In 2018, the price of coins such as bitcoin, ether and litecoin have steadily decreased, causing many holders to cash out in a flash of FUD (fear, uncertainty, doubt). Self-proclaimed crypto maximalist and developer Jimmy Song says there are three reasons it is difficult for crypto-holders to “hodl,” or keep their coins, in periods of price decreases.
For one, the government is to blame. “The reason why the government wants you to spend is because of their flawed economic models. Most of the government is Keynesian at this point,” Song says, going on to talk about how President Barack Obama and President George Bush encouraged spending following 9/11 and the recession in 2008, respectively.
As Song details, Bush and Obama did so under the ideology that an increase in spending and an increase in demand would cause employment levels to rise. According to Song, this theory is false and has led to the ingrained societal philosophy of spend, spend, spend.
Another entity behind spending habits? Businesses. “They play all sort of tricks to get you to spend your money,” says Song. “This is where business and government coming together can be so evil.”
Ultimately, though, Song says that we are to blame for spending as well, which makes it hard to hold onto tokens when we’d rather cash out to buy an expensive handbag or luxury car rather than saving for the things we need.
Song advises prayer, meditation and self-improvement practices to get through the FUD.
For more on how government, businesses and individual wants are making holding hard, check out Song’s video above.
- Site Reliability Engineer (SRE), Trading Infrastructure at DRW (Chicago, IL, USA) - 16 July 2020
- Technical Recruiter at AxiomZen (Vancouver, BC, Canada) - 16 July 2020
- Public Sector Account Manager – France - 16 July 2020