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Author Topic: How much of Bitcoin is FOMO {Fear of missing out}  (Read 97 times)
Kprawn
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March 12, 2018, 04:45:24 PM
 #1

John Oliver thinks Bitcoin adoption is all about FOMO { Fear of Missing out }

http://prntscr.com/iq75dd

Do you think that there are truth in this statement and how much of the investments in Bitcoin is driven by FOMO?

https://www.youtube.com/watch?v=8MhA4IFHmLY

He used Google Glasses as an example of a Fad that has come and gone, so do you think Bitcoin and other Crypto currencies

would just turn out to be a fad, driven by FOMO?

How are we going to prove to these people that Bitcoin is not a fad and that it is not driven by FOMO?

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March 12, 2018, 04:52:13 PM
 #2

You do know that John is a comedian? Don't take it too seriously it is only intended as entertainment.

Markets are almost entirely driven by the human emotions of fear and greed. It is pretty easy to argue that greed is simply fomo so the only factor involved is fear. That's not just talking about Bitcoin but all markets. The real issue is long term mainstream adoption, if Bitcoin can manage that then it's not just a fad. It has survived 10 years already so it's doing far better than Google Glasses.

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March 12, 2018, 04:54:46 PM
 #3

We do not need to prove to anyone that bitcoin is a fad. Bitcoin has been around for a number of years before the media hit on it last year. It is up to each individual how they view bitcoin but is has been strong enough to worry banks and governments so cannot be a fad.
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March 12, 2018, 04:59:08 PM
 #4

But he is correct to an extent. All the recent adopter are mostly driven by the FOMO. It isn't uncommon to hear news or hearing from your friends that they bought bitcoin just because it's the "new trend". I don't know if it will turn out fad or not, I hope not. But we'll FOMO is a main driving force of bitcoin and other cryptocurrency prices.
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March 12, 2018, 05:24:48 PM
 #5

I really don't take what people like him actually say, He has his opinions about the matter but that doesn't mean that he is right though and he does not know a damn thing about how cryptocrrency works, even more seasoned businessmen don't have a clue.



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March 12, 2018, 05:35:28 PM
Merited by Kprawn (1)
 #6

Although Google Glasses didn't succeed in capturing the user's attraction towards it and to build a market for it, it lead to many other manufacturers to build  similar glasses based on Augmented Reality to carry forward its ideas and unique usage benefits. These glasses are very useful for factory workers (For example for Inventory counting in a warehouse). Google glasses failiure to succeed in the market doesn't mean it's useful competitors will not. Also Google glasses didn't catch up from the start. So, what I'm trying to say is Bitcoin has caught up and is towards a future bull run. It's adoption has kicked in and we're no longer really excited like the good old times where when we saw a shop accepting Bitcoins we'd cheer up. It's grown to a large extent and many large companies accept Bitcoin payments. This isn't and may not be the case of Bitcoin's competitors though.

Also, yes there's the possibility that people are buying Bitcoins cause they fear they'd miss out on the "early bird" opportunity to get rich. Such weak investors will eventually buy and sell quick to make a quick buck. Long term investors are often more knowledgable on the historical value of Bitcoin and the future value as well. It's all a matter of time until Bitcoin really rallies to another ATH. Also take the case of the Dotcom bubble, there are large companies like Amazon, IBM and Ebay that survived it and are growing. Bitcoin is one such outlier that has survived many cruicial hurdles and has grown a lot from then and will continue to. Hence, no I don't think Bitcoin is all about a short term bubble lead by investors who fear of missing out.
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March 12, 2018, 06:17:18 PM
 #7

I gotta say, the whole segment was really good tbh, no bullish or bearish sentiment, no hidden agenda, they guy pretty much gave a good introduction, without being biased, to people who haven't heard about cryptos.

About the FOMO part, the cryptocurrency market is driven by mass emotion, newcomers are susceptible to emotions when it comes to making money (look at the massive FOMO wave from last year). So I'd say that, up to one point, FOMO still plays a big role in Bitcoin.

