I am still trying to figure out the reason of the fall. In the past, many times we had price gone up and then significant down without any reason and this one was the same or you are saying that ponzi scheme that wanted to dump his 180,000 bitcoins and as a result we had this price crash?
Whatever the price is, 1 Bitcoin = 1 Bitcoin always. That's what we think as a bitcoins believer.
This time there were multiple causes. For starters, Bitcoin was on decline for some time already as it failed to break past the $10,000 barrier. This already made Bitcoin's price fragile. Then the stocks crashed and for some reason they took Bitcoin with them (and not only Bitcoin but also gold). There are also reports that the whales were sending coins to exchanges days before the crash, so there might also be a coordinate manipulation. And that chinese ponzi scheme probably contributed too. |
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OP you're only repeating the FUD from some Internet trolls. I also saw those comments that "bitcoin was promoted as currency and then the narrative shifter do digital gold" You're repeating words of some other clueless frustrated wannabe investors who thought they'll buy Bitcoin at 10 thousand, go to bed and wake up millionaires.
Bitcoin never failed as a payment solution! It's used like that many stores in Japan and Korea. The adoption is very slow and that's why you think it's not happening. Travel a little and look for stores that accept it. You'll be surprised by the number of them.
2 years ago there were almost no businesses accepting it on the map and now you can find ATMs in most big cities and places to spend your coins.
It also works as digital gold. The problem is that gold is tanking along with everything else.
Well, I'm not debating what Bitcoin is objectively, I want to know how people view it and will view it. Those are the words I was trying to find. Thank you.
Bitcoin's "identity" is that it's going to find another block in the next few minutes. That's all it knows or cares about.
By "identity" I mean how the community views it. How many times we will see a post like this. It's not that this is the first time we have seen this much ups and downs for Bitcoin.
It's not about just ups and downs, because this time it was a test for Bitcoin as a hedge. I think everyone remember how people were constantly viewing any negative economic news as bullish for Bitcoin, how people were waiting for a recession to come - well here it is. |
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First the dominant narrative was that Bitcoin brings a financial revolution and soon the whole world will abandon fiat and use it instead. Then, the problems with scaling started to arise the narrative shifted to store of value and digital gold. Now Bitcoin had its first test as those things and it failed it miserably with 50% crash.
So, how will we justify its value in the future? Cross-border payments? Go back to its roots - immutability and personal freedom? Or maybe Lightning Network will bring back the hopes of a widely adopted currency?
What do you think the people will be saying in the near future and what you personally believe in?
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Bitcoin wasn't created to be a hedge against market crashes, it was created to remove middlemen from money transfers over the Internet. The idea that Bitcoin is a hedge against fiat economy was always theoretical, and crypto news sites liked to fuel it with their explanations of how the price increases because of some economic or political problem in the world. At its core Bitcoin was always hugely volatile and speculative, if something can double in its price very quickly, it can also drop just as fast. This tells me 100% BTC is only a financial purpose and not a practical purpose overall.
Bitcoin developers don't care about it's properties as financial instrument, they view it as a currency and work to improve it as such. |
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There's no connection between the 2008 recession and Bitcoin going up 2000000% - people weren't buying Bitcoin as a reaction to the crisis, they were buying it because it was a brand new asset, and a lot of people sold quite soon. Much later people started theorizing about Bitcoin's fundamental value - this is when it began being called a store of value, a hedge, etc. But for some reason everyone was so fixated on the idea that a crisis is caused by banks and bad monetary policy that no one though about other scenarios like the one we are seeing now.
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I'm definitely a hodler, selling during a panic is always stupid, I'm going to be waiting for the true bull market that will surpass the previous ATH. I'm not relaxing, I'm glued to the live charts right now (even trying to trade a little bit), but this isn't my first rodeo, so I'm not completely devastated like the people who experience a crash like this for the first time.
I'm not sure if I believe in potential of crypto, but I believe that in the future speculation will drive Bitcoin to new highs.
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Lmao these shit-tier crypto journalists can't do basic fact-checking - there's no cryptocurrency here, "virtual currency" doesn't mean crypto or blockchain. This is just centralized in-game currency, the same that already exists in countless other games. Big gaming companies have zero interest in blockchain and crypto, it has no benefits for them, it creates more problems than it solves. No wonder that crypto market falls so easily if so much of it is built on lies like this article.
