2023 For Crypto: What's The Motivation To Stay The Course?
A lot of crypto enthusiasts came into 2023 feeling quite sore, I mean, the year has actually changed, but no positive vibes came with this. This is expected. Since I've been in crypto, every year brings different vibes, but it seems 2023, hasn't changed the crypto vibe of 2022.
Well, people are still reeling from the aftermath of the whole SBF saga. Loss is relative in crypto. This means that when one crypto exchange is having issues, it reverberates around the whole crypto space, forcing people into a panicking mode, selling, moving and unsure of what their next course of action would be.
2022 was a panicky year for crypto
Why is this?
....... irrespective of the major evolutions that have taken place over the years, it took some influential bad actors, to put these evolutions into jeopardy, sending us a few years backward. This is good and bad at the same time. I think it's bad because, it means we now have to maintain some stability, and create the belief, that SBF and co were just a bump in the road, but these things take time.
At the moment, people need to see momentum before they can join the momentum. Crypto thrives on positive signs and momentum Trust me, the moment we begin to see some positives, just a tiny push upwardly in price, people, even naysayers will join the momentum in other not to miss out irrespective of the thrash and gloomy predictions they've made earlier.
FUD wrapped in Candy
Nevertheless, I reckon that this will take time. It's good in the sense that, we're finally getting to understand the existentialism of bad actors in crypto. A lot of niggling news is still out there. Some people are still of the opinion that there are still some bad actors lurking in the shadows. This sentiment, curiousity or belief, currently puts every crypto project owner or CEO under immense scrutiny.
This is what makes people feel that there will be more flushing out of bad actors and that it might likely happen this year. On the surface, this looks like good news and very reassuring too, but deep down, it's FUD wrapped in candy. I don't blame them. It's hard to believe we've bottomed out.
The Time It Takes To Flush Out Uncertainty
......can be very long
........The likes of Do Kwon and SBF has created a feeling of uncertainty in the mind of so many people so much that the expectation is that there are still people like them and that the network is larger than they thought. Some days ago I saw some rumors about Huobi closing down, while I wouldn't pay attention to it before, I think I did and this is because Justin Sun is a proven bad actor.
We saw this in the hostile takeover of steemit, and it's difficult to not be private detectives and say Houbi is surely going down because of Justin Sun. I mean, no one can beat their chest and say we wouldn't have more bad actors slipping up and taking us lower again.
Optimism: Measuring The Ratio
There was a time when the bear market wasn't so characterized by drama, it was just buying the dip and that was the crude method of shilling needed by Bitcoin maximalists. These days it doesn't work anymore. They now need to create further assurance marketing to convince people in their shilling journey and they hate this. Because we're in a period of uncertainty it feels more logical to expect more gloom.
It's how the mind works. For example, a person who has cancer, might tilt towards the thoughts that they'll die, more than they'll survive, maybe in a ratio of 6:4. This is because we're more likely to think of more losses when we're already losing. Optimism needs positive momentum to build.
Here's The Logic
This means that people can begin to be optimistic when prices remain stable or even begin to go up just a bit, if not, optimism is built on nothing and crypto is a mental game, the whole process is a sophisticated mental phenomenon and inasmuch as we'd say charts and permutation are what's mostly logical, people mostly listen to their emotions when price is going up or coming down.
It's good to cleanse crypto of bad acting, but can a lot of people wait out the whole process of this cleansing? This is where the question is, the bear has already eaten too deep and the only energy that's mostly remaining is the energy to wait for the bull, but I think we'll need more energy, more resilience, and more doggedness.
A Lesson To Learn, Always & Forever
On Hive, we're holding on pretty strongly, even if some people are freaking out, and thinking of selling all their assets and just flipping the switch. I wouldn't blame them, a lot of these people overhyped the last bull market. Rather than think minimally, they wanted to have all the money in the world and that greed became their Achilles heel.
so now they're overhyping the bear market again because they're still not stable in their thoughts or convictions. All in all, each bull or bear market is a lesson to add to the arsenal of everyone in the Crypto space. This situation will not swallow us, I think it's a time we'll look back from the future and be glad we stayed the course.
Interested in some more of my works?
Reviewing A $400 Samsung Galaxy A72 (photos Included)
Hive's Scalability & The Compromise Of Commitments
Money: The Consequences Of Making The Right & Wrong Decisions
The Nigerian Economy: Monopolizing Incompetence
The Experiential Process of Understanding Money
A Case Of Theft On Hive: Here's Why Some People Choose Scam.
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