There is always some new product or service being shoved down our throats these days it falls on borderline ridiculous. From a trip to the store, to watching the news or even going on social media, we are constantly saddled with a variety of options to choose from not minding that our resources are scarce.
Even crypto isn't spared from this phenomenon. We have new projects being launched on a daily basis, some unashamed copycats of another product in existence. Others may be slight variations, with each trying to gain investors’ attention on why they make the better investment than others. There are of course various points of view to looking at this phenomenon.
It isn't like variety is completely bad, but as stated earlier, resources are scarce and need to be treated as such. We cannot possibly devote our resources to all products on offer and that is why the concept of opportunity cost exists in the first place. However, it is quite challenging to make a choice when there are so many products on display to choose from.
Avoid Distractions
Another thing is that many modern day consumers simply do not know what they want. It is crazy that we can go online or to a physical store with the intention of buying a particular product and instead walk out with another set of products we had no prior intention of purchasing and probably do not need.
Starting something and not finishing has become some sort of norm in today's society because of the heavy distractions we are saddled with. From both a consumer and investor perspective, that is in itself a tragedy. Distractions need to be avoided at all costs.
That's why even in the crypto space the general advice is to identity a handful of projects that are worthwhile and invest in them, rather than spread ourselves too thin picking both viable and non-viable projects without proper research. This will likely result in losses, as any gains from spreading too thin will likely be eroded by the losses due to the small nature of investments.
Conclusion
I used the topic because focus increasingly feels like an old school thing these days. Yet there was a time when people knew what they wanted and went for it. Options should not be a bad thing, but it is left to us to accommodate them in a way that they don't leave us with a lot of half-baked projects and unfulfilled dreams.
Posted Using LeoFinance Beta
This is especially good advice in down seasons, when things are slower and low ranking projects lose the most and quickly
Posted Using LeoFinance Beta