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Author Topic: You want the bear market to stop? Here are some things you can do :)  (Read 772 times)
d5000
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August 15, 2018, 04:54:24 AM
Last edit: August 28, 2018, 03:25:08 AM by d5000
Merited by 1Referee (1), Kakmakr (1), Pursuer (1)
 #1

Many people are speculating if we're already reached the bottom of the bear market.

The truth is - that's not important. If we go up now from a strong $6000 base, or if we fall down to $3000 or even lower - that's peanuts. For sustainable growth, it doesn't matter.

What's important is that Bitcoin must become stronger as an ecosystem. You're fearing speculation and manipulation? The more Bitcoin gets used, the less influence the "big whales" will have. And you, the Bitcoin user - beginner, average Joe or advanced crypto geek - can do a lot for that.  Wink

Here are some examples:

  • The most important of all: USE Bitcoin. If there are services you regularly use and there is a business offering it for Bitcoin for a reasonable price: Give it a chance! Lists/portals with some options are here, here, and here. Or directly use a decentralized marketplace like OpenBazaar.
  • Are you a freelancer or own a business? Accept Bitcoin for at least some of your work. Each good or service offered for Bitcoin can be seen as a buy order. So you're adding demand for Bitcoin without having to risk money (only perhaps some work, if you're really unlucky). You could increase your revenue offering Bitcoin-only promotions/specials - then maybe you could even convince some stubborn hodlers.
  • Even better: Try to offer a stable, guaranteed Bitcoin price for at least a day. That can bring even more stability into the market.
  • Or accept Lightning for micropayments, at least for a limited volume per day.
  • Are you employed, but your boss is open-minded and a geek? Offer him to pay a part of your salary in Bitcoin. (I would not take my whole salary, it's still too unstable, above all if you have a family.)
  • Do remittances directly with Bitcoin or with Bitcoin-accepting services.
  • Lightning: Help with beta-testing! Lightning is one of the most interesting technologies if we want to see mass adoption. The more users testing and finally using it, the better!
  • Test and discuss alternative scaling solutions, like sidechains or similar concepts.
  • Become a Bitcoin/blockchain developer. The Core client may be a bit difficult to start with, but there are a lot of services that already are waiting for someone to write and/or improve it. The more devs, the better.
  • If you have an idea how to improve usability, then propose and discuss it! If you're a developer, try at least a proof of concept. Or simply implement it Wink. Bitcoin is an open source project, so you can do literally what you want with the protocol! (Added 8-16)
  • Educate people about Bitcoin. Don't shill for FOMO - better explain the concepts and why it's an amazing technology bringing more freedom.

That's only a small list of some examples. Please add more in the discussion!

The more people realize that Bitcoin doesn't "grow" by magic, but by human contributions, the more stability and sustainability we'll achieve. And you don't have to be the new Satoshi to help. Just pay your pizza with BTC, for example. Wink

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August 15, 2018, 05:24:33 AM
 #2

Accept Bitcoin for at least some of your work

this is the best thing everyone can do and I always encourage them as much as I can.
people always want to invest in bitcoin to have it, I say why not receive it directly as it was meant to ie. a currency which you receive as payment for your freelance work, your goods, your salary,...

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August 15, 2018, 06:05:29 AM
Merited by d5000 (1)
 #3

If you have a product or service based online business ,accept fixed bitcoin prices with a refund.
For example,a customer buys your service or product for 50 USD worth of btc.The bitcoin price doubles after one week and he actually paid you $100.This would be really frustrating to him so you offer him to refund 50 USD.You kinda lose money,but you get a loyal customer,who is paying with btc.  
Anyway,the bear market won't stop just because a bunch of people started accepting bitcoin payments.

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August 15, 2018, 04:36:43 PM
 #4

If you have a product or service based online business ,accept fixed bitcoin prices with a refund.
For example,a customer buys your service or product for 50 USD worth of btc.The bitcoin price doubles after one week and he actually paid you $100.This would be really frustrating to him so you offer him to refund 50 USD.You kinda lose money,but you get a loyal customer,who is paying with btc.
Interesting proposal. That would basically be "the other way around" to what I proposed here - in my proposal the merchant doesn't increase the price in the case Bitcoin goes down. The interesting thing is that in your proposal the merchant would not lose money measured in USD, only measured in Bitcoin - this could make it even more attractive. And above all: it would increase usage of BTC in bull markets, when people are eager to HODL.

