I though Bitcoin was created for this moment?

[thesmallgod]

Bitcoin is created for a faster and cheaper transactions, this is my thought. On a daily drops yeah and we are all shocked because of that, but we should remain calm and be positive. Bitcoin proves to us that its not a totally a safe haven, this is also a big question for me but still I believe on the process of bitcoin and I know it can happen again one day.

It has never being a safe haven right from the start but people always wanna make it look like their owe life depend on it. I still believe those people that hodl bitcoin right from the beginning till date will not feel the impact of massive fall. Bitcoin has been an asset that no one can predict its future and this is part of the reason while many people still think it does not meet the requirement to be independably use as a currency.

[HardFacts]

It has never being a safe haven right from the start but people always wanna make it look like their owe life depend on it. I still believe those people that hodl bitcoin right from the beginning till date will not feel the impact of massive fall. Bitcoin has been an asset that no one can predict its future and this is part of the reason while many people still think it does not meet the requirement to be independably use as a currency.

WRONG !!!!

More people are GETTING OUT of BitCoin that are getting in, hence the price crash.   The smart money sold their BitCoin and took their money off the table, and let the HODL take the losses.

Even if you are wealthy, it would be UTTER STUPIDITY to lose 1/2 of your wealth in a matter of weeks...  It would be even dumber to lose 75 % of your wealth in a few more weeks.  Smart people are out.  I doubt any rational person, especially a wealthy rational person would want to take investment advice from you.

Hard Facts

[Artemis3]

On March 12th, Bitcoin witnessed one of the biggest daily drops in its 10years history. While Bitcoin was clearly not the only financial that experienced such drop, it still came as a shock to me that Bitcoin will perform so badly in a liquidity event.`

As stocks, crude oil, mutual funds and other financial assets drop, Governments around the world will tend to print more fiat to support and stimulate their falling market, therefore, moving assets to Bitcoin which have a fixed supply with block halving just 60days away seemed like the rational thing to do. BUT THAT DIDNT HAPPEN.

Well, I remain bullish on bitcoin, because $5500 and a market Cap of about $100B doesn't represent the true value of the asset.

I think you need to reevaluate your study of history...

I remember the Mt.Gox debacle, it went from 1200 into 200.

You know whats 10k to 5k? 50%. Whats 1200 to 200? 84% loss.

Seriously, you people need to think in % and stop looking at the raw numbers. This is nothing in comparison to the previous years, Bitcoin is still fluctuating less than it used to, and you would be a fool to not take this chance to buy cheap bitcoins while you still can...

To make your brain work some more, this is the same as if the price went from $2 to $1. As long as trading is concerned it simply halved its price, not a big issue. Bitcoin is doing great during this crisis, and will emerge victorious as always when things recover.

[matchi2011]

You could also say gold and silver are created for this moment yet look at there prices tank also. All the goofballs yelling about economic collapse and telling you too buy there gold/silver for many years now didn't know what they were talking about.

Nothing escape from this collapse that currently happening, no experts can actually predicts the possible outcomes of this industry. The Corona virus is hurting everything.
Financial market are bleeding and you need to have an extra patience to keep your assets in the right position.

[HardFacts]

Nothing escape from this collapse that currently happening, no experts can actually predicts the possible outcomes of this industry. The Corona virus is hurting everything.
Financial market are bleeding and you need to have an extra patience to keep your assets in the right position.

WRONG WRONG WRONG:  Peter Schiff has been predicting this collapse, and it is playing out EXACTLY as he has said it would.  Quantitative Easing, Intrest Rate to zero, massive stimulus, etc. etc.   And we know exactly what the good performing assets will be.

There is a way to predict, escape, and profit though this collapse, but it requires that you be smart enough to make good investments   

Hard Facts

[Youghoor]

@OP, that's right. Bitcoin will have been a good store of value in times like these but the situation right now is that people are afraid what would become of the miners who are also in places which have been hit severely by the virus and might even decide to shut down to be with their families. These are some of the things people are considering as they sell  of their bitcoins very cheap.

[HardFacts]

@OP, that's right. Bitcoin will have been a good store of value in times like these but the situation right now is that people are afraid what would become of the miners who are also in places which have been hit severely by the virus and might even decide to shut down to be with their families. These are some of the things people are considering as they sell  of their bitcoins very cheap.

WRONG, WRONG, WRONG

You do not understand economics, and you do not even understand BitCoin.

As less BitCoins are being mined, the supply is slightly lower, which should make each bitcoin worth MORE.   You got it exactly backwards.

People are selling BitCoin because it is NOT, NOT, NOT a store of value, BitCoin is a BUBBLE, and has no limit to how far down it can crash.

Hard Facts

[enhu]

@OP, that's right. Bitcoin will have been a good store of value in times like these but the situation right now is that people are afraid what would become of the miners who are also in places which have been hit severely by the virus and might even decide to shut down to be with their families. These are some of the things people are considering as they sell  of their bitcoins very cheap.

WRONG, WRONG, WRONG

You do not understand economics, and you do not even understand BitCoin.

