Bitcoin Forum

This is the real issue BTC is facing. Chickens get afraid and sell even if they lose their money. They don't even understand how crypto works.

I've never sold a satoshi since 2013. I know BTC will rise back and one day will hit the 100k and beyond. In a way I'm glad this is happening, more strong hands and less chickens. HODL! Hoping to buy more if it gets down to 10k.

Haven't even heard about FTX until now lol. This shows how panicked I am ;D

1 BTC = 1 BTC. That's all you need to know. Less drama, live longer.

I'm curious: how is someone a chicken if he sold for $60,000 a year ago? Whether we like it or not, holding isn't necessarily the best practice out there. You could have sold during last year's ATH and bought back now, during the dip. I didn't know about FTX.com either, but this single incident was enough to send Bitcoin down to $15.000 within one day, which is worrying to say the least. I can't blame people for being emotional over their own money. It's hard to process that our funds are now worth more than 15% less in value, in a matter of a few hours.

Never said someone who sold at 60k is a chicken. The market was at the top. I haven't sold at 60k because I know BTC's value. If it gets back to 60k I still won't be selling.

60k is pennies if you see the whole picture. But only a few see the whole picture. In the future owning 1 single bitcoin will be huge. But it won't be available for everyone.

Someone who is selling today is a big chicken if you ask me. The ones who sell when the crypto market is down.

HODL is the key, it is!

While there might be people who have the mission to search for someone who has been holding and never sold any of it until now, well, the search is over and they found you.

I agree that just HODL and you'll still have it back eventually as the market will be settled once again and everything is going to recover. We're not at the top at all times but the same motivation goes for moments like this.

Yeah, thanks for the reminder again, I know that you are a diamond hand,  ;D

But perhaps there are a lot who panic at this point, and would rather sell their precious bitcoin. On the other hand, buyers are happy, its' on a sale, they can buy huge amount of bitcoin again and fatten their wallet because others have 'chicken out'.

They might regret their decision to sold though, when the market bounce back after this nosedived.

You may believe the panic seller is chicken I may somehow agree and also disagree because the market is replicating the same thing that always happened every 4 years although it always comes with different influences.
If you remember in the year 2018, the crypto market experienced a type of market correction after the moment Apple co-founder Steve Wozniak claimed to have sold all his holding to exit the market in other for him not to play dupe by the market. This year's market was triggered by CZ's statement about FTX tokens and exchange.

It is certain that a strong hand will be the winner, we never want to be made into their play and we also can't follow their drama, they may lead opinions to make us weak and helpless, so we are not strong enough to hold btc in our hands , we must have strong hands and mentally strong so that we don't panic when the price of bitcoin falls, keep what you already have believe me one day you will definitely get what you want, btc is difficult to understand but if you have mental steel it's already surely success will await you.

Okay, right. I get your point now. However, from my point of view, for how long will someone be able to hold on? Don't we have to cash out and convert to fiat at some point? I'm confident that Bitcoin will be worth more than $70.000 again in the coming years, and I'm willing to hold until then. However, I find it sensible to sell after overcoming the bear market. There are no guarantees that Bitcoin will keep rising to infinity, and honestly, what's the point of holding it and never selling it?

1st Rule of Investing
Past Performance is no guarantee of Future Profits!

Where as in the Past, the Baby Boomers have been providing Massive Venture Capital to any moron with an idea.
Baby Boomers are now converting to safer investments ie: US $, as they retire.

The giant sucking noise in the Markets, is those retiring Baby Boomers leaving (since late 2021.)
All that free venture capital that was propping up all of the Proof of Waste mining operations,
is disappearing faster than a magic act.

So the real question, is how many of you are going to be alive in 2040 when Venture Capital Investment is again at maximum levels.
Not to mention the Proof of Waste Ban warnings from US & Canada & Europe much much sooner.  :P

So, this is a chance for those people who were jealous before for people who bought early and cheap Bitcoins before.
These people must be got the balls to buy these cheap Bitcoins.
$10,000 Bitcoin is extremely cheap. I also started to see some people who are really hoping to buy Bitcoins at $10,000, they started to prepare their capitals.

Indeed. If only weak investors are aware of this and not only basing on the current price, probably they will not panic to sell at loss. Unfortunately they're thinking negative thoughts during this time.

Well, it's understandable to have worries and fear but if you know what you're getting into and has knowledge about it then you'll understand that it's only temporary. Nevertheless, the price is quite cheap, a time to buy, so take advantage it if you're bullish in Bitcoin's future.

Indeed past doesn't guarantee the future, but if the coin has a strong fundamental, it wouldn't become dead coin during bear season!

Bitcoin is the only one Bitcoin who have fundamental, any other coins or tokens doesn't have any fundamental since it's full of pump and dump scheme or manipulation. This is why investing Bitcoin on bear market is the best choice since there's a high chance Bitcoin would break new ATH after the market start to recover.

Just for those who are wondering: the reason why a lot of people don't know about FTX despite it being a huge exchange, is that FTX's user demographic are mostly akin actual traders who know what they're doing — compared to the typical Binance user which is a lot more "retail-y"(for a lack of a better word).

Good point of view. How much can people deprive themselves of by expecting a high price of bitcoin? I always want to ask such people: “How many years of life have you measured out for yourself?” It is necessary to live life in youth, when you want everything at once, and to get rich in old age when there are no former strengths and desires, I do not see much joy in this.
Bitcoin is rising; if you see profit, withdraw; don't be a fan. Of course, a pillow in old age will not hurt, but who knows if someone will have old age and whether it is worth limiting life now?

