There will be many conspiracy theories we will come to hear shortly. A lot of analysis will be started for such a dip. It's indeed bad, no doubt about it. But look at the sunny side of it. Now it's your time to buy more bitcoin.

Remember the trend,

22k to 3k and then 3k to 60k happened in less than 5 years.

Another chance to become a millionaire if you have missed the previous one.

Does Iran has access to cheap electricity? I mean if their electricity production is run by fossil fuel, then definitely it will be cheap because Iran us sitting on a rich deposit of petroleum. But otherwise, it will be costlier than many other countries.

Also I wonder why Chinese people will choose Itan when the Chinese government is not at all friendly to the Muslims in their own country. Seems very contradictory to me!

That's a great workaround it seems. Might come handy when we need to withdraw or continue trading in overseas account. Because p2p trading might cone with a risk in case banks keep a constant vigil on such transactions. But is Octafx registered in India? If not, from which bank account you will receive your money from.

If you receive too many foreign deposits in your bank account, you might have to face scrutiny from bank or income tax department. So use with caution.

Isn't cryptocurrency already banned in China? I believe they had firstly banned ICOs and then they had issued banking ban on crypto businesses. I may be wrong as well.

I don't know if it is going to impact crypto market in any way, but it is going to impact the miners in China. They will probably find it difficult to convert their mined bitcoin into Cash. Also the administration is very strict, that it is difficult to execute p2p trades as well.

But if it makes the chinese miners to leave the market, that might be great for bitcoin itself. Too much dependency on China may bring ruin on the bitcoin network.

It's more of a social taboo in majority of the countries rather than an organized campaign. Gambling is seen in a bad light due to the social and religious structure, especially in poor countries. The same goes with alcohol as well and again due to the social and religious structure in many countries.

But gambling addiction is real. I have seen people lost crazy amount of money and then got into debt trap due to their gambling addiction. So we shouldn't take that aspect lightly.

I wouldn't disagree that Elon indeed tried to manipulate the crypto market and became successful to a great extent. It more for Dogecoin rather bitcoin. People who could follow his manipulation, made millions overnight and enjoying their new found wealth. Who could not follow, making losses on their investment.

That's everywhere! The regulatory authorities are not stepping in just because it's crypto and not stock market. But I strongly believe that this is a temporary phase. The market will soon become immune from Elon's comments and find its own original flow. It's just about time!

Personal definition if mass adoption:

When we can use bitcoin in our daily life to buy anything from the market. 

If has not occurred yet and I don't see it happening anytime soon. Obviously we can use crypto powered debit card from Bitpay or Polispay to replicate the same situation, but that's an indirect use if cryptos with a middleman involved.

Mass adoption will occur when the abive mentioned scenario will happen without a middleman.

I don't think the energy consumption will become the reason of Bitcoin's downfall in long run. What is happening now is an impact due to Elon's comments on bitcoin. Elon is a manufacturer of electric cars which is environment friendly. So his announcement of accepting bitcoins for Tesla cars actually angered a lot of shareholders and environmentalists. Since Tesla is a publicly traded company, Elon had to safeguard its reputation.

But I am sure it is a temporary impact and we will soon be back to track. But for sure, new miners may choose pos coins over pow coins because it is easier to get into and also requires less investment in most cases. Also bitcoin miners will slowly choose to move to eco-friendly energy sources as it keeps the operating cost lower.

Not a downfall. Just a temporary impact!

Lol! What a stern contrast of wealth discussion disparity! In rich countries, people are getting incentives to get vaccine shots and in poor countries, people are buying vaccines from bootleggers by paying a fortune. But what else can be expected when the richest 1% controls the half of the wealth in the entire world. Sad but true! No wonder why people from all other countries want to move to US for good.

I feel immense shame whenever I see bitcoin is involved in such illegal activities. The pseudo anonymity of bitcoin has given power to these hackers to carry out their fraud operations successfully and no one is able to track these crooks. What a shame!

As a community, I strongly believe that we need to stand against such crooks and such illegal activities. Otherwise it will continue to happen and many other companies will get affected in future as well. These incidents are actually weapons for the banking lobby to keep their pressure on the government to ban bitcoin.

