FOMO EVERYWHERE! - People Are Buying Any Cheap Coin Like Crazy!
We all know that the Cryptosphere is sometimes a little crazy but during the last days it seems to me like a huge amount of money is flowing into any cheap altcoin out there without any real reasons other than pure greed. While scrolling through twitter or watching videos on youtube you´ll see that many like to call it "dumb money", which is probably not the worst description for it after all...
I actually think that Charlie Lee summed it up pretty good in one of his tweets in which he basically questions the legitimacy of a coin in its early stages to become Nr. 6 in regards to the market cap. I mean yes, there might be a real value behind those projects but the current values should really be questioned in my opinion and further investments should be done very very carefully!
I´ve been planning to use the current rise in SBD to build up some stakes in other coins as well but am now rather considering to put it mostly into Steem instead as that´s a project I really believe in and isn´t as overvalued as many others right now. I might be wrong of course but I rather like to play it a little safe than to loose my funds due to short term fomos.
What Do You Think About The Current Market?
Are You Still Buying In Or Are You Rather Cautious Right Now?
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Unless you are purely speculating and trading, which I recommend to do only if you have traded before and are quite familiar with Technical Analisys, I would recommend to just hold your crypto into one of the majors which have been arround for quite a while right now, have a nice market cap, an experienced development team and have been following their roadmap for the past, that is BTC, ETH, XMR, LTC, BCH.......and of course SBD!
I´m still not really sure whether technical analysis are that precise on Cryptos actually. The Fomo & Fud always seems to take all rules out of the equation :D
I definitely agree though that at least a certain amount of your portfolio should be stored in the big players who are less likely to make huge losses.
@steembusiness I believe in STEEM too..............
Then you´re just at the right place :D
That's some nice perspective on Cardano. I'm excited to see what happens with it, but the current market cap is a bit nuts.
Novel applications like Filecoin and DFINITY are what I'd like to invest in, when their coins become available. Trying to pick winners among alt coins seems like risky business.
It´s a huge fomo gamble right now if you ask me but cardano definitely seems to be a promising coin. Anyways just like you say I think the market cap is a little bit overvalued right now.
I believe in STEEM too
A wise decision my friend :)
Put it back in steem. I keep thinking about buying other coins with my steem and SBD. In the end though I think steem will win. So everything I earn here stays here. I use other money to invest in other coins. Good luck
Yeah I´m definitely using a bunch of it to power up as I want to encourage good comments with higher votes over time. It´s IMO a very important thing to do to encourage interaction on Steemit that way.
I just started my portfolio two weeks ago by trading a modest 100 or so steem into btc litecoin dash and eos and watching the total raise 50%.
I'm taking a break in order to power up!
50% in two weeks is awesome work :)
Powering up the Profits is definitely a good decision though ;)
Everyone and their mothers are looking for a quick buck without actually doing any market research... the news coverage around bitcoin and cryptos lately has definitely caused a serious case of FOMO worldwide. I'm waiting for a large scale correction, even with diversity of assets I have a feeling my portfolio won't be happy...
Yeah I agree. I somehow fear that we might see a bigger correction coming but I don´t think it´ll happen within the next few weeks actually.
Because cheap coins gain value easily . And can make their owners rich
in $ terms eventually but you should look at the BTC/Satoshi price as you could have held them instead. Even with a rising $ value you can loose money as the BTC value of your coin decreases and you´d be better of holding BTC.
Regardless of that, yes there are awesome opportunities out there :)
I have changed my idea my friend :) I lost a lot of money on cheap monies :( Btc is true love :)
BTC is the big king :)
Sad, but I am in agree with you this time :)
Cardano is a great long term investment and it's still at a low coin price. Newbies as well as long term traders are looking at it at thinking i'll buy a bag of ADA and look back at it 3-5 years from now. I'm very compelled to do just that but i see the point that Charlie makes and it may as well dump a little bit and rise again then dump a little bit.. But in the end they have the tech and the team and the roadmap.
It´s too early for me to have the coin in the top 10. There might be a real long term value behind it but just not now if you ask me. That price increase is pure hype...
& Do you really think many people hold coins for 3-5 years? I doubt that to be honest
True - maybe people just watched Charles Hoskinsons whiteborad presentation and got excited about the idea.^^ Anyway, it´s not only about Cardano (which basic functions work like a breeze and transactions are fast and stable - that´s more than other blockchains can say about themselves ;)
How come IOTA without any working network and having developed way less until this point, is holding at this high market validation? Or XLM or EOS? What have they done to justify this validation? In the end, it´s all just a game of trust, hope and a lot of FOMO - and I´m guilty in all these accusations^^
hehe you nail it. In the end it´s all hope and FOMO :D
I´m guilty of those too but I´m starting to only invest in a few solid projects right now while gambling less on young or low valued coins.
Yesterday I sold some of my beloved WAVES because they were going sideways and thought I put it more into ADA for a faster gain. Today it´s the other way round.... Story of my life... I should just trust my instincts - buy, hodl - and come back some weeks later to have a look... Maybe install an app, that prevents me from looking at charts^^
Oh man that just sounds too similar to the way I act in many occasions 😂
dude if you hang out in the telegram people are in love with charles XD
so i wouldn't doubt it, probbaly the most fomo out of all the telegram channels
even verge didn't explode as bad as cardano in telegram lol
yes, the telegram channel gives you the priceless opportunity to feel like 12 again!^^