Fear of missing out

brewski1984

Senior member
2,025 343
Anyone else experiencing this right now? I never paid any attention to Bitcoin etc because I never understood it (and still don't) but it's interesting how all of a sudden it's something I feel I want to get involved in. I keep reading about people who bought it years ago and are retiring, people who bought it a few weeks ago and are making a killing and even someone on here suggested to buy it now so they can retire next week. Bitcoin is certainly getting pumped to the maximum right now.
 

FXX

Experienced member
1,138 190
bubble bubble bubble

at the end of the day the realisation will hit much like the 2000 .com boom that it is actually worthless and subject to being hacked without any guarantees
 

brewski1984

Senior member
2,025 343
Aren't there ways to store it offline though? I don't understand it properly to be honest.

The only thing that makes me feel better is the fact that in the long run it's almost a guarantee that all these people will lose their money. Maybe they will give it the biggun blagging about paper profits for a while or even cash out and make thousands but I'm sure they will just lose it all again trying to win big again on something else... sometimes winning is the worst thing that can happen.
 

tomorton

Legendary member
7,192 945
Bubble's are a fine way to make money quickly BUT they go pop even quicker.

The other thing is each one's a complete one-off. What are you going to do next year?
 

brewski1984

Senior member
2,025 343
The thing is though, this fear of missing out is irrational.

Someone said to me the other day that if I'd bought Bitcoin 2 weeks ago I would have made $4000 profit. True, but if I'd risked the same $5000 on a single trade I could have gone $50pp on anything and made 80 points for the same profit. Isn't that just the same thing?

Is the fact that now the average joe has heard of Bitcoin and is wanting to get involved due to the fear of missing out a good sign that it's ready to burst? Are these people just cannon fodder providing the liquidity for the pros to sell theirs to?
 
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tomorton

Legendary member
7,192 945
Good point brew. I remember when we all saw a mainstream TV news piece about the NY cab driver trading between fares from his yellow cab - we all knew it was time to get out.
 

Quantt

Established member
944 57
I remember even at $30 it looked expensive to me and still didn't make any sense... it is not secure and way over manipulated... Remember one tulip was worth as much as a house, so we might still have ways to go, but not worth the risk for me personally...
 

Big_P

Member
62 9
I've also been experiencing FOMO with regards Bitcoin. I have a doctor friend who knows jack-s*** about the markets, and recently he was talking about buying in to Bitcoin. Now it hurts to think that he may well make a quick buck (or even a killing), when someone like myself with 10 years experience has done nothing.

But .... for me, scenarios like this come back to one thing. Does a 'Buy' on Bitcoin come into my trading plan? Are the necessary elements in place to justify taking a position.

In my case, no. So I won't.

That's what I like to think stands me apart from the casual punter. I'm following my rules. I am building a plan to make myself consistently profitable. My doctor friend may make some money this time, but without a plan, he'll soon lose it again.

So yes Brew, I'm with you. But if you want to stay in the game long-term, jumping in with everyone else isn't the answer.
 

counter_violent

Legendary member
9,397 2,376
There are currently 1300 cryptos. The majority will fail of course, but cryptos are here to stay, so instead of just dismissing this arena out of hand, I suggest you all get busy trying to understand what it's all about.

I'm undecided about this area, on the One hand it could all be a great big ponzi scam, but on the other hand, I can see why people would use the tech for many reasons.

One thing for sure, these things are only just getting started and the more govt tries to ban and control, the more they take off.

T2W needs some serious discussion threads on this topic.
 

Quantt

Established member
944 57
There are currently 1300 cryptos. The majority will fail of course, but cryptos are here to stay, so instead of just dismissing this arena out of hand, I suggest you all get busy trying to understand what it's all about.

I'm undecided about this area, on the One hand it could all be a great big ponzi scam, but on the other hand, I can see why people would use the tech for many reasons.

One thing for sure, these things are only just getting started and the more govt tries to ban and control, the more they take off.

T2W needs some serious discussion threads on this topic.
I am in tech/security in a big corporation and block chain is not used and will not be used in the next few years, because there are no real practical applications... -
Everything right now is fueled by startups building stuff for other startups and funny VC money going around like musical chairs...

Not to mention crypto currencies are completely different animal form the block chain technology... Your example is like advocating buying paper money like Mongol Dongs, because they are printed on paper and the paper is widely used...

Maybe one day we will have a real and viable market, but right now is a very manipulated place with no volume, shady players, etc... You are better off investing in a risky bio tech if you have this kind of risk calculated in your portfolio...
 

Pat494

Legendary member
13,352 1,298
There is a small town in Devon called Totnes who had their own currency back in the 1980s. I think it is pegged at 1 local currency = 1 pound so it can't inflate in value. It's main purpose seems to be getting local people to spend locally.

Probably something different from the crypto lot. ??
 

counter_violent

Legendary member
9,397 2,376
I am in tech/security in a big corporation and block chain is not used and will not be used in the next few years, because there are no real practical applications... -
Everything right now is fueled by startups building stuff for other startups and funny VC money going around like musical chairs...

Not to mention crypto currencies are completely different animal form the block chain technology... Your example is like advocating buying paper money like Mongol Dongs, because they are printed on paper and the paper is widely used...

Maybe one day we will have a real and viable market, but right now is a very manipulated place with no volume, shady players, etc... You are better off investing in a risky bio tech if you have this kind of risk calculated in your portfolio...
No practical applications! You have to be kidding me :LOL:
How about the fact that a continuous sales ledger open to all and free from manipulation including govt and central banksters. No wonder they are all running scared, theft by inflation and worthless money printing are tools they have used since the dawn of time. If cryptos get it right, then govt's and money lenders are screwed.
 

Quantt

Established member
944 57
No practical applications! You have to be kidding me :LOL:
How about the fact that a continuous sales ledger open to all and free from manipulation including govt and central banksters. No wonder they are all running scared, theft by inflation and worthless money printing are tools they have used since the dawn of time. If cryptos get it right, then govt's and money lenders are screwed.
I know all the theory and have been following this of years and I am telling you right now in the corporate world there are not a single widely/daily used piece of software based on the block chain technology, not in security, systems, anywhere...

For the anti government stuff, if China bans it (and they can do it very easily with the great wall firewall), it will be the end of bitcoin...
 

counter_violent

Legendary member
9,397 2,376
Banning things simply fuels interest. China has already tried putting obstacles in the way. The result...doubles the price.
History is littered with examples of govt banning things. Drugs, alcohol, etc.
 

Pat494

Legendary member
13,352 1,298
I know all the theory and have been following this of years and I am telling you right now in the corporate world there are not a single widely/daily used piece of software based on the block chain technology, not in security, systems, anywhere...

For the anti government stuff, if China bans it (and they can do it very easily with the great wall firewall), it will be the end of bitcoin...
Bitcoin might depreciate a lot without China but surely it would not collapse completely, would it ?
Perhaps it needs a billionaire or 2 to support it ?