People Overthink Potential of Bitcoin

[Kelvinid]

Overthink is the perfect word to describe the mindset of people as you said either people will say bitcoin will cross $1 million mark when it rises by 10% or 20% and start posts like bitcoin will takeover fiat, etc and at the same time there are the other set of people who will always find an opportunity to diss bitcoin who will post stuffs like end of bitcoin, bitcoin bubble about to break whenever there is a drop of even 10%.

It wasn't a bubble that it reach that far in a short period of time, that really a pure market imagination that comes far to happening in real life. But if we just think about $100k, that is quite possible, not overthink. But I guess that OP wanted to correct those wrong market presumptions.

We need to be realistic as bitcoin or let it be any crypto they can never takeover traditional fiat and even if any country splits and adopts crypto they will have their own digital currency and will not be risking by adopting Bitcoin as their currency.

Not all of us, many were still hyped and believe that Bitcoin will replace fiat in the future. It was a sort of mind manipulation that encourage people to invest and collect Bitcoin. But I did it, not because for that reason, it was just for making a profit only.

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[Poker Player]

I am not trying to dismiss Bitcoin, But sometimes people have to wake up to the truth.

I Completely agree on this point! People are overthinking and overestimating bitcoin to a great extent. Which is obviously not true! Quite often you will see people saying that bitcoin will take over the world's money supply or become the main reserve currency and blah blah blah. But deep down we all know that's not going to happen!

Yes, I think the OP has got a point. I think more at the beginning of bitcoin history there were more idealistic people than we are now. Today we see the path to mass adoption at the hands of regulations and institutional adoption. Surely this is far from the original idea of Satoshi and others like the cyberpunks.

The good thing about Bitcoin is that we have it available just as societies are moving towards the demise of cash, with the loss of privacy that goes with it. It is a tool we can use for privacy and to combat the fiat money scam.

[peter0425]

The title is misleading because it is not Overthinking But People are Over Expecting towards Bitcoins value.

Most Noob looks at bitcoin as something that can make them rich in fastest way doing some kind of stupidity , when some even sell their houses and cars just to invest but the time frame is so short and if they did not get what they are looking? then they will throw bad words forward.

Bitcoin is a currency and now a GEM.

[Wawa2013]

Bitcoin has made people think so much that people have lost a lot of confidence in this bitcoin. At present the price of Bitcoin has come down a lot and people have fallen into a lot of confusion.In such a situation, people are very worried about where the bitcoin market will go. Many are saying that Bitcoin will increase a lot and many are saying that Bitcoin will go down a lot.In such a situation people are very worried.

There will always be disagreements about where bitcoin will go, there are those who believe that bitcoin will recover in the near future, like me. And also some say otherwise.
Here I emphasize more, what factors finally made us decide to become part of bitcoin. This applies to both old and new users. If we enter because of the results of our own research, I think this condition is no longer a strange thing. But if you buy bitcoin for other reasons, such as just following people who were first in bitcoin, then this is a problem. Because they will certainly be confused by a situation like this.

I agree there should be no doubt about the future of Bitcoin, if we invest in Bitcoin not for following other people's opinions. Unfortunately
nowadays there are so many newbies who are influenced by other people's opinions, especially if the person is a famous person and influencers
a lot of newbie are following. Even though it will be confusing if the price of Bitcoin does not move as expected, no wonder people who follow
other people's opinions when investing in Bitcoin, will end up losing money. Because they will panic when the price of Bitcoin continues to fall,
they will sell Bitcoin at a low price. In fact, if we invest based on the results of our own research and analysis, we will be sure that the Bitcoin
price will recover. So when the Bitcoin price goes down we will not sell it, but will hold Bitcoin until the price goes up again, even if we have money
we will buy more Bitcoins when the price drops. So make sure we learn about Bitcoin first before deciding to invest in Bitcoin, at least we will
understand how Bitcoin works. Do not immediately believe that Bitcoin is good and profitable, before we prove it ourselves with the results of
research and analysis that we do ourselves.

[onecall123]

The title is misleading because it is not Overthinking But People are Over Expecting towards Bitcoins value.

Most Noob looks at bitcoin as something that can make them rich in fastest way doing some kind of stupidity , when some even sell their houses and cars just to invest but the time frame is so short and if they did not get what they are looking? then they will throw bad words forward.

Bitcoin is a currency and now a GEM.

