JOMO

JOMO, which stands for the Joy of Missing Out, is a term that originated as a counter to FOMO (Fear of Missing Out) in the context of cryptocurrency. It refers to the feeling of contentment or satisfaction experienced by individuals who are not invested in cryptocurrencies during periods of price decline or when fraudulent Initial Coin Offerings (ICOs) are exposed. JOMO is commonly used by individuals who are referred to as “no-coiners” or those who have intentionally chosen not to invest in cryptocurrencies.

One of the key reasons people feel JOMO is due to the high volatility of cryptoassets like Bitcoin. Bitcoin’s price can fluctuate greatly within a short period, leading to feelings of uncertainty and anxiety for investors. However, those who have chosen not to invest or have sold their holdings before a price decline may feel a sense of relief and satisfaction when they see the value of cryptocurrencies dropping.

JOMO is closely related to the mindset of traders who prefer to abstain from participating in the latest cryptocurrency trends or engaging in panic selling. These individuals often believe that investing in cryptocurrencies requires constant monitoring and decision-making, which can be stressful and time-consuming.

For example, let’s consider the case of Bitcoin’s price. In December 2017, the price of Bitcoin reached an all-time high of $20,089. However, by December 2018, the price had dropped to slightly above $3,000, representing an 80% decline. During this period, individuals who did not have any exposure to Bitcoin or had sold their holdings before the price decline may have experienced a significant sense of JOMO.

Similarly, investors who chose to hold onto their Bitcoin even after the dramatic price decrease in 2018 are also likely to have experienced JOMO. These individuals may have seen the decline as an opportunity to accumulate more Bitcoin at a lower price, thus benefiting from the eventual recovery.

It’s worth mentioning that individuals who hold onto their cryptocurrencies instead of selling them are commonly known as hodlers. Hodlers have a long-term investment strategy and are willing to withstand short-term price fluctuations in the hope of achieving substantial returns in the future. For hodlers, JOMO can be seen as a positive emotion that reinforces their belief in the long-term potential of cryptocurrencies.

One of the significant sources of JOMO is the occurrence of fraudulent ICOs. ICOs are fundraising events where new cryptocurrencies are sold to investors. Unfortunately, some ICOs turn out to be scams, leading to financial losses for those who invested in them. When such fraudulent ICOs are exposed, it further reinforces the perception that cryptoassets carry inherent risks. Individuals who decided not to participate in these ICOs or were cautious enough to avoid scams may experience a sense of JOMO and feel fortunate for not being part of the fraudulent activities.

In conclusion, JOMO is the feeling of contentment or satisfaction experienced by individuals who are not invested in cryptocurrencies during times of price decline or when fraudulent ICOs are exposed. It is closely related to the mindset of traders who prefer to abstain from participating in current cryptocurrency trends or engaging in panic selling. JOMO can be seen as a positive emotion for hodlers who believe in the long-term potential of cryptocurrencies. Ultimately, JOMO serves as a reminder that investing in cryptocurrencies comes with risks and rewards, and it is up to individuals to decide their level of involvement based on their personal goals and risk tolerance.