Cryptocurrency Phobia - new social phenomenon

[Thadeous]

The more various opinions I hear about Cryptocurrency, the more I realize that there is a new kind of phobic hysteria, which appears literally about everything related to Cryptocurrency, e.g. mining, trading, ICOs or lending.
In some cases people provide interesting groundings concerning Cryptocurrency risks and instability.
But in many cases their negative conclusions simply sound like: scam, deception and other "demonizing" statements.
I think this phenomenon spreads around fairly fast.
What's your opinion about it?

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[hatshepsut93]

A lot of people are thinking that they are doing a good deed by warning clueless people about potential "scam", others simply want to feel superior that they will predict "bubble" and won't lose their money because "they are not stupid". These psychological patterns can describe most of anti-cryptocurrency commenters, but there are also other causes like regret over not getting in early, distrust and hate towards everything that is not controlled by governments (especially popular among left-wingers), being involved in traditional finance and even religion.

[mast3rm1nd]

haters gonna hate bro. one thing I'm glad I learned is that people are for the most part full of shit, you shouldn't take them seriously. don't try to show them they are wrong; let them stay comfortably in their ignorance.

[Baimovic]

from the beginning I know bitcoin, I have not found a user harmed by bitcoin. I know that the losses experienced by bitcoin users are because they themselves can not keep the bitcoins, such as losing bitcoins due to careless securing bitcoin. and I think bitcoin benefits more than the element of deception. so I say that crypto phobia is actually us who created it.

[Xavofat]

I wouldn't call it a "phobia" because people typically aren't really afraid of BTC - they just find it irritating or confusing to discuss it.

It's understandable, because BTC requires some consistent focus to figure out.  Personally, I took ages to really "catch on" since every piece of information you pick up tends to tie onto some more information that you then have to know as well.

If people get a bit annoyed (and then irrational) when discussing BTC, that's perfectly normal.  I suspect that you and I are both irrational about something else which is in our lives that we're not too aware of either.

[exstasie]

The more various opinions I hear about Cryptocurrency, the more I realize that there is a new kind of phobic hysteria, which appears literally  about everything related to Cryptocurrency, e.g. mining, trading, ICOs or lending.
In some cases people provide interesting groundings concerning Cryptocurrency risks and instability.
But in many cases their negative conclusions simply sound like: scam, deception and other "demonizing" statements.
I think this phenomenon spreads around fairly fast.
What's your opinion about it?

Among traders, this phenomenon is called "missing the boat syndrome." Those who sold early or missed the boat entirely have difficulty imagining (re)entering the market at this point. I've experienced this too. When you take profit and the market keeps running, it's psychologically very difficult to chase the price. This is why one should never sell all of their bitcoins.

One of the most prominent recent examples that I've noticed is this "Bitfinex'ed" character. He publicly sold all his bitcoins ~$1,000 early this year. After the BTC price began making new all-time-highs, he began concocting his narrative about Bitfinex/Tether "pumping" the entire market. Seven or eight months later, he considers BTC to be a "fraud" and he proudly says that he never bought back into BTC because he "won't participate in fraud." Now Bitfinex is suing the guy for his social media campaign against them.

Something I've learned about markets: When you hold an asset, you tend to be quiet about FUD. When you hold nothing, you're comfortable shouting FUD from the rooftops. Those people calling BTC and other cryptocurrencies scams aren't making any money right now. That much I know.

[minersday]

I bet all my funds that probably 7 of 10 of those people are the only ones who had the opportunity to buy bitcoin at a cheaper price, but they didn't because they were afraid of seeing it crashing.

The more various opinions I hear about Cryptocurrency, the more I realize that there is a new kind of phobic hysteria,

Bitcoin has always been related to someting shady, there is nothing new with this, a few years ago everybody was saying that bitcoin has only been created in order to purchase drugs, scam people, or just rule ponzi schemes.

But in many cases their negative conclusions simply sound like: scam, deception and other "demonizing" statements.

and it has been happening for more than months, even years, but now the real face of bitcoin is cleaning by itself.

[drachman]

The more various opinions I hear about Cryptocurrency, the more I realize that there is a new kind of phobic hysteria, which appears literally about everything related to Cryptocurrency, e.g. mining, trading, ICOs or lending.
In some cases people provide interesting groundings concerning Cryptocurrency risks and instability.
But in many cases their negative conclusions simply sound like: scam, deception and other "demonizing" statements.
I think this phenomenon spreads around fairly fast.
What's your opinion about it?

I do not think it is a phobia, there are two types of people, those that do not know anything about bitcoin but have hear the news about scams and things like that and have began to repeat what they hear, and there are those that know about bitcoin but it is in their best interest to spread fake information about bitcoin.

[darkangel11]

You guys should read some comments by well known economists and financial advisors and many of them will have 3 things in common. I should say almost all of them have this things in common and those things are:
-they are or have worked for a big bank
-they are usually in their 60s or older
-they are comparing BTC either to stocks or a fiat currency

They don't understand that it's something different. To them everything has to fall into a well established category. There can't be a new thing. A thing that creates a category of its own. This is the fallacy of old men. If you have been doing the same thing for 40 or 50 years and someone shows you that it can be done differently you take a defensive stance, even though you could agree with that new way somehow inside you think they'll laugh at you. Say you were wrong to support the established order without questioning it or trying to improve it.

