You cant call everything FUD and hide in a echo chamber, sometimes admitting you messed up and taking the loss is best.
3 min read
In these dark times it is important to remember to keep an open mind and view your investments critically, don’t let hope blind you. Being exposed to dissenting opinions about your investments could help you avoid being the bag holder of a scam project.
echo chamber:
An echo chamber is “an environment where a person only encounters information or opinions that reflect and reinforce their own.”
People become blinded by the idea of becoming rich quickly
The biggest problem with joining coin/token specific subreddits is that you block out any information that could help you get out of said scam. If you visit some of these meme coins subs they truly believe that the project they are invested in can do incredible things, now this is either due to them not understanding exactly what they purchased or because of lies spread inside the subs.
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It can be tempting to jump on a trend if you see other people making money — or at least claiming to. “It takes a great amount of self control not to want to do what other people are doing, let alone a celebrity that you love,” says Kiana Danial, founder of Invest Diva and author of “Cryptocurrency Investing for Dummies.”
This happened with penny stocks and during the dot-com bubble, because people didn’t understand what was going on but they wanted in, says Danial. “We had a lot of catastrophic results, and cryptocurrency is the same,” she says. “The reason why people are falling for it is because they’re not educated.”
To see an example of some of these echo chambers on reddit, I went to some meme coin subs so you wouldn’t have to. All of these examples are taken by filtering top post from the last week, I also tried to leave the upvote amounts so you could see these post got a bit of traction in those individual communities.
If any of these post were made on r/cc they would probably be laughed at and mocked for being delusional, but inside those individual subreddits they are viewed as hopeful, dissenting opinions are downvoted and called FUD. It’s best to continue to view each of your individual investments with a critical mind, don’t shut out others opinions.
TLDR:
don’t lock yourself inside and echo chamber where you will only hear positive opinions continue to research the projects you are investing in. don’t fall in love with your investment
submitted by /u/Odlavso
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