Bitcoin Is sort of a Phoenix which Grows Stronger After it's Notice of Death

[chaintee8989]

Some of Bitcoin’s critics never miss a chance to announce the upcoming end of Bitcoin.

It worsens if the recent HODLERS, saw the critics proof that Bitcoin is going to fail.
On social networks, a FUD sentiment has spread, pushing an outsized number of individuals to sell their Bitcoins in the least costs during a totally illogical way.

Without being aware of the current worldwide economic environment.
I mean the situation with the spread of the COVID-19, many people have lost their jobs and tons of cash. once more, unfortunately.
 
If they understand this, they will join the ranks of HODLERS who totally believe Bitcoin.
Then understand that Bitcoin is sort of a phoenix that always rises from its ashes, and always comes back stronger.

[witcher_sense]

"What doesn't kill bitcoin, just makes it stronger". Friedrich Nietzsche

Bitcoin is an antifragile system that is similar to human immune system. If such a system is managed to survive the attack of harmful effects of all kinds, then it is getting stronger and more resilient as a whole. Bitcoin is an open computer program, open software. Many talented programmers all over the world make that system stronger and stronger. Users and miners from different places make bitcoin system secure and decentralized. All the time bitcoin system is ready to resist to any kind of attacks. No matter what incentivize people who involved in bitcoin network, their only desire is to provide such security that makes bitcoin to live and exist among harmful factors.

[avikz]

Some of Bitcoin’s critics never miss a chance to announce the upcoming end of Bitcoin.

Does it really matter? No, not really! Probably such self-proclaimed critics can influence some very minor percentage of bitcoiners who are new to this space. But those who are associated with bitcoin since a long time, don't really give a shit to such critics. In my long association with crypto market, I have seen hundreds of such crooks who come and go, but bitcoin remained unharmed and untouched by such critics.

There were only two incidents where bitcoin was really affected by such critics when JPM CEO Jamie Dimon and Berkshire Hathaway Chairman Warren Buffet criticized bitcoin. But the market quickly came back on track and never responded to their comments thereafter! We have made ourselves secluded from such critics and their comments.

[20kevin20]

How many times has Bitcoin's end been "predicted"? How many times has it ever happened?

Exactly. They have never been right. Although BTC had its ups and downs across the way, today it's sitting at a massive price of $7.6k and people are still "predicting" its death. Only 5 years ago it was under $200 and nobody thought it'd ever recover. meanwhile, I did. I thought it would, I cared about it and here I am sitting on the same position I was in 2013.

There are many opportunities around us but only few of us see them. Not everybody is an economist - if you call right now a completely random stranger that knows not so much about economics and ask them when it's the right time to buy and sell BTC, they'd have no idea or give a silly answer. Some of the Bitcoin hodlers are weak hands, have no vision towards the future or don't know the main rules of trading.

[hatshepsut93]

"What doesn't kill bitcoin, just makes it stronger". Friedrich Nietzsche

Bitcoin is an antifragile system that is similar to human immune system. If such a system is managed to survive the attack of harmful effects of all kinds, then it is getting stronger and more resilient as a whole. Bitcoin is an open computer program, open software. Many talented programmers all over the world make that system stronger and stronger. Users and miners from different places make bitcoin system secure and decentralized. All the time bitcoin system is ready to resist to any kind of attacks. No matter what incentivize people who involved in bitcoin network, their only desire is to provide such security that makes bitcoin to live and exist among harmful factors.

I don't buy that. We have witnessed Bitcoin crashing because the stock market has crashed, so it's clearly vulnerable. Theoretical attacks like the 51% attack or quantum computers can undermine Bitcoin's security and as the result its value. So far big powers ignore Bitcoin or just let it be, or try to regulate a part of its ecosystem. But if they did a 180 turn and banned it, Bitcoin would take a huge hit, because many users would leave.

So, yeah, Bitcoin is technically indestructible, because it's decentralized, but it can be harmed, so it's absolutely not invulnerable or antifragile . Bitcoin devs and community are doing a great job to make it as resilient as possible, but still it's a system that can be attacked.

[ritu_bd]

Yes, I agree with your opinion. In the meantime, many may have understood and even invested in Bitcoin, and I think 80% of people will soon understand, and that's why all of us who have an idea about Bitcoin are all talking about Bitcoin from their own place through various contacts. By sharing, those who don't know will be able to better understand and know about Bitcoin. And by gradually investing in Bitcoin, I am hopeful that I will get something better.

[bitbollo]

From Bitcoin Obituaries - Bitcoin Declared Dead 350+ Times (2020 Updated)
https://99bitcoins.com/bitcoin-obituaries/

Recent Hodlers sounds more like an oxymoron but yeah they are probably "potential hodlers" since they start only now to hodl bitcoin

Most of the times when you see people that doesn't want understand the basic it's only a waste of time. *
They start to being "hodlers" because they are searching a " get quick rich scheme".
They don't want to know anything of what there is behind this innovation, (Shut up and take my money!). 

* If you don't believe me or don't get it, I don't have time to try to convince you, sorry.

