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The original was posted on /r/cryptocurrency by /u/fan_of_hakiksexydays on 2024-01-22 16:30:30+00:00.
Original Title: This market gets very emotional into extremism. With extremism in anti-crypto narratives during bear markets, and vice versa during bull markets. But don't blink, there is potentially a brief period of objectivity and balanced narrative in between the extremism.
Bear markets:
For most of the bear market, and even still a little bit right now, anti-crypto emotions have been dominating more of the narrative. Even this sub looked more like the Buttcoin sub during the height of the bear market.
It's understandable as the volatility has burned a lot of people, and left a lot of people salty about crypto in general. Nobody likes to lose money. Especially when it's an emotional market where most people buy during the FOMO phase.
The FTX and Luna fisaco added even more salt to the wounds. While not all crypto and not all exchanges are like Luna and FTX, those 2 were big enough to create resentment for the entire space.
And when things get bearish, that's when the anti-crypto crowd comes out of the woodwork, and takes advantage of the sentiments of the market, and price being down, to push their narratives. People are in an emotional state, so they aren't as quick at fact checking, much less interested at checking the data. If someone tells them something that matches how they feel they will often stop there and not dig deeper into counter arguments
Bull markets:
And the same thing happens during bull markets.
You have crypto-bros and lambo boys come out of the woodwork, to shill crypto as something more than what it is. As something that will make you a millionaire.
They also take advantage of the price being up, the market being on an emotional high, to push their narratives, or even push their shitcoin.
And just like in the bear market, people fall easily for it, because once again they let emotions get the best of them, and don't even feel the need to do enough research or look enough into counter arguments, as the narrative just "feels right".
The just middle:
Both sides are coming at this with their own dose of bias, as they are always trying to push a narrative, often based on tribalism, emotions, and slipping into the natural human dichotomy of extremism.
We can thank the volatility of this market to amplify those sentiments.
But the truth probably lies somewhere in between.
Both sides have some good points and arguments.
Crypto isn't perfect and has its flaws, and still needs more development. But at the same time, it's hard to deny that there are some technological merits and benefits to blockchain and decentralization, if used right.
If you take the valid points from both sides, you can form a more balanced perspective, remove extremism and bias, and form a more rational and objective argument.
We may start seeing a little more of that balanced perspective (hopefully), as we exit the PTSD of the bear market, but people aren't in full FOMO and get rich quick with shitcoins mode yet.
But don't blink, because you might miss it. This market gets very emotional very quickly, and will switch quickly to extremism again.