4 ms·

Well what you say has some merit, but... Goldrush FOMO is a very powerful force. Not saying this applies to you, but I think some people can’t stand the cognit

by Gatsky 6y ago

Well what you say has some merit, but... Goldrush FOMO is a very powerful force. Not saying this applies to you, but I think some people can’t stand the cognitive dissonance of being a hacker and not getting into bitcoin, missing out on life-changing money. To deal with it, they need to vilify bitcoin often on quasi-moral grounds.

cbozeman 6y ago
That's a fallacy into which they're falling. Not a logical one, just a mental fault in their thinking. You and everyone else around you are always missing out on life-changing money. I missed out on GameStop when it was $4. Roaring Kitty was posting on YouTube then... but I didn't know about him. I didn't hear anything about GameStop until it was already in the hundreds of dollars. I missed out on Tesla. I missed out on Microsoft, Apple, Apple's resurgence in the 90s, etc. There's always going to be some thing that everyone misses out on. I'm biased, because I've been mining Bitcoin since 2010, starting with an old Asus Core2Duo laptop, then I got a Butterfly Labs Jalapeno miner, and then the Chinese miners took over the scene and I got out because I didn't see the point trying to compete with them. But I'm still missing out of all kinds of life-changing money scenarios even today. And so is everyone else.
- Gatsky 6y ago
  Yes, this is true of course. FOMO is a fallacy. Nonetheless, I think it does play a role in the nature of bitcoin criticism, which I otherwise find is somewhat odd and repetitive and moralising. You clearly don't have this problem - I think it is most severe in those people that never owned any bitcoin.
  - imtringued 6y ago
    >which I otherwise find is somewhat odd and repetitive The problem is thousands of years old. At some point you have enumerated all possible criticism.
- imtringued 6y ago
  >There's always going to be some thing that everyone misses out on. Definitively, I don't have enough money to execute all the possible investment strategies I want to follow up on. It's also weird that the bet size is being ignored. With Bitcoin your maximum bet size is much smaller than with stocks because of the high risk. I can put more money into stocks because they are less risky and thus I can actually end up being exposed to greater gains.
phatfish 6y ago
It seems to be the other way round to me. Certain Bitcoin fans can't stand that other "hackers" don't buy into the Bitcoin story as religiously as they do. As the other comment pointed out, for FOMO to be this "powerful force" everyone would be constantly enraged they didn't buy Tesla shares 10 years ago, or save that collection toys from their childhood that suddenly became valuable, or any number of other things. FOMO is only a problem if you struggle with envy.
- Gatsky 6y ago
  Well the top comments in crypto threads are never bitcoin fans complaining that hackers aren't drinking crypto Kool-Aid. Maybe they get downvoted to oblivion. I did say powerful, not ubiquitous.
908087 6y ago
There are also some of us who were mining in the early days, didn't miss out on anything, and still despise the toxic, cultish MLM huckster scene and environmental disaster bitcoin and the entire "crypto" space has come to represent. I've lost count of the number of times people who sound like angry teenagers have called me a "salty nocoiner" for being even slightly critical of the narrative they were pushing.

by Gatsky 6y ago

cbozeman 6y ago

That's a fallacy into which they're falling. Not a logical one, just a mental fault in their thinking. You and everyone else around you are always missing out on life-changing money. I missed out on GameStop when it was $4. Roaring Kitty was posting on YouTube then... but I didn't know about him. I didn't hear anything about GameStop until it was already in the hundreds of dollars. I missed out on Tesla. I missed out on Microsoft, Apple, Apple's resurgence in the 90s, etc. There's always going to be some thing that everyone misses out on. I'm biased, because I've been mining Bitcoin since 2010, starting with an old Asus Core2Duo laptop, then I got a Butterfly Labs Jalapeno miner, and then the Chinese miners took over the scene and I got out because I didn't see the point trying to compete with them. But I'm still missing out of all kinds of life-changing money scenarios even today. And so is everyone else.

Gatsky 6y ago
Yes, this is true of course. FOMO is a fallacy. Nonetheless, I think it does play a role in the nature of bitcoin criticism, which I otherwise find is somewhat odd and repetitive and moralising. You clearly don't have this problem - I think it is most severe in those people that never owned any bitcoin.
- imtringued 6y ago
  >which I otherwise find is somewhat odd and repetitive The problem is thousands of years old. At some point you have enumerated all possible criticism.
imtringued 6y ago
>There's always going to be some thing that everyone misses out on. Definitively, I don't have enough money to execute all the possible investment strategies I want to follow up on. It's also weird that the bet size is being ignored. With Bitcoin your maximum bet size is much smaller than with stocks because of the high risk. I can put more money into stocks because they are less risky and thus I can actually end up being exposed to greater gains.

phatfish 6y ago

It seems to be the other way round to me. Certain Bitcoin fans can't stand that other "hackers" don't buy into the Bitcoin story as religiously as they do. As the other comment pointed out, for FOMO to be this "powerful force" everyone would be constantly enraged they didn't buy Tesla shares 10 years ago, or save that collection toys from their childhood that suddenly became valuable, or any number of other things. FOMO is only a problem if you struggle with envy.

Gatsky 6y ago
Well the top comments in crypto threads are never bitcoin fans complaining that hackers aren't drinking crypto Kool-Aid. Maybe they get downvoted to oblivion. I did say powerful, not ubiquitous.

908087 6y ago

There are also some of us who were mining in the early days, didn't miss out on anything, and still despise the toxic, cultish MLM huckster scene and environmental disaster bitcoin and the entire "crypto" space has come to represent. I've lost count of the number of times people who sound like angry teenagers have called me a "salty nocoiner" for being even slightly critical of the narrative they were pushing.