Is Crypto "Too Much Work"?
I haven't onboarded many people to crypto in real life. Quite a few, actually. One of these few, after trying out crypto for a few months, if I remember well, told me he decided to sell everything (he said he didn't lose anything, but I remember I didn't quite believe him at the time). The reason why he wanted to get out was because it was "too much work".
He wanted something much like a savings account but at the returns of crypto, I guess. Put money in, wait a number of years, see them grow. And that was perfectly possible, had he had the patience to wait and not check on the price so often (which I told him). I also told him it wasn't a great time to enter the market, but you know how newbies are... They want to make all the mistakes themselves.
Ideogram helped with this ^
The interesting part is that in real life he is not a person to avoid work, quite the opposite. But I guess he didn't want to commit more time to this, and the influencers he listened to online (despite my recommendations) didn't help.
So, is crypto too much work or was he just looking for easy money? He was... looking for easy money, that's clear to me. It's interesting that he is involved in real estate and doesn't find that difficult to do. I would rather be involved with crypto any day (including in the bear market, particularly if we have stablecoins), than real estate. Others would do both without any issues. So I guess it depends from person to person.
But the amount of work in crypto is the same as in real life - you take as much as you want or need. What I believe was his issue was not that it was too much work, it was that he listened to the wrong people and tried to copy what they were doing, instead of sticking to something like... buying bitcoin and doing nothing else, if he didn't want to spend too much time on this.
It's true, most people treat what they do in crypto as a side-gig or even as fun (if we talk about Hive as a social media chain or the Web3 gaming aspects in crypto), and it's normal, as long as they earn the bulk of their income from elsewhere.
That's why we probably hear "too much work" when it comes to crypto. Because people want to relax, to have fun, to connect with others, and maybe earn a little. Some want or need to hustle, or it's in their nature to do so, but yeah, that's why I believe people say that.
It is too much work if either you come to crypto to relax, or if you are listening to bad advice that lead you to more work than you need or want.
But people should probably not say it's too much work so often. Sooner than many think we will have the opposite problem: too little work. That includes losses of jobs, but also those who will still have something to do will depend more and more of (smarter or dumber) tools doing the work for them.
Posted Using INLEO
Laughing if your friend thinks crypto is too much hard work. Compared to sitting on a couch watching Netflix, yes. Compared to other work? Well I have to assume they haven't done much hard work. In my lifetime I have worked on a farm, in a consulting firm, in schools/universities, in retail stores, and in factories--all much harder than crypto in terms of hours and exhaustion. Not to mention raising a large family and homeschooling. Define "hard work."
Great post. !BBH !BEER
Posted using The BBH Project
In my opinion, he didn't want to commit time to it and listened to bad advice that makes everything seem easy except when you try to do it as a newcomer with no time. He admitted that wasn't his thing. But could have been, had he listened to better advice.
Probably something like Bitcoin ETFs would be for him, despite not really being crypto.
!PIZZA
He basically wanted HBD, get him back to hive 🤣
More than work I would say crypto is more to learn... Honestly hive is rather simple but when I first approached it was such a pain in the ass to do all the swaps, Metamask and all the gas fees are so annoying and moving crypto a chain to an other... Hive has no fees, swap.* for other chains and with v4vapp you can even use it as a bitcoin
I don't think so. He rejects pretty much anything mainstream rejects. 🤣 Which is why I was surprised when he asked me about crypto, but now that I think about it, not surprised that he sold, especially during Biden admin.
$PIZZA slices delivered:
@fiberfrau(1/5) tipped @gadrian
Come get MOONed!
Crypto is like a gym membership - some people expect instant six-pack results without putting in the reps! Your friend wanted the crypto gains without the crypto pains. As you said, it's all about finding your own comfortable level of involvement. Maybe one day he'll realize that hodling Bitcoin is easier than dealing with leaky faucets in rental properties! The beauty of crypto is you can make it as simple or complex as you want. Just don't blame the space when your day trading turns into night panicking!
Pretty much, yeah!
Leaky faucets or troublesome tenants is pretty much the reason why I avoided real estate despite my family suggesting me to try it many times.
Thanks for your comment!
This post has been manually curated by @bhattg from Indiaunited community. Join us on our Discord Server.
