Tribalism Will Kill Your Profits .:. #MyHiveGoals 2023

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One of the worst things that can happen to an investor is to emotionally attach to a certain project, or in our example, certain token(s)... But, there is an even worse thing, and that's to not just emotionally attach to some token but to become a "blind follower" of the same... We have so-called TRIBES here on HIVE, which doesn't have to be a bad thing, as it's more like a term to describe a community, but "tribalism" can be a very bad thing for you and your portfolio...


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What do I mean by the term "tribalism" in crypto? When a person becomes so "blind" to negative things about a certain token/project and tends to ignore them "until the end"... And not just that, in that blindness, those people lure others to join them, without even knowing that they are doing something wrong... Any persuasion is like bullying someone...

I suppose it's like acting in a herd and thinking everything is perfect even when the house is burning...

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At this moment, maybe it's time to talk about FUD and what it is, as you can be confused about that and the tribalism "effect"... Very often FUD (Fear Uncertainty Doubt) is "created", to cause panic sell and fill the bags of those who created it... The real challenge is to realize the difference between that and the real problem that a specific project could have...

Being subjective, and emotionally connected to the project will block you to see the future crash, and you will sink with the ship that you didn't create, as you were just a passenger, and not a captain or a crew... Speaking of that, you can't forget that you are just one of the investors and not a creator, and very often, you can't change things... You are just a spectator... Therefore, there is no reason to act differently...

But with tribalism, people tend to put themselves in a position where they identify themselves as part of the team... Most of the time, those who work for free (cheering something that even they are not researched well), take losses, and in the end, take unnecessary responsibility for others... While big fish is taking all the profits, washing hands of mistakes and misleadings they took...

As HIVE creates bonds between people, sometimes, it makes this kind of behavior too and I saw many times people acting like that... Unfortunately, it is hard to change anything when people are in that stage...

I know that I have written about this topic before, but I found it very important to underline these things... It can save you tons of money and stress... Always try to be objective and re-evaluate crypto projects after a certain time... You don't have to be married to a token and ignore others!


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It's time to go back to other numbers for #MyHiveGoals... In the beginning, let's check out HiveStats...


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screenshot from hivestats.io

We are in the middle of July, and I've already reached my monthly goal for the number of Hive Power! I did that at the end of the last month, but it's a great feeling to get there in the mid-month this time... Those who know me probably guessed that I will not stop at 75K and I have to admit that I'm aiming that 100 K for a while... 😃 It is a mission impossible to get there this year, but why not accumulate as much as possible HP and make the job easier for the next year!

I have accumulated 216 Hive Power during the last 7 days, which is inside my weekly margin of 200-250 coins... Most of these tokens came from curation rewards and Hive-Engine investment profits...

Believe it or not, I did the same mistake with my LEO Power like I did the past week! I have staked all my liquid LEO to my main account and not to my .leo curation account... So, I have started another unstake... 🤦‍

The good news is that some of my LEO tokens came back from the past week's unstake, so I staked some tokens to the "right account"... 😃 It was only 40 tokens added to my LEO Power, but something is better than nothing...


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GAMING GOALS - Flexible Goals

As of some glitches with Hive-Engine, the Rising Star game had some issues with packs opening and I skipped one of my "packs opening days" because of that... But, I did the double opening on the next occasion when everything worked fine... So, all good, and the standard amount of cards are added to my collection...

To be more exact, it was 103 cards, exactly the same number as the week before...

As I'm on vacation, I didn't have time to check what is happening with the GLG game development, but I have noticed that the price of the token went up over 50-60% after hitting the bottom of 0.0175 HIVE at the beginning of July... Of course, I didn't rush anything and stayed focused on token accumulation by staking all my earnings...

I don't plan to sell any of my GLX token stash until the game launch and significant FOMO that should come when the game is playable... I hope that moment will come this year, but if not, I will continue with my accumulation... I'm sure that the Splinterlands team learned a lot from their first game (Splinterlands) and that they will implement all that in GLG!

I have accumulated 2360 tokens in the last 7 days, less than last week, but that's normal as the APR is going down as more and more people are staking... I didn't buy any tokens lately and ALL that is earned as staking rewards or from the SPS airdrop...

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It's time to update the numbers and put them into the spreadsheet until the next week! So, freshly updated numbers for #MyHIVEGoals, on July 16th, 2023 are:

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These are my initial goals for 2023 created on January 15th, 2023:

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Join me in this awesome #MyHiveGoals and let's grow together! It is fun, it is motivating, and it will keep you focused!

Thank you for your time,

~ph~

PS. None of this is financial advice of any kind...


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If you want to support my Hive-Engine witness node, you can do it by voting for @ph1102.ctp here https://tribaldex.com/witnesses... THANKS!

