Convinced a friend to invest $100 in bitcoin.
Now they are mad that it's down 4%?
Why are people like this
Discussion
Tell him to invest another 100 and then he's only down 2%
Did you tell him to stop acting like a bitch over $4?
People like the false sense of security that comes from dollars. Few.
I had a friend that bought Bitcoin, held it for a week, then sold at about a 12 percent loss the next week! He was scared he was going to lose all of his initial investment. Week after that it went up about 22 percent and he was mad lol
Time horizon of Calliphora vicina
Part of the process is being deprogrammed from high time preference instant gains.
The question to ask is if they were expecting to buy $100 of Bitcoin and withdraw it the next day like some sort of magic yield machine.
Even so it’s a psychological filter to cross to look at the price more as a buying opportunity than a “sell out” price.
Don't convince friends, it's not worth it.
But for real I tell anyone putting money into Bitcoin “you have to be ok with never seeing this money ever again”. The upsides are insane but that is always a possibility.
When he realize that the 4% is compare with a fiat coin... he will be ok. He has the same amount of BTC.
Because they don't know how bitcoin works
Because Bitcoin is a solution to a problem that many don think they have, show them the problem they will show you Bitcoin.
Imo the only truw and lasting impact in othes is done buy example and a TON of patience
fn typos 😂
F for me
anyone on here could have told you this would likely happen.
It is why most people don't advise trying too hard to orange pill anyone. Just stack sats and stay humble.
Personally, all my orange pilling efforts were a waste I should have been concentrating and focusing on fiat mining more.
I dunno, maybe it's because bitcoin just isn't that great
maybe.
Will be interesting to see how bitcoin price reacts to 50% reduction in daily production in 390 days.
I'm reluctant to 🟠💊 friends, colleagues, etc..
If they are stuck in the fiat mind, they will not understand Bitcoin (at least for now). It is not their fault. They might be ok with stocks, bonds, S&P 500, Apple pay, Google Pay..
They are not ready yet.
Everybody gets Bitcoin at the price they deserve.
Fiat price doesn't matter.
What really matters is how much of 2.1 quadrillion of sats you own.
🫂💜
Your friend should understand that investment is long term, and that Bitcoin is a risky and volatile asset.
for few selected friends,I offered buy back at purchase price if the price is lower than the purchase price in five years time.
Gives them that confidence need to be on board, no nagging, makes them used to the volatility and few ended up stacking more!
Tell him to talk to you in 5 years, he’ll wish he bought more