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Author Topic: Only stopping FUD will make you rich  (Read 102 times)
dado7
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March 09, 2018, 11:42:00 AM
Merited by OmegaStarScream (2)
 #1

So, I open my usual client to check the prices and I notice that Bitcoin has gone 10% down. Then I open my usual news tracker and notice the Binance hack and by following up conclude that was the reason for the fall.

So - one of the biggest exchanges get hacked so people decide to go to exchanges and sell their Bitcoins and altcoins? So, to security risk, people react by connecting to the compromised servers and they are doing that because they are afraid they could lose money?

Grin

I am sorry, but I am missing the logic there.

It's not trivial to mention that hack has been dealt with within a few hours, as usual.....

People continue to surprise me by reacting to even the most insignificant news out there that "seem" big (Facebook forbidding crypto ads news for example) without thinking it through and doing some research.

This benefits only the very experienced daily traders who know how to time the market and set their tools right (like stop loss or trailing loss for example) in order to exploit the situation by selling at the support and buying at resistance price levels. On the other hand, this is of non-benefit whatsoever to holders (although in a long run, if they have their nerves straightened out - they don't care) and especially of non-benefit to those people selling, who will probably react badly again by buying at a high price and thus risking it all.

Instead of reacting to FUD, try to think it through - this user for example, with her/his topic, can help you a lot in deciding what is important and what is not: https://bitcointalk.org/index.php?topic=2865338.0.

Chill it down!


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OmegaStarScream
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March 09, 2018, 12:03:15 PM
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The hack was stopped and hackers didn't get anything so I'm pretty sure It's not related. The main reason is most likely due to the people selling because of the Mt.gox news. IMO, FUD never affected anyone except the ones that join without understanding what bitcoin is really about, they are simply looking for fast profit.

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March 09, 2018, 12:07:32 PM
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When I was a novice, then I see the FUD I will not hesitate to sell all of the tokens, but it turns out that when a FUD, so most of all is the time to panic, so at this time of tokens the price is very low.

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March 09, 2018, 12:10:08 PM
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IMO, FUD never affected anyone except the ones that join without understanding what bitcoin is really about, they are simply looking for fast profit.
You mean like.. majority of bitcoin and cryptocurrency investors?  Grin

But yea, it's probably more of because of the Mt.Gox dump. But probably not because of the dump itself, more of because of people knowing that the seller has a lot more available BTC to sell.

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