Will they feel bad for turning people off crypto?

in LeoFinance •  3 months ago  (edited)

Should I feel bad. Did I try hard enough?

I have a have a couple friends I have been trying to get into buying a little crypto for several years, but I haven't really pushed them. I have recommended that they check it out, but I haven't forwarded them a lot of material - is it my fault they haven't bought?

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Money is this funny area that even with friends, it is hard to talk about openly. Yet, we do want our friend to do well - at least I do. I have never suggested to someone to actually buy, but I have talked about many of the pros and cons of crypto and why they should consider it.

Today with a colleague who has bought, I was talking about the unnatural suppression of Bitcoin in the media and he was saying that part of the problem is that something like Tesla has more media attraction because it can be visualized - there is the idr of electric, the car itself and of course Elon Musk. He was saying how it is "real" whereas Bitcoin is not.

What is real, when Toyota makes more cars and money than Tesla, yet Tesla is valued more highly? What is real when the value of the company will swing on a Musk Twet?

Real is an interesting concept for investing, since the majority of wealth I this world is not attached to anything real at all. @revisesociology was talking about how little physical gold there is in the world, something that is very real and highly valued - but the value of all that gold combined is a tiny sliver of the actual wealth in the world.

Gold is only valuable when it is physically held, gold owned on paper is not owned at all. Like crypto keys. What is very interesting is that it is because of the ownership model, that Bitcoin has value at all, because that wallet address makes it "real" by making sure that only the person with the key can access it.

This is hard to visualize for most people, it is far easier to just say, crypto doesn't exist, it is a scam.

While I might feel a little bad about not assisting some people more, I wonder if all those people who convinced their friends Bitcoin is a scam feel bad. For years, I have heard all the reasons why it is and when in a group and someone asks me, there is always someone who will say, don't be crazy. of that person has a little authority because they are technical, the question gets retracted.

It is funny how so many technical people don't actually understand how it works, perhaps they should read a little economics also. Do they feel bad about the advice they have given based on their own sentiment? Do the people who missed out on the opportunity feel bad for listening?

I don't give advice about where people should buy or sell, but I do try to help people build some understanding in this area, instead of listening to only the FUD that most people spread, based on very little. It is interesting how many 3 year old articles on Bitcoin get sent to me, as if they are valid.

In any new industry, there is going to be more scared people than supporters, which means there will be more against than for it. People don't like new, they like familiar and understandable and if they can't grasp the concept, they will feel stupid but not want to admit their lack of understanding, so will speak with authority against it.

Every new industry faces this dilemma, until the naysayers get turned on by the very people they influenced in the past. How much opportunity can a person miss out on before they syop listening to the "authority"?

I would predict that currently, there are more people who have been influenced away from Bitcoin by their friends than who have been influenced into it. So many curious people asking questions, so many stopped in their tracks by a well intentioned ftiend speaking out of a lack of knowledge.

How do you feel when you have missed an opportunity for some gains, how do you think people will feel 5 years from now when they realise they have missed the birth of an industry?

Crypto people like to talk about how long they have been in the game and how they have ttued to talk to people about it for years but have been seen as crazy.

I wonder, when bitcoin and crypto are dominating the news, how many of the naysayers are going to say, "I have been negative on Bitcoin since 2013 and have turned dozens of people away from investing into it"?

I imagine they will stay quite silent.

I wonder how they will feel when they are forced to buy their first crypto.

Taraz
[ Gen1: Hive ]

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I have had similar experiences with friends and in a way it is sad. You try to explain to them so they understand and see the potential but most don't even want to listen because it is hard to understand. Then when they see an article in the media about a scam, they send it to me as proof it is all fake.

I have basically ended trying to bring the subject to the table when we have conversations. Only a very few have approached me after the years and I try to help them by providing educational links and helping them with their doubts. But I am happy as one listened was my father who is in his 80's and asked me help to buy some Bitcoin 3 years ago. It is not too much, and you don't want to know all his conversations while this long bear market 😂, but he is quite happy now and not intending to sell.

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I have basically ended trying to bring the subject to the table when we have conversations.

Me too for the most part. Which is sad. I was just saying at lunch how the things that matter to us, we aren't allowed to talk about. People worry about money, but are encouraged not to find out about it.

but he is quite happy now and not intending to sell.

Hodler for life! :D

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It is a paradigm change that not so many people is prepared to accept. As you say, even people who knows about economy doesn't know anything about Bitcoin or Cryptocurrencies, and they compare it to what they know (traditional currencies) reaching to the conclution that it is a scam. But I think that in a few years people will starting to reach their own conclutions.

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and they compare it to what they know (traditional currencies)

This is a problem, as most don't even understand these :)

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I went to check out some sites- Coinbase, Bittrex, Coinex CEX- The first three asked for too much of my personal information. CEX does not work in New York State. Eventually, I gave up for good.
There is a difference between sending someone your debit card number and sending a photo of your id card to a total stranger who you can not see. If I could meet someone from Coinbase and actually show him my id card. that would be different. I am sure there are people who use the web for email and youtube videos, but even buying over the web- actually putting in your whole credit card number- is too much, so they never buy online. It depends on how safe someone feels online and how much information they are willing to share. I, for one, feel very uncomfortable sending someone a photo of my id over the web and I will not if I can help it. Sharing photos of me? Sure. Sharing photos of my id cards? Forget it.

