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RE: Steem Dollars Going Nuts on Poloniex. Greed Fear Cycle in effect for Steem
UPDATE: Someone posted this article to the trollbox. Now there are random screams of "SELL!". Here comes the dump. Might be some blood on the floor at the end of all this.
This is actually hilarious. I do feel sorry for some of those cats, but throwing money around without understanding it, that's plain old gambling.
often the traders who buy at the top are very young and try to make money for their family :/
That's exactly right, highly developed gambling. I guess I've been doing the same to some degree with my STEEM. I shorted it on the markets a few times before I turned it in to STEEM POWER. There is only so ling before the market doesn't swing your way and not being anywhere close to a medium sized fish, I can't be taking too many risks.
People get tempted though and the psychology of FOMO is incredible. We see it all the time with ICOs . People investing on a name drop when they haven't done to hard yards reading up on the coin. I guess we'll see a lot more in the next few years.
@steampolitics that's the sad part, agreed most people are trading for financial freedom and not to buy a Porsche and it's those that get stung.
For every sell at a high price there needs to be a buyer and vice versa. I just hope people don't overstretch their budget and only play with what they can afford to lose.
I've got a young family myself so it's critical that bills are paid and there are the essentials provided for. Crypto investments allow for this but I'm always reminded that the tables can turn quickly.