Are we clowns?...
Well, probably some of us are, as clowns are known to easily swing from joy and laughter to sadness and tears. Looking at the crypto markets and how some of the participants are reacting I'd say that we have a lot of clowns around us.
I don't know how many around here(Leofinance) have panic sold yesterday, although I doubt anyone has sold anything, but seeing the prices reacting to every bit of external FUD and FOMO makes me thing some of the traders and investors in crypto are indeed clowns.
I checked today on the fear and greed index for Bitcoin and it seems that we're at 11 points out of a maximum of 100, that signaling extreme fear. How the hell can anyone be extremely fearful during a bull market is way out of my comprehensive power. Looks like we are though...
It's pointless what exactly has caused the dump yesterday, but one thing is clear, the crypto market has dumped hard and the fear and greed index has gone from extreme greed to extreme fear over a month. I guess the swing has occurred on an even lower time frame, but that's pretty much what the site is telling us.
"Extreme fear precedes financial opportunities" and seeing how nicely the prices have rebounded it's crystal clear that some who have bought the bottom yesterday are in good profits right now. The clowns have sharp eyes and fast reactions.
I watched the market today and BTC has at some point gotten to $42,000. Pretty much the level from where it felt. As soon as the news regarding The U.S. Department of the Treasury calling for businesses that receive transfers of more than $10,000 in crypto to report them to the Internal Revenue Service got out, the clowns have reacted.
Bitcoin felt a bit over $2,000 in quite a short time frame which at this point is peanuts money in its regular volatility terms. How does that IRS threat actually affect the ones scared and dumping crypto like a hot potato today, is hard to find out, but the fact is that they reacted almost instantly.
I'd also like to know how the hell is IRS going to surveil all the businesses that might accept crypto and catch them pants down if they don't report crypto transfers out of free will, but that's a story for another day.
Crypto people are panicked chickens
I can tell you that for sure. There are definitely some hardcore dudes among us, some of them being quite active on Leofinance to, but overall we have quite a lot of scared chickens that get frightened and fried so damn easy. Isn't crypto about disruption, having balls, facing adversities, HODLing and so on? Aren't those core attributes that we should show to the world?
Looks like this space, although a bit more crowdy than four years ago, is not that strong as it used to be. Too much panic, even during bull markets... Screw IRS, governments and other crooked institutions. Satoshi Nakamoto hasn't created Bitcoin to be kneed in front of those, don't you think?
Extreme fear precedes financial opportunity, that's a great quote I memorized from Rektcapital, a crypto dude that I highly recommend you to follow on twitter and yesterday's event has portrayed this saying so well. Hope you're having a great day and see you to the next post.
Thanks for attention,
Adrian
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There's so much fud going on now, one thing is obvious that there are more people moving with the crowed than there is for the technology, I used to think this was a hive thing,....its everywhere, apparently.
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Yeah so many copycats,they do not have their own mind when trading,they just do what others are doing and do not care if they are wrong or not...
Mass psychology I guess.
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Too many people in today's cryptosphere are rookies who got here only few months ago. All they saw was Bitcoin going up, they got greedy, they FOMOd in and they leveraged every bone in their bodies. If you add social media manipulation and the cult of Elon the Crpyto Messiah this massacre of paper hands becomes quite understandable.
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They're the main getting rekt right now and tbh they kind of deserve it.
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As the saying goes you miss 100% of the shots you don't take.
In this case pushing past that fear to a mental state that precedes that FOMO to HODL and raise your equaty on the dip.
This will ensure you see good results.
I love that qoute, extreme fear, precedes financial opportunity, very fitting for this current crypto climate.
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I love it to.
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yeah, even if they want to check everyone on earth if they have crypto, they will never be able to tell if that person has another wallet, or another type of crypto.
accusations, and guesses by the transactions, sure. but that requires to check EVERY single transaction on every blockchain. its not worth the effort.
their only weapon is fear, but if fear has no standing ground what can they do?
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Exactly.
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what an explicit example hahaha
Well I sold leo yesterday but it was to buy cublife, so it was a good investment.
But something I noticed is that many people were desperately selling LEO yesterday, and I compared those sales with the purchases of cublife and only 10% matched, so many clowns made leo lose yesterday.
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There are clowns everywhere. Some are probably living off this thing so it's a whole different situation as to leverage trade. I try to make a living out of this thing as well, but not selling anything at this point. I have stuff to pay for, bills, car and so on, but it's to cheap to sell it tight now.
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I hear you, it's like owning a Ferrari and selling it for $100, obviously a big loss.
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hola por favor me podrias devolver 10 colmena dolar que te transferi por equivocacion por favor
hello please could you return 10 dollar hive that I transferred by mistake please
Maybe someone should create IRS coin. Then pay everyone’s taxes with it..Although, it may not quench their thirst for greed and avarice.
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Good idea.
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I really enjoyed reading your post
Thanks. Much appreciated.
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As I wrote in my last post about HIVE (https://peakd.com/hive-167922/@toofasteddie/hive-and-the-take-the-money-and-run-investors), the problem is exactly the same, many come to crypto just for the potential of quick profits. They don't care about the technology and that's why, people like you and I will succeed on the long term ;-)
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That doesn't mean we won't have profits, but I am amazed to see often times folks that seem to be in for the technology who succumb so easily.
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Too many people in today's cryptosphere are rookies who got here only few months ago. All they saw was Bitcoin.If you add social media manipulation and the cult of Elon the this massacre of paper hands becomes quite understandable.))
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That's a great analogy with clowns! Some of the FUD spreaders are clowns too, lol.
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