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

[kaya11]

I believe in market manipulation by whale, they are the ones that pull that resistance out for people to panic sell and guess what? They are just making more money because of it, it never changes, the cycle continues and only the strong and have the guts will be able to survive, this ain't for the weak hearted people, remember that it has gone down to almost 3k USD, this ain't new. How I wish that this price could go down even further but look at it now, I regret not buying at around 3.7k usd.

[Sanugarid]

We all know bitcoin can become more useful at times like this since the use of fiat was proven to be medium for the passing of the said virus. The use of crypto is very ideal at the moment considering the fact that no physical contact is need, even when inside your house you can make a transaction and the use of paper money or coins can also be avoided to prevent the virus from gaining much larger scale of spreading. The value keeps on falling and I think that can be one of the main reason why people are panic selling, to avoid much larger casualties from their investment. They should consider atleast that the halving is near and corona might end soon.

[tvplus006]

We all know bitcoin can become more useful at times like this since the use of fiat was proven to be medium for the passing of the said virus. The use of crypto is very ideal at the moment considering the fact that no physical contact is need, even when inside your house you can make a transaction and the use of paper money or coins can also be avoided to prevent the virus from gaining much larger scale of spreading. The value keeps on falling and I think that can be one of the main reason why people are panic selling, to avoid much larger casualties from their investment. They should consider atleast that the halving is near and corona might end soon.

Many people now sell their bitcoins at such a low price that they think they can buy them later at an even lower price. And so far we see that this scenario works. Here, the main thing is to be careful and remember that bitcoin can very quickly go to growth and many will then remain out of the market.

[FanatMonet]

Well, in the end, I think that the vast majority of people see cryptocurrencies as a way to get some tangible benefits, such as money or some kind of value. And not the goal, that it has 0.1 / 1/100, etc. Bitcoins or some other currency.
And so it will be until cryptocurrencies become widespread enough.

[criza]

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 .

Yeah right, people with limited income do not have the capability to go on and still hold Bitcoin for their investement, it would come a time or a crisis like this pandemic that would make them need to sell some stocks to pay for their needs and foods especially when they are shut off from their financial supply. But, news says that countries are now recovering from the pandemic like in China and it might also mean for Bitcoin to retain its price before or a gradual increase in the coming months.

Keep faith in Bitcoin, the halving is coming.

[travwill]

Who told you that bitcoin was created for time like this? Today, bitcoin is the same financial asset as everyone else.
It is important for you to understand that people own bitcoin and people control it too. And they, as a rule, are important financial component in the first place.

[Ucy]

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.

Hope we have learned our lessons from this. It's time to make things more resilient and hard to manipulate. The decentralized approach remains the best way to go. Tokens backed by long-lasting decentralized physical/virtual assets should be developed. The assets should be well decentralized, controlled by their owners and should be mostly based on what can sustain holders in chaotic time.
 If token developers choose to centralized/semi-centralized things, that is fine, as long as they don't sell them as decentralized or in deceptive manner.     The most important thing is that people are sustained in hard times by themselves, and that the decentralized don't get controlled or influenced by centralized/semi-centralized.. that is bad for crypto. The three worlds/spaces should be distinct in my opinion. In the end we will know which is truely safe.

[TheGreatPython]

Bitcoin was made for times like this and that is EXACTLY why it dropped as well. I still think it shouldn't have dropped and I still think it should have even gone up but I do understand the reasoning behind selling bitcoin on times like this. Why was bitcoin created?

So, people wouldn't get affected by the falls of the societies economical troubles. What happened? People who have lost so much money due to corona virus and all the trouble actually sold their profitable and saved aside bitcoins to cover the difference and continue to live like nothing happened. During times when economy falls, if you are a person who didn't get affected by it thanks to bitcoin that means you are doing better than anyone else who didn't get into bitcoin. It wasn't suppose to be used like that but it does help people out on bad financial times this way as well.

[Oasisman]

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.

Simple.
Basic essential needs for survival weights more than wealth. What's the value of money if your health was compromised?
When you die, do you think you can still use your investments?
Financial asset can be recovered, but life isn't.
With the ongoing and still continuing lockdown from all over the cities in the world, people can't think of anything but to store food, medicine, and water to sustain for months.

What's the correlation between the pandemic and the fall of Bitcoin? Well, I can say "health is wealth."

[Yatsan]

Bitcoin was made for times like this and that is EXACTLY why it dropped as well. I still think it shouldn't have dropped and I still think it should have even gone up but I do understand the reasoning behind selling bitcoin on times like this. Why was bitcoin created?

So, people wouldn't get affected by the falls of the societies economical troubles. What happened? People who have lost so much money due to corona virus and all the trouble actually sold their profitable and saved aside bitcoins to cover the difference and continue to live like nothing happened. During times when economy falls, if you are a person who didn't get affected by it thanks to bitcoin that means you are doing better than anyone else who didn't get into bitcoin. It wasn't suppose to be used like that but it does help people out on bad financial times this way as well.

I also think that bitcoin is the safe haven in times like this but, honestly in crisis like this it's normal for people to panic and to sell bitcoin and other cryptocurrency. We cannot blame them, we need money to fight the virus and to stay safe! Lot's of jobs are being affected by it and, it means lot of income will be blocked by this crisis so there's no more choice here but to withdraw all the savings and investment and to use it for their family. Lot of countries are having problem with this virus. Let's just hope that this would end now so that everything will be back to normal.

