Bitcoin Food for Thought!!! (Bear Market Special)

[Henrobakkara]

Am not sure but from the tone of this post i think it was made during times like this. i stumble across this very inspiring piece of btc post from the telegram channel i follow so i thought to share it here to inspire some of us who are thinking the worst because of the blood bath. More than 10 years since this post was made here in this forum, i hope the @op bought back his btc otherwise........ won't comment any further
Link from the source is either broken or removed, couldn't dig it from here.



Do share your beautiful thoughts.  

I could understand why the OP of that post might feel that way, think about it, even now Bitcoin could still be considered a new thing talk less of 2011. However, It is a surprise that even up till now with the history of Bitcoins evolution some investors still think during a bear market season like this Bitcoin might not be able to recover and all you hear is fear.

I believe why we have so much fear and the kind of panic we see in the market is because many investors are actually investing monies that might be needed in the immediate future for this hence the need to quickly sell off once there is a bit of downward price movement and the uncertainty of how long it might take to recover.

[LodisMcguire]

It's the same every year,there are people who lose the spirit and there are people who still maintained confidence in the time of bear market,like the thread here.
For people who already dabbling with bitcoin for years,they will not easily influenced by FUD and just wait for the right time.

[Lucius]

With stablecoins, lot of things we don't know and any company should have less power than government and central bank so there is more risk. A higher risk is with algorithm stablecoin...

I could still understand those beginners who are inexperienced and do not understand that such things do not work, but I can not understand that such projects are launched by people who have been dealing with cryptocurrencies for years. Stablecoins of course offer relatively fast and cheap transactions, but the risks for me personally far outweigh the benefits because it is a 100% centralized private system that always claims that one of their coins is backed by $1, but we know that is not always the case. People today can be sold all kinds of fairy tales, and some have decided to use it to the maximum.

[justdimin]

Am not sure but from the tone of this post i think it was made during times like this. i stumble across this very inspiring piece of btc post from the telegram channel i follow so i thought to share it here to inspire some of us who are thinking the worst because of the blood bath. More than 10 years since this post was made here in this forum, i hope the @op bought back his btc otherwise........ won't comment any further

I really dislike it when people comeback during hype period, like when they see 20-30% increases daily, once or twice per week, for over a month. Bitcoin was 3.5k or so during march of 2020, and it was 64k just in April of 2021, that's about a year, look at the insane increase it had.

And yet, people are seeing absolutely no upside going forward? Let them be, anyone who buys from the current prices will be getting insanely rich in the near future and it will be a great deal, I do not understand how people can't see an upside, but I guarantee you 100% that all of them will comeback when the prices start to recover and we get into another bull run.

[KaliLinux]

Am not sure but from the tone of this post i think it was made during times like this. i stumble across this very inspiring piece of btc post from the telegram channel i follow so i thought to share it here to inspire some of us who are thinking the worst because of the blood bath. More than 10 years since this post was made here in this forum, i hope the @op bought back his btc otherwise........ won't comment any further

I really dislike it when people comeback during hype period, like when they see 20-30% increases daily, once or twice per week, for over a month. Bitcoin was 3.5k or so during march of 2020, and it was 64k just in April of 2021, that's about a year, look at the insane increase it had.

And yet, people are seeing absolutely no upside going forward? Let them be, anyone who buys from the current prices will be getting insanely rich in the near future and it will be a great deal, I do not understand how people can't see an upside, but I guarantee you 100% that all of them will comeback when the prices start to recover and we get into another bull run.

I agree with you hare. I still see some posts here where people are saying not to buy now that the price of Bitcoin might continue to fall, so wait until it starts to recover. Well, this could be true but I don't see any reason why anyone shouldn't take advantage of the current price even if not all in at once, and how do you even know that, that recovery is actually a confirmed Bull season? I think the problem is some investors don't believe in what they are investing in, they hear Bitcoin is making people money so they invest without the knowledge and the patience of the result.

[Findingnemo]

One more proof, why we need to HODL.

Weak hands always is in this situation they enter when its high and exit at the low but blame the Bitcoin for all those things these are kore common in stocks but not much people talking about it but whenever it comes to cryptocurrency all those economic experts advice us to stay away because its risky.

[noorman0]

I really dislike it when people comeback during hype period, like when they see 20-30% increases daily, once or twice per week, for over a month. Bitcoin was 3.5k or so during march of 2020, and it was 64k just in April of 2021, that's about a year, look at the insane increase it had.

I think bitcoin was never the hype, it increased naturally. And I'm sure that people who are consistent with bitcoin from the last 5 years will not give up their trust regardless of what period they bought it.

The hype period is precisely the moment when newbies get excited about putting all their money into bullshit coins where they are reluctant to look at the history of the market and forget about bitcoin which is the biggest influence of the coins as a whole. So that at times like today, beginners get more of a downside effect and start giving up because of wrong choices.

[Bitstar_coin]

One more proof, why we need to HODL.

Weak hands always is in this situation they enter when its high and exit at the low but blame the Bitcoin for all those things these are kore common in stocks but not much people talking about it but whenever it comes to cryptocurrency all those economic experts advice us to stay away because its risky.

