People fear being in financial situations they cannot control. Some of them are getting sacked, retiring, losing their money to a fraudulent scheme, or even dabbling in the wrong investment. In crypto, there's always that fear that we might never see the bull market again. Some people openly express it while others would ignore it due to their expertise, and their number of years of being in the game.
But the reason this fear would come in the first place is that real money is involved. Now irrespective of the experience some people have gathered, they've still managed to live in the fear that crypto might dip and never moon again. Another reason for this fear comes from the fact that we do not know the future, the grounds that hold the technology behind crypto.
Scared Of the technology?
Another one is the negative views and opinions of people out there who are trying to demarket crypto
These people will always be there because their critics will create a check even if it's majorly filled up with hate and dubiety rather than pure criticism. Now, this particular fear might just be intuitive rather than realistic, sometimes we project the likelihood of failure on things that we're not certain of, and while it isn't also advisable to dismiss our fear, paying too much attention to it, takes us away from reality.
Now it's difficult to see the bigger picture because fear lets us focus on the negative things that might escalate and become our undoing. People have the biggest fear of money and this is because of the possibilities that are achievable with the right amount of money.
The Aspect Of Of FUD & FOMO
The fear of loss often comes when we envisage what could be and what wouldn't. #FUD and #FOMO are both driven by the thoughts of what could be, the diverse possibilities that could become a reality if our choices and decisions were different from the ones we eventually made.
When people see prospects for monetary gains, the fear of what they might lose drives them to decisions they might not ordinarily make. This is one of the banes of being proactive. Sometimes indecisions save us from being eaten alive by our regret, this is why some of the things we fear are only a reflection of our inadequacies.
How about moving forward?
Some people fear moving forward and this is because it requires taking risks and sacrificing their current financial position. Now, I've mentioned times without number that people love stability and sometimes, this mindset prevents one from envisaging a bigger reality. This is what happens with gambling.
To win big you have to sacrifice your current position while knowing there's the chance that you might just lose everything. Now it takes a lot of experience to dismiss or shrug off the fear of losing everything. This is why failing and taking the positives can sometimes be a good thing. However, not everyone has the strength or motivation to take positives, but one thing we fail to realize is that fear reduces when the opposite of the things we fear begins to fade away.
All in the Mind
But how true is this?
Our fear is a possibility and this is because it's a situation that might not be likely but not impossible. Most of the things we do sometimes are driven by fear, but the lessons we've learned from our previous experiences always find a way to stick. We cannot stop ourselves because this happens all in the mind and reflects in our real life.
Some of the fears we have to create caution and this in turn creates the need to put our lives in order. We'd always need to progress and this entails leaving ground zero to a different level and this requires being exposed to the likelihood we might not plan for. Sometimes we're scared of being in a state of dilemma and this is because taking decisions that might make or mar us is not what we most wish for.
Finding ways: Cutting Corners
However, we can never completely be rid of our fears, we can only reduce them with the level of experience, expertise, and training that we've decided to cultivate. The fear of remaining poor will always be there, especially when we are trying so hard in life to change our fortunes and it's not been paying off.
The fear that we might not succeed, and live comfortably well in nice mansions will always be there and this is always activated by constant failure. It's simply important to know that we're not immune to failure, this is why we need the experience to act as a shock absorber. As for crypto, we need to look through its precedents, to feel strengthened, crypto has died a thousand death, but here as are, dabbling into it and hoping to be extremely lucky.
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It boils down to learning how to manage our emotions.
But I also think that if we educate ourselves on each area of finance that we are afraid of, we will be less likely to be afraid.
And that's because there's a kind of sense of power that knowledge gives us. Ignorance breeds fear. But once we educate ourselves, we can navigate the routes, learn from our failures, and successes, and become more confident.
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It's quite challenging to get a hang of our emotions especially when money is involved, money unsettles people irrespective of one's knowledge because we might spend a lifetime trying to attain mastery and never getting there.
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I agree. We are often very emotional when it comes to money. And we have every right to because we worked hard for it. But then, most times, we are showing these emotions because we are afraid of not being able to afford the lifestyle we are accustomed to if we lose everything.
This is why we should take our finance seriously. We would not be too hurt by uncertainties if we learn how to handle and work with money.
We ought to learn why budgeting, saving, investing, and emergency funds are important. We need to learn to see several steps ahead of everything and make plans. If we have plans in place, we will fewer reasons to fear.
But yes, the right education gets us closer, knowledge mitigates fear to a certain extent.
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I am glad you agree
I have always been afraid myself but then I came to know that taking risks makes life more enticing and interesting and that life itself is nothing but a risk. I have become interested in crypto recently and how I wished I had someone to put me through, it feels so confusing somehow. I have been learning online but at slow pace if you ask me. I do hope I get the hang of it though
The Leofinance community, is a great place to learn about crypto, I knew next to nothing about crypto, I learnt on the road. Come in, read, interact, log on to leothreads through the Leofinance community and give it time.