Those chicken you described are probably losing a lot of money now. While the btc og and knows the real game are just relaxing buying cheap price. Yes this FTX affect a lot of crypto community, well what do we expect from a bad news right. But this is also served for others as opportunity to grow their portfolio. I dont think we can see this kind of prices once the bull market started to outperformed this inflation and crypto firm insolvency.

The market dump is scary. The more they'd be afraid if they know nothing about the crypto market and for all we know, they were just hoping to win a hundred USD and get out of the market but if the market crashed, they'd panic.

But the knowledgeable are the ones the first to actually dump particularly those who can predict the price will go down. Those are not chickens but wolves.

This is basically a true fact, but in practice the most profitable investors are those who are able to take profits and enjoy them. Sometimes we have to enjoy it even though we have to think about a better future. But the name of the future, it's something that can never be guaranteed to be achieved and enjoyed.

Becoming a holder is a choice, so it will be different for each of us. So I never think people who sold their bitcoin at $60K last year are the ones who lose the most today while those who still think 1 btc = 1 btc are the most profitable in the future.

People starts to panic and criticise Bitcoins when the price falls down. Now the same people when BTC grows will comment their historic moments about holding Bitcoins. They don’t know that we are the ones for which the market is moving. At last think practically how BTC is working. Bitcoins are limited in number like Petroleum for example. So when the time passes it will become more valuable and hence the price will increase in order to meet the demands. So in this bear market never sell your BTC, just hold for a little longer and enjoy profits later.

Mostly because they don't know how the market works and they are likely not very experienced users in this invest.

Every price movement will get people's attention to comment either on the good side or the bad side. Volatility is basically unavoidable as bitcoin is not a stable asset, so if they understand this well then obviously I think they will have a good psychology about the market.

Be a lion. Have the mentality of a lion, not the one of a chicken. Come back to this thread in 10 years and tell me I was wrong. Better fail as a lion than run as a chicken. This is my mentality folks, hope many of you think the same.

I think that the OP does not want to sell at a price lower than $100k per BTC and that is completely understandable to me, just as your thinking that it would be wise to sell at ATH and then buy when something bad is happening like now. Both strategies make sense, but if you sell, you have to pay taxes and be patient until the right moment, and many simply don't want that. Regarding the fact that we have to sell BTC at some point, there may still be an option not to do it if payment with BTC will become quite common in the years to come.

Of course there is no guarantee that Bitcoin will exist in 5 or 10 years, but will there be a euro or some other currency? If you had to bet which will disappear first, euro or BTC, which would you choose?

I won't be selling at 100k also. This is a psychological price and many will sell. To me the BTC value is infinite, will probably sell something around the 200k but again, it will still be low for its potential. My advice is: if you sell something, plan to buy it back.

I'm not keeping BTC to get rich. I'm keeping it to prosper. It's good to always have BTC and never sell all your coins. It's probably the only thing that will help me fulfill my material dreams unless I will win the lottery (most likely not but hey, who knows, I may have a double win lol).

Safe to say that those who chickened-out are now mad of the choices they made and already regretting for keeping the coins for quite some time just to sold it at a much cheaper price than the price when they bought it. They are just too unfortunate that they forgot the reason why they bought it at the first place, now that the halving is approaching, we might see another ATH.

Anyway, thanks again for the reminder amidst the situation we currently have. HODL!

you should revise the title a bit, for example "Don't be a chicken, send your BTC to FTX exchange! BE A LION."
Why is everyone urged to advise others on what to do with their money?


the fact that someone has not heard of FTX, does not mean that the problem does not occur. who's HODL on FTX exchange, it is understandable that he panics in proportion to how much value there.
with the current drama surrounding FTX, it is more of a problem that similar things happen often. From Mt.Gox through Celsius to FTX right now.

This is actually good only if you know. As most of the people will exit which we also call the weak hands in crypto will exit the market. This is good only as these weak hands will provide liquidity for the big vc investors who will actually accumulate in this bear phase and convert this into bull run. These chickens will once again enter the market when the market will roam around all time high.

You never sold since 2013 and you hodl when bitcoin touch $20,000 in 2017, you didn't sell any and bitcoin reached the ATH of $64,000 you didn't sell, why? Answer is maybe you are waiting for price to drop back to $10,000 and you buy to wait for the price getting to $100k lol. Do you know you are the big chicken when you have missed all the Lamborghini through your way by not selling since 2013. I wonder how much you have lost while you are chicken feeding  ;D . I don't believe your story  ::)

Look at 1 BTC = 1 BTC not 1 BTC = $$$$

Buying Dips is the best time now with the word HODL keep doing this until I have a lot of bitcoins in my bag this will be a valuable stack in the future.

Watch the news now full of drama even though I pay attention to it but I won't panic too much, stay HODL for an indefinite time and keep buying while there is still a chance at cheap prices.

We will be lions to the HODL and we will be kings as bitcoin holders.

Haha nice motivational lines dear op please try to understand chickens want to be the spicy hot wings. I think no body like lions but everyone do like hot wings so enjoy. As I am not sure how much time market is going to take to break 18K resistance now and then 20k resistance just hope for good that what chickens and lions can do.

It happens every bear market, something catastrophic happens in ‘crypto’ space & all the weak hands capitulate. It’s quite embarrassing really but that is human psychology for you. Lots of people have weak mentality.

I always do the opposite of what these people do. Buy when we are experiencing perceived bad times. Sell during bull markets.

Simple.

Well, that's my point; as the OP stated in his next reply, he's not planning to stop at $10,000 either, and that's perfectly understandable. The way I see it is different, I guess. Supposing BTC surpasses $100k, then what happens? We wait until it reaches $120k, then $150k, and so on. My point is that by doing it this way, we're simply setting an unlimited goal by constantly setting new records. Our portfolio value would be increasing, but if it's not cashed out, not necessarily into a fiat currency, it won't matter too much.

