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Why "diamond hands" and "Don't invest what you can't afford to lose" shouldn't be our go to

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by COINS NEWS 40 Views

So, I seen a recent post that pushed hard about how people held for a long time, and they used diamond hands a bit in it. Then others in the comments mentioned "Don't invest what you can't afford to lose."

This is a toxic mindset. Yes you shouldn't invest more than what you can lose. But, this "advice" is given when people talk about a value loss, it is used to shame the person because they can't hold in a bear market, and so on.

This diamond hand mentality is extremely toxic because where people could've took profits on the way down, and then bought back at a far lower position. This encourages people to hold through and take unneeded risk, and causing them to lose out on far more value. And in return it gives crypto a black eye because the majority of people out there follow and don't dive beyond surface deep. Meaning a large number of people have negative emotions towards and say negative things about crypto. This pushing people away from crypto.

Plus on top of that, it overlooks life. For the diamond hands thing, I've personally seen a while back someone celebrating cashing out so they can buy the house they want and people saying that user didn't have diamond hands. So instead of celebrating that crypto allowed this person to buy their place. People instead shame them.

And for "don't invest what you can't afford to lose", what if the value of today you can afford to lose, but tomorrow you can't. Even more, what if the change in value of crypto made it where you can't afford to lose it? Should the person be looked down on?

Like lets say today they think their job is secure, there is no medical problems, and all is well. They invest, and a year later they lose their job, no one is hiring, their car breaks down, the stress ends up giving them health problems, and so on. So when they invested, all was well, but now it isn't. Should they be looked down on?

TLDR:

Try to avoid pushing the diamond hands mindset as it creates more problems in the crypto community.

submitted by /u/crua9
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