Unless for those that are completely new to the cryptocurrency world, the word fomo should not be a new thing. It is actually an acronym for fear of missing out which denotes the anxiousness/sickness/fear that engulfs some investors when an opportunity that seems to be too good to turn down presents itself.
Even though several times, the too good to be true opportunity might actually not be that good at the end of the day, several investors have fallen into this indisposition several times. Fomo situations are sometimes created by those that are seeking to profit from it and those that end up fomoing often end up being at the losing end. Yes, I have also fomoed in the past and some of the shitcoins I bought are still lying lowly in my portfolio.
Fomo can also be described as a sickness in which the victim cannot just overlook an opportunity to enrich himself/herself in the crypto world. Hence, such a person ends up acquiring a lot of coins/tokens, some of which might come good and actually enrich the person if he/she is lucky enough or totally reck the person if he/she is unlucky. A gambling situation.
In a way, all these descriptions fit into what the English folks call greed. I don't know if there is a dictionary for cryptocurrency but the cambridge online dictionary defines greed as;
a strong desire to continually get more of something, esp. money
While greed sometimes can be due to poverty, a good look at our environment will tell us that the rich seem to be more greedy than the poor. Most rich people are somehow fixated with the idea of increasing wealth and never the opposite. Hence, they tend to fomo on opportunities or even create a fomo situation to lure the greedy poor into a situation that will plunge them into further poverty.
With the recent blooming of tribes with their respective tokens on the steem blockchain, there is no denying the fact that a lot of people are already fomoing and as I said earlier, they might get lucky or get burned. The best thing to do before putting your hard-earned money into a token is to research well about the token so that you don't get trapped in a bull bubble.
A word, they said, is enough for the wise.
Thank you!
All images used are from free sources