Certainly, we don't know when and if that happens (I believe that it will in the next few years), and our actions may vary under different circumstances. Little by little, I'm accumulating a small amount of BTC per month, and one thing is certain: the future will be interesting.

It has been an issue ever since but the market cannot rid of them.  It is normal for a market to have people who are has weak hands.  They don't sell when in profit but immediately sell when the price started to plummet and their holdings at a negative valuation.


Good for you!  I hope I have the luxury of holding Bitcoin for eternity but I always end up selling BTC when it hits my target price and rebuying when it crashes.


Same here, lol


True we don't need to calculate anything, it is clearer than purified water that 1 BTC = 1 BTC

No one would ever wanted to sell during dip than to buy, so what else do you expect from people who only invest little on bitcoin to later sell out t loss except they are in an urgent need to do so, why aren't the whales in best position to sell out even at loss?


That is not the measure to conclude on the sound understanding about bitcoin trading or holding, besides all other cryptos can't be predicted like bitcoin, everyone do what he sees the best for his own interest.

Anyone who has held bitcoin for just about any length of time is way ahead of people in fiat, stocks, bonds etc.  Between inflation and authoritarian kleptocrats around the world, there are few safe havens.  PMs and bitcoin being the main ones.  I did sell some between 58k and 62k, but I have only sold rarely since 2010.

I only know FTX from using BLOCKFOLIO. I have been using BF for a few years to track
my wallet contents and then with the rebranding to FTX last year I kept it going. I never traded
on the platform.


I wonder how many people will get the message over the next few months when things get
more difficult?

On Chickens, I see where the OP is coming from, there are definitely panic sellers but it also
the markets being heavily leveraged which has an effect at times like these as trades get
liquidated which drives the price down.

I myself don't need to be greedy the most important thing is that we can hold bitcoin much better in carrying out the DCA or Dip strategy, we have the same goal is for the long term and expect higher prices but I have to be strong with obstacles in the way so I can only be optimistic that what I do with DCA will continue without any disruption to my finances.

Target having lots of bitcoins is good, I'm more concerned with what I can afford maybe now when the market is crashing I can't buy more but with weekly DCA it's much better for me.

Bitcoin often repeat this stage in each bear market cycle, basically like about 70% of holders or so will be in a lose, called the capitulation period. Few months ago when I checked, it was like about 50% of people that bought BTC were still in a profit, seem we're at the point we get a total wash out of the weak hands investors from the market right now, And where some of the long term holders of Bitcoin start to panic selling off as a result of the market crushing below the particular price they bought their Bitcoin.

No risk, no gain # We HODL together.

Don't be greedy with cryptocurrency. Never sell early when bitcoin price huge dropped. You can see about bitcoin price chart in past many years.When bitcoin price dropped then bitcoin grow up more again it's historical price repeat. I'm suggested to you can still hold your bitcoin untill bitcoin price surprise us.I hope you can get good benefit from your holding bitcoin.

I think that most people need to go through the ritual of fire. That is to say, they need to experience what their own "chickeness" does to their portfolio. I think we all once were newbies who were not 100% certain of our investment in Bitcoin. Nor did we understand it much, rather we just decided to go with the hype, as most newcomers do these days. But the BTC lost by flip-flopping between buying and selling are not what I would call losses. Rather they are expensive lesson fees.

Once we complete the lesson, which is to always hodl and never sell, then and only then do we reap the future rewards.

But you are right. I think the biggest problem is that they do not understand how crypto works.

This is a process we have seen over and over again, when the bull market comes this raises the awareness of bitcoin among the general public and a lot of people come to this market thinking about all the profits they can get.

And while this increases adoption it also increases the number of weak hands we have in the market, and this makes the price of bitcoin way more susceptible to a crash as those people are ready to sell their coins at the first provocation, but personally I do not see this with bad eyes as those are the people that allow us to buy bitcoin once again for a price that I thought I would never see again.

Are you aware that people have different situations living in? Hwta if an investor bought 1 BTC and because of the high inflation rate we are currently experiencing, he ran out of money (just an example). Would he be wrong for selling his asset because he is in need to do so? It is right to call the investor a chicken if he needs to do what's necessary to make a living? We have our own battles, so never conclude. Ofcourse it would be ideal to hold at thid moment and avoid selling but there are times in our lives which will push us to go out of our plans.

Those who would be able or those who can afford seeing this bearish market trend should hold in order to not make the loss permanent. Indeed 1BTC=1BTC. If you won't sell at a low price there is still a chance to make profit. But once you sell, profit will be permanent on that investment.But we should gauge other factors as well.

I agree with you, don't sell your coins during a panic. Right now BTC is at 17,222 USD, it's the worst possible timing to sell at an 52 week low price. We need to have the stomach to sit through this dip and wait for prices to recover. The best strategy would of course be to HODL and not sell any coins at all. It's a nice position you are in to be part of the Bitcoin community for so long and never have sold a single coin yet. I am also not going to sell any of my coins any time soon, only if I really needed to, due to some family problems. Right now is the best time to buy, the idea is to buy low and sell high. People are selling right now doing the exact opposite, and what for? Are they really hoping BTC is going to fall considerably more to make it an attractive trade? If BTC is just going to linger around the 17k level than you are going to buy back your coins at pretty much the same level and only to have paid transaction fees in the process. And the big risk is always when you sell all your coins to miss out on the next rally.     

Amazing wisdom. I agree with every word of it.

Just check the charts, Bitcoin has been going only upwards since its inception. What does that tell you? It tells you that it will keep going up. Why? Because history repeats itself. OK sometimes it don't but then it rhymes just like Tupac.

Remember:

"Bears make money, bulls make money, pigs get slaughtered."

Don't be a pig.

Be a fucking apex predator.

