Bitcoin’s market cap share rose to 45.4%. The Panic Greed Index dropped to 11.
Economist Alex Kruger once said, “For Bitcoin, a price crash is a feature, not a bug.” Indeed, the ups and downs of cryptocurrencies are something that their holders have long been accustomed to, not only getting used to their ups and downs, but also to rushing to adjust the amount of assets they hold as a result of each one of them.
Thus, when the term FOMO emerged in 2013, it was quickly used to describe people in the blockchain industry who hold crypto assets. Others are known as Buddhist Hodlers, and today we’ll talk about the origins of these words.
01 FOMO HODLer
FOMO stands for Fear of Missing Out. FOMO phenomenon is gradually known with the increase of smart phones and the widespread use of social media, expressed as “fear of missing out on important information, fear of being eliminated from society, fear of missing out on every opportunity”.
For example, many people open their eyes every day to brush Weibo hot search or go through their circle of friends to learn about important events that everyone knows, otherwise they will panic and feel anxious that they will miss something important.
In the blockchain industry, this phenomenon is reflected in the fact that cryptocurrency holders are always watching the rise and fall of cryptocurrencies and industry-related information, fearing that they will miss the best opportunity to enter and exit the market, and miss the possibility of getting rich.
FOMO is almost the most mass-based thing, and the lower the level, the easier it is to be swayed by it.
When I first saw the word HODLer, I always suspected that I had misremembered the word “holder”, so I went to look it up and realized that there was a story to this word.
In 2013, a bitcoin holder posted on a bitcoin forum that he had been dating a girl for a while before he realized his girlfriend was gay, and that bitcoin had fallen so much that he hadn’t been able to judge the market quickly enough to sell his bitcoins. Now with the loss of life and economic loss, there is nothing to do but choose to hold bitcoin.
When he wrote this, he was probably in a drunken state and misspelled Hold as Hodl. Later, on the forums, people thought this was an interesting way to spell it, so they kept using it, but after Hodl, they added the suffix er, which means people, and it became Hodler.
The term “Buddhist youth” was popularized in December 2017, and many people interpreted it as being whatever they want, casual, going with the flow, and not having their own attitude towards life. But true Buddhism is not funereal and decadent, but a purposeful approach to life.
I am confident in the future of crypto assets, and I do not rush to buy and sell easily, no matter its rise or fall.
I will not be ALL IN at any time because it is clear that as long as it is an investment, risk is inevitable and unexpected is common.
FOMO cryptocurrency holders and Buddhist HODLers are two typical types of cryptocurrency holders who have different attitudes towards their cryptocurrency holdings due to different starting points or personalities. Of course, this only represents a portion of the crypto market, and there are many people in between.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/the-panic-greed-index-continues-to-fall-are-you-fomo-again/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.