Cashing out could destroy crypto?

[kwukduck]

Just wondering, Bitcoin started as a project to offer people freedom from bankster/government fiat and the banking system. Yet almost every single person involved in Bitcoin is using it to try to get more of that very thing Bitcoin was designed to 'get rid of'.

I never cared for Bitcoin as an investment vehicle, it's a tool that offers people financial freedom and independance.
Yes tell me again how stupid i was selling cheap and how bad i should feel, notice how i don't care.
Because for me Bitcoin was never about making more Dollars.

If none of the horrible things that are waiting for us in the future will ruin bitcoin, maybe the mindset of people just wanting Bitcoin to gain more fiat will be even more devastating.

This mindset seems to have been increasing for years now...
People don't even ask me anymore how it works or why it was invented, all they care about is how to make fiat with it. My answer is always the same... "Bitcoin is not a good investment for you, only invest in things you understand and believe in."

[vit05]

Could destroy Bitcoin. But another cryptocoin could emerge and the easiest way to get this new coin would still be by using Bitcoin.

[superplus]

Just wondering, Bitcoin started as a project to offer people freedom from bankster/government fiat and the banking system. Yet almost every single person involved in Bitcoin is using it to try to get more of that very thing Bitcoin was designed to 'get rid of'.

I never cared for Bitcoin as an investment vehicle, it's a tool that offers people financial freedom and independance.
Yes tell me again how stupid i was selling cheap and how bad i should feel, notice how i don't care.
Because for me Bitcoin was never about making more Dollars.

If none of the horrible things that are waiting for us in the future will ruin bitcoin, maybe the mindset of people just wanting Bitcoin to gain more fiat will be even more devastating.

This mindset seems to have been increasing for years now...
People don't even ask me anymore how it works or why it was invented, all they care about is how to make fiat with it. My answer is always the same... "Bitcoin is not a good investment for you, only invest in things you understand and believe in."

Bitcoin is not yet completely ordinary people know the details but for now considering that the Bitcoin price is always up, it is appropriate to be invested regardless of the problem earlier.

[cpfreeplz]

Great post kwukduck. I'm glad it's not just a troll and we can see you are actually passionate about bitcoins. I agree. It's strange to see newbies flock in hoping to earn more of that backed-by-good-will-hopes-and-government-dreams money. If you truly believed in bitcoins you'd just use it like the currency it is.

[Kimpoiluiseta]

Could destroy Bitcoin. But another cryptocoin could emerge and the easiest way to get this new coin would still be by using Bitcoin.

you can buy coin create use etheum token smartcontract use ETH not only bitcoin
buy coin waves token can use waves coin, so if bitcoin problem, another coin can replace bitcoin position, maybe ETH

[pooya87]

Just wondering, Bitcoin started as a project to offer people freedom from bankster/government fiat and the banking system. Yet almost every single person involved in Bitcoin is using it to try to get more of that very thing Bitcoin was designed to 'get rid of'.

this is inevitable.
the adoption is growing and more people find out about bitcoin specially now that it is all over the media. and with that the price appreciates over time. obviously that makes bitcoin an investment.

but this doesn't change the fact about why it was created and how some people use it. you can still have that "financial freedom" with bitcoin and enjoy the price appreciation too. you buy 1 bitcoin at $1000 an in 6 months you have $4000 purchasing power. there is nothing wrong with that.

I never cared for Bitcoin as an investment vehicle,

your actions and your timing suggests otherwise

[iram1011]

Just wondering, Bitcoin started as a project to offer people freedom from bankster/government fiat and the banking system. Yet almost every single person involved in Bitcoin is using it to try to get more of that very thing Bitcoin was designed to 'get rid of'.

I never cared for Bitcoin as an investment vehicle, it's a tool that offers people financial freedom and independance.
Yes tell me again how stupid i was selling cheap and how bad i should feel, notice how i don't care.
Because for me Bitcoin was never about making more Dollars.

If none of the horrible things that are waiting for us in the future will ruin bitcoin, maybe the mindset of people just wanting Bitcoin to gain more fiat will be even more devastating.

This mindset seems to have been increasing for years now...
People don't even ask me anymore how it works or why it was invented, all they care about is how to make fiat with it. My answer is always the same... "Bitcoin is not a good investment for you, only invest in things you understand and believe in."

Actually Bitcoin itself is killing its purpose as a currency because of its limited cap. Bitcoin is deflationary and hence people will not use it in everyday transactions when fiat is available which is inflationary. People tend to go where they see profit. That is why today Bitcoin has largely became an investment asset. But that too wouldn't kill it. Bitcoin existence definitely depends upon its utility but also demand. Demand will remain even if Bitcoin is used for growing fiat.

