What went wrong with bitcoin! Reply - page 3.

Ndabagi01

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Quote from: Godlovesyou on April 27, 2023, 10:49:37 AM

The argument ends but I want to draw this lesson to everyone;
1. When introducing crypto to anyone let them know you're not responsible for anything contrary.
2. Tell them you don't control the price, the system does.
3. You're not liable to any losses
4. The person should make good decision before joining
5. Don't collect money from the person to trade or invest for them. Them should do it themselves.
6. Don't tells the person when to withdrew his or her, they should chose went to.
7. No promises for anybody joining cryptosystem is a free market.

Lack of understanding about bitcoin in general makes it tough for newcomers to grasp the concept. Even if you've explained to them everything they need to know about bitcoin, give them time to do their own study and don't pressure them to join; rather, they should do so when they're ready after learning more about it.

With this, you will not be held liable for any failures or mistakes they make while holding the bitcoin. This is not a get rich quick scheme; patience is essential here in order to reap the rewards in the future.

JamesBorn

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OP, from what am seeing here the person that introduced the yam seller to bitcoin is someone who have little or no ideas about bitcoin but perhaps he must have referred him to those local bitcoin brokers with referring benefits, he knows when he fix his money there, he will benefit from it at every single transactions the yam seller does, weather deposits, withdrawal or transfer to another wallets. So him himself has no good background of bitcoin, he's probably one who just throw money into bitcoin investment and see some profits before urging someone to join him without a clue. Well, in the aspect of taken responsibility for inviting someone into cryptos is good to stand as a guide to them until the person too understood or learned what he or she is doing, even if you're not liable to their losses or gains but encourage to sell when is time just as you encouraged them to buy, teach them some simple steps of transactions in case the market went wrong and you're not close, what them will need to do and before telling someone about bitcoin make you yourself knows what cryptos is all about, how it works to be at safer side. Is a nice top of discussion.

The Cryptovator

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Before introducing Bitcoin to someone, it's important to explain its uses, such as its ability to facilitate borderless transactions without the need for a third party. You should also explain how Bitcoin works and its volatility, including possible losses and how the price fluctuates. When discussing the topic of "pump and dump," it's important to explain the reasons behind it.

It's also important to emphasize that Bitcoin always exists as a set quantity. For example, if you buy 1 Bitcoin, it will always exist as 1 Bitcoin, but its value will fluctuate. It's crucial to make them understand that no one controls the price of Bitcoin - it's all about supply and demand.

By explaining these concepts to them, they will be less likely to regret their decision later or ask questions about a bear market.

darkangel11

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Don't let others control your BTC -> self custody

Quote from: Godlovesyou on April 27, 2023, 10:49:37 AM

What happen to my money or bitcoin? Why is it only eating and not vomiting?

Did you expect this to be some kind of scheme? A mystery machine where you put some money and it vomits more money? If that person thinks they lost money by holding bitcoin, that their savings is gone, they should think about what they were doing. They were buying bitcoin to get more fiat money and they were looking at bitcoin in terms of fiat money. This is a wrong approach and nobody is there to blame but that person.
When you buy an ice cream and use it to wipe your butt, who's there to blame? The seller, someone who told you to buy ice cream, the ice cream itself, or you?

humanvelocity

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There is absolutely nothing wrong with Bitcoin. What is actually wrong is some people’s mindset of seeing bitcoin has something that is going to make them filthy rich overnight. I have seen countless people who do absolutely no research and blindly invests into crypto just because it was trending everywhere and all their friends were talking about it which led them to loss alot of money.
Though whenever I talk to someone about crypto who doesn’t know anything about it but are really curious, I make sure to let them know its super risky and there is no guarantee your money is gonna be safe so always so your research before you invest anything into crypto because end of the day if all you want to gamble then you might as well take all that money to casino instead since you have better chances of doubling it instantly.

buwaytress

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Nothing went wrong for Bitcoin, when used, as you explained, as a speculative asset. You want to risk wealth to gain wealth by speculating on price? Then you better be sure you want a volatile asset that historically spends the majority of its time in a bear. If Bitcoin weren't like that, it wouldn't be attractive for speculation.

