Topic: What went wrong with bitcoin! Reply (Read 509 times)

Idk man, maybe don't paint bitcoin as the jesus christ of investments? The problem is that newbies and people who just got in the business portray bitciin as some sort of end-all-be-all investment hack that could get people rich in a jiffy. That's just wrong and a surefire way to have someone hate you for life. Don't invest in bitcoin if you haven't done your own research, unless you wanna lose all your money after not timing the buy right. More so, do not tell people to invest in hitcoin if you don't even know how half of the whole process works. These people have their lives and financial stabilities at stake and could very well lose it just like OP's example.

TL;DR: Don't tell people to invest in bitcoin if you don't know how it works and only sees it as a way to get rich quick.

It is very rare that anyone that approaches you and asks about bitcoin is doing so because they are curious about the technology or its characteristics, they do it because they have heard that you can earn money with it and they want a piece of it, then it would be better to open their eyes and tell them the truth about this market, and how people like them lose all their money as they end up investing in all kind of useless coins instead of obtaining the results they want.

We can't control them because it was their money and as a newbie it's normal that their urge is high. They can hastily invest disregarding the important points that they must know. As a result, they are now wondering on why Bitcoin falls down and seem to not recover anymore. They are now worried and worse is they will start selling at a loss.

There is nothing we can do about it. A shortage in supply and an increase in demand will actually lead for the price to rise. This is what will happen soon with Bitcoin after several halvings. There are also people who lost access to their Bitcoins which can make Bitcoin scarcer. For now, the price falls for some reason and not because the demand have totally dropped.

I will have to blame the person that introduced the business man to bitcoin investment, he didn’t make the business understand what bitcoin was all about and how it’s operates, also why will he want to divert his business money to buy bitcoin and you Will agree when you know that’s his only source of income, what the person that introduced the business man to crypto should have done is just asking the business man to be removing some little amount from his profits and be investing in bitcoin and not asking the businessman to switch completely.

You know how bitcoin operates and you know what bitcoin is all about, you shouldn’t have taken the risk of advising someone to divert his business money into bitcoin, Always invest any amount you can afford to lose in bitcoin.

It’s better you clearly let them understand what bitcoin is all about, if the are interested then they should go ahead, you can guide them on how to make investments but you should make it clear to the person that anything can happen to their investment and you won’t be responsible for it. Whenever you are teaching people how to invest, don’t focus on only profits, let them also understand that they can lose their money.

Let them know how volatile bitcoin and crypto market is, let them know that the price movement is not in your hand, anything can happen to the price at any time, so that they won’t end up frustrating you to pump the bitcoin price as you don’t have the power to do that.

After explaining the risks associated with bitcoin investment and other necessary things the person should know, then you should ask if the person is interested or not, you don’t have to force the person to invest, let the person be willing to invest and not you forcing the person.

The worst thing you will do is collecting money from someone to invest in bitcoin, if you can try that, then you are spoiling your reputation from the person, you are likely to be tag as scammer, because what the person might be expecting in return might not be up to what you will give him, he might be thinking maybe you decided to slash the money into two then you give him half alone. But if the person invest the money in his wallet, he will definitely be seeing the price movement himself.

These are all great points. I like your hustle on the palm oil and the yams btw. I think that is just so awesome, you work hard for your money. I like to call that singing for your supper. Anyways I absolutely agree with points 1-7 and I would like to add that you should only give advice when it is asked of you, or if you generally can't refrain from telling someone something because you whole heartedly feel that it will help them make an advancement in some way and you're trying to help them then I feel you shouldn't hold your tongue. Bitcoin is going to go up and it will go back down. Right now all you need to do is HOLD. 

This is why when someone asking on me about Bitcoin, I just give them a brief explanation of how Bitcoin works because a lot of people always misunderstood what meaning of Bitcoin or how it works.
This is a normal encounter when you do it with new people. Because most of these people see on internet especially social media are good sides, like easy money, profits on investing/trading, etc.

Their mentality should be like that wherein, losses are always around the market and it is unavoidable, many people cannot meet their expectations becaue they have been told that it is easy to make money from investing but the truth is it is very hard. In order to make money this idea which is "buy low and sell high" is very easy to understand but it is hard to execute because there are a lot of factors should be consider and you cannot know when is it low or is it high. My friends also asking me if I'm earning profits by investing and trading, of course my answer is yes but I also said them that losses are inevtiable and I also experiencing it. I'm already tradining them to be aware that they can also incur losses and in order to minimize that, they should focus on improving not only their skills and knowledge but also their mental foritude and psychology. In that way, they can be prepared once they start investing their money.

That's right, nothing should be hidden from them, we should tell them all the pros and cons of investing in bitcoin. For me, I will talk more about loss than profit, even I will scare them, and I don't want them to invest in bitcoin, but if they still want to invest in it, I think they are ready. We should emphasize losses over gains and let them understand the level of risk, and they won't blame us if the investment doesn't turn out as expected.
I also have some friends who want to invest, but I don't want to give them advice, I will just provide them with the knowledge and let them decide everything, I don't want to be responsible for them.

Yes, you are correct; this is the law of supply and demand. However, there are times when supply and demand are equal, with no excess or shortage. If demand and supply are equal, you might agree that the market does not always have the same volume. What I mean by a lack of demand and supply is that the volume is extremely low but equal. That's what I found in the market using a volume indicator: if the market consolidates, there will be a lot of volume, but it will also be low volume since no one wants to sell and no one wants to purchase.