Well not only am I going to continue to HODL but I absolutely think this is a great time to pick up coins when they’re at this low price. I am definitely looking to pick up more coins cheap but unfortunately I’m pretty low on fiat right now and hope this will change very soon.

I think anyone with extra fiat lying would be pretty foolish not to pick up some coins cheap.  Forget about selling them. Even for those who are not believers in crypto or risk averse should use this an opportunity to pick up some coins to diversify their portfolio and learn about crypto.

If you are a hodler, your journey won't be completed without buying coins regularly but most of the times you will buy coins when the market is like this (crashing badly) and everyone is panicky thinking this is the end of crypto. You are low in fiat but any amounts will do here. That is the best thing about crypto because they are divisible.

If possible, you can also take a long term loan so that you won't have a hard time paying it and you can still be able to sell some of your coins by the time crypto shows some recovery only to pay the loan that you availed. And what about your salary on your job? Don't tell me you aren't working on one. We should and we shouldn't totally depend on cryptos alone.

The so called "chicken" were the people, who pumped the Bitcoin price to 60K USD. The same "chicken" are the ones who crash the price every time. If the Bitcoin market was full with lions and there were no chicken, the BTC price probably would have been way more stable.
Anyway, don't insult the chicken traders, because they are the ones, who make your profits in times of bull markets.
I haven't heard anything about FTX one month ago. I knew this Sam Bankman-Fried guy, but I wasn't paying close attention to him or his companies. Unfortunately, the domino effect will hit many more crypto exchange platforms. This is both good and bad. It's good because less centralized custodial crypto companies will remain, but it's bad because the crypto winter will continue until 2025.

It looks like the price is going to fall for a while now. Musk said winter is long. This bear market will last for a long time.
When this bear market passes, not many people will stay in cryptocurrencies. When the bull market came, they saw that the price of Bitcoin was going to jump up again.

A common advice but has been recommended by the veterans = HODL!

HODL if the market is dipping, HODL if the prices are much more lower than the price when we obtain it, and if the price is sky rocketing then that is the best reason why must HODL more. We must not forget the reason why we're here in the first place and our aim why we're trying to be patient, we sure ain't here to lose money. Just like what the OP said, don't be one of those chickens who chickened out and panicked when the market is challenging our patience.

and then, people will regret again that they haven't bought btc when it was low. this will be a cycle that will happen again and again because we have a roller coaster movement in the market price. only that, few people remain strong and holding.
on the note that bear market will last for a long time, we can't say how long it will be because if a big influential company will throw good news on the market, we may see the price soaring again in no time.

Not all do make out investment which are intending to hold for long term and not all really really that experienced on doing so which means they do have less experience which means that they are really indeed prone

to mistakes but if someone is really that holding for long years to come or in future then these price movements or events wont really scare at all, but it cant really just be avoided not for you to get panic

specially if you do actively known or see on whats happening around the market.For you who had been holding for almost a decade then it is really simply amazing on how
strong your self control is plus having that kind of patience which isnt something a person does have.

Yea well said. Most dump happens due to panic sellers. In case something comes out like bad news then it immediately starts selling. As a result, we face a massive dump. It's true people just become worried and want to secure their funds. They don't care then how much are they losing. You can't explain to them ever not to sell. It's a phycological matter. And you will notice they are buying again when the green market started. They hope then they can recover their previous losses.

Hope is a powerful thing. It allows us to believe in something even though there is no proof that it exists. The hope for quick, easy riches is no different. People will invest in things and programs because they hope for a return on their money. But the sad truth is that the vast majority of people are not going to become millionaires through Bitcoin - and if you're waiting for that to happen, you're likely going to be waiting for a very long time. So basically, don't just "hope" it happens – try to make it happen; but don't expect it to happen overnight.

Don't call them "chickens". I bet if you hold a lot of coins and start hearing about all the problems and disasters taking place in the crypto market, you would turn into a chicken too. It is not a bad thing to be a chicken. Most of those people that you are calling chicken are probably shorting their investment. When they saw what happened to FTX, they sold because they know that the market is going to crash. And guess, what those chickens were right. The market crash, they probably brought what they sold for cheap and now holding a larger bag. Don't let people make you a fool. They will tell you to hold while they sell their coins.

I am not encouraging you to sell. Just letting you know that not everyone sells because they are a chicken. If you want to sell, sell. Don't be scared or don't let people stop you from selling.

You know that Lions eat Chickens ...right? Well, this is exactly what is happening now, because the Chickens are being eaten by the strong hands ...and they are getting cheaper bitcoins for their reward.

A lot of trigger happy speculators has entered the Crypto currency scene and they will panic at the slightest sign of trouble. They are used to the stability of Forex markets and when they see a 30% drop in the price of Crypto currencies.... they run for the hills.  ;D ;D ;D

The goal right now is to HODL. Buying at 60000 and selling now is not a good business strategy. Bitcoin is not for the faint of heart. The majority are already panicking even after what happened to FTX. The op said that 1 bitcoin equals 1 bitcoin, which is not a bad mental strategy. Most of the time, I just avoid repeatedly checking the market to keep my cool. And another important thing let’s avoid leaving our funds in an exchange due to not your keys not your coin.

I don't suppose both of your opinions are wrong. Those that were able to see where Bitcoin is headed early on would have invested and just Hodl for "Ever" and some will invest a certain amount and continue to recycle that investment and increase or accumulate their Bitcoin Hodling however, those that will sell in every little dip from any kind of negative news has no believe in Bitcoin in the first place.

meaning you don't need to look at the value of assets when we start long-term investment planning. we only need to know that the assets we have will remain in nominal BTC. and we will adjust the price to our target in the future.
sometimes we are not calm in market conditions when influential people deliberately release opinions and rumors to move the market.
many people panicked, but many stayed true to their original plan.

