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RE: Steem Dollars Going Nuts on Poloniex. Greed Fear Cycle in effect for Steem
People are literally handing over 1.7btc for 1btc worth of SD. Only wish I had some SD myself to prosper in these times. These events don't happen all the time ad it's crazy to watch the order book real time.
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.
i feel the pain too, brother...
It's a shame there are so many emotional traders throwing good money away. I learn the hard way never to chase the pump.
There are so many solid cryptocurrencies out there that are primed for breakout the next few days. EXP, NXT (due to HF), VRC (upcoming ICO tomorrow). IOC (breaking news), SC (that's a x10 profit for the long term), Storj and Counterparty to name but a few. Research and patience is all you need to make some extra income trading. A little luck also comes in handy admittedly.
true
sometimes i feel bad when i make profit with my trades because i know that my profits are the losses of newbies who come with big dreams into the crypto world :/