Maybe you need to consider other uses. I use Bitcoin mainly as a means of payment, I get paid it in. Price doesn't really affect me in a nett way.

bitzizzix

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My serious advice is never to try to convince anyone to buy or get involved with bitcoins, because it is completely unstable and very risky and we cannot say what will happen.

and according to my experience, if someone comes to you for advice about bitcoin or they want to learn, then just respond and still have to accept it at their own risk and also not your responsibility in case of loss to them after you explain in detail about bitcoin.
and it is important to note that you should never try to convince people to buy bitcoin or any other investment without fully understanding their financial situation and risk tolerance. And it is also important to be transparent about the potential risks and uncertainties associated with investing in bitcoins, as they are highly volatile and are not backed by you, the government or any regulatory body and are entirely under the control and responsibility of the holder.

mendace

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Unfortunately, at the moment, the limit of Bitcoin is volatility and this could become a major obstacle to making others understand it. We must say that the purpose of Bitcoin is something else, namely financial freedom that currently the traditional system and centralized banks do not give.

iBaba

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Personally, i think it is all about the level to which we can take risks as businesspeople and our believe in the platforms and businesses we ventured into.

The fact that Bitcoin has experienced great price volatility over the past decades, does not make it a place of gambling persay, as Bitcoin's Genesis Block gained a steady long-term value in market cap between 2010 and 2021. Also the effect of volatility on the market has been in a decline, at least I can say quiet reasonably because of the significance in participation that the Bitcoin world have enjoyed over the years.

Advisably, I suggest that we make others understand the real and true concept behind the market and how investing in Bitcoin can be a great deal with time. Which is one lesson I've learnt myself.

taufik123

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Quote from: uneng on April 27, 2023, 01:27:22 PM

The problem is that this person started investing in Bitcoin without knowing how the market works. He is so naive on this matter that he even asked when the price is going to recover. If he had studied the basics about BTC before investing, he would know by now that no one can predict accurately when Bitcoin is going to reach its peak again. He wants easy and instant replies for complex questions which talk about events out of our control.

It's always risky to introduce this kind of person to Bitcoin, because they can create problems for you later, even though you have nothing to do with this.

Wanting an easy and instant answer, then giving the answer "If The Time Comes Market Will Rise" is quite simple.
Some new investors who start entering just want to get instant profits without any long process. If they understand, they will definitely understand that the market cannot really be predicted 100%. We can only know where the limit is reached, but if the market situation is controlled by Whales and a lot of manipulation, we will be completely unable to guess. Just go with the flow of the market.

There is no need to explain in detail to those who do not understand. They really have to learn directly from the market so that they will have the experience of how the market does not go according to our predictions. There is nothing wrong with Bitcoin or the crypto market.
We have to understand and understand how the market is, not fight it.

sokani

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From your story, I could deduced that the person who introduced the newbie to bitcoin didn't do a proper job as he failed to give the newcomer the necessary information. He failed to enlighten him/her that bitcoin is not a get rich quick scheme, that the price fluctuates and it's not controlled by anyone. Also, it's like the person invested most of his/her saving in the Bitcoin investment which is something I always kick against. It a pity this might cause a strain in their relationship.

bittraffic

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Telling them you are not responsible may not be a relief to them. I also did the same to someone with SHIB token but when the bears started to take over the market, she also started chatting me back again. That was when I felt like I am gonna be blamed. So before she won't profit from the tokens she got, I advised her to sell as well.

She was grateful that she chats me again about what to do. You can ignore the feeling but on my end, I feel vaguely responsible for introducing SHIB which I know will dive to its lowest once the day comes.

uneng

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Quote from: Godlovesyou on April 27, 2023, 10:49:37 AM

My reply, sir generally the market is down not only to you but everybody, just exercise patients because even myself can not explains to you why the price is not going up, I guess this is as a result of low demands and supply's chain of distribution of bitcoin that has affect the market but don't panic am sure you will recover your money when the market rise soon, but how soon he ask? I said the market is rising slowly already.