Every one has their own way of managing their emotions during bear markets, not completely avoiding the market have price notifications, once the price starts going up it will not go on silent it will trend every where, you develop what you feel is best for you, definitely if it is about people infucing the market like Elon e.t.c I will still know this is the twenty-first century even the channels on TVs will carry the news.

I could see that what the OP wrote is what many people appreciate on BTT, but I don't because it does not express the true spirit of an investor. As the OP has not sold a single Satoshi since 2013, he might have gained solid ground as the low and high of the year are between 13- $1,118. Perhaps, the OP bought it around the low of $13, what do you expect? Should people be as daring as such a favoured buyer? I don't think so.

In every investment, there are times to buy and times to sell, I don't believe in a blind investment. Who knows if the OP has a very good external means of livelihood, I doubt if someone that solely relies on BTC for livelihood would do that.

For example, I HODL, trade and use BTC for payments every time. I earn almost every day with my trading, which is what I believe is more important to maximize the benefits of BTC than HODL alone.

I don't totally agree with you on this one. People sell their cryptocurrency asset for many different reasons and that doesn't make them chicken, and holding on to a particular crypto asset doesn't make you a lion.

Someone might be in urgent need of money decide to sell some of his crypto asset, does this now amount to being a chicken?

You need to be smart in other to survive in this space and knowing when to sell and when to hodl is a very important aspect of survival.

Don't be name calling now, it's a game that turns against you ;)

But on an actually serious note, you know without sellers, there aren't buyers? Gotta learn to appreciate the chickens, or sellers, if you will. How else do we rely on regular purges to shake out the market and reveal the shiny solid foundations that we can build on?

Probably a matter of unfortunate timing for the cycle to come down just as the global economy's also buckling, but enjoy the drama, as you put it. When BTC is stable above 100k you might see yourself looking back with envy.

When they decide to invest, they should already have their own budget that won't mix with their daily budget or budget for urgent needs. And if an urgent need requires money, it will not interfere with their investment because they have savings specifically used if there is an urgent need for money. So everything can still run according to their respective proportions. Investments can continue, while they can fill the sudden need at the right time.

For those of us which have years of experience holding our coins it is not too much of a challenge to hold our coins under the current circumstances, but we cannot deny that for those that bought near the ATH it is difficult to hold their coins when the price has gone so low.

However those people need to take a long term approach to bitcoin, even if that was not their initial intention when they invested in this market, as selling right now will consolidate their losses, while waiting for a few years is exactly what they need to become profitable again despite their high buying price.

I'm helping, sometimes people need to wake up and see the truth.

Everyone was a chicken in life, including me, now it's time to change your mentality.

I was a chicken too (not everything relates to BTC) but now I'm a lion and I'm planning to remain a lion.

HODL! Be a LION.

This doesn't mean you should never sell! BTC is made for spending after all. Just sell when you gain not when you are losing.

It’s the same every bear market when max fear is spreading. I guess it’s human psychology, fight or flight response. Many choose to fly away & dump their coins.

You can’t do anything about these kind of weak people. In bearish times coins transfer from weak to strong hands.

I beg to differ. Nobody is a chicken for not being able to hold for long term. Consequently, nobody is a Lion for hodling for the long term. We are different people with different experiences, goals and objectives about bitcoin. While some persons may have the, "we live to fight another day" mentality others may have the "we die here" mentality. Whatever the mental philosophy may be, both are perfectly fine. Just do you.

No matter how bitcoin dump, no matter how long its going to take before bitcon bounce back am definitely going to hold, I dont care about what musk say, I know his not really having good intention towards bitcoin, but he can't do anything to stop bitcoin, Bitcoin will definitely bounce back again and am going to hold my bitcoin, no matter how long it will take before it bounce back am holding my bitcon and even in the next bull run am not ready to sell my bitcoin.
I think lot's of people will definitely leave cryptocurrency during this bear market, some people will sell their coin and leave, but I think most people that will do that are newbies that are just joining cryptocurrency and don't know much about cryptocurrency, but people that have stayed long in Cryptocurrency won't leave crypto after the bear market, because they know the bear market is normal.

And with each new cycle, beginners come, for whom such a fall of btc, as it will now be for the first time. They come with the hope that bitcoin will rise in price and make them rich, very quickly and without any serious effort. But the point is that will have to make an effort to keep yourself in control at such moments and not sell btc in a falling market. Of course, many of them will turn out to be those clings that OP writes about. Nothing to do or fix here. This story repeats with each cycle over and over again. They are weak because they are not able to show strength and keep their BTC in their hands and sell under the influence of panic.

Love it. That actually ends the whole melodrama here and we can continue on focusing to HODL as long as we could. I am not claiming I am perfect hodler but I know one thing for sure, HODLING is really really important and it can give back fruitful results in the future. I only keep selling a portion of it all the time as and when required but I make sure that I contribute the similar amount back to my HODLINGS.

I wish I could keep buying more all the time. Right now I am literally shaking to collect funds somehow from different jobs and put into bitcoin considering the prices it has. :-D

I wish I would have been miner or manager whose getting paid in bitcoins. Seriously good times to buy more!

That's exactly what financial markets are doing, not only with cryptocurrencies but also with forex or stocks. Money will go from the weak to the strong, from the inexperienced to the experienced. We can't expect everyone to win, money can't be generated by itself, it can only be transferred from person to person.

