🤪 The Nature of Degens 📉

By RenanBR | DeFi News BR | 15 Jan 2023

What is a degen?

Degen is a shorthand form of the word 'Degenerate'. It is used to describe traders who invest in crypto assets without first doing their due diligence, hoping instead that a fear of missing out drives its value.

Historically

Terms like Degens (Degenerate) have been used negatively in the past, ascribed to those people who had a penchant for gambling and all that sort of thing.

Today we have its more affectionate and less aggressive semantic usage in the sense of those who use somewhat colorful strategies in the crypto space.

Instead of DYOR-ing (doing your own research) their way into projects, they buy first before looking to employ FOMO (fear of missing out) to increase asset value.

Foolproof Strategy

Your trading strategy is based on your ability to attract people to your bet, since these people usually keep an eye on the launch of anything there, even if it is a baseless project, a coup, a rug pull.

What matters is to leave at the best possible opportunity and win who knows 2x, 3x or 10x. It all depends on your ability to lure as many people as possible.

Needless to say, degeneracy trading is risky business.

Security

It adds an extra layer (or five) of unpredictability to an already uncertain market, as a lot depends on people noticing the hype you generate. While this might work for some with large followings, many degeneracy traders get burned along the way.

If on the one hand degen can go astray many times, he ends up being a fatal victim of his insanity.

Future

This type of activity is the future, it just needs to be regulated. Where are we going to go like this?

Bankruptcy can be certain, it depends on your level. Those who entered were aware of the risks, but let's see, someone wins and someone loses.

Maybe it happens to those who lost that they don't come back to it anymore. Perhaps those who are into it will continue to insist on this sort of thing.

After all, this is about speculation!