Bitcoin's price, and our mental health.

[gentlemand]

Ideally long-term holders should not worry about the price too much. I consider myself a long-term holder, but I can't resist from checking the prices every now and then. My conservative estimate is that in a typical day I check the Bitcoin prices at least 20 to 30 times (either in my laptop, or in my smartphone). And with everyone working from home now, staying away from this habit has become even more difficult.

I might do it once or twice a day at the moment out of curiosity as to whether it's soared or collapsed. Before this current madness I could go for a few days without checking as there was little prospect of dramatic price action, until recently of course.

I hope this isolation doesn't cause people to dwell on crypto troubles too much if they have them. It's out of our hands. If I had a reasonable amount I'd be inclined to spend a bit of it on something that enriched my life and redirected my attention.

[DooMAD]

I am a long term holder of ENRON stock, and still waiting for it to go higher 

Then we could (if we were equally asinine as you) use the same argument to say that no one should hold any stocks because it's bad for your mental health that they can crash during an economic downturn.  But that would be stupid, because you know that stocks can go both up and down. 

None of your arguments make any rational sense.  You are just blurting out whatever you think will sound vaguely ominous in an attempt to scare people off.  It's just sad.  Find a new hobby.

[HardFacts]

Then we could (if we were equally asinine as you) use the same argument to say that no one should hold any stocks because it's bad for your mental health that they can crash during an economic downturn.  But that would be stupid, because you know that stocks can go both up and down.  

SMART INVESTORS got out of stocks in early February.  Jeff Bezos, Warren Buffet, and a lot of other insiders that knew the market was about to go down SOLD their stocks instead of losing a fortune.    Of course  DUMB people say " stocks can go both up and down "  and just sit and watch their money go up in smoke  

Losing a bunch of money you need SHOULD affect ones mental health.    And I expect we will see a lot more of unhappy people in the next PRICE HALVING of BitCoin.

Hard Facts

[Debonaire217]

Mental health with bitcoin price give us more chance to buy and sell because last three days bitcoin suddenly up and down, This best way for us how to get much profit with bitcoin and try to get more profit. Some time bitcoin change up more than 10% and back down again, we can waiting when have to buy and sell bitcoin.

The behavior of the market is quite normal based on its characteristic of being volatile. Bitcoin fluctuates too much over time, and the concern about the mental health of the people is more serious that we thought about their chance to buy and sell. It is not that easy to tell but in terms of it, it affects the person psychologically, whenever the market declines, it urges people to sell, especially if there is a huge bitcoin at stake. Sometimes, they became depressed from losing their investment. That is what we need to cure, we should help people overcome their doubt about bitcoin and help them to stick and hodl until the market price becomes decent again. In that way we could help the people develop their mental health, and to avoid losses in the market.

[aysg76]

˜

Thats a mature approach towards the investment world. Humans are freaky selfish when it comes to earning something for themselves and that is might be a natural extinct of having more and more!

This is good piece of advice and one should just turn off their system if they start getting depressing feelings after a loss.

You mad at your loss -----> Take deep breath -----> Turn off your system -----> Take a day Off -----> Be with your loved one -----> Start with new energy and in different way!

[kpllvd]

As someone who owns a printing business near academe and universities, I am one with those who are slowly losing money as days go by. It was such an unfortunate event for everyone, not only businessmen who are losing thousands or millions with the current pandemic, but no one really wanted this to happen in the first place. Even though I am losing money, as an immunologist myself, I still dedicated my time, effort and knowledge with the cause, and am volunteering to help prevent the virus to further spread. Working 16 hours a day without getting paid, I only wanted to see the eradication of this virus--or to at least control its spread and help get the normal lives of people back. Sure, a few months without profit may hurt the bank, then again I still have some bitcoins to spare if the going gets really rough.

To those of you who are losing money due to the current market conditions, this is not the end of the world. Some have lost their loved ones, some are contracting the disease and others still don't have anything to feed themselves but are still out there in the midst of the outbreak. Don't give up, and continue to power through. It's just a bad month, and it's not as if we haven't seen the worse days on the past years anyway.

