Of course it is, still worth more than 160 barrel of brent oil per coin

If people can get rid of the habit of using fiat money to measure value of other things, then it is easier to see the truth

Market still crashes hard, everyone still want FED's cheap fiat, since average people simply can not get even a cent of those newly created money.

Those money will first arrive at banks, and banks will decide who can get those money at what cost, still no difference as before. Unless there is a clear government policy in deciding what kind of business will get what kind of help, those newly created money just enter the banks pocket without doing anything else

I think majority of the market activities are not in anticipate of receiving cash in suitcases. Like selling stocks, gold and bitcoin

For stocks it is reasonable, people sell companies' share because in foreseeable future, those companies won't generate any return and their value will crash further, so better get rid of it and reinvest when the situation is more clear

But for selling gold and bitcoin, I have another theory, it is investors who want to get USD ready in order to hunt cheap assets when in market panic. Because every one know that helicopter money will arrive and everything's price will be pumped up later on, it is just a matter of time. You can not buy any other assets with gold and bitcoin today, so it is better prepare USD first

I think so far the chinese way is the best, they have been isolating EVERY CITY since February and now after more than a month, viruses are all dead, either by themselves or by killing the human they infected, and contained in hospital. If western countries take this approach, it would also stop the virus in one month

No need to panic, I'm in China right now, it basically has no new infected patients in most of the province now, and most of the business has been starting. However, there are travel restrictions between cities and especially continental now, and many companies in western depends on chinese delivery, this could bring them some trouble. But anyway, goods transportation has not stopped

When saything price crash, people are still unconsiously using fiat money as a standard to measure value, this is the major reason that bitcoin can not become a safe-haven asset

Now some people even say that the machine that makes surgical masks has become the money printing machine, means that medical supplies has become the safe-haven asset, but they still use fiat money to measure value

So I think the key is to let people to use bitcoin to measure value, that will make quite big difference, otherwise, always a slave of fiat currency

Bitcoin will be the first to rebund after central banks' helicopter money arrives. But as evidenced this time, in a crisis time, people still runs to their fiat money, this indicated that majority of people still do not understand why bitcoin is better than fiat money

Another reason is that almost everything's value is labled with fiat money, if something is purely labled in cryptocurrency, then things might be different

The problem is that cryptocurrency does not provide a immediate relief of the concern, because it is considered as an asset, which you always have to sell it first then get fiat money to spend. If you could spend it right away then maybe there is a less motivation to sell it, but that is not possible since now tax authority want to get a cut from each spending

No, there is one thing that does not go down: USD. In fact, all the fiat money is getting a boost during this crisis and everyone want them. This is sad, since bitcoin is said to be a better money than all the fiat money, so the requirement for bitcoin should be higher than USD during the crisis. Obviously it is far from that claim

I just hope that people will realize this later when FED's trillion dollar flooding arrives, but at least for now, bitcoin seems not to be a better money, far from it
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"Today, March 12, 2020, the Desk will offer $500 billion in a three-month repo operation at 1:30 pm ET that will settle on March 13, 2020. Tomorrow, the Desk will further offer $500 billion in a three-month repo operation and $500 billion in a one-month repo operation for same day settlement. Three-month and one-month repo operations for $500 billion will be offered on a weekly basis for the remainder of the monthly schedule. The Desk will continue to offer at least $175 billion in daily overnight repo operations and at least $45 billion in two-week term repo operations twice per week over this period."

https://www.newyorkfed.org/markets/o...policy_200312a
 

The only safe-haven at such kind of panic is short options, money might doubled many folds during this crash. But unfortunately, during most of the time, such options will just bring loss

I'm already sending fiat to exchanges and try to grab some coins, but seems the lowest point has passed, now its on the way back

Give it some time to react. The sell volume is not high on exchanges, and all the fundamental aspects do not change, it is basically psychological effect, same as the sudden 30% jump when Chinese president Xi annonced China will focus on blockchain technology

Helicopter money will arrive, not sure if they will find a way into cronavirus affected labor forces, but definitely they will first enter capital markets to buy assets

But it is a sad reality about humanity: When in crisis, people still seeks fiat money, since that is backed by the ultimate credit of the government. They will never have such trust in cryptocurrency, which indicated that the PR work for cryptocurrency is far from effective

I think a very large advantage of fiat money is that people use it as a unit of accounting, like meter inch or lbs kg. once it become that standard unit of measuring value, its position as money becomes strengthened

How could make bitcoin a standard unit of something?

