A quick reminder from Eric Adams, mayor of the City of New York.

[BrewMaster]

troubled when Bitcoin is losing almost 40% from its ATH price.

it is all about point of view. some people look at the empty half of the glass and some people look at the full half of it. obviously when you look at the ATH at any time we will be below it, even a second after ATH was hit we will be below it! but a better POV is to see that a year ago price was barely 5 digits and wasn't long before that price was $3000 and now it is so much higher than that.

even a better POV is that when price was $3000 people were also panicking and selling their bitcoins.

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[mk4]

it is all about point of view. some people look at the empty half of the glass and some people look at the full half of it. obviously when you look at the ATH at any time we will be below it, even a second after ATH was hit we will be below it! but a better POV is to see that a year ago price was barely 5 digits and wasn't long before that price was $3000 and now it is so much higher than that.

even a better POV is that when price was $3000 people were also panicking and selling their bitcoins.

Yep. At the very least compare the current price to the price 1 year ago or the price at the start of the year. Comparing against all-time highs will only give you a very bad picture especially if it's a blowoff top à la December 2017.

[eaLiTy]

~
Yep. At the very least compare the current price to the price 1 year ago or the price at the start of the year. Comparing against all-time highs will only give you a very bad picture especially if it's a blowoff top à la December 2017.

Even that in comparison to the point of view aspect will create fear in the minds of investors, because one year back the price of BTCitcoin was below $10k and if they look at that perspective then they fear that it can still go down and might book their loss thinking that they will purchase once it reaches the bottom  .

The perspective game is really tricky and i still believe that it all depends upon how the institutional investors view these scenarios and which perspective they will view the market situation. Anything is possible in the next few days, lets see how the market goes.

[bhooscream]

We can't deny that the price keeps going down already and it may be the other decision to rise up or will drop again to the next down support. But here, i still have the expectation and belief that Bitcoin will rise again, maybe it will be sideways until Februari or probably will drop again. But there is always a chance to rise up again.
Btw if this is related to the probabilities of rising up, we can set them for long-term investment, so we will not feel disappointed or even feel sad when the price keeps dropping because our goal is for long term investment.

[hatshepsut93]

Permabulls will always say that right now is the best time to buy. When Bitcoin dropped to $55k and $50k, they were saying that it's just a dip and you should buy it asap before the bull run resumes. IMO it's a bit irresponsible to always tell people to buy the dip, because some people might have already invested more than they can afford to lose, and such posts could induce FOMO and make them take even bigger risks. Not everyone who invests in Bitcoin is a middle-class or rich person with lots of disposable income for saving.

[GreatArkansas]

I saw a lot of people who are crying about these recent dumps of Bitcoin and just to know they just bought some of Bitcoin that is a penny for other people, example for these kinds of people, Eric Adams. Diamond hands.

Another thing is, for sure other cities or countries will start to look at this, like there are options on how to receive your paychecks, like on different mode of payments, then Bitcoin of course is the best choice.

[Obito]

I guess, it's really that time of the year that you're going to have to buy them bitcoins while they're still not expensive and everyone is panicking because they're scared that it's the end of the world for bitcoin. The tensions in Kazakhstan isn't going to last forever so better get some bitcoins right now because when the tensions go down and the Internet comes back on in the country, the price is going to spike back.

[Darker45]

Perhaps a reminder from the mayor of New York City could help ease the fear.

Nah, i don't believe it'll help at all. Since when does the average joe or average crypto user cares about the paycheck of a politician? only thing that could ease the fear right now is green candles and green numbers in the charts, some upward movement, a full stop to this downtrend once and for all

I hope I'm clear this isn't about the paycheck of a politician. This is about believing in something of high value whose price happens to rise and fall. Although, of course, we cannot deny that many are finding inspiration, encouragement, and the like from people up there, may they be politicians, CEO, scientists, generals, inventors, and whatnot.

