcoins' price and functional capabilities, I informed them of the basics and propose to do the rest of the exploration.

Where I become confused is advising or allowing them to buy at the ATH because, eventually a retrace dose happen on the price, it would go a long way in demoralizing them temporary for those that would be able to hold their coin until the next bullrun occurs while those that couldn't would just abandon crypto. Though, putting the choice in their hands is as well, taking the blame words off there mouths but, would it be wise to just let them get on board at that hour knowing that, it's a risky time to get on board and only a few dares to buy then and still bare what comes with it should it be a negative one.

That's roping people into Bitcoin through the potential of profitability, which is something that you cannot guarantee. Do you know a similar business model that employs this kind of strategy? Pyramid schemes, which a large number of people tend to equate with Bitcoin (though, it's lessened to a certain degree these days), and you will only further this conflated concept without explaining the reality of Bitcoin in at least some basic way. If people don't want to invest in it for that alone, then so be it!

I don't force you to eat ham sandwiches every day, and not everyone is ready for the volatility of Bitcoin: easy come, easy go.

I always put a warning whenever some of my friends on my social media accounts approach me about bitcoin and how to invest on it I always said to them its not a financial advise dont blame me in the future and if they agree on it then its time to teach them all I know about how this stuff works buy, sell and take profit or I always advice must better hodl.   

When my relatives come to me and ask me about bitcoin or cryptocurrency after the read news on newspaper, watch videos, interviews, highlights on televisions, I try to tell them that it is risky investment.

I reject all offers from them to keep their capital and help them to invest at any commission rates. It is stupid to take all risks and try to make profits for people who don't understand what is bitcoin, and what are crypytocurrencies. What sort of risks they need to accept. They only beware about risks if they actually involve in the market.

You can lose your bitcoin, crypto from hacks, from liquidations, anything but you know about risks and accept them. Those people, they do neither know nor accept risks.

Yeah my idea is we are all adults (at least me and my friends are) and they know that they need to be independent when it comes to making their own decisions but really I myself personally cannot feel guilty just by thinking a chance that I have made my friends lose money because I somehow influence their decision. When it comes to exchanges or what kind of wallets they would store their Bitcoin in I can answer all of that kind of questions but when you ask for me for an investment advice this is something that I am afraid to answer because I don't want to take any kind of blame. That's why I always say DYOR to them because even my views can somehow be biased or inaccurate that they will also be affected because of it.

Just tell them the profits and they are ready to invest as per your guidance

I am yet to find someone who is genuinely interested about this whole aspect of "Where does the value come from?". They have mostly already drawn their conclusions comparing Bitcoin to Stocks. The question is "What is the value when there is no product or company behind it?, It is all virtual"

Over at my place most people are looking for something that will give them an instant profit as people have all heard stories about those who bought at 1000 USD and then bought land and cars at the ATH. Everybody wants to be that guy. Not that I have enough to sell to someone but even if I had, I wouldn't be the one selling it for the reason that I don't want to be the one who takes blame for failing those expectations. I have seen that the best people to share it with are the ones who are interested in the tech part of it first. Sooner or later they realize the financial aspect as well.

Bitcoin introduces complexities in two distinct ways. The technology itself is highly complex by design; the complexity that drives bitcoin is what makes the network so secure. And bitcoin besides the technology is a fundamentally new way of understanding money.

The underlying technology that powers Bitcoin will always be complex - it has to be. Satoshi had the following quote, "If you don't believe me or don't get it, I don't have time to try to convince you, sorry" in the early days of building the network. I believe it's vital that those of us who have learned so much along the way and have the time to help others do so. I am a major advocate of ultimately transitioning new bitcoin users towards self-custody and managing their own bitcoin and private keys. I worry a bit once retail adoption becomes very widespread that self-custody will be only managed on the fringes because users are too intimidated to do it themselves - there's an opportunity here to help.