Ok, I will do that. Thanks
The past few weeks, I’ve been trying to get my lecturer involved in crypto. Apparently, he had almost been scammed in a ponzi scheme so he was very skeptical about crypto itself in general. I’m not sure if you heard about the Qnet ponzi last year that drowned a lot of people. He doesn’t know much about crypto, but he thinks crypto is a ponzi scheme. All my attempts to explain crypto to him have been met with the same responses. “My friends tried to get me to join. I almost lost all my money to it. Thank God I didn’t join”.
Also it seems he found out some way that the current market cap of crypto has gone down. But like you thought, he wouldn’t understand when I explained to him that we were in a phase of the market cycle called the bear market, and that the bull market full of smiles and profits is bound to come.
Have you heard about the ET airdrop by the superEx exchangethat happened a few days ago? The ET token was supposed to be $1 when it launched, but has since launch mooned to around $22.9 at the time I write this. People have thousands of dollars of ET just sitting in their wallets. There’s a catch though. To unlock, you need to trade on the superEx exchange and the transaction fees slowly unlocks your airdropped ET tokens. Some people believe the mooning of ET is a plot to incentivize more people to trade on superEx and unlock their tokens or buy ET before they ”miss out on this opportunity to catch ET in the skies”. Perhaps it is, perhaps it is not.
I don't know if it's just about getting people to trade there, sometimes it might be more, one might eventually trade on that exchange and pay those fees, but there might be more. However this is how crypto works, the risk sometimes equals the gains. Sometimes, we just have to give it all up to win or gain everything..
As for your lecturer, some people I know got into crypto through the wrong project and it has marred their expectations and this isn't even good for the adoption of crypto in the long run.
Probably. I imagine some other required task will spring out of no where for you to complete once you unlock your tokens. They might tell you the trading fees partially unlocked the tokens and there’s just one final thing to do to fully unlock them.
It is especially difficult for first timers who unfortunately joined a ponzi scheme in an attempt to invest in crypto to ever believe that crypto is anything aside a ponzi scheme. After their first time experience, their minds are made up and nothing anyone says matters anymore.
Yeah, and I think half of them must live in my area, which is why I call this place a "crypto desert" :)
There's not much you can do with such Luddites and God knows I've tried. I could understand the hesitation back in 2009/2010, but not now.
You can't get anywhere without being willing to take risks. I'm about to make a significant (for me) investment in a token and it might do well or bottom the hell out, but I'm willing to take the educated risk that it just might pay off.
And that's what separates the sheep from the goats. There are those of us into Hive and LeoFinance for the long haul and we're not going anywhere.
source
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I wish you well with this because the truth is that it's either you bottom out or you make it big, the fact that it's a reasonable or educated risk definitely counts for something. But it's difficult to be around people who are negative towards Crypto. It's an uphill task to be around them, sometimes, we might just end up doubting ourselves.
As for those of us in Leofinance, you're right, we're in this for the long haul, I think the reason is because Leofinance and hive are just in their early days and we've not seen how far and how much we can accomplish.
Behavioral finance is a branch that gained popularity in the last decades. Psychology is an art to master in order not to be caught two steps behind.
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Yeah, you're right. The reason is behavioral finance focuses on the grey areas because our human emotions are involved in our choices and decisions, we have to master this aspect to be able to show clear consciousness and awareness at the same time.
Thank you for coming through sir.
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Hey mate; found myself turning to google while reading this, had come across FOMO regularly enough, but FUD was new to me. Fear of change is always crippling - whether that chance is positive or negative. ;) Hope you're well
Yeah, FUD is, fear uncertainty and doubt. It's how we often react when we're faced with the reality of losing and not sure of what to make of this situations. The human emotions defines us even more than we know..
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I agree that it's impossible to completely remove the fear but coming in with a plan and doing the research can reduce it a lot. There are just way too many projects that aren't sustainable in crypto.
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Yeah, you're right, planning reduces a lot of grey areas and this helps mitigate excessive fear. Having too many crypto options often creates an indecision and this is how we might make mistakes.
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I guess there will always be pros and cons, as well as those categories of people that either believe in this world or not, but only the education can change the minds of those people
Rightly so too. You've pointed out the aspect of education here and I guess we'll always be in that position to be reliant on our knowledge to go far..
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I am aware of FUD and FOMO but it is really different when you are currently in the spot. LOL. I experienced it and sometimes my fear and greed is far stronger than my sane reasoning.
But as you have mentioned, my previous experience is helping me become more less susceptible from it. 😊
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It's one thing to know what it means, it's another thing to actually experience it, I know where you're coming from, I think the real life situation isn't always easy.
Yeah I guess sometimes our real-life experiences helps us. Sorry for the late reply.
There's a truth in saying, "experience is the best teacher". 😊
Life itself is risk and we face our fears in order to survive it..
Same thing applies to fear while trading on the crypto market...
Yeah, facing those fears seems good to me.
Of course , it will make us become stronger when we finally scale through..
To make a success in any thing you have to take risk, but some people refuse to take the risk if the don't have enough ie after investing it still remain
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