Risks, sacrifices and the different psychologies of profit and loss. Thats how I will surmaarise this great piece in one sentence. Responding to more specific lines though..
Thank you, I've been studying a lot of psychology as per bull and bearish trends and all these tends to be repetitive, we tend to behave in some certain way, as a reaction to profit and loss. Crypto is hardly an exception.
One thing I learned early in my crypto journey is to have a longer term perspective, but still stay conscious or taking profit when I should. Being a little greedy when for example, one has done 200% profit on a particular crypto almost always leads to disaster.
I've come to understand that the long game pays even better, I know that people do not want to lose everything, I know people want to take quick gains to build their life goals, but the people who tends to achieve it are those who gives it patience and time.
Yes, for them loss does not exist. So when the reality bites, they rush into a decision they will definitely regret. They are not just wired long-term.
I just feel they're not ready to accept the fact that losing is part of the game. Losing is part of the game, but we signed up for it, even if we do not like it.
Sure. And funnily enough, they are usually the ones to inadvertently provide liquidity by selling off for a loss in a bad market, which turns to be profit for the guys that are here to stay.
Without them, I don't think price will flunctuate enough for others to take advantage and buy as well. I think they're just relevant to the space in this aspect.
So true. Crypto seems to work like a complete economy. everyone has a place in it. Both the weak hands and the smart guys with vision are vital and valuable contributors in the game
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Exactly, and I think people and roles changes when the market takes different turns. This would have been more functional if the SBF issue didn't hit crypto, but now, we have to hope these all goes away. 2023 seems promising already.
Honestly, 2023 should be nice and just act like all the scandals of 2022 never happened.