A Very Dangerous Thing Is Happening Now
More and more people are getting into cryptocurrency these days. The crypto hype is fever pitch and has everyone throwing their last into Bitcoin and watching it decline as it under attack. For those that dont know..many coins mimic the activity and volitility of Bitcoin and that is something most rookies dont know. They always tell you to consider the incline or decline of Bitcoin at the moment in order to accurately determine the performance of a coin you invested in. You cant blame a coin for going down slightly while Bitcoin is dipping by $5,000 at the same time. Most rookies would see this as a coin performing badly and sell off in panic. This is dangerous on so many levels and we need to practice a responsibility when speaking about Bitcoin and financial advice.
I'm Extremely Irritated Today, This Is Why
I just got a off a texting session with a good friend of mine which happens to be a single mother while the head of the household is currently in prison. Things are tight on the bills and there is no steady source of income in the household. She is hearing the Bitcoin hype and thinking about jumping in with the money she has left. I try to explain to her the rookie mistakes that she can avoid and what dangers she might face. I finish telling her and I can tell its going in one ear out the other as I'm trying my best tp sway her away from investing at this particular moment since its her last. I can hear the desperation in her voice and I can hear that her eyes are full of green money signs.
I Explained
Things are not skyrocketing as they should right now because Bitcoin is under attack in India, Korea and facing some resistance in certain places. This makes it harder for altcoins that follow it which will make them volatile also. Imagine you put your last into crypto but you NEED the money within a month for bills, food, and necessities for your children. What do you think your gains would look like in a month from now with all this uncertainty and volatility in a month from now? WE DONT KNOW RIGHT?? EXACTLY!!! This is what I tried to explain..
She Said
"I gotta figure something out cuz you know how it is right now"
I Was Sad
I could hear the desperation in her voice and the green in her eyes. I said lets figure something out that is safer than crypto right now through text later. Guess what? No response.
What Do I See?
Her on social media still asking for advice on her Facebook page.
Excercise Responsibility
There are single mothers risking their last in order to get rich overnight based on the bullshit that people post on social media not knowing that they're just trying to sound smart for the stupid people. This is dangerous and irresponsible.
Why?
I think some people want to hear what they want to hear so bad that they'll do anything to satisfy that itch. We are sometimes an instant gratification species but I gotta tell you..I always say "DESPERATION CREATES NEW PEOPLE".
Her Children's Father Which Is In Prison Is A Friend Of Mine
and I cant do shit to save his family :,( When will people learn..fast money comes with bad endings.
she wouldn't listen to investing a portion of whatever her income is per month instead of dumping all of her savings right now?
Unfortunately, everyone has to pay tuition to learn how to be the manager of their own finances. Some pay a higher tuition because they have more lessons to learn (more frequently, often).
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thats a powerful quote! some pay their own tuition in this life..i like that..I never looked at it like that!
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Can't get too worked up over this..close people in my life have been asking me if they should buy bitcoin for over 2 years now and I keep telling them the same thing, "look into it, do your research, and make a decision".
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Interesing blog , thanks for sharing with us bro @bycompoundfilms
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That is so bad :( I really feel for her.
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im so sad
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Amazing and well written,
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thank you
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You have just exposed a hard reality, are stories hidden behind a fever that will may help us, in the future after correction, learn that speculation has always brought bad results ... I subscribe to your words fully ..! Very sad..!
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yes we must be responsible
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Bitcoin is good for investment but the market is not stable now
wait some time for investment. Many people are crazy about investing in bitcoin but many countries are not making bitcoin legal in their country.
In India, Many Bollywood actors are holding huge money of bitcoins Like Amithab Bachan and much more but Indian Government is only taking action only on common man and middle-class peoples. its so worst action taking by Government in India. Many Bitcoin exchanges are shutting down. Many peoples hope that bitcoin will be legal in India.It will so worst in India in future.
I only recommend everyone to Invest in cryptocurrency because
cryptocurrency will not give loss If any coin was dumped don't worry it will pump in future because cryptocurrency will never die.
Thank you @bycompoundfilms
Your Follower @akshaymukadam.
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I believe everyone who believes in Bitcoin has patience,, So If I put now a big amount of my heard earned money and collapse when the prices go down then I dont believe in BTC. but I f convince myself that the chances of BTC to doulble 5 times or more,, then I will wait for it and for sure It will happen,, because everyone wants it and wants to have some of it.. someday we will look at $100k per coin and It will look cheaper, then we will see more and more probably $1 million for 1 BTC, and this could be very clear in the near future.
She did a big mistake actually putting everything in one basket at once.
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the thing is..these new investors wanna make a million by next month
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You are right about that,, and this is impossible h
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Very wise advise @bycompoundfilms! I can only imagine how hard it must be to be a single mom in the first place. Perhaps she can invest in some stocks or even some funds for her kids college/future. I hope it works out well for her.
