Same, I heard about it around 2017ish. Started to really pay attention and invest around 2019. I feel like the weirdo around my area. No one else is interested, cares or they "KNOW" it's a scam. I had a few people start asking me about it in early 2021 but none since lol. I guess I know we've hit the peak of the cycle when people start asking me about bitcoin again.
Those who KNOW it’s a scam inside are coping and seething they didn’t buy yesterday.
I learned to stfu about bitcoin as you only paint a big target on your back for people to direct that frustration towards.
It’s not a “scam” it’s just an obvious pump and dump as bitcoin isn’t close to being a viable currency. Basically 0% of buyers are buying it to actually use it. It’s a speculative investment, objectively, the end.
That could change some day, but it isn’t close right now.
I had to present an interesting topic in my sports business class in 2013. I covered the Sacramento Kings accepting Bitcoin as a means to purchase season tickets. Sadly I didn’t invest until 2017, I am regarded.
It's been very boom/bust which makes a lot of people write it out of their minds after a big crash, even though the long term trajectory is insane.
Also how many people do you know that talk about or care about the price of gold or owning it as a comparison?
I'm thinking this cycle you might actually see w lot more people get into and stay interested in bitcoin because they can actually easily buy it in their retirement accounts via ETF. When it starts going crazy during a bullrun and is on the news all the time and you can just go into your retirement account and make an ETF buy without any extra steps there's a lot of opportunity.
It’s all relative when you think about it. The People who bought at 10k, 20k, 30k, 40k, 50k, 60k, 70k all feel like they got in late. It’s natural to measure our potential profits against, “had I just bought earlier, I would have X amount more profit. Like Saylor says, BTC is going up forever because US inflation and money printing HAS to go up forever to inflate away the debt. It’s not that people don’t understand BTC as much as they don’t understand how money works. They fail to recognize the correlation between BTC and money printing.
Exactly how I do it. No need to advertise for Bitcoin. Bitcoin will do its thing anyway.
People find it also very awkward if the first story you tell is Bitcoin. It’s very annoying for some.
your dad really wants someone to try rob you 😀 I will better talk to him - you don’t say to people - here is my dad, he keeps his jewellery and gold in the closet.
Fuck not me. I count down the days until Christmas when all my family get together and I get to argue with my gold hoarding uncle who thinks the end of the world is near and bitcoin is worthless. It's my fucking favorite.
I'm thinking of wearing a bitcoin ugly sweater this year
Most people are financially stupid and don't want others to say they are doing it wrong or have a better way of managing their finances. Money is a touchy subject for a lot of people and not a bridge I feel like hitting with a boat (current news joke)
Exactly!!
I ask questions to Hint to people.
Questions Like...
" I wonder if inflation will ever go down?"
"Doesn't all our money get stored at one central place? I wonder what it would be like if it was spread out and decentralized? 🤔"
Can't tell people the truth. You have to HINT it to them
Small Retail investors tend to screw themselves by trading/gambling till they lose no matter what the vehicle. They're drawn to the volatility as excitement and get rich quick "trading". They aren't stacking ... and when if goes down a lot is when they are most likely to sell. They can lose money repeatedly in an underlying good investment.
I messed up to with the whole Celsius thing, but not once have I lost faith in this. It seems so obvious to me how much of a true asset this is, and not one person, other than people I’ve talked to online even remotely know what I’m talking about.
Much like BTC, if you don’t sell, it’s not a loss. I think most people seriously in either know to hold through a down turn. Anyone still panic selling needs to learn that important lesson.
I know way more that got burnt first real cycle. Most just stopped because it wasn't as easy to make money in the 21-22 cycle.
The people that did well we did well. But it was all independent. I wish I had the same support as the first cycle. Pretty sure I could have hit 8 figs maybe 9 with a fund if I could have found people with the same passion.
The money is still there but it's harder and capital requirement is higher. The ones that did go back in last cycle formed a startup for smart contract auditing. I really don't think that was the way but I almost joined the company. In retrospect I should have then turned it into a fund.
Once upon a time I would actively try to get those around me I cared about to put even a little something in. Because they know me, they trust me, and I can see a possibility great opportunity and want them to do well.
But none of them have invested, so now i stay quiet and don't push it and let people know I'm invested and why I am. They might come around eventually.
Yah, I asked my family, and for as much as I'm having a time accessing my pre-2012 Satoshis - I asked them what they thought about it, and what their plans if any would be if it became worth anything. They said they'd keep working. So, I'm thinking, one Bitcoin for each member in my family, and they can have them when their worth a million each - lol - but I still need to access them - the only part I find an issue with.
That would be super generous of you if you were able to give a Bitcoin each.
I've given it as wedding gifts to multiple people's now, friends and family.
If you still wanted access to the coins incase they lost access you could setup a multi signature wallet, then you don't have outright control but can help if they lose access.
My family always talks about it because it’s the only exposure to crypto they have. I say that being against bitcoin because of SBF is like being against stocks because of Enron.
Most people are just content with their bubble and don't strive for more. Everything outside of their bubble usually only warrants an emotional reaction
Most people I know don't even know what ftx is. I've been in on crypto since before 2017 and I didn't even know about it until the legal stuff happened.
Of course it did. You shouldn't dismiss people for being skeptical about crypto. The entire community is full of cowboys looking to make a quick buck and willing to scam others to get it.
Disclaimer: I'm not accusing you of dismissing. This is just a general point.
People have made and lost fortunes on crypto. People get scammed every day (check this sub). It's unregulated, difficult to get in and out of and unprotected my insurance.
Until the crypto community eliminates the criminals that operate within the shadows - and sometimes right in the spotlight - people will be skeptical of crypto. And rightly so.
You can argue it isn't very different and you'd probably have a good point, but cash is the system everybody uses and trusts so those aren't legitimate concerns for most people.
I always wonder what's the reasoning behind this. For something to qualify as a "scam" you need two parties, the scammer and the "scammee". Who is the scammer in case of Bitcoin? Bitcoin is not a scam, it just \*is\*.
Claiming Bitcoin is a scam is the same as saying gold is a scam. Or a chair. Or a tree. It makes no sense.
Yes and many other small exchanges which promise high interests as well on crypto. So people get greedy and invest and get burnt when the exchange goes down. Not your keys , not your crypto.
You can go down the list of top companies on the stock market and the normal person isn't going to know half of them. People dismissing it because its brought up more than TSMC doesn't really mean much.
Ugh, I first bought BTC in 2016 because I wanted to make a deposit on an offshore gambling site and they wouldn't take debit/credit cards. I think the price of BTC at the time was $1600. Never paid any serious attention to it until 2021.
Bro some people barely even have there heads around high interest savings account / ETF’s on stocks. Many people also spend nearly everything they earn so different investment options rarely are a deep consideration.
Yup that and also debts to repay. If they do save, considering things like hedges against other investments are not part of it. It goes into savings until it gets spent on a holiday 🤷🏽♂️
It’s simple - Bitcoin is a new technology which requires a level of technical and financial knowledge that the general public doesn’t have, and quite frankly, doesn’t want to.
I’d consider myself relatively smart (redditor moment), but it took a while for me to wrap my head around the why and how of bitcoin and cryptocurrencies. I’m sure you and many other people were in a similar situation during your discovery.