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Where do I see them?

I understand your concern and I am certain you are not alone. It is an issue but hopefully there will be some solutions in the future to it.

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Depends upon how it is actually invested and what you invest in. I have just gotten into micro-investing on Acorns, which involves investing your spare change into stocks. There is another micro-investing sites that use crypto, such as "Roundly X," which I will eventually sign up for.

Pretty much all of crypto is micro investing at this stage.

i just don't care anymore, if a friend of mine wants to ask me he can go ahead and do it.

It's the same every time if i decide to talk by myself. I simply say a couple of things they blame it as a scam, then may search in the web and show me a shitpost that it's a scam and when prices get low again they spam memes and stuff.

When the prices are high though nobody speaks!....

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People will look for content that confirms their thinking - no matter how shitty the post :D

exactly! that's why i stopped talking, this is a psychological fact! Another funny thing if you aren't bored when example they show you a random shitpost is to destroy their belief in a matter of sec with facts, especially in front of others.

For example, i remember one time that i was with 5 others for a coffee. 2 of them were my friends and the 2 others my friend's friends :P

Someone mentioned btc and immediately one of them made fun of him, saying that it's a scam and that no serious business will invest, only random individuals. I just showed him a list of big names of corporations and people that invested. Everyone then made fun of him and it stuck badly inside.

That person now buys cryptos :P

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The psychological term for that phenomenon is "self-serving bias." A synonym of that term is "confirmation bias." Use both!

Dear @tarazkp, I studied the concept and value of cryptocurrency and blockchain while looking at your articles. By the way, I still think Bitcoin is like stock speculation!
Do you think cryptocurrency will create a cashless future?
Unlike you, I don't buy and sell cryptocurrency, it's hard to understand what you're saying.😅

The human brain works best only when it benefits!

The future is going to be cashless anyway, with or without cryptocurrency - Do you pay your bills with cash? When you shop, do you use cash?

The future is going to be cashless anyway, with or without cryptocurrency -

As I bought and sold cryptocurrency, I felt the need to learn the concept and usage of it. Most people in Korea still do not know about cryptocurrency and blockchain.

Do you pay your bills with cash? When you shop, do you use cash?

Yeah, I still do a lot of cash transactions. Card transactions are of little help to poor single man in Korea.
I just consume some necessities goods of life.

Most people in Korea still do not know about cryptocurrency and blockchain.

Most people everywhere don't know much. Korea is ahead of the curve I thought.

Card transactions are of little help to poor single man in Korea.

Why? are there high fees?

In Finland, there hasn't been much cash for 15 years or more. most people have a coin or two for getting a shopping trolley, but that is about it.

Most people everywhere don't know much. Korea is ahead of the curve I thought.

Dear @tarazkp, Most Koreans perceive virtual currency as simply a speculative product.
Do you have an ambition to build a utopia through cryptocurrency?
What is mean the curve?

Why? are there high fees?

Card fees in Korea range from 0.5% to 2.5%. However, the card fee is not paid by the card user, but the store pays the card fee. So, stores offer more discounts to customers making cash transactions. So I am more comfortable with cash transactions than cards.

In Finland, there hasn't been much cash for 15 years or more. most people have a coin or two for getting a shopping trolley, but that is about it.

Do cardholders pay card fees in Finland?

In any new industry, there is going to be more scared people than supporters, which means there will be more against than for it. People don't like new, they like familiar and understandable and if they can't grasp the concept, they will feel stupid but not want to admit their lack of understanding, so will speak with authority against it.

This sentiment gets flipped on its ear once the crazy airdrops start happening. More crazy situations like Uniswap where people just get $2500 for free. Even $100 is enough to impress most people.

Then we have the gig economy where users will get paid crypto to do a job. When users don't have to risk their own money to participate all the naysayers have no legs to stand on. When users earn the money or, even stranger, just have it given to them... the entire perception of the cryptosphere changes, because now it is guaranteed 100% not a scam. There is nothing left to argue.

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When users don't have to risk their own money to participate all the naysayers have no legs to stand on. When users earn the money or, even stranger, just have it given to them... the entire perception of the cryptosphere changes, because now it is guaranteed 100% not a scam. There is nothing left to argue.

I think the arguments will be coming thick and fast from the tax office :D

...and how they have tried to talk to people about it for years but have been seen as crazy.

Yeah. That won't change either.

I think if rich, "crazy" becomes eccentric

I stand corrected.