Not entirely true! I am not trying to defend Elon but try to understand one thing. Tesla is a stock market listed company. So ever if Elon owns majority of the shares and he leads the company, he can't take all decisions alone. Every decision has to be approved by the board members and the stakeholders.

Elon backtracked from his decision of accepting bitcoin due to the pressure from the environmentalists. Tesla as a brand name would definitely not want to be a part of any controversy. So to keep Telsa clean, he refuted. He is not a crook.

I am not sure whether it can be classified as a conspiracy really. Because Tesla's market value has also gone down by 20 billion over the past few days. So it doesn't seem to be a conspiracy to me.

Tesla is a publicly traded company. So Elon can't make decisions alone. After his announcement of accepting bitcoin, Tesla has faced a lot of criticism from the activists around the world. He was really forced to step back and withdraw bitcoin as a payment method. Obviously people are free to think but that's my version here!

I wouldn't say "crypto" because not all cryptos are billionaires game and neither they are interested in all cryptos. But this is especially true for Bitcoin definitely. Being a pioneer cryptocurrency, bitcoin has always stayed in the center of attraction. So whenever billionaires or corporates have decided to go ahead with crypto investment, they have only chosen bitcoin, nothing else!

Jemie and Warren has already shown the way and Elon has taken it forward. But I think the crypto market will soon stop responding to these billionaires after learning from expensive mistakes.

There is no games in the world that are not rigged. It's just that few games are easy to rig than others. Sumo wrestling is definitely easier to rig than many other games because there are only two people who playes within the arena.

While I don't support fixing a match in any form or shape. You can still make good profit out of rigged game only if you have contacts with the right people. Otherwise you are doomed.

We all are shocked to see Elon's changing stance on Bitcoin. He is a reputable visionary more than a business monger and the crypto market is heavily impacted by his comments on bitcoin's energy usage and bla bla bla. We don't care about the stock value of Tesla but we do care about the value of bitcoin. So it's not a great sight to see how one person is playing with the market.

It's either pure stupidity or a trick to buy more bitcoins at lower price. We will see!

Nothing is impossible! Elon may or may not work with the enforcement agencies but there is no way to find out the truth unless and until Elon himself confirms that. But the market is reacting to Elon's action, because of the trust factor. Elon really is a remarkable visionary. That's the reputation he has exploited while giving a huge boost to cryptos.

But I believe, in sometime the crypto market will become immune from his comments and actions the way we have made ourselves immune from Jemie and Warren.

I believe you are referring to the memecoins that are all over the NFT market since last few days. This is temporary and people are just trying to make money while dogecoin is hot. NFT market will not stay stable for a long time so if you want to jump in, the time is right.

But if you wait to see the market matures, that may never ever happen. When people will understand that they are buying from bullshits to craps in the name of NFT, the market will die automatically. Possibly before 2021 ends!

I believe Elon has recently dropped the plan of accepting bitcoin as a payment method for Tesla.

https://www.nbcnews.com/tech/tech-news/elon-musk-backtracks-says-tesla-wont-accept-bitcoin-rcna918

Whatever Elon is doing is to create marketing gimmicks for his own brands and also the amounts of bitcoins Tesla is holding as a cash equivalents.

Another victim is late Dogecoin investors who had purchased at the level of 50 cents. I am sure Elon has invested millions into Dogecoin and  ow trying to get personal profit.

Match fixing is always a big scandal. There are many cases even in other games as well. In India, there were couple of cases surfaced in late 90s which actually put a hold on few famous cricketers' career including a long standing cricket team captain Md. Azharuddin.

Match fixing has happened in IPL as well and a lot of crickets were permanently banned from IPL for the rest of their life. These kind of fixing are usually done by someone extremely wealthy who can pay for the cricketers as well as bet to an extent where they recover the money and make profit out of it.

That's a negative side of gambling!

I am not sure if the hackers have asked ranson in cryptos. But since it is the trend, let's assume they did ask crypto payment.

This kind of incident definitely hurts cryptocurrencies in general. Not from the price perspective but definitely from the reputation perspective. Cryptocurrency is a trending subject right now and a lot of people are enquiring about it. Masses are flocking to the exchanges after  the tremendous marketing by Elon Musk.

In this situation, whenever there is an involvement of cryptocurrencies with something illegal, is going to hurt the reputation and probably discourage few people to get a hands on experience of crypto.

Nothing more!