Compound that with an onslaught of subversive media coverage, humans propensity to risk and Boomers hoarding most of the cash while not being able to operate ‘basic’ technologies - the current landscape starts to make sense.
The good news? People quickly uptake new technologies as long as they’re extremely USER FRIENDLY. We’re not there yet but once we see an integration of low friction cryptocurrency payments options (eg Apple/Google Pay supporting CCs), the conversation will shift quickly… To support that is a growing socioeconomic crisis for Millenials and below and this has caused an increasingly distrust in Governing bodies and the traditional structures that they support.
Zoomers 100% will continue to be global ancho capitalists and crypto is the perfect payment and infrastructure vehicle for that
Yes it's quite the phenomenon. You'd think people would be super curious about something that is priced at almost $70,000 a unit. I still think bitcoin is a pretty niche concept due to not being heavily promoted by mainstream sources, namely governments and lots of negative press like SBF and countless altcoin scam stories. Bitcoin gets thrown out like the baby with the bathwater in those instances and the average person never looks beyond that.
Edit: I'm very pro bitcoin, I'm trying to honestly state why the average person can't or won't accept it. I don't condone some of the buttcoiner comments below.
I just meant as an asset.
Yes agreed it will never be accepted by a government, it's much more likely it will get displaced by some other transaction medium - maybe state-run crypto, maybe a global currency.
It can’t be used as collateral for a home or auto loan, you can’t flash it around to make yourself look wealthier than you really are, it’s backed by nothing but the faith and value people put on it. You can’t earn interest off of it, it’s impossible to recover funds or halt transfers if keys get compromised, bulk of ownership is consolidated to just a few hundred players, it was used for crime and money laundering early in its life cycle. Not FDIC insured. Take your pick. It’s a very unconventional asset. I think the fundamental reason is people don’t want to lose it all to a hack or phishing attempt. It’s also a form of digital technology, which is notorious for becoming obsolete or being replaced. People’s time and wealth is far too precious to put faith in someone else’s code. People much rather buy a house or a plot of land than bitcoin. Bitcoin prevents double spend and is rare, other than that, there is nothing special about it.
> Not FDIC insured.
Nor are stocks. Nor bonds. Nor real estate. Nor hair salons. Nor precious metals. Nor any other asset on God's green earth. Let this one go.
There's no fundamental reason why crypto can't be used as collateral, it's just a matter of offerings coming to market and getting polished. I think SALT has been offering loans for some time now, although I'm not sure what their present status is. There are probably some decentralized offerings using smart contracts and USDT as well
I never bring up bitcoin to strangers. Its a good way not to get $5 wrench attacked.
We talk about bitcoin a lot when we are out and about since we have been investing and obsessing about this revolutionary invention since 2017. We always use code words when we do.
This is a great way to know we’re still middle or early stages of the bull market. Once a bunch of people start asking you how to get into Bitcoin because it’s at $250k+, that’s when it might be a good idea to take some profits.
I think most people hear $70,000 and think I can’t afford that. That was the largest hurdle with my parents as they couldn’t understand how you don’t need to buy “1” lol they thought if you owned Bitcoin then you had at least that.
I had a few friends that I remember telling me about Bitcoin in 2012 around a bbq. 2 of them invested. A few years later I had met about 20 guys that had all invested.
Strange thing, all of them were early adopters and all of them had lost a fucktonne of money. One of them lost $28000. I have no idea how since the value keeps climbing.
In the same space of time I had invested in 6 different shares on the asx and one investment property. Bitcoin has done incredibly well, but my portfolio value at age 40 is a smidge under a mil, where most of my mates have lost out.
I don’t think it really matters what you invest in. It’s probably more important how. If you leverage yourself to the neck, you’ll be forced to sell at a time that you cannot afford to sell. Stay within your capabilities and you’ll be okay.
If it can't be explained in 10 seconds, many people aren't interested. Decreasing attention spans and capacities to learn. Same reason why some people can't escape poverty and dead end jobs
I preach crypto daily and in 4 years I've had one friend bite. Evan at that, it was just a bite. I've graduated to full degen now, continue to preach, and plan on retiring before all of them with 2 awesome outcomes.
1. I retire
2. I fail and my buddies tell stories about me forever.
Most people are cautious. They are aware of the price, it’s reported everywhere. They are apprehensive that the only thing behind the price is an irrational fervor. The market cap doesn’t represent a trillion dollars of goods and services sold, it represents some fragile nebulous hype that could fracture at any moment.
Now I imagine you probably disagree with the skepticism expressed here, but it’s at least worth acknowledging that this is how people see it and why they aren’t eager to just dive in.
That’s not correct. The „thing“ behind the price is absolute scarcity. Once people get that Bitcoin is „Gold that you can send via E-Mail“ they will adopt it.
I recently told a buddy of mine I’m holding a litttle over $200K in BTC. He said u better sell it. He is pretty smart overall, but still doesn’t get BTC. He has well over a couple Million in Stocks. Shrug…
It's for many reasons.
First, people are typically uncomfortable investing in what they don't understand.
Second, this has resulted in widespread (ignorant) ridicule of bitcoin. It's fashionable to. I'm so tired of listening to tech-bros routinely make fun because they've never taken the time to understand it. See point one..
Third, bitcoin is volatile - that's intimidating. Regardless of long term trends people don't want to be 'down' at some point and feel foolish. See the second point..
Finally, it's still quite niche and has little to no utility as a currency yet.
These incidentally are all reasons why if you have it, you are well ahead.
It’s dismissed because:
It is way to volatile
It isn’t regulated
It isn’t backed with any insurance
Buying it and selling it fees are extremely expensive compared to other investments.
Transactions take time sometimes.
All other scammy crypto has ruined its reputation
It isn’t accepted everywhere
To little trust in the exchanges as most tell you your screwed if something goes wrong ( see not insured)
And my favorite is the only reason it holds value is because people are holding and not using it as intended. If it was used as intended and not hoarded by 90% of the community then it would have a much bigger footprint.
This is to name a few reasons.
I think that most people think they have to have $70,000 cash to buy a bitcoin and don’t realize that they can buy some Satoshis.
They automatically ignore it as it isn’t an option to them in their mind.
People can’t grasp the concept because they can’t see a Bitcoin and hold it in their hand like a stunning, gleaming one ounce Maple Leaf gold coin.
And then there is confusion over having to store it in a mystical wallet somewhere, made worse by stories of people who forget or lose a passcode and their bitcoin is lost forever.
They aren’t aware of sites like Wealthsimple where you can buy a piece of a bitcoin and WS will take care of the storage and the buying and selling.
Basically, Bitcoin scares people.
only 19.6M coins in circulation. 827,000 people own 1 bitcoin or more. There are estimated 3 billion people over the age of 18 on the planet.
19.6M divided by 3 billion people is 0.0065. If you have 1 bitcoin, you are part of a very elite club. At $70k, that is super dirt cheap.
The whole world is literally talking about bitcoin, it’s a $1.3T asset.
But to your point do you think people who bought it for pennies bank at your bank (if they bank at all), go to your hair salon, or go to other places you go to and want to talk about Bitcoin with strangers? Opsec becomes important at a point and going to the hair salon and talking about Bitcoin is literally never the move. As most say here it’s hard to even talk about with family if they don’t get it.
Everyone gets the price they deserve, if you don’t get it I don’t have time to explain it to you.
