cryptocurrency Cryptocurrencies, The fomo and the power of speculation

[Obliv0n 333]

Much has been said about the problem that speculation represents within the crypto market and the most recent case is that of the Doge coin, a currency whose supply could be considered unlimited, with a network that does not offer something innovative and whose base is a meme,

 

Today it represents 690% gains for many traders. However, this movement did not occur naturally, it had its origin in the Reddit forums and in Twitter threads, where a signal related to doge was announced, said movement was attributed to the same group that manipulated the actions of Gamestop.

 

Later, the FOMO did its job and even, at this time, the doge can increase its price much more.

 

What do you think about these practices?

In a decentralized world anything goes, there are no rules.

Do you agree? And if not, please leave your explanation in both cases.

 

Source: CoinDesk

 

[MrSpasybo 1049]

Hope I understand what you mean by crypto speculation.
I'm not in favor of speculation, because it just makes the market chaotic, it makes some people rich and most of the rest poor. DOGE is a good example: many people say that everyone benefits when the DOGE price increases, but they don't notice that there are many people who bought DOGE at ATH and lost money.
GameStop is a more frightening example when the majority of participants could not liquidate their assets before Robinhood stopped it.
Crypto needs to be free in order to fluctuate naturally.

[Obliv0n 333]

On 2/16/2021 at 11:41 AM, MrSpasybo said:

Hope I understand what you mean by crypto speculation.
I'm not in favor of speculation, because it just makes the market chaotic, it makes some people rich and most of the rest poor. DOGE is a good example: many people say that everyone benefits when the DOGE price increases, but they don't notice that there are many people who bought DOGE at ATH and lost money.
GameStop is a more frightening example when the majority of participants could not liquidate their assets before Robinhood stopped it.
Crypto needs to be free in order to fluctuate naturally.

Sure, it should be free but by having a decentralized system, Andie can regulate the investments that are made and therefore speculation can take some markets, in binance for example there are daily coins that earn 80/90% of their price in 24 hours, something that is impossible for unknown coins.

[Froshk 1828]

I believe speculations and fomos drives and currencies use for most investors and cryptocurrency assets especially due to  their inexperienced in how to currency works

[Cleaner 2549]

On 3/7/2021 at 1:10 AM, Emanuel 12 said:

I think fomo in Crypto currency is what you should really take seriously because this technology is very good for all of us and helps so much in making transactions easier. You should be afraid of missing out because you never know how the prices will turn out

Everyone will have FOMO if they use crypto currency. By FOMO we mean the fear of getting lost.  In the crypto world we all need to overcome the fear of getting lost.  But to overcome FOMO we need to gain the experience of everyone in the crypto world.  This will allow us to recognize and use better cryptocurrencies