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During covid, a mate of mine wanted to buy bitcoin but he didn't know where to start. He said he wanted to buy some, store it away and forget about it.

"Wise move!" I told him and whenever he was ready to go ahead with it, let me know and I'll help him buy it and store it.

He never contacted me in the end and I headed off to Mexico to avoid another lockdown so hadn't seen him since.

I've just met up with him and he told me he ended up buying into some shitcoin with £00,000s of fiat which ended up going to zero. I asked him what it was called and he couldn't even remember the name.

WTF! I know he deserves it but how can you start out with a sensible plan and end up buying into some 'next bitcoin' scammy shitcoin and losing it all.

People, man...

burns 2y ago 💬 2

I have a friend who’s a lawyer and seems smart by all accounts.

He debated me on why we need a managed monetary system and why hard money is bad for innovation for a week, then finally asked me for some bitcoin resources.

I learned a few months later that he bought some sort of index of cryptocurrencies and it wasn’t doing so well. When I asked if it contained any bitcoin allocation, he said “I have no clue”.

💀

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Discussion

saksham 2y ago

seemingly smart ≠ smart

davies 2y ago 💬 1

Oof. That's a typical example of knowing just enough to be dangerous. "I know, I'll buy an index of coins like the S&P to derisk"

burns 2y ago 💬 1

I’m thinking one of his pro-crypto friends got to him and convinced him there’s more value outside of bitcoin but then they couldn’t really name anything specific and told him just to get a basket of a bunch in case one moons.

davies 2y ago

Yep, I suspect so too. I'm seeing him again next week so will ask who conned him.