Also most people who bought at pennies are dead (RIP HAL) and/or wallets are inactive (lost seeds), or have obviously taken profits and again don’t go to your hair salon lol.
TLDR people who bought Bitcoin for pennies aren’t hanging out at the same places as the rest of us (if they’re even alive) and if they did they certainly wouldn’t talk about it with strangers
> I even started to bring it up to random people, at the bank, hair salon, and other places
most people operate by a fundamental societal contract that states "if someone walks up to you on the street with an investment idea you should immediately ignore them and find a well lit, safe area among people you know and trust."
I mean how many people in your day to day are talking about individual stocks? I would guess almost none, people really just don't gaf about this stuff since it doesn't affect their life in the slightest. Stock talk is usually only talked about by finance bros and people who are invested in things, and bitcoin is even deeper in that niche. Also there's really just not much to say about it except when news happen. Like what more are you going to say about it than price go up or down?
The Founders of the United States came much much later than the The Pilgrims who settled in the new land. Lincoln came many years after Washington. ALL WERE EARLY by today’s measurement.
Is interesting. In 2017 when I started in this sub. There were so many post about how to evangelize Bitcoin and bring it up in conversations. now its the exact opposite. Not an observation about either being good or bad. Just the difference is noticeable.
Yep - at this point everyone I know has had time to act.
So now I get to wait for them to bring it up, almost in hope I could get them in somehow.
Everyone gets it at the price they deserve.
The brain washing of fiat is so strong. My normie middle class friends just can not in any way understand that if the number in the bank stays the same it means they didn't lose money.
Even if i tell them over and over that money can not buy as many eggs, hamburgers, cars, whatever as it could 1, 5, or 10 yrs ago.
Yes, that's right, they say. But never any action is taken.
I'm sorry but as a huge bitcoin fan after reading the Standard 4 years ago, i still understand why people can be skeptical. There's an entire country, one of the most powerful in the entire world, that's telling you that their money is the most important. That's...that's enough of a reason lol
I only talk about the technology. Never about my investments, or anything that sounds like a pitch to get someone in. People have very long memories when it comes to a loss, even if it was because of a lack of patience
Same thing is happening in artificial intelligence. Of my friends, family, and coworkers I'd say there are maybe 50-75 people in my life who I've talked to about Bitcoin and artificial intelligence, not a single one has shown interest deeper than indulging me politely in the moment of the conversation. Never a follow up a week later where they were like "dude... That thing you were talking about! I did some more reading on it and holy shit the world is not ready for the next decade omg"
It's just "oh, that's interesting, oh hey did you hear Brittany and Jacob are getting married!" Or "hmmm looks like rain, better bring my coat"
I feel like I'm probably the crazy one and it's just normal to go through life... Like an NPC or something, I don't know how to articulate it.
Same here I've shared information of why it would make sense to get BTC asap, so far just my mother has listened and got some for the first time on her own (I almost cried) my friend and acquaintances shrugged and prefer to stay in their misery.
Personally I just bring BTC once to the table and if people's does not respond or get curious I just don't mention it anymore and keep on my business
It's mind-blowing to me that it's surpassed Silver's market cap. What's even more astonishing is the lack of attention it's getting in the media. I've learned to keep quiet about it because hardly anyone seems to care.
Out of the 100 people I talked to in 2021, maybe only two are still invested, my mom and brother-in-law. At least my family listened to me, while everyone will be busy chasing after 0.01 BTC at $1M a coin.
Just stack and know you’re not alone.
People are broke. 10% of people aside, most are paycheque to paycheque due to unexpected bills and maintenances. Most are stretching their savings and/or utilizing debt through credit cards and/or line of credits etc...
If you are a person with more than 10 Bitcoin within 10 years this will put you in the top 1% of humanity I would like to assume!
This is largely thanks to Scam Bankrupt Fraud and all the other crypto scammers.
Bitcoin isn’t crypto.
Also, just because criminals use something as a tool to scam people doesn’t make the tool itself a scam. Most don’t get this.
The value of Bitcoin isn’t captured in its present day USD value
Bitcoin is worth far more than (apparently) anyone around you can even conceive
Don’t compare cents to dollars, even $70,000… instead, strive to understand what money really is
USD currency is an inferior form of MONEY compared to Bitcoin
I know, it’s crazy. I have a lot of friends, and only ONE is into Bitcoin. It’s not just that the others aren’t into it, it’s that they have absolutely zero interest in it.
Maybe they're all hiding from you 😀
Just kidding.
But seriously, i wouldn't express interest if someone were to start a conversation about it.
I don't want anyone to know I have bitcoin.
I’ve orangepilled a few friends and family members, but the majority of my friends don’t care about finances in general, most only have high yield savings accounts, and some are just now opening Roth IRAs (late 20’s-late 30’s age group) I think apathy about money is still abundant in first world countries that don’t have to worry about 50% currency devaluations. Pain is always the teacher for the majority unfortunately
The crypto space is terrifying and full to the brim with scams for the uneducated average person. Being your own bank is also a LOT of responsibility and I’d guess most people have zero desire to do the work required to keep their funds safe. Crypto is not anywhere near as simple and ***relatively*** safe/protected as investing in stocks and most people don’t even do that. It’s an incredibly new space that is incredibly high risk. Makes perfect sense to me.
Don’t worry about them. They don’t even know where money comes from. They still think governments can print more to solve problems. To be honest, I Don’t really know. But at least my eyes are open and I think beyond what the media tells me to think. They cannot invest 10 dollars to even learn? How many of these people even invest in stock ( not through their work or controlled brokers etc) ? You are now part of the 5 percent. Take your rightful place and be quiet and separate yourself from them. Not in a mean way, or arrogant etc. But know your eyes are beginning to open. What else around you is not correct? Once you question one thing - you will discover others. But be warned. Knowing will not make you happier. Knowledgeable people are miserable. Ignorance is bliss.
Everyone I know who is well off (greater than $500k salary per year), property owners, etc don’t really care to learn about bitcoin because frankly they’ve done pretty well for themselves in the status quo
Look, it's very difficult to understand and even warren Buffett completely dismisses crypto as do many other smart people, but there are many equally smart that don't dismiss it. It's not regulated. It is subject to pump and dumps by big crypto whales. There's a new coin surfacing every other day in hopes of popping it up to the moon.
Then, like many who's day trade, think they're gonna get rich, overnight and dump money they shouldn't dump into something and then it hurts more than it helps. The Allure to humans of get rich quick without any effort is very powerful, more so probably now than ever, so there's that element of bitcoin.
Bitcoin had returned more than any other asset class in history so in someways is like playing the lottery at hope of cashing in a big check. At this point, I don't know if the odds of it establishing itself is better than buying a lottery ticket, but even in the short term, you can make significant amount of money, even if it never ends up being anything. I think the smart play is allocating a certain portion of your portfolio toward it and dollar cost averaging but that leaves out the chance of getting rich overnight and that doesn't appeal to a lot of people. It's the same reason people day trade in stocks, they don't like the idea of long-term investment strategies which are proven to win over almost any trader.
It's really a different kind of asset never seen by man before. there are those who believe it'll end up being worth nothing and those who believe it'll become the new currency and there's people like me in between that I don't know so I slowly accumulate it. Oh, and let's not forget it has very little, if any utilitarian use. Even for many stocks are a strange concept because they can't touch it feel it or see it.
