A lot of crypto investors and enthusiast likes to create endless possibilities in their mind. For example, I see many of them saying, "If I had bought BTC in November at 17k, I'll have blah blah blah % of profit selling at 30k".
It's the same for people who feel they could have bought Hive at 19 cents in December.
Many people create imaginary profit positions when crypto prices go up against the general predictions of doom. It's easy for people to say they're protecting themselves by selling when prices are dipping, but also begin to regret, they never held or bought when prices begin to recover.
In crypto, fear can protect you in the short run, but in the long run, you'll eventually miss out
Why?
This is because it's difficult to obliterate sentiments when investing in crypto. It's difficult to have a futuristic mindset, especially when the little dips in the present matter a lot.
In 2015 for example, some exchanges crashed and a lot of people lost big on the dollar values of their assets, this made some of them sell everything they had and in 2017, Crypto mooned.
People Cannot take away the sentiment of the present, this is because no matter how futuristic and innovative the technology is, volatility will always create the sentiment for people to exit when they should have held, bought more, and looked at the bigger picture.
"The End" Narrative Every Bear Market
With the events that happened with Do Kwon and Luna, SBF, and FTX, many people already felt this was the end of Bitcoin and crypto. They forgot that black swan events are part of the narratives that threaten to end innovations.
For example, Spartacus was a threat to the Roman empire, he dragged the innovation backward, but he couldn't stop the movement.
This is the thing with innovation. Crypto is an innovation and because its existence will create structural change in world economics, it'll always experience pushback by those who seemingly want to keep the old system at play.
Some of the people who were not pumped up about crypto in 2017 are now the biggest fan or investors in 2023.
Irrespective of the fact that these people weren't fans, crypto still mooned in 2017 and this is because there are endless catalysts in the crypto sphere that are responsible for different runs.
A lot of people have adopted crypto by going into the wrong projects, of course, crypto is not a merry-go-round, as much as it carries prospects, it's not immune to exploitations by bad players.
One of the reasons why we haven't gotten past this stage in over 13 years is because of black swan events, bad players, and terrible projects, because of the Inevitability of these things, heavy regulations will always happen, but they'll never be immune to loopholes.
Holding back Crypto is like tracking air Inside a balloon, it'll inevitably blow up.
Inasmuch as we understand this, people are still sentimental about their money
Which isn't a bad thing
the short-term losses to their portfolio as against the potential profit they'll earn by being logical.
Once again, the legendary of Gary Gensler seems to be waning, and despite all that rampage, institutional and private investors are still pumped up about crypto and in two years from now, only people who held on will tell the story of how Gensler shook the crypto space and many exited because of the pressure of the FUD People like Do Kwon, SBF, and Gensler are the Spartacus to Crypto.
It's never going to be smooth and trust me, even bigger events might happen in the future to thwart the innovation, but eventually, only those who are strong enough will benefit from playing the long game.
Sentimentally, it's never easy to adopt and believe in Crypto
.......this is why there's no free money in the space. What weak hands will call "free" or "lucky" money, takes endless resolve to build or make, this is why people are never going to make life-changing money unless they play the long game.
Currently, people are concerned about institutions threatening the decentralized nature of crypto, but sometimes back, these same people hoped for institutional money to come in and life the market
it's currently a position of Impasse at the moment, but I do believe that it'll take a lot of money to really threaten the decentralized nature of crypto and we're not seeing that type of money anytime soon.
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black swans will always be a possibility, but the long term trend and adoption seems to be pointing up
@tipu curate
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Exactly, the longer-term trend seem to be pointing upwards. Events like this will only slow down the progress, it cannot stop it. Thanks for curating
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Thank you
I agree. We should let the compounding effect do its job. It takes time. On the other hand, switching the hyped coin/token can be a good idea, and does not harm the compounding effect. Switching is rational after 2-3x in a very short time.
"Time" yes, time is the issue, sometimes people feel that they Cannot afford that time for growth and compounding, and that their money would be better off in other ventures, but they're the ones who eventually lament that they couldn't make profit, when the market turns out better.
Crypto is still in the adoption and development stage. So I kind of expect to see all of these events as crypto or BTC proves itself. I think it's dumb to talk about how much you could have earned because that is past tense. If you fall for the FUD/FOMO and you can't rely on your own research, then it's your own fault.
Yeah, a lot of people still talk about how much they could have earned and still regret it, but it was their decision to chicken out when others were staying strong. Like you've said, we're still expecting to see these kinds of events, since we're still growing and developing..
"Some of the people who were not pumped up about crypto in 2017 are now the biggest fan or investors in 2023."
This reminds me of Larry Fink, the CEO of Blackrock that is currently pushing the SEC for a bitcoin ETF, yet in 2017 he didn't get what bitcoin was. This year he has changed tune saying BTC is digital gold better than most fiat currency. This guy has trillions under his control , if his ETF is approved it will change crypto forever . Other big asset managers are also eyeing a BTC ETF. They have finally realized the mathematical scarcity of BTC and want to take advantage of that.
The next black swan event may be the shutdown of Binance or a war between China and US or even a new covidlike outbreak. That won't matter we still have 21 million maximum BTC and wonderful decentralized coins like Hive to keep the crypto space alive.
Thank you for sharing and do enjoy Friday and the upcoming weekend :}
You're right, people like Larry badmouthed crypto a lot in 2017, it still didn't change the fact that some major cataclysmic event propelled the the bull run in 2017 despite all that. Like you've said. Black swan events will be Inevitable, but then we'd have major reason why the bull run will keep changing things. The economic aspect of crypto, the tokenomics of BTC makes it adoptable. I don't think binance will shut down, CZ knows his onions. He might keep getting regulations and clap backs, but even in the next 50 years, I don't think crypto will.
Well said and long live BTC and cryptos :}
Yeah, Gensler cooked his goose... he will fade away. The future makes sense... and is still as bright as ever. If investors continue to practice sound practices, they will eventually be rewarded.
Do the right thing over and over again...
Exactly, and if the space can be free of bad players and solid projects keep doing well, the SEC will have no traction in the future.
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Lol
Another funny thing is that some people must have sold their cryptocurrencies even before the price became very high
Well, you said something about innovation and cryptocurrency... it feels they are alike from that explanation and the cryptocurrency market is a proof
Nice one!
Crypto itself is an innovation.. the post majorly emphasized on the fact that it's difficult to halt innovations. It can be delayed, but never stopped.
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