Few days ago, one of my friends showed me his account with Bitcoin. He put in RM 30.00 just for a try and it grew up to RM 735.00 now. I asked him why didn’t he put in RM 3,000.00, it would have become RM 73,500.00 now, would he regret that he didn’t put in that much? Surprisingly he said no. He didn’t take for a fortune out of it. I believe he belongs to the odd group of people nowadays where the world all over are crazy about Bitcoin and he wasn’t moved at all.
Bitcoin is creating millionaires on a daily basis if you are aware about current events the world is having now. People joined in Bitcoin out of many reasons. The most persuasive one is rather to be a futurist in the new era of technological currencies. They believe the current up rising trend is not going to stop at any heights. They ruled out against any bubble threat and theory. As they see this cryptocurrency is ushering in a new era of business dealing for all human being globally. Recently a few credible Future markets are also lending legitimacy to Bitcoin uprising by planning to list Bitcoin Futures on the board for traders. And therefore Bitcoin price rises even more meteorologically, breaking through more and more astonishing height on daily basis. All these moves have strengthened Bitcoin fans getting even more involved with more conviction.
Vanity of Fast Money Game
On the other hand, however, when we think of it deeper. All these happiness and celebrations are vanities. Those so called newly created millionaires out of Bitcoin rising is also paper millionaires if they have not cashed out their money. Would you think who among them would be foolish or contented enough to exit Bitcoin to realize the million cash where they can potentially become billionaires sometime sooner? If they have not cashed out, would they not still dreaming in illusion and vanity?
People loves illusion from childhood to adulthood. The subject on illusion just changes from Cinderella fantasies to wealth and riches dreaming. People in their senses realize these are all fantasies, but nevertheless would like to dwell in it, because they would just give us a sense of happiness and blissful sensation.
Wealth and riches give people a sense of comfort and security. Therefore fast money is more attractive to all people from all generation in human existence. It makes gambling businesses never run out of existence in any society throughout human history. From money games to stock speculations, people would just lost their senses and fall into it. It has nothing to do with education or social status. It is the condition of the heart where dreams and cravings lie.
Some Bitcoin fans do admit that Bitcoin is really a bubble, it will soon burst. But they hope to catch it early before it burst. They are planning to take the ride instead of sitting by the sideline and watching the opportunity train bypassing. They would feel awful if they don’t get something out of it. Maybe not necessarily becoming a millionaire like those who went in early. They are just taking the risk to get some benefit and pull themselves out before the bubble burst.
Falsified Self Confidence
However, the intriguing question now is, how does anyone know when the bubble is going to burst? Is it a 20% one day drop or 30% drop? Those who freaked out in recent 20% drop would have experienced losses. Well, I would consider them fortunate enough to experience loss at this point. Because they will be frightened out of this fast money game. Worst of all are those who topped up during the drop. Because by now, they would have been celebrating their “correct” move in bottom fishing.
The more successful bottom fishing they can do, the more confidence they will become, if Bitcoin continues to rise after the drop just like what it has happened now. This is what I normally called falsified self confidence in stock trading. Confidence that built out of incorrect grounding, sooner or later, it will crumble. This falsified self-confidence has its other side of the coin as self-induced addiction.
In this addictive adrenal, Bitcoin fans would fall in love with Bitcoin more and more. Until it becomes impossible to exit Bitcoin anytime in the future even if they experience some losses during the big crash. Because they are so conditioned by illusion and vanity, they would not see what is coming against them, just like the moths flying to the candle flames at night.
King Solomon, the richest man ever lived on earth, said, “Vanity of vanities! All is vanity …… there is nothing new under the sun. ” (Ecc 1:2-9) But Bitcoin fans convinced themselves there is nothing wrong with Bitcoin astronomical rise because this is a unique creation in human history. Bitcoin is ushering us into a new world economic, technological system. To them, this is new and real, not illusion.
However, I believed blessed are those who are still sober standing by the sideway. But it is becoming more and more difficult not to get involved though, especially when your close friends are getting richer and richer every day. They are becoming more and more innovative and advanced. We are becoming weird creatures and more and more obsolete. But who knows? Maybe they are right, only time can tell.
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