It is 100% accurate. I hate people who don't know how to play this game. Just bugs, to be honest. People want Bitcoin price to drop so they can get it for a lower price, but when the price drops, everyone runs because a bear market is coming. The psychology is, there are 90% of people screaming for lower prices when some of them are preparing to sell their houses and cars to invest, but won't buy in if the price drops!

[virasog]

Which one is easier to think about?

• one intangible thing not having any physical presence, turned its value from 0 to $100K?
• one digital currency which has surpassed paper money by getting people's support?

To me, 2nd one is easier to think and dream of.

Both of these points are interlinked with each other. The intangible bitcoin could not gain its value from 0 to 100K without the people's support and people taking interest in it ?

The question then arises, why people would take interest in such a currency and we conclude that paper money has a lot of disadvantages the worst being it is inflationary based and the second one it is manipulated and controlled by the governments.
The bitcoin resolves this as it is a non-inflationary decentralized currency with zero controlling power over it.

[xSkylarx]

Unfortunately
nowadays there are so many newbies who are influenced by other people's opinions, especially if the person is a famous person and influencers
a lot of newbie are following.

Yes, influencers are indeed an attraction for beginners, especially for influencers who only display their profits. But they did not see the loss they suffered. From there, beginners can think of something extraordinary or just think about the benefits. In fact, in cryptocurrencies or any other investment there is always a risk.
Yes, following influencers is also okay, as long as (beginners) can choose good influencers to follow. Which provides in-depth education about cryptocurrencies. So they also want to learn, not just want to make an easy profit.

Yes, there are many influencers who are flexing their profits, but if they are losing money, they will not be vocal about it. When newbies see that kind of profit, they are immediately attracted to it. As a result, many newbies will jump in without any prior knowledge, resulting in losses. Although I believe that the majority of influencers always state that this is not financial advice and that you should invest at your own risk, I believe that you should also consider how this works and that it is not that easy to earn because cryptocurrency is a high-risk investment.

[Wexnident]

People think that Bitcoin will free them from governments and corporations. This is not true at all. Will never happen. Governments and companies have had control or a say in all money systems since the beginning of time. Look at the  Roman Empire and the use of metals for currency

It's only to a certain extent, but it is possible. Plus, Bitcoin never did aim to completely replace the government, it was solely an alternative imo. I was never of the opinion that Bitcoin would, or should even try to replace the government, centralization was made in the first place because people wanted it after all. No matter how many Bitcoin enthusiasts want to replace Bitcoin, it'd never happen since in the first place, Bitcoin is a medium, it could never lead itself to replace the government(fiat).

[Wawa2013]

Unfortunately
nowadays there are so many newbies who are influenced by other people's opinions, especially if the person is a famous person and influencers
a lot of newbie are following.

Yes, influencers are indeed an attraction for beginners, especially for influencers who only display their profits. But they did not see the loss they suffered. From there, beginners can think of something extraordinary or just think about the benefits. In fact, in cryptocurrencies or any other investment there is always a risk.
Yes, following influencers is also okay, as long as (beginners) can choose good influencers to follow. Which provides in-depth education about cryptocurrencies. So they also want to learn, not just want to make an easy profit.

It's a sad fact that most newbies are lazy to learn how to analyze the market, so they choose to make decisions based on other people's predictions.
In fact, influencers only show the profit they make, influencers don't show their losses, or even worse they fake the profits they make. Influencers
do that for personal gain, they show as if making a profit from crypto is easy for them. Even though in reality the crypto market is very volatile,
it takes patience and good analytical skills to be able to predict correctly. Indeed, not all influencers are like that, there are some influencers who
provide more education, rather than just making predictions. So before becoming a follower of influencers, make sure we look at their track record,
so that we don't choose the wrong influencers to follow. Another thing is that we make decisions when investing, must rely on our own research
and analysis capabilities, do not rely on the results of other people's analysis which is not necessarily accurate.

[Hassan836]

Absolutely not everyone, sir. Yes, some special people understand this thing better and use it as a good income. On the contrary, some friends have made a regular salary system.
People are shifting from hard work to easy work and bitcoin is a very easy source of income.
All friends should know about this and also take the best steps to stop the corrupt.

Absolutely not everyone, sir. Yes, some special people understand this thing better and use it as a good income. On the contrary, some friends have made a regular salary system.
People are shifting from hard work to easy work and bitcoin is a very easy source of income.
All friends should know about this and also take the best steps to stop the corrupt.

