😩 Dealing with the FOMO of DeFi

😩 Dealing with the FOMO of DeFi

By BrynnB | The Modern Crypto Man | 3 Sep 2020


DeFi is the word of the year.

 

If there’s one thing 2020 can be remembered positively for, it’s Decentralized Finance finally taking up its position as a major player in the cryptocurrency space. For those of us living through this initial growth, the mental and emotional turmoil can be very real. Let me explain.

As a South African, our currency (the Rand) is currently sitting around R16.75 for a single USD. This immediately has me on an uneven playing ground when it comes to funding my DeFi bag.

Conversion of ZAR/USD

Uniswap has exploded in popularity over the last two months, but with the astronomical ethereum gas prices, the fees to swap my regular old ETH out for that shiny new DeFi protocol coin just do not make logical sense. For perspective, a single swap can cost around $30 in fees. When converted, that is almost R500. For an even better perspective, that’s my entire household electricity bill for a whole month! That’s off a single swap? I better have a crystal ball, because if the token flops – I’ll be out on the streets in no time!

For a more in-depth look at DeFi, click here if you’d like to learn more (thanks to @Ryan-Osborne)

This has led me into a pretty tricky predicament – I inundate myself with crypto content daily, learning and finding all of the fresh new tokens that can “10x” or even “100x”. What really gets to me is seeing those coins a month later, and their ROI is at 250%. To know that the opportunity was right there, yet due to financial circumstances, it slipped away. Mentally, I have found this to be rather taxing to say the least. And I’m sure you have felt the same, as weekly a new DeFi token seems to be making many rich. But I am not one of those people. So how do you deal with this FOMO and regret? How can you silence the DeFi chads that sit at the forefront of your mind as you go to sleep at night?

Well, in short, I do my best to justify the fact that the cryptocurrency market is still tremendously undervalued as a whole. I believe there are trillions waiting to be invested into crypto when adoption peaks, and it’s nice to know that we are all still (relatively) early to the game.

A second lesson that I do my best to remind myself of is that money will never solve all your problems – yes, it will solve your money problems, but if money is what is being chased, the end result will never be a solution. Greed is by far the most infectious and scary emotion in any bull cycle, and DeFi is literally pouring the metaphorical gas on the investors flames of avarice. To be "above that" brings a sense of calm. Of course, everyone wants a new car. A new house. But the odds of making that from DeFi require such immense capital, that as an individual I can’t even enter the same stadium as these investors, let alone play ball with them.

And I’m okay with that.

I’ll take the Sats and Gwei I’m earning for now, play it smart and invest in something that brings interest, and wait for the day when I can sell it for a ridiculous profit. Dollar cost average. Stake. Learn to develop on a blockchain. Bring value for yourself in ways that defy logic now, because one day you’ll thank yourself.

 

For an August recap on what you missed in DeFi, read here!

If you enjoyed this article, please follow me for more regular crypto content. If you are wanting to become a blockchain developer, follow my Blockchain Dev blog! Thanks for all the support.

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BrynnB
BrynnB

Young entrepreneur from South Africa, looking to become a blockchain developer.


The Modern Crypto Man
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