Ninjastic
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Board Bitcoin Discussion
Re: What is FOMO why people interested in FOMO
by
TravelMug
on 07/01/2021, 00:40:26 UTC
Quote from: Broly46 on January 06, 2021, 06:05:49 PM
Quote from: qwertyup23 on January 06, 2021, 04:25:32 PM
Quote from: Mrsonutiten on January 06, 2021, 12:44:00 PM
My thought we are in bull market just forget new experimental coin smashing up 50x -100x in dex and next week rekt , so old is gold avoid fomo buy old coin 👌👌

There's a huge problem with people who has FOMO especially when they enter something they do not know about.

Let us take an actual example. Back in December 2017 when the price of bitcoin reached an all-time high of $18,500/btc, people lost their minds. Many entered and invested into bitcoin without even knowing what it was and the technology behind. As a result, a month after December or around first quarter of 2018, the price of bitcoin plummeted and crashed. Unfortunately, those people who invested during this bullish run claimed that bitcoin was a 'bubble' and a 'scam'.

FOMO can be advantageous but you must know what you are getting in to. If you blindly invest into something without even knowing what you are actually purchasing, you will just add to the stigma which contributes to the negative image of cryptocurrency.
Yeah, I remember some old retirees bet their pension on bitcoin at the peak, that’s crazy they’re going FOMO on bitcoin, ETH soar to a point nobody can even believe that many wonder it’s spell the demise of bitcoin dominance! But the market collapse quickly, and the domino effect is so horrible I’m watching many small exchanges go completely offline, anyone remember defunct liquid exchange? Many of them go to every random forum and writing their horror stories. I believe many OG get screwed on the FOMO very badly.

It's mostly those irrational newbie buyers, who think that the price will go on parabolic rise back in December 2017 because there are a lot of news and speculations that the price will hit $50k.

And then boom, market manipulators played us, once the top price has been reached, they started selling. But we can't compare the FOMO that was 2017 with today's massive buying. It's more of institutions and companies fuelling this spike, not manipulators and whales and speculators who wanted to take advantage of newbies and the FOMO that they created.