I believe people should make their own financial decisions. While I strongly believe the market will recover and selling now at a loss doesn't make sense, I say people who don't believe in Bitcoin and its recovery should leave if that's what they feel like doing. One shouldn't hodl if one doesn't believe in hodling.
Not selling any BTC since 2013 is very impressive, but if by that the op also means not spending any BTC, it means that the op hasn't used BTC and thus hasn't benefited from that wealth for almost 10 years now. And what's the point of having wealth if you're not using it, not benefiting from it? Unless, of course, a person has other significant resources and BTC is saved up for something truly big/for being old/for children.
I see from the thread the op isn't planning to sell at $100k either, but does want to fulfil dreams with it. So is there a target, a point at which BTC will be spent or sold?

We all have different circumstances in our life others need to cut loss in order to survive while other have the privileges to HODL because they could live on with it.
Not everyone is lucky enought to have that kind of privilege, I know most of the time we would tell the investors or trader to invest only what they could afford to lose so they could also hold it like you,
But in reality it doesn't happen that way people would be greedy to invest more than they could because of the higher profit that they are aiming.

Most people know that valuation of 1BTC is always 1BTC but they easily forget this and the fact that one day the cycle will start to reverse. For them the immediate value in fiat is of more importance. This is the reason why most people find trading a speculative asset.

Even then there will be a niche of users who are regularly trading and these people are the ones making the big profits with every good/bad news. Holding and having patience works a great deal in such times. Lack of patience leads to losses.

Sadly most of the people getting into crypto lack patience and thus the crashes that happen with weak hands selling.

I'm pretty much like OP. I still have coins that I got in 2015 and sold maybe 20% of my holdings between 2017 and 2021. I haven't sold anything for almost a year and if bitcoin never goes above 30k again, I don't think that I'll sell anything. I'm not saying that I won't do it for sure because if I find myself dying and in need of expensive medicine or procedure, I'll sell some. You can't make any money if you're dead.

My plan that I've followed for the last 8 years remains the same. When bitcoin is above the ath from last cycle I start spending my coins buying the things that I need and building up my cash reserve. Each time bitcoin breaks a significant round level above the last ATH I repeat the process, but that's never more than 10% of my coins each cycle, which is why I still have most of what I got in 2015 and 16.

I'm not a trader. Holding coins on exchanges always felt risky to me which is why I only send the money I'm willing to convert and do it right away.

People have different goals in life. Some want to make the most fiat money out of their bitcoin in the shortest amount of time but others want to hold bitcoin as a safe alternative that also appreciates in value. I could sell a few coins and buy a lambo, but I don't need it. I live in an area where you need a good pickup truck with 4x4 and not a sports car. I don't need designer clothes or my own swimming pool. I feel better and more confident holding bitcoin than spending it.

I agree with this. Investment and emergency needs should be in a different portfolio and not mixed with each other, moreover, I seriously do not think that people will invest to save or thinking of their investments as a savings that they will dig if there's an urgent things. It should be in a different folder, just like your basic needs and monthly bills.

You spoke my mind aptly.
Selling doesn't make anyone a chicken and hodling doesn't make anyone a lion either.

Another angle to it is this, what if everyone decides to hodl on to a particular cryptocurrency asset, it definitely will not be healthy for such project. People needs to sell, so that others can find an entry to buy more.

Moreso,. people have their individual reason for investing in an asset, so, when they achieve that aim, they could sell and leave.

I know this is just a metaphor. But not everyone selling BTC today is a chicken. It could be they sell it because they are forced by conditions.
Many people hold their BTC waiting for a new ATH. Meanwhile, there are many people, too, who buy with money used for cost living. When the rumors hit the bitcoin price, they were afraid the issue would get worse and they would get more losses. So they were forced to sell. I think it's still reasonable.

I doubt it's possible for people to "wake up" in general. Even for me to change my mind about something I'm pretty set on, not possible except in the wildest of circumstances. Sort of why I don't think awareness is useful (everyone protests and says it's for awareness but I think it's apathy really that's the problem).

In any case, good luck with being a lion. And yeah, spend, when you can. Bitcoin's true value is helped on by all of us continuing to use it.

BTCitcoin is created to be used as a currency and not to HOLD till eternity. You are contradict your statements, if 1 BTC = 1 BTC then what is your point of holding and not using it as a currency  :P.


I wish there are more users that use them as a currency rather than a speculative asset. So you claim that you are a $100k chicken because you would eventually sell only at that valuation  ;). There is nothing wrong in being smart and taking advantage of the market situation and play by the simple rules of buy low and sell high.

It’s okay because not everyone is as confident in their decision making skills as you may be. Everyone has a different goal so we need to respect that. Those who wish to hold, should continue and those who want to sell, should do as they please.

If they are not confident, they should not decide to invest in bitcoin because before they decide to invest in bitcoin, they should have researched more information about what the benefits of bitcoin are for them. If they only follow what others suggest and don't look for other information, it can cause them to be insecure and panic if something bad like a price drop occurs. But those who already understand the risks of investing in bitcoin will not panic and can keep holding their bitcoins because they know that the price will increase again.

Fact is if the weak hands dont sell, the whales get nothing to buy at a discount, so as long as there are weak hands there will be whales and the speculative market will continue like usual. There is nothing about being a chicken as long as you are making a profit. I too consider people to have their own opinions and exercise them freely.

Often people are in dire need of money and they have to sell at losses, you have to blame the circumstances for that not a wronged decision. Now there are people who are selling at loss because they are sick of holding after buying at a high, these people have made a mistake in trading at the wrong price, so they learn their lesson.

Retail will never understand how the whales are cheating them and making them sell low and buy high.

As you may have noticed that in the bear market you will always find bad news about bitcoin and crypto. Most of this news are created by the Whales so that the retail investor get panic by hearing these news and sell their holdings of bitcoin. Have you ever thought that when the retailer selling who is actually accumulating and buying bitcoin? For sure it is the whales and big investors who want to buy bitcoin at cheap rates and only with they can bring the price back is to create a panic in the crypto world.

