Cryptocurrencies are ruled by a basic theme: Accumulate x number of tokens in order to increase one's net worth. There are several ways to do this. Some involve investing, mining, trading, trading or plain stealing/scamming. There is something for everyone. What might become of the future is rather irrelevant. If everyone believe in the future of their coin so much, nobody will be trading them.
This new kind of game, due to its 24h nature, creates a variety of emotion that in turn can make any average person into an addict. For those of you that have a portfolio tracking app you know exactly what I mean. Watching one's net worth increase x10 or decrease by x100 in a matter of hours is a unique experience. Perhaps only crypto has allowed so many average individuals to become millionaires and then some to lose it all in a matter of days.
While crypto creates a new kind of mentality about wealth, the emotions accompanying the whole experience are overwhelming. More importantly though, what makes it so addictive is the time frame upon which all these emotions are experienced. If you ever watched a good movie you know exactly what I mean. In 90 minutes one gets to experience an array of emotions. The thing with crypto though is that it is a flood of emotions that never ends. Much like a junkie, it leaves you wanting more and more. This has also been released by some companies like Netflix that bait you into binge watching tv series by releasing the entire thing at once. We live in an era where we absorb way more than we can handle.
It is at this point where I believe we are all discovering the nature of greed. We are all greedy. Some play it safer than others but at the end we all know what we are in a great advantage while some others might be losing. We don't care about others losing though as long as we win. This is true for any kind of game, whether it is war, cards, crypto or wall street. It is much like a zero sum game even if everyone eventually gains a little bit. The gap of victory is massive between the winners and the losers. That alone leaves most far worse than they have begun. For those arguing against a zero sum game, I will remind them that under a certain perspective, even war can be viewed positively for the losers in due time.
After 6 years watching the space, I am almost entire sure that technology comes secondary to crypto. First and foremost is the money revolution and this can be seen by the immense volume of exchange. Millenials are frustrated and disappointed from the economics of baby boomers and they are back with a revenge. They too want to live the dream even if it means butchering each other. Crypto is supposed to be the answer to the problems of the last generation but in return, we are still worshipping the same addiction of the last generation. What changed now is speed. Everything happens much faster. Hypes, resolutions, crashes, spikes all covered in emotions. We are running and we don't know why. Much like a drug fix, the body moves ahead of the psyche.
I find by constant careful observation that my emotions are fairly calm as I attempt to increase my crypto holdings. I do not experience elation or despair when my net worth (measured in fiat equivalent according to coimarketcap) goes up or down by a large percentage. I find that using certain trading features one can increase one's accumulation of crypto during a downturn, and one can decrease one's vulnerability during upturns. Staying calm is the key.
Yeap. Being calm is perhaps the single most important factor. Emotions wreck most people. And not just in crypto.
Man sollte den Sinn der Bargeldlosen Gesellschaft in Sicht der NWO sehen... Cryptos dienen auch nur der Entfremdung und der Spekulation.
Many people see wealth but they ignore innovation.
Yes, they do. And I think, they do not realize, that their wealth will shrink also that fast, as it occurred. Cause I cannot imagine all the crypto prices resting at such high valuations. After some years they will become just like every other currency and the price will fall down again.
But with the innovative technology we can improve so much things and build up a completely new future.
Hey kyriacos, how’s it going? A nice alternative look at what drives crypto markets and something I agree with.
Without the stability of institutional money (yet), crypto is driven purely by speculators. The nature of the market also means these speculators are millennial without the classic market experience that you might see in futures or forex.
I think it’s awesome and actually helps make markers more predictable from a technical analysis perspective. This Bitcoin drop is a prime example of a market purely driven by technicals and this is simply because of the millennial speculators who are trading.
Exactly! Just remember the Dot-Com Bubble! A lot of the Crypto Taders do not have this experience of trading such volatile stuff. And that's why Bubbles occur every decade again and again. Cause most of the failed traders go out of the market forever, while new and inexperienced boys come to catch the big win ! =D
Of course, nearly all people jump on the crypto wagon based on their expectations of making a lot of money with it.
Yeah, and they will also loose their money as fast, as they got it :)
U mean addiction to $$$
I couldn't agree more & also the emotional aspect with ALL "items of value" is what makes them valued above all else.
