FOMO, Mania; 2017, 2021. Why this time isn’t all that different.
Let me get this out of the way, this is an opinion and analysis piece. It might or might not validate the 'to the moon' sentiment. So if you're looking for confirmation bias, just downvote this and move on to the n-th post about 'crypto changed my mum's dogs left testicle'
Here's a few posts from the past few days that haven't made it to hot.
Taking a loan to buy more crypto.
I’m taking a 100k home equity loan and putting it in eth
Now, here's a few posts from Nov-Dec 2017
i got a 30 thousand bank loan, which coins should i invest in
Borrowed 14k USD and bought Btc
Thinking of getting a $100k personal loan to buy cryptos, what cryptos do you suggest?
Could find many more samples if I went through the comments and dailies. Now, we all know it is an obviously bad idea to take out a loan to invest in crypto. It totally goes against 'Never Invest More Than You Can Afford To Lose' which can be seen on the frontpage everyday. The fact that people are still doing it just goes to show how properly in the greed phase we are right now. Everyone and their granddad wants to throw money into crypto, even if it's money they don't have.
But is that the only parallel? Hell no! Here's some fun pumps from way back when!
IOP: went from $0.7 to $10 in three months. Hit ATH in Jan 2017, and another local peak in Jan 2018. Currently at $0.1
RISE: rose from $0.01 to $1.2 in two months. Hit ATH in Jan 2018 Currently at $0.1
There was literally a coin called FUCKCOIN.
But that's from 2017, haha we've certainly matured by now, haven't we?
r/cryptomoonshots would beg to differ. In just the last one month, there have been more rugpulls than one can keep track of. This is classic FOMO and greed. Couldn't make money on ElonMoon, no worries SafeGate will help you recover losses. And dogecoin is most definitely going to $1, and then to $2 and so on.
A lot of examples of stupidity. But we're definitely wiser this time around yeah?
Just a little PSA about buying the dip for new crypto investors
Sounds like good advice, yep it was great advice in peak 2017 too!
And ofcourse, we have PSAs for newcomers this time around too. Everyday! Everyone is a veteran advising the newcomers, which I for one think is very wholesome. 😀
So that's a lot of text, but what am I actually trying to say with all this?
For one, this time is not different. Because people are not different, and will behave the same way, everytime. Every single coin is pumping. You could throw money at a logo you really like and within a week 2x your initial investment. Which is scary. Doesn't matter if it is a decent and secure project, whether it has a future roadmap, whether it even is decentralised. In the next few weeks, I expect to see a lot of weird ass coins in the top 100, and some maybe even in the top 20. The market is very very greedy right now. The smallest news causes huge pumps. People haven't figured out yet that not everyone can win, and they probably won't till they're left bagholding. And that will happen, because these prices and marketcaps are wildly irrational, just like the people currently invested in them.
Which leads to my second point, I think winter is coming. Not right now, obviously, and yeah yeah no one can time the market. But, I think it'll be sooner than later. I'm considering Sept-Nov 2020 as the start of this bullrun, and I don't think any bull can run for more than a year without collapsing.
So, maybe consider this advice, or maybe consider this a FUD-er spreading FUD, or maybe consider it a moon farm by being contradictory (METAMETAMETA). Just some thoughts I had. I'm going to slowly and steadily pull some decent profits out, maybe buy some ramen for the winter, and hoard the rest for when things go south.
Ofcourse, now that I've typed it all out it's much more likely that every single coin will actually rocket and I'll be left in the lurch! Cheers!
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