The post Do Meme Coin Traders Care About Getting Scammed? Psychologists Explain appeared on BitcoinEthereumNews.com.

We do the research, you get the alpha! Get exclusive reports and access to key insights on airdrops, NFTs, and more! Subscribe now to Alpha Reports and up your game! Go to Alpha Reports It feels like a daily occurrence that someone gets rug pulled investing in a silly meme coin. More often than not, the investor laughs it off and moves onto the next Pump.fun token. It makes you question, though: Do crypto degens even care about being scammed? Logically, people don’t invest money if they think they’re going to lose money on a meme coin—no matter how degenerate you are. But, once it becomes apparent that the project is a scam, and the rug has been pulled from beneath them, the investor needs a way to deal with the experience. “When there’s a conflict between your beliefs and what happens we often will sort of change our understanding of our beliefs,” Christopher Chabris, ex-Harvard psychology lecturer and co-author of a book about scams, Nobody’s Fool, told Decrypt. “We can’t change what happened, but we can change our view of our beliefs.” In turn, some victims will reframe the incident in a positive light—this could be in the form of laughing. “You could call that coping or a defense mechanism or rationalization or whatever,” Chabris said. “There’s many ways you could reframe [a rug pull]. You could reframe it as sort of a rite of passage,” Chabris told Decrypt. He explained an investor might frame losing money on a project as: “You have to learn for yourself and part of that is making decisions and losing—great investors have lost money.” But in some scenarios, an investor may completely reject the reality of their prior beliefs. Chabris explained that some people have even changed their belief about who they voted…

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Filed under: News - @ July 23, 2024 9:24 am