He used Google Glasses as an example of a Fad that has come and gone, so do you think Bitcoin and other Crypto currencies

would just turn out to be a fad, driven by FOMO?

How are we going to prove to these people that Bitcoin is not a fad and that it is not driven by FOMO?
Google Glass was on the market for around 4 years. It's been over 9 years since Bitcoin was created, it has survived several obstacles throughout the years (banning, exchanges being hacked, FUD, etc) yet it keeps getting stronger. Also, fads usually see a quick spike in popularity in a short amount of time followed by a massive decline just as quick, Bitcoin is far from it so, personally, I don't believe it's a fad.


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March 12, 2018, 06:29:13 PM
 #8

Comedy or not, there's a ton of FOMO related actions in bitcoin, as much as FUD related actions. A lot of market participants use their emotions more than logic, because most people involved in bitcoin don't even know what it really is and what it's goal is, they just have heard that in the future it will be worth a lot (which it will) but they also hear a lot of "experts" claiming it's going to 0, so these market participants go between these 2 mood states in psychosis attacks triggering big dumps and big sales. Smart money buys the dips generated by these guys which don't understand the fundamentals, and hold on it's increasing bitcoin stacks.
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March 12, 2018, 06:37:19 PM
 #9

Nope I dont agree on that one. I guess FOMO of bitcoin is far far away from it and it may not be considered in case of blockchain as whole. Bitcoin exists until the blockchain exists and the blockchain is huge technology and giant leap in this world. It is more or less futuristic stuff which has been invented in the present and is being loved by most of the population. It has just stated its journey and new applications are yet to be explored for the bitcoin. So it is far from getting missed out. It has just started its journey and once we get to know every bit of the challenges for bitcoin then we might just be able to implement it everywhere and it will rise in popularity even more than todays one. So its not a FOMO at all.

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March 12, 2018, 06:48:17 PM
 #10

Not all of bitcoin is FOMO but some of it is, but is that not the same with every new technology? You hear about something that everyone says is cool and you check it out even if you're skeptical of it just because you're afraid of missing out? FOMO doesn't have to be exclusive to earning money.

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March 12, 2018, 06:54:44 PM
 #11

Bitcoin has already proved itself to the most of the people around the world about its high potential and power to change the way of the flow of money in the world. Bitcoin and other cryptos are the future of the world and we can see this clearly as we can see the world is becoming more and more digital every day and people are adapting to the new technology and more easy and secure ways of payment. I think bitcoin has a very bright future and people should hold them for as much time they can.

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March 12, 2018, 07:12:19 PM
 #12

John Oliver thinks Bitcoin adoption is all about FOMO { Fear of Missing out }

http://prntscr.com/iq75dd

Do you think that there are truth in this statement and how much of the investments in Bitcoin is driven by FOMO?

https://www.youtube.com/watch?v=8MhA4IFHmLY

He used Google Glasses as an example of a Fad that has come and gone, so do you think Bitcoin and other Crypto currencies

would just turn out to be a fad, driven by FOMO?

How are we going to prove to these people that Bitcoin is not a fad and that it is not driven by FOMO?
In my opinion, the reasons you mentioned are possible for current moment, because as the number of crypto traders has increased considerably in the last 2-3 months and  those who do not have experience in this field believe instantly to everything what they see and they are much more emotional about it.

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March 12, 2018, 07:26:10 PM
 #13

Not all of bitcoin is FOMO but some of it is, but is that not the same with every new technology? You hear about something that everyone says is cool and you check it out even if you're skeptical of it just because you're afraid of missing out? FOMO doesn't have to be exclusive to earning money.

