Mods please feel free to move this topic if required. So over the last couple of months I’ve found myself relatively convincing at getting a number of my colleagues on board with SAFE. I work in the IT sector so have restricted talking about SAFE outside of these circles to avoid eyes glazing over
Once people wrap their head around the actual concept their questions ultimately turn to asking me how to invest in SAFE or more specifically what is the risk reward profile.
On a more important level I guess I firstly always stress actions like testing the network and providing feedback as being more important than anything else.
Having related backgrounds they understand this however always come back to me with the same aged old question that dogged most of us when we first wanted to invest in MAID “well what should I invest other than my time, tell me what’s a good amount of money to invest?”.
I try to answer as grounded as I can and whilst outlining the amazing potential of the tech outline what tasks are left and how any level of success is not guaranteed.
The old saying around here is “only invest as much as you can afford to lose” and whilst that is very sound advice I’ve found an easier way to relate to the average guy/girl under the age of 50 is ask them well what are you prepared to sacrifice for an opportunity at a once in a lifetime investment (I stress the word opportunity here).
Once I ask someone what they usually waste away each week on things like their leisure activities, drinking, partying etc my response is “well there’s your number, based on how long you think you can compromise going without those things in exchange for this freakish opportunity”
I think the ‘only invest what you can afford to lose’ mantra is a good baseline but doesn’t really provide people with a lot of scope as to what the really ‘can’ afford to lose.
Non risk adverse people can afford to lose a lot these days and still survive (Credit/Bankruptcy etc etc etc) so i’m finding myself veering a little away from that and advising them to only invest what they are prepared to ‘sacrifice’ for a ‘chance’ at this project coming off. I find this tends to lead to their investment being a little bit more reserved than what I would otherwise expect but think it’s probably best given most new people in the crypto world don’t have the risk tolerance/gamble that many of us do.
I guess the purpose of this post is to ask all of you both new and old how you approached this subject not only with yourself but with those who come to you for advice in this regard?
Normally, in most areas of life, you give people the basics and let them fend for themselves but the neat thing in this community when it comes to our pockets for better or worse we are slowly learning to be smarter and have less ‘gamble’ something that can’t be said for a number of other communities.
Let me know your thoughts and how you approach/approached this subject as I think it’s one that very relevant and the many new eyes in this space over the next 12-24 months would benefit from reading