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Do yourself a favor and expose yourself to viewpoints critical of crypto

All Cryptocurrencies

by COINS NEWS 213 Views

Most communities revolving around crypto are 95%+ pro crypto. They become echo chambers very quickly, especially in bull markets. This can be very dangerous and often leaves many people dumping way more money than they should into it. I've been in crypto since 2013 but I've never been 1000% a fanatic. Fanaticism is dangerous. It leads to non critical thinking and extremist viewpoints. When the market crashes, this can be much more devastating for these people as they only think that its going up into infinity and not understanding what they are risking.

Exposing yourself to opposing viewpoints can also help you have a more logical understanding of the benefits and flaws of crypto. Knowing opposing viewpoints can help strengthen your arguments when people say things like "crypto has no value".

Having a more balanced understanding help you understanding the risks you are taking by investing large amounts of money into it.

Unless you are DCAing there are very few reasons to put large amounts of money into crypto when it has already climbed 1200%+ in a year. The peak still may be x2-x3 away or even more for top 10 coins, but the downside can be much worse, as many coins plummeted as far as 90% in previous crashes. That might not be a problem if you are holding on several years, but if you are expecting to get rich quick, and you panic sell on a crash you will lose a lot of money. If you have a more solid understanding of the pros and cons you are much more likely to be okay with waiting it out because you believe in whatever project you have invested in.

Sub to /r/buttcoin, listen to opposing arguments, do your research if someone has a valid argument, so you can better understand the risks.

submitted by /u/_dekappatated
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