"Well, you know what, sometimes the best time to buy is when things come down so when you go back up you've made a good profit..."^[2]

i'm gonna go out on a limb and say that the majority of peole who will follow his advice right now do not know how dangerous it is to catch a falling knife in the cryptomarket, or how long it could take for them to "make good profit", or how you should do your own research before taking someone's advice about finances and cryptocurrencies,, now that's a lot of assumptions mind you, but i've seen similar behaviour in the past (downtrend in the market, newcomers following an authoritative figure's advice cos they wanna make a quick buck, etc), so i think what i said is not too far off the mark... All in all, not the best advice to tell others to buy when prices go down sharply, let alone doing it when the downward pressure is still present

The history of Bitcoin is replete with regrets because many allow fear and doubt to get the better of them. In this relatively short history, we've been taught over and over again to buy the dip. Others who will learn their lessons late might buy the dip at $140,000.

[adzino]

Hey folks, Bitcoin is coming down, hitting a certain price never before seen in probably 90 days. I know that's not really bothersome. We've been in countless similar situations in the past. But we know others are probably troubled when Bitcoin is losing almost 40% from its ATH price. The fear level has risen. As a matter of fact, extreme fear is being recorded for the last couple of days.^[1]

Perhaps a reminder from the mayor of New York City could help ease the fear. Take note that this is the man who promised to take his first 3 paychecks in Bitcoin as mayor. When asked if he had received his paycheck in Bitcoin already, and was told that the price of Bitcoin has come down, he simply laughed it off saying, "Well, you know what, sometimes the best time to buy is when things come down so when you go back up you've made a good profit..."^[2]

So, there you go, as simple as that; these are buying days, folks! Let's all enjoy the bargain sale!

[1] https://alternative.me/crypto/fear-and-greed-index/
[2] https://twitter.com/SquawkCNBC/status/1479069915281870853

We have been down more than 50% from it's ATH before back in 2018. So it is really nothing new. Those who are selling are the ones that are taking the profits or the ones that are new to the market and panic selling whatever they are holding. They will learn something new from this. At least this is creating opportunities for new investors to join the market. Now is the best time to buy and hold. And you are right, everyone who has been playing with crypto currencies know that is is a bargain sale going on! Won't last long.

[Lucius]

~snip~
Stocks move and everybody starts selling. Let it go down and keep going down till only those remain who want to buy Bitcoin because they want to hold a truly decentralized asset, not because "numbers go up".
That being said, I would love to know that how many of those paper hands move to crypto stablecoins and how much of that change is due to retail just cashing out from the fear of a crash.

You’re thinking correctly, I also understand like some others on this forum and beyond, but a lot of investors (especially retailers) invest in Bitcoin just for profit (in the short term). In situations like now, there are only two options for them - selling BTC for fiat or for stablecoins, and the latter is much simpler.

Recently, there has been a renewed discussion about the Turkish lira and its loss and return of value and how people protect themselves from such sharp declines - and although some think Bitcoin is the number one choice, most trade is moving in the direction of the Turkish lira -> stablecoins.

“Although elderly Turks use banks and exchange bureaus to buy the U.S. dollar, crypto exchanges are highly popular for people under the age of 40 [to buy dollar-pegged stablecoins]. “Crypto has added another battle for the Turkish government,” Bayraktar said. “There was always the fiat alternative to the Turkish lira, and now there are fiat-pegged crypto alternatives, in addition to Bitcoin and altcoins.”

[Leviathan.007]

Considering what the mayor of the City of New York, Eric Adams thinks about bitcoin, I think there can be different theories and people may think he is very mich bitcoin-friendly also going to make new york, city of bitcoin where even people can see paychecks in bitcoin and buy/sell products using bitcoin, but still, he is the political man and everything is possible from political guys and there is maybe a purpose for his actions like increasing his own reputation between bitcoiners, still, I cannot be sure about it but that's my theory about him.

[franky1]

to answer a question posed in another topic between two people

@Wiwo, why are you opening a new thread when we already have a topic that deals with the same thing?

A quick reminder from Eric Adams, mayor of the City of New York.