[YOSHIE]

Just venting a little. This selloff is nuts.

In the last few days so far there have been thousands of people who panicked about V corona, which attacked the whole world making everyone shake their assets, especially in crypto, everything that happens is out of the minds of the people who are currently happening to bitcoin.

People think to sell and want to be made into real / fiat currency.
In this case assume Bitcoin will experience a long decline phenomenon for that people sell their assets and store them physically.

[bitcoinst]

A mixture of panic and mass hysteria. It is clearly visible that people completely do not understand what is happening during the crisis, trying to find easy and simple answers for complex things.
People do not want to figure it out themselves and look for answers, but they are easily ready to go on about those who provide them with the information that they like, even if it is a dummy.

The same dummy as the idea that Bitcoin is a safe asset during a crisis.
The value of bitcoin is that during the crisis and after the crisis, its maximum number does not increase, while fiat currencies have already received a large increase in the form of printed bills.

[Twentyonepaylots]

A mixture of panic and mass hysteria. It is clearly visible that people completely do not understand what is happening during the crisis, trying to find easy and simple answers for complex things.
People do not want to figure it out themselves and look for answers, but they are easily ready to go on about those who provide them with the information that they like, even if it is a dummy.

The same dummy as the idea that Bitcoin is a safe asset during a crisis.
The value of bitcoin is that during the crisis and after the crisis, its maximum number does not increase, while fiat currencies have already received a large increase in the form of printed bills.

Precisely. Bitcoin is just the same as any asset there is on the market. It has it's highs and lows. It just so happened that COVID-19 panic is something of large-scale that it had caused mass panic to all people. And this is the time where people will stock up on their supplies. So probably most investors here who sold their shares are the ones who used it for the quarantine. Most probably they'll be back when the situation becomes more stable. I repeat, bitcoin is no safe asset. It is but a profitable asset that can dump or pump like every thing else. It just depends on the market's situation and other factors which I wouldn't dig in more.

[dalibord]

Crypto failed at establishing itself as a replacement for traditional financial tools.
Then again the biggest impact on the price of BTC have the largest whales. And they like the current position of the fintech. They made big bucks on it, why would the usher a change? Change is bad for them...
There are lots of small fish in the sea, and only a few whales, but fish have a herd mentality. And the whales will always end up feeding upon them. Facts.
Until the richest people/institutions decide that they want BTC, the price will skyrocket. (don't hold your breath).

[webtricks]

Who told you that bitcoin was created for time like this? .

Well, thousands of articles since last several years are telling this and branding Bitcoin as a saviour against crisis. When I read the title, I really liked it because I was expecting this question. People have to realize that Bitcoin is driven by traders psychology, not by some divine force.

Today, bitcoin is the same financial asset as everyone else. It is important for you to understand that people own bitcoin and people control it too. And they, as a rule, are important financial component in the first place.

I differ a little on this. Bitcoin is not same class of financial assets like stock market or even gold. It is expected from stock market to fall in such condition because traders feel that such pandemic will reduce the profits of companies so they tank the share price in advance. However, bitcoin is different. It is not dependent on the performance of any company or organisation. It is independent and its value depend upon the psychology of holders. It was interesting to see that many investors thought the value of bitcoin was overvalued and they went on to liquidate their holding.

[shoreno]

And why they shouldn't ? If you will only go outside and see the situation you will understand why but let say we don't include this situation  , people will still sell because they also want to earn a profit but not all people are selling . Those who are selling might have thier own reasons on why they do it .  Btc is indeed built for the times like this where government is much sticter  . Seems like we are being restricted when we use centralize payment system , that is why we need a kind of decentralized payment too such as btc

[wxxyrqa]

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

This ^^^

I think the case can still be made that BTC is a hedge against inflation and money printing and NOT so much a hedge against stocks, etc.

Mike Maloney points out in his latest video how Gold fell with all markets back in 2008, but then decoupled and outperformed stocks through the following few year. Given that this crash and government overreaction seems to already be much worse, it's likely that metals and cryptos will massively benefit once all that newly printed fiat is circulated. I'm not sure what the lag time will be though.

Of course, a cryptocurrency that is not subject to inflation will knock out the monopoly from the hands of governments to increase the money supply.  If Bitcoin is used for its intended purpose, then in my opinion people will not suffer from the depreciation of their savings.  But it seems to me that the current period is not yet the time when cryptocurrency can fully provide stability for each user.

[Meowth05]

They might be in dire need of funds to use in the case that there is pandemic. They also might be selling it because they are speculating that the price will go down and that they will buy again later.

[KrisAlex18]

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.

Well, that is how a typical bitcoin holder will do, in times where bitcoin dumping happens, there are so many people who will sell it because of being afraid that it will die soon, so in order for this bitcoin not be wasted, they will sell it to have money, how ironic that they know that bitcoin is volatile but they thinking about the die of the bitcoin.

Actually if bitcoin dumping happens selling it is not the best option, investing and holding your bitcoin it this kind of situation is the best thin that you may do because for sure if it bounce back or if it pump again you will earn so much money from investing.

[mlmdaily]

There are not enough true bitcoiners on the market for this