06 Jan Beware the friends & family lottery trap
PSA for some of you out there. If you’ve suggested to family and friends to buy bitcoin, or if you’ve ever slipped how much you own, they can assume you’re hodling some of your own. Most probably didn’t follow your advice to buy. In which case, they’re already getting or will soon be getting FOMO which turns into greed, jealousy, resentment, and often the realization of an opportunity.
As so happens with most lottery winners, everyone they’ve ever known starts coming to them for a handout. “It’s just $500 or $1000, that guy can spare it!” You may start getting every single sob story in the book. You may hear from relatives or friends that you haven’t for a while. You’re going to be their golden goose.
They’re your coins, so do what you want. But I would highly suggest mentally preparing yourself for those tough conversations when you refuse a friend or family member money, especially with the current pandemic situation. You’re going to need to set boundaries. You’re going to need to protect yourself from the manipulation and feelings of guilt if you don’t fulfill their requests.
Lastly, if you haven’t gotten serious about protecting your coins and your seeds, now is the time. Think about multisig options. Protect your seed phrases (written on paper and stored in your underwear drawer is an even worse idea now). Greed makes even the best people do terrible things.
Good luck fellow hodlers. I’m thrilled to be on this ride with you. Be safe. Go multisig. Protect your seeds. Strengthen your resolve. And wear clean underwear.