Topic: What went wrong with bitcoin! Reply - page 4. (Read 509 times)

Anyone trying to invite someone into investing in crypto should let the person know that Bitcoin is not a get rich quick scheme. If the story is true, the method by which the person who introduced him to crypto used it is very misleading, and if he wants his money back in full, by all means, he has every right to go after the person who invited him to crypto.

But to some point, the person in question really made a bad investment decision. There is a level to which you should invest in something you ordinarily just heard from someone, something you don't have an idea of on your own, and you spend until you shut down your existing business, all because of what? High promised return on investment?

Without a second lesson taught to me, you can't introduce me to something for which I will take funds from what's currently giving me earnings, something I have full control over, to go and invest in something else, up to the extent that I will no longer have anything else left to sell in my shop.

This kind of story will always end in two ways: if the shop owner who loses his shop because he invested all of his capital in Bitcoin doesn't have any other means, he will be left with no other option but to sell off and grab whatever's left of his capital, then record the rest as a loss. Which he will either accept in good faith or run back to the person who invited him into crypto without giving him any proper knowledge about it, since the entire story describes the person as the major problem here.

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

I caught two persons arguing this morning that led to this post, one on the other hand says this person introduced me to bitcoin July 2022 while i was doing my normal buying and selling of yam and palm oil, quoting him; my business of selling yam was doing good, I buy yam in bags with palm oil and I have a store where I normally distribute it to customers, before he came with his ideas of buying and storing bitcoin and since then I have not gotten shishi, all my money has gone and am asking him to explains what went wrong? What happen to my money or bitcoin? Why is it only eating and not vomiting?

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 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.