Quote from: SirLancelot on May 21, 2022, 02:22:54 PM

Quote from: mich on May 20, 2022, 06:30:51 AM

I have a really good friend of mine who bought a ton of Bitcoin and some alt coins right before this crash. He has a lot of anxiety about it because he hasn't seen this kind of thing before. As someone who's been heavily into crypto for years, I keep telling him not to worry because I have seen so many corrections over the years but he keeps looking at his wallet.
I probably give him the same advice weekly: BTC is a long hold, just wait it out. I tell him, I don't even look at my wallet anymore. It’s a revolutionary technology, you have to understand that corrections are a natural part of crypto and its growth potential is still huge.

So in short, he was new? Because, these kind of events are new to him but why did he invest a ton? No wonder why he is worrying now but newbie or not everyone must only invest what they can afford to lose. You're a good guy because you are trying to comfort your friend and encourage him to stay positive. If only without your help maybe there something bad that happened to your friend already. Keep checking your wallet doesn't help the price to recover or rise but it will only make you more tense.

We don't need to worry about btc because btc is not a scam coin and btc works best if you hodl it for longer terms. He is a newbie but he can always do a research and check the price history of btc for him to gain confidence.

There are ton of newbies who see bitcoin as a thing that will not go up too much, and that usually results with something that will go up super high because most of the newbies want to get in, invest, get super rich as quickly as possible, and then get out as quickly as possible.

This doesn't happen of course, they end up with something that will crash because the richer you want and the quicker you want it, the bigger risk you are taking and that will eventually end up with something risky as well. I personally would invest into bitcoin because I know that it will take a while before it could make some profit for me but it will make that profit one way or another.