Yes, true. For those people who are indeed worried about the losses keep your mind positive. In this kind of market you are in, it is very unpredictable to tell whether when there will be a decrease or increase of rates because that's how bitcoin works. Before entering this kind of investment, make sure that you have understand and learn how this market worked. All of us here are worried but don't let your emotions drown you for what happened I know it's tough but soon will be better. Unfortunately, this virus did affect bitcoin but it will not be the end of it, it doesn't mean that it will continuously going down. Just remember, always expect things like these positive or negative cause if it's meant to happen it will happen.

[gentlemand]

That is what we need to cure, we should help people overcome their doubt about bitcoin and help them to stick and hodl until the market price becomes decent again. In that way we could help the people develop their mental health, and to avoid losses in the market.

Lovely idea. That will never, ever, ever happen. That behaviour is as hard wired into most people as breathing. Bubbles, FOMO, regret, they happen in all markets, not just Bitcoin.

What's easy to forget is that for most people here this is the first time they've ever been involved in any type of market. It doesn't help that this particular market is flat out nuts, but the things that seem to surprise some happen in the exact same way elsewhere.

[Spaffin]

If I lose something, then this, in my opinion, is a real process on the cryptocurrency market and I’m not going to get sick because of this.  It seems to me that such advice can be offered to other users of the forum.   

THE VAST MAJORITY of people that have invested into BitCoin have used real money to buy it...  Many have borrowed, used retirement money, etc and have gambled with money that they can not afford to lose.    So it is understandable that the price crash of BitCoin would severely affect their MENTAL HEALTH 

I have no idea where BitCoin price is going, but the way it has crashed in this Economic Crisis is very worrying.  If you guys thing this is bad, just think how you will feel if BitCoin gets down into the 2000's

Hard Facts

I think that there is no need to compare the year 2000 and the current state of the cryptocurrency market.  Today we are witnessing the real development of the market and many companies that use cryptocurrency.  The whole difference between these periods is that there are more cryptocurrency users, because many new people are interested in investing in cryptocurrency, including bitcoin, as well as cryptocurrency trading.This increases the demand in the cryptocurrency market.  Of course, price fluctuations will always be present, Perhaps even on a large scale, especially if speculators manipulate this, But the fact that Bitcoin will not fall completely in price to the level of 2000, I am sure of that.  In addition, we need to wait for the upcoming halving and see how it affects the entire cryptocurrency market, and not just bitcoin.

[HardFacts]

In addition, we need to wait for the upcoming halving and see how it affects the entire cryptocurrency market, and not just bitcoin.

The Halving is already expected and already priced into the BitCoin market.   You do not understand the psychology of the markets, the halving will most likely be a buy the rumor - sell the fact event.  So be ready for the PRICE - HALVING that is coming...

Hard Facts

One must switch off emotions when trading and investing in Bitcoin.

ARE YOU KIDDING    99.999 % of people here are BitCoin " BELIEVERS ",  they are all operating off emotion and greed 

Every time I post a FACT that they do not like, it is rejected...  BitCoin believers are no different than cult members, all reinforcing each other delusions.

Hard Facts

[Wind_FURY]

One must switch off emotions when trading and investing in Bitcoin.

ARE YOU KIDDING    99.999 % of people here are BitCoin " BELIEVERS ",  they are all operating off emotion and greed 

Because 99.999% of them are actually humans, only 001% are honey-badgers.

Every time I post a FACT that they do not like, it is rejected...

Because you're a troll.

BitCoin believers are no different than cult members, all reinforcing each other delusions.

All hail Bitcoin!

Fact, dormant addresses are actually increasing, https://bitinfocharts.com/top-100-dormant_8y-bitcoin-addresses.html

HODL.

[HardFacts]

It was a rough experience back in the days when bitcoin fell also the same way as this as that was my first experience to market crash like it was around 4k.

BitCoin grew up in an economic bubble when everything went straight up...   BitCoins reaction to its first ECONOMIC CRISIS should worry everyone.     Cult like " believers " are not investors, and they will deserve exactly what they get.