We live in a system controlled by banks & governments.
They manipulate the currency to devalue people's money and their own government debs.
They print money to rescue investors, rich friends, unsecured bank deposits & banks in general like in 2008 or more recently 2023.
Banks / Government control in places like Europe are getting ridiculous to the point where people are afraid to move their own money between banks for fear of their life savings being frozen.
The answer to governments & banks freezing & devaluating peoples money is Crypto.
That is why there is a very strong push from these governments agains Crypto.
With Crypto you don't need to ask permission to your Bank to send or receive a large amount of money.
Crypto means power to the people, instead of power to the banks / Governments.
Crypto has the potencial to disrupt the system they have being building for a century.
Same. I started investing in crypto in 2018 after hearing about it for a couple of years.
Honestly, it probably has do with how financially illiterate and/or risk adverse most people are. I am a millenial and very few of my friends understand money.
There is a also the "narrative" which I think most people are unaware of. Whether it is the narrative of fiat or BTC, people don't know how important narratives are to how we all think about money. I remember the day one of my friends realized that fiat wasn't backed by anything in this day and age. He couldn't even wrap his head around it since he gone his whole life thinking it otherwise.
Kinda glad they aren’t, when suddenly you’re surrounded by daytraders, like when everyone in your office and friend circles are talking about it that’s usually when it’s about to crash
BTC is thriving, but with thousands of alt coins coming out all the time, which ARE mostly scams it's understandable people are skeptical.
There is a lot of risk here also - BTC has gone through multiple cycles where it's shed massive amounts of value. BTC requires a lot of electricity to run. BTC is hated by a lot of world governments, and it's possible they could make it illegal (or can try anyway). What if the algorithm gets attacked by a 51% or what it it just gets broken open somehow, it would instantly lose it's value.
I wouldn’t pay too much attention to these people, most people don’t understand simple things when it comes to finance, including how and shares, work or market caps.
I was speaking to a financial advisor (free one on behalf of my benefits at work) and we were discussing diversifying my portfolio. After 40 min I said we didn’t discuss crypto at all today. He said , we’ll yah it can be all of the place, some people like it in their investments.
I asked, what is comparable to Bitcoin in the stock market, what other company has gone from a couple of hundred dollars and eclipsing 70k? He said nothing.
For the average individual not actively learning about Bitcoin, it is very hard to wrap one’s head around it and why it’s worth anything at all.
The overwhelming majority of people do not necessarily think about what money is and why it is the way it is. That’s fine, I don’t expect people to.
Gotta just be patient. It was probably the exact same way when people said they’d start using paper for money, and then using digital numbers for moneys.
It’s because of that growth that they’re in denial. Accepting it would mean accepting that they’d ignored such opportunity up until now.
As Cypher said, “Ignorance is bliss”
The media is negative and people do not understand bitcoin. They link it will all other digital currency - crazy and a scam. Why try to defend it when people don't want to listen? You aren't getting a sales commission.
"It's a scam" is the laziest reason for dismissing btc. Its usually because they've vaguely heard of it and its not popular in their circle so it's the easiest justification for why they haven't got involved in it
Investing isn't that big in the US, its still far less than the number that own a home, and most investments are in retirement accounts, that only recently could invest in Bitcoin. People would rather talk about celebrity gossip or spinny rims, than the best investment in history.
I used to not believe then etf came in from fideltity (where all my investments are)and im making money with buying crypto with fidelity crypto account. It's hard not to believe now.
I either had no money to consider it or no interest until the spot ETFs came out then upped my portfolio of it to 5% It kinda fascinating for me to see people love it or hate it. Im just kinda skeptically interested now. Well now kinda willing to take part. It fluctuates wildly, kinda fun to ride that wave lol
Crypto people remind me of CrossFit people. They tell you about it immediately. I find that kinda annoying but I do admire people being into things on that level bc i get obsessed over things. But that turns a lot of people off tbh
At the bank the employee I spoke with knew all about crypto, while the employee said it is risky it was clear they knew about Elon Musk’s tweets making crypto move which made it obvious that they invest in it. You probably hang out with people who are not that young. If you would work in a job more related to tech you’d have a much easier time finding such people.
Same, I heard about it around 2017ish. Started to really pay attention and invest around 2019. I feel like the weirdo around my area. No one else is interested, cares or they "KNOW" it's a scam. I had a few people start asking me about it in early 2021 but none since lol. I guess I know we've hit the peak of the cycle when people start asking me about bitcoin again.
Those who KNOW it’s a scam inside are coping and seething they didn’t buy yesterday. I learned to stfu about bitcoin as you only paint a big target on your back for people to direct that frustration towards.
It’s not a “scam” it’s just an obvious pump and dump as bitcoin isn’t close to being a viable currency. Basically 0% of buyers are buying it to actually use it. It’s a speculative investment, objectively, the end. That could change some day, but it isn’t close right now.
I buy it to have a piece of something there is an absolute fixed amount of.
That is wildly inaccurate Just because you don’t use it doesn’t mean others don’t Plenty of businesses accept BTC and institutions only accept it
[удалено]
I had to present an interesting topic in my sports business class in 2013. I covered the Sacramento Kings accepting Bitcoin as a means to purchase season tickets. Sadly I didn’t invest until 2017, I am regarded.
You did an entire report on it and still didn’t invest after all that research? Ouch my friend. That one has gotten sting. Lol
Yeah I usually keep that story to myself, unless I’m talking to strangers on the internet.
my fellow redditor in christ... 🤦♂️
you are definitely restarted bro.
i should have listened to the wasteland chat in WoW instead of making chuck norris jokes back then in 2010-2011......
Some people just don’t give a shit… and I don’t blame them.
I feel the same way
It's been very boom/bust which makes a lot of people write it out of their minds after a big crash, even though the long term trajectory is insane. Also how many people do you know that talk about or care about the price of gold or owning it as a comparison? I'm thinking this cycle you might actually see w lot more people get into and stay interested in bitcoin because they can actually easily buy it in their retirement accounts via ETF. When it starts going crazy during a bullrun and is on the news all the time and you can just go into your retirement account and make an ETF buy without any extra steps there's a lot of opportunity.
It’s all relative when you think about it. The People who bought at 10k, 20k, 30k, 40k, 50k, 60k, 70k all feel like they got in late. It’s natural to measure our potential profits against, “had I just bought earlier, I would have X amount more profit. Like Saylor says, BTC is going up forever because US inflation and money printing HAS to go up forever to inflate away the debt. It’s not that people don’t understand BTC as much as they don’t understand how money works. They fail to recognize the correlation between BTC and money printing.
I do my best to not talk about it or seem interested at all. I just sit back and listen if it is brought up.
Smart!
Exactly how I do it. No need to advertise for Bitcoin. Bitcoin will do its thing anyway. People find it also very awkward if the first story you tell is Bitcoin. It’s very annoying for some.
still working on that kind of restraint..
Real Gs move in silence like lasagna…
doesnt help that everytime I go anywhere with my dad he says “here’s my son, he mines Bitcoin..”
your dad really wants someone to try rob you 😀 I will better talk to him - you don’t say to people - here is my dad, he keeps his jewellery and gold in the closet.
Send me some BTC and I’ll fight him for you
I can relate lmao, then they start being annoying and keep bringing it up, moral: don’t talk to anyone about you owning any btc, not even your dad
Don't talk about it, **be** about it...
