Beware the Bull Market FOMO \ stacker news ~bitcoin

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2256 sats \ 16 comments \ @kepford 22 Mar bitcoin_beginners

If you are truly a beginning bitcoiner or if this is your first bitcoin cycle (bitcoin has cycles of market price spikes and dumps) then there is something emotional to be aware of. FOMO.

Fear of missing out is real. When you see bitcoin rising in market price on exchanges emotions can do funny things to even the most rational and thoughtful person. A word of wisdom that you hear often is, "stay humble, stack sats". I'm not going to try to tell you what you should do but be aware. You can make some mistakes when emotions cloud your judgement.

When bitcoin prices begin to rise as they have over the last month you might be tempted to do risky things. Things like over extend yourself. What I do, and what many of us do is we just always buy. That's the stack sats part. Start getting paid a portion of your pay check in bitcoin for example. Each week use Robosats to buy bitcoin without KYC. Or find another way to regularly secure some bitcoin for your future.

I am advising this because I have allowed emotion to direct me to strongly in the past. Don't get me wrong. I didn't get wrecked. I do not regret any bitcoin I've acquired. I feel this way because I value bitcoin far above its current market price. I actually get more excited when market price goes down. That said, be prepared.

Be prepared for bitcoin to keep going up but also be prepared for an 80% draw down. That FOMO you feel now might be replaced with dread for letting emotions cloud your judgement. Just be aware. We are hearing many massive predictions from the dudes that get attention from speculating on bitcoins new ATH. It happens every cycle. It affects us all.

Stay humble, stack sats.

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174 sats \ 1 reply \ @siggy47 22 Mar

Good advice. Emotion is your biggest enemy. This may sound silly, but for years I tricked my brain by ignoring markets during times of turbulence. It's especially important with bitcoin. Think of something else. Get lost in a book, a movie, hang out with friends. Just avoid watching the screen. It's tough at the beginning. In time you learn not to pay attention.

176 sats \ 0 replies \ @kepford OP 22 Mar

Yep. Great advice. I was listening to "The Survival Podcast" yesterday and Jack was talking about how people will put 10% of their wages into a 401k and barely look at the quarterly reports, but then they buy $100 of bitcoin on Coinbase and they are watching it every hour. Its really funny and interesting. Emotions

10.3k sats \ 5 replies \ @Undisciplined 22 Mar

This is my first cycle. I'm just continuing to look for ways to organically increase my stacking rate.

205 sats \ 1 reply \ @kytt 22 Mar

Here. Have a 10k zap, first cycler.

54 sats \ 0 replies \ @Undisciplined 22 Mar

Wow! Much appreciated. I'll try to put it to good use.

21 sats \ 2 replies \ @kepford OP 22 Mar

For real? Your first cycle? That surprises me.

21 sats \ 0 replies \ @Atreus 23 Mar

Yea that surprised me too. Bru seems like he's been here for years.

33 sats \ 0 replies \ @Undisciplined 22 Mar

I'm new. I had paid attention to bitcoin previously, but didn't get into it until last year. I attempted to get in a decade ago with mining, but I didn't get anything and gave up.

179 sats \ 4 replies \ @DarthCoin 22 Mar

EXCELLENT ADVICE!

And to sustain what you said, I would like to post here the "story" of DarthCoin, to be an example for all those newbies into Bitcoin, to be aware.

I don't want to hijack your post @kepford, so guys please send sats to OP not to me.

The story is simple and go back in 2012. Yes, I am strong HODLer from 2012.

One day of June 2012, I went to buy some beers, with 20 cuckbucks in my pocket. At the entrance of the grocery store I met an old friend... very old friend that didn't saw him for years. Let's call it ObiWan. A very humble old man, exactly like in Star Wars.

So he told me: "Don't buy those beers now, come with me I want to show you something". So we went to his house, near by.

His desk was full of books, computers and on his screen was a BitcoinQT (the old core client) open with a large amount of BTC.

I didn't understand at that moment that were money. But he start explaining me and gave me printed the Bitcoin whitepaper, telling me to read at home and understand it. It is the most important paper for humanity.

So he said: ok give me those 20 bucks and I will give you right now 1BTC, so you could start it. And that's how I got my 1st BTC. And I still have it.

Then he told me:

"If somebody will want to strike down Bitcoin, it will make it even stronger than we can imagine."

That phrase remained in my head for some years, until I decided to take the nym DarthCoin. The phrase is almost the same as in Star Wars, about The Force.

Funny thing is that I went home and my wife asked me where are the beers and I said: I met ObiWan and I drink them all with him 😂

She never know that I bought 1BTC, not even today.

So all these years 2012 until now I learned, I mined, I bought, I earned, I studied a lot about Bitcoin. NEVER EVER used any shitcoin. ONLY Bitcoin.

So I saw all the ups and down, all the fights, all the cycles all the halvings. Oh yeah, halvings are brutal... I am tired to see dips. Dips are the most funnier, is when you see all your friends calling you. And I just laugh.

Be like this little guy...

https://m.stacker.news/22403

Accumulate, spend, replace. Repeat. Ignore all the FUD and all the price hype.

163 sats \ 1 reply \ @kepford OP 22 Mar

Thanks for sharing DarthCoin. I will zap myself shortly.

54 sats \ 0 replies \ @Atreus 23 Mar

Dang that's cool, you made the thread that got DarthCoin's origin story

33 sats \ 0 replies \ @DiedOnTitan 23 Mar

Why did the wise investor skip buying $20 worth of beer?

Because they felt a force that by investing that money instead, they'd be brewing up a fortune!

33 sats \ 0 replies \ @carlosfandango 23 Mar

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233 sats \ 0 replies \ @riberet19 22 Mar

Very good advice, this is my second cycle and although in the first one I was about to do crazy things I held back and I have stayed strong, so FOMO doesn't affect me anymore, all we have to do is accumulate sats and forget about the price, so you can sleep better

43 sats \ 0 replies \ @nichro 23 Mar

Doing DCA and just regularly stacking bit by bit is also a more relaxing life. No more watching charts 24/7 or trying to keep up with the latest predictions.

Then when a relative hits you up like "hey bitcoin is up/down, you happy/sad about it?" you'll sometimes not even know, and likely won't care, because you continue to stack sats, stay humble.

33 sats \ 0 replies \ @Satosora 23 Mar

FOMO is such a big thing! Especially during the covid era. Anyone remember the toilet paper runs?