The Illusion Of Wealth That Comes With Crypto

in LeoFinance4 months ago


One of the reason behind verbal bullying when it comes to diverse people is the illusion of wealth and invincibility that comes with owning a lot of crypto. One thing that will always remain with crypto no matter the level it reaches, is how distinct the wealth ownership will be and also tend to determine the actions and lives of people in real-time.
On the hive blockchain for example, the class distinction is always evident even without proof of who owns "what". I've seen people who tend to judge, predict, equate or calculate the financial aspects to the lives of others based on what these people tend to own in their crypto bags when in reality some of these "judged" people cannot even spend this "honeypot" due to so many reasons.

Originally money brings a change of attitude in the lives of people, they tend to be unconventional when they do things and this lifestyle can sometimes inadvertently turn people into bullies.

The Charade Of Balance

The volatility of crypto for example should create a balance, but it isn't. This means that the bullish tendencies that often comes with bear market can be balanced with the FUD and gloom that comes with the bear market. But this isn't always true.

Sometimes people become unplanned millionaires without even lifting a finger and the next second, they can become poor with a stroke of ill luck, this situation of imbalance should create a sense of equation that the Financial standings that's brought about by crypto isn't steady and trustworthy until one pulls out and is no longer in the game.

Many people might appear rich in crypto, but in real life they're having serious financial situation of which they don't even have enough money to take care of and this is because, when you pull out of game of twist and turn, of the ROI & APR, the compounding eventually ends.

To actually maintain one's position, a person would need to stay in. This isn't always an easy dilemma. With crypto, you don't know your height of loss and gain and the excitement and fright that comes with this uncertainty is what eventually keeps many, going.

Nevertheless, the illusion of that wealth alone is a determinant to the Irrational behavior of a lot of people towards their fellow crypto holders. Crypto Money is real and impactful, but it's entirely different from how we should equate it to real life.

@joetunex used to tell me of how get wouldn't sell his Splinterlands assets to actually take care of real life Issues and this is because these Issues are not Important, it is because pulling out of crypto is dangerous, inadvertently one loses the prospects that are likely to come in the future simply because they have a need to cater for at the moment.

All In, No Out

This is the opportunity cost that always comes with crypto. The prospects you sacrifice at the moment are those opportunity costs, because you're making these choices for the greater good. It's quite aggrandizing to feel wealthy on the surface because of figures, on your mobile or desktop.

Somebody on the outside might consider you a fool for not pulling out and living your life, forever and ever on one beautiful island. This is always the issues. Even with people who are into crypto, we cannot subtract human emotions from the reality of the prospects of figures and digits. People begin to do mental accounting when it comes to figures.

They begin to calculate how comfortable their fellow holders might be and this somehow decides how they tend to relate with these people. Anyone who hasn't read the stories of @nathanmars or how be struggled with being homeless, might feel he's a wealthy man

Crypto: The Scope To Ride Or Die

It's intense how the people react to those they regard to be financially flamboyant, and it's even worse picturing how wealthy they are. We cannot totally analyze the human reaction and emotion towards money and this is totally saddening.

You can quickly lose a person you deem to be a friend simply because they consider you to be "too rich" to ever need anything in life. I've lost a lot of people due to this. They're constantly equating what isn't certain to the reality of life and the challenges that comes with surviving life itself.

Some has refused to understand how crypto works, "you pull out, you lose, you stay in then your chances becomes better", I've learned this overtime from the likes of @pouchon. Letting the illusion of wealth that comes with crypto get to you can be devastating. Life is totally a different ball of game.

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I decided to pick a new route, and prioritise living over everything else.

Crypto is real money and the APRs are awesome so I strike a balance that enables me to pull out when I need to, while compounding to grow.

In this life we're living, nothing is promised. Just like crypto volatility,life can be the same.

One minute I'm alive and the next minute, I could be dead. If I die today, the quality of life I've lived today will be the only life I've lived, so I try to improve it while also improving my crypto portfolio.