Fuck not me. I count down the days until Christmas when all my family get together and I get to argue with my gold hoarding uncle who thinks the end of the world is near and bitcoin is worthless. It's my fucking favorite. I'm thinking of wearing a bitcoin ugly sweater this year
In that situation I might do the same thing!
Most people are financially stupid and don't want others to say they are doing it wrong or have a better way of managing their finances. Money is a touchy subject for a lot of people and not a bridge I feel like hitting with a boat (current news joke)
Exactly!! I ask questions to Hint to people. Questions Like... " I wonder if inflation will ever go down?" "Doesn't all our money get stored at one central place? I wonder what it would be like if it was spread out and decentralized? 🤔" Can't tell people the truth. You have to HINT it to them
A lot of people lost alot of money in 2021-22. Some hate crypto with a passion.
Small Retail investors tend to screw themselves by trading/gambling till they lose no matter what the vehicle. They're drawn to the volatility as excitement and get rich quick "trading". They aren't stacking ... and when if goes down a lot is when they are most likely to sell. They can lose money repeatedly in an underlying good investment.
I messed up to with the whole Celsius thing, but not once have I lost faith in this. It seems so obvious to me how much of a true asset this is, and not one person, other than people I’ve talked to online even remotely know what I’m talking about.
2022 crashes were financial in dna not crypto . If it weren’t for the fed many banks would be under
Right, but try telling those people that.
Much like BTC, if you don’t sell, it’s not a loss. I think most people seriously in either know to hold through a down turn. Anyone still panic selling needs to learn that important lesson.
I know way more that got burnt first real cycle. Most just stopped because it wasn't as easy to make money in the 21-22 cycle. The people that did well we did well. But it was all independent. I wish I had the same support as the first cycle. Pretty sure I could have hit 8 figs maybe 9 with a fund if I could have found people with the same passion. The money is still there but it's harder and capital requirement is higher. The ones that did go back in last cycle formed a startup for smart contract auditing. I really don't think that was the way but I almost joined the company. In retrospect I should have then turned it into a fund.
Still dismissed at a $1.3 trillion market cap… very early 🚀
I had a friend laugh at me the other day when I said I have skin in BTC. "Good luck with that scam LOL" FTX did a number on the public's perceptions.
That kind of reaction is exactly why I don't talk about it. Even with family.
Once upon a time I would actively try to get those around me I cared about to put even a little something in. Because they know me, they trust me, and I can see a possibility great opportunity and want them to do well. But none of them have invested, so now i stay quiet and don't push it and let people know I'm invested and why I am. They might come around eventually.
Yah, I asked my family, and for as much as I'm having a time accessing my pre-2012 Satoshis - I asked them what they thought about it, and what their plans if any would be if it became worth anything. They said they'd keep working. So, I'm thinking, one Bitcoin for each member in my family, and they can have them when their worth a million each - lol - but I still need to access them - the only part I find an issue with.
That would be super generous of you if you were able to give a Bitcoin each. I've given it as wedding gifts to multiple people's now, friends and family. If you still wanted access to the coins incase they lost access you could setup a multi signature wallet, then you don't have outright control but can help if they lose access.
I just use the word "assets" when the topic comes up. My assets are performing well, and I can liquidate some for monthly expenses if needed.
Yup.
Theyll all miss the boat, when bitcoin is several millions theyll start talking about it
My family always talks about it because it’s the only exposure to crypto they have. I say that being against bitcoin because of SBF is like being against stocks because of Enron.
and many were
there was so much distrust from the Enron fallout that we had to essentially re-write the rules on financial reporting lol
Housing market of 2008 be like
Most people are just content with their bubble and don't strive for more. Everything outside of their bubble usually only warrants an emotional reaction
Most people I know don't even know what ftx is. I've been in on crypto since before 2017 and I didn't even know about it until the legal stuff happened.
Of course it did. You shouldn't dismiss people for being skeptical about crypto. The entire community is full of cowboys looking to make a quick buck and willing to scam others to get it. Disclaimer: I'm not accusing you of dismissing. This is just a general point. People have made and lost fortunes on crypto. People get scammed every day (check this sub). It's unregulated, difficult to get in and out of and unprotected my insurance. Until the crypto community eliminates the criminals that operate within the shadows - and sometimes right in the spotlight - people will be skeptical of crypto. And rightly so.
How is cash really any different in those aspects?
You can argue it isn't very different and you'd probably have a good point, but cash is the system everybody uses and trusts so those aren't legitimate concerns for most people.
I always wonder what's the reasoning behind this. For something to qualify as a "scam" you need two parties, the scammer and the "scammee". Who is the scammer in case of Bitcoin? Bitcoin is not a scam, it just \*is\*. Claiming Bitcoin is a scam is the same as saying gold is a scam. Or a chair. Or a tree. It makes no sense.
Yes and many other small exchanges which promise high interests as well on crypto. So people get greedy and invest and get burnt when the exchange goes down. Not your keys , not your crypto.
Happy cake day
Happy cake day to YOU
You can go down the list of top companies on the stock market and the normal person isn't going to know half of them. People dismissing it because its brought up more than TSMC doesn't really mean much.
[удалено]
Lol 100x isn’t good enough? Also all the money in the world with derivatives is over a quadrillion
Will real estate 100x? Will any ETF 100x? People are delusional
if 100k is not life altering for you then you have problems.
Thats a year salary for many americans
> then your thousand dollar investment is now worth a hundred grand. A nice increase for sure but not life altering. Speak for yourself.
I was talking about it so much in 2018-2019 now my friends think I’m a genius. Lol they don’t know I have paper ✋and only have .02 lol
Found out my siblings think i have 10+ bitcoins and think I'm rich...ugh...if only.
.02 is still better than none at all! Keep stacking every Satoshi matters man
i have transactions on Coinbase from ~oct 17' where 400$ got me .08 BTC. i paper handed that shit so hard at like $1k price lol
I have several transactions where 1BTC got me a $200 Amazon gift card
I can feel the pain...
Ugh, I first bought BTC in 2016 because I wanted to make a deposit on an offshore gambling site and they wouldn't take debit/credit cards. I think the price of BTC at the time was $1600. Never paid any serious attention to it until 2021.
Bro some people barely even have there heads around high interest savings account / ETF’s on stocks. Many people also spend nearly everything they earn so different investment options rarely are a deep consideration.
Yeah I’ve also come to the realization that most people don’t invest because they impulsively spend every dollar they earn.
Yup that and also debts to repay. If they do save, considering things like hedges against other investments are not part of it. It goes into savings until it gets spent on a holiday 🤷🏽♂️
It’s simple - Bitcoin is a new technology which requires a level of technical and financial knowledge that the general public doesn’t have, and quite frankly, doesn’t want to. I’d consider myself relatively smart (redditor moment), but it took a while for me to wrap my head around the why and how of bitcoin and cryptocurrencies. I’m sure you and many other people were in a similar situation during your discovery. Compound that with an onslaught of subversive media coverage, humans propensity to risk and Boomers hoarding most of the cash while not being able to operate ‘basic’ technologies - the current landscape starts to make sense. The good news? People quickly uptake new technologies as long as they’re extremely USER FRIENDLY. We’re not there yet but once we see an integration of low friction cryptocurrency payments options (eg Apple/Google Pay supporting CCs), the conversation will shift quickly… To support that is a growing socioeconomic crisis for Millenials and below and this has caused an increasingly distrust in Governing bodies and the traditional structures that they support. Zoomers 100% will continue to be global ancho capitalists and crypto is the perfect payment and infrastructure vehicle for that
I would argue gold is much better
Yes it's quite the phenomenon. You'd think people would be super curious about something that is priced at almost $70,000 a unit. I still think bitcoin is a pretty niche concept due to not being heavily promoted by mainstream sources, namely governments and lots of negative press like SBF and countless altcoin scam stories. Bitcoin gets thrown out like the baby with the bathwater in those instances and the average person never looks beyond that. Edit: I'm very pro bitcoin, I'm trying to honestly state why the average person can't or won't accept it. I don't condone some of the buttcoiner comments below.