But we also have so many more ways of making money these days that the emotional aspect was bigger in the past. Since then you couldn't make money anonymous. Now you can easily start to generate new money on the Internet without ever even talk to a real human. So you can recover from a disaster easier. And you can also then take higher risks if you are ready to gamble a little.
Making €2,000 extra per month was hard back in the days. Now you can get 40 targeted people online. Coach them and make that extra money so much easier. And you can scale super easy since you have access to billions of humans with an Internet connection. There really is no limit on earning potential with the Internet.
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Whenever we win in a coin, we become extremely happy but we ignore the fact that this money is the one which is lost by someone else. They may be the noobs or may be the ones who trusted that currency a lot and now their faith might have been broken, they might have been all upset, sad and frustrated .
But we are enjoying. This has been happening from ages actually. This is the way money circulates. Someone needs to loose for someone else to win. Someone needs to be poor for someone else to be rich. If everyone would be rich, the world would still be a havoc. When no one would be found to drive your taxis and no one would be found to clean your houses.
We always talk about removing poverty, I wonder how the world would become if there would be no poor !!!
Someone doesn't need to lose for someone else to be rich. The abundance on earth has been going up steadily the last 200 years. But we always want more. More abundance is created every single day. But we compare ourselves to the people at the top and then you feel poor. But if everyone play the win-win game then everyone actually can win. Abundance is real.
Anyone can go make a website and start making money instantly. This is a reality 2018 and has been for the last 20 years. Poverty is being removed every single day. Abundance is spreading to every single group. The old systems are failing. If I go make a bunch of money that doesn't take away from someone else. More value is actually being created.
If everyone would be rich the world wouldn't be a disaster. Things are becoming better when people get into a better economical position. Even robots will do the work for us in the future so we will have even more free time. We are going towards zero poverty eventually.
Yes I agree to you BUT it would all be possible only when such robots would be created. Else we would find no one to do the labor work if no one would be poor. Who would do the low categorized chores?
Since the world population has been having an exponential growth it will take some time to take everyone up to abundance level. Doing chores for most people is no issue. It's just that we have to find a way to create a world where people feel appreciated for the work that they do. And that they live under good conditions. People want to feel loved and then they will do the work needed. But this will take a long time. Good work needs to be rewarded faster and easier. I see people do good work when I'm out and I would love to have an easy way of be able to reward them. And these systems are coming.
Love is a currency that everyone can share more of. It's just that the mindset in humans need to shift a bit. It's happening on a yearly basis but you have to look at it in a longer time frame to see the progress we are making. 1 big issue here is that people have to become humble since the old ways of doing things are constantly changing. Humans are capable of doing amazing things when you bring them up.
You're right. This is like the law of conservation of energy. To make someone richer, someone else must lose. Someone loses not much, someone loses everything that he had.
A sense of ownership always comes first. The feeling of sharing with others goes next. Apparently the poor must wait for the hour when the rich will come to share their wealth with the poor.
Thanks for a great post! The most exciting thing for me is the speed of transactions. How will the slow banks be able to keep up? How will they be able to control this? They won't. They will probably panic in a few years. What world will we have when someone can do something super fast that might change everything if he has enough computer power?
Clearly it will be impossible to control this. It looks like we are going back to building tribes again but in the online space. Money will have less meaning because everyone will already have abundance. Life will more be about who has the most intelligence and computer power. It will start to look more like a video game. That is super addictive!
I don't believe we don't care about others losing. We care about other humans. We are social creatures. The love from the human heart wants everyone to have a much better experience on earth. That is why we are empowering people more with technology. That win-lose game is in the past. Now it's more about win-win. Money gives you less of an advantage when abundance spreads. Trust and reputation becomes valued higher. A more giving economy!
Stress as a heavy drug. And Media is the distributors of this drug. Media created a situation where the poor see that the rich are bathing in luxury. People envy and stop thinking, turn off the brain as drug addicts, look for easy ways to become rich, as drug addicts are looking for a drug. But there is no easy money and easy drugs, easy money involves people in deception and fraud. I know very few addicts who are cured. For most, it's death.
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