It sounds like the name of a Crypto carol.
And it is that time of cycle.
Note: You will hear crypto carols sung by groups of crypto holders around the times of massive dips in price. Most of the lyrics contain "wish I had" and "I shoulda done" phrases. So if you see any of these carollers with their once shiny brand name clothes that are now filled with holes from living rough, spare a token or two for them.
Crypto holders around the globe have been left panicking as bitcoin plunges into its worst month in history.
Don't worry. Not all the FUD headlines are gone! And in this particular stupid article, they did point out that it wasn't the largest percentage loss for Bitcoin in a month, it was the largest monetary loss. That is because a normal 30% swing used to mean a drop of $1000, but now it is a drop of $30,000.
Are holders panicking, or FOMOers?
Maybe the latter. For the holders though, they are up thousands of percent over the last years and probably don't care that much at the current ups and downs, as they will be fine regardless. The people who bought in recently at the highs after finally biting the bullet and jumping on the bandwagon, well ... there might be some panic.
They'll learn.
FUD used to dominate a lot of the crypto conversation, but as it has "matured" (crypto people tend to be pretty immature) and become more mainstream, the FUD has tapered off a bit. On top of this, the entire economy is in a constant state of FUD as well, so it is hard to tell what is crypto FUD, what is AI market FUD, and what is Trump-related FUD.
Like Carney, the PM of Canada "boldly" saying that the world can advance just fine without the US. That isn't bold, I have been saying the same for years. Sure, I am not the PM of a country, not even Canada, but still - many can't imagine that world, because they are trapped in history.
Past performance is not indicative of future results.
We are entering into somewhat unchartered territory now, as even though similar things have happened in the past with fragmented alliances, they have never happened in a world that is globalised and intertwined like the one we are in now. It is a different kettle of fish and the implications cannot be drawn straight from the past. Instead, we can look to the past and see that what might have been impossible earlier, is far more possible and perhaps even probable now, because we have technology literally at hand that can overcome a lot of the challenges we would have faced earlier.
And the more volatile and disrupted the past systems become, the more likely the new systems will be utilised to take over. And that includes all the systems, including centralised governance. That might be wishful thinking, but at some point, people are just going to get too tired of trying to maintain what isn't working for them. The governments have forgotten their role in society that they work for the people, and people will eventually rebel. And that rebellion is at first going to shift toward the next layer of governance that provides a more direct relationship - corporations.
It could be argued it is already at that point.
But things are speeding up as while the Pharaohs, Kings and Queens ruled for thousands of years, and then the religions came in to take power, and then the governments, and now the corporations - each instance is getting shorter. As it should, because as we get new technology, we also get new information, and we should be getting somewhat more intelligent with it. That is debatable too, but one thing that is pretty clear, is even if we aren't more intelligent, we are far more impatient and less committed.
FUD works because we are so skittish when it comes to anything these days. People will jump ship from something they loved last week, because some influencer said it sucks, or says that this new thing is better this week. And the same is for investments, which ultimately creates more volatility. The people who know what they are doing will milk the uncommitted, but eventually even they are going to get burned, because the markets are just so full of shit these days, attached to nothing except sentiment. They talk about market sentiment, but that is all there is in the current inflated markets with no grip on reality.
Crashes are coming.
I say with a plural, because the world as we know it is being torn apart at the seams, so that nothing that we know is any longer recognisable to the past. We might look somewhat the same as humans a few decades, but the way we behave is bizarre and unrecognisable to that history. And it is our behaviours that drive the market and eventually the market will have to align with how we act.
The companies can keep creating efficiencies and stripping increasing amounts of value from humanity, but eventually, they will put themselves into a starvation position, because they aren't growing their demand base. It is like a family of survivors after an apocalypse with a few years worth of food, but they never grow new food. Eventually, they get to a point where it is too late to grow, they run out of supply, and starve to death.
What was the point of their survival?
In order to advance as a species, we have to create incentive mechanisms that keep us growing as a species, keep us striving, innovating, and encouraging the next generation to be better than the last. Right now, new generations are just another dwindling food source to extract value from, rather than a seed bank to grow the future from.
Ask not what your country can do for you, but what your country will take from you.
The answer is simple. Everything. But it isn't just a country, it is all countries and all corporations, because they are both designed to maximise themselves at the cost of people. Government and corporation are symbiotic systems designed to ensure that people do not win.
What is "people winning" you ask?
An ecosystem and collection of tools and mechanisms that take us forward, improving our health and opportunity to be our best, and raise generations that will be a step or two better again. It is a global community that thrives through collective advancement of the things that matter to our wellbeing. It is not innovation for the sake of profit, it is profit through innovation for improving humanity.
Perhaps, considering all that we have experienced in our history, all that we have done to ourselves and each other, and all the lessons we should have learned, when we talk about the worst in history, that is all of us now.
As we should know better.
Yet apparently, we do not.
Where did all the FUD go?
It drowned in our misplaced confidence.
Taraz
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Some interesting thoughts here !
I think a multi-polar world is actually the natural state of world politics. It only really stopped around 1918, when the European powers which had been generally in balance with each other had destroyed their economies (and sometimes their Empires) in WW1, leaving the US as the last power standing.
In terms of globalisation, it could be argued that the Roman Empire imposed a similar situation - the world was more multipolar, but Roman-focused trade actually extended at least to South-East Asia and quite likely to China. But I'm more persuaded by the Bronze Age Collapse as a parallel to what is going on now. If you look up the lectures of Professor Eric Cline on YouTube, you'll see what I mean. It was a time where there were three or four superpowers linked by a global trade network. A small push made the trade network fall apart, and the superpowers followed.