Do you know that you can earn a passive income by delegating your Leo power to @india-leo account? We share 100 % of the curation rewards with the delegators.
100% of the rewards from this comment goes to the curator for their manual curation efforts. Please encourage the curator @bhattg by upvoting this comment and support the community by voting the posts made by @indiaunited.
I realized over the years I have been here that Crypto is just like everything else in life....that is not everyone is suited to do everything!
Were not "suited" to be engineers, doctors, lawyers and the like, there are just enough people who will never understand crypto hehe.
Our duty is to just show them the opportunity and option that s available in crypto and leave them to make the final decision.
I agree. However, with the growth of AI and robots and carving more and more of the job market, being involved in something like crypto is an advantage. Just like having one of those expertise and jobs you mentioned are better than a low-end job. It's an extra skill (and assets) that are helpful for the world to come.
You'd be shocked to realize that not all people want to stay ahead of the game and this is all because of the long-term conditioning we've had over the years.
We've been given a path to follow ie go to school, get a job, retire and die ....... we've been given the benefits of the above and it has worked for many years..so people are comfortable with that .
My 2 cents though.
It true. Particularly for the mature generations. Not sure if it's the same with newer generations (and people from the older generations who are naturally curious and want to keep learning about new things).
Like you said, he probably listened to the wrong people or took the wrong advice. And as long as this is not what gives them their main income, they easily get tired and not interested.
Nah, at the time he earned very well. Now the situation is more uncertain, but I'm sure he'll drop right back on his feet. He usually does.
Oh! Well, let’s see how it goes then.
It definitely varies from person to person. I think it could also change over time for the same person like it was for me. Earlier when just joining crypto, it was too much work, quite overwhelming to understand or make sense of. But now, it's mostly business as usual, I think I've understood a fair bit of the basics.
It is possible. We all went through a process and it was more difficult at the beginning. And that process is smoother now than it was when I joined crypto. But still, if you don't have the time to take the first steps or you are guided the wrong way, it can be a daunting adventure at first. Hive is pretty great for newbies (especially if they ask for help and stay interested and connected), compared to other places in crypto.
Yes, right! The difficultly in the beginning can deter users from sticking around long enough to graduate from that state. I think having some form of guidance is one of the best ways to really speed up this early process. Otherwise, one has to be really determined to pass through the learning curve of crypto.
Yep. That's what I think he lacked. He must have though he had too much going on, and if "this crypto thing" as he might have thought about it didn't work out as an easy path, he would bail out, which he did. But it could have been an easy path, he just took the wrong turns and probably thought other influencers know better, since they must be "successful".
When we enter this field, we fall in love with it and I am also currently in a lot of loss but I am waiting for a time when I will get a good profit.
Your mindset is great! Not many are able to get over their first losses though, and wait for the profit, even if they like something.
I think it depends, but anyone starting out ahs a lot of work to do, and even then investments are never hands off. I wouldn't trust them otherwise. If they wanted something more hands off, then an ETF would be better.
Yep, that's the category of people ETFs and other similar products are made for.
People who have stability in real life business often treat crypto as a stable thing as well. Real estate is easy: discover a gem, buy cheap, sell high..
However if he had chosen to buy BTC or alts with solid projects, he can still buy, go away for 3 or 4 years and then come back to it.
He was very stable financially at that time (considering the entire family, even more), so that's not the issue.
Yeah, that's the passive kind, and it has its risks too, if the gem turns out not to be a gem after all, or if the situation changes that makes it less valuable. Not the active kind, where you rent it out.
Yeah, I agree. But he didn't.
Yeah, real estate can actually go sideways too, infact I've seen documentaries and it can be a devastating loss. However I'll take real estate over the anxieties that comes with the market, it's stressful lol and you need to see how people on CT are losing their minds everyday
This is simpler, honestly. I've learned a whole lot this cycle. I probably just need one win
Crypto can be stressful, it's true. If you read CT even more, lol.
But how long did it take us to learn? If he hadn't given up, he probably would have too.
It has taken me over 6 years to truly understand how the market works, at least to a 50% level. This is a long time for most people out there I guess.
Probably about the same... And I don't think anyone knows everything in crypto, so there is no 100%.