Gambling Away Your Potential Investments; Getting Rekd Or Getting Rich?
I made some little gains trading bitcoins two months ago and sincerly the most difficult part sometimes can be knowing what to do with a profit especially when you feel "gains" are opportunities to accrue more "gains". On second thoughts, Crypto is risk and risk is crypto I use to think about following the hype especially when the FUD starts kicking in. The internet eventually makes it worse. The impact of the internet on crypto has been huge, most times we hear success stories of people who bought into some unknown random shit and now they're sitting in millions of dollars, these goads people it sometimes influences our initial plans to how we want to diversity our funds and this is why a person might want to buy a coin that's solid, well thought out and of course has other added advantage, let's say utility but then goes back on this decision.
Via Bitmoji
I have seen others try to play smart too; "Get in quickly, take the gains and get out fast" gamble a little bit these profits, takes some sweet rewards gamble more with their money this time, finds it really satisfying and then this probably becomes a habit. To a lot of people, they've made so many shitty coins as their main projects simply because the money is coming in at that time and why not? A lot of people came into crypto for so many reasons and this often determines what they're buying. Many people have probably heard of doge before now, but then on seem to buy because of FOMO.
This isn't me, I'm always pragmatic about crypto and maybe that's why I'm not yet rich. The aim to maximize a little investment to a large extent in a short period of time is always "Ponzi-esque" to me and throughout my life I've been involved in a lot of Ponzi schemes to ever treat Crypto that way. Inasmuch as I wouldn't ramble about long-term and all that stuff, I am always having that FOMO feeling of always missing out on these potential millions but then being someone with limited amount of funds I have my scale of preferences, while wealth can buy you more wealth, having more crypto might not, sometimes it's all a little bit of luck, sometimes you get rekd but I'm not one for uncertainty, I like to predict my finances and project how the projects I invested in can grow.
Predictions and permutations in crypto aren't tenable and can never be used to project real-time plans because of the volatility that's involved, however everyone, or most people like to take control of their finances, because with it, eventually they can plan if not exactly but something similar. This is me, I prepare for times when there will be scarcity by building on projects I can trust, so inasmuch as I would miss out on a lot of millions, i would prefer not getting burned. Crypto isn't all about gambling and Defi seems to prove that crypto can be more than buying the low and selling the high. Nevertheless, we can try to forestall some stability by actually building for what we can be accountable for and this is eventually the plan.
At the end of the day, we gamble some, we invest some, but then what I'm gambling on is only a tiny fraction of what I'm investing on. At the end of the day, greed is always a factor and almost everyone is tempted to chase the figures, ATH and percentages on increase. Knowing the difference between investing and gambling might just go a long way.
Interested in some more of my works?
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My name is @Josediccus, a young Nigerian student who is a Vlogger, A Psychologist, Poet And Sports Writer/Analyst. I'm using my contents as a process to create shared meaning as well as create expressions through which people on/off hive can relate. I believe content is a process to be enjoyed and relished and I'm up for any collaborations in my field stated above. Cheers
@Josediccus, your brother-in-pen & heart
I'm hoping to reach more people who are broken at heart and spirit, so share on any platform or reblog
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