Welcome, welcome to One Minute Crypto!
I'm your host, Chronos, and today I want to
suggest that you NOT tell your friends to
invest in crypto.
Now when you hear this, you probably must
assume I think it's a bad investment, but
not at all!
Crypto might be a great investment.
So why wouldn't you share great investment
ideas with your friends?
Let me draw you a little chart of possible
outcomes, to show you what I mean.
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So, let's say you're really confident that
you have a fantastic investment idea.
Of course, it's cryptocurrency.
Now imagine that you tell your friend they
should invest.
There are a couple possible outcomes, so let's
build a little grid to visualize this.
There are two basic possibilities: they take
your advice, or they don't.
Let's start with the simplest: they ignore
you.
Now, again, two possibilities: crypto goes
up, or, crypto goes down.
If it goes up, they're going to resent the
fact that you made money and they missed out.
Not great for the relationship.
But weirdly, if crypto goes down, that's going
to hurt, too.
They'll think of you as that sucker who lost
money in crypto, and believe me, that's not
a great reputation to have.
But what if they take your advice?
This time let's look that the downside first.
They buy in, and lose money.
You might think this isn't a big deal, I mean,
no investment is foolproof.
But the problem is that YOU recommended it,
so that loss is permanently associated with
you.
People don't like to hold themselves responsible
for bad outcomes, so you can expect to get
blamed.
Ouch.
But what if they make money?
Well, there's a interesting psychological
phenomenon: studies show that when humans
get positive outcomes, they tend to correlate
it with their own decision-making.
Not admitting they might have been lucky,
and not giving credit to others like you would
expect.
So you feel like you set them up for success,
but they think they did it all themselves.
It's easy to start feeling resentful in this
kind of situation, and that's not a great
foundation for a good relationship, either.
So if you value your friendships, you might
want to keep your hot investment ideas to
yourself.
I'm Chronos.
Thanks for watching!
