Convincing your S.O. that spending hundreds of dollars in crypto investing isn't crazy
I knew starting the conversation with "I bought some Bitcoins today; and some Ethereum; oh, and a few Golems because why not. I only spent a few hundred dollars!" Probably wouldn't go over well. Especially considering I had absolutely nothing tangible to show for it. I would probably come across sounding just crazy, especially when I mentioned the Golems. "You bought what?!?" Carefully considering my options, I devised a plan that would probably convince my S.O. that cryptocurrency is a worthy gamble.
Instead, I started, "Have you heard of Bitcoin?". When I received the affirmative, I continued. "Well, you know how much I lost playing black jack in Vegas this summer." Solid start. I received a confused but intrigued look.
I continued by explaining the idea behind cryptocurrency and their current market explosion. I focused on Bitcoin before brancing out into the world of altcoins. "Well, if I had bought bitcoin just a year ago, I would be rich right now." A couple of informative graphics were consulted. I had successfully engaged positive interest.
After the potential for wealth growth at the expense of maybe losing it all (but with better odds than casinos!) was established, the rest was easy. I launched into altcoins, how Ethereum has exploded in value lately, how there are tons of altcoins worth nothing, most of which will be a flash in the pan, a few of which will grow in value exponentially. I then explained my selection and purchase of Golems, no I did not get us a new pet, the cryptocurrency. I explained how it may be worth hundreds someday, may be worthless someday, but are currently worth just a few cents each.
Well, things went smooth. After only 15 minutes, I was sending an invite to join Coinbase. Now I can talk about Steem and Golums and Bitcoins and Dogecoins and Potcoins and Sexycoins all I want!
So you ask, why compare it to gambling and not investing? Connotation. Investing typically implies that you are strategically putting money somewhere and that there will most likely be some sort of profit in the long run. Investing is often synonymous with suits and ties and portfolios and important sounding things. When your cover gets blown that the current volatility of the cryptomarket is more like slots machines than a suit and tie portfolio, it's going to be a bad day. Sure, investments always take on risk, but it is typically calculated. Currently, the calculation for the altcoin market is about as accurate as a third grader trying to do calculus.
Sure, we all hope that our gambles with our altcoins turn out to be lucrative investments, but for now, I am watching mine with the same apprehension I would watching the craps die; please no 7s!
My suggested recipe for success:
Introduce the topic of Bitcoins.
Bring up personal (to either party depending on your S.O.) losses gambling-the bigger the better. I suggest going as big as possible without bringing up potentially unpleasant memories.
Give some facts about cryptocurrency and explain what it is.
Explain why croptocurrency is like gambling but currently has better odds than throwing money at a slot machine. Continue with as many details as you feel the engagement level asserts.
Help your S.O. sign up for their own crypto trading account and enjoy!