I guess the main thing that we have now that didn't exist in the past is that governments have the technological tools to monitor and control the lives of their citizens down to every last action. The closest we've seen to that in the past was Han Dynasty China. We're getting close to being back to the idea that people are property of the state rather than individual living beings.
I think it is too, though I also think that it still requires steady collaboration. There has to be some competition, but the direction should be for betterment in total, not just betterment of some. It is a bit like sprinters training together, even though they are rivals. They push each other to be their fastest.
This is a massive issue in my opinion. The state should be property of the people.
I didn't even know what FUD means before I read this post... 😅 If I feel FUD towards assets you own, I probably didn't research them well before buying, or did take more risk than I should've. FUD is basically lack of knowledge.
I like that theory of population turning against what is not working for them by turning towards something different. I haven't seen it that way. There were many rebellions throughout the centuries, civil wars and such, and for some reason I thought that most changes came through those. But especially in our times, it's not that necessary anymore to rebel - one can just switch on who to give the power. Theoretically. I'll think about that.
See! The conversation has changed! Lack of knowledge and a fear of the unknown. Not everything can be known, so we have to get comfortable in not knowing too.
I think that as far as pain and suffering goes, it is better to make shifts in our behaviour to demand differently, than rebel against a system that will ultimately be rebuilt back the same.
I'm just along for the ride at this point. It feels like I am banging my head against the wall trying to determine what is going to happen next for anything.
I wonder if there is any job where head banging pays??
I wish!
I need more FUD, my limit buy order didn't execute for the BTC and my sell order of ETH for Hive is sitting there for over a week now...
There is probably more incoming, don't worry!
Well, I finally bought a bit of ETH and BTC at these prices, like 50$ of each.
Not a bad time to buy. Even if not buying huge amounts.
Putting aside the words FUD & FOMO, I have been holding my coins for the last three years because I bought them at a high price. Which is currently at a loss of more than 90%. So at this stage I see no other option but to be patient and it is very difficult to control myself in the market situation. Still waiting for something good.
Yep. If buying high - there is only downside. Most people buy high, because when it is crashing, they fear it will crash more.
People underestimate how much sentiment drives everything today. Fundamentals barely matter in modern markets and in anything these days and honestly, looking at history, yeah, maybe, just maybe we are the ones future generations will call “the worst.” Hard pill.🥲
"Fundamentals" - I don't think people even understand them in crypto. How many projects have anything fundamental other than some vague promise of numbers go up? Most tokens that do well are just tokens that can be used to generate more tokens, from more tokens - there is nothing real in 95% of projects.
It is kinda funny, even though we have so much information available to us, it generally causes us to make more impulsive choices instead of well-thought ones.
Information overload?
Perhaps, we don't know how to use it in the right way.
Headlines always act like every dip is the apocalypse, its not that deep, weve has survived bears. It’s wild how people ignore years of growth and only hyper-focus on one bad month, emotional markets everywhere, but i understand these are perilous times especially with the crazy inflation
If people follow the media, they are forced into an hour by hour news cycle. That makes everything look volatile.
Market uncertainties are normal in crypto, and anyone who has been around a while is supposed to be conversant with the ups and downs. But when things get out of control, it is because we chose to betray ourselves.
While the government and cooperations can take majority of the blame for creating and hijacking the system, we also play a major role in all this. I guess is because a lot of people forget about DYOR, they just want to rush into the next big thing and then when trial moments come, they fumble.
It's even more sad because these days it's hard to differentiate good from bad, since the government can't be trusted because in the past when we did, we ended up being manipulated, it's even more difficult to trust anyone, or anything.. hence FUD might not likely disappear anytime soon, not in such a peripheral world where even things that hold great value can be traded.
That and the "research" of crypto seems to omit the usage of the token itself. Most are useless, just mechanisms to generate more tokens, without considering the realities of demand in the future.
I always believed that history doesn't tell lies, and so whenever I want to infer anything at all be it crypto projects, long term value of a commodity or even just to analyse the practicality of anything I just go through history and check around, I always believed some data will be present to help. But these days it's difficult to understand history because all that history has done is to take us in the direction it wants to take us, make us believe what it wants us to believe.
I think whatever is happening in the market now is just market mechanics and irrespective of the FUD, recovery is certain.
But if the current system is to survive then it has to be able to provide something of value that can be held into, because just like you said, people are getting smarter with new technologies coming out everyday.
History might be the biggest liar, because it is written by the winners.
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The truth is that markets don't collapse because of news but because of fragile confidence in my personal opinion the greatest skill in crypto is not analysis but patience and remaining silent when things are going crazy.
I don't think long-term investors panic that much when crashes this terrible happen. I think this affects short-term investors more. Warren Buffet said he grew up analysing the charts and trading, but after reading Ben Graham's classic, The Intelligent Investor, he began seeing stocks not as things that went up and down, but as businesses.
So when purchasing a stock he was purchasing a business, this made him think long-term and stop panicking about the charts. So you can purchase a crypto token as something that has utility and has a future and not for quick, short-term profits.
Crashes are a big part of the crypto space. You can't expect the market to continue going up perpetually. Being prepared for dips as massive as this is one aspect of trading everyone needs to learn because they are a natural part of crypto and the financial market in general.
I haven't seen nearly as much as FOMO, FUD and hype as the last cycles. I think it's because BTC does not bring big gains for average retail investor any more. I also think, this is the reason why alt market has largely missed out on nice gains.
BTC brought excitement for nice gains the previous market highs, excitement from a ton of retail got transfered to alts for even bigger possible quick gains. This time there is no massive excitement from retail, so no people to hype pump the alt market overall.