Bitcoin experts can persuade people with their opinion so that they can benefit from it. With Bitcoin you can only earn something or waste your money and nothing but with a better strategy you can get huge benefits from Bitcoin and other corrupt coins just people have to convince more experts. You have to follow and buy and sell crypto under their guidance.

Absolutely not everyone, sir. Yes, some special people understand this thing better and use it as a good income. On the contrary, some friends have made a regular salary system.
People are shifting from hard work to easy work and bitcoin is a very easy source of income.
All friends should know about this and also take the best steps to stop the corrupt.

Bitcoin experts can persuade people with their opinion so that they can benefit from it. With Bitcoin you can only earn something or waste your money and nothing but with a better strategy you can get huge benefits from Bitcoin and other corrupt coins just people have to convince more experts. You have to follow and buy and sell crypto under their guidance.

By the way, people are getting to know Bitcoin to such an extent that they are investing a lot in it for a better future which is good but they may need more knowledge to stay safe. Before investing, people need to understand it well, know it well and then make an investment. Whether to acquire knowledge.

[moderator's note: consecutive posts merged]

[kryptqnick]

Bitcoin can't free from governments and corporations, but it can provide some financial freedom because it's the sort of money that is not under any government's control, and it can be used without as much oversight as money on bank accounts. And while someone has to be in charge, it doesn't have to be a single person. That's not how democracies work, that's not the most popular contemporary view at all. The community can be in charge, and conflicts can be resolved by negotiations and consensus mechanisms. Bitcoin managed more than a decade without strict leadership, so I see no reason why it can't keep doing that.

[Xinarae*]

Bitcoin decentralized government will never have the power to control it for which it is difficult to impose taxes. Created on an open source basis and without a single issuance center the cryptocurrency is completely independent of bitcoin government banks and corporations he is anonymous and easy to manage protected against inflation. The popularity of a particular currency depends largely on the development potential of the currency once centralized the government is able to control like fiat.

[Bloodseekers]

Looking at people who are overreacting to Bitcoin, I think it's just a fantasy that he has had a lot of bitcoins that he got in the past at very cheap prices when people didn't know about it.
And I think now bitcoin is just an investment tool just like any other big company in this world.
Buying bitcoin now costs a lot of money and only certain people can buy it.

[Zilon]

In general at the end of the day someone has to be in charge. It is impossible and not feasible to let the people lead themselves. Too many ideas and different thoughts conflict with one another. That would cause a clash of conflict to happen. Some people want order and others can believe everything should be a "Free for all"
Going free for all does not work, to function without any rules or order is not good thing. At same time running with too many rules and order not good thing as well.

At end of the day someone has to be in charge. 

For sure someone must rule over a territory but your idea about Bitcoin is not the story behind the technology. Bitcoin didn't come to rebel against authorities but rather made a way to give th public a key that is private so the can control their own funds. Bitcoin is never against the government nor their policies but the idea is to help you and me have full control of our funds make transactions with our funds in a peer-2-peer network without having a bank interfere our making us sell out our identity in the name of KYC.

The ones who are telling you to rid of the government are people who wish to control you. Look at the Trucker convoys going on. The terrorists who stormed the US government last year. are people who have criminal pasts, do not like rules and are really in truth looking to control everyone else in the end. in which their ideas could be more strict and worse then what is already in place.

So be careful what you listen to. Thoughts on this.

No one is controlling no one and no one is telling anyone to get rid of the government. In as much as the fiat currency gives information of people's transaction and can easily track fraudulent activities it's still subjected to manipulation and it's only those who are far from the house of power who fall victims of this . Bitcoin is only keeping everyone on a neutral ground making everyone entitled to their privacy if they so wish

[lixer]

Government had played soft with bitcoin for a long time and the news this morning that the US government hold $3.6 billiion is just damn to bullish on the long term. Bitcoin is more of an SOV, very few use cases but a guaranteed digital asset with low risk as long as you hold. Bitcoin is no more a discovery, it more than an invention and adoption cant be controlled anymore.

They are doing that play style because they knew that they can get benefit with bitcoin. They don't ban it directly, instead they allow it but they put some restrictions. That's surprising that USA government is joining the bitcoin game? What we thought all the time is USA are allergic with bitcoins but the amount of bitcoins they hold is impressive. I wont call it bullish because I do not know if what rate they bought their btc's and btc is volatile, the value can go down even on long term so no the risk is not low but it can be bigger the more money you put in. Bitcoin is both a discovery and invention. Adoption on the other hand can be controlled by the governments .   

