I wrote a post with the same title a few weeks ago, but I am about to write another one. I want to make it a series because I believe that until the third or fourth quarter, a lot of people will lose their minds and say things they might regret later.
I think it will be exciting to take a lot of screenshots to remind people, "Hey, you said something like this in January," not to berate them, but to troll them. So this is the second part of a post like this, and perhaps I will continue until part ten.
Maybe do it twice a month for five or six months, or maybe until the end of the year, God willing.
Too Bullish or Too Bearish?
So I read a conversation between two Hive users, and it was one of the funniest discussions I would seen in a long time.
So the first guy commented on the other person's post because he was concerned that the bull market had ended, but the other person informed him that, based on his own research, this was only the beginning.
However, the person asking the question refused to believe this because he was convinced that BTC had continued to dump alts, and that everything was now dead. The other person now told him to expect more "crypto is dead" narratives in the coming weeks because there could still be more dumps to complete the shakeout.
I believe this triggered a sense of despair in the person asking the question, and the subsequent conversation demonstrated how terrified he truly was.
Conviction
Many people seek conviction and validation, and when others echo or repeat their sentiment or fear back to them, it exacerbates their fear of despair.
Personally, I do not like echoing or sharing others' bullish or bearish sentiments; instead, I want to look at what is feasible and what is not, what is logical and what is possible by crypto standards. Most of the time, crypto is financial advice given by one person to another.
This is because some people want others to cherry-pick investments for them, and even when we say "not financial advice," people still follow it.
However, this is not the issue. When seeking financial advice, it is critical to consider your source, their track record, how successful their decisions have been, how impartial they have been, and how long they have been in the game.
Even if you are aware of all of these facts, you must recognize that you are making a potentially disastrous decision. Having this conviction allows you to see another person's financial advice as your own because you have decided to trust them enough.
Dilute Yourself too
However, many fake projects are launched every day, leaving people indecisive. There are numerous things to research and projects to investigate, half of which may be scams.
The market is diluted, turning this cycle into an ocean of piranhas, dogfish, crabs, and other sea creatures.
When you make the wrong decision, you are bound to fail, which is why people simply follow the financial advice of others without fully understanding that whatever happens is entirely their responsibility.
Guilt talk post bull-run
So this is why people say things like "YouTuber A asked me to sell xxxx coin and buy xxxx coin because the former will not moon but the latter will moon hard; I wish I had not listened to them".
However, it is easier to listen to someone, especially when we believe we are not competent enough to decide which coin will make us wealthy.
Because they do not want to miss out, people are jumping ship and following the trend, listening to BTC maxis' advice. It is complete chaos out there, and it can range from disturbing to amusing. The market will mess with your mind, and you will either lose or win.
In January, you may have been proven right or wrong.
Anything said right now is based on either emotional assessment or pure technical analysis. I prefer technical analysis because it is free of bias. This is not to say that TAs cannot be incorrect; it simply means that they may be more correct than personal bias or sentiment.
The world should be ended by now
The world was supposed to shut down after COVID, followed by the apocalypse, which would shut down economies and cause people to prefer physical cash over digital money. AI was supposed to destroy the job market (I'm not saying it's impossible) but we didn't implode and crypto made a nice recovery in time for 2021.
This is not to say that nothing can break the cycle; rather, trends have demonstrated resilience. When FTX collapsed, we deemed it the largest black swan event in crypto history, but now we have completely forgotten about it.
Anyone who was brave enough to load their favorite coin after that event would be in profit now, regardless of the market's state, but that is what I have been saying all along: there is no conviction in investing in something where there are bearish sentiments.
Learning as we go
As for me, I have learned a lot this cycle, and if I am fortunate enough to be here in the next cycle, I will definitely make decisions based on the knowledge I have gained.
Being knowledgeable makes you less vulnerable. The market will continue to onboard people who came during the bull, left during the bear, and returned again.
Twitter is oversaturated with fear because many people have been here but learned nothing. Nobody is immune to market manipulation, but having knowledge and information to work with allows you to take advantage of it all.
Interested in some more of my works
Is it Easy To Make Money?
Nigeria: A Unique Business Market & Industry
Virtual Bank Apps In Nigeria: An Experience Of Gamification
How To Find The Next "BIG" Meme Coin
Personal Finance: Achieving Intentional "Saving" Goals
Playing The Survival Game: Human Nature In Introspection
"Un-PAYING" The Debt You Owe
Interested in some more of my works
Is it Easy To Make Money?
Nigeria: A Unique Business Market & Industry
Virtual Bank Apps In Nigeria: An Experience Of Gamification
How To Find The Next "BIG" Meme Coin
Personal Finance: Achieving Intentional "Saving" Goals
Playing The Survival Game: Human Nature In Introspection
"Un-PAYING" The Debt You Owe
