Tech News, Magazine & Review WordPress Theme 2017
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
No Result
View All Result
The Daily Hodl
No Result
View All Result

An Immodest Proposal to Voluntarily Abolish the Acronym ‘FOMO’

by John Mac Ghlionn
February 10, 2021
in HodlX
‏‏‎ ‏‏‎ ‏‏‎ ‏‏‎
HodlX Guest Post  Submit Your Post
 

In 1895, a leading French polymath by the name of Gustave Le Bon published The Crowd: A Study of the Popular Mind, which is widely considered a seminal dissection of crowd psychology.

According to Le Bon, crowds exist in three stages. First comes submergence, where individuals once embedded within the crowd lose their sense of self. If the individual is a river, the crowd is the ocean. Le Bon called the second stage “contagion”. Here, individuals in a crowd lose the ability to critically think, instead relying on others to lead the way. The blind lead the blind.

The final stage comes in the form of suggestion, where the unconscious ideology shared by the masses exerts a powerful influence over the ideas and emotions displayed. This results in highly uncivilized behavior.
The Le Bonian perspective views crowds as nothing but mindless masses of rage and desire. Unhinged and dangerous. For Le Bon, the word “crowd” was synonymous with “mob.” The people forming the mob were nothing but “savages.”

More than a century later, as the recent GameStop events have shown us, Le Bon’s theory of mindless mobs still has a number of advocates. Such a pity. Criticisms of the Frenchman’s theory are plentiful. Basically, his concept lacks any sort of scientific rigor. Furthermore, the theory sits on a foundation of gross generalizations.

ADVERTISEMENT

Nevertheless, Le Bon’s theory has infiltrated the world of cryptocurrencies, especially Bitcoin. The American writer John Tamny recently petitioned to have the word “bubble” placed in “history’s proverbial dustbin.” Can we please do the same with the acronym “FOMO”? The amount of articles linking the popularity of Bitcoin with FOMO are as abundant as they are tedious.

What does FOMO imply?

It implies a suspension of critical thinking. Instead of deliberate action, according to acronym abusers, individuals are consumed by little more than raw emotion and irrationality. However, unlike traditional fiat currencies, both BTC and blockchain are based on sound science – a potent mix of physics and smart economics. Why assume that advocates of such a concoction are consumed by nothing more than base level desires?

Such gross generalizations rob BTC advocates of agency. Instead of being viewed as savvy, highly aware investors, they are viewed as nothing more than mindless minions. Considering the likes of Elon Musk and Michael Saylor are very much members of the “mob,” perhaps it’s time to replace the word mindless with mindful.

A mindful mob – now that’s something I can get behind.


John Mac Ghlionn is a performance specialist obsessed with all things crypto.

 
Check Latest Headlines on HodlX


Follow Us on Twitter Facebook Telegram

Check out the Latest Industry Announcements
 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Stockcrafterpro

Submit a Press Release

Crypto Livewire – Press Releases

  • Mogul Brings NFTs and DeFi to the Film Industry, Announces Access Pass Sale
    March 5, 2021
  • eToro and DS TECHEETAH Change Face of Sponsorship With Unique Profit Only Deal
    March 3, 2021
  • Unifi Farms Beta Launches on Unifi Protocol to Pioneer No-Stake Farming
    February 26, 2021
  • Bang Bang: Critical Factors Fueling Rise of the Retail Investor
    February 25, 2021
  • How Traders Make Money in Both Bull and Bear Markets on BigoMex
    February 25, 2021
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$48,941.00
$48,941.00
4.56%
Ethereum
$1,541.87
$1,541.87
4.51%
Binance Coin
$227.08
$227.08
2.6%
Polkadot
$33.80
$33.80
0.08%
Cardano
$1.17
$1.17
11.64%
XRP
$0.457677
$0.457677
0.49%
ADVERTISEMENT

Spotlight

  • Coinbase Names Bitcoin Creator Satoshi Nakamoto As Potential Risk to Its Business
    February 27, 2021
  • Retail Goliath Rakuten Now Allows Users To Pay With Bitcoin, Ethereum and Bitcoin Cash
    March 3, 2021
  • Crypto Bull Mike Novogratz Dramatically Increases Bitcoin Price Forecast for End of 2021
    February 28, 2021
  • One of the Most Exciting Altcoins on the Market Gaining Real-World Adoption in Digital Payments, According to Coin Bureau
    March 4, 2021

DON’T MISS A BEAT

Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options

By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.

Check your inbox for confirmation email.

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX • Explore • Futuremash •
Crypto Livewire

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2021 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro

© 2020 The Daily Hodl

×
We use cookies to give you the best online experience possible. Continue browsing if you are happy with that, or see how to manage cookies.