FOMO

[rabel]

FOMO definition need to get more attention, it's something that you must study if you're into crypto.

Remember: No one can predict the future, 80-90% of times there are no advices better than doing your own research and coming to your own conclusions.

 

[Conjecting]

Yep. It's also how a lot of new investors get burned (chasing the rip).

 

[xReminisce]

Just another marketing tactic really.
FOMO has always been around
look at the limited edition nike shoes, for example...
How their resell value on ebay is 10000000x

 

[alurosu]

You have a point, but it applies to all markets and events, not just crypto

 

[bestspinner]

so nft is fomo?

 

[rabel]

so nft is fomo?

personally, I don't believe in NFTs,
And I think yes, it's fomo

 

[alurosu]

so nft is fomo?

The NFT idea is revolutionary. The punks, apes and all the copies are most likely shit.

I don't believe in NFTs

LOL
They exist if you believe in them or not. This is tech, not some kind of religion

 

[rabel]

The NFT idea is revolutionary. The punks, apes and all the copies are most likely shit.

LOL
They exist if you believe in them or not. This is tech, not some kind of religion

I think NFTs are way overpriced...
I can be wrong, but for short-term, most of the NFTs projects are pure fomo and marketing.
(I had my own projects launching though)

 

[MisterF]

personally, I don't believe in NFTs,
And I think yes, it's fomo

NFTs are an investment, like rare stamps, rare coins, whisky, fine wines etc etc.

 

[alurosu]

NFTs are an investment, like rare stamps, rare coins, whisky, fine wines etc etc.

But not only that. NFTs can be your car keys or an event ticket. Even a dollar bill is a physical NFT.

 

[Ahnis_T]

Just another marketing tactic really.
FOMO has always been around
look at the limited edition nike shoes, for example...
How their resell value on ebay is 10000000x

You're not wrong that FOMO is something that's been around for a long time, but I do think there's quite a difference in regards to the crypto world compared to your Nike example.

As a long time sneaker head, I have seen my fair share of ridiculous limited releases. That said, the market for them is almost always known before they are released, because of the established markets that have been created over the years. I've got a pair of J's I bought at retail price in 2015 sitting on ice that are currently reselling at 4 times what I paid, and I knew from day 1 they would be a worthy investment simply because of the limited supply on something with established demand.

Crypto doesn't currently have that same luxury. Even with the top cryptos like BTC and ETH, their future can only be moderately predicted. Crypto FOMO in general is, in my opinion, more equatable to a rising asset with an untested longterm market - Beanie Babies are the first example that comes to mind (shout out to any other old heads that remember this craze). Many people started stockpiling BB based off the idea that they'd be valuable one day, which in turn created demand on a product with no known supply limitations (none that I know of for BB in general anyway). A select few truly rare BB are still valuable today, but much of the FOMO people had during the 90s lead to fruitless investments.

Sorry for the long post, but I think the main distinction I wanted to make is that crypto FOMO, especially with many shit coins, revolves around the BB type demand created primarily from hype, and that chasing that hype without proper consideration of value is what often leads to FOMO bred disappointment. To me, avoiding crypto FOMO is generally as simple as acknowledging that a good rule of thumb is that you shouldn't be buying when everyone and their grandmother is talking about buying, which is counter intuitive when compared to buying an asset like a limited release pair of Jordans.

 

[xReminisce]

You're not wrong that FOMO is something that's been around for a long time, but I do think there's quite a difference in regards to the crypto world compared to your Nike example.

As a long time sneaker head, I have seen my fair share of ridiculous limited releases. That said, the market for them is almost always known before they are released, because of the established markets that have been created over the years. I've got a pair of J's I bought at retail price in 2015 sitting on ice that are currently reselling at 4 times what I paid, and I knew from day 1 they would be a worthy investment simply because of the limited supply on something with established demand.

