Warning: Shiny Object Syndrome Can Cause You To Lose Millions In Crypto

Shocking news, no Tweety pie for the twitter tweet Crypto millionaire Sina Estavi as he loses big time on his NFT gamble. When I say big time I mean big time! I'd be gutted.

Back in March 2021, Sina Estavi bought an NFT for $2.9mil. Not just any old NFT, it was a piece of modern day history. It was Jack Dorsey's very first Twitter tweet.

Willy Wonka's Golden Ticket?

In 2021, the NFT market was the same as the wild west (and still is). People were going crazy as they fought to make their millions in trading Non Fungible Tokens. 

Bidding for Jack Dorsey's first tweet was insane. It is a very unusual piece of digital information, an absolute gem of tech history. Everyman and his dog was busy trying to make a fortune in the NFT gold rush and Dorsey's tweet was like Willy Wonka's golden ticket. Everyone wanted it.

At $2.9mil the deal was sealed and Sina Estavi became the proud owner of an NFT or Non Fungible Token. 

But was it worth the hype or was it just another Shiny Object?

Savi put it up for sale in April on OpenSea for $48 mil, but only a few bids were received, the highest one being $375

The Plot Thickens

It could be there were so few bids because it was a shiny object or it could be linked to the fact that Savi had been arrested by the Iranian Cyber police. Sina is the CEO of Bridge Oracle and Cryptoland -blockchain companies. The police posted a notice on both of the platforms detailing his arrest.

"The owner of this account was arrested on charges of disrupting the economic system by order of Special Court for Economic Crimes. Official judicial authorities will provide additional information."

They didn't give any further information.

So what can we all learn from this? First of all let's have a look at Shiny Object Syndrome.

What Is Shiny Object Syndrome (SOS)?

Shiny object syndrome is the name given to a very tempting distraction. Something that takes you off your path. Something that promises you riches beyond imagination. It's often the 'next big thing' that you should chase after.

Who Get's It?

People like to say that SOS is something only entrepreneurs experience but I disagree. We are all capable of coming down with Shiny Object Syndrome. Hell, even Adam and Eve were presented with a shiny object - the apple. And we all know what happened to them.

Like it or lump it, if you are honest with yourself, you have probably set goals/made plans, started them and then given up because you got distracted by something that sounded better. It's really the same as the grass is always greener on the other side.

What Happens If You Get It?

Coming down with SOS can be very serious. The consequences can be disastrous. People have lost entire fortunes because of shiny object syndrome. 

Having SOS can cause you to:

• lose focus

• spend insane amounts of money

• fail to complete projects 

• Enter into heated bidding battles with your rival

To be fair, the last one only really applies to Sina Estavi. In March 21, Estavi went head to head in a bidding battle with tech entrepreneur and Tron CEO Justin Sun. 

Is There A Cure?

Get real! Of course there isn't! 

Adam and Eve couldn't even resist an apple, so what chance do you think you have? 

Any Good News?

Yes, once you have experienced SOS, it's a bit like having a vaccine. Now some of us need a 2 or 3 or 10 doses, before we learn to recognise shiny objects. When we can recognise them, we can make better decisions and take steps to avoid them. 

Is There Anything You Can Do?

Yes.

It's always a good idea to ask yourself these questions:

Is this part of my plan?

Does this opportunity take me further away from my goal or closer to it?

Finally remember,

 "All that Glistens is not Gold." 

Live Strong, Love & Prosper