Cryptocurrency Phobia - new social phenomenon

[Thadeous]

Here is a resent example.
Cryptocurrency Lending is often called scam, without any grounding.
None tells which interest can be considered as legit Cryptocurrency Lending and which is too high and could be potential scam.

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[nominee]

This is as expected if you ask me. I know many friends lost too much money in stock market during 1990s and they're afraid of new loss. They don't wanna live the same problem. They try to stay away from the coins.

[Kjara]

Such a phobia is certainly noticeable in post Soviet space.
Hope it won't lead to an ungrounded cryptocurrency prohibition there.

[Dudeperfect]

Haha, Let me share my story. I was talking with my friend about Bitcoin and he is studying journalism course. I asked him his opinion about Bitcoin and he said that he is excited about this technology and speculative value that it gains but still he wouldn't invest anything in it as his risk profile does not permit him to invest any penny in the wild market like crypto. He was convinced that it is not a scam, Ponzi or MLM scheme but due to the wild behaviour, he is not going to invest in it but following up with the news in this sphere.

[Thadeous]

This is a good example of cautiousness.
While other people just scared of these "strange digits sold for the price of gold".

[shamzblueworld]

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 think the latest rise in bitcoin value has actually made many to start considering investments in crypto.
I personally know people who used to tell others to avoid cryptos and now have invested big time in various coins. And its all due to the rise of bitcoin value in the past couple of months.
So now, this phobia is kinda getting town as people actually forced to consider cryptos because of the huge possibility of profits.

[esgdrhlg]

This is as expected if you ask me. I know many friends lost too much money in stock market during 1990s and they're afraid of new loss. They don't wanna live the same problem. They try to stay away from the coins.

Once bitten, twice shy. But I think people should be interested in something new, because blockchain is the newest thing and you can even get extra wealth. I think people should be interested in bitcoin and altcoin and ICO.

[Clos Belmont ICO]

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.

People always afraid of they don't understand or don't know

[tutorroma]

This kind of speech has been there for years. I think some people who have not invested in bitcoin or people who don't know what bitcoin is at all, they like to spread this kind of speech most, because they have no chips in their hands, and talking about FUD may be good for them.

[Thadeous]

Last days noticed another waves of grumbling about BTC price jumping up and down...
While it's so easy to be patient and simply wait until BTC hits 50k

[athanz88]

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?

yeah I feel it too what you called crypto-phobia, from people around me. It spreads around really fast indeed, as bitcoin gains more popularity, the phobia grows faster too.
The thing is, there are lot of reasons that can make this phobia grows inside a person, such as :
1. Bitcoin is a new technology. People always skeptical to a new technology,even after they learn about it.
2. Bitcoin doesnt has a physical form. People will feel more secure about their investment if they have the physical form of their investment, of physical form of statement that they had the investment.
3. The price is going up and down too fast, volatile.
4. Bad past experience about making money online. I do have this kind of experience and it made me hesitate to buy bitcoin at lower price, and now im regretting it.

[drachman]

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.

The problem with those people that think are doing a good deed is that they are in fact doing something bad think of all the people that could have gotten into bitcoin earlier and decided against it because they listen to someone else they could be rich by now if they followed their instincts.

[TeLlMeFrY]

I don´t think that there is a crypto phobia that is increasing everyday. Although there are many scams and obviously there are some people who is afraid to invest in crypto, actually there is more and more people investing in crypto everyday because they have seen and heard of the great advantages in the media.

[bitart]

All these problems (or the root of the problem) can be handled with education. If people know bitcoin they won't afraid of it. If they know that it's not a ponzi and not an MLM they will start to belive. How can people get educated today? Not from books and not in the school. The only possible channel is the media, the internet-connected social media sites and the online news sites. They are (the media) also uneducated about bitcoin, so we can't expect that they can start to educate people the decent way. This is why the media only use bitcoin related content to make people afraid of the crypto world. As long as governments and the media is against bitcoin, it will be hard to reach the people to share the necessary knowledge.

[khaled0111]

It is always hard for people to accept new things. Cryptocurrency is a new phenomenon and somehow hard to understand how things work in the background.
"Taking a new step, uttering a new word, is what people fear most."
It is true, cryptocurrency market is too risky but higher risks means higher rewards.
People changed their perspective and started to accept crytocurrency and the bitcoin community is growing everyday.

[Nellayar]

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?

In my country, a lots of people has rumors about bitcoin. Some said that it is a scam like what I saw in the news. All of people are not aware in terms of technology and my province can prove that bitcoin is not already used by the people. I am also hearsay words that bitcoin is a bubble thing, I don't know why they are afraid to engage in newly system of economy. Even me, I do not yet talking about bitcoin to my relatives and friends, I know that in the end they will say that this is just a scam, specially now that I do not own yet bitcoin. I think I will tell them if I have bitcoin to cash out.
In my own opinion, people who scared to use bitcoin are also do not know to use technology. I believe that education is part of awareness of the people.

[distributedconsensus]

Bitcoin only flaw would be someone discovering some pattern in the way Public key and Private Key are related and that is protected by Trillions of years of computing so the value of Bitcoin is as strong as the Universe itself. Never the human kind had something to store and trade value that can not be counterfeited, produced in excess, altered in anyway and so on.

The more people who will eventually understand that and there you have the intrinsic value of Bitcoin and other Cryptos but it is normal for people to be scare, specially when they know nothing about math...

[Reid]

Depends on how the listener will take it.
Knowledge is still better before stepping into the fire.
If you already knew there are many things like scams behind one crypto then you are already informed and its a good thing.

You will just need to be careful with every step you will take.
That is the good thing about being informed first before listening to others.
You will not throw any money when you are at that stage.

[JureViewly]

You have to see this phenomenon from a point of view like you are totally ignorant. Imagine yourself being used to handling with things that you can only feel and see. Also all your agreements and contracts with the banks are somewhat protected by your government or a bigger entity. People throughout the world are technically uneducated and afraid to live in the modern world. For example, many people avoid socializing through social media, paying with digital currency, owning/using crypto etc. Damn I even know of people that only bought a PC to communicate through Skype and nothing else. I hope that the youth will accept the new world since they are supposed to build it and develop it in the future.

[Shreek]

I never listen to what they say about bitcoin. scam, fake, crime. or whatever they say about the bad bitcoin.
in this world nothing is perfect, all have flaws. and I see that bitcoin is more an advantage than a drawback.