[denzkilim]

Some of Bitcoin’s critics never miss a chance to announce the upcoming end of Bitcoin.

It worsens if the recent HODLERS, saw the critics proof that Bitcoin is going to fail.
On social networks, a FUD sentiment has spread, pushing an outsized number of individuals to sell their Bitcoins in the least costs during a totally illogical way.

Without being aware of the current worldwide economic environment.
I mean the situation with the spread of the COVID-19, many people have lost their jobs and tons of cash. once more, unfortunately.
 
If they understand this, they will join the ranks of HODLERS who totally believe Bitcoin.
Then understand that Bitcoin is sort of a phoenix that always rises from its ashes, and always comes back stronger.

Those critics can say whatever they wanted to say and there will be no impact in Bitcoin any words that they throw. If those recent holders of Bitcoin do not have knowledge about Bitcoin and what they are doing they will surely lose money. The targets of those FUD spreaders are the people with less knowledge and these peoples are the new ones in this industry.

One more thing Bitcoin isn't like a phoenix or something that resembles a phoenix because Bitcoin never died even once. Better check out the history of Bitcoin and look if the price or value drops to zero.

[mk4]

On social networks, a FUD sentiment has spread, pushing an outsized number of individuals to sell their Bitcoins in the least costs during a totally illogical way.

I mean, it's not like this is anything new, really.

I mean the situation with the spread of the COVID-19, many people have lost their jobs and tons of cash. once more, unfortunately.
 
If they understand this, they will join the ranks of HODLERS who totally believe Bitcoin.

Not that good of a take. The last thing you would want to do once you've lost your job, is to be holding speculative assets. This is one of the few rarer cases that I'd heavily suggest holding cash instead.

[TravelMug]

I'm sorry but I can't resist when I saw "Phoenix" in the title, it reminds me of this article back then, 

But this is another discussion though.


https://hacked.com/rise-of-the-phoenix/

If they understand this, they will join the ranks of HODLERS who totally believe Bitcoin.
Then understand that Bitcoin is sort of a phoenix that always rises from its ashes, and always comes back stronger.

Because we have two school of thoughts: (1) those who invest for short term and thinks that bitcoin will make them rich in short amount of time, aka, get rich quick scheme (2) long terms investors, aka bagholders who are not affected by the recent flash crashed.

So I think those who have sold-off doesn't have the mentality of long term holders or investors.

[Leonardo7]

I really pity for the people who followed a bearish analysis of bitcoin heading to $3,500 or $5,000. They will just have to buy at a higher rate, that is what you get when you refuse to be patient with bitcoin during a correction. Covid-19 affecting bitcoin was just a subtle lie for whales to buy more bitcoin at a cheaper rate. No one can checkmate the next move of bitcoin.

[pooya87]

i disagree because bitcoin doesn't die and there is no ashes for it to want to revive from that! just because some idiots on the internet call it "dead" doesn't make it so. and remember that price is not everything, the most important part is the network itself and the bitcoin principles that must remain the same. with that said you can see that bitcoin is only getting stronger everyday as its network becomes more and more decentralized as the network grows which also makes it stronger (network is both full nodes and miners).
unfortunately the bitcoin community is filled with a lot of people who think of bitcoin as a money/profit making machine instead of a decentralized currency which is why you talk about "HODLING" and "ashes",...!

[witcher_sense]

I don't buy that. We have witnessed Bitcoin crashing because the stock market has crashed, so it's clearly vulnerable. Theoretical attacks like the 51% attack or quantum computers can undermine Bitcoin's security and as the result its value. So far big powers ignore Bitcoin or just let it be, or try to regulate a part of its ecosystem. But if they did a 180 turn and banned it, Bitcoin would take a huge hit, because many users would leave.

So, yeah, Bitcoin is technically indestructible, because it's decentralized, but it can be harmed, so it's absolutely not invulnerable or antifragile . Bitcoin devs and community are doing a great job to make it as resilient as possible, but still it's a system that can be attacked.

So, whats your point? Bitcoin is vulnerable and fragile because it can be attacked by theoretical quantum computers and evil governments that don't want to lose their power to print money? The possibility of an attack doesn't mean bitcoin can't survive it.

First, powerful quantum computers have not yet been invented, bitcoin will use a more advanced encryption algorithm to avoid attacks from such computers in the future. It is a lot easier to create quantum resistant encryption than quantum computer that will be able to compromise network.

Second, if some governments were to ban bitcoin, other governments woudn't do that in order to reach a more advanced technological and economic level.

Third, the 51% attack can cause short-term inconvenience to the network and its participants, but the network itself will not be destroyed.

Fourth, it is only speculators who concern about short-term drops in bitcoin price, it doesn't relate to network resilience.

[davis196]

Some of Bitcoin’s critics never miss a chance to announce the upcoming end of Bitcoin.

It worsens if the recent HODLERS, saw the critics proof that Bitcoin is going to fail.
On social networks, a FUD sentiment has spread, pushing an outsized number of individuals to sell their Bitcoins in the least costs during a totally illogical way.

