Why is it - that people are so ready to buy AFTER it pumps 50X - And then cry or call BTC a scam after they lost their ass?
But won't touch BTC once it stabilizes after a collapse?
Please Share you Stupid Bitcoin Trader Stories if you have em
They're basically controlled by fear.
When bitcoin's price was $300, your brother-in-law feared the price would go to $0. Hardly anyone knew about bitcoin at the time, it was confined to a few libertarians and tech enthusiasts. From his point of view it was perfectly rational to assume that it was a fad that would fizzle out.
When bitcoin was $15,000, he feared he would miss out if he didn't get in right then. After all it was moving up fast, every newspaper was talking about it, it seemed like it might take over just like the internet.
This is how most of the public approach things. They don't look at the fundamentals. They can't see pumps and dumps, they can't tell whether something might have real traction or whether it is a fad. They can't tell real adoption from pumps.
Investing is hard, which is why so few succeed at it. It requires a rare psychology and nerves of steel.