While I'm checking posts here on HIVE, very often I see posts about people's personal experiences and their first steps in the crypto world... Of course, that drops me back in my first days of crypto which makes me reflect on things that I have learned from others... These days, I try to spread my humble experience that maybe can help some of you out there...
One of the main traps in crypto is regret... That we didn't do something that we could do it, that we have missed some opportunity... All that leads that after a certain time we do the opposite, trying to get on EVERY wagon of the train and FOMO in everything that comes in our way... So, to avoid this stuff, the first important thing is to stop regretting missed opportunities... It happened in the past, and let us leave it there... If we have no regrets, we will not lose additional money by FOMOing...
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While I'm checking posts here on HIVE, very often I see posts about people's personal experiences and first steps in the crypto world... Of course, that drops me back in my first days of crypto which makes me reflect on things that I have learned from others... These days, I try to spread my humble experience that maybe can help some of you out there...
One of the main traps in crypto is regret... That we didn't do something that we could do it, that we have missed some opportunity... All that leads that after a certain time we do the opposite, trying to get on EVERY wagon of the train and FOMO in everything that comes in our way... So, to avoid this stuff, the first important thing is to stop regretting missed opportunities... It happened in the past, and let us leave it there... If we have no regrets, we will not lose additional money by FOMOing...
But... All this doesn't need that we have to give up with investing (time and/or money, both assets are important) in new things... It means that we should keep the ear on the ground, follow the signs, check the pulse of the markets, of the new ideas... When we collect enough information, then we should decide on going into something... This doesn't mean to FOMO in, as it requires collecting information and research, which isn't the case with FOMOing...
I have many examples from my past where I had an ear on the ground, but I have stopped with my research after scratching the surface and not going deep... The perfect example is my encounter with Ethereum back in 2017 when it was around $10-$20... I have heard that it's a "supercomputer" that will run smart contracts and improve the potential of the blockchain tech in those moments, but I didn't dive deeper... I didn't understand the potential and I didn't buy any tokens then... Lucky for me, a couple of months later, my friend convinced me to start mining ETH... The price already went 10x, but it still had more to show, and it's still here and kicking...
For another example, I don't have to search too far... Back in 2017, I was in close contact with a friend who was doing website, SEO, and stuff like that... He knew that I have started with ETH mining, but he had his doubts about investing in crypto... When BTC mooned to 17K USD when everyone was in a FOMO-hype mood, he decided to buy some... and he did it... and got completely disappointed with the result as the whole crypto went into the long bear market... Why did he get late? Because he didn't do the research before and made a decision... He left himself in that "indecision limbo" for months without taking NO ACTION... The same mistake I made with ETH...
Another example... Some of my friends here on HIVE... I came here through Splinterlands 3 years ago and stayed for a completely different reason... But, for the first 1-2 years I was preaching about Splinterlands, doing my daily giveaways (still doing them... currently at the 900th round!), but most of my friends here on HIVE ignored the game... It was a good investment opportunity, cards were cheap, you could win a lot of cards in rewards chests (there were no potions, not tokens inside... just cards!)... And then, early this year, almost ALL my friends here jumped on the Splinterlands! It's still not too late to start, but there was a great time to do it earlier... Why does that happen? Well, maybe I didn't "present" the game as it should be done, so I am partly responsible for that... But, on the other side, it's the same thing as the previous 2 examples... The lack of research leads to a "bad decision"... Without input, you can't make the right decision... But, what changed early this year? The game has made some big changes, opened a lot more possible income streams, some people did their research and joined the game... The rest just FOMO-ed in following others... Others decided for them... Will that work well for them? Time will tell...
In a conclusion, FOMO can be that push in the right direction, but in many cases, it's the push in the wrong direction... So, be very careful with doing that... In my opinion, it's much better to DYOR when you have the first information, the first rumor about some project/game/token, and made a decision... Don't leave it hanging there...
You will miss a lot of opportunities even with following these "rules", but when that happens, just move on... There will be many others that you have to research and go for them early!
Thank you for your valuable time,
ph
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