I had quite a few people enthusiastically, no make that evangelically, raving about crypto and imploring me to get involved. And ALL of them have now lost money after initial gains.
There's always going to be people who are going to be suffering a paper loss on crypto. My parents are currently down, but I warned them not to speculate more than they are prepared to lose and they are patient enough to ride it all out.
Fortunately for me, I'm not down. I got in around 2016 but the bulk of my money went in at some point in 2018.
I tell people (NOT financial advice etc etc) do NOT speculate any sizeable sum of money within crypto.
There's no need to.
Don't speculate on crypto. Research it, use it, with very small amounts of money.
This is what I suggest people do:
1) Gather a list of crypto projects that do not have a token.
2) Research those projects and whittle the list down to the projects that you believe are useful and have a decent amount of money in the project.
3) Use the products. For example, if it's some layer two blockchain, stick a small amount of money (£20 to £50) on it and use products within it's eco-system.
When they create a token, because they want to decentralise, you
should qualify and you'll be rewarded with tokens that are worth a lot more than the money you've put into the ecosystem.
I've made over £40,000 just by having about £100 being used on various products. I've had airdrop after airdrop by just using the right products with small amounts of money.
That's a way better strategy than risking thousands of pounds on the markets.
Unless you're an ace day trader who has a trading desk with trading bots setup, with all the right software, then speculating on crypto is just like speculating on stocks and shares.
Speculating on Ethereum, is no different than speculating on Microsoft, Tesla, Amazon etc.
If you don't believe they are going to do well over the next 5 years or so, you really shouldn't be throwing good money at them.
It's no use me raving about how good Ethereum and other cryptos are trying to get someone to chuck thousands into it, if that person hasn't got anything to go on other than me raving about it. They'll just cut their losses at the first time of trouble and forever more I'm the idiot who lost them a few grand!
As I cryptocurrency / blockchain advocate, I don't want to see people throwing money at it just to speculate, I'd rather people learned about it and used it for positive change.