Cryptocurrency Phobia - new social phenomenon

[Shrinath]

The underlying concept of how effective and profitable BTC is or would be, comes to you ONLY when you take the efforts to venture, study, gain knowledge and be properly educated on the subject. The media or anti-crypto-currency commentators that labels BTC as “scam”, “fraudulent”, “fake”, “it doesn't exist” have either miserable failed for their own fault, or enjoy by warning clueless people about it being a potential "scam" or "bubble".

That traditional concepts that the old crowd have filled their brains with are not enough to understand the concepts of Crypto-currency. To them everything has to fall into a well established category. There can't be a new thing. They fail to accept a concept that creates a category of its own. This is the fallacy of old men. If you have been doing the same thing for 30 or 40 years and someone shows you that it can be done differently you take a defensive stance. 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. See, when you hold an asset, you either tend to be quiet about the associated FUD. When you hold nothing, you feel comfortable shouting FUD from the rooftops.

Let us take the initiative to continually be informed, be educated, and start to believe in its real concepts. Let us also inform and educate the new and needy and help them by being a part of the crypto-currency world. We need to let the internet-connected social media sites and the online news sites stay comfortably in their ignorance.

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[Hamstead]

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.

That's right mate. Those people have nothing to do in their life, only they just want to destroy others for the benefits of their own. To make this community become stronger and bigger, we should make declined those negative old folks towards bitcoin and the entire crypto world. We should think that bitcoin is really a big race, the one who survive is the one that may rewarded.

[josephinerosdy]

they afraid because bitcoin price is not stable and afraid lose their money because bitcoin price is expensive.
they have never tried, they are afraid to try it.

[shintosai]

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.

That's right mate. Those people have nothing to do in their life, only they just want to destroy others for the benefits of their own. To make this community become stronger and bigger, we should make declined those negative old folks towards bitcoin and the entire crypto world. We should think that bitcoin is really a big race, the one who survive is the one that may rewarded.

We can't deny the fact that only big nerved really gaining a lot from this industry so better to keep our positive insight and let those negative thinkers being dated by their wrong impressions with Cryptos.

[The Scorpion]

Why would it be a phenomenon? came on, there isn't any "crypto phobia" the only ones who are afraid of it are the only ones who are missing this opportunity, nothing more than that.

[Thadeous]

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.

Instincts - is the very right word to describe the topic context.
It reminds me two tribes from tropic isles. One of them has just discovered trade via pearly seashells and find it very handy. While the second tribe still exchanges bananas, coconuts and shrimps, contemptuously watching what the first one does, shouting aggressively toward their coast and smashing all pearly seashells they are able to find. But in the night time some from the second tribe creep along the sea shore diligently collecting those prohibited seashells.

[markleal]

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?

Hi there Thadeous! First of all, you got a nice tread title in there, can’t imagine there could be a phobia about cryptocurrency. Anyway, I think there is no specific name for that kind of phobia but as you said due to the rapid changes bought by the cryptocurrency there are people that are hardly to catchup. There are people that are doing illegal acts and taking advantage of this technology, but on the other hand this technology teaches us to be more self-aware, be fast, be vigilant and face the possible ups and down that makes us more prepare in this technological era. 

[Haunebu]

Why would it be a phenomenon? came on, there isn't any "crypto phobia" the only ones who are afraid of it are the only ones who are missing this opportunity, nothing more than that.

I disagree with you here. Cryto phobia does exist. I have observed many people sitting on the sidelines and viewing the crypto world who did not step into this vast volatile world since they were scared of the high risk involved just like the stock and forex markets. The crypto world is known to be far more riskier when compared to the stock markets due to the extreme swings which is another reason why people experience crypto phobia. The rise in bitcoin value is helping curtail this problem and more and more people who were scared before have begun trading in the crypto world.

[Kez1817]

      I think there is no cryptocurrency phobia as what you have said because even there is a lot of online scam, people are still there trying to overtake the scam and hoping to have a good life in crypto. Maybe there are few people who have fear to enter in crypto world but not a phobia.

[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?

Hi there Thadeous! First of all, you got a nice tread title in there, can’t imagine there could be a phobia about cryptocurrency. Anyway, I think there is no specific name for that kind of phobia but as you said due to the rapid changes bought by the cryptocurrency there are people that are hardly to catchup. There are people that are doing illegal acts and taking advantage of this technology, but on the other hand this technology teaches us to be more self-aware, be fast, be vigilant and face the possible ups and down that makes us more prepare in this technological era.  

Thank you Markleal. That's a great point about self-awareness, which is the key to control individual instincts, including various fears that may lead to phobias, in the worst case scenario. And even basic self-awareness requires certain level of self-reflection.

[btcprospecter]

I think many of this opinion are just more so annoyed that they missed out. If they are going to warn people of the perceived pitfalls of bitcoin then they are probably not likely to be involved in any sort of terms.

[drachman]

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.

People have fear of what they do not know, every time something new comes along we we get the same response, at first people are afraid of the consequences of this new invention and then they accept it as if it has always been here, the same happened with cars and computers.

[Pan Troglodytes]

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 in mainstream media, every day I am hearing some news or discussions on bitcoin (not cryptocurrencies, because they associate cryptocurrencies with bitcoin and that is that) and it is universally negative. There is even a central bank sponsored website discussing how the bitcoin is not a state-regulated or a state-distributed asset and as a result it is very untrustworthy. I always smile at it, because those are exactly the reasons that bitcoin IS appealing to me

[andylioe78]

You have not found users harmed by bitcoin losses suffered by bitcoin users because they themselves can not keep bitcoin like losing bitcoin so crypto phobia is actually the one who created it.

[greeklogos]

There is no any phobia, there is just not enough education about crypto currencies. But it, probably, has place to be hysteria about buying or investing into crypto without any special understanding of it, but just with one target - to make a lot of money fast.

[setifien19]

Most of them have an ulterior motive concerning digital format of money especially with  newer crypto aspect .
They may as well influence others to keep'em away from cryptocurrencies by supposing the possibility of happening of catastrophic scenarios.

[fishbonez11]

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 the main fear falls related to the fear of the unknown, fear of risks, or fear of trying new things. Anyway opposition and skepticism are normal and everpresent in any innovations that has been brought in the world. For me, the fear of bitcoin is like how people also feared investing in the stockmarket before.

[cybersofts]

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.

They are just bunch of losers that is all. I don't really like to waste my time and energy on negative things or negative people. Negative people are the ones creating and spreading rumors. all i see in cryptocurrency is it has so much potential and big role to play in the future. So, why should bother myself with what other people are saying? I just don't have the time of that, period! Let then say whatever they wanna say nobody is listening. 

[Agetan]

In this case, we can not deny the possibility of bad news appear im community.
Bitcoin and other cryptocurrency have their disadvantages too that can make people scare about word " scam ".

[Thadeous]

In fact, what I find an absurd is that:
- people ready to pay for a new car, because they were told that 3 years is the right age to replace it;
- it's common to upgrade smartphone 3-4 times a year, while 80% of smartphone owners use less than 20% of their hardware capabilities;
- it's considered to be normal to spend half of monthly income on ready food, instead of doing daily kitchen exercises;
but it's so "scary" and "dangerous" to invest few hundred bucks into the Crypto market, which capitalization is already bigger than Google's and in few next weeks will overtake Apple's, the world's largest one.