Today I had the prime example of how a retailer investor works and thinks and it is pretty dumb. A clear lack of understanding mixed with sheer panic because they do not have the knowledge that most of us have. We have self taught ourselves over the years and are oblivious to knee jerk market reactions that others are contemplating and I guess some are even following through.
I have mentioned before that I am helping someone invest into crypto and oh boy has this been a journey. This has been roughly 2 months now and we are so close to finally getting the job done. This has not been all his fault though and the Luno exchange does suck on how it operates.
Firstly I tried to get this done the week before I travelled overseas so he deposited his funds into Luno which took 24 hours to reflect as that is how they work. I had asked him to get this done prior to me meeting him, but he must have missed that part. He is not just around the corner and is a good 90 minute round trip away so if he wanted this done he had to come to me now.
We have both been busy with business commitments and told him he needs to hit me up over a weekend so we can get this completed. Weekdays was just never going to happen and weeks were just flying by. Last Saturday he popped over (2 hours) and we used his funds to purchase Eth to transfer to Huobi (HTX). Luno did not recognise the wallet on HTX and there was another delay with Luno support saying we had to wait another 24 hours before moving the funds. I was more disappointed than him because we had now been blocked twice and were still at step number one. This was becoming hard work and not as simple as it should have been.
Today whilst communicating over a videocall we tried again only to be told by Luo support it has to be Bitcoin for transferring to another exchange. What I found funny was he was bitching his purchase on Saturday was showing a loss of around 13% having dropped from R9800 to R8700. After telling him the market is a little volatile at the moment he must not be too concerned as the token we are buying has dropped slightly more so in an around about way he has still scored. He understands that bit a little better now at least and we can continue.
We moved the Bitcoin onto HTX and purchased COTI which involved more questions asking where his COTI is. He had not listened and purchased COTI below the live selling price so his buy order should be filled over night. We are so close as all we will have left to do is the transfer into his Viper wallet and stake the COTI. I have realised how crap Luno is and is seriously limited on the services they offer.
He was worried today because his investment had dropped d he would have sold out back into FIAT if I was not around. I have told him to trust me on this and think next year and not about now as he markets will be rising soon enough. You can understand why 90% of people in crypto lose money though and it is more about not understanding the market cycle and where we currently are. My friend can afford to lose his investment, but I dare say many can't and why they panic and sell instead of waiting it out.