[davis196]

Just wondering, Bitcoin started as a project to offer people freedom from bankster/government fiat and the banking system. Yet almost every single person involved in Bitcoin is using it to try to get more of that very thing Bitcoin was designed to 'get rid of'.

I never cared for Bitcoin as an investment vehicle, it's a tool that offers people financial freedom and independance.
Yes tell me again how stupid i was selling cheap and how bad i should feel, notice how i don't care.
Because for me Bitcoin was never about making more Dollars.

If none of the horrible things that are waiting for us in the future will ruin bitcoin, maybe the mindset of people just wanting Bitcoin to gain more fiat will be even more devastating.

This mindset seems to have been increasing for years now...
People don't even ask me anymore how it works or why it was invented, all they care about is how to make fiat with it. My answer is always the same... "Bitcoin is not a good investment for you, only invest in things you understand and believe in."

OK,i see your point.People want more bitcoins to make more fiat money and somehow this is wrong,but can you buy food with bitcoins?I wouldn`t convert any of my bitcoins into fiat if it was possible to buy food and pay the bills with BTC.All the bitcoin users have to convert their btc into fiat, in order to buy all the things they need.I hate trading btc for fiat,because there are too much transaction fees,but i have no choice.

[Idaho]

The political aims of the bitcoin creators and pilots were pretty dubious. Bitcoin is money, and money is naturally a corrupting force that governments and banks have the greatest skill and interest in exploiting. The original aims will dwindle as adoption increases, price increases and banks and governments take over bitcoin.

[el kaka22]

Actually Bitcoin itself is killing its purpose as a currency because of its limited cap. Bitcoin is deflationary and hence people will not use it in everyday transactions when fiat is available which is inflationary. People tend to go where they see profit. That is why today Bitcoin has largely became an investment asset. But that too wouldn't kill it. Bitcoin existence definitely depends upon its utility but also demand. Demand will remain even if Bitcoin is used for growing fiat.

Probably ratio of people who are using bitcoins as currency is outnumbered by people who are using as store of value at current times but it does not mean the same scenario will persist for ever. trend will change and deflationary nature of bitcoin will not be a big issue as digital assets are infinitely divisible.

Cashing out is the reverse process of incoming investments. Hence it will destroy any systems hence cryptos cannot be an exceptions.

[orarider]

Could destroy Bitcoin. But another cryptocoin could emerge and the easiest way to get this new coin would still be by using Bitcoin.

you can buy coin create use etheum token smartcontract use ETH not only bitcoin
buy coin waves token can use waves coin, so if bitcoin problem, another coin can replace bitcoin position, maybe ETH

If the crypto market is broken, there are not any coins that are safe for you to store. Bitcoin and ethereum are the strongest currencies, however, bitcoin is always superior.

[ASHLIUSZ]

Could destroy Bitcoin. But another cryptocoin could emerge and the easiest way to get this new coin would still be by using Bitcoin.

you can buy coin create use etheum token smartcontract use ETH not only bitcoin
buy coin waves token can use waves coin, so if bitcoin problem, another coin can replace bitcoin position, maybe ETH

If the crypto market is broken, there are not any coins that are safe for you to store. Bitcoin and ethereum are the strongest currencies, however, bitcoin is always superior.

Bitcoin is always superior, but I don't think that crypto market gets broken in the near future. Bitcoin and ethereum are strong, but this grew little by little. Same will happen with other digital currencies too, but cashing out will not destroy the crypto. The reason is that, at some point the bitcoin is getting into circulation.

[Basmic]

Cashing crypto currencies can be a significant lever of pressure of the state on users of crypto currencies. So now until the war with the governments of crypto currencies has not reached its climax need to develop trade with bitcoins now. Later may be too late.

[cellard]

Just wondering, Bitcoin started as a project to offer people freedom from bankster/government fiat and the banking system. Yet almost every single person involved in Bitcoin is using it to try to get more of that very thing Bitcoin was designed to 'get rid of'.

I never cared for Bitcoin as an investment vehicle, it's a tool that offers people financial freedom and independance.
Yes tell me again how stupid i was selling cheap and how bad i should feel, notice how i don't care.
Because for me Bitcoin was never about making more Dollars.

If none of the horrible things that are waiting for us in the future will ruin bitcoin, maybe the mindset of people just wanting Bitcoin to gain more fiat will be even more devastating.