Don't forget to follow, reblog, and browse my Hivepage to stay connected with all the great stuff!

You can also find me on LEO Finance .:. Twitter .:. LBRY

leofinance goals hivepower hive-engine pimp ctp pob risingstar blogging glx
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57 comments
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some good words of wisdom!

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Thank you for taking the time to check my post! Appreciate it!

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Nice of you to point it out. But did you have anything specific in mind?

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I saw it many times and I was doing that when I came to HIVE... For example, I made that mistake with Defi projects on LEO, or with the CTP tribe... In both examples, I was identifying myself as a big investor, and part of the team, when the reality was far away from that...

Invested a lot of time thinking that there is nothing better than that... While there was... If I spared that money and invest in HIVE, I would be over 100K HP already... :)

Not saying that those projects are bad, but rather that my perception was bad...

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Great growth there Zoltan, and well said about tribalism and emotions regarding tokens and coins, so your main account has a staking magnet for LEO I assume, keep on growing and stay awesome.


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!ALIVE
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This post is AWESOME!
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@ph1102! You Are Alive so I just staked 0.1 $ALIVE to your account on behalf of @thisisawesome. (14/30)

The tip has been paid for by the We Are Alive Tribe through the earnings on @alive.chat, feel free to swing by our daily chat any time you want, plus you can win Hive Power and Alive Power delegations and Ecency Points in our chat every day.

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so your main account has a staking magnet for LEO I assume

Hahahaaha... probably it has a magnet... lol... I stake most of the stuff there, so this was just a habit...

Thanks for picking my post!

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Habits are hard to break, keep up the good work.


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Are you doing anything fun for vacation?

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hahahah.. Except for getting wet in that hailstorm, nothing too shabby... 😃
Just kidding, I hang out with friends almost every evening, but I forget to take photos as usually holding a glass a not a phone in my hand... 😂

The next week should be busier with visiting a place where I have never been and visiting some fellow Hivers!

Trying to enjoy vacations and later publish posts about it... Like I did with the Portugal series... :)

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I'm sure we can grow together, tribalism in crypto leads to loss and stagnated progress and that's what I really wanna watch

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Oh, yes! I'm all for growing together... supporting each other, sharing experiences, helping... That doesn't mean that we will lose our individuality, which happens with tribalism... Au contraire, it should nurture our differences and lead to faster progress!

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Thanks..... you're one inna million, do have a pleasant week ahead

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Being emotionally attached to something too much is bad for our souls. It happened to some in the last bull run where they didn't take their profits just because of being too attached to the token and unable to think more like an investor.

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I did that! Not proud of it, but I learned from that a lot! I invested in dozens of tokens back in 2017, and most of the time, I fell on sweet words from token creators and project leaders... Didn't do the research and check their history, results, development, team... Just blindly followed the herd...

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You are absolutely right we also got very attached to a project and all the stuff we had we didn't sell it in the market and we lost a lot. We still have high hopes from this project that it will give people a lot of profit when the market changes in the near future.

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It's great to have "HOPES", but the the feeling of "hope" comes when we are starting to be desperate... and again, that means that we are emotionally attached to investment...

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Tribalism in general not only in crypto hinders one's progress in life. It cages and limits one's growth.

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Agree! It's not just in crypto, it happens IRL too... If turn around we can see a lot of examples of it... Are you a football or basketball fan, Christian or Muslim, red or blue, black or white? I choose ALL! :)

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This is just a perfect example

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I was also emotionally attached to certain token but at one time I don't know why my curiosity with that token also lost.

I'm happy to see that you reached to your goals
Keep it up bro 💪😹

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I was also emotionally attached to certain token but at one time I don't know why my curiosity with that token also lost.

I would say that's a good thing! You had the strength to break the emotional connection and move on... ;) You did it right!

Thanks for your kind words!

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I bought some GMT token when it's price was above 1$ and now it's only of worth 0.23$, and i accept my loss and make my mind to move on

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I identified this a year ago when I just stooped creating more goals after reaching all primary goals for tribes.

Even for Hive, I have a very fixed goal in my mind, if I reach that point I will be going out to find some other things instead of doing "more and more" Hive.

I also think my SL investments will be also going to stop at the end of this year and I am actually seeing opportunities if I convert a few SL assets to Hive.

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It's just a rational way of thinking... Compounding until death has no sense at all, especially if you see that there is no hope for a certain project... Or you notice some shady things... 😃

Regarding HIVE, I look at it from a bit different angle... It's more about the voice to express myself and my opinions and not about money... So, I suppose that I will never stop adding more HP, but I will (and I do) take some profits, of course...

