Bitcoin as it gained popularity towards end of 2017 but in the past 6 months it has fallen substantial amount from it's ATH level. At the time there were many people who jumped on the band wagon looking for quick profits and made quick losses by buying at the top and now selling at the bottom.
I have a fairly large network of non-crypto people from various walks of life. It's interesting how some of the people I have met (IRL-in real life) perceive Bitcoin.
- For most part they just don't get it and there's not a lot to converse about because of it.
- Some are under the impression that Bitcoin was a ponzi-scheme where you invest money and get regular returns. They are under this assumption because either they or their friends invested in schemes that were sold as "Bitcoin investment" and they lost heavily.
- Some entered at the top and lost because of doing just that.
- Some invested in the early stages of the pump and exited at the right time, but are scared to get back into it because they can't HODL and sit tight.
- Some have burnt their fingers so badly that they are in serious debt.
- A few early adopters are in profit and they had their own exit strategies but are still invested because they sold at the top and are buying at the bottom.
- Elders and senior citizens don't get the concept of blockchain or cryptocurrencies for most part and think it's a new online scam of some sort.
- Some think you are peddling them a scam. Explaining exchanges, KYC compliances, purchase/sale, demand/supply/ mining and more importantly use cases of blockchain technology fall flat on their ears and they still think you made money selling a scam.
- Cryptocurrency isn't real, you can't have digital currencies because only paper money is real.
- They snub you off because you choose to do something differently, and it worked out for you and they feel stuck for not paying heed when they were informed very early on.
- They are jealous and they don't want to see your face and anything "cryptocurrency" upsets them and your relationship with them.
- Traditional investors who are in stocks felt cryptocurrencies are aberration as people may stop investing in traditional investments.
- Tell me how to make $25000 with $1000 investment and I'll give you 30% cut from it.
- You are bullshitting everyone with this cryptos. They are banned by Modi government. I won't look into further because government has advised me not to touch them.
- Don't you know they are illegal. You will be arrested if you hold any cryptocurrency in India.
- They will change the world as we know it. People who look to the future will embrace it.
- Disruptive and innovative new technology will replace old and inefficient technology. Cryptocurrency and blockchain technology are here to stay.
- My father thinks you are doing illegal business. How can someone earn by posting content online. It's impossible. Why would anyone pay for sharing their thoughts.
- Show me your bank balance and then I will believe you.
- Where's your Lambo?
- Give me some money I want to invest. I will repay loan as I've found a great system that gives me 2% daily returns with Bitcoin investment.
- Hi, Meet this so and so person. He's a big guy on Gatbitcoin. They are innovating new tech. Would consider investing some?
- It's easy money eh? Why don't you give me some of it. You can always earn some more.
- You don't seem like you are working at all. Cryptocurrencies are such easy money eh?
I could go on perhaps but I'd like to hear it from you. These are just a few encounters I've had in the past 6 months.
It's incredible that people think so high and sometimes so low of emerging technologies. Not only that they are ready to write you off even if you never give them any advice on what you think they must do with their money. Surely there are a lot of scammy behaviour in this space, perhaps more often than not. But it's crazy what I've heard in my conversations with people.
But ignorance, lack of interesting in learning, general laid back attitude and focussing purely on get rich quick overnight is what I've realised after talking to hundreds and hundreds of people in my past 6 months of travel around the country.
What we have to understand is financial markets; crypto or stocks come with their own risks and rewards. There's manipulation in both places and crypto markets are a long way from maturing. I've no idea if we'll recover and do ATH but I think i'll stick around for a bit longer.
What about you?
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