Introduction
Let’s be honest with ourselves. One of the reasons why we entered the cryptocurrency market is to make money. It is like a Shangri-La, a place fill with dreams and hopes. But this Shangri-La is a place filled with risk and traps that could ensnare people not paying careful attention.
Moreover, beneath the surface is an abyss that could swallow a person whole once he or she falls unwittingly into the hole.
What is this abyss I’m talking about, you ask? It is an abyss called greed.
It is indeed possible to become rich in the cryptocurrency market but for that to happen, one must know where to look. Aside from that, one must also know how to weigh the pros and cons of the venture as one mistake could result in one losing everything.
If one simply ventures without thinking hoping to strike it rich then one is mostly likely to fall into the abyss without hope of getting out ever again.
Control Your Greed Before It Controls You
Learning to control one’s greed is as important as knowing how the market works. Even the smartest person alive could still lose everything in the cryptocurrency market if he or she let greed get hold of his or her heart.
Although there’s risk in every venture, the cryptocurrency market especially preys on people’s greed. So in order to not only succeed but also survive in the cryptocurrency market that’s known for its volatility, one must not only have enough courage, knowledge but must also have total control of one’s greed.
It is normal for people to be greedy. I mean, which of us has no greed? After all, it is a characteristic ingrained in all living thing including humans. Isn’t it normal to strive for a better life for our loved ones and ourselves?
Being a little greedy isn’t exactly a bad thing per se. On the contrary, a little greed could make a person strive for a better life. But it’s one thing to have some greed, and it’s another thing all together to let greed control oneself.
If you let yourself to be consumed and controlled by greed then you’ll most likely fall to investment traps, and scams that seemed to litter the market nowadays. Not really surprising if one consider the fact that knowing how to take advantage of people’s inclination to get rich quickly is a common skillset of fraudsters and scammer in the cryptocurrency and stock market.
People That Had Lost or Almost Lost Everything Because Of Greed
Stories of people losing everything they had because of greed are not uncommon both in the traditional stock market and cryptocurrency market.
These people either lost their money on bad investments and/or scams. Of course there are stories of people losing their investments through silly mistakes cause by greed.
One good example of this is the Filipino cryptocurrency trader (whale) that had lost hundreds of billions of pesos or a dozen billion dollars last February after failing to put another zero when inputting the sale price for his cryptocurrency.
Until now it is unclear if he got his money back after such a colossal mistake but even if he succeeded in getting some of his Bitcoin back, it is highly likely that he paid dearly for it.
Honestly, it was such a silly mistake that could have been avoided if he simply double checked the number before clicking the confirm button. But because greed had blinded his eyes after seeing the price of Bitcoin that time, he failed to think clearly and almost lost everything.
The stock exchange, or to be more precise, Wall Street also had its share of greedy people that almost lost everything after being control by greed. Do you still remember the WallStreetBets debacle? Yeah, I’m talking about those guys from a certain Reddit group who brought down a well-known hedge fund worth billions of dollars to its knees that was trying to short a certain stock.
The news was so sensational and huge that most people still remembered it even though several months had already passed. The story goes like this:
A certain well-known hedge (Melvin Capital) fund wanted to manipulate the stock market by shorting a certain stock (GME) only to be caught completely off guard when a certain subreddit group (WallStreetBets) that’s tired of the elite traders’ bullshit made them have a taste of their own medicine.
No one really knows exactly how the subreddit group, WallStreetBets found out the hedge fund’s plan to shorten GameStop’s stock. Only that the plan was somewhat leaked thus allowing the subreddit group enough time to come with a way to counter the hedge fund’s plan by manipulating the market in a way that would make the elites lose money while allowing small time investors to profit.
That being said, WallStreetBets’ plan only worked because the members of their group manage to get inside information and were able to act upon it. Not to mention that most of their members have money in hand because of the covid relief check that they recently received.
WallStreetBets’ action could be considered a classic example of other people taking advantage of some people’s greed. Since the aforementioned hedge fund wanted to profit from market manipulation, it’s only fair that they suffer from their greed.
Final Say
Losing assets out of greed wasn’t just limited to the cryptocurrency and stock market. On the contrary, such scenario was actually more common outside the two markets. Even in everyday life one could be victimized by one’s greed.
How many times have you heard through television and newspapers of regular folks losing money to pyramid scams and other illegal rackets? I’m pretty certain that you’ve heard plenty.
After all, there are more people in other industries. And as long as people exist, there would always be someone that would try to take advantage of other people’s greed. As such one should learn how to control one’s greed inside and outside the market.
Thank you for reading.
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My other articles: https://read.cash/@beastion
