I know the title sounds a little strange, but hear me out. You wanna know the biggest gainer of crypto currency in the month of May? None other than Bitcoin SV. Oh yes, that notorious "fork of a fork" created by self-proclaimed "Mr. Satoshi" himself, Craig Wright. However, if you happened to read any of the media headlines regarding their viewpoint of this most divisive of digital assets, you probably wouldn't have touched it with a barge pole! I certainly didn't. But the facts don't lie. Over 200% price gain so far! He managed to piss off most of the big names in our humble little industry but the low of a few weeks ago was actually a great buying opportunity. Who would have thought? And it's not the first time this happened either...
When I got into crypto back in 2014, there were four main tokens in the mainstream spotlight. Bitcoin, Ethereum, Litecoin and Ripple. Whereas the first three were seen as the heavenly bodies of the space, Ripple was the black sheep asset not to be dabbled in. You know, because it was a "bankers coin" so not only would you be supporting globally centralized autonomous systems but also the dictatorial "powers-that-be" too. That was when Ripple* was just under half a cent. Well, taking a quick look at today's prices tells you the rest of that story. I had a substantive stash at the time but offloaded everything due to being "naive and peer-pressured" into selling. Oh yeah, the regret is real!
Another time I remember like it was yesterday, was when I first-hand witnessed the now-infamous market crash of Ethereum because of the DAO hack. Ethereum plunged from almost $15 down to around $2. Poloniex was the go-to exchange back then and they still had Trollbox up and running. For those you don't know, Trollbox was a text-based chat box where everyone typed messages for everybody to see, in real-time. Exactly like in YouTube live streams now. I remember everybody screaming like mad, advising us all to sell our Eth holdings because the blockchain was pretty much dead now. Only a small handful of indivduals replied that it was not the blockchain, but the DAO project that had failed. However, being a complete "noob" in the space, I watched the opportunity of a lifetime slip past me, for fear of not knowing who to listen to.
These are just a couple recollections of mine. So it appears that unless a coin is a blatant scam coin (Bitconnect, anyone) and not established yet, buying a "FUD" coin can actually reap huge rewards for you. In the instances I mentioned, a tiny minority "got" it and are now basking in serious wealth. Just goes to show you, the best judge of anything in life... Is staring straight back at you in the mirror. Public Enemy saw this a mile off...
"Don't Believe The Hype!". Wise words indeed.
Always great to reflect on the history to find our ways forward. I didn’t really participate in many of those events as I hadn’t gone down the rabbit hole yet. But since 2017, it has been a wild ride for sure!
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If ever there was a "Wild West" time period in crypto, 2014 was it!
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Fud can be healthy and unhealthy. I definitely love the Fud when it's about a coin that I have been hoping to buy. Like if there could be a Fud about Btc, eth or veil coin now so that I could bag some of these cheaper than they currently are..