FOMO works both ways.

[Jet Cash]

I've got some more dollars in my domain name sales account, and I can draw them out in Bitcoin now, or I can leave them in the account if I think the price of Bitcoin will drop. FOMO ( fear of missing out ) has hit me this morning. The price of Bitcoin has been moving sideways for a while now, and it looks as if it is gearing itself up for a big price movement. Which way will it go? I can think of several good reasons to justify it movement up, down or sideways over the next couple of months. The temptation is to wait so that I can 'buy the dip', but if it kicks off upwards, then it's likely to be a hockey stick moment.

I'm coming to the conclusion that whatever I do will be wrong in the short term, so I think it's best to just assume that the price will be substantially higher at Christmas, and ignore the short term movements. I started this thread to discuss the emotional and psychological aspects of acquiring Bitcoin as a store of wealth, rather than speculation on the price. I feel that one seems to develop an almost religious belief in Bitcoin as one gains an understanding of it.

[1714854228]

1714854228

[1714854228]

1714854228

[Don Pedro Dinero]

Price changes don’t affect me psicologically. I’ve been long-term invested in the stock market for a while and I’m long term into bitcoin, but I think the vast majority of people do short term trades.

I think it would only affect me if it went too far down, like near $1,000. Or too far up too fast, like reaching $50,000 this year, in which case I would spend some of the profits.

[suchmoon]

I don't think Bitcoin is particularly unique in terms of FOMO. High-risk investments have existed since forever. Maybe the internet hype is a new-ish thing.

So handle it like you would handle any high-risk investment. Don't mortgage your house for it. Create a plan and stick to it.

[bitmover]

What you are trying to do now is to gamble. It's a bet. You will sell expecting it's price to go down. You have no reason or information which could support your decision to sell now , neither to buy back.

Personally I don't think it's a good idea to gamble like this with your money, unless you really decided that you don't need that money and it's ok to use it that way. Trying to make more money like this is highly risky.


I don't buy  bitcoin anymore, or any other cryptocurrency. I bought already all that I could feel comfortable holding. If I buy more I will be worried about price moviments.

Everyone has your own limit, if you go beyond that you are overinvested and probably will make bad decisions because of fomo.

It has nothing to do with %. Maybe 5% of your overall portfolio is too much for you and 20% is ok for someone else.

As I don't invest anymore, I am receiving a few btc in signature campaigns and as a payment for writing a few articles. I hope to get more btc in some other jobs in future.
I try to think in btc, not in usd , when dealing with these campaigns and articles payments.

[Jet Cash]

I'm not sure how you got the impression that I'm a trader. I haven't sold any Bitcoin yet, I can't bring myself to do it, so I guess that's FOMO. I started trying to buy Bitcoin when it was under $300, but there seemed to be too much fraud going on in the online transactions. I had a few thousand dollars on a fiat bank account, and I decided to use those to buy domain names, as I didn't trust fiat. I'm selling a few, and the current dollars that I've got in my registrar account have come from the latest sales. All the money is savings, and not a part of my daily living expenses. I can withdraw funds in Bitcoin, and my FOMO comes from the need to decide when to withdraw the money.

[zoomzoom]

fomo will be a fairly prominent feeling in any new financial/investment setting, certainly predictions and analysis is more accurate than it was 8 years ago. If not interested in trading.. just treat as currency with a (very) s/t fixed $ rate, no need to feel fomo around that.

[Jet Cash]

You guys don't understand. I'm a bargain hunter, so I want to get my Bitcoin at the lowest price. It doesn't matter that I intent to keep it for 5 years. The lower the price, the more I get for my money.

[Raja_MBZ]

You guys don't understand. I'm a bargain hunter, so I want to get my Bitcoin at the lowest price. It doesn't matter that I intent to keep it for 5 years. The lower the price, the more I get for my money.

Well finding ultimate bottom is almost impossible. It's not wise to just buy with everything you have. Buy in levels, in a similar way to "dollar cost averaging" used in trading. You buy, whatever you bought goes further down, you buy more of it.

[zoomzoom]

You guys don't understand. I'm a bargain hunter, so I want to get my Bitcoin at the lowest price. It doesn't matter that I intent to keep it for 5 years. The lower the price, the more I get for my money.

Agree with points of first response. 5 years from now if you hold, the point at which you buy today won't really matter unless it is radically lower in the near future, which would be a bit of a worrying sign anyway.. long term holding should be based more on confidence in the idea, rather than financial/mathematical analysis.