This is the story of u/KvotheStormLindon in which he told how he lose a lot of money because of FOMO.
I had to learn the hard way that the fear of missing out leads to terrible and impulsive decisions. Now I’m thinking FOMO could cause me to lose the bulk of my portfolio. I live in the USA and I’m convinced that a recession is eminent and will likely last for a while. Is holding your crypto during an obvious bear market/ budding crypto winter akin to FOMOing in at the top?
I haven’t lost any faith in the long term success of cryptocurrencies. But I don’t have any desire to watch my investments drop to nearly nothing until the next run. What benefit is there to holding in such conditions? Yes the market could turn any day and you’ll be kicking yourself for selling low, but is that not the definition of FOMO?
I’m tragically uninformed about the economical state of the rest of the world. Is there a silver lining someone could fill me in on?
My Jade stake with CDC is up in 10 days. I’m strongly considering selling off all of my crypto and coming back when the prices are just too juicy not to. I won’t try to time the bottom, but I will set aside cash now for bargain deals later and I genuinely believe we’re in for a long winter my friends.