The market consist of both the bear and bull movement. It's only a matter of time for one to choose the market that's most favourable for oneself. Selling is one's choice and also holding is also one's personal choice. Bitcoin brings profits in either ways. There's enough categories for investors and traders to gain profits from bitcoin. Although the market is currently passing through the bear season with countless failed projects but bitcoin still stand out and it's still top, despite the red long candles everywhere on the charts.

That's the disadvantage if you don't know what you're investing, surely those people who gave up easily and sold their assets low while buying at a much higher price don't really know what they're into and did not researched well. Sometimes, people are just riding the hype because they saw some people getting rich out of it but they don't know how long it took them to get at that point and then there they are, buying without getting some firsthand knowledge.

Unfortunately, I was the chicken. I haven't earned back what I lost last year. How much I regret that decision.

Loose hands are holding bags and any FUD at all makes these guys sell at lowsy prices. On the one hand, this is not helpful at all and makes it hard for stability, but on the other hand it allows us to purchase bitcoin  at cheap prices.

Holding is definitely good but its not bad to take profits while the price is near ATH.
Over the years we have seen bitcoin breaking every ATH but at the same time we have also seen it dumping after ATH as well.
So selling some near the ATH and buying back later is not a bad strategy in fact it increases our stack.

I disagree about your explanation that chickens are the reason behind this drop. I would say it was caused by pigs. Greed got companies playing musical chairs with each others funds in a game of curclejerk that ended in nobody having a place to sit. Their overleveraged bets are now forcing them to sell, not fear. Retail investors with a small leveraged position may have fear that they’re selling to run from, but the reason for this drop is most definitely not scared retail sellers.

The day this post was published, the price of bitcoin fell as low as $15,000. This wasn't a flash crash, but rather FUD that caused many traders to sell their positions and close them. Today, the price of bitcoin is trading at around $17,000. This represents a 2-k profit for traders with large amounts of capital, such as margin and futures traders. I am aware that there is much to gain from holding bitcoin for an extended period of time while ignoring fears, doubts, and uncertainty, but trust me when I say that a skilled trader would rather profit from market trends than hold.

And again, if I had the guts to hold onto Bitcoin from 2013, by this point I would have a solid understanding of how the markets operate and would sell at a price around $60k, see what happened, and then buy it back, or sell half and buy it back to have more bitcoin.

Exactly. Just like what my favorite youtuber said, you can't change someone's mind by trashing on their opinion, which in this case is whether they should sell or buy. There's always going to be people who will buy and sell bitcoin, otherwise the economy wouldn't really work. And you are right, you can't blame people for being emotional over their own money, especially if it's something that they've worked hard for. What should be done is aggressive educational information that people could use in order to shed light on the situation and better equip them in situations like this. What should be controlled is FUD, not how people react to it. This discussion will never stop as long as bitcoin is running, there will be people who are very wary of their own money and there are those who take more risks than everyone else.

When it comes to money then we are really that impulsive and really that emotional even you do say for yourself that you arent a chicken but with the current things that you've been dealing with or possible

scenarios that you might faced up along the way might really be affecting you in every other way around.Even how hard or how many times you would be making up recommendations and suggestions.

There would be always those people who would really be doing actions which are really that common like sell on loss on the time they are seeing the market is declining
which is really that dumb as we do all know.

Sorry about that but it's not that late at all. You can still make it no matter what happened last year, you can comeback anytime and start again from the beginning.

I was a chicken before and then I've started to learn a lot from the market and also from my own experiences. It was tough and hard but all good and relieving when you get back on track.

Those that have sold at the peak, they're also lions, they just have to buy back at a lower price and then they're good on track again. Easy on them.

Buy in the dip and then hodl and hodl and then sell high I think it's the key .
And I also think that now the people's who are selling bitcoins now they don't have any knowledge about in Bitcoin or Crypto currency Investment. I'm more than happy with the price of bitcoin going down because I want bitcoin to come to a price where I can afford to hold a whole bitcoin.

It's funny how many people say "why haven't you sold at 60k" when even they didn't know that 60k was going to be the top :) As I've said, HODL, less headaches.

Also No Profit,
if you keep that up, well you'll never earn anything.
Maybe your grandkids will spend it, if the PoW bans don't occur and your private key is not lost.  :P


FYI:
What happens when a Lion only hodls his prey and never eats it, the lion dies of starvation.
What happens when a person only hodls btc and never sell it, the person dies without ever gaining anything.

While the Chicken that sold at $60K, ordered a new coop and a bunch of organic grains to eat.
The Chicken would outlive the Lion  , and have more to show than the person.  :D

When investing in cryptocurrencies, the one thought that crosses every investor's mind is how to earn from it. It is their prerogative to sell their bitcoin at a lower or higher price. It's their personal decision, not yours to make. I can't hold anybody responsible for that because I have sold my bitcoins for fiat before.

Just because you have the patience to hold onto your bitcoin investment, doesn't guarantee others will. People differ from one another. There are several financial scenarios when someone can feel like selling their bitcoin for fiat to cover their expenses.

It's really a compliment knowing you haven't sold your Bitcoin since 2013 Sir, but I think selling Bitcoin at some point or either swapping it to USDT when its price seems to be falling is not literally a bad idea, that's only if the seller intends to buy back again, because thou 1 BTC = 1 BTC, but 1 BTC at $68,000 can never be the same as 1 BTC at $17,000. Example, a person who sold 1 BTC at $68,000 in Nov last year, by today such individual will be a proud owner of 4 BTC at today's current price at $17,000

What is the essence of holding if the person can not withstand negative news?
Holding requires sacrifice and many people don't seem to realize that. You can't plan to hold btc for 2 to 3 years and expect to have a smooth ride without any bear period? there will always be ups and downs during the period of hold. So anyone planning to hold should be prepared for the unexpected that comes along.

