toxicbitcoiner on Nostr: This isn’t like 2016/17 anymore, where many people didn’t even know of Bitcoin. ...
This isn’t like 2016/17 anymore, where many people didn’t even know of Bitcoin. Now, literally everyone in the developed world knows of Bitcoin.
The last two cycles heavily involved the Dunning-Kruger effect, especially because of shitcoins. The DKE will always play a role, but the next cycle parabolic move and (probable) subsequent crash will be more about the psychology of Sunk Cost. A blow off top will be people finally and begrudgingly capitulating by buying. Then, a correction will ripsaw their emotions because they haven’t preemptively put in the work to understand what they bought. Any sudden and brazen regulatory actions will exacerbate it. Brutal.
We’ll have our own psychological trials to go through, but at least it won’t be what the noncoining capitulators will have to experience.
The last two cycles heavily involved the Dunning-Kruger effect, especially because of shitcoins. The DKE will always play a role, but the next cycle parabolic move and (probable) subsequent crash will be more about the psychology of Sunk Cost. A blow off top will be people finally and begrudgingly capitulating by buying. Then, a correction will ripsaw their emotions because they haven’t preemptively put in the work to understand what they bought. Any sudden and brazen regulatory actions will exacerbate it. Brutal.
We’ll have our own psychological trials to go through, but at least it won’t be what the noncoining capitulators will have to experience.