I want to live a high-quality life with all my necessities met, but I also want to grow my portfolio.

Crypto is real money and the APRs are awesome so I strike a balance that enables me to pull out when I need to, while compounding to grow.

I probably have learnt this over the course of last year. However it's dicey when you decide to save all of this money in other to probably unlock more futuristic gains, there's this whole belief that one's wealthy might be overflowing.

I probably don't see a difference between life's uncertainty and that of crypto, but living to live the quality of life is Important as money is not quintessential if we cannot enjoy it's main attribute of giving us a good life.

I feel your intents and it's probably the same with me.

Thanks for dropping by sir.

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You see these two comments as explain it all

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This is so right, being a crypto investor comes with a lot of illusion. When you tell others about your crypto experience, your gains and losses due to dips, they think you are a fool for constantly hodling. Pulling out is way riskier for me, because the future of crypto is so great, no one knows what the future holds

Yeah well, thats one aspect to it, even people who are in crypto can help but bask in this psychological mirage. There's the belief that they're in wealth and sometimes they act Irrationally towards people and themselves.

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I never really considered the illusion of wealth that much because crypto itself is just an investment. I understand that I should only invest what I can afford to lose and it's not like I have given up my normal job going on. So I am fine enough to be sound and it's not like I splurge or show off my money. So I don't really think I have lost any friends due to being too rich.

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Thats the problem, the illusion of riches is the problem, until crypto become hard cash, prone to inflation and in one's bank account I don't think its should be considered wealth and enough parameter to call a person wealthy.

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I have to agree with that. Until we reach the point where fiat isn't the main way to live in the normal society, I wouldn't consider crypto as hard cash.

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Exactly, fiat still rules when it comes to acceptance, recognition and exchange, although i believe crypto will will still get to this point. For now, I believe we still have to treat crypto with caution.

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No doubt, you've spoken well here. Cryptocurrencies always create an illusion of wealth, and it with it's volatile nature, the wealth created shifts like the wind and as you noted, you can be wealthy today and poor tomorrow in the crypto space. And crypto wallet balances also do not make it easy to explain ones wealth and ones worth.

For a fact, crypto wealth does not equate ones worth.

For me, I think crypto holders and investors should learn and understand when you pull the plug and turn their crypto wealth into real value. So doing, one can maintain a stable financial status in real life and a seeming wealthy crypto portfolio.

For a fact, crypto wealth does not equate ones worth.

It's definitely an investment that's not static, it's either going up or coming down and doesn't equate to any wealth, however there's bad blood in the crypto space for in respite to how these things are always treated.

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Uncertainty is really the major game of crypto,you never can predict when it can change due to its imbalance which is the volatility aspect of it that makes it instable,I used to have the same feeling of people with lots of crypto holdings to be rich not untill I joined the crypto world I got to know that the only way you can boost is when cryptos are bullish,if they are not it's as good as saying you having nothing because pulling out will impact more loss.

you pull out, you lose, you stay in then your chances becomes better

Like one of my friend said "a man has to survive"
We all like to get rich but sometimes we have to just survive, that's the truth, Man.

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Great post as always brother

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The chances of your interests compounding the longer you stay in the crypto game is no brainer, I remember how I chatted to you about hating even spending from my cryptos despite the financial difficulties of the past year and this is because of the lesson I learnt with Bitcoin.

The days when BTC was affordable to me at just over $200 are gone, I had it, imagine if I had kept it and not invest in some crappy mining.

So the point is crypto is another ball game, my goal is to build and accumulate my stake to a point where I don't have to pull out the entire investment but live off kit residually.

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Thoughtful post, which made think am I wealthy in crypto? What would the opportunity cost be to sell all my cryptos and start over.

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The opportunity cost is actually not worth it. Starting all over might have its advantages but the truth is it might not be worth it. Pulling off crypto to fiat isn't something i'll particularly do.

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