The merchant could even charge a little plus for this "refund service" - e.g. 1% more - and then profit from hodlers even if the price finally doesn't go up.

Quote
 
Anyway,the bear market won't stop just because a bunch of people started accepting bitcoin payments.
That's true, but they can start a trend, and if it increases Bitcoin's circulation then this has a stabilizing effect. And if they use also the "backing" system I propose, with abundance of goods, then investing in Bitcoin becomes less risky even in bear markets, because people can spend the BTC a few hours after a crash and buy goods "to the price before the crash".

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August 15, 2018, 04:43:16 PM
 #5

The market is now starting to move upward. All we have to do is wait for the fully recovery, for now, let's just hold our token/coin to avoid more damage in the price. Hopefully, when Christmas season comes all price will move up again to the top.
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August 15, 2018, 04:47:02 PM
 #6

I would also add that if you own a business, especially an online business, then start accepting Bitcoin as a payment.

Even if you don't actually take too much in Bitcoin it adds credibility when people look at the payments you accept and see that you take Bitcoin.

I'm not cool enough to have a fancy signature so you're stuck reading this
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August 15, 2018, 04:54:58 PM
Last edit: August 17, 2018, 05:28:17 PM by r32godzilla
 #7

Yes.This seems to be much logical to stop bitcoin market turning bearish.In short,we must try to use bitcoin as much as we can either by making payments in bitcoin or by getting our salary and other earnings in bitcoin.By this way,bitcoin price would not be much dependant only upon the trade market as it would have a back support of people using it as a currency.

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August 15, 2018, 04:59:09 PM
 #8

We need more posts like this one on this section, although I don’t see it much of a life in it. It will be buried down the other shitthreads and/or filled in with lots of shitreplies.

What I like about it is that it doesn’t talk about knowledge or theory but rather about action. I think bitcointalk should be a community where initiatives like this should take place often and be followed to some extent.

OP: have you thought of moving it to the Serious Discussion or Ivory Tower sections where it would last longer and would be seen by more serious members?
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August 15, 2018, 05:01:50 PM
 #9

Many people are speculating if we're already reached the bottom of the bear market.

The truth is - that's not important. If we go up now from a strong $6000 base, or if we fall down to $3000 or even lower - that's peanuts. For sustainable growth, it doesn't matter.

What's important is that Bitcoin must become stronger as an ecosystem. You're fearing speculation and manipulation? The more Bitcoin gets used, the less influence they'll have. And you, the Bitcoin user - beginner, average Joe or advanced crypto geek - can do a lot for that.  Wink

Here are some examples:

  • The most important of all: USE Bitcoin. If there are services you regularly use and there is a business offering it for Bitcoin for a reasonable price: Give it a chance!
  • Are you a freelancer? Accept Bitcoin for at least some of your work.
  • Even better: Try to offer a stable, guaranteed Bitcoin price for at least a day. That can bring even more stability into the market.
  • Or accept Lightning for micropayments, at least for a limited volume per day.
  • Are you employed, but your boss is open-minded and a geek? Offer him to pay a part of your salary in Bitcoin. (I would not take my whole salary, it's still too unstable, above all if you have a family.)
  • Do remittances directly with Bitcoin ore with Bitcoin-accepting services.
  • Lightning: Help with beta-testing! Lightning is one of the most interesting technologies if we want to see mass adoption. The more users testing and finally using it, the better!
  • Test and discuss alternative scaling solutions, like sidechains or similar concepts.
  • Become a Bitcoin/blockchain developer. The Core client may be a bit difficult to start with, but there are a lot of services that already are waiting for someone to write and/or improve it. The more devs, the better.

That's only a small list of some examples. Please add more in the discussion!

