I Bought Cryptocurrency, And Now I'm In A Cult
Never in my life would I imagine that I would join a cult in my adult years. I consider myself a strong-willed person who holds his principles dear to his heart.
But it all changed when I was introduced to the world and the saint of crypto Satoshi “Crypto God” Nakamoto.
Note: this is not the real Satoshi Nakamoto but most people who “googled” the name “Satoshi Nakamoto” and this man would come up. He denied it many times but when you are an internet meme, well your faces are everywhere on the internet.
Satoshi is a mysterious man, the one who dwells in the depths of the internet making the sufficient code and infrastructure that would become a Titanic in the financial and investment market. No one really knows who he is, he watches in silence as the market rise and falls, and the people keep adopting the new kind of technology.
The groundbreaking technology would challenge and even change the traditional finance world and banks. The birth of Cryptocurrency and the granddaddy of crypto, Bitcoin.
so what is a bitcoin? Bitcoin is a decentralized digital currency that can be transferred on the peer-to-peer bitcoin network. Bitcoin transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain.
Let’s put emphasis on “Decentralized”.
Decentralized means to distribute the administrative powers or functions of (a central authority) over a less concentrated area. That means with bitcoin, every person could join in by buying a piece of bitcoin or serving the cult by “mining” the cryptocurrency.
What is a cult that I mentioned in this article? The “wealth” cult. With the trading system in the bitcoin and crypto, it plays up the supply and demands economic principle while some of them don’t really have real utility value.
The earlier you are in the game the more scarce the supply of the crypto itself which then inflates the prices. Many people believe that crypto would take over “fiat” money somewhere in the future.
But when utility intertwines with an investment such as crypto, would the massive adoption of the technology itself would happen? nobody knows the answer to it.
As it is today people are treating it as an investment, thus comes the greater fool theory of the crypto itself. The fool is the one who bought at the higher prices. The earlier adopter always encourages new users or investors to put real money into the crypto environment.
The crypto community itself creates a lot of terminology or jargon, the most famous one is HODL or Hold On for Dear Life and FUD means Fear, Uncertainty, and Doubt. These terms want to justify their investment strategy, every factual information that the mainstream media with accurate information and evidence would be considered a FUD, an attempt to undermine the crypto ecosystem and the whole trading environment.
Not an accurate representation of the HODL but the crypto community always says, hold the line and we will all be rich. just like in the picture as you climb up the rope and you will see the amazing view.
Even when I bought into the crypto trading investment, I don't want to have someone or even the media tell me that I'm wrong to invest in crypto. That I have spent hours working and all of the money to be worthless in the end. These kinds of thoughts dominate the crypto community thus the FUD terminology came. More positive news would bring new people and they would have this hive mind mentality and believe that the crypto would prevail. I want to believe.
Most buyers are trend-based investments, there are hundreds of crypto analysts who have hundreds of different price predictions of the crypto they bought.
Then which analysis or chart do you believe? do you want to be wrong? do you want to listen to the facts? or do you want to have someone tell you that you do have a great investment with illogical chart prediction?
Believe in the technology and the adoption of the system, you will be rich someday.
For me, every investment should have a price target to buy or sell. take some profits in the meantime. But these crypto maximalists won’t do that, as long as they pump the crypto some loser would buy-in, would give in and the person would encourage another person to buy again.
When the domino fall, who’s to blame? I wouldn’t call the crypto community and investment a cult if people have a realistic view of the market or their investment.
Don’t be greedy, take the money.