What’s The Backstory On The Word, HODL? 🧵
1/6) - Anyone who has bought and sold Bitcoin or memescoins knows the feeling of hodling.
While your coin is crashing, you must have faith that the particular coin you hold will go up in value at some time in the future. Therefore, you must exercise patience, devotion, and let’s face it, blind faith. You must HODL at all costs.
Right now I’m hodling Bitcoin, Dash, Steem, Ether, Decred and Ripple. But I’m different from most traders because I earn all my cryptocurrency. I’ve been earning nothing but cryptocurrency since June of 2016, when I found Steemit. I’m not sure how many people are like me as far as living off crypto, but I think I’m in a very small minority. I trade but not every day. It can be extremely addictive and I absolutely love the volatility and energy of these wild west markets.
2/6) - The guy who first used the word, hodl, realized he had spelled ‘hold’ incorrectly, but he seemed so upset and/or drunk that he intentionally left in the mistake.
He also admitted that he was a bad day trader, so part of the reason the word, hodl, is so funny is because it describes the situation of a lot of noob crypto traders (most of us): we have no idea what we’re doing most of the time in crypto-land. And we end up losing money, or gaining big-time. (Gambling as his purest form)
3/6) - But the inventor of the word hodl makes the case that he is not part of the fast-in-fast-out day trading mentality of just buying and selling whatever coin in order to make a quick buck.
He makes it clear that he’s in the game long-term, but he seems a bit sore that other day traders know how to make big gains. He also sounds sick of being teased about holding onto his Bitcoin.
It’s almost like he’s defending his decision not to day trade. Bitcoin culture is full of dweebs making fun of noobs and people who invest long-term or make bad trading decisions and that is evident from his post.
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