Dtube Real Talk: FOMO Fucks Shit Up!
Hey guys!
So there has been a lot of volatility in the crypto market as of late.
In other words, it has been just another week. Heh.
Anyway, so my awesome friend @zoidsoft wrote a fantastic piece explaining this concept, which you can find here:
It basically explains how FOMO (Fear Of Missing Out) kinda fucks everything up in the crypto world. It redefines worth and kind of skews it out of shape. It always inevitably bounces back to normal, for the most part, but it causes people to potentially lose out on a lot of dough.
I personally think this is what happened with Bitcoin. As soon as the hype really started to grow, BTC hit that crazy high. Everyone had to own just a little BTC, and just like any other fad, it died back down and kind of went back to normal. I still don't think BTC will ever hit that high of a mark again but only time will tell!
So today I talked a little about FOMO, how to not fall into it, and how FOMO affects more than just crypto.
Hope you like it!
I plan to watch a bunch of the videos from this weekend today, or maybe even on Thursday. I have surgery and may be laid up for a few days, so I will have plenty of time to look at stuff then!
xx~Beth
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I wrote Is $500,000 per Bitcoin possible? The Math behind it... late last summer. I think the odds are that bitcoin will go far beyond $20K eventually, but if not bitcoin, then one of its derivatives will for sure. If you look at the history of Bitcoin, what happened last year also happened in 2013, but it took the halvening of the block reward to break us out of the long term bear market. This was predicted BTW by Masterluc on the Bitcoin Talk forum. He left the market back in 2013 saying that he wouldn't reenter until 2016.
I believe that something similar will happen in summer of 2020 and that it will peak early 2021. The technology will look much different from the original bitcoin and may be barely recognizable from the original by then, but I believe it will wear the "bitcoin" label. If bitcoin died, then something would just take its place and that label will be reused.
The long term trend is mass adoption by the 3rd world. When the technology is able to be used by Andreas Antonopoulos' mom, then widespread adoption will happen causing the banks to flip over into a minority service.
Yeah, I mean maybe in a different form it will skyrocket, though I think the whole system may have to change at that point. I could see the crypto market then becoming for sure more like a stock market, rather than an actual currency exchange. I think the only way to have a legit currency exchange is to have a stable coin. Like if SBD was actually tethered to the USD. It would suck because you couldn't make money on it, but real-life currency shouldn't be a constant gamble. It's exhausting and unsustainable.
The main reason that the USD has stability is because it's the worlds reserve currency. We in the US don't have much experience with double digit inflation and volatility which is common in many other countries. Once cryptocurrency has the mass adoption of everyone on the planet, it will stop wobbling around like a dingy on the pacific ocean and instead perform like a cruise ship.
Bahahaha. I like that analogy!
Hey Beth. I'm going to send you $20. Please e-transfer me $900.
hahaha
FOMO will kill, baby. It'll kill.
Sounds legit.
But wait there is always another airdrop around the corner. hehehe!
The biggest problem with the crypto scene is FOMO and people backing any wild horses that come to the starting gate.
When the crypto community transitions to backing the real starters, Steem will do just fine. However, it seems people need to lose a lot of money before they back the real thoroughbreds in this race.
PS: GL with the surgery and we'll see you on the other side.
I kind of want to go out and buy a horse now.
Hahaha
And thanks. I am dreading the surgery, but looking forward to not being in (as much) pain! Yay hooray!
In Poland BitCoin or other cryptoValues are dangerous for Banks... They created big tax for BitCoin. It will be... Sad If it will come live. Normal peoples are diggin Crypto and yet they don't have a shit from it. :D
Great video, thanks for sharing. I've smashed the upvote button for you!
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Wow FOMO is really fucking shit up. I wasn't too phased when I heard about the airdrop. I a am curious though as to whether is will be occuring regularly @bethwheatcraft?
What is fomo ?
Fear Of Missing Out
Yeah . :) :)
I love your post!!
Brother please upvote my post .!