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Never advise anyone to invest in crypto. They are not interested when prices are low when you should buy, and only want in at ATHs to become exit liquidity. And you'll be the one to blame. They likely wouldn't need you to advise them anyway if they were t

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by COINS NEWS 60 Views

Some of us probably all of us are here for the profits at least to some degree. Some of us are here for the tech that evolves every single day forced to improve from constant hacks that it will one day hopefully become resistant against. There's a very high entertainment value as well. Whatever the reason, no matter how excited you may be about crypto, it isn't a good idea to advise anyone to invest.

Top of the list is the fact that everyone want to FOMO in at ATHs. Nobody spoke about buying in at the god-awful price of mid-2022 when prices slumped -60% and more. Neither was there buying excitement after FTX crashed which, in retrospect was a great opportunity to buy at a very obvious bottom. No. It was only in 2021 when prices were pushing ATH's that there was mass interest. I myself can speak to my mother shilling me on "doggycoin" somewhere around October-November 2021, which was a pretty good sell signals. Mothers know best I guess.

There's also the issue of suggest a project to someone you know and the project fails. It could happen for a number of reasons like the price just never taking off, insider selling or a hack. But all that person you advise will know if that you cost them a lot of money. Many friendships and relationships have fallen through due to "friendly investments" and it also is sure to make family dinners really awkward. Even if the investment does work out, I don't think the "friend points" you earn from it are worth the risk, especially given the probabilities that far upward of 90% of project tokens die.

In any case, if someone is truly interested in crypto, they'd probably invest on their own. I'm not gatekeeping crypto saying you should be in it for the tech to be here but the risk of your advised token failing horribly compared with adding just another speculator who has no idea what they are truly doing or where they are putting their money is just not a very good combination. After all, you should never invest in something you don't understand, but given the state of the market, clearly there's a whole lot of people who overlook that.

submitted by /u/OneThatNoseOne
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