Observations on the Cultural Effect of Crypto-Momentum

Momentum in the Crypto Markets has a strange relationship within the "physics" of the Cryptocosm. Logic aside, the sheer directional momentum of Market Values has a way of whispering confidence into the predictions formed by investors, speculators, and skeptics alike.

A year ago it was not uncommon to hear gaudy predictions about future valuations for coins of all shapes and sizes. It was a hot commodity to produce an article or piece that predicted a six-figure value for bitcoin; or that ripple was to surpass bitcoin in omnipotence; some little-known coin was to show greater returns than the king coins, etc. (And these articles were hot reads as well, especially the ones that indicated this was coming Sooner than Later). Not only were these highly-opinionated pieces prominent, but they were also heavily supported by those that "liked" what they were hearing. Look back at the Steemit Articles from a year ago-- and notice the abundant support for articles that reiterated a sense of Confirmation Bias for the belief that The Crypto-Boom was only budding. Or that the Get-rich-quick ideas were not only still possible, but probably. It was as if the Momentum was creating "Illusions". And hearing other people agree that they were seeing the same things made it easier to believe the Illusions were, in fact, Real.

In other words: The desire to "get into crypto" was stronger when bitcoin was 17k+ than it is now at Sub 4k. Yet the Daydream of "the Buyer of the Expensive bitcoin" was to be "the Buyer of the Cheap bitcoin". And now that the dream has manifested, where is the run on bitcoin? It has been pushed away from the conscious mind, by the strange physics of Market Momentum, and replaced with the Negative Momentum effect. Negative Momentum creates "Negative Illusions" which can be similar to Learned Helplessness (when someone becomes Unenthused to try what was previously Interesting, and adopts the idea that "trying is futile" because of poor experiences previously).

This is within the Mind of our Society. Not only was it more common to hear Massive Crypto Growth predictions a year ago, but it was more welcomed. 5x and 10x bitcoin growth predictions into uncharted territory were common--no matter how unfounded. And now, that same idea of a 5x increase for bitcoin to return back to a place it has already been (and it was there recently, less than 12 months ago) is not as popular of a sentiment.

The irony is that when bitcoin does return into the familiar territory of 15k-20k, the desire to buy the expensive bitcoin will return, as will the desire for Confirmation Bias sought in articles written by "Market Experts" that stress buying into crypto because of the potential it has to grow in the Markets.

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Think for yourself. Don't allow the perceived Momentum to create Illusions.