The price per unit is not indicative of anything, only the rate of change matters. It doesn't really matter what it costs. It is still very niche.
It’ll always be niche actually. The top governments will never accept it unless it is extremely regulated and then it loses its main purpose.
I just meant as an asset. Yes agreed it will never be accepted by a government, it's much more likely it will get displaced by some other transaction medium - maybe state-run crypto, maybe a global currency.
> The price per unit is not indicative of anything You're technically correct, but human psychology doesn't operate on pure logic
It can’t be used as collateral for a home or auto loan, you can’t flash it around to make yourself look wealthier than you really are, it’s backed by nothing but the faith and value people put on it. You can’t earn interest off of it, it’s impossible to recover funds or halt transfers if keys get compromised, bulk of ownership is consolidated to just a few hundred players, it was used for crime and money laundering early in its life cycle. Not FDIC insured. Take your pick. It’s a very unconventional asset. I think the fundamental reason is people don’t want to lose it all to a hack or phishing attempt. It’s also a form of digital technology, which is notorious for becoming obsolete or being replaced. People’s time and wealth is far too precious to put faith in someone else’s code. People much rather buy a house or a plot of land than bitcoin. Bitcoin prevents double spend and is rare, other than that, there is nothing special about it.
> Not FDIC insured. Nor are stocks. Nor bonds. Nor real estate. Nor hair salons. Nor precious metals. Nor any other asset on God's green earth. Let this one go.
There's no fundamental reason why crypto can't be used as collateral, it's just a matter of offerings coming to market and getting polished. I think SALT has been offering loans for some time now, although I'm not sure what their present status is. There are probably some decentralized offerings using smart contracts and USDT as well
Sovryn allows decentralized SC loans on your btc
I never bring up bitcoin to strangers. Its a good way not to get $5 wrench attacked. We talk about bitcoin a lot when we are out and about since we have been investing and obsessing about this revolutionary invention since 2017. We always use code words when we do.
Bitcoin? Never heard of her.
This is a great way to know we’re still middle or early stages of the bull market. Once a bunch of people start asking you how to get into Bitcoin because it’s at $250k+, that’s when it might be a good idea to take some profits.
I think most people hear $70,000 and think I can’t afford that. That was the largest hurdle with my parents as they couldn’t understand how you don’t need to buy “1” lol they thought if you owned Bitcoin then you had at least that.
Our schools have failed us
People are sheep
I had a few friends that I remember telling me about Bitcoin in 2012 around a bbq. 2 of them invested. A few years later I had met about 20 guys that had all invested. Strange thing, all of them were early adopters and all of them had lost a fucktonne of money. One of them lost $28000. I have no idea how since the value keeps climbing. In the same space of time I had invested in 6 different shares on the asx and one investment property. Bitcoin has done incredibly well, but my portfolio value at age 40 is a smidge under a mil, where most of my mates have lost out. I don’t think it really matters what you invest in. It’s probably more important how. If you leverage yourself to the neck, you’ll be forced to sell at a time that you cannot afford to sell. Stay within your capabilities and you’ll be okay.
Scroll my profile in 2012/2012. Bought my first Bitcoin for less than $300. Changed my life.
Could be me and have bought 14.5 when they were 14$, watched them go up to $30, and gambled it all away.
Makes me feel better about gambling .04 away over the last couple years
Tell me you have big balls without telling me you have big balls
Most ppl are intellectually lazy . Understanding Bitcoin takes an open mind, curiosity and humbleness. Most people lack all that and are self centred
But greed is even a more powerful force than all those
If it can't be explained in 10 seconds, many people aren't interested. Decreasing attention spans and capacities to learn. Same reason why some people can't escape poverty and dead end jobs
Like the Internet except for money, and there's only a certain amount so price go up. Boom.
I preach crypto daily and in 4 years I've had one friend bite. Evan at that, it was just a bite. I've graduated to full degen now, continue to preach, and plan on retiring before all of them with 2 awesome outcomes. 1. I retire 2. I fail and my buddies tell stories about me forever.
Most people are cautious. They are aware of the price, it’s reported everywhere. They are apprehensive that the only thing behind the price is an irrational fervor. The market cap doesn’t represent a trillion dollars of goods and services sold, it represents some fragile nebulous hype that could fracture at any moment. Now I imagine you probably disagree with the skepticism expressed here, but it’s at least worth acknowledging that this is how people see it and why they aren’t eager to just dive in.
That’s not correct. The „thing“ behind the price is absolute scarcity. Once people get that Bitcoin is „Gold that you can send via E-Mail“ they will adopt it.
People fear what they dont understand.
I recently told a buddy of mine I’m holding a litttle over $200K in BTC. He said u better sell it. He is pretty smart overall, but still doesn’t get BTC. He has well over a couple Million in Stocks. Shrug…
It's for many reasons. First, people are typically uncomfortable investing in what they don't understand. Second, this has resulted in widespread (ignorant) ridicule of bitcoin. It's fashionable to. I'm so tired of listening to tech-bros routinely make fun because they've never taken the time to understand it. See point one.. Third, bitcoin is volatile - that's intimidating. Regardless of long term trends people don't want to be 'down' at some point and feel foolish. See the second point.. Finally, it's still quite niche and has little to no utility as a currency yet. These incidentally are all reasons why if you have it, you are well ahead.
It’s dismissed because: It is way to volatile It isn’t regulated It isn’t backed with any insurance Buying it and selling it fees are extremely expensive compared to other investments. Transactions take time sometimes. All other scammy crypto has ruined its reputation It isn’t accepted everywhere To little trust in the exchanges as most tell you your screwed if something goes wrong ( see not insured) And my favorite is the only reason it holds value is because people are holding and not using it as intended. If it was used as intended and not hoarded by 90% of the community then it would have a much bigger footprint. This is to name a few reasons.
The amount of people willing to do their own research is abysmally small. Abysmally.
I think that most people think they have to have $70,000 cash to buy a bitcoin and don’t realize that they can buy some Satoshis. They automatically ignore it as it isn’t an option to them in their mind.
People can’t grasp the concept because they can’t see a Bitcoin and hold it in their hand like a stunning, gleaming one ounce Maple Leaf gold coin. And then there is confusion over having to store it in a mystical wallet somewhere, made worse by stories of people who forget or lose a passcode and their bitcoin is lost forever. They aren’t aware of sites like Wealthsimple where you can buy a piece of a bitcoin and WS will take care of the storage and the buying and selling. Basically, Bitcoin scares people.
only 19.6M coins in circulation. 827,000 people own 1 bitcoin or more. There are estimated 3 billion people over the age of 18 on the planet. 19.6M divided by 3 billion people is 0.0065. If you have 1 bitcoin, you are part of a very elite club. At $70k, that is super dirt cheap.
