Should I consider myself a genius because I bought SPS at an all-time low?

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Last year April I remembered buying some SPS, I can't remember, it was either April or May, but I know that it was either SPS was at its ATL or close to it.

There was a lot of FUD about SPS in particular, especially since the majority of splinterlands assets were dumping crazily. So all I did was scoop up some little SPS every day for a week or two, if not longer.

It was not much, but I did it because everything was already down, the price could not crash any further, and the only thing it could do was go up. So I bought with the spare coins I had here and there. However, the word "bought" sounds overly significant; far from it.

Perhaps I was picking up rather than buying, as I did not do so in large quantities. So I asked myself: if the amount I was using to buy was $5,000, would I have gone ahead with the purchase, or did I buy because I could afford to lose the amount I used?

So, I didn't want to tout myself as a savvy or intelligent person, because I bought at the all-time low last April and now the price is up over 60%. I do not think I am that smart, but I would like to answer my own question.

I bought for two reasons: first, I needed more SPS to earn glints for soulbound cards, and second, the price was discounted at the time. For me, I want to be able to afford $5,000 to purchase SPS and then decide whether or not to do so.

Because I have never had that much disposable income, I do not think it is appropriate to say, "Oh, if I had it, I would have bought."

Perhaps a more subtle reason why I was accumulating piece by piece was that I could afford to lose. Mind you, I also needed a lot of SPS to play the game. I was not satisfied with my SPS earnings per game, and I figured the pennies I had would help me buy some SPS.

So because of my love for the game, I decided to buy cheaper, although I was not thinking about when it would go up in price for me to take profit. It was simply my selfless love for the game and a desire to accumulate more Glints and SPS.

So it is safe to say that the sentiment I felt would be enough to persuade me to put in more money, not because I was going to profit, or for any other reason at all.

People who buy anything, whether it is a game coin, NFT, or native token, for reasons other than profit are selfless investors. Now, they're selfless because they're not immediately think about profit.

Their subconscious reasons for buying are different, but this belief eventually leads to a profit for them.

There are many splinterlands players who continue to purchase older cards and add them to their collections. They kept doing so because they wanted to add a rare ability to their already existing set, so they continued to buy more BCX of that card until it reached the desired level.

Does Crypto Reward Passion?

Now, economically, this may appear to be a stupid decision. Why?

Older cards are less desirable than newer cards because they cannot be used to earn in the most lucrative tier of the game.

However, some people already own some of the baddest older cards in the game, and because they enjoy the game so much, they just keep buying rather than selling their entire deck and focusing on newer cards. If I can, I will buy new cards, and it is not because I have a lot of money.

This is due to my FOMO and love for the game. However, I would need to be in a decent financial position to do so, which I am not.

Sunk Cost Fallacy

Let us consider the sunk cost fallacy. Many people who play splinterlands play and buy cards because many of their cards are already at all-time low prices (some have recently increased in price), and selling them would be a bad idea.

The sunken cost fallacy is the idea of pursuing what you consider to be a lost cause simply because you have already come too far. For an emotional gamer, this can be a double-edged sword.

First and foremost, your assets can pump during a bull market, allowing you to recoup all of the money you lost during the bear market. Alternatively, the bull market may occur and your assets do not pump, causing you to never recoup your money.

However, the former has the advantage of being better off than those who angrily sold at the all-time low, whereas the latter has the advantage of selling at a loss but moving on and investing that money elsewhere.

No added advantage only

There are no advantages or disadvantages to either situation; it simply shows that we are at the mercy of the market. Now what some people do is to sell off any asset and put it into BTC because of the belief that BTC will always pump no matter what.

In reality, our faith in what we hold is what makes us geniuses. We can eventually end up as big fools for being sentimental maxis, but the market can reward you for having faith.

This is why I will not call myself a smart man for purchasing a few SPS at an all-time low; instead, I believe the market chose to reward me, just as it will do to anyone who simply chooses to be a believer, regardless of logic.

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Interested in some more of my posts

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What Are Some Things You Should not Do During A Bull Market Year?

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