The problem is that this person started investing in Bitcoin without knowing how the market works. He is so naive on this matter that he even asked when the price is going to recover. If he had studied the basics about BTC before investing, he would know by now that no one can predict accurately when Bitcoin is going to reach its peak again. He wants easy and instant replies for complex questions which talk about events out of our control.

It's always risky to introduce this kind of person to Bitcoin, because they can create problems for you later, even though you have nothing to do with this.

Frankolala

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Quote from: Godlovesyou on April 27, 2023, 10:49:37 AM

3.You're not liable to any losses

You should let them know this,if not whatever that happen to their investment, they will think that it was a scam trap and will see you as an enemy. A good relationship can be broken.

Quote from: Godlovesyou on April 27, 2023, 10:49:37 AM

4.The person should make good decision before joining

Becoming part of the cryptospace should be a decision made by the person deep down from his mind that he is already to take full responsibility of whatever is the outcome of his investment. That is why you don't need to force or persuade anyone to join the cryptospace.

Quote from: Godlovesyou on April 27, 2023, 10:49:37 AM

5.Don't collect money from the person to trade or invest for them. Them should do it themselves.

This is one of the foolish thing anyone will do. Bitcoin is a volatile asset and not a guarantee to get of getting rich quick from it. You should allow the person to learn how to invest or trade on their own for experience sake and to avoid them putting all the blame on you,incase the market turns out unfavourable.

Yatsan

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Quote from: BlackHatCoiner on April 27, 2023, 12:22:20 PM

Quote from: Godlovesyou on April 27, 2023, 10:49:37 AM

1. When introducing crypto to anyone let them know you're not responsible for anything contrary.

I think it's well understood by the crypto-community. Every person who's watched literally just one video about cryptocurrencies, must have heard the repeatedly noised "this is not a financial advice".

Quote from: Godlovesyou on April 27, 2023, 10:49:37 AM

2. Tell them you don't control the price, the system does.

Um, what? Sane people don't need to hear that to know that the price might fluctuate. Obviously a single individual cannot control the price, unless he's some multi-billionaire. Lol.

Bitcoin's market value is not controlled by any individual but rather, the majority. Problem is, majority has different opinions with regards to market prices of cryptos not only Bitcoin. We have this group called 'whales' which are basically huge investors of this industry, wherein mentioned group could temporarily create a trend because of high market volume. With regards to prior information about this industry, things won't be as easy as it may sound. Decline on market prices are simply a part of market price volatility because of factors affecting such variable. There are just people who has high hopes because of the impression created from this industry.

m2017

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Quote from: Zaguru12 on April 27, 2023, 12:03:18 PM

One of the major problems face in bitcoin is the narrative that is spread to newbies by some investors. Many people share the narrative that bitcoin is ROI which is mostly misunderstood by the newbies as a get rich quick scheme. This has lead many of this newbies to invest all of their savings into bitcoin. Personal I don’t advise people to invest in bitcoin or cryptocurrency talk more of bringing them into trading. But someone should come toward to ask about it I strictly tell them the risk associated with it Due to its volatility. Many people think panting bitcoin all good will drive more adoption but I prefer the good name of bitcoin in the news with small adoption and people swaying around saying they lost their funds investing on it

Incorrect and erroneous interpretation of essence bitcoin is the problem of the people themselves. Too lazy to study and delve into the details personally - be prepared to pay with your wallet.

Get-rich-quick schemes tend to empty your wallet quickly.

Advising people to invest in btc is costing more to yourselves. OP's story, described above, is a good example of this. If a person earns on your advice, then you probably won’t hear any words of gratitude. If a person loses on your advice, he will definitely blame you for this. What is the point of giving advice then?

