You may have heard the term “soy boy” being thrown around in crypto spaces. As it turns out, soy boy is an insult targeted at weak-minded crypto investors. But how does soy even play into crypto investing? Read on to find out!
What Is A Soy Boy In Crypto?
Soy boy is an insult typically used to describe a weak-minded crypto investor who can’t handle the sideways market. Generally, a soy boy will sell at the first sign of trouble and be hesitant to take the risks necessary to make big gains. Since they’re both insults used to describe low mental strength, the term soy boy has some crossover with the insult paper hands.
In addition to being used in the crypto space and the world of other major asset classes, the term “soy boy” is also often heard in far-right circles and used by internet trolls to insult things they perceive as “not masculine enough”, like vegans and liberals.
Why Are They Called Soy Boys?
So, why are they called soy boys, anyway? Subject matter experts say that it was first used in 4chan around 2017 to mock the “nu-males”. These are males who are thought to lack any masculine qualities due to the consumption of emasculating products. Most far-right circles define these soy boys as any men who are feminist, vegan, do not engage in sports, and call anyone who disagrees with them “Nazis”.
“Soy boy” itself comes from the perception that consuming lots of soy affects male fertility and contributes to their feminization due to soy’s phytoestrogen content. Recently, the term has started to eclipse the insult “cuck” as the far-right’s favorite insult for whoever disagrees with them.
On social media and image boards, soy boys are often represented by a meme face called the Wojak or Soyjak, generally depicted as a male in square glasses and facial hair sporting a surprised expression. This meme then spawned several variations like the Wojak Big Brain, the Angry Brain, the Wojak Doomer, and the Doomer Girl.
Disadvantages Of Soy Boy Mentality In Crypto
While the insult may have questionable origins, the soy boy mentality is unfortunately all too common in the world of crypto, digital currencies, and other major asset classes. Otherwise known as paper hands, the soy boy mentality has many disadvantages such as:
Fear of missing out is one of the most prominent causes of bad financial decisions in crypto investing. People who suffer from FOMO tend to spend their Bitcoin/cash on coins based on what people say without doing due diligence.
Similarly, they’ll also sell at a moment’s notice if somebody tells them to. This tends to lead to major financial losses because of the reckless buying and selling decisions.
Soy boys tend to sell the second they see a sideways market. However, the price going down doesn’t always mean that it’ll stay down. The crypto’s price may rebound and even gain more value before it fell. This means that the soy boy will end up missing this price increase.
Paying More In Trading Fees
Rapidly entering and exiting the market also has the added disadvantage of racking up trading fees. While the percentage may seem small, every buying and selling decision adds up. Eventually, the trading fees will compound and eat into much of the soy boy’s initial investment.
How To Avoid Being A Crypto Soy Boy
Now that you know how dangerous the soy boy mentality is, it’s time to learn how to avoid gaining a soy boy mentality. Here are three ways you can do just that:
Doing your own research is the most important foundation in crypto investing. Always get an expert view on every coin you’re buying and understand its fundamentals.
If you only buy coins with good fundamentals that both you and subject matter experts believe in, you won’t be afraid of price drops. You’re much more likely to weather the storm and catch the rebound on the other side.
Use The Price Drops
A down market is the best time to buy a coin. It’s likely that you’re not the only person thinking the same, and increased coin demand means prices will go up. When a down market hits, double down (within reason) and buy more of the coin so you’ll profit even more once it rebounds.
Have An Exit Strategy
Diamond hands are a good thing to have, but don’t be the one left holding when prices won’t normalize. Set a reasonable cut-loss point and stick to it.
Despite its questionable origins, a soy boy mentality in crypto can be detrimental since you may stand to lose more by chickening out every time coin prices go down. Make sure you DYOR and use the price drops to your advantage so you can gain the most out of your investments.
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