This mindset seems to have been increasing for years now...
People don't even ask me anymore how it works or why it was invented, all they care about is how to make fiat with it. My answer is always the same... "Bitcoin is not a good investment for you, only invest in things you understand and believe in."

Then why did you sell?

Anyway, for me it's all about diversification. Do I believe fiat will crash? It certainly will. All empires fall. According to past performance, USD as the world reserve currency has its days counted:



It's clear to me that we will see during our lifetime something big happen, and when that happens, I want a neutral asset of sorts. Bitcoin remains the number one place to be during such an event. You also got gold, but Bitcoin has superior characteristics in the digital era.

I will never sell of my BTC, but if in 2020 BTC is worth $100,000+, it is safe to diversify and sell some if you really need to. In my case it would change my life. I can't afford the risk of going 100% on BTC when selling a part of it could retire me for life and I could own my own property instead of living with my parents pretty much forever.

So my plan is to sell some if it's enough to change my life, but always have at least 50% on BTC to stay safe in a world surrounded by constant uncertainty.

If I want to buy real state, im going to be forced to sell the amount I need anyway, because there's just no way to legally buy real state with BTC.

[YuginKadoya]

Just wondering, Bitcoin started as a project to offer people freedom from bankster/government fiat and the banking system. Yet almost every single person involved in Bitcoin is using it to try to get more of that very thing Bitcoin was designed to 'get rid of'.

I never cared for Bitcoin as an investment vehicle, it's a tool that offers people financial freedom and independance.
Yes tell me again how stupid i was selling cheap and how bad i should feel, notice how i don't care.
Because for me Bitcoin was never about making more Dollars.

If none of the horrible things that are waiting for us in the future will ruin bitcoin, maybe the mindset of people just wanting Bitcoin to gain more fiat will be even more devastating.

This mindset seems to have been increasing for years now...
People don't even ask me anymore how it works or why it was invented, all they care about is how to make fiat with it. My answer is always the same... "Bitcoin is not a good investment for you, only invest in things you understand and believe in."

OK,i see your point.People want more bitcoins to make more fiat money and somehow this is wrong,but can you buy food with bitcoins?I wouldn`t convert any of my bitcoins into fiat if it was possible to buy food and pay the bills with BTC.All the bitcoin users have to convert their btc into fiat, in order to buy all the things they need.I hate trading btc for fiat,because there are too much transaction fees,but i have no choice.

And I think every person here have a freedom to do anything with their bitcoin, even if they think about bitcoin as a source of Fiat money, because that is how people get's interested towards it and I think after learning the other ways in earning it I think they can surely know the thing about investing it to some other Alts or wait for the price to rise, I think people will start in the mid set of earning Fiat with bitcoin because that is how some are getting involve with bitcoin and yes we need to convert it with Fiat to simply use it with expenses.

[sukamasoto]

I'm also thinking what if the most richest bitcoin address sold out their bitcoin, I think it will destroy bitcoin value world wide
So yeahh it's a risk that must I and others to bear in order to be a millionaire in next 4 years

You can cash out little by little and keep about 0.5 ~ 0.75 for incoming year 2021

[error08]

Most people interested to make more money and somehow bitcoin and other cryptocurrencies provide opportunities to do so.
If there are more people cashing out than people who invest in bitcoin, yes it's more devastating and could destroy crypto environment.
But, limited supply of bitcoin ensures the price will naturally growing higher over time. But, if we could spend bitcoin directly to buy everything that we need, then we don't have to sell bitcoin for fiat currency.

[BitcoinBarrel]

It doesn't matter if you cash out or not, because the Bitcoins go to someone else. They don't "disappear".

[nizamcc]

It couldn't destroy bitcoins but is actually an advantageous thing for Bitcoins, not the mindset of people obviously but everyone buying it. At least they are "BUYING" it with a hope of getting something over it which is also not a bad thing tbh. Mindset would be changed only if Bitcoin starts being used as a currency but that's never going to happen anytime soon because of its super-liquid properties that will stop any country or governments, or if we want that to happen we need to have governments regulate this and there ends the "decentralization" part, so what will be the use of Bitcoins then? Valuation in Fiat is actually devaluating fiat against Bitcoins and making Bitcoins stronger against any currency or assets which show that it may not become a global currency but a super-strong asset anyone can bet on.

[Mister1k]

It doesn't matter if you cash out or not, because the Bitcoins go to someone else. They don't "disappear".

I think it matters for some set of people. I have noticed one thread says that some of the bitcoin using trading is going some people and it been holding to start up with the altcoin price moves. We need to be careful the and save our bitcoin most of the time and don't spend it too much.