Furthermore, do you think NY will become a bit more Bitcoin-friendly just because the mayor will allegedly receive his salary in BTC and then turn it into fiat? Unless you think that with the same BTC he will be able to buy bread, milk or pay for parking...

the answer is not "just because the mayor will allegedly receive his salary in BTC"

the answer is in his tweet he said "when i become mayor NYC is going to be the center of the cryptocurrency industry"

[Wiwo]

to answer a question posed in another topic between two people

@Wiwo, why are you opening a new thread when we already have a topic that deals with the same thing?

A quick reminder from Eric Adams, mayor of the City of New York.

Furthermore, do you think NY will become a bit more Bitcoin-friendly just because the mayor will allegedly receive his salary in BTC and then turn it into fiat? Unless you think that with the same BTC he will be able to buy bread, milk, or pay for parking...

the answer is not "just because the mayor will allegedly receive his salary in BTC"

the answer is in his tweet he said "when I become mayor NYC is going to be the center of the cryptocurrency industry"

I locked the other topic when I discovered this thread exists, the main point is now that Eric is now the mayor of New York is will be an advantage to Bitcoin adoption in that region, and Eric desire to make new York a crypto-friendly can now be actualized since he is now the Mayor, take El Salvador for instance, their Bitcoin adoption is mostly driven by the motivation of the president on Bitcoin.

[Davidvictorson]

Hey folks, Bitcoin is coming down, hitting a certain price never before seen in probably 90 days. I know that's not really bothersome. We've been in countless similar situations in the past. But we know others are probably troubled when Bitcoin is losing almost 40% from its ATH price. The fear level has risen. As a matter of fact, extreme fear is being recorded for the last couple of days.^[1]

Perhaps a reminder from the mayor of New York City could help ease the fear. Take note that this is the man who promised to take his first 3 paychecks in Bitcoin as mayor. When asked if he had received his paycheck in Bitcoin already, and was told that the price of Bitcoin has come down, he simply laughed it off saying, "Well, you know what, sometimes the best time to buy is when things come down so when you go back up you've made a good profit..."^[2]

So, there you go, as simple as that; these are buying days, folks! Let's all enjoy the bargain sale!

[1] https://alternative.me/crypto/fear-and-greed-index/
[2] https://twitter.com/SquawkCNBC/status/1479069915281870853

Well, nice of him to be progressive. I believe there are al ot of folks out there who are waiting to see if he'll honor his word. Truth be told if he really does take his first three paychecks in bitcoin, it's going to make a whole world of difference. That being said, I observed that from the interview, it seems to me he hesitated before giving a response to the question. I must say that this is something that can be quickly misunderstood and misinterpreted most especially by critics and those who which to see bitcoin die if it reoccurs.

[Hypnosis00]

Well, nice of him to be progressive. I believe there are al ot of folks out there who are waiting to see if he'll honor his word. Truth be told if he really does take his first three paychecks in bitcoin, it's going to make a whole world of difference. That being said, I observed that from the interview, it seems to me he hesitated before giving a response to the question. I must say that this is something that can be quickly misunderstood and misinterpreted most especially by critics and those who which to see bitcoin die if it reoccurs.

That is why he responds laughing as he can't answer yet if he is willing to take the risk and get his first Bitcoin paycheck. I don't think that he hesitates to answer it yes but has no clarity about his words for now. I'm waiting also for him to show his paycheck and if that going to happen, this could obviously make a huge change and others will follow.

I don't mind what his critics will say, they are too naive not to understand the situation and they likely not until the Mayor will prove that they are wrong and take the opportunity to start making a change.

[franky1]

That being said, I observed that from the interview, it seems to me he hesitated before giving a response to the question. I must say that this is something that can be quickly misunderstood and misinterpreted most especially by critics and those who which to see bitcoin die if it reoccurs.