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Wen 100kHP

Yeah the tribes thing is not just in Hive.
Blind loyalty can be a downfall.

Here though, it is also a great idea to review your tokens and yep part company with something if need be. Just because you are a friend or fan of Johnny does not mean his token is any good!

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Wen 100kHP

heheheh... I hope next year... But, we will see... If HIVE goes down, I'm speeding up... 😃

Just because you are a friend or fan of Johnny does not mean his token is any good!

YES! It can hurt Johnny feelings, but it is YOUR investment, YOUR time and money, so it shouldn't be like that... Also, Johnny can be a person who doesn't realize that he is doing things wrong, and there is no sense to go down with it just because...

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I also try to improve my curation rewards as much as I can with my HP. Still I have a long way to go :)

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Every little counts... I'm still doing an everyday couple of HIVE power-ups... It doesn't make a big difference in the short term, but it accumulates in the long term...

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Who knows, every little counts might become more precious in the future.

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Nice progress and I hope you are enjoying your vacation.

I hate the tribalism when it comes to anything. It makes people less open minded and I never think it will really help.

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It makes people less open minded and I never think it will really help.

I forgot about this... It does make communication harder as you can't have a normal discussion about things... People are closing themselves in shelves (or a bubble) and not allowing anyone to get close to them... Afraid that their paper ship will sink...

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(Edited)

The definition of tribalism on Crypto you told

When a person becomes so "blind" to negative things about a certain token/project and tends to ignore them

Is fearing to us, who are part of the tribe but not the part of the navigation team.

Hope that the leader of the tribes I am involve with won't be blind due to "tribalism".

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Is fearing to us, who are part of the tribe but not the part of the navigation team.

If you have fears about your investment, maybe you should:

  • go out from that investment
  • lower the stake that you own... ;)

Hope that the leader of the tribes I am involve with won't be blind due to "tribalism".

Heheheh... If they are filling their pockets and don't care about the community, or about the "underlying" asset, that is a clear sign to leave the project... :)

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Yeah, pretty much all projects on HE with a few exceptions (and even those!) are very risky for large holdings. That's why my main goal is HP and not the HE tokens (LEO and Splinterlands tokens are the exceptions; maybe the BEE and WORKERBEE tokens, but I'm not much of a holder of any of them).

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pretty much all projects on HE with a few exceptions (and even those!) are very risky for large holdings.

Agree with you 100% on this! I know many people who FOMOed into projects and regret very fast as there was no liquidity to get out... Plus, there was no good long-term plan for token development and sustainability... Watching your portfolio going down hurts a lot, especially when that happens in the bull market too, or when others aren't going down...

Also, I would dare to say that there are no exceptions among HE tokens... And I do understand that I own a token too... 😃

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It can blind you from searching as well new opportunities and miss wonderful projects where you make a huge difference for your future.

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Agree! Having locked funds just because I have FAITH into the token is blocking me from researching other opportunities that exist out there...

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This is where knowledge and independent thought processes come in. Being able to objectively view an investment is critical to obtaining an accurate assessment. Congrats on reaching your goal early! A great feeling!

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This is where knowledge and independent thought processes come in. Being able to objectively view an investment is critical to obtaining an accurate assessment.

This is super hard for the newbies, and I'm still working on it... But, getting there is crucial for every future investment...

Congrats on reaching your goal early! A great feeling!

It is a great feeling! Thanks!

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Tribalism is such a sensitive topic I feel. Most people don't like to hear negative stuff - even though sometimes it's obvious. I used to share how a project was going downhill but I thought it wasn't well received by people in the chat group so I stopped. Maybe it was the wrong audience. Haha.
!LUV

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I used to share how a project was going downhill but I thought it wasn't well received by people in the chat group so I stopped. Maybe it was the wrong audience

I made that mistake too... After that, I'm creating posts about stuff on HIVE, as posts can't be deleted... :)

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I agree with you that tribalism can be a very bad thing for investors. When you become emotionally attached to a project, it can be difficult to see the flaws in it. You may also be more likely to ignore negative news about the project, which can lead to you losing money.

It's important to remember that you're not just an investor in a project, you're also a customer. As a customer, you have the right to demand quality and transparency from the project team. If you're not getting what you need, then you should be willing to walk away.

I also think it's important to be aware of FUD. FUD is often spread by people who are trying to manipulate the market in their favor. If you see negative news about a project, take some time to do your own research before you make any decisions.

The best way to avoid the pitfalls of tribalism is to be objective and to always do your own research. Don't let your emotions get in the way of making sound financial decisions.

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I don't have anything else to add to your comment! I 100% agree with you!

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Good to read this thoughtful post from you sir.

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Thank you... I'm glad that you liked it!

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