Maybe if people could talk about bitcoin like a Swiss bank account or better yet a Cayman's bank account. Where if you know the account number and the password you can get out how ever much is available in the account. it is one way I sort of view my Hive account, until I actually do something with it, it is not taxed or even considered money as far as I am concerned, I am sure the federal governments and tax authorities would view it differently.

until I actually do something with it, it is not taxed or even considered money as far as I am concerned

This is what I think also. I will move country if needs be. :)

A great wealth transfer is occurring. Most aren’t prepared. You can lead them to water but can’t force them to drink.

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You can lead them to water but can’t force them to drink.

I feel like I could have done more or spread more - but then that would have had potentially severe social costs to me. It is a funny thing - try to help people or at least give them some information - and they turn against you.

Having spoken to many over the years, never touched or moved currency on their behalf. Right out the starting blocks I said each one is to set up within their own country, keep up with local rulings, these have been slow but appearing everywhere financial institutes and governments.

Few did take the option up, many early adapters myself included have lost some along the way. At the end of the day it is a personal decision to make where you invest.

Fintech adopting new technology is long overdue, working digital where a cashless society is predictable. Looking after keys or passwords, setting up for the future it's more viable learning sooner than later, times they are a changing!

At the end of the day it is a personal decision to make where you invest.

Yes it is a personal decision - but you have to know to have the opportunity. I feel that it actually isn't my job to let people know, but who else will? The media? The government?

I could not convince my own sons over the years, many heated discussions when they scoffed, yes I smile quietly and wait!

Sadly the fun we first had has diminished with big corporate taking an interest along with governments.

Sadly the fun we first had has diminished with big corporate taking an interest along with governments.

It is going to get uncomfortable the higher the value climbs. I fear that there aren't many strong wills to stay course out there - only speculators who want a nicer car.

They will Be able to afford 1 satoshi in a few years. That is all....

I can't remember the math, at a million a sat is 10 cents?

I wonder, when bitcoin and crypto are dominating the news

Oh! soon, pretty soon bitcoin and crypto is gonna appear in the news way more often. };)

https://www.coindesk.com/bitcoin-shortage-pantera-thinks-market-rally-driven-by-paypal-buys

You'd think it would be on MSM now... but no.

You see I don't get it if you tell them about crypto they look like my talking bullshit and after explanation they say I'll buy but they don't do I don't care any more
It not like I'm losing some thing
And not everyone want to invest they go old school to damn bamks

Yes i have a different concept about cryptocurrency than i think most people do. For instance i don't think it should be purchased at all. i think it should be a metric of the movement of our value. Not trading off some fiat currency or some other obscure coin for it. No just a way to gauge the value we have and send each other.

It was a person by the name of Grant Cardone. You probably heard of him one of these multi million dollar internet real estate gurus. I believe now who is being sued and accused of being a scam. However he said something i found quite compelling and interesting. He said you know what cryptocurrency needs to do? It needs to give all it's cryptocurrency away to the public let everyone get on board using it free of charge. At which point you'd have some adoption.

I never paid for the first dollar i got. Someone gave it to me because it was a way to show the reflection of my value to them. Speaking of scams i'd never speak to anyone about bitcoin or cryptocurrency they mostly believe it's a scam and embarrass me at parties so i decided it's not something i wish to do anymore. I'll teach them about ubi and i would show them how i see their value through tokenization something entirely different. Unconvential and i could be 1000% wrong. However sometimes the let's say craziest of ideas work lol. I will not be recommending any of these projects to anybody. i will be giving them something they already had.. always had their own reflection of their own value.

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  ·  3 months ago (edited)

Well, I think it depends. There are ppl that need a little push into the right direction. There are ppl that won't be interested in anything because they are... I don't know & you will have ppl that need to find the "truth" themself, you will lose this ppl if you are pushing to hard, while they could find something interesting if they would dig on their own.

I made many ppl to buy crypto days back and these days - who would have thought - they are calling me again after a long time and most of them are quit happy I gave them the hint back in time. But you know... There is one guy who ended up really badly;

I advised him to buy crypto after talking about investing in early 2017, when I started buying more and more. He was sceptical from the beginning and was not about to invest. A few months later I convinced many ppl to give it a try and some of my colleagues made really good money. Since we were students and saw us on a daily base he was affected by the others. In the end he called me at the End of 2017, were we reached crazy highs and he asked if I could help him getting started. I told him to wait, because the market was crazy these days and even if he can't wait any longer -> just to buy a small amount. He ended up buying into this ATH with over 40k without telling me or anyone else and guess what? He went crazy in the crash. He lost so much fcking money in 2018 until he decided to sell EVERYTHING at the end of 2018. He contacted me and told going into crypto was the most stupid thing he ever did. No way to argue with him, he did not see what he did. End of the Story? He called me few days ago asking if I think it would be a good idea to invest again right now. Long Story Short: There are ppl which should stay far away from investing.

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Interesting thoughts. I think skeptics can remain skeptics to the last and not buy cryptocurrency until they have the slightest opportunity to do so.

The stubbornness of some people is so enormous that it can only compete with their stupidity.

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well, it would have make a change in their life if they had jumped in low. But those were the times when we struggled to even listen to our selves. I mean, you can be proud if you have pushed your self the best you could, that is not easy to start with