“What have you learned, Dorothy?”
The Tin Woodsman places that query to our heroine, Dorothy Gale, within the closing moments of “The Wizard of Oz” simply earlier than she clicks her ruby slippers again to Kansas.
Keep in thoughts, this younger woman and her complete home had been whisked away to an odd land of speaking scarecrows and cowardly lions, the place she needed to fend off a depraved witch and her squadron of flying monkeys, all in effort to discover a wizard who turned out to be filled with sizzling air.
Over The Rainbow
Cryptocurrency traders recently could also be feeling like they have been hit by a tornado given the market’s current tumble.
Prices had been modestly increased ultimately examine on June 6, with bitcoin up marginally to $31,430.96, whereas ether was primarily flat at $1,907.95, in line with information agency CoinGecko.
But it has been fairly a trip. Analysts at Goldman Sachs stated final month that the worldwide marketplace for main cryptocurrencies declined a shocking $1 trillion from late final yr.
Once thought of a protected haven from the inventory market, crypto and Wall Street have been shifting in the identical direction–right by the Haunted Forest.
Social media was flooded with tales of monetary wreck and issues about suicides following the collapse of the steady coin UST and its the sister token of Luna.
Lately, nonetheless, the tone on Reddit appears to be extra philosophical than fearful, with commenters searching for classes amid the losses.
‘Hope in My Heart’
“Perspective: if many investors were suddenly as poor as I am, the suicide hotline would be posted,” one Redditt posted. “Some people would prefer death over existing as poorly as I do now. And yet here I am, doing my best, plans in my head and hope in my heart.”
“The crypto space has taught me about money management, technology, trading, marketing/branding, networking, culture, scams, information asymmetry etc…and still I keep learning everyday,” one other commenter stated. “Maybe the real gains are the lessons I’ve learned along the way.”
“Its true and world economics that we just call “the macro” now cause we know so much,” one individual responded. “Lmao I knew nothing about the fed/rates/inflation before crypto.”
“it’s always nice to take profits..greed will make you poor most of the time and rich very few times…” one poster stated.
“Most of the money I’ve ever lost in crypto I lost on Kucoin, one poster said, referring to the Singapore-based crypto exchange. “The most enjoyable I’ve ever had in crypto was on Kucoin.”
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KuCoin was the target of one of the largest cryptocurrency scams, where about $275 million worth of cryptocurrency was stolen.
Fear of Missing Out
CEO Johnny Lyu said users were paid back via the recovery of $239.45 million through law enforcement and other exchange platforms, and $45.55 million from the company’s insurance.
“BTC after all you’d pump just a little when I’m attributable to DCA. FU!” another commenter said, referring to the long-term strategy of dollar cost averaging, where an investor buys smaller amounts of an asset over a period of time, no matter the price.
“Happens to me each time too,” one sympathetic commenter said. “Then after I pause my DCA for just a few days we pump further onerous inflicting me to fomo in close to the highest.”
Ah, yes, FOMO–fear of missing out–that nagging feeling where you’re convinced that others are having better experiences than you.
Studies have found that FOMO leads to extreme dissatisfaction and has a detrimental effect on physical and mental health.
A 2013 report appearing in the journal “Computers in Human Behavior” said that FOMO was “robustly linked to increased ranges of social media engagement.”
“One of probably the most troublesome factor in a bear market is to do nothing and never FOMO till an actual development change,” one Reddit comment read. “Do not fomo into alts right here.”
‘I Won’t Fomo In’
“I will not fomo in. I will not fomo in. I will not fomo in,” another Reddit commenter said. “f*okay, I fomo’d in.”
After all, the Wicked Witch was always looking at others through her crystal ball and she ended up melting. What a world!
As for Dorothy, it turned out that she had the power to go home any time she wanted, but Glinda, the good witch, said she had to find that out for herself.
Perhaps there’s a lesson in that for crypto investors.
Of course, there’s still plenty of snark and hard feelings out there in the internet.
“Love when bulls have a glimmer of hope earlier than the bloodbath,” one Reddit commenter said. “Makes the demise all of the sweater.”
“i periodically examine cryptocurrency costs now for the schadenfreude of watching it fall and I’m afraid google’s going to start out considering i am into crypto,” one individual tweeted.
There’s no place like house.