Without being aware of the current worldwide economic environment.
I mean the situation with the spread of the COVID-19, many people have lost their jobs and tons of cash. once more, unfortunately.
 
If they understand this, they will join the ranks of HODLERS who totally believe Bitcoin.
Then understand that Bitcoin is sort of a phoenix that always rises from its ashes, and always comes back stronger.

Can you explain to me HOW the people,who lost their jobs will become Bitcoin HODLers?
Do you think that they have a few thousand dollars sitting in their bank accounts,just for the sake of buying Bitcoins and HODLing those Bitcoins for months,despite the fact that those unemployed people don't have a stable income source?
I don't see any panic selling caused by "FUD sentiment" across social media.The current Bitcoin price is 7,7K USD.
It's stable and it's slowly going up.What panic selling are you talking about?

[Wexnident]

They are just pretty much spreading fear to take advantage of the market. If people believe, then they can buy at lower prices and sell at higher prices. If they don't, then they don't really lose anything so their mindset would be to always spread fud if the opportunity arises. Especially right now since most people have seen the massive drop last time, people could easily be triggered to believe that the same thing would happen in the near future since the virus is still active in various countries. Besides, Death notices of BTC are all false news as we all know it. Anyone who trades in BTC and participates in forums know that BTC is well about and growing.

[Twentyonepaylots]

How many times has Bitcoin's end been "predicted"? How many times has it ever happened?

Exactly. They have never been right. Although BTC had its ups and downs across the way, today it's sitting at a massive price of $7.6k and people are still "predicting" its death. Only 5 years ago it was under $200 and nobody thought it'd ever recover. meanwhile, I did. I thought it would, I cared about it and here I am sitting on the same position I was in 2013.

I've seen enough for bitcoin end drama. Bitcoin's core is our speculation, the more we speculate for the price the more it moves no matter how negative or positive it is there will always be interaction in the market. Bitcoin is bubbly, yes it is, but it already gained so much reputation to the web that it could not get any lower than $3K anymore. Bitcoin is already here, changes is upcoming with it and we cannot deny that fact.

There are many opportunities around us but only few of us see them. Not everybody is an economist - if you call right now a completely random stranger that knows not so much about economics and ask them when it's the right time to buy and sell BTC, they'd have no idea or give a silly answer. Some of the Bitcoin hodlers are weak hands, have no vision towards the future or don't know the main rules of trading.

It is good to know that there are people who will still hold even the price gets higher after halving. That is enough for the future.

[The Sceptical Chymist]

OP, there's no one coherent, logical thread running through your post, which seems to be just a mish-mash of bullish sentiment and wishful thinking.

And I don't know how long OP's been around, but people have been proclaiming bitcoin is headed for the grave since well before I got interested in crypto in 2014.  The cries get louder and more frequent when there's an actual bear market (and I'm not sure if what we're in right now qualifies as one). 

Anyway, the best thing I can say about bitcoin right now is that at least it didn't get absolutely shredded in the market like crude oil did.  And even though it's still a ways away from even $10k, I have a feeling it'll get there.  The coronavirus thing cocked everything up, and bitcoin wasn't exempt.

[dothebeats]

If you consider deep crashes as a form of bitcoin's death then yes, bitcoin is a phoenix in that sense.

Even after all the crash back to lower lows, people's confidence in bitcoin remains the same. Volatility is people's major enemy when it comes to buying bitcoin, but they still persist even after all the roller coaster that has happened. Perhaps it has something to do with the established reputation of bitcoin being susceptible to volatility and surviving all the manipulation, or the infrastructure built around it i.e. businesses, miners etc. Whatever the underlying reason for bitcoin's persistence is, one thing is certain: people believe in it even if it means they already accepted the fact that there is a probability that they will lose the money anytime.

[Jet Cash]

Some people believe that the phoenix was really the flamingo. This comes from it's ability to stand in near boiling water to hunt for food. The steam could appear to be smoke. Bitcoin has been in hot water since its creation, so maybe the logo should have been pink.

[shield132]

Some of Bitcoin’s critics never miss a chance to announce the upcoming end of Bitcoin.

It worsens if the recent HODLERS, saw the critics proof that Bitcoin is going to fail.
On social networks, a FUD sentiment has spread, pushing an outsized number of individuals to sell their Bitcoins in the least costs during a totally illogical way.

Without being aware of the current worldwide economic environment.
I mean the situation with the spread of the COVID-19, many people have lost their jobs and tons of cash. once more, unfortunately.
 
If they understand this, they will join the ranks of HODLERS who totally believe Bitcoin.
Then understand that Bitcoin is sort of a phoenix that always rises from its ashes, and always comes back stronger.

I love the way you compare bitcoin to phoenix but I would add some correction. Bitcoin is a dark phoenix (not marvel movei hah) because it rises from it's ashes but at the same time the dark side here is that it falls from it's state of rise and this fall is often very hard. If we don't regret that a lot of people lost tons of money, then how will they add in a queue of holders? Nothing to talk hodlers who hold for a very long time.