[noormcs5]

Government had played soft with bitcoin for a long time and the news this morning that the US government hold $3.6 billiion is just damn to bullish on the long term. Bitcoin is more of an SOV, very few use cases but a guaranteed digital asset with low risk as long as you hold. Bitcoin is no more a discovery, it more than an invention and adoption cant be controlled anymore.

Another thing is that we do not know which governments and which big players/whales are holding bitcoin secretly. I am sure the governments are also accumulating bitcoin but due to some unforeseen pressure, they hesitate to tell this openly. Also, i think that most people underestimate the potential of bitcoin and they don't anticipate high bitcoin price increase in the near future.

[wxa7115]

This is just a straight to the truth post. Anyways since we are all fans of the Bitcoin thing. It is true it does offer economic benefit to many. However. Some of the ideas Bitcoin can bring forth will never be true.
People think that Bitcoin will free them from governments and corporations. This is not true at all. Will never happen. Governments and companies have had control or a say in all money systems since the beginning of time. Look at the  Roman Empire and the use of metals for currency.

In general at the end of the day someone has to be in charge. It is impossible and not feasible to let the people lead themselves. Too many ideas and different thoughts conflict with one another. That would cause a clash of conflict to happen. Some people want order and others can believe everything should be a "Free for all"
Going free for all does not work, to function without any rules or order is not good thing. At same time running with too many rules and order not good thing as well.

At end of the day someone has to be in charge.  Keep in mind you yourself in your own home have rules, That makes  "you" a government. like it or not. Can you function your home without rules for others?? think on that one, rules are needed to maintain order?

More less Bitcoin will not get rid of any rules of leadership. You are going to have to have leadership at some point or another. With rules that some will like, some will tolerate and some will not like. Impossible to run a society without rules.

Anyone saying that does not know what you are talking about, there is nothing like that on the white paper published by Satoshi, Satoshi just described a way to send money between two parties without relying on a centralized third party to make sure the transaction was completed successfully.

That is it, anyone saying something like that is trying to impose their own views to what bitcoin does or it could be, so do not listen to them, they do not know what they are talking about and most likely they want to twist the direction of bitcoin so they can reach their own ideals.

[dothebeats]

Bitcoin will never free us from governments, or even help alleviate poverty anywhere. It is supposed to be used as a supplement to existing financial framework that we have, which is fiat. It was never meant to topple fiat anyways, and those who think otherwise are completely delusional and straight up tripping. Also, in the aspect of 'control,' it simply means that we have the freedom to keep our assets somewhere without financial institutions and governments trying to influence it.

[yhiaali3]

The government wants complete control over everything, this is incompatible with the concept of freedom, Bitcoin provides decentralization and financial freedom for people, but at the same time it is more transparent, you can track transactions that take place in all their details on everything that is clear on the Blockchain and cannot be hidden, the biggest evidence is the news that We heard it two days ago about the theft that took place in the Bitnifix platform since 2016, the couple was arrested after all these years and the government was able to monitor the bitcoin that was stolen and know all its movements since that time until now, although they succeeded in stealing bitcoin but they did not succeed in Transferring it to fiat, this is evidence that Bitcoin cannot be completely outside the control of the government.

[Finestream]

Government had played soft with bitcoin for a long time and the news this morning that the US government hold $3.6 billiion is just damn to bullish on the long term. Bitcoin is more of an SOV, very few use cases but a guaranteed digital asset with low risk as long as you hold. Bitcoin is no more a discovery, it more than an invention and adoption cant be controlled anymore.

Another thing is that we do not know which governments and which big players/whales are holding bitcoin secretly. I am sure the governments are also accumulating bitcoin but due to some unforeseen pressure, they hesitate to tell this openly. Also, i think that most people underestimate the potential of bitcoin and they don't anticipate high bitcoin price increase in the near future.

Just come to think of it, if regular investors take the risk in hodling bitcoin, so how much more with those wealthy people like politicians or those who have big positions in the government who are even wiser and greedy than us? I really think that since bitcoin is not a centralized one, so they decided to make their investments a secret move. But the truth is, they are already enjoying the huge profits from bitcoin even before, we are just too blind to see.