BitCoins recent price drops should WORRY everyone, and of course losing your investment will affect your mental health.  The " believers " will be the hardest hit when they have lost everything and living in a delusional fantasy is no longer possible   

Hard Facts

[panganib999]

As someone who owns a printing business near academe and universities, I am one with those who are slowly losing money as days go by. It was such an unfortunate event for everyone, not only businessmen who are losing thousands or millions with the current pandemic, but no one really wanted this to happen in the first place. Even though I am losing money, as an immunologist myself, I still dedicated my time, effort and knowledge with the cause, and am volunteering to help prevent the virus to further spread. Working 16 hours a day without getting paid, I only wanted to see the eradication of this virus--or to at least control its spread and help get the normal lives of people back. Sure, a few months without profit may hurt the bank, then again I still have some bitcoins to spare if the going gets really rough.

To those of you who are losing money due to the current market conditions, this is not the end of the world. Some have lost their loved ones, some are contracting the disease and others still don't have anything to feed themselves but are still out there in the midst of the outbreak. Don't give up, and continue to power through. It's just a bad month, and it's not as if we haven't seen the worse days on the past years anyway.

Yes, true. For those people who are indeed worried about the losses keep your mind positive. In this kind of market you are in, it is very unpredictable to tell whether when there will be a decrease or increase of rates because that's how bitcoin works. Before entering this kind of investment, make sure that you have understand and learn how this market worked. All of us here are worried but don't let your emotions drown you for what happened I know it's tough but soon will be better. Unfortunately, this virus did affect bitcoin but it will not be the end of it, it doesn't mean that it will continuously going down. Just remember, always expect things like these positive or negative cause if it's meant to happen it will happen.

Absolutely true, we should be prepared for any losses or grow that will happen. Bitcoin investment is a great idea but we should have understand the market and volatility of it. It's normal if there's a crash or sudden downfall of the rates it will not take too long, remember that's how this works. Also, I did have a business where I sell clothes online and now I can't even process the orders because of the quarantine or lockdown that the government imposed, and I'm worried because my funds are running out. Yes, it indeed affect my mental health but I know after the quarantine it will come back to it's normal situation just like in Bitcoin. For some reason, it will goes up or even down but what I have learned from the past years here are to have patience, control over your emotions, good tactical strategies and analyzation over the situation which really helped me to grow more. So, for those people who are worried, it's a normal thing to feel but look for a bright side in every negative situations for you to overcome this.

[Wind_FURY]

It was a rough experience back in the days when bitcoin fell also the same way as this as that was my first experience to market crash like it was around 4k.

BitCoin grew up in an economic bubble when everything went straight up...   BitCoins reaction to its first ECONOMIC CRISIS should worry everyone.     Cult like " believers " are not investors, and they will deserve exactly what they get.

What was the reaction?

Zoom out.

BitCoins recent price drops should WORRY everyone, and of course losing your investment will affect your mental health.  The " believers " will be the hardest hit when they have lost everything and living in a delusional fantasy is no longer possible  

No. Those are simply weak hands selling. What are their plans when Bitcoin goes back to the road to 6 digits? Buy again? Haha.

Believe.

[casperBGD]

No. Those are simply weak hands selling. What are their plans when Bitcoin goes back to the road to 6 digits? Buy again? Haha.

Believe.

it is easy to believe if you are long enough in the industry, of course there is plenty of people that were introduce to BTC by mass media in 2017, bought it on the top, and for them this is a meltdown, but three facts should be always in mind prior to investing:
- never borrow money for risk investments
- always do your own analysis prior to investment
- never invest more than you can lose in any investment, especially risky ones, like BTC

[DooMAD]

it is easy to believe if you are long enough in the industry, of course there is plenty of people that were introduce to BTC by mass media in 2017, bought it on the top, and for them this is a meltdown, but three facts should be always in mind prior to investing:
- never borrow money for risk investments
- always do your own analysis prior to investment
- never invest more than you can lose in any investment, especially risky ones, like BTC

Yes.  This is the type of balanced stance the topic should aim for, IMO.  I know it's tempting for some, myself included, to counter-troll the OP with an equally strong retort, but that's not sound advice for others. 

Ideally aim to hold perma-bears and perma-bulls to the same level of skepticism, because the truth is that no one can accurately predict what's going to happen to prices. 

