Topic: Cryptocurrency Phobia - new social phenomenon - page 7. (Read 171825 times)

My opinion is that you are looking at the glass as half empty instead of eyeing on it as half full. Yes, there are those who are quite negative about Bitcoin and even with cryptocurrency in general though many of them will admit that they admire the blockchain technology which is what is behind with Bitcoin. The media has been an instrument in the spread of this negativity though in fairness there are also good reports on Bitcoin. The sentiment of these people who are shying away from Bitcoin is that it just another bubble similar to the tulip mania in the 16th century, which ended so bad (of course the tulip survived). Some well-known financial experts are comparing the features of the many bubbles in the past with Bitcoin and they are seeing many similarities. Now, this is the pessimistic side. On the optimistic side, there are many famous personalities who are openly endorsing and very much involved with Bitcoin. Right now, there is the trend of Bitcoin legitimization or being accepted by people into traditional finance and banking. With the introduction of the Bitcoin Futures, people in the Wall Street can now be joining those in the Main Street as far as Bitcoin is concerned. With a ballooning interest coming from many clients, even banks are now slowly realizing that they have to find an acceptable way to get into Bitcoin and join the fun (or should I say profits?). With this kind of scenario, the said phobic hysteria is nothing but just one simple obstacle on the way to Bitcoin's success.

That's an interesting point.

So here we can highlight three categories of people with negative attitude, based on their Cryptocurrency experience:
- no experience, whose vision based mostly on rumors;
- bad experience, those who previously failed in Cryptocurrency investments;
- outdated experience, that comes from traditional economical and financial concepts.

I've been hearing remarks like those numerous times in the past - that's it's a scam, it's fraudulent, it's fake or it doesn't exist. Some have associated bitcoin to illegal activities such as the purchase of drugs and the like. When something is foreign or unfamiliar to them, they'd rather hate on it than choose to understand it. They are quick to judge without even trying to fully understand all about bitcoin. Others are just bitter because they weren't able to join the party early enough.

You guys should read some comments by well known economists and financial advisors and many of them will have 3 things in common. I should say almost all of them have this things in common and those things are:
-they are or have worked for a big bank
-they are usually in their 60s or older
-they are comparing BTC either to stocks or a fiat currency

They don't understand that it's something different. To them everything has to fall into a well established category. There can't be a new thing. A thing that creates a category of its own. This is the fallacy of old men. If you have been doing the same thing for 40 or 50 years and someone shows you that it can be done differently you take a defensive stance, even though you could agree with that new way somehow inside you think they'll laugh at you. Say you were wrong to support the established order without questioning it or trying to improve it.

I do not think it is a phobia, there are two types of people, those that do not know anything about bitcoin but have hear the news about scams and things like that and have began to repeat what they hear, and there are those that know about bitcoin but it is in their best interest to spread fake information about bitcoin.

I bet all my funds that probably 7 of 10 of those people are the only ones who had the opportunity to buy bitcoin at a cheaper price, but they didn't because they were afraid of seeing it crashing.


Bitcoin has always been related to someting shady, there is nothing new with this, a few years ago everybody was saying that bitcoin has only been created in order to purchase drugs, scam people, or just rule ponzi schemes.


and it has been happening for more than months, even years, but now the real face of bitcoin is cleaning by itself.

Among traders, this phenomenon is called "missing the boat syndrome." Those who sold early or missed the boat entirely have difficulty imagining (re)entering the market at this point. I've experienced this too. When you take profit and the market keeps running, it's psychologically very difficult to chase the price. This is why one should never sell all of their bitcoins.

One of the most prominent recent examples that I've noticed is this "Bitfinex'ed" character. He publicly sold all his bitcoins ~$1,000 early this year. After the BTC price began making new all-time-highs, he began concocting his narrative about Bitfinex/Tether "pumping" the entire market. Seven or eight months later, he considers BTC to be a "fraud" and he proudly says that he never bought back into BTC because he "won't participate in fraud." Now Bitfinex is suing the guy for his social media campaign against them.

Something I've learned about markets: When you hold an asset, you tend to be quiet about FUD. When you hold nothing, you're comfortable shouting FUD from the rooftops. Those people calling BTC and other cryptocurrencies scams aren't making any money right now. That much I know.

I wouldn't call it a "phobia" because people typically aren't really afraid of BTC - they just find it irritating or confusing to discuss it.

It's understandable, because BTC requires some consistent focus to figure out.  Personally, I took ages to really "catch on" since every piece of information you pick up tends to tie onto some more information that you then have to know as well.

If people get a bit annoyed (and then irrational) when discussing BTC, that's perfectly normal.  I suspect that you and I are both irrational about something else which is in our lives that we're not too aware of either.

from the beginning I know bitcoin, I have not found a user harmed by bitcoin. I know that the losses experienced by bitcoin users are because they themselves can not keep the bitcoins, such as losing bitcoins due to careless securing bitcoin. and I think bitcoin benefits more than the element of deception. so I say that crypto phobia is actually us who created it.

haters gonna hate bro. one thing I'm glad I learned is that people are for the most part full of shit, you shouldn't take them seriously. don't try to show them they are wrong; let them stay comfortably in their ignorance.

A lot of people are thinking that they are doing a good deed by warning clueless people about potential "scam", others simply want to feel superior that they will predict "bubble" and won't lose their money because "they are not stupid". These psychological patterns can describe most of anti-cryptocurrency commenters, but there are also other causes like regret over not getting in early, distrust and hate towards everything that is not controlled by governments (especially popular among left-wingers), being involved in traditional finance and even religion.

The more various opinions I hear about Cryptocurrency, the more I realize that there is a new kind of phobic hysteria, which appears literally about everything related to Cryptocurrency, e.g. mining, trading, ICOs or lending.
In some cases people provide interesting groundings concerning Cryptocurrency risks and instability.
But in many cases their negative conclusions simply sound like: scam, deception and other "demonizing" statements.
I think this phenomenon spreads around fairly fast.
What's your opinion about it?