Topic: Why recommend when they don't understand the risks? - page 2. (Read 214 times)

This sounds the most annoying thing about cryptocurrency when you're been recommended to go for it without being properly orientated on the challenges and risk involved in choosing it, this is often referred to an half baked bread when an information is not completely given to educate others about a particular new system, when such newbies have fallen then they regret why taking the step at first place, if we must bring in new people into the crypto world, then we should give it all the best in helping them realize the good and risk involved.

In your opinion, what could be the possible contender of bitcoin in terms of wealth creation that could work decentralized like bitcoin but with a superior one? Im thinking AI hype could unlock something powerful in the coming years which is quite scary when perfected.

More or less Ive been hearing and reading a lot of it lately that even Elon somehow tweet about it.

I like this method, and I always apply it. I'm not speaking just yet unless someone else is getting started to show how interested they are in crypto investing. One to three times I will warn them of the risks at the beginning of the explanation, bitcoin is no exception. Just want to avoid as much guilt and bad feelings as possible in the future.

What kind of gambling you are talking about here? Because there’s stablecoin and other large cap crypto like ETH that does not have high volatility compared to typical shitcoin.

Everything can turn into gamble even Bitcoin if the user that investing on it didn’t know the risk. Bitcoin has a high volatility too and it can cost a high loss when the user invest on the wrong time like on 65K. Gamble is when a user didn’t know the risk what he is entering.

Partially true. Besides Bitcoin (that is true), Ethereum is another cryptocurrency that is not a gamble with me. They are two back bones for cryptocurrency after many years.

If I was you, I don't mind to tell anything to my friends and my family members about Bitcoin, cryptocurrency. It's headache and kind of pressure on myself. If they get rich, what will I get, maybe nothing. If they fail, they blame on me.

I have to mention another risk that they can think you are inviting them to something Ponzi. This risk is smaller nowadays than in 2017 because this industry has grown up more since 2017 and made more noise on media but I won't exclude it.

I am ready to give them advice if they knock my doors and ask for it but I'd like never proactively do this first.

You are partially correct, but its good to spread and educate people about bitcoin and cryptocurrency.When you educate people about cryptocurrencies, especially those who are unfamiliar with it, you inevitably take on some of their problems and burden as well. When things go wrong, you feel bad, and people blame you because they believe you misled them and caused them to lose money. Until you correctly explain the situation and help them comprehend the market's unpredictability. Therefore, you should not only explain the benefits of cryptocurrency and how early investors were able to profit greatly, but also the drawbacks and how many people have lost a significant amount of money. You should also help people understand that there is a 50/50 chance that they will succeed or fail so they don't have unrealistic expectations. Cryptocurrency is not a get rich quick scheme where you 100x profit in no time.

Bitcoin is still a gamble. Plus, there's no way to predict that someone might actually develop something that is better than Bitcoin, and eventually we might come to that. At the moment, it's by far the best, and the most promising in terms of increasing your personal wealth, but it's not bulletproof. We're still going to face challenges in the near future, and well into the future, and there's going to be a element of risk that we aren't successful as we'd like to be.

I think investing into Bitcoin not expecting some of these challenges is risky in itself, and will likely lead to panic when we do hit these challenges. So, while Altcoins are definitely a lot more risky, Bitcoin isn't invulnerable to issues itself. Since, I've been involved we've had to solve several issues that have popped up, and while none have them have seriously threatened Bitcoin up until now, they have affected people's perception of Bitcoin, and therefore lead to higher, and lower rates of adoption.

The thing is, don't tell people that any crypto (including Bitcoin) can change their lives and make them wealthy, doing so can put them into very grave risks, it is better to be open about it all by explaining to them what crypto is all about, and make sure to aptly differentiate between Bitcoin and Altcoins so whoever it is would understand that they do not function in the same way.

Having said that, there is a difference between talking about Bitcoin/crypto to people and giving them financial advice or recommending crypto to them for investment purposes, you can do the former, educating people on how Bitcoin guarantees financial freedom and other whatnots, but the latter puts you in a very precarious position should the investment go south.

We have different opinions regarding that. Yes risk is always present and I agree, and I even doubt those that posting 50x to 100x are all true. Possibly they are using that as a tool to do shilling and gain from it. There are really some cases of gains like that like the last bull run and I could tell that many experience it too but failed to gain due to greediness and expect a lot of return. Al2ays appreciate gain no matter how big it is. Avoid those 1000x gain when you already have 100x.

Anything different from bitcoin is a pure gamble, before you start telling your friends and family about how crypto investment can change their lives, let them know that they are in for some pure gambling.

We could act like we know what we are doing, based on how we handle research but it's still all a hopeful gamble on the future,  let's not forget that even crypto experts have fell for the bad eggs im the past too.

I prefer keeping my mouth shut, rather than ending up looking like a clown when things failed to go my way after talking about how this coin can be 50x and how the other can 100x.

Instead of carrying your burden and that of your crypto investment, imagine having to carry the burden of others that invested based on what you tell them to,  without understanding the risks involved.

And when things failed to go your way, you will have to worry about how others are feeling about you because they are also in losses. You will end up regretting taking someone along on that uncertain journey.

The only way to avoid these is to accept that you are just like everyone else with a specific interest, keep your mouth shut when it comes to crypto investment, and only open up to those that are into crypto just like yourself.

I am talking about those that already understand how the market can be highly volatile at times and how even a good project could end up in a bin of waste.

No matter how good projects look in this crypto space, the risk is always present.