That is why he responds laughing as he can't answer yet if he is willing to take the risk and get his first Bitcoin paycheck.

he was laughing WHILST the news interviewer was still asking the question.
he was trying to respond whilst the news interviewer was still asking the question.

when he finally had a chance to speak
he started talking to give an answer, in 0.3 seconds after the interviewer asked. and he did actually say "yes i will be taking my first 3 paychecks in bitcoins"

the interviewer took 20 seconds to ask a question. and the mayor responded straight away answering each of the questions. and said he would take his first 3 paychecks in bitcoin within the 51st seconds of the video,

i seen no delay in responding, no hesitation

[freedomgo]

Well, nice of him to be progressive. I believe there are al ot of folks out there who are waiting to see if he'll honor his word. Truth be told if he really does take his first three paychecks in bitcoin, it's going to make a whole world of difference. That being said, I observed that from the interview, it seems to me he hesitated before giving a response to the question. I must say that this is something that can be quickly misunderstood and misinterpreted most especially by critics and those who which to see bitcoin die if it reoccurs.

That is why he responds laughing as he can't answer yet if he is willing to take the risk and get his first Bitcoin paycheck. I don't think that he hesitates to answer it yes but has no clarity about his words for now. I'm waiting also for him to show his paycheck and if that going to happen, this could obviously make a huge change and others will follow.

I don't mind what his critics will say, they are too naive not to understand the situation and they likely not until the Mayor will prove that they are wrong and take the opportunity to start making a change.

Whether you do it in a positive or negative way, there will always be critics that are unstoppable. So better ignore them for they can't also contribute for our own progress.

However, the mayor may seem to be fearful these days but that won't really matter as long as he knows that bitcoin will eventually go back to its original price in the long run. Its better if we can grab opportunities to buy potential coins this time as all of these will bring good amount of profits when the market starts to be bullish again.

[Lucius]

I locked the other topic when I discovered this thread exists, the main point is now that Eric is now the mayor of New York is will be an advantage to Bitcoin adoption in that region, and Eric desire to make new York a crypto-friendly can now be actualized since he is now the Mayor, take El Salvador for instance, their Bitcoin adoption is mostly driven by the motivation of the president on Bitcoin.

Unless you live in NY like I already wrote, I don't know why you're so excited about something a politician posted on his Twitter? In addition, NY is one city in the US, and El Salvador is one country where Bitcoin is a legal tender - which will never happen in the US as long as there is a dollar. I think the story of NY as a Bitcoin-friendly city will last just as long as the mayor promised to receive his salary in BTC, so about 3 months.

[TheNineClub]

I mean, he ain't wrong But this is nothing unexpected or unprecedented. The only issue is that, as the good times tend to last for a couple of years, people tend to forget that the downturn will come and get talked into infinite growth. And I am not discarding the supercycle theory here, downturns happen in that scenario as well. Did I personally miss out this time? Yeah, I did, I thought the downturn would happen in a couple of months, not now, but I am not worried, I'll always have a chance again when it goes up after bear. And that goes for everyone that is uncertain of what the future of crypto will be. Come down, this is normal.

And as for the mayor...eh, politicians tend to talk a lot. I wouldn't start buying into their bull just yet. That goes for both sides of the spectrum (pro-crypto politicians and the opposing politicians.)

[franky1]

Unless you live in NY like I already wrote, I don't know why you're so excited about something a politician posted on his Twitter? In addition, NY is one city in the US,

which has wall street, which reach is international.
if you look at his responsibilities

The Mayor of New York City, officially Mayor of the City of New York, is head of the executive branch of the Government of New York City. The mayor's office administers all city services, public property, police and fire protection, most public agencies, and enforces all city and state laws within New York City.

this means if he does favour crypto. he wont be trying to:
get NY mining pools arrested/shut down.(he owns the cops and courts)
get NY bitcoin exchanges and bitcoin ATMs to stop operating (he owns the courts)
get landlords to end leases on bitcoin businesses (he administers public property and courts)

if he was against crypto. then he can do the opposite. stop bitcoins businesses from operating

its like this
though some federal law might be against immigration. NY is pro-immigration and NY does not operate any federal immigration enforcement.

and so if NY is pro crypto. they too should not do any crypto enforcement