Do people suffer from amnesia here?

[Zer0Sum]

False information ? You are in crypto land and you can be on a coin with a hidden premine or even worse a Trojan, Virus, rootkit in your Coin Client.

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.

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.

[poornamelessme]

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.

[alakta]

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

[poornamelessme]

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.

[BitSmacker]

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.

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

[cinnamon_carter]

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.

[tforce]

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

[freedomno1]

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

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

[HCLivess]

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

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.

[illodin]

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

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.

[Melody Yudnd]

There will always be fluctuations in the market