How to protect cryptocurrency?
The word cryptocurrency came from two words cryptography and currency.
Currency: Currencies can be defined as some sort of economic buffer...
This article is originally published in Albaron Ventures.
As Bitcoin and other digital assets continue to grow in adoption and popularity, a common topic...
Has anyone noticed recently that your linkedin feed is just full of a bunch of technology looking for a reason to exist and all sorts of conventions and other events people are attending? When I first got into Linkedin (Yes, I am an earlier adopter) it was a community of practitioners who would exchange ideas and thoughts on real issues, mega-trends and other more practical items of supply chain. Then the "Facebook" world invaded. And FOMO began.
First, if you do not know what FOMO is it is the "Fear of Missing Out" and I think it has become the most dangerous marketing tool technology and others have used in a long time. People are not even sure sometimes why they need or want something but what they do know (Thanks to "social media") is everyone else is doing it so I better jump on board before I miss out. Harvard MBA Peter McGinnis coined this phrase and also warned us about the problems it will create for business. In an INC article, it is defined as:
"He used FOMO to describe managers who execute on too many initiatives or follow too many potential paths, out of fear of missing some positive trend or opportunity"
The weapon the purveyors of FOMO use in business is LinkedIn. It is here everyone posts about some fancy technology or some convention that you just "must be at" or "must have". Mind you, most of these posts are not practitioners rather they are just advertising. Rather than buying advertising they just create an environment where you feel like if you do not engage you will "miss out".
There is a corollary to this phenomena and it is called FOBO - Fear of a Better Option. This is the other side of the coin which is when managers are inundated with so much information they are behave like a deer in headlights. They freeze. They are waiting and assuming there must be something better out there and so they stop awaiting a "better option".
According the article cited above, FOBO can be a direct result of our "big data" world. We have so much data and so many ways to display it, slide and dice it, and analyze it that we continue to do that figuring if I "slice it one more way maybe the answer will come out". In other words, we keep looking at the data hoping a "better option" will come out.
Both of these are problems. If you are infected with FOMO you will go down every path known and you will end up with too many disjointed initiatives with no clear direction. If you are infected with FOBO you will stop everything. You will not innovate. You will be like your father at Christmas who says "Don't buy that T.V., next year there will be something better". Of course, this is true every year and it leads to inaction and lack of innovation.
My advice is to be careful on your LinkedIn feed and be very careful who you accept invites from. It is full of "advertisers". Stay focused by reading about topics in depth and stick more to the academic world for studies and thoughts about the future. Don't get sucked into these diseases.
If you want to learn more about it, Peter has a Podcast called FOMO Sapiens and you can listen to it on your favorite podcast player.
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