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man I hope so
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...why dont you suggest to her to blog about being a single mom and what it's like on Steemit?
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I couldn't agree more! Just in the last month my wife, who knows nothing about investing, crypto, or anything related to money besides how to spend it, asked me to help her open a Coinbase account. My brother, a lot smarter but also late to the party, just jumped in around Christmas time. Heck my mom, the most financial conservative person I know told me she was thinking about getting into bitcoin. That tells me that the bull market is over for now until the late to the party dumb money gets taken to the cleaners.
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exactly! i love that term "dumb money"
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Bitcoin isnt fast money. And people should never just throw their money into something they don't know. They need to learn the skill of trading and analyzing the patterns of bitcoin vs usd or other altcoins vs btc to be able to truly make long term money from this market.
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Unfortunately a lot of people jump in based off emotions. Funny how something like money can alter the way someone thinks.
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not everyone understand how it works they are just inspired by the way its been explain to them with the basics they will not take their time to read and understand its terms..pray for her to be wiser and be careful
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I think she's finally listening
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Maybe you could put it across the same way as I do to my friends that have no idea how it works, I just say find out the transaction times and fees, when they do find out the fees, and realise sites take a % just to take their own money out and put it into their own nano wallet, and then when you want to use it say on here via market, and you have a $40 fee, plus waiting time, they soon back off the idea, just a thought my friend.
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I usually tell people to get Litecoin instead but then they expect for Litecoin to double in price in a month and then sell off cuz they need the money
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Desperate times for a lot of people, it is sad, but I saw a headline today, that said 81% of all money made in 2017 went to the top 1% of rich people in the world, that leaves 19% for the other 6 billion of us, not good odds is it.
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no..so we must be smart
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Rightly posited that biggies are not made overnight; however, the crypto-euphoria enthralls newbies in the field to such an extent that it becomes irresistible for them to venture forth ahead of even those who are already washing their murky hands in it. The ill-founded and vested propogation on social media pages, especially FB, ushers promising turn of fortunr overnight but never lets them know that they should risk only what “they can afford to lose”. Success stories are there, yet the time had long passed. Now its a game of responsibility, percision, and most of all, unnerving extravaganza which, at times, takes it toll too.
Great spontaneous read it has been! Keep up
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on point!!
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Fast money opportunity are almost always roulette. Where there is great chances, there is almost always great risk - at least in the sort term. Great potential with relatively low risk is possible only for long term holders. And the best is to average your entry price by regularly investing an equal amount. If prices are high, you will buy little, if prices go down, you will buy lot.
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This would upset me as well. Never invest money you can't afford to lose in speculative style things like bitcoin, although it has done well and has a fair chance for a bright future, it has a fair chance to turn into nothing as well. If you can't afford either outcome then this asset isn't right for you. especially at these prices the risk verse rewards has greatly changed from a year ago, even a month or two ago.
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Great content. Just followed you
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With the way the economy is people see crypto especially bitcoin as a way to make money. What they don't understand that they somewhat missed the train, well at least for short term gains. IMO bitcoin is for long term gains with a better opportunity than the stock market. I think instead of encouraging her not to invest, encourage her to invest into solid altcoins. Altcoins with the potential to boom and have a better return on her investment. Put 30% percent of her investment in Bitcoin and the rest in alts. The market will recover and contrary to better judgement this is a good entry point.
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they wanna flip their rent money within a month :(
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Lol. That's a fact, it's money to be made but not as fast as some people expect.
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This should be read by everyone getting into crypto. Never put all your apples in one basket and hope to get rich quick, no matter how tempting it is. Good on you being a great friend and looking out for her!
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Jheeze its a harsh reality check when people are going in to this as "fast money" this for the long term hold.
#REVOLUTION
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There's one thing you should ram down the throats of newbies in the cryptocurrency investment space:
ONLY INVEST WHAT YOU CAN AFFORD TO LOSE
So many of these investments are fundamentally worth $0 and highly volatile so you can easily lose everything! People with no knowledge of what they are investing are really doing the equivalent of throwing their savings on the table in Vegas.
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Great dear
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This is very sad to hear! Bitcoin is not moving like it did if you had gotten in early 2017. I have been digging away at it since November and there is a lot to learn in order to make investments that may or may not pay off.
I really hope she does her homework before diving right in. I myself had money invested in Bitconnect and I'm out $500 because I took a risk and lost. To most people that is not a lot of money, but to her I'm sure that would be a lot. I wish her all the best. I think this blog needs to be shared so I will be retweeting it.
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Great post!! I just finished writing a post about the Bitcoin bubble, you might enjoy it. Check it out if you get the opportunity.
https://steemit.com/cryptocurrency/@cool-mike/my-analysis-is-there-a-bitcoin-bubble
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so interesting.bitcoin goes down.thanks for sharing
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