Quote from: Godlovesyou on April 27, 2023, 10:49:37 AM

~snip
The argument ends but I want to draw this lesson to everyone;
1. When introducing crypto to anyone let them know you're not responsible for anything contrary.
2. Tell them you don't control the price, the system does.
3. You're not liable to any losses
4. The person should make good decision before joining
5. Don't collect money from the person to trade or invest for them. Them should do it themselves.
6. Don't tells the person when to withdrew his or her, they should chose went to.
7. No promises for anybody joining cryptosystem is a free market.

1. You are just responsible if you have assumed the obligation to introducing bitcoin to anyone. Not ready? Then don't advise.
2. It's not enough to say, but you need to explain.
3. Precisely. The adviser doesn't incur any loss and that is why it is so easy to give advice to others. So don't blindly accept it.
4. And what is the right decision?
5. Nobody owes anything. Everything is purely voluntary.
6. In my opinion, from the moment you start investing, all decision-making obligations are assigned to the person himself.
7. Also a free solution.

Z390

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The guy is in no position to force someone to invest in Bitcoin, I mean, look at him, he don't even know why Bitcoin price is not going up and he forcing someone else to invest in Bitcoin, him and the other yam seller need to go and learn more about Bitcoin and the crypto market behavior, they are both newbies that knows nothing about Bitcoin.

When you want someone to benefit from Bitcoin investment, tell them they can lose money because it's not a stable asset, if you don't, people will think it's a win/win for Bitcoin, and they will invest money they aren't ready to lose or money they aren't ready to invest for the long term, that's why the yam seller is complaining that they got nothing back, maybe he even think that Bitcoin investment is a yield investment where they get something back every week or month? He, whoever he is, is are a bad teacher mate.

Aikidoka

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You should have told him from the start that you're not the one controlling crypto, so that you don't mislead him into thinking wrongly, thinking that you're the one whos controlling the market haha:D . Also, Bitcoin isn't a get rich-quick scheme tho, it requires patience, a good attitude, and wise decision-making, such as buying and selling at the right time. It's important to avoid greed because you could end up losing a lot.

It's important for newbies to understand that the market is highly volatile, especially the price of Bitcoin, which can increase or decrease by thousands of dollars in just a few hours and that's already happened before, this is mostly due to supply and demand.

Long story short, it's important to explain all the basics to anyone interested in investing in Bitcoin.

BlackHatCoiner

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Quote from: Godlovesyou on April 27, 2023, 10:49:37 AM

1. When introducing crypto to anyone let them know you're not responsible for anything contrary.

I think it's well understood by the crypto-community. Every person who's watched literally just one video about cryptocurrencies, must have heard the repeatedly noised "this is not a financial advice".

Quote from: Godlovesyou on April 27, 2023, 10:49:37 AM

2. Tell them you don't control the price, the system does.

Um, what? Sane people don't need to hear that to know that the price might fluctuate. Obviously a single individual cannot control the price, unless he's some multi-billionaire. Lol.

Aanuoluwatofunmi

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Quote from: Godlovesyou on April 27, 2023, 10:49:37 AM

1. When introducing crypto to anyone let them know you're not responsible for anything contrary.

Incomplete information causes having such kind of experience, let them understand the risk abd allow them to take their own decision by themselves to either join or not.

Quote from: Godlovesyou on April 27, 2023, 10:49:37 AM

2. Tell them you don't control the price, the system does.

Let the understand that bitcoin is a volatile cryptocurrency which means it cab rise and fall, but take your time in getting them understand this because they beed to learn how to hodl, trade or buy with time.

Quote from: Godlovesyou on April 27, 2023, 10:49:37 AM

3. You're not liable to any losses

Don't stand in for them, which will refer me back to the first point i mentioned that you should not force or persuade them to invest.

Quote from: Godlovesyou on April 27, 2023, 10:49:37 AM

4. The person should make good decision before joining

Bitcoin itself is decentralized and they must learn about bitcoin before investing first, which means they must understand that it's not a quick means to making money like other online platforms.

Topic: What went wrong with bitcoin! Reply - page 3. (Read 488 times)