[source](via https://www.investopedia.com/crypto-adoption-flatlined-as-fomo-turned-into-buyer-s-remorse-in-2022-7971317)
It’s back! Crypto FOMO is in full swing when I have coworkers asking how to get into the space. The Fear of Missing Out (FOMO) in cryptocurrency, manifests in a real anxiety or apprehension in people when they see others profiting from a particular crypto investment or trend.
I’ve had several crypto related conversations with people who made accounts this morning. I have to explain that this fear often drives individuals to make impulsive and emotional decisions to join the perceived opportunity, sometimes without thorough research. I’m stressing to not invest more than you are willing to loose.
I’m usually not willing to give actual financial advice but I will share my experiences of loss and stress related to trading. This space can take a real toll on an individual so proceed with caution. I won’t shy people away from the space I only like to give word of caution because I’ve seen so many, loose too much. Crypto is the future so learning and investing is fundamental, but to do it smartly and safely.
I don’t have to preach here about the risks of crypto or the even bigger risk of FOMO. I think we owe it to the new comers to at least provide some word of caution because we need adoption not just boom and bust.
I had a buddy that finally bought in at $40K. I wanted to tell him he waited too long, but at this point it doesn't really matter. He is still up right now, so no harm I figured. I have another friend who gave me some money to invest a while ago. I was quite clear with him that it would probably all go to zero and he was fine with that. He and I went to dinner the other night and it was nice being able to tell him the money I put into BTC several years ago is doing quite well! It's definitely not for the faint of heart and you absolutely should keep your day job!
I hear you I will not invest money for anyone. There's too much legal stuff I don't want to deal with if things go south. I think of you go in with a mentally that it could all go to zero you have established a baseline of what you are willing to loose which is a major first step.
I'm with you. I was hesitant to do this, but he is probably my best friend and we had a pretty good understanding about how this was going to go. I haven't pulled punches with him in thirty years, so I wasn't about to start now.
That’s good that you have that trust
Its great that most of the alt coin are up too. It be great if Hive can get to $1 !
I'd love to see hive break out!
It will.
Plan accordingly.
Whats returned isnt just FOMO, its the renewed affection for Bitcoin from the masses. the real FOMO wave is yet to hit
You think I'd say we are in a pretty euphoric state.
Gradually the bull run is taking place. But I really wish the altcoins seasons can shift in also
Alt coins are doing good but way off all time highs. We will see how it goes.
Yea a lot of people really have a lot of expectations on the altcoins but let's see how it actually plays out
Each tip will be an opportunity within the market at that time
Very true but like today a lot of new user fomod into coins and are now down. This fomo gets people into hot water
Right
I don't think so it's the fomo that came back, it is the love of the people for bitcoin, and FOMO hasn't started yet.
There's a lot of new money and from my personal experiences over the last 24 hours it feels like people are FOMOong hard.
It's just like when the price goes up, everyone goes back and we're seeing that at this point we're seeing Bitcoin very strong.
Buy low bot when everything is moving. A lot of new user are already down on their investment.
Yeah you are right.
The FOMO will only get much when BTC goes higher. The news articles and social media will just make people feel that they left out. I think that having a plan reduces the FOMO. Crypto is risky and I don't blame people because the volatility is way too large.
BTC going so strong OMG i wish I did not sell a couple of years ago am so stupid :(.
The fear of missing out feeling is really getting more real than it is before
It is and it's hard to fight.