Crypto FOMO by cryptictruth

View this thread on: hive.blog | peakd.com | ecency.com

hive-167922 · @cryptictruth · Nov 26 '23

$4.67

Crypto FOMO

https://i.imgur.com/vbpQawu.png
[source](istockphoto.com)

An image of a pet rock sold for the equivalent of more than $200,000 in the NFT market. We also have the market capitalization of meme coin Pepe doubling in just a few weeks. Worst yet, the price of the FTT token, which was created by the FTX exchange and currently has no real utility, has tripled in the past month on hopes that Sam Bankman-Fried’s exchange will return from the dead.

It's starting to feel like people are FOMOing into what ever they can get their hands on looking to make a quick buck. So why are we at this point again? I think that there is expectations of an imminent approval of a spot-Bitcoin exchange-traded fund that will push BTC to new highs starting a new bull market cycle the likes we have never seen. This latest rise of digital junk follows a nearly two-year long crypto winter that saw the value of thousands of projects crash to or nearly to zero.

https://i.imgur.com/BgHJLY3.png
[source](coinpedia.org)

I was hoping the crypto winter would cleanse the space of the junk, scams and gurus. However, I don't think I'll get my wish. I was really sick of the influencers and social media folks that jumped on the bandwagon to promote trash. I'm frustrated to see it happening agin so early in a bull cycle. I just saw some people shilling, Memecoin. I guess I missed this one which was created earlier this year and has shot up in value this month. Its short whitepaper says it has no functions, no utility and no intrinsic value, no promise or expectation of any financial return, profit, interest or dividend. Seeing this trash take off while Hive goes unnoticed makes me want to scream!

https://i.imgur.com/GXENLfb.png
[source](capital.com)

What is it that makes these project go viral? Why do people feel inclined to poor money into something that has not utility? We need to ask ourselves these questions and get to the root of how to get these people to buy into a project like Hive that has everything a crypto project would want and more. I don't have the answer but I think there are a lot of smart people in our community that could figure this out which would benefit all of us in the end.

Posted Using [InLeo Alpha](https://inleo.io/@cryptictruth/crypto-fomo)

👍 ssg-community, steemcleaners, sbi4, buggedout, pishio, vlemon, bozz, strenue, lbi-token, jfang003, dhedge, rynow, dickturpin, bozz.sports, dadspardan, myprecious, thebighigg, lordshah, votehero, msp-makeaminnow, tomiscurious, takhar, pokermaria, handofzara, djbravo, saffisara, fatman, sbi-tokens, toluwanispecial, khan.dayyanz, senstless, coinjoe, vempromundo, psychkrhoz, godfather.ftw, thedailysneak, pbock, sneakyninja, fat-elvis, thejollyroger, bitcoinman, brutus22, rollingthunder, iamgem005, lee1938, modiji, chinito, jagged71, plusvault, ykretz.leo, dixiesilverminer, brain71, orkangel, californiacrypto, india-leo, ravensavage, dwingsworld, olympicdragon, fourfourfun, houseoftribes, eveningart, jagjnr, joeyarnoldvn, modestscavo, and 7 others

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ctptips	0	15%
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psyskiff	422,768,067	40%
eosdios	372,818,718	40%
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@biyimi · Nov 28 '23

One of the things affecting a lot of people in the Crypto world right now is everyone is stacking for the next bull run but at the same time stuff happening right now in the Crypto world is creating panic in the heart of them

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@bozz · Nov 27 '23

$0.17

I saw that about MEME. Totally ridiculous! I can't believe how much trash is out there still...

👍 cryptictruth

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@cryptictruth · Nov 27 '23

It's insane that people are willing to get in on pump and dumps. Fast cash is powerful even if most get burned.

👍 bozz

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@bozz · Nov 28 '23

Yeah, it's dangerous, but it would still be cool to be on the right side of one sometime. I need some new windows, a new roof, and flooring in my house!

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@buggedout · Nov 26 '23

$0.97

When I started in crypto I was always looking for the best technology.  Speed, volume, security of transactions and functionality of Smart Contracts....but I learnt that the value of a crypto depends on it's network effect.  A great technical crypto with no users has no value, whereas a shit technical crypto with lots of users has a lot of value.

Just look at Dogecoin, Shiba Inu and countless others from the last bull run.  A good meme coin can attract a lot of ignorant speculators and crypto bros.

👍 frogcake, mattclarke, cryptictruth, shaidon

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@cryptictruth · Nov 27 '23

It's insane, but I get it. Marketing and hype are powerful. I just can't believe people see value that does nothing.

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@djbravo · Nov 27 '23

$0.18

It's been a long time since I've been long term working in the crypto world and in the previous bull market we saw that the projects that had new users and had a lot of users would charge us a lot more. Same thing happened a few days back meme coin launched on binance and we have seen a huge increase in its price.

👍 cryptictruth

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@cryptictruth · Nov 27 '23

The meme coin stuff is frustrating to see.

👍 djbravo

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@djbravo · Nov 29 '23

$0.21

Yeah you are right but People's earn huge profits also.

👍 cryptictruth

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2 replies

@india-leo · Nov 27 '23

Indiaunited Curation 1701052601187

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<sub>**100% of the rewards from this comment goes to the curator for their manual curation efforts. Please encourage the curator @bhattg by upvoting this comment and support the community by voting the posts made by @indiaunited.**</sub>

properties (22)

@jfang003 · Nov 27 '23

$0.17

I think it has to deal with the marketing. From what I see, it's kind of hard to promote ourselves while a memecoin is essentially for fun. I was also hoping for more of the trash to be cleared out from crypto.

👍 cryptictruth

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@cryptictruth · Nov 27 '23

Same it seems the trash has survived the winter. I really wish I knew the answer to get more adoption of Hive.

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@lee1938 · Nov 27 '23

https://twitter.com/lee19389/status/1729134436053373247
#hive #posh

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@lovinggirl · Nov 27 '23

$0.18

why the heck they think the exchange will come back? because of mtgox?

👍 cryptictruth

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cryptictruth	0 B		375,024,540,053	100%

@cryptictruth · Nov 27 '23

Hope and hype.

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@lovinggirl · Nov 29 '23

i hate ftx and i hope it will never come back.

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@olympicdragon · Nov 27 '23

$0.18

I received this duckie coin on metamask. I was dubious at first as i wasnt sure were it came from. So i imported token address and got 120 tokens. It was the polygon chain !

👍 cryptictruth

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cryptictruth	0 B		382,631,518,826	100%

@cryptictruth · Nov 27 '23

Be careful of any tokens you don't know where they came from.

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@ssg-community · Nov 26 '23

You received an upvote of 36% from Precious the Silver Mermaid!

Please remember to contribute great content to the #SilverGoldStackers tag to create another Precious Gem.

👍 wellingt556

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@tahirmuneer · Nov 27 '23

https://twitter.com/jewellery_all/status/1729222408601542737

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@wellingt556 · Nov 26 '23

$0.17

Yes, I think is going benefit us in the end. Great work!

👍 cryptictruth

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@cryptictruth · Nov 27 '23

I think so too. Building a community with working products will at some point be king.

👍 wellingt556

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