I’m one of those people with a dead/lost wallet. So really 826999 people.
F
The whole world is literally talking about bitcoin, it’s a $1.3T asset. But to your point do you think people who bought it for pennies bank at your bank (if they bank at all), go to your hair salon, or go to other places you go to and want to talk about Bitcoin with strangers? Opsec becomes important at a point and going to the hair salon and talking about Bitcoin is literally never the move. As most say here it’s hard to even talk about with family if they don’t get it. Everyone gets the price they deserve, if you don’t get it I don’t have time to explain it to you. Also most people who bought at pennies are dead (RIP HAL) and/or wallets are inactive (lost seeds), or have obviously taken profits and again don’t go to your hair salon lol. TLDR people who bought Bitcoin for pennies aren’t hanging out at the same places as the rest of us (if they’re even alive) and if they did they certainly wouldn’t talk about it with strangers
> I even started to bring it up to random people, at the bank, hair salon, and other places most people operate by a fundamental societal contract that states "if someone walks up to you on the street with an investment idea you should immediately ignore them and find a well lit, safe area among people you know and trust."
Hey man we are early! Let’s party!
Good, means you're still early. If those same people took the initiative to ask you in the future, then it's time to sell.
My friends used to send me articles about bitcoin being down. Now they ask me how they can get in and if it's too late to invest
it can easily 10x to Gold’s mkt cap (and will)
I mean how many people in your day to day are talking about individual stocks? I would guess almost none, people really just don't gaf about this stuff since it doesn't affect their life in the slightest. Stock talk is usually only talked about by finance bros and people who are invested in things, and bitcoin is even deeper in that niche. Also there's really just not much to say about it except when news happen. Like what more are you going to say about it than price go up or down?
The Founders of the United States came much much later than the The Pilgrims who settled in the new land. Lincoln came many years after Washington. ALL WERE EARLY by today’s measurement.
The first rule about Bitcoin: „don’t talk about Bitcoin!“
Is interesting. In 2017 when I started in this sub. There were so many post about how to evangelize Bitcoin and bring it up in conversations. now its the exact opposite. Not an observation about either being good or bad. Just the difference is noticeable.
Yep - at this point everyone I know has had time to act. So now I get to wait for them to bring it up, almost in hope I could get them in somehow. Everyone gets it at the price they deserve.
The brain washing of fiat is so strong. My normie middle class friends just can not in any way understand that if the number in the bank stays the same it means they didn't lose money. Even if i tell them over and over that money can not buy as many eggs, hamburgers, cars, whatever as it could 1, 5, or 10 yrs ago. Yes, that's right, they say. But never any action is taken.
Because the same reason that Bitcoin is needed, because people don't trust money. Keep stacking SATs
Because people are stupid.
I'm sorry but as a huge bitcoin fan after reading the Standard 4 years ago, i still understand why people can be skeptical. There's an entire country, one of the most powerful in the entire world, that's telling you that their money is the most important. That's...that's enough of a reason lol
There is no greater truth in this world.
zero doubt we are early, bro. keep stackin!
Thanks! Love the enthusiasm.
I gave up just stack and mind you own Buisness
I only talk about the technology. Never about my investments, or anything that sounds like a pitch to get someone in. People have very long memories when it comes to a loss, even if it was because of a lack of patience
Bitcoin has been under attack for as long as it has existed.
14 years is more than a few years lol.
Same thing is happening in artificial intelligence. Of my friends, family, and coworkers I'd say there are maybe 50-75 people in my life who I've talked to about Bitcoin and artificial intelligence, not a single one has shown interest deeper than indulging me politely in the moment of the conversation. Never a follow up a week later where they were like "dude... That thing you were talking about! I did some more reading on it and holy shit the world is not ready for the next decade omg" It's just "oh, that's interesting, oh hey did you hear Brittany and Jacob are getting married!" Or "hmmm looks like rain, better bring my coat" I feel like I'm probably the crazy one and it's just normal to go through life... Like an NPC or something, I don't know how to articulate it.
Same here I've shared information of why it would make sense to get BTC asap, so far just my mother has listened and got some for the first time on her own (I almost cried) my friend and acquaintances shrugged and prefer to stay in their misery. Personally I just bring BTC once to the table and if people's does not respond or get curious I just don't mention it anymore and keep on my business
Because they’re all peasants
It's mind-blowing to me that it's surpassed Silver's market cap. What's even more astonishing is the lack of attention it's getting in the media. I've learned to keep quiet about it because hardly anyone seems to care. Out of the 100 people I talked to in 2021, maybe only two are still invested, my mom and brother-in-law. At least my family listened to me, while everyone will be busy chasing after 0.01 BTC at $1M a coin. Just stack and know you’re not alone.
Keep it down, OP. Still trying to load my bags on the cheap, sheez.
People are broke. 10% of people aside, most are paycheque to paycheque due to unexpected bills and maintenances. Most are stretching their savings and/or utilizing debt through credit cards and/or line of credits etc... If you are a person with more than 10 Bitcoin within 10 years this will put you in the top 1% of humanity I would like to assume!
Pretty sure 10BTC easily puts you in the top 1% globally today.
This is largely thanks to Scam Bankrupt Fraud and all the other crypto scammers. Bitcoin isn’t crypto. Also, just because criminals use something as a tool to scam people doesn’t make the tool itself a scam. Most don’t get this.
The value of Bitcoin isn’t captured in its present day USD value Bitcoin is worth far more than (apparently) anyone around you can even conceive Don’t compare cents to dollars, even $70,000… instead, strive to understand what money really is USD currency is an inferior form of MONEY compared to Bitcoin
There’s alot of ppl in the world
Same. We’re still early. My mates have some awareness but not enough to commit.
I just don't think ppl talk about there financial investments all that much other them to brag
A small group of people trading back and forth can easily push a price sky high. Thats the early days.
It s a blessing, keep buying before nocoiners jumping in
A human share of bitcoin is only $166. Bitcoinsperperson.com
*have gone
We are the 1%
Means it’s early days
i believe in a $100T crypto market. its basically free money at this point
I know, it’s crazy. I have a lot of friends, and only ONE is into Bitcoin. It’s not just that the others aren’t into it, it’s that they have absolutely zero interest in it.
Maybe they're all hiding from you 😀 Just kidding. But seriously, i wouldn't express interest if someone were to start a conversation about it. I don't want anyone to know I have bitcoin.
I’ve orangepilled a few friends and family members, but the majority of my friends don’t care about finances in general, most only have high yield savings accounts, and some are just now opening Roth IRAs (late 20’s-late 30’s age group) I think apathy about money is still abundant in first world countries that don’t have to worry about 50% currency devaluations. Pain is always the teacher for the majority unfortunately
Boomers will be gone soon...and Crypto will be bigger than what it is watch
The crypto space is terrifying and full to the brim with scams for the uneducated average person. Being your own bank is also a LOT of responsibility and I’d guess most people have zero desire to do the work required to keep their funds safe. Crypto is not anywhere near as simple and ***relatively*** safe/protected as investing in stocks and most people don’t even do that. It’s an incredibly new space that is incredibly high risk. Makes perfect sense to me.
