If bitcoin is made for times like these why is everyone selling at a time like..

[WhyFhy]

If bitcoin is made for times like these why is everyone selling at a time like this?
China quarantined fiat FFS. 
This tells me 100% BTC is only a financial purpose and not a practical purpose overall.

Just venting a little. This selloff is nuts.

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[CristianOff]

Read my post about continuous growth
https://bitcointalk.org/index.php?topic=5231583.msg53997303#msg53997303

There is no guarantee that Bitcoin will go up and no guarantee that bitcoin will go down,
no matter the circumstances.

[kryme]

Read my post about continuous growth
https://bitcointalk.org/index.php?topic=5231583.msg53997303#msg53997303

There is no guarantee that Bitcoin will go up and no guarantee that bitcoin will go down,
no matter the circumstances.

I can guarantee that Bitcoin will either go up or go down every single day.

[WhyFhy]

Correlation , enough said.
My question simply is in a time of hysteria why sell out things that will be of more value in said hard times.
Unless said items where merely marketed as a fail safe without acutally being a fail safe.

[kryme]

Correlation , enough said.
My question simply is in a time of hysteria why sell out things that will be of more value in said hard times.
Unless said items where merely marketed as a fail safe without acutally being a fail safe.

No one said Bitcoin was made for times like these...it was simply a way to transact without a central authority. All the store of value talk came after the fact

[amar87]

My question simply is in a time of hysteria why sell out things that will be of more value in said hard times.

You don't have to scratch yourself if you got an itch. Nevertheless you do.

[Ucy]

Well, if we want the dangerous volatility to be minimized, we can actually reason together and reduce that. There are lots of practical ways to do this without compromising Bitcoin principles. One of the solutions is basically similar to how governments stabilize fiat currencies, but ours will be decentralized and way more transparent. Price needs to  move up gently and down a bit.
 I sometimes wonder why people don't understand that dangerous volatility will scare off alot of regular people
And it's bad idea to fix the issue centrally. Decentralized communities should be in control of the affairs of Bitcoin/crypto, not the other way around.

[Broly46]

I think it’s the exchange doing to profiteering from all the stoploss from naive traders. The timing is particularly accurate, definitely not possible without machine trading.

[Febo]

If bitcoin is made for times like these why is everyone selling at a time like this?
China quarantined fiat FFS. 
This tells me 100% BTC is only a financial purpose and not a practical purpose overall.

Just venting a little. This selloff is nuts.

Bitcoin is not made for times like this. Bitcoin is made for financial crisis. Collapse of central banks.  Bitcoin is also not ready to replace fiat at this moment. So even if in half year time central banks collapse I dont see that Bitcoin will be useful replacement.  

What happened yesterday and what happened last year is totally normal. Same can continue this weekend and next week. It can or not. We will see. On long term all this is good for Bitcoin since it slowly destroys central banks.  Good things for Bitcoin are not just that price of Bitcoin increase. Good things are that people talk about Bitcoin and that they use it.

[Jet Cash]

Not everyone is selling, some are using the drop to accumulate. I suspect the sellers are highly geared traders who have to pay for margin calls. That could be why gold went down as well.

[hatshepsut93]

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.

[johnyj]

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

[rdluffy]

People are doing this to accumulate more BTC in the long term, it's simple
If a whale sells a lot of coins, people will start to panic and sell their coins too, and them the whales buy again at low prices, while the small ones leave the market or buy again but with higher prices

I only see this, there´s nothing wrong with BTC and the fundamentals, everything is working good

[joniboini]

One of the reasons is that not all of the people believe in bitcoin, at least not yet. In times of crisis, they'd likely look for the most tested, trustable asset that has survived for decades instead of a young one that is not even a 'teenager'.

Also, bitcoin is money. Measuring the growth of transactions and unique users are probably better metrics to know how people see bitcoin in general.

[CaVO32]

People are doing this to accumulate more BTC in the long term, it's simple
If a whale sells a lot of coins, people will start to panic and sell their coins too, and them the whales buy again at low prices, while the small ones leave the market or buy again but with higher prices

I only see this, there´s nothing wrong with BTC and the fundamentals, everything is working good

yes, most of those who are selling off are those that are in panic mode especially those who are actually experiencing the coronavirus lockdown in their community. Because they might have urgent needs of their money, so they need to sell their coins to accommodate their basic needs. We can't blame them actually. but for those who can afford to store more btc in their portfolio, I think it is still a good time to buy even if it is already more than $5k. I believe we will reach again the 10k mark in the near future. movement in crypto is very fast.

for those who experienced a lot of ups and downs movement of crypto, they know better. this is just another test and we will beat again this trial in crypto. btc is already strong with this kind of challenge.

[akhjob]

Haven't you heard of Market manipulators. Crypto markets can be easily manipulated by big Whales. They just used Corona as an opportunity to crash the market and accumulate more Bitcoin at low prices in the process. When newbs see the Crypto market crash because of Whale's dumping, they link the Crypto market with the global market and start panic sell. In the meantime, Whales accumulate more Bitcoin and push the prices up at a later period of time.
Bitcoin is a not short-term asset, look at it as a long-term.  The future is still bright. Just HODL

[omone1]

Bitcoin market is not yet robust enough to prevent a heavy dump when some whales decide to conspire to strike on the market so they can buy low, remember the market is still been fought against by some powerful nations who see decentralization as a means of getting financial control off their hands. With this faithful devotees are the ones trading this bitcoin and for hard-times like this, they are bound to panic because no one envisage this virus could be this devastating.

[imstillthebest]

If bitcoin is made for times like these why is everyone selling at a time like this?
China quarantined fiat FFS. 
This tells me 100% BTC is only a financial purpose and not a practical purpose overall.

Just venting a little. This selloff is nuts.

btc isnt only made at this time but btc is made long time ago and what do you mean made by ? to save us from hard crisis like this ?  still no .  let them if they sell because they are the ones that will loose and will left out nothing when the time the value recoveres and pump back again .

 china quaratined fiat is a crazy idea but this is also the reason on why no new monies enter on the crypto market resulting for the price to drop . btc can be used what you want . financial or for practical use , you name it .

[Broly46]

I’m kinda eager to know what’s the next trading day gonna bring on the table? I think some big bankers get so trigger that the circuit breaker did nothing but dump the market wildly, it’s crazy ride along the week, just wait and prepare to be slaughtered, I hope you can get through the next Monday.

[fiulpro]

Precisely because they are using bitcoins at time like this , sending money , encashing , using it in the market, it doesn't always come with options .
There is one thing for sure , if a person is using bitcoins for everyday life he would have to sell at some point for sure because of the super limited options , I am not against this at all because at the end of the day Corona virus is causing heavy dump and unfortunately the jobs are dying , schools are closed , people still have to pay rent at the end of the day .