I wrote a comment today on one of @dragosroua's recent posts in which I expressed my opinion in regards to the downward trend of the crypto market and I wanted to expand just a bit more on the topic.
You can't educate people by force.
I find it a bit similar to what's happening now at a macro level with the crypto market as a whole. I've read many comments and posts in the past couple of days from people that are panicking because they clearly haven't taken the time to understand what blockchain technology is or why it is important. The kind of people that maybe have heard that bitcoin and cryptos are "hot" right now and they can make a lot of money in a short period of time without doing much. The kind of people that can't really differentiate between investments and speculations.
I think that at this moment in time, if you're not a developer, there are only two options if you're in the crypto market. You are either a long-term investor in a project or projects that you have read about and analyzed their future growth potential. You know, kinda like the Warren Buffet type that invests in a company and holds the stocks for 5-10-20 years.
Or, you are a trader that takes it's buying and selling decisions based on understanding technical and fundamental analysis and that clearly understands what drives speculation in the market. This isn't for most people. I know because I've had a Forex trader as a flat mate for a few years. Believe me, being a trader is a 24/7 job. The type of mental strength, clarity and focus that you need to have to make money from trading is something that most people simply do not have.
My opinion is that there are a bit to many that are currently in the market who are neither of the above and that's a bad situation for them to be in and to not understand it. These are the people that will buy for the wrong reasons and sell for the even worse ones.
This month is a very good opportunity for anyone to ask (and maybe remind) himself or herself: why am I interested in cryptocurrencies and the technology behind them? It could be an excellent and useful moment for self-reflection.
Great article. I think it is applicable well beyond the crypto world.
Most people have been brainwashed into thinking they are even investors. No, most of you are not investors. Investors run cost benefit analysis, know what EV stands for, dollar-cost average according to a rigid timeline, etc. Most of you are SAVERS - you make more than you spend, and you need somewhere to put money. Logically, you try to save it in the places you most believe in, but unless you are undertaking a near-full-time job of rigorous research, analysis, and skepticism, you are not even investors, let alone traders.
Always have a plan if you loose everything, and assume you know less than you do. In other words, be very, very careful.
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Very well said @lexiconical. I see the words "investments" and "investors" thrown around in the public sphere these days that one might think that almost everyone is one.
One of the issues of using any words more often then they should be used is that the words get devalued and you get to a point when you don't really know what or if those words mean anything anymore.
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"If you tell people that everything is subjective, that their whole life is based on fictions, you're helping authoritarians making any kind of criticism impossible. When there's no truth, the only force left is violence."
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Thanks for sharing a wonderful information.cryptocurrency price may hit a temporary hurdle.
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LOOOONG TERM INVESTOR!
that is currently 2700$ down on the investment :D :D
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wow ... great post
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Both!
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Definitely investor !!
Im here for the long run baby :-)
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Personally I'm a bit of both. I trade, but don't mind getting stuck with a coin going backwards, because it's one I had my eye on and researched anyway.
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Investor & Trader
wisdom > time >money
Inverstor:
wisdom
hold more than 5yrs
lots of money
Trader:
news
trading 24hr
loan, leverage
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