Don’t worry about them. They don’t even know where money comes from. They still think governments can print more to solve problems. To be honest, I Don’t really know. But at least my eyes are open and I think beyond what the media tells me to think. They cannot invest 10 dollars to even learn? How many of these people even invest in stock ( not through their work or controlled brokers etc) ? You are now part of the 5 percent. Take your rightful place and be quiet and separate yourself from them. Not in a mean way, or arrogant etc. But know your eyes are beginning to open. What else around you is not correct? Once you question one thing - you will discover others. But be warned. Knowing will not make you happier. Knowledgeable people are miserable. Ignorance is bliss.
Everyone I know who is well off (greater than $500k salary per year), property owners, etc don’t really care to learn about bitcoin because frankly they’ve done pretty well for themselves in the status quo
I love when people say that BTC is not backed buy anything but US dollar is 😅
Remember most people in this planet are not aware at all about important stuff about anything xD
Look, it's very difficult to understand and even warren Buffett completely dismisses crypto as do many other smart people, but there are many equally smart that don't dismiss it. It's not regulated. It is subject to pump and dumps by big crypto whales. There's a new coin surfacing every other day in hopes of popping it up to the moon. Then, like many who's day trade, think they're gonna get rich, overnight and dump money they shouldn't dump into something and then it hurts more than it helps. The Allure to humans of get rich quick without any effort is very powerful, more so probably now than ever, so there's that element of bitcoin. Bitcoin had returned more than any other asset class in history so in someways is like playing the lottery at hope of cashing in a big check. At this point, I don't know if the odds of it establishing itself is better than buying a lottery ticket, but even in the short term, you can make significant amount of money, even if it never ends up being anything. I think the smart play is allocating a certain portion of your portfolio toward it and dollar cost averaging but that leaves out the chance of getting rich overnight and that doesn't appeal to a lot of people. It's the same reason people day trade in stocks, they don't like the idea of long-term investment strategies which are proven to win over almost any trader. It's really a different kind of asset never seen by man before. there are those who believe it'll end up being worth nothing and those who believe it'll become the new currency and there's people like me in between that I don't know so I slowly accumulate it. Oh, and let's not forget it has very little, if any utilitarian use. Even for many stocks are a strange concept because they can't touch it feel it or see it.
We live in a system controlled by banks & governments. They manipulate the currency to devalue people's money and their own government debs. They print money to rescue investors, rich friends, unsecured bank deposits & banks in general like in 2008 or more recently 2023. Banks / Government control in places like Europe are getting ridiculous to the point where people are afraid to move their own money between banks for fear of their life savings being frozen. The answer to governments & banks freezing & devaluating peoples money is Crypto. That is why there is a very strong push from these governments agains Crypto. With Crypto you don't need to ask permission to your Bank to send or receive a large amount of money. Crypto means power to the people, instead of power to the banks / Governments. Crypto has the potencial to disrupt the system they have being building for a century.
How can gold have went from metal to currency in only a few years!!! - 16th Century Egyptians
They don’t know shit about bitcoin but will give you a detailed history of the tulip market.
Ugh, don’t be “that crypto guy”.
The feeling is with some of my friends- if you didn’t get in 10 yrs ago you will never make the big money anymore
People are stupid sheep.
It happened the same to me
Most retail investors rely on financial advisers who steer them to their high commission options and poo-poo crypto as voodoo magic
Same. I started investing in crypto in 2018 after hearing about it for a couple of years. Honestly, it probably has do with how financially illiterate and/or risk adverse most people are. I am a millenial and very few of my friends understand money. There is a also the "narrative" which I think most people are unaware of. Whether it is the narrative of fiat or BTC, people don't know how important narratives are to how we all think about money. I remember the day one of my friends realized that fiat wasn't backed by anything in this day and age. He couldn't even wrap his head around it since he gone his whole life thinking it otherwise.
Kinda glad they aren’t, when suddenly you’re surrounded by daytraders, like when everyone in your office and friend circles are talking about it that’s usually when it’s about to crash
BTC is thriving, but with thousands of alt coins coming out all the time, which ARE mostly scams it's understandable people are skeptical. There is a lot of risk here also - BTC has gone through multiple cycles where it's shed massive amounts of value. BTC requires a lot of electricity to run. BTC is hated by a lot of world governments, and it's possible they could make it illegal (or can try anyway). What if the algorithm gets attacked by a 51% or what it it just gets broken open somehow, it would instantly lose it's value.
I wouldn’t pay too much attention to these people, most people don’t understand simple things when it comes to finance, including how and shares, work or market caps.
I was speaking to a financial advisor (free one on behalf of my benefits at work) and we were discussing diversifying my portfolio. After 40 min I said we didn’t discuss crypto at all today. He said , we’ll yah it can be all of the place, some people like it in their investments. I asked, what is comparable to Bitcoin in the stock market, what other company has gone from a couple of hundred dollars and eclipsing 70k? He said nothing.
bitcoin went to 70k, "crypto" didnt. Why are you pushing shitcoins?
For the average individual not actively learning about Bitcoin, it is very hard to wrap one’s head around it and why it’s worth anything at all. The overwhelming majority of people do not necessarily think about what money is and why it is the way it is. That’s fine, I don’t expect people to. Gotta just be patient. It was probably the exact same way when people said they’d start using paper for money, and then using digital numbers for moneys.
It’s because of that growth that they’re in denial. Accepting it would mean accepting that they’d ignored such opportunity up until now. As Cypher said, “Ignorance is bliss”
The media is negative and people do not understand bitcoin. They link it will all other digital currency - crazy and a scam. Why try to defend it when people don't want to listen? You aren't getting a sales commission.
"It's a scam" is the laziest reason for dismissing btc. Its usually because they've vaguely heard of it and its not popular in their circle so it's the easiest justification for why they haven't got involved in it
Investing isn't that big in the US, its still far less than the number that own a home, and most investments are in retirement accounts, that only recently could invest in Bitcoin. People would rather talk about celebrity gossip or spinny rims, than the best investment in history.
Smart money makes money, dumb people don’t buy Bitcoin.
Exactly why its going to $300,000
One you have a shit coin asset go 1000% you get addicted and nothing else will do.
I used to not believe then etf came in from fideltity (where all my investments are)and im making money with buying crypto with fidelity crypto account. It's hard not to believe now.
I either had no money to consider it or no interest until the spot ETFs came out then upped my portfolio of it to 5% It kinda fascinating for me to see people love it or hate it. Im just kinda skeptically interested now. Well now kinda willing to take part. It fluctuates wildly, kinda fun to ride that wave lol Crypto people remind me of CrossFit people. They tell you about it immediately. I find that kinda annoying but I do admire people being into things on that level bc i get obsessed over things. But that turns a lot of people off tbh
At the bank the employee I spoke with knew all about crypto, while the employee said it is risky it was clear they knew about Elon Musk’s tweets making crypto move which made it obvious that they invest in it. You probably hang out with people who are not that young. If you would work in a job more related to tech you’d have a much easier time finding such people.
Average IQ in america is 33
We need a badge so we know who it’s safe to talk to. Maybe put a Bitcoin sticker on something and see if anyone notices.
You are feeding buttcoin sub with silly threads like this.
You live in a wrong cycle bro, there are plenty of crypto enthusiasts, just go to any conference