Good morning my fellow Bitcoinistas!
As a write this post there is a special on Good Morning America talking about Bitcoin, Facebook, etc. etc. etc. The Winklefloss twins are on there saying that at one point they were trying to buy up to 1% of all Bitcoin etc. etc. etc. Their "Ah ha" moment with Bitcoin and why they started Gemni etc.
This ties in perfectly to the title of my post. "From FOMO to ROMO in 2019"
What do I mean? We all know that FOMO means the "Fear Of Missing Out" but my new phrase ROMO mean the "Reality Of Missing Out"
There is a BIG difference in my mind. Fears can be, and in many cases are, unfounded or unreasonable, but Reality is Reality. As Bitcoin continues to gain global conciseness and more and more big players keep buying in, the "Reality" for others is that "we don't have any" or "we don't have nearly enough" or "this is a lot harder to get my hands on than I thought" etc. etc. etc. I truly believe we are at the starting point of ROMO. It may start small but at some point it will accelerate quickly. I'm not talking about traders and people that have been flipping Bitcoin for years, I'm talking about people, businesses, and other institutions. Their ROMO point will come when they have the epiphany that this crypto thing is here, it's real, and it's going to change the world as we know it. At that point it won't be an unreasonable fear like FOMO, it will be ROMO! It will be the new reality for many. They will be playing catch up and competing with everybody else who is also playing catch up in the crypto world.
At any rate, that is my vision for what I see coming soon. Especially when Bitcoin starts hitting new highs like $20K plus. Then ROMO will set in for anybody who starts paying attention to what is going on around them and especially for those people in the world where their local fiat is failing or has already failed.
I am perma-long with only a small amount of Satoshi left on the exchange to play with. I know my approach and goals with Bitcoin may be much different than that of many here. Some people are still trading for or against FOMO and that's fine. I hope they all can put as much Bitcoin in their pile as they can before TSHTF. But for me, I have already faced and addressed my ROMO moment by securing my seat at the crypto table today and into the future. That is and was my objective with the exchange and it is now complete. Anything I do on the Exchange with Bitcoin now is just me farting around for fun with no serious consequences attached.
In other words you can take this post and any future posts with a grain of salt. Whether my charts, my future pattern calls, etc. work or fail I have little to nothing riding on them. Keep that in mind if you chose to compare any of my work to whatever you might be doing.
As a side note, I will make this recommendation to anybody new to trading Bitcoin or any other digital asset. Only keep on the exchange the amount of your total position you actually want to trade. In other words do not use these exchanges as your piggy bank. Get a hardware wallet and keep the majority of your funds under your control. Only put out there what you are willing to lose should another Mt. Gox type event happen to an exchange. Don't risk everything you have by storing it all with somebody else.
And that is my 2 Satoshi on the matter. Good luck out there!
BBS Out!
As a write this post there is a special on Good Morning America talking about Bitcoin, Facebook, etc. etc. etc. The Winklefloss twins are on there saying that at one point they were trying to buy up to 1% of all Bitcoin etc. etc. etc. Their "Ah ha" moment with Bitcoin and why they started Gemni etc.
This ties in perfectly to the title of my post. "From FOMO to ROMO in 2019"
What do I mean? We all know that FOMO means the "Fear Of Missing Out" but my new phrase ROMO mean the "Reality Of Missing Out"
There is a BIG difference in my mind. Fears can be, and in many cases are, unfounded or unreasonable, but Reality is Reality. As Bitcoin continues to gain global conciseness and more and more big players keep buying in, the "Reality" for others is that "we don't have any" or "we don't have nearly enough" or "this is a lot harder to get my hands on than I thought" etc. etc. etc. I truly believe we are at the starting point of ROMO. It may start small but at some point it will accelerate quickly. I'm not talking about traders and people that have been flipping Bitcoin for years, I'm talking about people, businesses, and other institutions. Their ROMO point will come when they have the epiphany that this crypto thing is here, it's real, and it's going to change the world as we know it. At that point it won't be an unreasonable fear like FOMO, it will be ROMO! It will be the new reality for many. They will be playing catch up and competing with everybody else who is also playing catch up in the crypto world.
At any rate, that is my vision for what I see coming soon. Especially when Bitcoin starts hitting new highs like $20K plus. Then ROMO will set in for anybody who starts paying attention to what is going on around them and especially for those people in the world where their local fiat is failing or has already failed.
I am perma-long with only a small amount of Satoshi left on the exchange to play with. I know my approach and goals with Bitcoin may be much different than that of many here. Some people are still trading for or against FOMO and that's fine. I hope they all can put as much Bitcoin in their pile as they can before TSHTF. But for me, I have already faced and addressed my ROMO moment by securing my seat at the crypto table today and into the future. That is and was my objective with the exchange and it is now complete. Anything I do on the Exchange with Bitcoin now is just me farting around for fun with no serious consequences attached.
In other words you can take this post and any future posts with a grain of salt. Whether my charts, my future pattern calls, etc. work or fail I have little to nothing riding on them. Keep that in mind if you chose to compare any of my work to whatever you might be doing.
As a side note, I will make this recommendation to anybody new to trading Bitcoin or any other digital asset. Only keep on the exchange the amount of your total position you actually want to trade. In other words do not use these exchanges as your piggy bank. Get a hardware wallet and keep the majority of your funds under your control. Only put out there what you are willing to lose should another Mt. Gox type event happen to an exchange. Don't risk everything you have by storing it all with somebody else.
And that is my 2 Satoshi on the matter. Good luck out there!
BBS Out!