The F.O.M.O Theory?

[Mlc]

Hey everyone 

So we all know that our beloved Bitcoin fell as much as 13 percent to $4,051, bringing this week’s decline to more than 25 percent. Massive difference

from the almost $20,000 last December right ?. The slide helped fuel a sell-off among rival tokens Ether, Litecoin and XRP, which pared an earlier loss

that reached 17 percent. After months of reasonable stability. It appears Digital assets have now lost billions of dollars and I’m personally not certain

what the trigger for the latest sell-off is , But it did coincide  with a “hard fork” of Bitcoin Cash. (Bch was originally split from Btc ) creating bitcoin abc, 

,coincidence?  Bitcoin, which began the year above $14,000, broke through its floor of around $6,000 last week and has continued its downwards spiral

ever since. The problem with crypto is that what starts as a flurry can turn into a blizzard. When prices tumble, miners sell coins to cover costs,

institutions become less keen to enter and regulators find their skepticism vindicated. Before long, the FOMO (fear of missing out) factor that has fueled

gains spiral into a stampede for the exit. This is what is causing the continuous decline,

How many of you have sold up out of f.o.m.o (fear of missing out ) , ? Or visa Versa the fear of losing out ?

while everyone is panicking in case their crypto assets are not worth anything, and selling to recover even a fraction of what they had , just remember

that while ever there are people still buying ,(especially when it’s cheap)  then it’s still alive ,

Don’t fall into the fomo trap because , when it inevitably turns back around , those who stocked up on your cheap bitcoins are going to be a lot richer than you are ! ❤️

Any thoughts ,? I would love to read them . 

 

 

[Etude]

I think I might fall into the category that "Never really though about these". 

Just kinda go with the flow and mainly gamble 😛

[David]

Cashed out a lot of crypto assets these last few days, I can only see it dropping further; though crypto is of course unpredictable, I do believe the price will pick back up.. Eventually.. So will hopefully be able to rebuy what I had with some profit on the side - essentially shorting.

14 minutes ago, Mlc said:

But it did coincide  with a “hard fork” of Bitcoin Cash.

^ I believe this was a catalyst for change which was then exacerbated by market manipulation - maybe I'm just paranoid 😛

And of course, as you mentioned, the snowball effect. Especially when I am seeing mainstream media platforms report on it - more people are aware so more people panic sell.

If anyone still has the faith to HODL right now I'd love to know why

[Mlc]

Etude , I like your way of thinking 🤪

david , I’m one of many holding on , you would have to take my arms to get my coins for cheaper than what I know they can be worth ,

❤️

[wry]

The Fear of Missing Out is usually an explanation for why prices go up not down.  They go down because of the Fear of Losing Everything.

There is no way to know what prices will do, but there seems to be a couple of triggers for this latest sell off.  First, as you mentioned the BCH fork, and it was forked in a contentious and moronic way, it shows the immaturity of the crypto community.  Second, in the USA the SEC announced new regulations and investigations, further undermining institutional support.  Finally, as you noted, low prices beget low prices as miners and others with bills to pay sell.  So it has truly been craptastic since 14 Nov, and it wasn't particularly great before that.

[williamshennie9]

I honestly experienced this when BTC went past the $15,000 mark. I convinced myself not to buy any coins during this time because I already "missed out", which was kind-of true. Then when BTC went down to $6,000 I bought a bunch. So I am down at the moment, but I do believe the price will increase, we just need patience