As less BitCoins are being mined, the supply is slightly lower, which should make each bitcoin worth MORE.   You got it exactly backwards.

People are selling BitCoin because it is NOT, NOT, NOT a store of value, BitCoin is a BUBBLE, and has no limit to how far down it can crash.

Hard Facts

That's not a hard fact. If it were just a bubble it would have been zero when it popped but look right now its still $5k.  The panic seem to be this crazy but the guys who bought BTC while its less than $10 are just watching us scrambling. We all can see how BTC can bounce back and every time it does it breaks the ATH and that's HARD FACT we can always check the charts for it.

[riskyron]

More people are GETTING OUT of BitCoin that are getting in, hence the price crash.

A number of nocoiner people around me have been asking about getting into Bitcoin lately. They must be dumb, mustn't they?

[DooMAD]

When everything goes to shit, Bitcoin is still censorship resistant, tamper-proof, resistant to legislative shutdown, decentralised, borderless, open-source, neutral, impartial, etc.  It still has all the same qualities that make it useful and valuable.  So when your bank closes its doors for a few weeks because none of the staff are allowed to leave their house, spot the difference.

[Harlot]

Well you aren't alone, it always surprised me that people always forget that big drops like this happens and they don't learn every time to prepare on these situations that is why they are always at a loss. We always keep telling them that we always need to have exit strategies in place in order to avoid further losses and have the opportunity to short it yet they get blinded by their little gains that is why they hold it even further. Aside from holding Bitcoin at a loss they have now waster a good opportunity to gain some more money. Still this cycle where people are left unprepared will always continue as people will always be blinded by gains and never actually sell them until their expect and unbelievable target price is reached.

[gundala]

Well you aren't alone, it always surprised me that people always forget that big drops like this happens and they don't learn every time to prepare on these situations that is why they are always at a loss. We always keep telling them that we always need to have exit strategies in place in order to avoid further losses and have the opportunity to short it yet they get blinded by their little gains that is why they hold it even further. Aside from holding Bitcoin at a loss they have now waster a good opportunity to gain some more money. Still this cycle where people are left unprepared will always continue as people will always be blinded by gains and never actually sell them until their expect and unbelievable target price is reached.

Yes, this is one of the BTC's worst declines on a single day, it was unthinkable beforehand, the decline would be this deep, even though it was predicted this would happen because all the stock markets and other economies had overtaken. For those who don't like crypto, especially BTC definitely uses this as proof that BTC is a bubble, manipulated, and other negative assumptions. Yet if examined further there are facts that are very contrary to that.
Strategies to deal with situations like this must always be prepared, either by short selling or by leaving the market if we are afraid of risk. In essence, even in the worst situations, there are still opportunities.

[iGotSpots]

This is a unique situation in which many factors are combining: jobs being closed, possible limited access to banking and finances, and a massive pandemic, all simultaneously

Sure, this is what it was for, but it's still too early for it to be relied upon is such dire circumstances all happening at the same time

There is simply not enough cash behind it to support this level of panic and nearly immediate liquidity. If it were one of these at a time, I believe it would be less of an impact. However, this is almost unprecedented and extremely scary on both the public health and financial sides of this situation

[HardFacts]

That's not a hard fact. If it were just a bubble it would have been zero when it popped but look right now its still $5k.  The panic seem to be this crazy but the guys who bought BTC while its less than $10 are just watching us scrambling. We all can see how BTC can bounce back and every time it does it breaks the ATH and that's HARD FACT we can always check the charts for it.

UTTERLY STUPID and FACTUALLY WRONG STATEMENT...

Many Economic bubbles take months to or even longer to come to conclusion once they are popped...  Not all bubbles go to ZERO as you so wrongly state...   Did you just pull these " facts " out of your ass ?   I am sure many people will want financial advice from you after that expert analysis  

EVERYTHING has changed in the last few weeks.   It is UTTERLY USELESS Trying to use past charts of BitCoin performance That has only been around in a huge growth bubble economy...  

WISE UP

[shield132]

Bitcoin is created for a faster and cheaper transactions, this is my thought. On a daily drops yeah and we are all shocked because of that, but we should remain calm and be positive. Bitcoin proves to us that its not a totally a safe haven, this is also a big question for me but still I believe on the process of bitcoin and I know it can happen again one day.

I agree with you, btc was created to be cheap, fast and anonymous at some point, in overall it was created to get rid of 3rd parties during transaction between two person.
But as time goes, people's imaginary changed a little bit and among people it's like bitcoin should suit their needs. It will and even suits your needs but all of these depends on you. People panic a lot and there is no need of it, corona isn't that dangerous as they imagine in their thoughts. They buy weeks of products at once, that makes prices to rise because of high demand and low supply, they sit at home and doing nothing. This stops economics and affects everything. People don't save money in bitcoin like you think, no, they do worst opposite, exchange btc and buy products and sit at home. This is bad reality!