So let's think of it like this.  FTX news brought down BTC to $15k. Why hasn't BTC gone down past $15k? It could have gone to $1k or $0. But it didn't. Because the strong holders are still holding their BTC. And even if it goes to $10/8/7k, there will still be many people to buy and bring it back to its previous glory.
So those who are selling, really are chicken.

Because they think 60k is the highest price because they say that. lol

HODL is already strong they're easy to say that and go through it I'm now proceeding to where HODL bitcoin is the right way 10 years later or so I'm assuming I'm going to earn a lot of bitcoin.

Eliminate thoughts of being bearish and hoarding Bitcoin in a way that is fair to afford. Then the next HODL.

They are still lulled by the condition where they are really very profitable and with the high bitcoin price so they don't accept when something like this happens.
I will not make this a classification, but on average, new people are here who have already bought at high prices, they are a little panicked about this, even though they have to realize that there are many rich people out there who come from bitcoin when they have passed their old age. this several times and even holding it in for so many years that they have become what they are now.
They just see bitcoin is a great place but don't realize that there are so many sacrifices that have to be made up front.

I see no reason to sell my Bitcoin during this bear market; if I did, it would imply that I have no idea about bitcoin's overall future.

People who are selling now are mostly new investors looking for quick money. When they see bitcoin falling, they panic and sell because they lack the patience to hold the Bitcoin for some time if the market recovers so that they can make a large profit.

Most people who sell during a bear market are probably people who don't know the history of bitcoin movements and make them panic when they see the market going down and see their portfolio value decreasing so they decide to sell immediately even though they realize that they will experience a loss after selling it, actually bitcoin is a cryptocurrency that is proven to be able to provide greater returns, especially for long-term holders, but so far not everyone has realized this when investing with bitcoin.

That is why before holding a bitcoin we must read and see the history of bitcoin what its up and down since as you've said a lot of newbies tend to panic sell. Mostly those new holders are only looking for profit and the good sides of it not the risk and downside that is why they don't have a plan when the price drops or they lose profit. When we are holding a bitcoin we should have plans on both sides so that we can cut our losses or lets just stay away from our devices and forgot the price so that we will be tempted to sell it.

Dumping mainly happens to newbies who have never experienced a bear market. Even when they learned about bitcoin's volatility history, they couldn't help but be confused because the theory and reality were completely different, patience and experience cannot be learned on paper or from someone's advice, it needs to be experienced in practice. Newbies need to see more bear season to become diamond hands like us. Everyone needs experience to grow.

As someone who has been holding for many years, and keep buying more, I dislike this analogy. I mean what's the point of calling our crypto friends chicken, what could we gain from it? I understand there is this underlying "be a lion" type of hype making involved, you want them to be hyped enough to want to be a lion and all that, but you just called their current state a chicken.

As long as you buy and sell, as long as you are involved, as long as you are interested, I feel like every person is a lion. The fact that they are not in fiat and they are interested in crypto is all the thing I need to call them a lion and support all of them the same.

The problem is that not everyone could control their emotion or fear when the price starts to drop low.
And I think that the reason why others couldn't HODL is that they invested more than they could, so when the price drops down they have no other choice but to sell because they couldn't afford to hold it.

Yes, but they are still the part of us that will eventually become lions. Bitcoin or crypto can still be said to be a new investment or asset that is not widely known and understood by many people, especially those who are beginners and do it without having deep experience and knowledge. And when the price drops, they panic not knowing what to do which ends up selling it.
Emotions have been a part of this industry which happens when the price goes up or down I mean. They sell because of emotion when the price goes up, actually the price will continue to go up and eventually regret selling too fast. And when the price goes down they sell it in a panic the price will continue to fall, which is actually a good time to buy it because the price will come back up.

1 btc equals to 1 btc  ;D, knowing this give peace of mind indeed, but the problem is that majority of people holding and investing in bitcoin do not see the price of bitcoin this way, every one seems to focus fully on the dollar worth of bitcoin and this is why many panick and sell at the slightest downward movement of the price.

If investors and holdler can begin to see bitcoin for its true worth, negative outcomes in this space like the crash of FTX wouldn't matter, and neither wil it have the kind of effect it had on the entire crypto market.

But anyways, I believe that some day, we will get to that point where hodler will start looking at the number of bitcoin they own rather than the amount of dollars they own in bitcoin.

Well  thats true and most people that go into investing in bitcoin were probably given the wrong orientation on how the crpto space actually work. Their were probably told about only the benefit one could get from bitcoin by investing but wasn't  properly explained on how btc is a volatile currency and how its price rate constantly fluctuates.

As an investor you should probably know and understand the kind of investments you are getting into and be ready to endure losses and be ready to hodl your coins no Matter the dip, just as you are certain the price will eventually go high for better profits to be achieved.
The issue of not been able to control their emotion and selling off their coins for during a dip in investment is only common among first time investor or people with little understanding of the crpto space .

Yes. So true. I get so much static from all of the haters when the price dumps but all of them will be asking me how to buy bitcoin the next time the price surpasses $60k. I wish they all understood how simple it is to just set up a DCA (of at least $20/month) and don't stop buying for 5 years or more. It's so simple. SMFH.

That point of time will only come when bitcoin has been accepted globally and a mainstream adoption of bitcoin takes place.
Since bitcoin has a dual nature of being used as a payment method as well as being used as a tradable asset it is hard for people to treat as 1 BTC = 1 BTC.
This is because a vast majority of bitcoin holders are using as an asset and not as a payment method.
I guess it will remain the same forever. Bitcoin is too precious for it to be used as payment method sadly.