Introduction.
It would not be fair to write about all sorts of things related to emerging technologies without mentioning the heroes, pioneers, and enthusiasts of the practical use of blockchains – the Degens.
Also, it would not be right not to express endless appreciation for cryptocurrency educators, crypto owners, NFT collectors, traders, and hodlers.
All of them have made a significant contribution to digital assets and the entire DeFi ecosystem. Without their enthusiasm, efforts, and the costs they have borne, we would not be where we are today.
I would also assume that FinTech is “watching and learning” from this progress.
Paying their own mistakes, losing hips of money in scams and rug pools, and being victimised by shills they managed to build powerful communities that create a social backbone of Web3 ecosystem.
But who are the Degens, and why the moon context?
(Informal Definitions of Degen).
Degen (n.): A bold species of crypto enthusiast who dances on the volatile edges of the blockchain, betting their chips on the dark horses of cryptocurrency.
A Degen (short for “degenerate”) is the Indiana Jones of the digital finance world, diving into shadowy caves of usually extremely high-risk trades and emerging with treasures or tales of woe.
(more formal)
A Degen is short for Degenerate Gambler.
OK I get it, I prefer a less formal approach too. It just feels more normal and natural. But that is just me. Either way, some freedom of choice is still within our reach!
Let’s continue.
Armed with a mix of fearless ambition and a frequent disregard for conventional risk management, Degens are the adrenaline-loaded crypto heroes, mainly in pursuit of 100x or even greater returns.
Often seen in their natural social habitats, like Discord channels and Telegram, or late-night trading sessions, they are loyal to the “go big or go home” philosophy.
Picture a world where the dice roll every minute!
So, welcome to the jungle named the universe of crypto, where Degens prosper on the edge of majestic risks and potential epic gains. Usually in theory, but from time to time also in the real world and in practice!
Who exactly are these Degens?
In the crypto community, a Degen is someone who goes all in – not just dipping their toes in the water but diving headfirst and on full throttle into the deep end of speculative and often manipulative high-stakes trades.
They apply various trading techniques, from scalping to day trading or going longer.
What Drives a Degen?
At first glance, the world of a Degen might seem filled with wild disregard. However, there is a sophisticated method to this style.
Born from the fires of the early crypto days, Degen’s culture has become synonymous with those trying to turn dust into gold. These types of traders are often seen leveraging hefty sums to bet on low-cap altcoins or the next big ICO, IDO, or IEO, hoping to catch a ride straight to the moon. Why not?
Why Moon?
It was a common saying in very serious startups, often adopted widely with a pinch of “hopium.”
If you like to know more, just “google”, “brave-browse”, or “perplex” it, please. Nevertheless, all roads should lead to Rome as the Romans like to say.
Why do they do it?
Well, it is the excitement, the kick, the adrenaline charge of a 100x gain that could happen at any moment. I think the real “Aussie Aussie Aussie, Oi Oi Oi” knows something about it!
It is about playing the game with stakes so high that most of us would hesitate at the thought.
But Degens? They live for this sensation. It is their fuel and sometimes may lead to addiction. So, always think twice before dealing with any kind of digital assets and enjoy responsibly. Just a friendly reminder, everything I am saying is not financial advice.
Navigating Through Scams and Storms.
However, with tremendous potential rewards come equally great risks as we may expect.
Engaging in Degen behaviour is not for the pussies or faint-hearted. These players make bets that can swing from massive wins to heartbreaking losses in seconds.
You may hear the stories or whispers of fortunes made and lost in one day. And yet, the temptation of that big win keeps the community booming, pulsing with energy and ambition.
Sometimes easy come easy gone is a rule.
The Toolbox of a True Degen.
You might wonder, what tools are they commonly using?
From complex trading bots that scrape for the slightest edge in newly listed tokens, to tracing recent whitepapers of projects most people have not even heard of.
Real Degens equip themselves with an arsenal meant to maximise their chances.
They are learning a lot, and constantly updating their knowledge. Participating in professional courses and obtaining certificates of accomplishment.
Whether “Gray Literature” or University-based Academia.
Technical analysis and charting are their bread and butter. Before tough times hit, and after a bit of praying, double-checking on Tradingview becomes a habit.
Platforms like Uniswap, and wallets like MetaMask or Ledger, are just typical examples. Tools like Dextools or DeFiLlama are other popular options. They are two prominent platforms in the cryptocurrency ecosystem, each serving distinct purposes.
The list of tools is endless. The more you are in, the more you see and consequently you will want to use it. And trust me, there is plenty to choose from.
A quick warning though, it can be addictive! Think twice before you start learning about it and think three times before putting that knowledge into practice.
The Ripple Effect.
The influence of Degen culture may extend beyond individual gains and losses.
Their powerful trading patterns can inject volatility into the entire crypto market.
This, combined with the actions of big players and market manipulation, often leads to wild price swings that can affect even the most experienced investors.
It all makes a significant impact on the so-called “wild west” of cryptofinance.
Reflections and Futures.
As we look toward the future of crypto, the role of Degens might change, but their spirit is for sure not to be forgotten.
Whether you see them as geniuses or losers, there is no denying their impact on the crypto, DeFi, and FinTech ecosystem. They are undoubtedly the heroes, representing the unpredictable force that keeps the crypto and digital assets world still going and evolving.
After exploring the high-energy world of Degens, one thing is clear – they are not just simple traders. They are a phenomenon!
They are a mix of risk-takers, innovators, and gamblers, constantly pursuing the next big thing at maximum speed.
Will the Degen spirit ever settle down?
I hope not! But only time can tell.
The one thing’s for sure – in the Degen world, the ride from zero to the moon is never boring.
About the Author.
I hope I can consider myself proudly as a small part of it.
Nevertheless, I have never got to the point of being a serious trader, but rather choose to stay as a dedicated hoodler. Despite learning from one of the best crypto masters (Craig Cobb and Travis Dobing), I decided to take it easy and mainly stick with the theory and paper treading.
Occasionally doing some swaps and familiarising myself with the farming factory. Do not think I was a coward, just gambling and finance were never my prioritises.
I proudly managed to send some crypto to the graveyard (wrong address) and mistakenly press the “buy” instead of the “sell” button under serious pressure combined with significant overexcitement.
But on top of that, I am looking from two perspectives, first as an independent researcher and explorer, and the second as RMIT Alumnus.
Both positions provided me with a solid background and the opportunity to better understand blockchain, blockchain-based platforms, including Web3, DeFi, and FinTech projects.
It was one of the reasons I decided to share a few thoughts related to it. I hope you didn’t mind, or maybe even liked it.
That is my wish!
Cheers, the Author.
Originally published at: