Do you think it is irresponsible to tell someone to buy something besides bitcoin or ethereum or bitcoin?

My question is mostly in the title.

So, simply put Bitcoin has basically been at the top of the cryptomarket ever since its existed, and ethereum only recently has reached that “Blue Chip” status these past couple of years. In all honesty, do you feel comfortable telling people to buy anything but these two and holding them long term?

I have plans to buy in to some other alts and hold them long term, but only the ones that have actually consistently been in the top 10 by market cap for a considerable amount of time and I won’t disclose those here.

As per the title of this thread, I always tell new people, “If you buy bitcoin and hold it for 4 years, there is a strong chance that you will have profits almost no matter your entry point.” The reason why I don’t mention ethereum to them is because, it’s more complicated than I just mentioned, but I have a feeling there is going to be a regulatory hammer coming down on the space that might affect not just any tokens or new coins, but even Ethereum in one way or another.

So, for many reasons, I usually just tell new people, “Buy bitcoin and hold it for 4 years. There is a strong chance you will have profits.”

EDIT: I got a wide array of opinions here and I think you guys did a better job in persuading me that new people need to have the time and patience it takes to research various cryptocurrencies and ask themselves why they may or may not want to invest.

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27 thoughts on “Do you think it is irresponsible to tell someone to buy something besides bitcoin or ethereum or bitcoin?”

  1. I think telling anyone to buy anything is irresponsible, just give opinions on why you think something is good/bad/useful etc. Goes for pretty much any kind of investment

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  2. I wouldn’t tell someone to buy any crypto, if they are interested i might tell them what i have and suggest what i think is good. But giving them advice could backfire and mess up a relationship. They can learn it themselves as I did.

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  3. I will never give another person any suggestions regarding investments . Brings unnecessary headache and stress when shit goes wrong .

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  4. No i think you can tell them many thinks , they have to make up the mind study and then buy whatever they what to

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  5. Well, at this time, BTC is at a relatively low price considering historical data and trends, so it’s probably not a bad time to buy. However, like others have said, giving financial advice, especially friends and family, seems like a potential for disaster. After all, BTC is *probably* a safe buy, but there’s a definite possibility it go to 0, or some other extremely low value.

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  6. I think that people should be able to take advice and make a decision after doing some research that they are happy with. Unfortunately in the real world lots of people would blame you if it doesn’t work out.

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  7. This may not go over well but I have a great crypto for you guys. It’s called dogeelonsfatswrartballs. It’s going to overtake BTC.

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  8. I used to talk a lot about crypto specially in my first 2 years. A few months ago I told people that I have sold all my coins and that it was not for me. In reality I’m a crypto degenerate. I reorganised my holding, learnt from mistakes I made and I keep buying £1000 of crypto every month, keep accumulating. Everyone thinks I’m not doing it any more. I think investments are personal and crypto is a dangerous place. So I go to heaven or to hell in my own terms.

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  9. I don’t think it’s irresponsible to advice others but it’s best to let them choose by themselves.

    The biggest gains I’ve made in crypto have come from other altcoins like ATOM, BNB and OCEAN. They are unarguably some of the best altcoins in the market right now.

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  10. Learn the following sentence by heart and avoid a lot of future problems :
    “Sorry, but I don’t give financial advice”

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  11. Yes, absolutely

    Most people are too stupid to understand crypto and the risks

    I wouldn’t even advise them investing in it

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  12. Honestly, dont tell anyone about buying any crypto. Share educational resources and let them figure it out by themselves.

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  13. I don’t suggest anything besides bitcoin anymore and I always provide the obligatory caveat “but it could crash tomorrow so idk.”

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