The more people realize that Bitcoin doesn't "grow" by magic, but by human contributions, the more stability and sustainability we'll achieve. And you don't have to be the new Satoshi to help. Just pay your pizza with BTC, for example. Wink


Interesting and valid points! What I can conclude from the entire thread is that we need to use bitcoin more as a payment solution instead of holding it as an investment. Correct you are and I would personally love to spend some of my bitcoins as a payment solution instead of fiat. However, we don't have much options available. While a lot of online freelancers accept bitcoin for their services, it is very hard to find an offline shop or merchants accepting it. If we can't use bitcoin for our daily expenses like grocery shopping, cab fare, public transport expenses, the kind of usage we are thinking, will remains as dreams only. Unless and until the governments provide a proper legal framework for crypto payments, we won't see the change! So it is really not dependent on us, it depends on the governments and their good will. In Japan and Germany, you can use bitcoin for your daily expenses because their governments recognized it as a legal form of payment. There's very little we can do without the regulatory help if we really want to encourage mass adoption of crypto.

I really don't want to discourage you, but that's what I feel is true!

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August 15, 2018, 05:14:32 PM
 #10

I like the spirit you are giving to the community where you created a list of how people can contribute to Bitcoin in ending the bear market but what are you really hoping? That this ways can translate into helping BTC have more demand in the market? Because I don't think that this is a simple demand and supply problem anymore right now we are facing more than that like legal issues, virtual robbery, and also FUD. Also we cannot encourage people effectively in using their BTC if they themselves know that their BTC has a lower price now compared to before.  

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August 15, 2018, 05:19:18 PM
 #11


  • The most important of all: USE Bitcoin. If there are services you regularly use and there is a business offering it for Bitcoin for a reasonable price: Give it a chance!

Agreed that this is the most important. Bitcoin will not rise with everyone just holding onto their coins and praying it goes up in value, it will rise with people using it as a currency.

Also more merchants need to accept Bitcoin so it becomes a normal payment system.[/list]

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August 15, 2018, 05:26:11 PM
 #12

  • Are you employed, but your boss is open-minded and a geek? Offer him to pay a part of your salary in Bitcoin. (I would not take my whole salary, it's still too unstable, above all if you have a family.)

I'm pretty sure my boss is partly a geek, but knowing that I'm in an SEC-registered company with a strict payroll protocol, I don't think I can ask him to pay me in bitcoin partly. We've discussed about cryptocurrencies for some time now and he's pretty much open to it, however it worries him that it will take a lot of effort (which he knows would be in dire anyway) to get his voice heard and get that thing accepted. On a freelance work, it can be done, though in a regular day job? Good luck with that.

The more people realize that Bitcoin doesn't "grow" by magic, but by human contributions, the more stability and sustainability we'll achieve. And you don't have to be the new Satoshi to help. Just pay your pizza with BTC, for example. Wink

Which, sadly most people fail to realize. Bitcoin isn't created out of thin air, and most people think that through speculation most of the time, bitcoin becomes successful. Fundamentals should also follow suit alongside price because if that stagnates, the rest of the coin will crumble still no matter how insane the price is.

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August 15, 2018, 06:09:46 PM
 #13

OP: have you thought of moving it to the Serious Discussion or Ivory Tower sections where it would last longer and would be seen by more serious members?

Hey, I'm a serious member but I'm not cool enough to post in the Ivory Tower yet (need more activity and merit!) so it would suck to not be able to contribute to this post...but I agree this thread shouldn't get buried either. So here's a quick bump!

I'm not cool enough to have a fancy signature so you're stuck reading this
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August 15, 2018, 06:23:19 PM
Merited by ImHash (3)
 #14

  • Are you employed, but your boss is open-minded and a geek? Offer him to pay a part of your salary in Bitcoin. (I would not take my whole salary, it's still too unstable, above all if you have a family.)
This one on your list is flawed for the reason of its legality. Most countries under their labor law when it comes to the payment of their wages the employers must always pay them with their local fiat currency, both the employers and employees don't really have a choice on what money they will pay and receive for their wages. However I have an alternative solution for your suggestion, the employees can always use some part of their salary to buy Bitcoin directly by themselves, with this they have more control at what price they will buy BTC.