Reason why i decided to share to lift the spirit of those who are thinking the price is lower than where they bought and feel like they have lost money, as long as you don't sell your coins to the whale no lose has occurred.
People need to see this and understand where btc may likely be in few years to come, buying now and holding for long term is always the best decision and rewarding. We shouldn't be influenced by fear.
Impatience people will be the loser, it doesn't make sense for people to fomo in at ath and panic sell at the bottom and then blame the market while they are the ones that lack the patience for market recovery.

[pealr12]

Some people are just too pessimistic towards the bear market and that's why they fail to take advantage of the cheap price, they spend time being negative towards the price and spread fud about btc going to zero or will never go back to previous ath. History has proven time and time again btc will always surpass previous ath and set a new record.

We have a lot of sell low and buy high investors in the crypto space, it is in their nature unfortunately.

[dezoel]

Fear will always be one of the most important emotions in the market. It allows people to not see the reality of crypto and focus on the possibility of everything going badly. Anxiety is what we feel when something is not happening right now, but a potential to happen in the future and fearing of a thing that hasn't happened yet.

Basically it's the fear of murphy's law, and saying that if bitcoin going down to 1k is the worst possible thing, and 100k is the best thing, then it will go to 1k because good things never happen and it's always bad. Having that type of pessimistic approach to the future of the market makes people do things that will cause them to lose money.

[KaliLinux]

Some people are just too pessimistic towards the bear market and that's why they fail to take advantage of the cheap price, they spend time being negative towards the price and spread fud about btc going to zero or will never go back to previous ath. History has proven time and time again btc will always surpass previous ath and set a new record.

We have a lot of sell low and buy high investors in the crypto space, it is in their nature unfortunately.

Don't be too sure about that  someone just told me that it is a mistake Bitcoiners make

Here is the mistake bitcoiners make, Past Performance is no guarantee of Future Profit.

https://bitcointalk.org/index.php?topic=5403037.msg60387089#msg60387089
It is obvious that some pretending Investors don't really understand what that means and once there is a dip and further dips in the market they end up catching all those losses you just mentioned, "sell low and buy high" cos they will come back once the market is in an uptrend again.

[darkangel11]

Don't be too sure about that  someone just told me that it is a mistake Bitcoiners make

Here is the mistake bitcoiners make, Past Performance is no guarantee of Future Profit.

https://bitcointalk.org/index.php?topic=5403037.msg60387089#msg60387089
It is obvious that some pretending Investors don't really understand what that means and once there is a dip and further dips in the market they end up catching all those losses you just mentioned, "sell low and buy high" cos they will come back once the market is in an uptrend again.

Isn't that what TA is all about? It uses history to predict future moves of an asset.

It's not even about bitcoin but all other markets. Why do you think investors know if they should buy or sell something. Usually they sell if there's a repeating pattern of bad performance which they call weakness and they buy when the asset shows strength breaking resistance levels. With bitcoin there's halving that increases its value and the fact that the number of bitcoins is limited to 21 million.

Also, I wouldn't call DCA "catching losses". It's just meant for people with at least 3 years of holding in mind. Some of us are not traders, we don't watch charts or hold coins on exchanges so that we can sell them when the price goes down. We buy in an uptrend which you could call "catching wins" and in a downtrend.

[coolcoinz]

That's really funny! $20 worth of bitcoins in 2011 could have made the holder a millionaire today. But pessimism kicked in and the opportunity is lost. I remember I have done the same thing with ETH because I actually had a chance to buy ETH at $3. But I was skeptical about its future and didn't buy. I could have become a millionaire by now based on the investable surplus I had back in that time. Bow trying to correct that mistake by buying at every dip for longer time, probably for my retirement. 

We are joking with a friend of mine that he bought the most expensive SSD in the world. It was in 2016 and his old drive gave up and we wanted to play some online shooter, or something and he spend somewhere around 0.5BTC for one. He had some BTC left and in 2021 he bought himself a new motorcycle that costed less than that SSD a few years back.

At times like this I wonder what I'd do if I were ever to see bitcoin at the level at which I bought for the first time. It would be a scary thing for sure, so I understand all those people who sell when the price hits their level. Imagine buying at 20k, waiting almost 2 years and seeing it again at 19k. Would you buy more or sell and exit the market?

[Mpamaegbu]

One important difference between 2011 and 2022 is that today people sell BTC for stablecoins

That's true, even up till after 2017 before stablecoins became a thing. The pre-stablecoin era, it was either one sold and bought a shitcoin if one wasn't exchanging Bitcoin directly to fiat through P2P. It's a whole lot better now. People can easily tether Bitcoin if they feel it's going to dip and they aren't shorting it on margin trading. Just sell off and set the capital aside in wait for a dip to buy back. Those who will regret this panic move now are those who after selling off refuse to buy back. Bitcoin will definitely rise from this crash. I've seen this happen many times. It's nothing new.

