Bitcoin Forum

There is something I've wondered about.

No coin ever goes in a straight line up, forever. BTC didn't do it. Stocks don't do it. No investment does. Yet when a coin gets pumped, hits its apex, then tumbles down to a new floor, people go all into panic mode. The sky is falling, get out now, etc.

What I wonder about is, why do people repeatedly seem to behave in the same way? Sure, on a pure pump and dump junkcoin, it may tumble to nothing again, but people should have realized that would occur way before the pump. If, let's say Taxicoin, all of a sudden zoomed up to .01 for no good reason, no sane person would think it would remain there forever. I simply don't get why people go into panic mode on coins they previously believed to have good fundamentals, when it just moves down to its new floor? Human nature, I guess? Or selective amnesia?

Then there are troll types, who seem to behave in mostly the same pattern. There are always regular trolls who simply take joy from being jerks. And those who sold off, and don't want to see the coin zoom up while they are on the sidelines. But typically it looks like a pattern where trolls come out after a pump, spread fud, watch coin go down... then logically they'd scoop up the cheap coins at around half of what the pump level was... meaning 2x the coins, or profit + same coins they started with. We also have trolls/fud spreaders whose basic purpose seems to be to try to get people to invest in <whatever coin they are holding> by spreading fud against coins they deem a competitor.

What I don't quite understand in regard to this is just why does anyone believe trolls/fud spreaders? I mean, nobody should assume anyone saying anything, fud or hype, is doing so for altruistic reasons. If someone says, 'Get out of <coin> now, buy <new fancy coin> instead!' they must realize they have an ulterior motive for doing so.

I guess I am just confused by the repeating patterns and why they still work. Or maybe I have been watching the polo trollbox too much. I sometimes think they should put a little Pinocchio image next to the box, to better illustrate how valuable the info provided there is.

1. People are greedy
2. You can't fix stupid

DRK will dump so hard that many here will remain bagholders forever. Just saying.

only the dark descent

I should have prefaced this by saying I am referring to all coins, no coin in particular. It was more brought on by simply watching the polo trollbox for a week, rather than anything happening to Drk. Although many of the Drk comments people have been spreading do apply. I got my reasonable amount of Drk when it was 10x cheaper than it is now, so no, not angry about anything. If anything, I've wanted it to go cheaper, as I never got as many coins as I originally hoped for. Price corrections should be expected for all coins.

Again, I was mostly just curious about the repeating patterns. No specific coin.

'It's different this time'. 'New paradigm'.

It will ever be thus when you're in the middle of it hoping hard.

Agreed, I've been waiting and watching that to happen for a while. Amnesia?, do you remember Aurora coin. Nearly all of the alts get artificially pumped to some degree before dissapearing into the night because they were crap to begin with.  

Something with the name 'Darkcoin' will never have mainstream adoption. One of Bitcoins biggest flaws is that folks associate it with criminal behavior or worse. 'Darkcoin' has created an even worse connotation for itself with its name.

Yup...and also there's 1.5-2 millions DRK instamined,so dump was expected sooner or later. Party is over, only ones who are not greedy will take a profit.

I'm not sure if reading comprehension difficulties should be added to amnesia. Again, I wasn't referring to specifically darkcoin or any coin. And I did say junk coins that pump, and go back down, should be expected... I used taxi coin as a reference, but almost all nation coins apply, as well. The airdrop concept has some serious flaws.

Again, I was wondering why repeating patterns seem to work as well as they do. And why does anyone believe trolls in the first place.

Instead, it appears people are using this thread to.... well, do what they usually do here.

Agree.

Darkcoin will probably be in percentage and marketcap terms the biggest dump in Crypto history so far.



http://www.youtube.com/watch?v=R6rxsp82OvM

They (nearly all the alts) are garbage. I'm not sure that makes us trolls. You can look at coinmarketcap and see the ongoing trend slight interest followed by huge dumping of basically everything. I own only Bitcoin right now but there a few alts with a chance, primarily just  the ones that are actually 'new' in that they were created from scratch and not copies of Bitcoin.

I agree. Again, I was talking about patterns, not necessarily the coins or whatever perceived worth they have. Most coins are simply used for pump and dump schemes. The part I don't understand is why people follow the same pattern, believe hype, or believe trolling -- okay, trolling may be too harsh a word in many cases, let's say spreading negative or false information.

That partially could explain it in a way, yet at the same time, people spreading false information does seem to be more prevalent than actual risk. It could mean people are extra 'twitchy', for lack of a better word, ready to jump at the slightest sign of doubt.

I was just looking over some random threads... and checked the Drk thread just now, because people seemed so fond of mentioning it here. One guy commented on how he stated that Monero had a 90% premine in the trollbox, resulting in a pretty major dip in price right afterwards. Of course he had no facts to actually back up his case. There are plenty of threads on other coins here claiming such and such a coin had a premine or instamine, without providing any real proof. I guess people may be too sensitive to any information at all, due to the inherent risks with crypto to begin with. It could explain some of the sheep mentality.