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JACKMATE'S
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WIN 1 BITCOIN ON EVERY PREMIER LEAGUE MATCHDAY
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August 15, 2018, 07:02:42 PM
 #15

  • Are you employed, but your boss is open-minded and a geek? Offer him to pay a part of your salary in Bitcoin. (I would not take my whole salary, it's still too unstable, above all if you have a family.)
This one on your list is flawed for the reason of its legality. Most countries under their labor law when it comes to the payment of their wages the employers must always pay them with their local fiat currency, both the employers and employees don't really have a choice on what money they will pay and receive for their wages. However I have an alternative solution for your suggestion, the employees can always use some part of their salary to buy Bitcoin directly by themselves, with this they have more control at what price they will buy BTC.

It depends on the country, some give you a choice. I'm sure OP meant that if you live in a place where you can legally choose your currency to get some in Bitcoin...but I also like your compromise solution of employees buying BTC. It would be even cooler if companies set it up to make it easier for employees to use their salary to purchase Bitcoin.

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August 15, 2018, 08:01:36 PM
 #16

that's a great list that would definitely help mitigate the effects of continuous dumping .However, you are missing one major point which is not all people are actually looking for the bearish market to end ! Have you thought about this before?! whales are shorting hard and only cares about making more money and big corporations wanna get into the market in lower prices , so these individual acts won't stand a chance against these people  Cry

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August 15, 2018, 08:15:57 PM
 #17

If you have a product or service based online business ,accept fixed bitcoin prices with a refund.
For example,a customer buys your service or product for 50 USD worth of btc.The bitcoin price doubles after one week and he actually paid you $100.This would be really frustrating to him so you offer him to refund 50 USD.You kinda lose money,but you get a loyal customer,who is paying with btc.  
Anyway,the bear market won't stop just because a bunch of people started accepting bitcoin payments.
Only if you are an idiot you would refund the customer that extra $50, What if after a week the price drops down and the amount which you have already received becomes less than $50? I don't think your customers pay you more bitcoin just because the price went down, This is the same with business owners, Why would they refund their customers, That doesn't make any sense.
This one on your list is flawed for the reason of its legality. Most countries under their labor law when it comes to the payment of their wages the employers must always pay them with their local fiat currency,
Governments are the ones obligated to pay the salaries of their employees in local fiat currency, In private sector there is no such an obligation to pay their wages in fiat, They could pay with whatever currency of their choice, It depends on the employees if they accept bitcoin or not, I don't see why they should accept bitcoin? There is too much volatility in the price.

﹏﹏﹋﹌﹌ WPP ENERGY ﹌﹌﹋﹏﹏
≈ WORLD POWER PRODUCTION ≈

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August 15, 2018, 08:59:17 PM
 #18

This one on your list is flawed for the reason of its legality. Most countries under their labor law when it comes to the payment of their wages the employers must always pay them with their local fiat currency,
Governments are the ones obligated to pay the salaries of their employees in local fiat currency, In private sector there is no such an obligation to pay their wages in fiat, They could pay with whatever currency of their choice, It depends on the employees if they accept bitcoin or not, I don't see why they should accept bitcoin? There is too much volatility in the price.

Depends on the country you're living in. Some countries do make it mandatory for all employers to pay their employees in the local fiat currency.

Learn more about the AXEL project here: https://axel.network/
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August 15, 2018, 09:19:58 PM
 #19

Good points op, although I have to say that falling to 3000 would indicate a serious problem with BTC. Corrections in an uptrend are normal to occur and they are known to go as low as to the beginning of the exponential rise, or even slightly below it, but 3k would be too much. That would be a drop by 85% of total value and would require a prolonged bear market (2 years or more) which at current state of BTC is not possible without fundamental flaws or a worldwide ban occuring.

 
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Rozita
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August 15, 2018, 09:23:27 PM
 #20

Using bitcoin is the most important thing should be done for stopping the bear market. About 10 years has passed since the creation of bitcoin and Bitcoin must be used for buys and sells more.  Otherwise it's a useless thing.
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