[_BlackStar]

I wouldn't assume that the crash was largely caused by panicking newbies. I'd say it was more likely done by whales and pro traders who saw the stock market crash and decided to pull their money out of Bitcoin too, because it was already in bear market and stock market downsides have correlated with Bitcoin downsides in the past.

Basically you don't need to have a lot of bitcoins to move the market because the bitcoin market is still small. This means whoever sells low will influence the market regardless of whether they are newbies or whales. It is true that beginners are those who are more likely to panic due to lack of experience, but they are the ones who contribute to the market in whatever amount they have.

The actual market is not completely dominated by whales, so traders may follow their moves and if it does then panic will make the red candle pop again. Look how hot the market is right now where the percentage decline has reached more than 72%. Bitcoin may still drop lower, so this is a special opportunity for those who know how the market works.

[Bitstar_coin]

~At times like this I wonder what I'd do if I were ever to see bitcoin at the level at which I bought for the first time. It would be a scary thing for sure, so I understand all those people who sell when the price hits their level. Imagine buying at 20k, waiting almost 2 years and seeing it again at 19k. Would you buy more or sell and exit the market?

There are a lot of panic sellers now and it seems majority are selling below their buying price driving the price even lower. This is a difficult situation for holders for sure because it takes a great deal of effort to be calm in this period. However, those who have long term goal in mind won't worry so much about this dip, only short term investors can't stand it.

To me, 2 years is not such a long time to wait, compare to early btc investors who have been holding btc since 10, 8, 6.... years back and still holding strong. The problem is lack of patience.

This is the period when the popular saying "i believe btc will raise to surpass previous ath" is put to test. I mean since we all know this and history has also shown it to us anytime btc dip what happened next then why people panic so much like btc end has come!

[Lucius]

One important difference between 2011 and 2022 is that today people sell BTC for stablecoins

That's true, even up till after 2017 before stablecoins became a thing. The pre-stablecoin era, it was either one sold and bought a shitcoin if one wasn't exchanging Bitcoin directly to fiat through P2P. It's a whole lot better now. People can easily tether Bitcoin if they feel it's going to dip and they aren't shorting it on margin trading.

It may be better from the user experience, but if we consider the risk that comes with stablecoins, then this way of trading is not something we should look at in a positive light. People have confidence in something just because it suits them, but they don't understand what the risk is because it's an indisputable fact that Most Stablecoins Can Be Frozen, Even in Your Own Wallets.

People who say they don't believe in fiat and replace it with Bitcoin and then sell it for something that is actually a privatized fiat that can be frozen at any time, obviously don't understand what the risk is.

[Mpamaegbu]

~snipped~

It may be better from the user experience, but if we consider the risk that comes with stablecoins, then this way of trading is not something we should look at in a positive light.

One philosopher opined that nothing was so certain that it couldn't be doubted. I concur with that. To that effect I add that there's no perfect system anywhere in the world. Even life itself bears risk. I mean the mere act of going to bed and waking up is a risk on its own. There are some healthy folks who've passed on in their sleep. In the real sense of it, nothing we do is without risk. Crypto isn't without risk. Bitcoin may bear a safer risk than other cryptos but that isn't saying there aren't any risk associated with it. While we peruse the risk involved with stablecoins, we should also remember that there's no crypto without a risk. I rather fancy my chances with a stablecoin when I sell off than plough it into another altcoin.

[pawanjain]

I've always said that there is no problem with selling bitcoin, I'd go as far as saying there is even no problem with panic selling bitcoin either. The problem is not buying back soon after. Imagine if this person who panic sold below $20 had bought back when the panic sell ended and before the price started shooting back up again.

It's the same scenario repeating itself every time we have a drop. A large number of weak hands panic sell but they don't buy back, only a smaller percentage of people are buying these days. People who would be called whales a couple of years later.

That hit me hard. It's the same people like us who "bought back" at right times multiple times and are now the whales.
I never sold my bitcoins. I only sold some of them when I had the necessity but otherwise I kept HODLing on to the rest.
If only I had sold and bought back then I could have accumulated more coins. But then I am happy to not lose those coins by not buying back.
I still have a chance to buy more right now while it's low and keep accumulating. May be I may sell later at peak and buy more later again.

[pooya87]

~
That hit me hard. It's the same people like us who "bought back" at right times multiple times and are now the whales.
I never sold my bitcoins. I only sold some of them when I had the necessity but otherwise I kept HODLing on to the rest.
If only I had sold and bought back then I could have accumulated more coins. But then I am happy to not lose those coins by not buying back.
I still have a chance to buy more right now while it's low and keep accumulating. May be I may sell later at peak and buy more later again.

Beware that you have to find a good balance between selling, buying, buying back and HODLing. After all using exchanges is always risky, trading is an extra risk on top of it. I personally dedicate a small portion of my bitcoins to trading which is why when Bittrex scammed me and stole my coins I wasn't devastated, that was simply because I was trading with a small amount that I could afford to lose.

If you get over that, trading could give you some good profit. For example I sold a small amount above $30k and bought back above $20k and I'm happy with the profit I earned regardless of what the price currently is.