Even the gold crashed hard today. So it seems everything is sold for fiat money, which we consider it a scam. That's how average Joe's mentality is. But in a total lockdown status, you can not even go out and sell your gold, so it becomes reasonable that gold also crashed. Anyway, if everyone were forced to stay at home, I see more activities in cryptocurrency area

Banks won't have problem, the central bank is sure to print helicopter money to bail out any of them. But the problem is with all the other people: If you can not go to work, you have no income, unless the government bail out you, you will not be able to pay back the house loan and deal with the living cost. And many people are living from pay check to pay check.

The impact for crypto industry will be minimum among other industries, since the physical personal contact in this industry is already minimum, much much less than production and service industry. POW might be impacted more than POS, since you need physical contact with workers that operates miners

I have the same view. I try to look at the industries that are least dependant on travel or movement, they are software, gaming and cryptocurrency. All those do not need any physical contact with person. On the other hand, any industry that require physical movement of personel will be limited in a pandemic

When everybody is locked at home, what they can do? Order food home delivered, watch TV, browse internet, run software, play games and buy cryptocurrency

Gold is also crashing hard. It is so amazing that when the crisis comes, almost everything is sold in exchange for fiat money (which we constantly describe as a scam) or government bond. The trust that rich people place on government debts are enormous

This crisis showed what the majority's mental status are, and I just don't see how cryptocurrency will change this mental status in decades to come. Currently cryptocurrency is just another speculative asset that is played by IT nerds

Old mining rigs are long ROIed, they still generate coins when they work as a heater, and since most of the electricity that is consumed by mining rigs become heat, if 1/10 of those electricity can become bitcoin, it is still more efficient than a pure heater. And that's why the network will never go down in hash rate, because old mining rigs can still work as a heater

Of course I still think the waste of electricity is huge in POW, I do see benefits of POS, but that model is quite close to company share holder, need to have further discussion about its implication

You seems proved my observation: Gold miners stopping their mining or not, does not change the mining difficulty of gold, thus the energy barrier for mining one ounce of gold stays the same regardless what miners do

However for bitcoin, if lots of miners with old rigs stopped their mining due to unprofitable, the difficulty will go down significantly, thus the cost of mining one bitcoin will become much cheaper. It is self-adjusting, depends on how much people join the competetion. True, if not a single person on planet join the competetion, then the price will drop to zero, but I can guarantee you that won't happen, since I have my mining rigs running 24/7/365 heating my basement

No one has complained that gold mining wasted too much energy, since that is a must. You must overcome certain natural energy barrier to mine gold, there is no other way.This energy requirement is fixed regardless of gold's price

However, for cryptocurrency, you don't need to overcome a fixed natural energy barrier to get bitcoin. The only barrier of getting bitcoin comes from competition, it is other people that created an energy barrier for you to successfully mine bitcoin. And this energy barrier changes depends on coin value. During early days of mining, the barrier was very low

Given it is a barrier generated from competition, the competition model can also be designed so that it takes other type of energy input. Besides electricity, is there any other energy input that is more efficient?

Since fiat money can be regarded as universal form of energy (it can exchange any kind of energy source like petroleum, coal, nuclear material, etc...). By design a competition model based purely on money itself, like bidding, it will achieve the same effect but without any waste: You win the bid, you get new coin, if you lose the bid, you lose nothing. While in traditional competition model, the one who lose the competition also wasted lots of energy

The negative impact is the mass amount of heat generated in mining