Be Honest! – About 80% of People Are in It for the Money, Not the Technology

It may have been true back in 2010, 2013 or even 2016. People used to be in it for the technology and because they found the idea of cryptocurrencies as a whole intriguing.

But as soon as the prices surged in 2017, it changed. People saw that you can make "sick gainz" by buying some Bitcoin. They got lured in by those stories how $100 back then could now equate to a million USD. They wanted to partake in it. Hundreds of stupid ICOs (and Bitconnect – remember that one?) popped up. People gave all their cash and stories came to light how some have lost their life's savings on a single coin that turned out to be a scam.

People are prone to "getting rich quick"-schemes. The majority of people still sees Crypto as an easy way to escape poverty, or even: a way to never work again. This may not be true for you specifically, but it most certainly will be for at least three other people you personally know. If it weren't the case, certain Crypto-YouTuber and other "high yield investment"-schemes would not be propping up and being supported like there's no tomorrow. Just look at the certain "moonshots", which are praised and then dropped shortly afterwards.

It's no shame in profiting from the rises in any cryptocurrency, whether that's DOGE, BTC, BNB or any other coin. This is only working, however, because more and more people are getting onboard not because they like the technology, but because they themselves want to make some money too. It may be one way to allow for mass adoption when everyone has a wallet and some crypto assets.

As the majority of these people are still not in cryptocurrencies, they treat it mostly as a highly speculative endeavor – ready to pull their assets out any second now as soon as they fear it might crash (some may refer to it as paper-hands). If you do not believe in the long-term viability of a coin, you cannot diamond-hand it and stay sane whilst doing so when your "sick gainz" are being decimated by a factor of five or even 50. Especially not if you've bitten more than you can chew.

A lot of people do. They see a high-reward potential but fail to see the high-risk. In the long term, it will probably stay equal to current value or even go up (from my personal opinion), but short term, a crash may be likely. And those, the majority, that's in it solely for the money, might want to draw it out as soon as they fear that crash may be inevitable – thus becoming a self-fulfilling prophecy and cascade effect.

Be wary of that. The majority of people does not act rationally at all.
Even if we 2 million people on reddit are here for the technology, at least 20 million more outside of reddit are in it for the "sick gainz".

And as always: Not financial advise, nobody can safely predict any price, please only invest what you can afford to lose as this is a highly speculative endeavor. Thank you for your attention – please feel free to disagree and correct me.