I tried to explain what bagholder is in comic strips.
I explained what bagholder is and how you can use bagholder in the crypto space.
Some Takeaway
Bagholder describes when people invest as much as they can in one cryptocurrency and hold onto the assets even though it went to zero. The idea is similar to HODL which people hold crypto assets as long as they can. However, the difference is that bagholder is a negative tone to meme people who purchased too much crypto that makes that purchase becomes a burden.
History of Bagholder
When the gold coin was still valuable in the past, people would carry a small bag to hold their gold coins around. The modern bagholders have their assets in the digital “bag” called a wallet. They are people who are reluctant to admit their misjudgment of specific cryptocurrencies and yet carry so much of them around without any value.
Bagholder Syndrome
Here is a checklist for you to determine whether or not you got bagholder syndrome:
- Invest more than 50% of your net worth in unknown crypto or token
- Believing one-day such crypto or token will go to the moon
- Keep adding positions without any strategies or fundamental analysis
- Defending your position online wherever people criticize such crypto or token
- The value of the crypto or token was worth a lot until the recent crash
- You still believe there will have a potential gain than the losses in the future
If you check all the above behaviors, you got bagholder syndrome!
How to Cure
Here are some suggestions to cure such syndrome. Although it may not perfectly cure, it can help. First, put away your thoughts about getting back your loss. The money is likely never to be recovered. Second, focus on the growth of your knowledge rather than blindly picking over-promised crypto or token. Third, accumulate your savings rather than invest in risky assets.
In conclusion
Bagholder is an additive of high-risk investments that you want to get back your loss. It is gambling behavior that one should avoid.
Photo by Brands&People Unsplash
Note: the post was shared on multiple platformsYou can refer my previous article lists
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-------------------------------------------------------------------------------------Disclosure: The article was written by a delusional author who is possibly a nut job without any questions whatsoever about expertise in the subject matters. You should not believe any words this author wrote or you may experience similar symptoms or even possibly become a nut job.