I'm not sure it explains why people believe hype so much, but I guess human greed could explain that.

Yeah, I probably should have used a different phrase than 'trolling', although there are plenty of that too. And yep, information, even negative information, can be very helpful.

But I was referring more so to negative statements without any shred of proof. Or in some cases, statements that don't make any logical sense.

ie. Such and such a coin has a virus, here is a screenshot from my virus checker -- good info.

<whatever coin> is going down... the dev made 20 other altcoins and is in some 3rd world country... it has a 95% premine, get out and put your money into <someothercoin> instead while you can! -- bad info.

There is nothing wrong with the name "Darkcoin", if that were the case would you also have a problem with "Litecoin" ?

Retarded f**king goyim.

As I stated, this isn't a pro or con Darkcoin thread. I almost wish I self-moderated a thread that I never thought would need moderating.

This apply's to Bitcoin in a big way as related to pattern's too and not just alt's, I wonder if there is a better name to call it rather than amnesia? "twitchy" is good, see it all over and over and mainly only seasoned hardcore miners seem to be unaffected by the syndrome,.

What occurred with bitcoin is primarily why I used the term amnesia. but perhaps it's not the best term. I wasn't even about here when btc was going up and down, but people seem to forget that it too was pumped and dumped... a lot. Yet when they see an alt coin do the same, they go into insane panic mode.

In a lot of cases the coins will dump down incredible amounts, so they are right to be concerned. But if it's purely a junkcoin, it must have been expected beforehand. Unless people overly believe hype, which is much more prevalent than I expected.

I guess penny stock guys would have better answers than anything I can guess at. It could just be human nature, hence why the repeating patterns are profitable for some... and not so profitable for others.

It definitely is human nature, anytime i see my finances dipping I freak out, concerning coins when they are up I am the happiest guy to be around life is good, and when they go down I panic and its truly hard to get a grip and hold through the weather cause even good coins can take hard dips and not really recover from an extreme dump, I expect anything to happen though now, plus I am mainly just a spectator for now.
Wish I could read the patterns and know exactly how its all going to flow.

Because first was people that missed the bitcoin train, then the ones that missed the litecoin train, then the FTC, XPM, CHN...

It's a variation of Stockholm Syndrome.

Victims of kidnapping will often side with their jailer...
And do, say, excuse anything to defend their kidnapper.

"Honest" people here deliberately get "a little" involved in a Coin Scam...
Then do, say, excuse anything to defend the Dev Snake... their Partner in Crime.

Then when the Snake Dev, of course, abandons the Coin after the Pump...
These same "honest" people jump all over Snake Dev's next coin...
And pound every diseased orifice till they bleed... like it's the Last Ho On Earth.

The fact 'honest' is in quotes is probably very appropriate.  When I see someone in full blown hype mode, I wonder if they are purposely scamming, or simply going with the crowd, hoping to boost their coin's value. And then I wonder what percentage of people actually believe their own hype. There probably is a decent percentage of people who realize they are in a scam, or let's say pump and dump coin, feel a bit trapped knowing it's too late to get out, so go into hype mode, hoping to boost the coin enough to profit.

There are plenty of threads here where a dev may be doing something a bit fishy, yet people will jump in defending him. Of course in a forum like this with little moderation, for all we know the dev is defending himself.

But back to patterns, I never thought people would believe hype so much. Or completely ridiculous statements. I know some ignore it, but it does certainly seem to influence price.

It's funny to watch. But even myself can't always shake the panic or the bondless optimism.

Yeah, it's just the way our brain's are wired, I guess. I know I sometimes have thought a bit too grandiosely about a certain coin... or felt a coin was worthless, when it really wasn't... then I sort of have to shake myself out of it.

Someone here in a different thread (forget which one) commented that buying low/selling high is the complete opposite of how our brain's work. We sort of need to train them to think differently. Quite often I've found myself wanting to buy in during a pump... or panic sell... then think to myself, okay, forget that, just do the complete opposite. Usually it works out better that way.

Many of these individuals you speak of are just very impressionable kids.

yes, some people do, also since many people who launch/control coins (and possibly exchanges) want to create or push some perception on others they use fake accounts /multiple accounts to spread rumors, lies, whatever.

The greater fool theory of economics.....

Would you buy a bag of oranges for $50 ? 

If you knew you could sell them to a 'greater fool' for $100 , you would.

Apply that.

Greed is what fuels it all

People tend to have short term memories
Reward themselves when good things happen and then regret and regret when things don't work out
Human optimal nature is finding the balance between both these points
Being satisfied when things go well and learning from your mistakes when things go bad if the mistake is bitcoin going down then well just have patience if you believe in it.

But 1 and 2 say it in less words :)

Exactly, the greed makes people primitive and they will always behave the same, at least masses will. If there was nothing at stake, people would be rational and make money instead of losing them.

People think other people are stupid. (So I guess that makes them stupid too.) So when the FUD starts, they themselves see it's obvious fud, and know the fundamentals are exactly the same. They just think other people will panic and they think they have to dump first before the "stupid" people will dump.

There will always be fluctuations in the market