The salad days of cryptocurrency are fading fast. Yesterday, the price of bitcoin fell below $6000. Some are predicting it could dip through $3000 in the months ahead. This is a far cry from December 2017, when a single bitcoin hovered around $25,000 in value.
During this week's crypto bloodbath, it might be tempting to poke fun at colleagues who invested heavily in bitcoin and wouldn't shut up about the huge profits they were making. Instead, try showing a little empathy.
Urban Dictionary describes 'Bitcoin Bros' thusly:
A person with a weak grasp on cryptocurrency/blockchain applications, yet has formed very strong opinions on the "best" ones. Often observed parading their involvement in crypto and arguing with other crypto bros.
Almost every office in Australia has a person who fits this description. Last year, you probably heard them talking up their "crypto portfolio" or explaining why bitcoin will definitely break through the "$25,000 barrier" in 2018.
Then came one bitcoin crash after another. Anyone who invested late in the game has now lost money.
If you missed out on the bitcoin boom, we appreciate that the schadenfreude is strong. A lot of these guys (it's almost always guys) were undeniably smug about the financial gains they were making.
Even the more considerate ones would habitually check Coinbase and Bitcoin Checker on their phones right in front of you. It was the equivalent of winning the lottery and waving $100 bills in your face.
We therefore understand your desire to make light of this dramatic reversal in fortunes. You might be tempted to share links to articles like this or this in work chat groups. You might want to cheekily ask them what the value of bitcoin is this week. If you were a cryptocurrency naysayer from the beginning, you might just want to say "I told you so."
Instead, be the bigger person. Cut the 'bitcoin bro' in your office some slack. For all you know, he might have invested way more money in bitcoin than he could afford to lose. His spouse could be giving him hell for pissing away all their savings. The ownership of his house could now be on the line. Unless you're a misanthrope, these aren't things you should be laughing at.
You might think turnabout is fair play - but there's a world difference between acting smug about financial gains and mocking somebody's financial ruin. Don't do it.
The bitcoin bros are hurting. Be kind.