[orions.belt19]

I've been hearing remarks like those numerous times in the past - that's it's a scam, it's fraudulent, it's fake or it doesn't exist. Some have associated bitcoin to illegal activities such as the purchase of drugs and the like. When something is foreign or unfamiliar to them, they'd rather hate on it than choose to understand it. They are quick to judge without even trying to fully understand all about bitcoin. Others are just bitter because they weren't able to join the party early enough.

[Thadeous]

You guys should read some comments by well known economists and financial advisors and many of them will have 3 things in common. I should say almost all of them have this things in common and those things are:
-they are or have worked for a big bank
-they are usually in their 60s or older
-they are comparing BTC either to stocks or a fiat currency

They don't understand that it's something different. To them everything has to fall into a well established category. There can't be a new thing. A thing that creates a category of its own. This is the fallacy of old men. If you have been doing the same thing for 40 or 50 years and someone shows you that it can be done differently you take a defensive stance, even though you could agree with that new way somehow inside you think they'll laugh at you. Say you were wrong to support the established order without questioning it or trying to improve it.

That's an interesting point.

So here we can highlight three categories of people with negative attitude, based on their Cryptocurrency experience:
- no experience, whose vision based mostly on rumors;
- bad experience, those who previously failed in Cryptocurrency investments;
- outdated experience, that comes from traditional economical and financial concepts.

[iamTom123]

The more various opinions I hear about Cryptocurrency, the more I realize that there is a new kind of phobic hysteria, which appears literally about everything related to Cryptocurrency, e.g. mining, trading, ICOs or lending. In some cases people provide interesting groundings concerning Cryptocurrency risks and instability. But in many cases their negative conclusions simply sound like: scam, deception and other "demonizing" statements. I think this phenomenon spreads around fairly fast. What's your opinion about it?

My opinion is that you are looking at the glass as half empty instead of eyeing on it as half full. Yes, there are those who are quite negative about Bitcoin and even with cryptocurrency in general though many of them will admit that they admire the blockchain technology which is what is behind with Bitcoin. The media has been an instrument in the spread of this negativity though in fairness there are also good reports on Bitcoin. The sentiment of these people who are shying away from Bitcoin is that it just another bubble similar to the tulip mania in the 16th century, which ended so bad (of course the tulip survived). Some well-known financial experts are comparing the features of the many bubbles in the past with Bitcoin and they are seeing many similarities. Now, this is the pessimistic side. On the optimistic side, there are many famous personalities who are openly endorsing and very much involved with Bitcoin. Right now, there is the trend of Bitcoin legitimization or being accepted by people into traditional finance and banking. With the introduction of the Bitcoin Futures, people in the Wall Street can now be joining those in the Main Street as far as Bitcoin is concerned. With a ballooning interest coming from many clients, even banks are now slowly realizing that they have to find an acceptable way to get into Bitcoin and join the fun (or should I say profits?). With this kind of scenario, the said phobic hysteria is nothing but just one simple obstacle on the way to Bitcoin's success.

[jtipt]

The more various opinions I hear about Cryptocurrency, the more I realize that there is a new kind of phobic hysteria, which appears literally about everything related to Cryptocurrency, e.g. mining, trading, ICOs or lending.
In some cases people provide interesting groundings concerning Cryptocurrency risks and instability.
But in many cases their negative conclusions simply sound like: scam, deception and other "demonizing" statements.
I think this phenomenon spreads around fairly fast.
What's your opinion about it?

Everyone has their own opinions and if that opinion is fair and with fair reason then I don't have any problem listening to it. But the problem is most of the people give their opinion and advices based on half learned knowledge, most if the people done even know what blockchain is are people talk about BTC instability and risks.

[lucifochrome]

Most people who don't know what bitcoin is are scared to hop on board. This is simply because, Us humans have fear of the unknown, however some of these people wanted to join bitcoin and considering the price of bitcoin now they think this is easy money, but if they are to face any obstacle along the way without knowledge whatsoever of what bitcoin truly is they tend to fall on their asses and will find someone to blame, which will lead them to think that bitcoin is a scam and whatnot.

[iram1011]

You guys should read some comments by well known economists and financial advisors and many of them will have 3 things in common. I should say almost all of them have this things in common and those things are:
-they are or have worked for a big bank
-they are usually in their 60s or older
-they are comparing BTC either to stocks or a fiat currency

They don't understand that it's something different. To them everything has to fall into a well established category. There can't be a new thing. A thing that creates a category of its own. This is the fallacy of old men. If you have been doing the same thing for 40 or 50 years and someone shows you that it can be done differently you take a defensive stance, even though you could agree with that new way somehow inside you think they'll laugh at you. Say you were wrong to support the established order without questioning it or trying to improve it.

That's an interesting point.

So here we can highlight three categories of people with negative attitude, based on their Cryptocurrency experience:
- no experience, whose vision based mostly on rumors;
- bad experience, those who previously failed in Cryptocurrency investments;
- outdated experience, that comes from traditional economical and financial concepts.

