The saddest man on earth: the bagholder.

in #crypto7 years ago (edited)

There's this guy in crypto that you hear about early in your journey: The bagholder.

He is a man who did the opposite of everything you've been thought to do..or should do.
He bought high!
He bought for the wrong reasons!
He never sold...

But what makes a bagholder a real bagholder is his endless belief in the fact the everything will turn around in his favor..eventually. He'll say stuff like
"The fundamentals are tight!!"
"GREAT TEAM!"
"vision!!!"
He'll try to convince you to buy, believe and ultimately transform into himself.Nothing makes a bagholder happier than seeing another fellow bagholder ( unless it's a different bag he's holding in which case..watch out :D ).

brown-rope-sack-hi.jpg

Here's a little story of how a bagholder becomes one. Might be not the only origin story.
In fairness, some bagholder are true believers and some are already rich ( Ripple bagholders, ETH bagholders...). But here's the one you will encounter:

He thinks he is a trader.
Trading is so easy. I will buy this now, sell at 2x. Repeat 100 times. Be rich.
Easy.

So he buys. It goes up a bit. SO EASY!!! He won't sell, 10-20% profit in one day is not enough for this guy, he feels it will go higher. Oh yeah, Bulls and stuff. UP!

Then...it goes inevitably down. Not only because usually what goes up must come down but also because he picked a shitcoin. In this case, it's a coin called "guppy". I mean, even the name is moronic.
You know what guppy is? Is the coin of a site that wants to be "Tinder on the blockchain...with a social side". PFFF! sound more like a pimpender on the blockchain. Ripe for a pump and dump and done.
Our guy bought on the pump. He forgot to sell on the dump.
So.

What does he do?

aadb058a46d07e44410ac959e14fafd1.jpg

Sells lower on panic. Buys back on the pullback. Does not sell when it goes to die. Buy some more down because he heard that's what "traders" do.
Accepts his faith.
Transforms into this new person who just loves "guppy".
He is in the gilde now. A bagholder.

The legend says, he still waits for the pump.
If you see him, just go the other way.

Sort:  

Interesting post!....Can this be applied to USD bagholders too? There are people that baghold so many USD-fiat money although it keeps going down in value,year after year...So,one day,when we enter crypto age,will these people ever sell dollars for bitcoin or ethereum?

really interesting take on this. tip! 1

Thanks a lot!

Yes, it said he'd received 1 SBD however his comment was $0.71 SBD, or does the tip go straight to his wallet?

Cryptogee

yeah that was just my upvote on his comment. tip goes straight to wallet tip!

Yeah, that's how I felt about Steem, powered it all down low, then watched it pump back up . . arrrggghhh :-D

Cryptogee

damn, i wish this was not so relatable...

A wise crypto hodlr once told me, you never lose if you don't sell. There will always be pump and dumps. Invest in quality coins, determine your personal ROI before coming in and sell when you are happy. Don't sell if you lost 50% of your wallet value. I made that mistake one time and I will never be a bag holder ever again. Lost 10 ETH on that "Trade" and fell victim to whales scooping cheap hands. Now I hodl ONLY. Cause guess what folks I am not a trader haha I learned that the hard way.

In your opinion, what is the difference between a hodler and a bagholder? :)
But for most people hodling good coins is the best strategy.

Good article and that bag holder would be someone like me, totally shit and clueless with any kind of finance. Should we all not just buy gold? What if we have one of those Super Electromagnetic Pulses and everything pretty much gets fried. We are due one every 1000 years from the sun apparently, how will crypto work in the New Stone Age?

A fellow member of a group a few days back posted about Ripple on Facebook. I read his comments and he totally fits this description. "He thinks he's a trader." LOL. He told everyone how he would become rich buying XRP, and urged everyone to follow him, we will all become millionaires buying and holding XRP (and if someone did follow him, he would've bought high). So, I commented back about how his whole assessment was wrong. Next day, I had a notification on my phone saying he replied to me, but not only I did not find his reply, he deleted my comment. We're bound to meet someday, cause we're both members of the same group, but until then, I'll keep my distance from him.

In all fairness, XRP did pump lately and it looks ready to pump more and more over th years. Personally, I dislike XRP but the XRP bagholders are the worst!!

Uhh they say the best traders in the game are dead cos those fuckers have been holding for decades lol.

Idk man, some of my biggest missed opportunities were because i didn't hold long enough.

look awesome boss

thanks for sharing,,,,,

No one want to be the "bad holder" 😂. Love this post as I see many do this for the rest of their lives.

Nice. Be easy on bagman he might be right some day. Plus he doesn't care what others think. It's not about him. I am Steem bag holder and I am right.

we're all steem bagholders :D

Coin Marketplace

STEEM 0.35
TRX 0.12
JST 0.040
BTC 70733.96
ETH 3563.16
USDT 1.00
SBD 4.76