Crypto doesn't currently have that same luxury. Even with the top cryptos like BTC and ETH, their future can only be moderately predicted. Crypto FOMO in general is, in my opinion, more equatable to a rising asset with an untested longterm market - Beanie Babies are the first example that comes to mind (shout out to any other old heads that remember this craze). Many people started stockpiling BB based off the idea that they'd be valuable one day, which in turn created demand on a product with no known supply limitations (none that I know of for BB in general anyway). A select few truly rare BB are still valuable today, but much of the FOMO people had during the 90s lead to fruitless investments.

Sorry for the long post, but I think the main distinction I wanted to make is that crypto FOMO, especially with many shit coins, revolves around the BB type demand created primarily from hype, and that chasing that hype without proper consideration of value is what often leads to FOMO bred disappointment. To me, avoiding crypto FOMO is generally as simple as acknowledging that a good rule of thumb is that you shouldn't be buying when everyone and their grandmother is talking about buying, which is counter intuitive when compared to buying an asset like a limited release pair of Jordans.

A limited edition 100k nike can be worth 99 bucks to me while to the next person, he pay a mil for it
they are shoes at the end of the day, and what do you do with shoes
you wear it and what happens when you wear it, wear and tear, what happens next
it breaks down, then its useless.

Sure, some people enjoy collecting shoes, that's cool. Just like some people enjoy collecting NFTs regardless whether its useless or not. (That's me, i buy useless shit just cuz i think its cute) that's cool too.

Yes, it's not the same since same crypto promotes "utilise, royalties features or uses or whatever the shit they wanna call it", which kinda makes them useful too. But at the end of the day, that usefulness is as useful as the person who will pay for it.

For example, there are NFT projects like Relics Lab that gives you access to Monitor candy machines, notifications on network congestion latency or even automints. To an average NFT newcomer, that prob "what the fuck is this" and isn't ready to drop 500 or 1000 or 10000 on it, but to a veteran whale, that's like i must have to get a chance on big projects against all the other bot snipers.

At the end of the day, it's FOMO, why do people buy on limited branded clothes, shoes etc from big artist, some buy it to support the artist cuz they really enjoy their form of entertainment. While you have others who are "FOMO" the potential $ they can make from reselling it to the fans cuz they missed out.
Now tell me again, that's not FOMO.

 

[KingyOfficial]

Just another marketing tactic really.
FOMO has always been around
look at the limited edition nike shoes, for example...
How their resell value on ebay is 10000000x

Agree. I read some where that Nike actually realized this & decided to increase some of their prices as resellers are making far more profit than they were.

Essentially they came to the conclusion that if the resell world is willing to pax xxx their price, what does it hurt to increase prices

 

[Ahnis_T]

A limited edition 100k nike can be worth 99 bucks to me while to the next person, he pay a mil for it
they are shoes at the end of the day, and what do you do with shoes
you wear it and what happens when you wear it, wear and tear, what happens next
it breaks down, then its useless.

Sure, some people enjoy collecting shoes, that's cool. Just like some people enjoy collecting NFTs regardless whether its useless or not. (That's me, i buy useless shit just cuz i think its cute) that's cool too.

Yes, it's not the same since same crypto promotes "utilise, royalties features or uses or whatever the shit they wanna call it", which kinda makes them useful too. But at the end of the day, that usefulness is as useful as the person who will pay for it.

For example, there are NFT projects like Relics Lab that gives you access to Monitor candy machines, notifications on network congestion latency or even automints. To an average NFT newcomer, that prob "what the fuck is this" and isn't ready to drop 500 or 1000 or 10000 on it, but to a veteran whale, that's like i must have to get a chance on big projects against all the other bot snipers.

At the end of the day, it's FOMO, why do people buy on limited branded clothes, shoes etc from big artist, some buy it to support the artist cuz they really enjoy their form of entertainment. While you have others who are "FOMO" the potential $ they can make from reselling it to the fans cuz they missed out.
Now tell me again, that's not FOMO.

Perhaps I didn't word my response correctly, as I didn't intend to communicate that I was debating whether FOMO was a factor or not. I would agree that FOMO is involved anytime there is limited supply for a demand. What I wanted to outline was the increased risk FOMO provides regarding the unknown and uncontrollable factors when investing in cryptocurrency, especially a shitcoin, compared to a fairly measurable investment into a pair of sneakers.