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Author Topic: The inherent flaw of cryptocurrencies; STOCKHODL syndrome  (Read 42 times)
coinmonks
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April 09, 2018, 03:12:47 PM
 #1

The current breed of cryptocurrencies have an inherent flaw that will forever make them assets and not “currencies”, that makes “cryptocurrency” a misnomer.

I call this inherent flaw the “STOCKHODL” syndrome. Stockhodl syndrome is the fusion between “stockholm syndrome” and the old adage of trading, “buy low sell high”.
Full article https://medium.com/coinmonks/the-inherent-flaw-of-cryptocurrencies-stockhodl-syndrome-8fb0b83f50f1
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April 09, 2018, 03:58:15 PM
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 #2

I understand what they are trying to say in that text, but I can't say I agree with it. The only reason to "hodl" bitcoin right now, is because it's still on it's early phases of development. People keep forgetting that, and think that bitcoin is already something that can be used. Segwit adoption is increasing but it's still not complete, Lightning Network is right on the corner but it's still in a "beta phase". Why would we use an unfinished product?

We evaluate it, we believe in it's potential, and we hold it until we ca use it. There is nothing wrong with that, and this doesn't mean that people will just keep holding bitcoin and never use it. Bitcoin hit mainstream awareness before it was able to handle mainstream adoption. Regulation is still advancing, and there is still a lot of speculation around it. All normal things for products that are not still finished.

We will get adoption, and we will be able to use our coins, because the advantages are there, so we just need to wait until bitcoin's potential becomes a reality. There is nothing wrong with that. I mean did everyone had a cell phone once they got released? Of course not. Mass adoption only happened a lot of years after it's first release, once the technology got better. The same thing will happen with bitcoin.

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April 09, 2018, 04:48:20 PM
 #3

Most people who were here during the first wave of adoption always advice the spend and replace technique. There are people who actually do peer-to-peer trading even here on the forum and elsewhere at websites like https://bitify.com/.

This HODL mentality was for the times when bitcoin was still not mainstream and even the early adopters had their doubt. When they actually started trading it among themselves, merchant adoption grew.

The problem has become prominent because of the myriad of development teams and a completely new generation of users that aren't really connected with the idea of a decentralized, p2p currency. They see it as an investment. This will take sometime but I'm sure that more and more people will start realizing the major advantages of using bitcoin as it is.

And hey, REMEMBER REMEMBER!!
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April 09, 2018, 06:06:27 PM
 #4

Holding would still be beneficial, especially if you have no way of spending your bitcoin without it being converted to fiat somewhere in the process. It could still help increase the price, which would attract more and more people to come in. And as the userbase expands, support by businesses would increase till it gets to the point where it'll become more integrated into the economy. I believe it's the gradual replacement of fiat bitcoins was originally intended for.
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April 09, 2018, 06:26:10 PM
 #5

I would spend a very small amount of something with a high value than
spend more of the same low valued coin.

As mentioned we are in the early stages of crypto so when it evolves
and becomes more adopted by buyers and sellers it will obviously
be easier to spend.

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