FUD.or.FOMO

What is FUD and what is FOMO ? Why it is important to be aware of these states of mind ...

By CryptoshiSan | FUD.or.FOMO | 18 Sep 2021


Hello early crypto adopter,

In technology aspect we happen to be in a very interesting moment in the space-time continuum. It's that time when cryptographic decentralized technology gets mainstream.

The creation of Bitcoin, the first cryptocurrency ever, leads back to 2009 when the world was suffering because we trust too much in the fiat system. Since then Bitcoin proved that blockchain technologies are good alternative for those who are tired of dealing with crisis every 10 years (if you look back in history you will find out that our economic system brings us crisis every 10 years). Bitcoin inspired a lot of developers to follow its example and by now there are thousands of cryptocurrencies and their total share exceeds 2 trillion dollars.

If you take a look at the charts you will notice one thing that is common for every cryptocurrency - the price is always going UP in the long turn. On the other hand our monetary system is set to have inflation which reduces the value of money, which in turn contributes to the increase in the value of cryptocurrency relative to fiat money. So lets summarize - first there is inflation in the fiat system and then there is that constant rise of the price of crypto.

With all this in mind, there are two main states of mind that you may find yourself in - FUD or FOMO . So what do they mean ?

 

Lets start with a short history lesson from Wikipedia :

 

Fear, uncertainty, and doubt (often shortened to FUD) is a propaganda tactic used in sales, marketingpublic relations, politics, polling and cults. FUD is generally a strategy to influence perception by disseminating negative and dubious or false information and a manifestation of the appeal to fear.

The term "fear, uncertainty, and doubt" appeared as far back as the 1920s, whereas the similar formulation "doubts, fears, and uncertainties" even reaches back to 1693 the least. By 1975, the term was appearing abbreviated as FUD in marketing and sales contexts as well as in public relations

FUD was first used with its common current technology-related meaning by Gene Amdahl in 1975, after he left IBM to found his own company, Amdahl Corp. FUD is the fear, uncertainty, and doubt that IBM sales people instill in the minds of potential customers who might be considering Amdahl products.

Read the full text here https://en.wikipedia.org/wiki/Fear,_uncertainty,_and_doubt

 

Fear of missing out (FOMO) is a social anxiety[2] stemming from the belief that others might be having fun while the person experiencing the anxiety is not present. It is characterized by a desire to stay continually connected with what others are doing.[3] FOMO is also defined as a fear of regret,[4] which may lead to concerns that one might miss an opportunity for social interaction, a novel experience, a memorable event or a profitable investment.[5] It is the fear that deciding not to participate is the wrong choice.

The phenomenon was first identified in 1996 by marketing strategist Dr. Dan Herman, who conducted research for Adam Bellouch and published the first academic paper on the topic in 2000 in The Journal of Brand Management.[9]

Author Patrick J. McGinnis coined the term FOMO[10] and popularized it in a 2004 op-ed in The Harbus, the magazine of Harvard Business School. The article was titled McGinnis' Two FOs: Social Theory at HBS, and also referred to another related condition, Fear of a Better Option (FoBO), and their role in the school's social life.[11][12][13] The origin of FOMO has also been traced to the 2004 Harbus article by academic Joseph Reagle.

FOMO refers to the apprehension that one is either not in the know or missing out on information, events, experiences, or life decisions that could make one's life better.[3] Those affected by it may not know exactly what they are missing but may still worry that others are having a much better time or doing something better than they are, without them.

Read the full text here https://en.wikipedia.org/wiki/Fear_of_missing_out#:~:text=Fear%20of%20missing%20out%20(FOMO,the%20anxiety%20is%20not%20present

 

What is the conclusion - the reluctance to understand new technologies drags us to the total FUD , and if we get too enthusiastic on the new technologies, that could drive us FOMO. Both states can be negative if there is lack of information so be carefull because the border is very thin. 

As the saying goes - the truth is in the middle, and I think the only way to get there is to read a lot and think a lot! The truth is different for each person, so do not accept someone else's opinion without getting acquainted with the information that makes him think that way!

 

 

Thank you for your precious time. 

And don't forget - be calm and always DYOR (Do your Own Research) !

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CryptoshiSan
CryptoshiSan

Early Technology Adopter


FUD.or.FOMO
FUD.or.FOMO

A blog dedicated to Crypto Technology. Early crypto adoption is one of the best opportunities of our time, and the main difference between going FUD or FOMO is having the right information at the right time.

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