Just like you have to learn some certain things before venturing into it, that is how it is when you want to do something you know nothing about. Web3 and cryptocurrency Is not just something one can just venture into when you have little or no idea about it. Both web2 and web3 does not just come to you to know just in a day because cryptocurrency generally is not something you can know it all. Now, having the idea about crypto means you really need to explore and learn more about it if you want to really enjoy the joy of being into cryptocurrency.
I have a lot of friends who do not work for any organization or companies, but they are doing fine today with what they have developed themselves to do, which is crypto trading. A lot of time, I ask them why they decided to venture mainly in crypto, and they give me different reasons for me to stay in crypto. Well, there are ups and downs too. But between all that they face some shortcomings too which they sometimes don't tell people aside those closer to them and which they feel they can share their burden with.
I had a friend who claims to love crypto just like he does say and most of the time, I ask him why he is doing it, but I tell me he understands what he is doing. But I have no choice in deciding what he wants for him or what he does not want, so I just sit back and watch him do his thing. He was telling about doing a trade one day which I was very sure he has no knowledge about and told me to get this coin at the price it was and mere looking at it one can at least predict to some point because no one can be too sure.
He took most of his saving and claim that he had the assurance that he was going to make huge gain from it. I was not convincing him, since he said he knows it well. So I was waiting for him to prove me wrong. He started gradually, and immediately he entered into this trade, he was loosing almost immediately. I was already having pity on him, but he seems to be a strong man, so I kept my pity to myself. I could not withstand him loosing that amount of money he used knowing that it was the last money he had saved.
He assured me he was going to leaving it for some time probably things will change but for as long as he was keeping it there, the money he invested was running at loss. I had to advise him to take the little thing left there and use for his upkeep. The sad part of what he did was that, he bought a coin that was not valid so it went rouge. I wish he had listened even when we were both not sure about the project he wanted to invest in but still took the risk. I understand that life itself is a risk. But there are levels to risk taking. Some might cost us our lives while some can cost us even more. Since that day, he learned lesson in the hard way.
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It's always tough to see someone you care about go through a difficult experience, especially when it involves financial loss. Your friend's story is a stark reminder of how important it is to thoroughly understand the risks and mechanics of cryptocurrency before diving in. While the potential rewards can be enticing, the volatility and complexity of the crypto market make it a challenging space to navigate without proper knowledge and preparation.
Your advice to your friend was thoughtful and well-intentioned. It's clear you care about his well-being and wanted to help him avoid further losses. Sometimes, though, people need to learn through their own experiences, even if it means facing setbacks. Hopefully, this experience has taught him valuable lessons about risk management, due diligence, and the importance of not investing more than he can afford to lose.
For anyone considering entering the world of cryptocurrency, your post serves as a great reminder to take the time to educate themselves, seek guidance from trusted sources, and approach investments with caution. It's also a good idea to start small and gradually build confidence and understanding over time. Thanks for sharing this story—it's a valuable cautionary tale for anyone exploring the crypto space.
Thanks for your understanding. It was part of what I wanted him to avoid from the start, but I feel it's good he has seen things in his own way now, and he has learned that cryptocurrency is not just a random investment or business one can jump at without having a prior knowledge about it at all. Thanks for reading and sharing your thoughts.