…first sold get rich at the expense of other people, and these people will be quite a few, before the ability to lock runs out.

People do not understand the concept of a closed system of trading/investment. It’s a cliché that somehow gets in their heads. If you want to become a successful trader/investor have to be the one who takes money from other people. Your profit is a result of the loss of another person.

Sometimes it may seem that everybody is making money, but such situations are rare within the trade junk stocks (cryptocurrency)- the new money came into the market during the growth of BTC was in the accounts of those who bought these coins before and then sold them. Charlie Lee (Charlie Lee) earned by selling LTC 3 December 2017 for those who came in after him.

That’s why when you read on forums BTC, statements like “we are all in the same boat” and the like, it should be understood that they are completely contrary to the real principles of the functioning of the market. You’re dependent on a constant influx of money, the equivalent of thinking, “I hope that new people will come into the market, it will give me the opportunity to take their money.” All that you have earned, you have taken from others. All that’s lost was taken from you by others. Few people understand this relationship and, as a consequence, their thinking process changes.

Let’s turn to ray Dalio (Ray Dalio):

When we set rates, we do it inside a certain system, right? It’s like poker, you need to defeat me to get the win. We in Bridgewater employs 1,500 people. We spend on researching hundreds of millions of dollars for the past 37 years, and not know if we will be able to win. In other words, we are working to win. We have to diversify their bets. Thus, each person is very important to understand when to refrain from betting because if you want to sit at a poker table, you will have to defeat me and other people who want to take the money.

So you start to understand, the fact that a great profit for all crypto market was an illusion, since all this “wealth” in late 2017 or had unrealized profit from long positions. If everyone tried to lock in the profit at that time, the market would have collapsed before the majority realize what is happening. Only a small handful of people managed to make a profit, which in my mind had a majority. In this case, the unrealized profit was a mass illusion.

The longer people keep their assets, the greater their unrealized profit, and the more they are mistaken that can work together to be in this game (not playing). All those who considered themselves wealthy and lost everything in the HODL philosophy in the first place was never rich together — only some had the opportunity to fix.

That is why the point of view that $BTC is a kind of lottery, in which the General public can win is in denial. Also, she is the reason why the HODL philosophy as widely accepted in the investment, creates conditions for large unrealized profits for the majority of people who will never understand that first sold get rich at the expense of other people, and these people will be quite a few, before the ability to lock runs out.

Unrealized gains are like a pile of dollars in the center of the table. New members come in and add their dollars, which increases its size, thus each is sure that the money on the table belong to him. The first group sold a bunch of raking with both hands. The rest will remain with the remnants on the table that are less than what they made, so it was in December 2017.