Calling them outdated would be wrong. Don't forget many experts predicted mortgage bubble in 2003 but it didn't burst till 2008. Bubble stay longer than expected.

This growth in bitcoin is not natural. How can a technology be a store of value? Market is running irrationally right now. Coins with actual utility are being dumped.There is no better proof of a market in peak irrationality when coins like emc2 got a Mcap of $500million while Ven,  power,  CVC are at half of it. No TA is working. Just a FUD or rumor can play with price. If bitcoin doesn't get stable soon or have a correction, it can be scary imho.

[Thadeous]

You guys should read some comments by well known economists and financial advisors and many of them will have 3 things in common. I should say almost all of them have this things in common and those things are:
-they are or have worked for a big bank
-they are usually in their 60s or older
-they are comparing BTC either to stocks or a fiat currency

They don't understand that it's something different. To them everything has to fall into a well established category. There can't be a new thing. A thing that creates a category of its own. This is the fallacy of old men. If you have been doing the same thing for 40 or 50 years and someone shows you that it can be done differently you take a defensive stance, even though you could agree with that new way somehow inside you think they'll laugh at you. Say you were wrong to support the established order without questioning it or trying to improve it.

That's an interesting point.

So here we can highlight three categories of people with negative attitude, based on their Cryptocurrency experience:
- no experience, whose vision based mostly on rumors;
- bad experience, those who previously failed in Cryptocurrency investments;
- outdated experience, that comes from traditional economical and financial concepts.

Calling them outdated would be wrong. Don't forget many experts predicted mortgage bubble in 2003 but it didn't burst till 2008. Bubble stay longer than expected.

With "outdated" I intended to underline that traditional concepts are not enough to understand Cryptocurrency.

[iram1011]

You guys should read some comments by well known economists and financial advisors and many of them will have 3 things in common. I should say almost all of them have this things in common and those things are:
-they are or have worked for a big bank
-they are usually in their 60s or older
-they are comparing BTC either to stocks or a fiat currency

They don't understand that it's something different. To them everything has to fall into a well established category. There can't be a new thing. A thing that creates a category of its own. This is the fallacy of old men. If you have been doing the same thing for 40 or 50 years and someone shows you that it can be done differently you take a defensive stance, even though you could agree with that new way somehow inside you think they'll laugh at you. Say you were wrong to support the established order without questioning it or trying to improve it.

That's an interesting point.

So here we can highlight three categories of people with negative attitude, based on their Cryptocurrency experience:
- no experience, whose vision based mostly on rumors;
- bad experience, those who previously failed in Cryptocurrency investments;
- outdated experience, that comes from traditional economical and financial concepts.

Calling them outdated would be wrong. Don't forget many experts predicted mortgage bubble in 2003 but it didn't burst till 2008. Bubble stay longer than expected.

With "outdated" I intended to underline that traditional concepts are not enough to understand Cryptocurrency.

And with that you are most probably targeting those economic experts who are constantly calling bitcoin a "bubble". Because those experts don't fit in the other two options and that is what I was talking about.

[jseverson]

I'm pretty sure majority of these stem from nothing but jealousy. I mean, I'm sure there are a handful of people out there who know what they're talking about, with a strong grasp on how investments and the economy works, and simply deem Bitcoin to be a bubble. That's fine, because at least their opinion is backed by expertise. On the same side of the fence, though, are people who have no idea how it works, or are too afraid to invest, or maybe even both. Because they're not planning on getting on the train, they have to ruin it for everyone else. After all, if their friends invest and hit it big, they're going to be left behind. They're basically sour graping. If they truly didn't care about Bitcoin then they're not going to talk about it, and if they truly have strong feelings against it, then they better be well versed in it. It's best not to mind these people.

[dillpicklechips]

The more various opinions I hear about Cryptocurrency, the more I realize that there is a new kind of phobic hysteria, which appears literally about everything related to Cryptocurrency, e.g. mining, trading, ICOs or lending.

It's not phobia in my opinion. It is more like scared to get in to an unknown world. Since Bitcoin and other cryptocurrency is very new to others and the price swings are volatile especially now that Bitcpin's price surged up (which we should handle with skepticism) is getting all in their mind that this is very different from what they have known in traditional monetary system and even in stocks. Just give them time and mke them understand.

[Kapyong]

They don't understand that it's something different. To them everything has to fall into a well established category. There can't be a new thing.

Spot on.

Everything that's risen sharply before, has later come crashing down.
BTC will crash, like everything else.
There's nothing new under the sun, right ?

Wrong.
BTC is revolutionary.
Any argument based on past patterns is useless when applied to something totally new.

The factors that tend to drive against BTC are ignorance, rumours, abuse.
The factors that tend to drive BTC up are understanding & confidence in its security.
Every drop is followed by a further rise - which is entirely expected of BTC's deflationary design coupled with rising public interest.

In short :
Bitcoin does NOT have to collapse with a pop !
BTC could realistically rise and rise.

Some people simply cannot accept that possibility can really happen.

Kapyong