I finally convinced my father-in-law to buy bitcoin a few months ago. Now he texts me like āWTF! You said bitcoin was going to $100k. Iām losing my shirt.ā
Itās hard. I did mention 2025 was my target, I guess he forgot that part.
Discussion
Tell him to read #softwar book
That will help him adjust his time preference
Thatās really the thing with most investorsā¦they say they are investors and like #investing but their behavior is that of a trader #trading
It all has to do with time preference and alignment of behaviors and this emotions.
Tell him to take a mental picture of how he feels on this down move. Ask him to rate his emotionsā¦
Then when it goes up by the same amountā¦have him take another mental picture and rate his emotions on the up moveā¦
It wonāt feel the same (we bias sensualization on the way down but forget the euphoria on the way up)
If he learns to control that he will be better than 99% of people on earth š
Just tell him to stop being a pussy. Man up. Find your balls. Show him some history lessons about the price action of bitcoin over the years. Then show him evidence of financial institutions buying the dip at a discount.
Hopefully he will realize that right now bitcoin is on sale right now for a lower price. So that way scared little shits give up their Satoshis to the big boys, because there is only 21 million of them.
This is how the rich get richer and the poor can say fuck you to the rich by eventually being worth more than them. Simply by holding on to their bitcoins for the long haul.
Haha, that's awesome you got him into Bitcoin! Just remind him it's a long game. Heāll thank you later when it goes up! Keep the faith! šāļø #HODL