The single most significant loss from remaining loyal to a select group of coins or tokens is one of suffering ambitions.
“Success is the result of perfection, hard work, learning from failure, loyalty, and persistence.” ? Colin Powell
I’m a cryptojunkie through and through, and the coins/tokens I hold, I HODL dear, but there is a point I must make in regard to crypto. Remaining too loyal to coins or tokens, projects - can become a fault. In many respects, the crypto market is a continuous game of king of the hill. Devotion to one currency or another at the wrong time is quite the opportunity cost for what you otherwise could have been accomplishing.
Time management and math skills will carry you a long way if you can maintain self-discipline through the natural course of unbiased and unimpeded productivity. I say it often, and I’ll say it again - profit in this racket, and that includes “purely for gains in coins or tokens” is all about where you keep your assets and when. If your assets sit collecting dust in a wallet not likely to drive up in price anytime soon, is that a practical use of your available assets?
Maximizing profitability is essential. I like the “agnostic” approach to cryptocurrencies where everyone is entitled to their opinion, whether good or bad, and everyone can keep their loyalties wherever they want without being penalized. With an agnostic view as opposed to a biased one, it seems likely that people will make more logical decisions instead of ones based on emotion, which fuels FUD (fear, uncertainty, and doubt) and FOMO (fear of missing out). FUD and FOMO are the two most significant driving human forces in the market, the polarity that keeps the whole thing going.
I am all for loyalty, to an extent. I proudly back several projects and brands. However, I am ready to change at the drop of a dime. Why should we defer ourselves from progress by remaining fixated on something - the only fixation we should have should be on the continuation of progress. I suppose for some pure development is progress enough, and I respect that, but it’s about profit for most. My hat is off to those who are into their projects purely for progress, but it is all in how you define progress.
It is easy to get hung up on this topic because we do learn to love our currencies and projects. However, keeping a blind eye to what could otherwise be done with your time and resources for the overall best economy may be a poor thing to allow yourself to continue to keep doing. Avoidance is a subconscious habit I believe we are all forced to develop due to the sheer volume of crypto-related currencies and projects; there is virtually no way to cover everything, so we filter it out in order to function.
What gets lost in the filter? What if that which we ignore is gold in the pan while we sift away digitally, further reducing our involvement with lesser-known and smaller projects - or perhaps projects we don’t entirely agree with or adore. That last one is a personal Achilles heel for me, I tend to avoid projects that lack my idea of desirable features, and this can be short-sighted in terms of profit, often due to social support being behind projects I don’t care for much, and little support behind those that I do.
Knowing that my favorite projects lack support rallies me to do two things. First, continue to support them, but secondly, keep an open mind on other things in the interim. Remaining fluid in your position and often maintaining a stance of neutrality can go a long way and prevent a person from terrible decisions. How likely are you to get into crypto, invest in a few random projects, and walk away wealthy without ever exploring other options - with the exception of Bitcoin (BTC), Ethereum (ETH), Uniswap (UNI), Litecoin (LTC), and a handful of others; but I am illustrating the future tense, “not wish I would-have back in 2009" or "if only I wouldn't have missed that a few months back."
With that being said, it is paramount that we continue to support our favorite projects. Without it, we will never get anywhere, but where do we draw the line? What do you think is the richer value, loyalty, or unbiased ambition? Which will carry people further from an investment standpoint? I believe a balance between loyalty and ambition is necessary to achieve success both in projects and financially. Let me know your thoughts!
As always, comments, suggestions, and friendly debates are highly encouraged.
Stay smart & Stay safe.
-Thomas Wolf
Cryptowriter is conducting podcasts which can be found on YouTube, Spotify, Anchor, PocketCasts, and more to come.
DISCLAIMER
I am not a certified financial, tax, or legal advisor, analyst, or planner. The above information should not be considered advice but as an opinion intended to share information and ideas for entertainment and independent research purposes. Cryptowriter and its writers are not responsible for any losses or damages incurred as a result of misinterpreting personal opinions for professional advice.
This article was originally published on Voice.com
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