Bull Run; FOMO

[Stedsm]

Would you believe if I say I had the opportunity to buy 10k BTC at around $0.1 per coin in its very early days? I didn't buy it at that price because my dad straight away rejected my proposal to go for this. I studied everything from its whitepaper to knowing about the technology backing its transactional run (I'm talking about Blockchain), but my dad thought it's a HYIP (and it was time back then when such things were in the trend). I lost too much in HYIPs before I got known to BTC that my father didn't let me buy it, not even when BTC was just $30 (as he wanted to prove me that it's a HYIP shitcoin and nothing and he thought he proved it to me when BTC crashed down back to $5). Things never remained the same for BTC and so is the case with those in the top 10 according to their marketcap. I believe that you need to get the rest ones assorted in order to find the best coin and get into it, wait for some years to get the next 100x.

[hatshepsut93]

The psychology of regarding coins as shit coins until they blow up and become too expensive is common among newbies. Even myself I am guilty. Enjoy the bull run guys!! Remember to lock your btc or swap to a stable coin like usdt. Good luck

A shitcoin is not a cheap coin, it's a coin that doesn't have any utility, innovation, development, usually all it has is aggressive marketing. They also often have severe flaws that make them centralized and unsecure. It's irrelevant what their price is, even if they rise x1000 they are still shitcoins that are doomed to become worthless in the long run.

And selling BTC for USDT is stupid, Tether is centralized and could crash at any moment with no protection for holders. Better stick with traditional banks if you deal with fiat, at least they are fully regulated.

[Pokapoka124]

Elon Musk's comment about bitcoin got me worried. Is there going to be a dump because of this?

[Pokapoka124]

Bitcoin hit ATH of $27k yesterday. 2020 seems to be ending on a good note. Santa came through with bitcoins lol

[Lordhermes]

Bitcoin has surged past $21k. Newbies are rushing into the market to buy some.. FOMO...it's incredible that people are more willingly to buy a coin when the price is high than when it's low. Take for example when btc was less than $600 in 2016, people thought it was just plain stupid to buy a coin for that much. I had the experience with ethereum, I could have bought eth at $100 but I wasn't sure and was waiting for the "right time". I later bought ETH at $400.

The right time to buy bitcoin is the "now time" you see the price, what I mean is, there is no right time to purchase bitcoin, the best time is now no matter the price only if you exhibit a patient character, I came to understand that the best way to go about this is to become hodler as a newbie till you have gathered some useful information for your yourself and learn a lot regarding trading. The price often scares people away while they were aware when it was cheap, it just that and that's how the system is, nothing to change about it.

[Krislaw]

It's that FOMO that's the best way to get the pump to keep going. I sense no manipulation here. Every entry price is expensive no matter what, what's assured is that there will be profit/loss at a certain time. So one has to be careful on which coin to buy into. Bitcoin and other coins with good marketcap are good to look into.

[virasog]

Bitcoin has surged past $21k. Newbies are rushing into the market to buy some.. FOMO...it's incredible that people are more willingly to buy a coin when the price is high than when it's low. Take for example when btc was less than $600 in 2016, people thought it was just plain stupid to buy a coin for that much. I had the experience with ethereum, I could have bought eth at $100 but I wasn't sure and was waiting for the "right time". I later bought ETH at $400. The psychology of regarding coins as shit coins until they blow up and become too expensive is common among newbies. Even myself I am guilty. Enjoy the bull run guys!! Remember to lock your btc or swap to a stable coin like usdt. Good luck

At time of writing of your post, bitcoin was at all time high at 21K and some people may have thought this is the end of bull run and cashed out. They would have missed the insane gains afterwards when bitcoin moved to 41,000$ within 2 months. Although it important not to fall for the fomo in bull run but at the same time it is important to realize to take profits near the end of bull market and not at the start of bull market.

[robelneo]

Bitcoin has surged past $21k. Newbies are rushing into the market to buy some.. FOMO...it's incredible that people are more willingly to buy a coin when the price is high than when it's low. Take for example when btc was less than $600 in 2016, people thought it was just plain stupid to buy a coin for that much. I had the experience with ethereum, I could have bought eth at $100 but I wasn't sure and was waiting for the "right time". I later bought ETH at $400. The psychology of regarding coins as shit coins until they blow up and become too expensive is common among newbies. Even myself I am guilty. Enjoy the bull run guys!! Remember to lock your btc or swap to a stable coin like usdt. Good luck

You are not the only one who feels guilty because of FOMO, we all are, we always on the look for the market to move and waited for the right time to buy because we are still in doubt in our heads.
Because in the past FOMO is the one ruling in the community and with so many big names spreading negativism in the community we are always in doubt.

[Pokapoka124]

I definitely agree with your statement.

The problem with most of the newbie investors is that they only invest depending on the trend on social media and about the current news without even reading the reason behind the surge. Now assuming that they indeed invested then the price dropped, they are also the ones who complain about bitcoin being a 'scam' and a 'fraud' investment. Instead of blindly investing into bitcoin, supply yourself with sufficient knowledge and tools to know the reason behind the surge.

Again, bitcoin is a volatile currency and its price may suddenly increase/decrease without any warning. So in order to at least save your investments, learn to be smart and capitalize on your role as an investor and not as a rider who follows trends.

Yep, FOMO and FUD are some of the reasons people get involved in pump and dump scams, or panic sell when the market experiences a dip. FOMO is time, money, and stress. One could have a heart attack reading tweets. Its difficult not to fomo, it takes time and understanding of the market. And more importantly it takes discipline