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There is unrealized and realized profit, as well as loss. The fact is that the price of BTC has lost quite a lot of its value, but the one who has not sold BTC has actually lost nothing. This particularly applies to long term investors, and we know that price of 1 BTC was only $3000 just a year ago.
Of course, the psychological factor should be taken into account, as inexperienced investors find it hard to bear such sharp declines, not realizing that sooner or later, as always, prices will rise. For people who are in crypto market for years, this is just one in series of bad episodes, and for some just one more opportunity to buy more cheap coins.
I see some green on crypto markets today, and despite the fact that it is difficult to predict anything at this point, Bitcoin may surprise us positively in the coming days.
You're correct about the losses, but I think it's not the best mindset to have, it's essentially thinking that you can't lose as long as you hodl and it's not a good mindset for an investor, because losing is always a part of investing, it happens to everyone, even to someone like Warren Buffet. A good investor accepts his losses, analyzes his mistakes and moves on. Sometimes hodling is a good decision and sometimes it isn't - for example in altcoins lots of people hold bags of now worthless coins because they hoped that one day they will recover. |
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I don't think the FDA, CDC, or any other agency involved in fighting the coronavirus outbreak is being a hindrance. I'm sure things aren't being done as quickly or efficiently as people would like, but that's life. They've got the scientists who know what they're doing, so I say let them do their jobs.
Right, regulations and rules often exist for a good reason, especially in such a dangerous field as biology. No way I would take a DIY vaccine made by some "biohackers", there's so many things that can go wrong with it. And how would they get samples of the virus in the first place? They can easily contribute to the spread of the virus if they aren't careful, or in the worst case scenario even cause it to mutate into a more dangerous form. |
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Why do you say "normally"? Bitcoin never really was a safe heaven in the first place, it was just a theory, there was no established correlation between Bitcoin and stocks or other markets. There's really nothing special here, this is just how Bitcoin is - wild and unpredictable, it can go down when people are bullish or shoot to the moon when people are bearish. I've been observing this market since 2016 and this is not the first time when the market has huge swings in a span of hours or even minutes.
But if you really want a reason, then I'd say it's the failure to break past the $10,000 resistance - not only it's way below the ATH, it's also below the last year's peak of $13,500 - so the market wasn't quite bullish yet.
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You might argue that it happened every other previous halving, that's true and there is no denial in that, but you and almost everyone else did not see that coming, back in 2016 there were probably only a handful of people thinking that the halving was going to cause price increase, while the majority thought bitcoin was going to die, nobody expected the 20k and so it happened, now everyone is expecting it, it simply not going to happen because no market will allow the average Joe to make money this easily.
I think there will definitely be a bull market after the halvening, maybe it will start after 0.5-1 years after that date or even later, but I'm sure we'll see a new ATH, but I doubt it will be the $100,000 promised by perma-bulls, my guess is that it will be $30,000-40,000 or in my most optimistic scenario it will be $60,000. And as for the near future, we'll likely see the same thing that happened recently - longer period of stagnation, then a few bullish weak until we meet resistance and fail to overcome it. Seems like this is becoming a new Bitcoin trend. |
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Every time the market makes a huge dive people cheer because "weak hands sold", but with that logic there would be no weak hands on this market because we had so many crashes in Bitcoin history. And you don't even know who is selling, maybe the same people who sold at $7k yesterday will buy now at $5k. And maybe today's strong hands will become the weak hands in a few months, or maybe the weak hands that sell now are still taking big profits because they bought before 2017.
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Look at what's happening right now; this coronavirus panic is causing people to go to a very safe (for the short-term) asset--cash. People are expecting this outbreak to cause quarantines and everything else that comes along with epidemics, so cash is useful for stocking up on food and supplies and consequently people are selling their investments. Plus once a huge drop happens in the stock market (or the crypto market), it causes even more selling due to the fear of losing even more money.
I sold zero coins because of the coronavirus panic, because I have enough fiat money to buy some supplies. The idea that people need to liquidate their coins in order to buy supplies assumes that people have zero fiat, which is really not the case, I don't think there's many people in the world who hold all their money in crypto. So, if someone needs cash, they can just withdraw if from the nearest ATM, no need to sell their coins. |
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According to the Reuters, China is successfully fighting Coronavirus and they reported that more people are cured from the virus than died.
