Bitcoin-Supporter are fanatics

and I think, they whole hype is completely absurd!

To start, we have a provoking headline, that’s for sure. But to be a bit more reasonible, I will tell you exactly, why I have that opinion.

For some time now I am into cryptocurrencies. I think, it is a very exciting, interesting topic. It has the ability to change the future of humanity and how we deal with money. But, here it is, the but, most of the Bitcoin-supporter are fanatics. Just to show you a little bit, how crazy some of the people are, I show you some quotes from a big Bitcoin-Forum. The topic of the thread is, „Has bitcoin a  future“. The quotes are from today and there are a lot more.

“why it would not have any future? i think that this kind of threads should be deleted from this forum. because it is only leading to confusion between all the new joineers”

“of course bitcoin also has a better future, because bitcoin is also an easy way to make a lot of profit, and also our future gets better”

The mood of the Bitcoin community is extremly good, they are in high spirits, although the Bitcoin has lost 62% if its value in the last 6 months. That means, a lot of people have lost a lot of money. Sure, other guys won that money, that’s one of the basic principles of trading. Someone sells something, another person buys it. That works with Bitcoin the same as with other financial products.

But the downsides are ignored. People think, the price of Bitcoin will reach a new all-time-high this year and everybody is becoming rich. And exactly here is the reason I write about it. The money. Everybody wants to get rich. They believe, they will become millionaires with Bitcoin. Because everybody knows some people, who became rich with it. „He was a geek, living in the basement and now he is rich, just with Bitcoin“ is a dream a lot of people share. They want to get rich without hard work. They don’t understand, that this won’t work. It just works for a small number of people, because they were lucky. Show me 1 person who became rich with investing 100 Euro into Bitcoins a few years ago and I will show you 100 people who did the same with other investments and they all lost their money. It’s like a lottery. Many pay a bit and a few get rich.

Now just answer the following question, just for yourself.

„Do I know someone who became rich with Bitcoin? Or at least do I know someone, who knows someone who became rich with Bitcoin?“

The most of you will answer this question with Yes. Now ask yourself a second question, again, just for yourself.

„Do I know someone who lost a lot of money with Bitcoin? Or at least do I know someone, who knows someone who lost a lot of money with Bitcoin“?

Now, everybody will say No.

Exactly there. There it is. The problem. As I mentioned before, one of the basic principles of trading. One wins, one loses. If someone bought Bitcoin for 1000 Euro and sold it for 20000 Euro, he made 19000 Euro profit. The guy who bought them for 20000 Euro just lost around 14000 Euro.

But this gets ignored. Completly. Everybody just sees the first part, but ignores the second part. And that is the reason, a lot of people will lose a lot of money. Here is my advice.

STAY AWAY

If you insist on investing in Bitcoin, make sure that you know the following. Bitcoin are a pure speculation object. The are no stable value. They are ways too volatile. You can win a lot of money with it, but most of the time you are going to lose money. Treat it exactly like shares, warrants or other speculation objects. Don’t invest more than you can afford to lose. Because you will lose it most likely. If someone tells you, NOW is the time to invest, it is YOUR chance to become rich, just think of the other 100 people who heard exactly the same, but with other things. They all lost their money.

Take care of yourself and take care of your money, see you soon 🙂