If you try to predict a drop, it might go up.
If you anticipate a rise, it may fall.
If you suspect prices are going to stabilise, volatility could increase.
If you think there's going to be a sudden move in the markets, prices could well remain as they are.

No one knows.

[bearexin]

Anyone that’s having a thought of taking their own life should please stop and look for help, this is not the end of the world, things are going to get better to be sincere.

There have been cases that are similar to this and things still got better, so this situation is just a temporary situation and not something that’s going to be permanent, just relax and wait for it and moreover life is the greatest gift of all, as long as you have life then it’s never late, you can always recover everything that’s lost. You might give up today and things will get better tomorrow, and then you will no where to see it. So relax guys.

[HardFacts]

No. Those are simply weak hands selling. What are their plans when Bitcoin goes back to the road to 6 digits? Buy again? Haha.

Believe.

This guy Wind_FURY is one of the dumbest, most dishonest people in the forum. Using a non linear graph and trying to show a trading band is NOT VALID.  Even a dumb person can see BitCoin price has been in a downtrend since its high in DEC 2017.   Would anyone invest in a Wall Street investment if your broker said " Believe " ?    When someone tries to tell you something and says " Believe ", that is exactly when you should RUN AWAY.  

Only the dumbest, most uneducated fools would fall for a snake oil salesman saying " Believe "  

Hard Facts

[valuater]

It was a rough experience back in the days when bitcoin fell also the same way as this as that was my first experience to market crash like it was around 4k.

BitCoin grew up in an economic bubble when everything went straight up...   BitCoins reaction to its first ECONOMIC CRISIS should worry everyone.     Cult like " believers " are not investors, and they will deserve exactly what they get.

BitCoins recent price drops should WORRY everyone, and of course losing your investment will affect your mental health.  The " believers " will be the hardest hit when they have lost everything and living in a delusional fantasy is no longer possible   

Hard Facts

It's interesting to talk about bitcoin price movements in the current period which can be considered a crisis due to the corona outbreak, maybe this could be one of the years when bitcoin will have an important role throughout the world to become one of the safe heaven alternatives besides gold.

It is not impossible if the price of bitcoin will immediately skyrocket when this corona outbreak ends

[kezinaur14]

It was a rough experience back in the days when bitcoin fell also the same way as this as that was my first experience to market crash like it was around 4k.

BitCoin grew up in an economic bubble when everything went straight up...   BitCoins reaction to its first ECONOMIC CRISIS should worry everyone.     Cult like " believers " are not investors, and they will deserve exactly what they get.

BitCoins recent price drops should WORRY everyone, and of course losing your investment will affect your mental health.  The " believers " will be the hardest hit when they have lost everything and living in a delusional fantasy is no longer possible   

Hard Facts

It's interesting to talk about bitcoin price movements in the current period which can be considered a crisis due to the corona outbreak, maybe this could be one of the years when bitcoin will have an important role throughout the world to become one of the safe heaven alternatives besides gold.

It is not impossible if the price of bitcoin will immediately skyrocket when this corona outbreak ends

I think that, many people thought that bitcoin's safe haven capabilities meant they'd only gain money during the crisis, and because btc's price dropped then now they seem to have turned their back on BTC, at least temporarily, BTC needs to be in a more stable position so that its fluctuations (much like gold's) is of about 5% or 10% tops during times like this, in that moment is when people will start considering it a safe haven in my opinion.

[HardFacts]

I think that, many people thought that bitcoin's safe haven capabilities meant they'd only gain money during the crisis, and because btc's price dropped then now they seem to have turned their back on BTC, at least temporarily, BTC needs to be in a more stable position so that its fluctuations (much like gold's) is of about 5% or 10% tops during times like this, in that moment is when people will start considering it a safe haven in my opinion.

The LIE of BitCoin as " Digital Gold " or a " Safe Haven " has been exposed.  No rational person is buying that false narrative anymore.   A 50 % crash in price due to the economic crisis told every rational investor that BitCoin was nothing more than gambling at the Casino   

Central Banks, Countries, and Large Institutional Investors are getting as much Gold as they can, NONE, NONE, NONE of them are buying BitCoin.

WISE UP, That pipe dream is OVER.

Hard Facts