There's nothing extraordinary about it, "more people are cured from the virus than died" means that mortality rate is below 50%, and there's actually few diseases in this world that have above 50% mortality rate.
It is safe to say now that coronavirus was behind the markets crash, stock, oil as well as Bitcoin.
There's no doubt that the virus crashed the stocks, but with Bitcoin it's not that clear, because technical analysis shows that Bitcoin failed to break past important resistance level, which might have triggered the bearishness. Basically, we don't know just how much influence does the virus have on Bitcoin.
Until then, you can count on prices dropping. When you look back at it, prices started dropping around the same time coronavirus was introduced by the media and fear started spreading.
I seriously doubt that Bitcoin will keep going down for months, the halvening is soon, and the market wants to be bullish, there's little chance for going down further, at worst we'll have another period of stagnation. |
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Far too technical for my knowledge, but whatever the case, definitely keep your private keys offline. I don't do it for everything, I actually still have various wallets always on a device connected to the net, but they're wallets I use a lot with non-significant amounts. And the tradeoff for convenience isn't really worth the hassle of accessing them regularly from cold storage. But things like these do make me wonder about my computer.
If you have a proper cold storage setup, you only need to worry about airgap-jumping malware (which as far as we know doesn't even exist yet), or a malware that tries to edit unsigned transactions - so make sure do tipple-check your transactions before signing and broadcasting. I think it's reasonable to hold small amounts that you can afford to lose on an online machine, the convenience that you get is worth the small risk if you are taking the right measures to protect your system (mainly just not installing some junk). |
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Downloading and running executables from the Internet is the easiest way to get malware on you machine. People should really run only 2 kinds of programs on their machines: the open-sources ones that were reviewed by themselves or others, and the ones that are distributed by some reputable company. And thanks to web apps you often don't even need to install anything and just use a website version, which is perfect for things like live maps.
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4 Fake ICOs (Initial Coin Offerings)
Some companies use ICOs to raise capital and there has been a massive explosion of ICO opportunities which has raised the fraudulent activities even on a higher scale. The scammers can open fake websites which resemble like ICOs, asking to deposit funds into compromising wallets. For instance, Centra Tech was sued for providing with fake information about team members, investors, and products. Research deeply that involves taking a deep look at the reviews apart from the white paper. Report a Bitcoin scammer when you come across, so others are not prey of the same scam.
You're most likely lose your money even with "legit" ICO's, because ICOs these days are just HYIPS - everyone knows that they are scams, people just think that they can outspeculate the market. Only newbies think that they can find a good ICO, because they think that if they read about common signs of a scam like fake team members, then it's enough to spot scams. My advice to everyone, regardless of their experience, is to stay away from ICO and other offerings, it's simply not worth the risk. In the long run all these tokens go to zero, as history shows. |
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The main issue with corona virus in terms of finance/economics is a massive proportion of global production and supply chains being heavily centralized within china, the epicenter of the disaster. There have been calls to decentralize and rely on china less for global productive capacity to prevent similar incidents in the future. I wouldn't expect a full recovery until after we pass peak crisis. That would appear to be a long way off.
Unfortunately, when things will return to normal everyone will quickly forget about it and will keep acting like nothing happened and ignoring the fact that China is in many ways a threat to modern society. Some businesses wouldn't survive if they were forced to cut ties with China, others are too greedy to do so. I've heard that China is becoming too expensive and that some other countries are starting to take its role as cheap manufacturer, so maybe there's a chance that during the next Chinese outbreak the economy won't suffer so much. |
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Nothing new. The Human Rights Foundation was already accepting bitcoin for donations ( organizations that accept bitcoin donations). What's new is probably they decided to switch to BTC Pay Server instead of a payment processor like BitPay. Such important news... It may be not big news, but still it's interesting to know and I'm glad it was poster here, it's better than all the blog and news site spam that plagues this board. It's good to see BTC Pay Server getting more adoption, it shows that Bitcoin can be used without middlemen. Maybe it will inspire other services to abandon their centralized payment processors and switch to BTCP Pay Sever too? |
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It's really a bad idea to take investment advises from twitter, the format of this platform doesn't promote deep discussion or detailed posts. And it's also not a good idea to take advises from perma-bulls, they rarely explain why they make their predictions or where do they get the exact numbers, it's really just a guess. You can lose money even if Bitcoin grows if you make poor decisions like investing during a peak (because permabulls told it would grow more) and then panicking during a dip.
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