I read this post by @gadrian and it just reminds me how we can very volatile as people. I wasn't onboarded into crypto by the "get rich quick" method.
If that was the case, I might have gone out. Crypto is not a Ponzi scheme, nor is it forex or lottery. Most people who are interested in these ventures believe they can easily get into cryptocurrency, only to discover that it is more difficult than they imagined.
I mean, anyone who has ever gambled would think that all you had to do was time the market, put your money in, and walk away with millions. This is why you will see cryptocurrency memes rather than lottery or forex memes.
Why?
People have been burned because they underestimate what it takes to be involved with cryptocurrency. Crypto is an emotional game. One minute you do not want to sell because you want to sell at the market's peak; the next, you are fighting for your life and removing what is left of your portfolio because you are afraid it will go to zero.
One moment you are dreaming of a prosperous future, the next you are wondering why you are constantly unlucky. People will sometimes laugh at you because you are holding, which feels crazy. However, crypto requires a diverse range of people to function properly: those seeking quick wealth, those selling at every dip out of fear, those liquidating their assets just as the market is about to take off, and even those who eventually become wealthy through perseverance.
At the end of the day, some people will succeed while others will fail. Many people believe that crypto is volatile, but this is not true. It is like watching the moon move while you are walking; it feels like the moon is following you, but the moon is fixed and you are the one moving.
My point is that people, rather than crypto, are volatile. For example, one BTC will always be one BTC, regardless of price; the one who sells loses dollar value. I understand that people require real-time money to live their lives, which is why they will regret selling at a lower price.
It does not make sense to them in the future that they would be so foolish as to sell low. However, you must see an asset appreciate before you can regret selling low.
So everyone wishes for luck, especially those who have been building throughout the bloody cycle. If you are not into meme coins, holding an asset with utility may seem like a terrible mistake, especially since people who hold memecoin are already doing x100 and making a lot of money.
It does not make sense that something without utility can easily make you wealthy even if you have no prior experience.
We are not all gamblers, so it is not appropriate to compare a memecoin maxi to someone holding an asset with utility. The former is only interested in making a quick buck, whereas the latter wants to experience what it is like to be involved in cryptocurrency while also profiting from it.
However, regardless of what we own, there are times when every holder questions their investment abilities. This is where people start to hope.
Regardless of our thoughts on patterns, permutations, history, charts, and so on. Finally, we all hope that each cycle will mirror the previous one and reward those who have worked hard and accumulated.
So, does this mean that cryptocurrency is a game of hope?
I do not think so
I believe that the possibility that a cycle will not be the same as the previous one is constant. We are always afraid that something terrible will happen, and we will all fall to zero. There is no evidence to support these beliefs; we are simply overly pessimistic when things (prices) do not improve for an extended period of time.
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
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