When I started with Bitcoin years ago, I couldn't help but be drawn into two things. It's novelty and the way it was introduced. There it was, a seemingly perfect algorithm to a fundamental economics problem, laid right before us just after one of the biggest financial meltdowns of our time. I wanted to absorb every little bit of information available so I could make the best of it. I wouldn't think of anything else.
Fast forward almost a decade later, crypto-currencies have taken over most of the fringe finance world including plenty of scammers, bullshitters and most importantly gamblers. Degenerates from all around the spectrum gathered together in order to game as best as possible one of the biggest revolutions in modern finance. My excitement slowly started winding down to the point since the market moves became all too obvious. It was a game of musical chairs and the new participants where just naive fools ready to get REKT.
Slowly the space itself, although confound and narrowed to few evangelists, started piling up with the same memes, the same shillings, the same strategies. Crypto effectively became a game of musical chairs where the biggest capital exits a position the fastest while the weakest are left bagholding, waiting for the next wave of fools that will join the game. Rinse and repeat over and over again. The main thought in people's mind became "When will X pump?".
All a noob can do is stay fixated on their screen 24/7, watching news as they unfold, secret tips to buy in early and even more privileged tips to get out in time. It is no surprise that we ended up with Twitter and Telegram groups and accounts that dump on the followers while at the same time they advice them to buy. Venture Capitalists joined the scene as well from the Bitcoin front. Since the introduction of futures you can short from Wallstreet while accumulating from scammy washy-washy projects that dump on naive investors looking for the next Google and Amazon.
And this is how perspective is lost. Watching all that crap flashing in front of ones eyes becomes pointless noise. Gullibility kicks in and the once financial revolutionaries that dreamed about a decentralized world become the same sheep that depend of the snowball effect of appeal to authority, following of some people that just happened to gain reputation due to the totally arbitrary move of the markets. Making FIAT profits becomes the main purpose while technology plays the secondary role of buzzwords and fancy VC logos. An elaborate charade ready to collapse at any point. "But hey, at least I can be FIAT rich and the let the crypto ride". Right?
And the narrative never stops. The evangelists are preaching for "new trillion dollar injection" or a revolutionary tech that will make one's investments moon. A special kind of hopium is constantly pushed with the hope that at some point a run will make one's vision come true. And the sheep remain, and the believe. And even if years pass, some will become convinced that the are the exception to the broken clock example (which is correct twice a day). Why? Because crypto is fundamentally for gambling and gambling is an addiction.
And nothing changes other than trading one of the most valuable commodity. Time. Because, trust me, in 10 years from now when and if we hit mass adaptation, the few thousands that one might make from short term trading will be paid in health tokens. With interest. And if you are lucky enough to doge that, time will never be able to be bought again. You would have dumped the most important commodity in your portfolio.
"Hopium": excellent choice of word. I experimented day trading for a few days. Made good moves that way, yet Crypto takes too much time and space in my mind when Ido so... like a drug... Tradingview is the seringe, Crypto the substance and hope the addiction. Next big low, I position, and then forget about Crypto. Promise :-)
It’s hard not to get carried away in the hype sometimes
That's heavy man.
I must admit I'm guilty of watching the price of steem every couple of hours. My mood changes with every change of steem. It is highly addictive. I know I'm wasting my time by constantly refreshing my browser to be updated with the latest price of steem but I can't help it.
the future is uncertain. And with that uncertainty, that's hope. But hope is not a good strategy when it comes to our investments, especially in cryptos. Only risk money you can afford to lose.
But they are soooo pretty!
The greens go up and the reds go down.
All so orderly.
I could watch them for hours.
Gonzo damn right! On point. I myself will just take my best guesses.. and hold it through the ups and downs. Save some health tokens if I can, not that I don't go to coinmarketcap often lol