Aside from that, what we usually see in the market after a consolidation phase is either impulsive up move or down move. But I don't agree that the term to be used is "strengthening" because the market has no strength in consolidation, maybe it's better to say that the market is in an "indecision" state.

Sometimes our desires to help pushes us to do the wrong things. It might have come with some good intentions and though I might not know the manner through which, this merchant was convinced to invest in bitcoin, it seems he had to dump his source of likelihood, his line of business to invest in crypto.

That's in itself wrong. Though bitcoin has been known to offer some securities, the likelihood that they would come soonest is always  food go thought and the uncertainties in the system means, you don't have to put it as your all. You still need to have something going aside from cryptos that could as well pull in some good funds.

One thing I think is a take amd should have been very well exposed to the investor is that;.
You invest with only your sparr cash. That way, the user would know he doesn't have to dump his yam and oil business to pick a crypto investment. Food item business line is still an ideal type of business.

Many stories have been said here and I've got also my personal experience that I'm done with these people even they're my closest friends. If you've encouraged someone before and then it didn't go well and with how they react, you're not enthusiastic anymore in telling things related to bitcoin and its volatile to them as an asset.

We don't have the control on the price and yet if they are seeing the value of their portfolio is dropping quickly, they want you to be responsible for it because you're the one that has encouraged them to invest.

Just avoid these people and don't encourage anyone anymore into venturing in bitcoin without them having their DYOR.

We don't have the right to stop people from investing in Bitcoin.  So we don't have the authority to stop or allow others in investing Bitcoin.  We might have the influence to affect others into investing or not investing into Bitcoin but as I said we don't have authority over other people unless it is ourselves who is thinking investing to Bitcoin.


If there is more demand, it is obvious that there is a shortage in supply thus making the price of Bitcoin surge and vice versa if there is too much supply getting into the market.  There is no such thing as a lack of supply and demand at the same time in a consolidation phase of the market.  It is more appropriate to say a balanced stream of supply in demand that creates a sideway trend that tends to look like a consolidation period.  The consolidation period is the period where the market is strengthening so it is inappropriate to use lack of supply and demand while speaking of such state.

That man did not explained bitcoin investment well for the other man very well. He tell the man only the advantage, and didn't told him the disadvantage of the bitcoin investment, this bitcoin of a thing, is not just a something that you go and tell person to buy bitcoin and invest. No, tell the person the realities of bitcoin investment, let the person choose his/her choice to invest. To avoid problems like this, let us sincerely, infact when we are introducing bitcoin investment to people, tell them the risk involved, no quick profits explain bitcoin very fountainhead to people's, let them made there choice to invest.

It's quite appreciable if you just believe in yourself, and don't easily believe in others.
But you also need to learn from other people's experiences or from some other people's mistakes.
Checking all the platforms is not easy to determine if it is a good investment.

If you don't want to do detailed research, just invest in Bitcoin as the main recommendation or if you want to put your money into Altcoin you can choose ETH.
It's quite simple without the need for a long series of research, just need to buy at a fairly low price and hold it for the long term.

I get used to that I have to do it all by my own. And I examined all platforms well before started investing on Ownr wallet and didn't trust other people

Before we allow people to invest in Bitcoin, they must understand that we do not control the market and that there is a risk. Even if the price of Bitcoin falls dramatically, it will gradually rise above your purchase price. But we have no idea when it will happen. Some will take a few months, while others will take a year, so patience is essential here.

Aside from that, I just don't believe that it was due to a shortage of supply in Bitcoin since when there is a lack of supply and demand in Bitcoin, the market tends to consolidate, so the price doesn't fall but also doesn't rise. The price of Bitcoin will only fall if the supply exceeds the demand.

The wrong story of both the transmitter and the receiver, new knowledge and the transmitter himself does not even grasp it to recommend to anyone, that is really a risk. I have also seen a lot of difficult situations, when I saw some new friends enter the market and get quick profits, then they had a belief clouded by greed when taking out a loan. from many people to invest further and believe will bring them more profits. And when the market falls, they can't control their finances, leading to debt and can't imagine how wrong they are, so sad for them and can only advise people in any field to do the same. should learn before going to sustainable profits and share that success with the surrounding community.

That's why I don't want to introduce bitcoin to anyone, especially people I just met because the risk will come after that if the market goes down. If that person loses, he will hold me accountable. I also don't want to collect money from people because it is riskier to get angry with people if they want to withdraw their money while the current position is losing money.

And if anyone wants to invest in bitcoin, I will make sure that they know the risks behind investing in it. I would also tell him always to learn to analyze the market so he knows when to hold back or sell his bitcoins or whatever he wants to do. Investing in bitcoin is everyone's responsibility; we don't have to dictate to that person what to do.

There is no obligation to advise people when they are trying to make an investment, every decision is a risk for the person who has chosen. People will be responsible for the decisions they choose and even if they ask your opinion then direct them to study the level of risk of price fluctuations and most importantly do not advise them to choose other assets than bitcoin.

Becoming part of crypto and bitcoin must go through basic considerations, there is certainty when people decide to invest and this certainty is not related to profit, but methods, strategies and understanding of the basics of investment, so that if something happens in an investment they don't blame other people.

There might be wrong with his explanation to that person but this person also must also to look for other sources of information to gather more ideas, not just be reliant on him. Because if he does, he would not ask why it happen to his investment but unfortunately, the blame brings back to the person who introduces it to him.
Perhaps, it was a lesson to learn, and we should not encourage someone to invest in Bitcoin if they don't understand how it works. Let them decide, not us. And yes, we don't just mention earning huge profits but also have to mention possible losses.