[royalfestus]

Bitcoin had grown to be the most profitable asset in the world over the last decade but had not gone through such a financial crises. The liquidity had shown other disadvantage with rate of cash out when there is no other source in the world in the past 2 weeks. It has the ability to climb its price back as well in fewer weeks when funds are provided, sadly most new holders 1-2 year are more involved in the dump than old investors.

[enhu]

That's not a hard fact. If it were just a bubble it would have been zero when it popped but look right now its still $5k.  The panic seem to be this crazy but the guys who bought BTC while its less than $10 are just watching us scrambling. We all can see how BTC can bounce back and every time it does it breaks the ATH and that's HARD FACT we can always check the charts for it.

UTTERLY STUPID and FACTUALLY WRONG STATEMENT...

Many Economic bubbles take months to or even longer to come to conclusion once they are popped...  Not all bubbles go to ZERO as you so wrongly state...   Did you just pull these " facts " out of your ass ?   I am sure many people will want financial advice from you after that expert analysis  

EVERYTHING has changed in the last few weeks.   It is UTTERLY USELESS Trying to use past charts of BitCoin performance That has only been around in a huge growth bubble economy...  

WISE UP

Do not be a FOOL 🙉🙉🙉🙉   There is no " value of the asset " ,  BitCoin can go down to near zero.    BitCoin has only known good times, when everything was going up in the bubble economy.   The moment the economy started to go bad, BitCoin FAILED and dropped like a rock.   Just wait to see how much more it will drop as things get worse !!!

Hard Facts

Well $5k is no way near ZERO. Did you check the charts because to my knowledge the price still is uptrend because Bitcoin started with less than $1, that's also a fact.

I didn't claim to be a financial advisor though but I can assure you BTC is not going $10. You can hold your buy order at that price but there is no way you order can be picked by anyone who would sell at $10. That's not near zero too.

[Kelvinid]

Your are right if you said so, but let's remember that, this is the first test for Bitcoin since existence and to me it has done some good jobs by measuring with other assets like oil, gold and metals. Bitcoin will bounce back to it original purpose and we all shall see. Possibly the whales have done something strange and we have fallen to their tricks, bet you, many will regret their actions when the time come.  But for me, am not giving up on Bitcoin and not of cryptocurrencies.

Not really at the first test, we've already done a lot of dumps in the previous and even reaching below $5k (were in the position right now). Some people deserted bitcoin but still a lot keeping it for they know that there is sunshine to come and this global pandemic issue will resolve. Either you ask them to hold and bet but you can't still hold them coz they'll never think that way at this time instead, they are much focused on how to survive from the crisis.

[pixie85]

Read my older replies on this subject:

Some people just cannot hold in the situation we are living right now. A lot of people I know have invested all their savings in BTC a few months ago and today they're out of cash, but they need it to prepare for a potential pandemic. I have personally taken a few days off the forum and the internet itself, because I want to focus on preparing for a possibly really bad situation. Investors have a lot of reasons to sell right now. I fortunately do not rely on Bitcoin 100%, which means I can still live without selling a single satoshi even if the price dumps to $100.

I am now trying to get back into the habits I used to have a few weeks ago. The virus outbreak made me move and add some other stuff to the top of my list of priorities.

Don't worry, times will come when Bitcoin will grow back up. It's very understandable that a ton of people sell for various reasons.

~
Smart whales (and I guess they're smart since they're whales) have probably sold weeks ago. Now that the price has dumped, it became a logical thing to me that the price has to drop during a health crisis. People do not care anymore about their holdings during this time: it's time to prepare for survival, not to become rich.

The intelligent ones have sold long ago and are now purchasing at lower prices to lower their avg cost. The ones in need (or driven by panic) are selling now. Both kinds of people are leading to the same market move: a huge dump.

I agree both with your explanation and your attitude towards investing.

In a time of epidemic or any other real life problem people think about getting food and having cash because cash can be spent fast and is more reliable. Cryptocurrencies are a great store of value and a great investment but they are not made for a a time when the sky is faling.

What if you're moving out of town with your family, running out of fuel and there's one gas station nearby. You go there with your crypto wallet and they tell you that they have no Internet, the network is down and they only accept cash, no crypto and no cards. What now?

People will sell in a time like this but they will buy when things go back to normal.

[johnyj]

What if you're moving out of town with your family, running out of fuel and there's one gas station nearby. You go there with your crypto wallet and they tell you that they have no Internet, the network is down and they only accept cash, no crypto and no cards. What now?

People will sell in a time like this but they will buy when things go back to normal.

I think majority of the market activities are not in anticipate of receiving cash in suitcases. Like selling stocks, gold and bitcoin

For stocks it is reasonable, people sell companies' share because in foreseeable future, those companies won't generate any return and their value will crash further, so better get rid of it and reinvest when the situation is more clear

But for selling gold and bitcoin, I have another theory, it is investors who want to get USD ready in order to hunt cheap assets when in market panic. Because every one know that helicopter money will arrive and everything's price will be pumped up later on, it is just a matter of time. You can not buy any other assets with gold and bitcoin today, so it is better prepare USD first