In an earlier post about the taboo of open discussion around money, I talked about how important social proofing can be for someone to try a new technology or enter into a new investment vehicle, like blockchain, cryptocurrencies or Hive. But the cultural silence on the discussion isn't just because those with the money want to keep it that way, it is also because we have our own personal fears about failure.
No one likes a financial loss, but what is worse than wearing the cost, is looking like a loser socially. In some ways it is like a gambler who will brag about their wins based on their prowess, but will conveniently forget all of the losses, as after all, they were just bad luck and can't be attributed to skill level.
The other thing that is an issue about discussing investment topics is that any half aware trader will know the burden of responsibility is on them, their money, their decisions. But, when inexperienced people are looking for advice, the experienced know that they can influence decisions and that someone might blame them for incurred losses - which is why people continually reiterate disclaimers that say along the lines of, "you make your own decisions, don't blame me".
I did this today when my new to crypto colleague asked, "When is a good time to buy Bitcoin?" and I wouldn't give him an answer other than a very clear and basic, "what I do" position - which means that if he follows what I do and loses, we both lose. Same for the upside - where we would both win. Personally, I don't want anything to do with other people's investment decisions, but I also don't want them to miss out on being part of something due to cultural restrictions that they might have valued - had they known.
I take the position that we are all adults and people need to take responsibility for their actions and wear the consequences, good or bad. You can't make decisions knowing there is risk involved and then complain when downside comes to visit -you can't enter in to risk expecting only good results and when I do talk about this with people, I try my best to continually reinforce the risk component and my "only invest what you are willing to lose completely" approach.
It isn't easy though, as a lot of people think they have an investment mindset and a lot of people think that they are prepared for losses - but I have seen time and time again, people who talk a big game on the up, crumble on the down slope. Most people don't want their friends, family and strangers to see them lose - but a lot of people do want to see others lose.
I haven't been in the game so much, but when there are large dips that make the news - those who aren't in crypto themselves will say things like, "How's your investment in fake money doing now?" - to which I would answer, "Growing" A lot of people think that everyone is scared of the dips, but if you are looking long enough and have already written off the investment - the dips are an opportunity to evaluate conditions and ask, "Do I choose to invest again?" and for me and as long as there is money I can write-off without too much impact the answer is, Yes.
As I was explaining to my colleague today when asked about my volumes, I told him I do what I can afford and since I don't drink, smoke or many other average expenses people think are critical to their happiness, my entertainment budget can be thrown away on digital money, rather than some consumable that I can guarantee will be worth zero. With the current and ongoing house renovations, the small amount of disposable income I do have available, goes to spending time with my family, not crypto. It is not that entertainment takes precedence, it is that I know that time with my family and a little special every now and again is an investment into my future too.
And I added, that I am not looking for the quick wins (though they are welcome), I am looking long. With 25 years until my retirement and my plan to work hard over that period, I am hoping that during that time, the entire world will start adopting Bitcoin, Ethereum and a thousand other blockchains and cryptos like HIVE, so that the economic conditions globally shift and with it, my conditions too. As I have said, I don't want just gains, I want life-changing gains and that requires more than just financial value.
It is interesting how many people want to see others fail, in the same way it is interesting to see how many people are envious of good outcomes. From an investment perspective, there are overlaps between success and failure - namely, both require putting skin in the game.
For me, there is little point to do any of this unless I believe that the future will be better off for it. If that means looking like a loser from time to time, so be it.
Taraz
[ Gen1: Hive ]
