Single Mothers Throwing All Their Money In Bitcoin So I'm Angry

in #investing7 years ago (edited)

A Very Dangerous Thing Is Happening Now

More and more people are getting into cryptocurrency these days. The crypto hype is fever pitch and has everyone throwing their last into Bitcoin and watching it decline as it under attack. For those that dont know..many coins mimic the activity and volitility of Bitcoin and that is something most rookies dont know. They always tell you to consider the incline or decline of Bitcoin at the moment in order to accurately determine the performance of a coin you invested in. You cant blame a coin for going down slightly while Bitcoin is dipping by $5,000 at the same time. Most rookies would see this as a coin performing badly and sell off in panic. This is dangerous on so many levels and we need to practice a responsibility when speaking about Bitcoin and financial advice.

I'm Extremely Irritated Today, This Is Why

I just got a off a texting session with a good friend of mine which happens to be a single mother while the head of the household is currently in prison. Things are tight on the bills and there is no steady source of income in the household. She is hearing the Bitcoin hype and thinking about jumping in with the money she has left. I try to explain to her the rookie mistakes that she can avoid and what dangers she might face. I finish telling her and I can tell its going in one ear out the other as I'm trying my best tp sway her away from investing at this particular moment since its her last. I can hear the desperation in her voice and I can hear that her eyes are full of green money signs. 

I Explained

Things are not skyrocketing as they should right now because Bitcoin is under attack in India, Korea and facing some resistance in certain places. This makes it harder for altcoins that follow it which will make them volatile also. Imagine you put your last into crypto but you NEED the money within a month for bills, food, and necessities for your children. What do you think your gains would look like in a month from now with all this uncertainty and volatility in a month from now? WE DONT KNOW RIGHT?? EXACTLY!!! This is what I tried to explain..

She Said 

"I gotta figure something out cuz you know how it is right now"

I Was Sad

I could hear the desperation in her voice and the green in her eyes. I said lets figure something out that is safer than crypto right now through text later. Guess what? No response.

What Do I See?

Her on social media still asking for advice on her Facebook page.

Excercise Responsibility

There are single mothers risking their last in order to get rich overnight based on the bullshit that people post on social media not knowing that they're just trying to sound smart for the stupid people. This is dangerous and irresponsible.

Why?

I think some people want to hear what they want to hear so bad that they'll do anything to satisfy that itch. We are sometimes an instant gratification species but I gotta tell you..I always say "DESPERATION CREATES NEW PEOPLE".

Her Children's Father Which Is In Prison Is A Friend Of Mine

and I cant do shit to save his family :,( When will people learn..fast money comes with bad endings.



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she wouldn't listen to investing a portion of whatever her income is per month instead of dumping all of her savings right now?

Unfortunately, everyone has to pay tuition to learn how to be the manager of their own finances. Some pay a higher tuition because they have more lessons to learn (more frequently, often).

thats a powerful quote! some pay their own tuition in this life..i like that..I never looked at it like that!

Interesing blog , thanks for sharing with us bro @bycompoundfilms

That is so bad :( I really feel for her.

Amazing and well written,

You have just exposed a hard reality, are stories hidden behind a fever that will may help us, in the future after correction, learn that speculation has always brought bad results ... I subscribe to your words fully ..! Very sad..!

yes we must be responsible

Bitcoin is good for investment but the market is not stable now
wait some time for investment. Many people are crazy about investing in bitcoin but many countries are not making bitcoin legal in their country.
In India, Many Bollywood actors are holding huge money of bitcoins Like Amithab Bachan and much more but Indian Government is only taking action only on common man and middle-class peoples. its so worst action taking by Government in India. Many Bitcoin exchanges are shutting down. Many peoples hope that bitcoin will be legal in India.It will so worst in India in future.
I only recommend everyone to Invest in cryptocurrency because
cryptocurrency will not give loss If any coin was dumped don't worry it will pump in future because cryptocurrency will never die.
Thank you @bycompoundfilms
Your Follower @akshaymukadam.

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Very wise advise @bycompoundfilms! I can only imagine how hard it must be to be a single mom in the first place. Perhaps she can invest in some stocks or even some funds for her kids college/future. I hope it works out well for her.

...why dont you suggest to her to blog about being a single mom and what it's like on Steemit?

I believe everyone who believes in Bitcoin has patience,, So If I put now a big amount of my heard earned money and collapse when the prices go down then I dont believe in BTC. but I f convince myself that the chances of BTC to doulble 5 times or more,, then I will wait for it and for sure It will happen,, because everyone wants it and wants to have some of it.. someday we will look at $100k per coin and It will look cheaper, then we will see more and more probably $1 million for 1 BTC, and this could be very clear in the near future.
She did a big mistake actually putting everything in one basket at once.

the thing is..these new investors wanna make a million by next month

You are right about that,, and this is impossible h

I couldn't agree more! Just in the last month my wife, who knows nothing about investing, crypto, or anything related to money besides how to spend it, asked me to help her open a Coinbase account. My brother, a lot smarter but also late to the party, just jumped in around Christmas time. Heck my mom, the most financial conservative person I know told me she was thinking about getting into bitcoin. That tells me that the bull market is over for now until the late to the party dumb money gets taken to the cleaners.

exactly! i love that term "dumb money"

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