In my last post, I wrote about people hating bitcoin without even understanding the technology behind it. We discovered the fear of change and how this interferes with accepting new things. Many people contributed great comments, thank you. This time I will explore the other side of the story. Let’s analyze the deep love people have for all things crypto and a reason for it. I will not mention crowd mentality, FOMO or bubbles as we are all tired of this oversimplification broadcasted by mainstream media.
In their 2008 research paper, Tuckett and Taffler described the mania of investors in the dot-com bubble. They discovered a unique phenomenon and called it “phantastic objects,” these are mental representations of something (or someone) which fulfill an individual’s deepest desires to have what they want. These scholars also researched fund managers investment behavior and looked at greed, fear and hope. Greed was not the biggest motivator in their decision making. Excitement and an imaginary personal relationship with an individual stock was the most significant influence. So by buying bitcoin or other crypto assets, they represent unconscious fantasies. For example, the desire to be a wealthy playboy, a smart internet guru or an astronaut flying to the moon. These powerful drivers remain hidden under our thoughts; it is like you have a personal relationship with bitcoin.
The power of these unconscious desires can be extreme and can lead us to make poor financial decisions based on emotions and not objective data. We do not want to marry our crypto investments, and the concept of hodl makes it worse. Without consistent self-reflection, it is difficult to identify why we do what we do. We think we're smart and in complete control of our financial decisions. However, what drives most of us is emotional. Identify the emotional drivers in your life, and you will find patterns.
Until this week, many investors have bid up the prices of some cryptocurrencies to mindblowing levels. Even after this week's correction, the values are still sky high. Many projects don't have a real product yet and are just a token and a white paper. Other projects are just a token with a copied white paper. Many ICO teams have had no business experience, but now control millions of dollars. This new asset class has captured our minds, hearts and perhaps hidden desires. So as the markets are crashing, I ask you to consider these questions.
Do you love bitcoin (or your "special" crypto)? What emotional drivers push to you invest?
Share your thoughts and ideas below.
Disclosure:
I am not short bitcoin or any other crypto. I hold modest long investments in crypto.
I truly do love my bitcoin. A desire to disrupt a market through sheer innovation.
Sounds great, but what does Bitcoin specifically do that is innovative?
Only benefit is you can receive money from someone quicker. Plus:
Again, you can't just go into a bank and ask to see someone's financial information as an average person. I will always love bitcoin for starting this revolution, but it is not anywhere near innovative.
Scarcity is built into the bitcoin protocol, this combined with almost endless divisibility of a bitcoin makes it superior for wealth distribution in comparison to any other modern fiat.
The transaction fees are dynamic and them being so high is incentive for the miners to keep securing the network in its current vulnerable state. This adds to the security and decentralized nature of the Bitcoin blockchain. The more miners mining the more decentralized the network becomes. If widespread adaption continues as it has since inception bitcoin will become so entrenched in the global economy it will no longer need to be issued. At this point miners are compensated for processing the tx and securing the network through purely tx fees.
If you have ever tried to send a large some of money from one bank to another, you would know how brutally inefficient it is to do so. A $30 bitcoin fee to move infinite value in less then an hour is incredible. It bleeds financial innovation.
I agree with all of this, and the regular crypto person might, and I'm going to add onto one of your statements. Bitcoin DOES help you receive money faster, but there are other coins that help you receive it faster than bitcoin does now.
I believe if bitcoin wasn't the most used, it would be non-existent. I feel the only reason it's still alive is because people have to use it to purchase goods. An example would be going to a market in New York and buying things with bitcoin instead of altcoins, because they don't accept them.
It was first to market...and usually that means people improve upon it and the new tech becomes the real product. 9 times out of 10 this is what happens. The problem we have is that all crypto relies on bitcoin currently so if bitcoin dies everything else goes down with it...this needs to be changed.
I love this picture.
thank you for this clarification! personally i could not answer to your question because i'm not necessarily interested in the topic, but your post made me interested and your question is actually pretty well based. good luck in here ;)
i upvote on your post..
humans always want to worship some one or some thing ... no matter what when who where ... #same #shiit #everyday
this is true and I agree, can it ever change?
i believe until the humans deny the facts that we all are alone in this world they need some god to worship ... for some the gym is their god for some their drugs . some their family , some their money .... if they lose it what will be happen ? for some THE END ...
Gambar yang bagus...
Terima kasih
Great post!! I just finished writing a post about the Bitcoin bubble, you might enjoy it. Check it out if you get the opportunity.
https://steemit.com/cryptocurrency/@cool-mike/my-analysis-is-there-a-bitcoin-bubble
Cheers, I'll read your article, thank you.
I
you, my bitcoin
holdgang but bitcoin is over playing with my emotions! im sorry baby i just want your love!!!
I love all my coins I'm holding. lol
Hey Everyone!
We are a 1.5k+ pump group that is growing at an increasingly fast pace. We have a pump going on next week on Cryptopia. We are making sure that no one pre-pumps the randomized coin that is chosen and we can show proof that we are fair. Come join us on this discord server to check it out:
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i love bitcoin too
Good post my friend @tokyotiger. Just today I published a post about bitcoin and a possible scalability solution with lightning network. Here is the link if you would like to read it: https://steemit.com/bitcoin/@emmanuel250998/lightning-network-a-scalability-solution-for-bitcoin-part-i
Thanks mate, I'll check out your article.
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