Bitcoin pushes things to the next level. People were already aware of Bitcoin one or even two years ago, but they just discarded it. Current levels represent a massive increase in comparison to the levels back then, and that obviously stings. It gets worse every year because Bitcoin keeps going up consistently, and that translates into more fomo basically every year. Skeptics don't necessarily have to suddenly like Bitcoin, but they at least acknowledge its capabilities and potential growth. Good thing however is that if people invest in Bitcoin, even if it's just for the sake of investing, they are likely going to explore this ecosystem and find out its usefulness eventually. From there I do believe that fomo has also a positive side. As long as this market isn't matured yet, fomo will remain an important factor.
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March 12, 2018, 07:51:55 PM
 #14

In some extent, the guy is right. In as much as a lot of people whom have invested in bitcoin is driven by their urge to be a part of what tomorrow will be, there are also some driven by FOMO. The instant bitcoin crossed $2k and above last year, many people feared that might miss out it the investment. That is why we have a lot of investors whom are in it because of the money and not because of it impact on future technology.

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March 12, 2018, 09:05:36 PM
 #15

do you think Bitcoin and other Crypto currencies would just turn out to be a fad, driven by FOMO?
I don't think crypto in general would turn out to be a fad, driven by FOMO since it is a technology with real potential released in the right timing, unlike google glasses(that is realeased too early). IMO there are too many people that are still not familiar with the current technology advancements.
How are we going to prove to these people that Bitcoin is not a fad and that it is not driven by FOMO?
You don't need to prove these people that bitcoin is not a fad, it will prove itself as time pass by.
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March 12, 2018, 09:37:21 PM
 #16

John Oliver thinks Bitcoin adoption is all about FOMO { Fear of Missing out }

http://prntscr.com/iq75dd

Do you think that there are truth in this statement and how much of the investments in Bitcoin is driven by FOMO?

https://www.youtube.com/watch?v=8MhA4IFHmLY

FOMO helps to drive adoption in the short term---that's what causes the bubble periods where price diverges from the mean. it definitely affects the nature of price movement. but surely that's not what adoption is "all about!" how do you explain the 2014-15 bear market---or really, any of the corrections where price returns to the mean?

many of the "get rich quick" type people get shaken out during the bear markets. but adoption keeps growing as weak hands sell to strong hands.

there's clearly a long term uptrend. during the corrections is when the ecosystem and infrastructure are built out the most. it's where most of the exciting things happen tech-wise because the whole ecosystem isn't overcome with get-rich-quick schemes built on the back of a bubble.

He used Google Glasses as an example of a Fad that has come and gone

oh cool, another comparison to tulips and beanie babies. /yawn

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March 12, 2018, 10:03:34 PM
 #17

John Oliver thinks Bitcoin adoption is all about FOMO { Fear of Missing out }

http://prntscr.com/iq75dd

Do you think that there are truth in this statement and how much of the investments in Bitcoin is driven by FOMO?

Bitcoin adoption usually refers to the use of Bitcoin as a medium of exchange. It doesn't refer to speculators hoarding Bitcoin in the hope of doubling their money in a few days. It is only traders and speculators who are driven by FOMO to purchase Bitcoin. FOMO and greed do not play any role in increasing Bitcoin adoption for transactions.


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khaled0111
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March 12, 2018, 10:08:13 PM
 #18

What John Oliver said is not completely false, Bitcoin and other cryptocurrencies can be driven by FOMO and there are many examples that proove that.
The problem is not in Bitcoin itself, but in people using it and we will need more time before this changes and Bitcoin become strong enough and become more stable.

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March 13, 2018, 02:47:22 PM
 #19

Ok, so most people are in agreement that FOMO and greed does play a small part in the adoption of Bitcoin. It becomes quite

evident that it does play a part, when we reach ATH spikes in the price. Then everyone wants to get in quickly to make a huge

profit. Some people are only waiting for the pump to happen, before they jump in. We should not see this as a negative, but

rather a positive thing to push adoption. Let's ride the FOMO wave, if we have to.  Grin

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March 14, 2018, 05:47:34 PM
 #20

As there is no projects developing with Bitcoin, it think so that Bitcoin price is affecting generally by FOMO. However Ethereum chain has so many projects but its value also affected by FOMO too. The market is too small, so all prices are driven by FOMO.

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