- This topic has 11 replies, 1 voice, and was last updated 3 months ago by Nashocheese.
- Saturday, July 2nd, 2022 at 19:50 #325112simmolParticipant
So one thing that is interesting about (retail) crypto investors is that they kind of treat these projects (a.k.a. coins/tokens) as sporting teams. That is, they are very much committed (a.k.a. all-in) on believing the team and the projects and view this type of loyalty as some sort of a virtue. This is in contrast with the industry (minus Michael Saylor) who treats the whole industry and investment with cold, rational outlook. They don’t give a shit about loyalty, devotion, to the projects. If the project can yield them money, they buy, and if not, they dump. So I would argue that retailers have this sucker’s mentality when it comes to investing crypto. And this stems from a couple of reasons.
1. Cryptocurrency is outside of mainstream which attracts fanatical devotion. People tend to get really into music/art/etc that are outside of mainstream and get really fanatic about it. Same with crypto. They like the idea of being part of something from the ground level up (even though retailers most likely FOMO in) and as such, they become emotionally attached.
2. Many crypto investors are young. Youth isn’t bad. But people who are younger (early 20’s, mid 20’s) tend to associate their “hobbies” with their identities. So the same type of connection begins to develop with their investments. People who are a bit older just treats all investments (e.g. gold, stocks, crypto, bonds) as a means to an end. People who are younger treats these investments similar to how fanatics treat their sports teams.
3. Tribalism attitude is brainwashed by early investors. Crypto might not be a ponzi scam but there are certain aspects of ponzi about it. As such, in online forums, you see that people encourage tribal attitudes about the projects because they always need new investors (a.k.a. suckers) to join in and to keep the prices moving upward. And many of the investors buy into this non-sense tribalism.
4. American attitude. I noticed that there is a very distinct difference between Western (mostly American?) vs Eastern investors. In the East, even the young people do not have a tribal devotion towards certain projects. They tend to just see the whole industry as a means to profit and are not interested in the intricacies of the projects. And perhaps this type of “loyalty”, “devotion”, “tribalism” is more suitable and works well towards young, American investors who really suck up these type of tall tales.
In general, investing is all about making money and nothing else matters. Don’t be ideologically committed to crypto projects. They are not looking out for your interest and you should treat them as a means to your own end and be always ready to dump on them. Happy investing.Saturday, July 2nd, 2022 at 19:50 #325113PlantLeast
I am a Squid coin fanatic!
Anyone else?Saturday, July 2nd, 2022 at 19:50 #325114wheelzoffortune
You ***should*** be ideologically committed to your chosen projects. If you don’t truly believe in them, then you shouldn’t have put money in them in the first place.
What you should ***NOT*** do is develop a blind devotion to them and therefore ignore potential risks/hazards/negative aspects of said investments.Saturday, July 2nd, 2022 at 19:50 #325115Blockchain_Benny
Investing isn’t what it’s all about for everyone. If you’re chasing numbers going up and that’s all you care about, you deserve to get burnedSaturday, July 2nd, 2022 at 19:50 #325116StandardCell9963
That’s why I don’t even do “proper research” anymore before investing. I just buy what my head tells me
Last time I did my “proper research” I ended up buying LunaSaturday, July 2nd, 2022 at 19:50 #325118arcalus
No, only committed in a matrimonial sense.Saturday, July 2nd, 2022 at 19:50 #325119kirtash93
Never be ideologically committed to anything. Period.
I am only committed to good tech and even there I can sell without hesitation. No feelings.Saturday, July 2nd, 2022 at 19:50 #325120powellquesne
Great post, but I think you have misidentified the generation that is mainly responsible for the tribalism verging on cultishness that has seized most of social media as well as the cryptosphere. Look at any survey of online posting habits: who is populating the most tribal platforms? The Twitters? The Facebooks? The Instagrams? It’s not twentysomethings: they tend to prefer more evanescent, less performative media like SnapChat and its copycats, as well as Discord. Also, who has adopted cryptocurrencies most thoroughly, and is thus overrepresented in the current, inordinately cultish crypto scene? Again, these are the same people, not people who are currently coming of age but thirtysomethings, and those closest to that age range. Millennials. Culture warriors from both sides of that generation’s rancorous social divide. **Not** Generation Z.Saturday, July 2nd, 2022 at 19:50 #325121putin_is_assho
As a Monke i disagreee banano will always be the bestSaturday, July 2nd, 2022 at 19:50 #325122Tatakae69
imo Cult-like behaviour is more evident in bull markets. When everything dips only the OGs staySaturday, July 2nd, 2022 at 19:50 #325123Wonzky
Always good to do a deep dive into the projects you believe in, both pros and consSaturday, July 2nd, 2022 at 19:50 #325124Nashocheese
So you’re advice is to treat individual cryptos the same. Don’t pick them for superficial reasons and don’t get attached to one brand.
No shit, are people doing this? Like, put the money into the one you know is going to increase, don’t put it into the one with the best meme name.
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