Importance of Being a Fool
Part 1: The Tragedy
The cryptocurrencies market crashed as of 12th May 2022 with many tokens price dip, especially the famous fall from heaven token which is Terra $Luna crash from its all time high US$119 to US$1. The price dip to its lowest, and it seems to keep dipping to US$0,09.
Every crypto enthusiast suffered from this tragedy.
Some lost their house.
Some lost their live savings.
Some lost their retirement fund
And some even thought to take their own life. It’s truly a heartbreaking news.
If you currently having any suicidal thoughts or attempts, please contact your family, friends, or any available suicide hotline.
When I saw the news about the cryptocurrencies market crash and with people sharing their stories online about what made them invested in crypto tokens.
I found out that they invest because of these top 3 reasons:
- They did research and believed in the projects.
- They were influenced by crypto influencers.
- They believed in instant profit (in turn making them rich faster).
But sadly most of them did invest because of FOMO (fear of missing out) and greediness.
Several questions come into my minds.
Why would someone invest their money to something that they don’t understand at all ?
Didn’t they researched and understand about the risk before doing any of it ?
Part 2: The Self-Reflection
I was having like a sort of a self-reflection moment.
Have I ever made the same mistakes as them ?
The answer is YES, I did previously invest in crypto tokens that I didn’t understand at all.
Yes, I was a fool and I’ve learned my lessons.
Thankfully, I was being reminded by this quote
“If you are not willing to be a fool, you can’t become a master”
— Jordan B. Peterson
I’m trying to find out, why most of us didn’t want to be a fool.
Based on my observations, I realized that our society progressed so fast that they seems to always expect instantaneous results and expect everyone to follow the hype in turns this create a society that lives by the motto:
“why do it slowly, when you can do it fast and instant”.
No wonder we keep seeing the word “instant” or “fast” almost everywhere.
I’m not sure what create the society to be this way, it could be our natures or certain events that creates this unhealthy mindset. Lot of cases can be prevented if you’re not keep craving instantaneous results in every part of your life.
This tragedy shown that some want to be good at something but we don’t want to put equal effort in it. What’s the point of doing something but you don’t understand what you’re doing. You are a fool but pretends to be a master.
Part 3: The Resolutions
I will provide some food for thoughts that might be relatable to anyone who seems to always wants instantaneous results.
- Anything “instant” isn’t always good for you.
- Instant noodles ? Yes, its good but its bad for your health in the long run.
- Instant profits ? Remember that Ponzi scheme is attractive because of its instant profits.
2. Don’t fall into the sunk cost fallacy
Sunk-cost fallacy according to oxford dictionary is the phenomenon whereby a person is reluctant to abandon a strategy or course of action because they have invested heavily in it, even when it is clear that abandonment would be more beneficial.
If you’ve seen a 60% of lost in your portfolio, a rational way is to cut your losses instead of investing more money in it. Don’t be greedy.
3. Please do your f**king research !!
Before you start doing anything new especially that comes with high risk, please do your research by trying to learn the basic fundamentals of things, and talks to a several peoples that you trust that might be able to give you insight.
4. Don’t fall for the FOMO trap.
You might see that most of your friends made profit from certain stocks, tokens, or NFT. You start to envy them and want to be like them. Then you start to crave those instantaneous results. This might make you become greedy and unable to think in a rational way because your decisions is being controlled by your emotions.
Remember that life isn’t a competition. Life is a journey. It’s not a matter of who wins or lose.