Ever asked your friends something about cryptocurrency? If yes, did you actually get any answer containing some more information than basically just "I know they exist"? Well at least I didn´t...
Most of my friends simply don´t have any clue about what´s a blockchain neither how cryptocurrency work. But surprisingly many of them suddenly invested money into Bitcoin during the bull run last year, which led to quite some losses after all.
It´s the phenomenon of FOMO, which everyone knows might leave you behind as a bad holder with some serious losses. Anyways the greed always seems to be the stronger factor leading to such massive runs...
Reading this tweet from Ran Neuner actually shows how clueless the masses still are. Speaking of this I like the terminology of "stupid money", which simply fits perfectly. People simply don´t have a single clue about the whole space but the greed makes them throw their money in.
It happened before, it happened just recently at the end of 2017 and it will definitely happen again many times down the road as the masses tend to forget about their past failures pretty fast whenever the next bull run comes up promising fast money...
The actual technology or purpose of a token isn´t interesting for most at that point. They simply don´t care about the way the blockchain works these days. They see Bitcoin as an asset but not yet as a technology that´ll enable them to live free without any banks influencing their daily lifes.
We still got a long way ahead of us until people will know what blockchain and cryptocurrency are really about and how they work. But the day will come that crypto change the world!
A Crypto Startup Revolutionizing Steem! |
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Stupid money is very common. They say the retail investor is the way to time market tops and bottoms. When they are piling in, time to get out. We saw this in December.
I read a post last night about one who put money into STEEM along with friends. These people put retirement money and now it is down 70%. Most left the site calling cryptocurrency a scam.
While I am a believer the system is set up to be against the masses, I can buy into the argument that people do a lot of things to themselves. The banksters have the game rigged yet people still insist on doing the dumbest things.
I was talking with a financial planner about a member of Congress who said "we have to protect the unsophisticated investor from cryptocurrency". Why do they have to do that? If one is unsophisticated when it comes to invested, do not invest.
By the way, did they ever hear of investopedia?
You mention some good points here but unfortunately like you say, it's stupid money.
Many of them might actually know all the basics about investing but still fall victim to fomo. It's just too tempting for many to get rich quick...
The masses do the same for anything new and doesn't give them an immediate profit. You should check out the stuff they were saying for the internet in its first years.
Worst and what I'll honestly never understand is how they all rush into something they ain't got a clue about...So many people invested without knowing anything about crypto...
most of human history comes down to a few people beginning something, and the rest following them blindly
Its sad to say but a lot of people would rather banks manage their finance to, the idea of "holding privite keys" is still to much responsibility for some!
Honestly as long as it's possible to loose everything through simple malware etc. I won't put a lot more into crypto either. The risk of loosing everything is currently still too high IMO
It is only natural that when a market is flying that there are many new investors wanting to be part of it.Crypto is not a get rich quick scheme. If too many people think it is, the prices will go up too quick and the bubble will eventually burst.
Unfortunately there's some truth in your words. People like to chase the fast money just to get burned afterwards.
Hi @steembusiness
Yes it is true and I have tried my best convincing people that crypto is the future but they don't look beyond the falling price. That is the only thing they look at but it is not just the crypto market!
Most people can not even define the term money. The first thing we think of when we hear money is paper currency or better know as fiat currency but it is not money.
Fiat currency is a deceitful impostor that continuously eats away your wealth through the process of inflation. People must learn to minimize the effect of inflation and being unaware of this can cost you dearly in the long run especially if you are a pensioner living off a pension fund. You always hear people say that you must start planning early for retirement and I agree but not the conventional way because then they manage to steal the most from you.
I have tried to simplify it in this post -https://steemit.com/money/@dpl/true-wealth-is-your-time-and-freedom
Gold, Silver or Crypto Currency is probably the best decision you'll ever make when planning long term but financial advisers wont tell you this because they wont make as much money out of you if you don't invest in Fiat Currency.
gracias me despertaste la curiosidad de conocer mas
Great article, upvoted and keep up the good work.
Sadly it's the marketing tactics that brought a lot of people to cryptocurrency, such as celeb advertising, the mass media slating bitcoin and calling it a bubble.
We need to educate people on the value of cryptocurrencies, with mass adoption, that's where the value comes from.
The attention wasn't a bad thing after all IMO, unfortunately many people had to suffer serious losses though.
Yeah exactly
During last forth quarter it was prove that only two percent of the world knows about cryptocurrency.
Because the world total market cap was ranging around 69 trillion and crypto just at 800 billion
So therefore the masses are still yet to arrive.
Seem to be a usual mass syndrome. Similar happened with revshare programs which make rich - richer and poor - poorer.
It is true. I am struggling hard to understand what is all this stuff but all i know is bookish knowledge about crypto and blockchain.When i see posts here i am not able to draw any connection of those posts with what i know.i simply keep going & say "let them do what they are doing*
Very true. It will take a big deal for everyone to at least understand the utility of cryptos.
I just now had a heated argument with one of an elderly person from my family. He has been an experienced finance person but in his era. I had a hard time explaining him how banks are taking away our money.
Ask him where all the money is coming from that people make in derivate trades etc. All the billions that appear daily. Could be fun to see em stumble and realize that sth is wrong xD
You totally correct. I only knew about them due to hype during december.
Yeah masses of people dont know about cryptocurrency . No one i think will tell the real information. But i admire your effort. Yes the day will come when this currency will take the world. And people will start investing their money here.
Nice post
investment and technology are different things and needs different mindsets. I believe most of the people who made money from cryptocurrency does not have much to do with technology,they are just good investors.
And they still haven't invested which leaves humongous upside for market participants that have already invested.
It's true. most of the people who made money from cryptocurrency does not actually have that much to do with the technology,they are just good investors
How people xan know about crypto currency completely?
Markets were always like this... not just crypto markets.
FUD and FOMO are what makes Bear and Bull
Wouldn't you think that if we take any technology majority of users are "stupid"? How many of the people that create or let's say own a website know how it works or how to create one if it wouldnt be drag and drop?
My guess is that "stupid money" will stick with technology once there will be more product and applications that don't require to understand how it works. Cause at the moment to understand protocols what they can and will do is only for the few selected people. Wouldn't you agree?
Great way to exchange. Very useful post . Thanks @htooms