Hold your bag when you can

[Sanitough]

A couple of days ago all I have seen are a lot of threads where people ask questions about the possibility of Bitcoin going down to $1 or coming to an end because they are panicked that Bitcoin may not experience another surge in price due to how the market downtrend a lot in just a few days ago. Are you wondering the reason behind this sudden surge in the price?

It's because "CCP tanks protecting banks because the Bank of China (Henan branch) declared that people's savings in their branch are now investment products and can't be withdrawn."

The world we are living in is far from perfect and issues like this where the institutions and FEDs take advantage of the people will always happen. This will make people realize the purpose of BTC and before that happen hold your bag when you can.
Always remember, not your key not your coin.

Saving in centralized banks will never be good for investors in the long run. First, you are being taken advantage with your own money. They will use it for the bank's progress, but not for your money's progress. That is why bitcoin is here to serve as a wake up call for everyone as we should only invest our money on the condition that we will still have our own keys so that our money won't be used by others. If we can keep them safe and store on our own decentralized wallet, i think that will be safer than entrusting them to some centralized banks and centralized exchanges.

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[Welsh]

i think that will be safer than entrusting them to some centralized banks and centralized exchanges.

In almost every case it will be. You're basically giving the banks permission to gamble with your money, despite them potentially being decent at investing, they're still using your money, to gain more money, and that's why they offer interest rates to entice people to keep their money in the bank.

However, Bitcoin isn't for everyone. For those that aren't well up on security standards, and not very familiar with how the internet works, and potential attacks, I can see the benefit of banks. Although, I still think hoarding cash, and securing it physically is still better than trusting banks to handle your money.

[ololajulo]

I was going to point out what happened to Celsius customer investment which is same scenario to the article that you share but crypto counter part until I notice the Not your keys not your coin word. I believe people should avoid centralized investment platform even if it’s bank or in crypto because same scenario can happened if you don’t hold the keys to the wallet that contain your investment even on DeFi. Holding is the best and trading only in DEX is the best way to play safe on this current market.

How many centralized investment can we really avoid in an evolving space that keep producing new developments. No matter the way you put, bitcoin was initially centralized just like every other token until they got so diluted, scarce and dispersed. In such a money matter, bury your pride and dont be like the 3AC, make profit like the A16 etc and pretend you are holding for life.

[Welsh]

How many centralized investment can we really avoid in an evolving space that keep producing new developments. No matter the way you put, bitcoin was initially centralized just like every other token until they got so diluted, scarce and dispersed.

That might've been the case initially, but it certainly isn't the case any more. Bitcoin is much more decentralised than any fiat currency, and honestly pretty much any noteworthy alternative. If you don't want to use a third party, you can absolutely do that. The only thing that Bitcoin really relies on his people running nodes, and miners. Other than that, you can completely take control of your Bitcoin, and spend it where ever you like or do whatever you like, obviously as long as you comply to the laws in your country.

So, if you care about decentralisation, cryptocurrency is the way to go. Doesn't mean it suits other personal needs though, depends on the use case, and the person.

[Rufsilf]

Well, the truth is that people can make their own market assumptions and price prediction, and they all are wrong.
negative minds - well, of course, think negatively but we have no objections with that as it was their opinion, they soon realize that they are wrong.

Hold as long as we can manage to do it, as long as we still have trust and market confidence. This bear condition isn't forever so we still have the chance and our hard work will be paid off. Just focus on our goal, don't listen to these centralized banking institutions as they will just manipulate your mind.

[TelolettOm]

This may become one of the most common pieces of advice that we hear during this bearish market era. And this is not wrong, I also believe these words. It is better to hold our bag and keep it until the next bullish season right? It is better that we can hold them until someday for a long-term period without any doubt to Bitcoin right? Of course, we can do it because we believe in Bitcoin, no matter how many FUDs spreading around the world. In fact, may more Bitcoin is discussed and talked, the chance to be more accepted and rise up may be bigger.

[TravelMug]

This may become one of the most common pieces of advice that we hear during this bearish market era. And this is not wrong, I also believe these words. It is better to hold our bag and keep it until the next bullish season right? It is better that we can hold them until someday for a long-term period without any doubt to Bitcoin right? Of course, we can do it because we believe in Bitcoin, no matter how many FUDs spreading around the world. In fact, may more Bitcoin is discussed and talked, the chance to be more accepted and rise up may be bigger.

Just more evident in the bearish market, but regardless of what cycle we have, we shouldn't empty our wallets, at least leave something just in case if you wanted to sell at the bull run.

And now with the article that the OP posted and similar threads about banks freezing ordinary people's account, it's really evident that bitcoin or at least crypto will be a good option for us. Or better yet, un-bank people should go full crypto, just saying.

[GreatArkansas]

It's because "CCP tanks protecting banks because the Bank of China (Henan branch) declared that people's savings in their branch are now investment products and can't be withdrawn."

(.....)

Jeez. This is one of the many reasons why China is also one of the key players in Bitcoin if this is legit (reason of recent dumps).
I remember before about the mining issue in China and we saw a huge drop in the Bitcoin market and look now.
It seems people are suffering, for sure some of them are requesting to withdraw to use it to buy Bitcoin.

[bitterguy28]

it is always our prerogative and also we should buy at our own discretion , this is the problem if your pure intention is to earn instantly because the nature and the essence of bitcoin changing .
this is a currency and not something that will make you rich, but the problem is people did not anticipate this instead they mostly wanted to become reach and that is the reason why this change of course.
Hold your bags if you are a holder and sell if you are just a seeking for short earning .

[Minecache]

~ Are you wondering the reason behind this sudden surge in the price? 

It's because "CCP tanks protecting banks because the Bank of China (Henan branch) declared that people's savings in their branch are now investment products and can't be withdrawn."


`~

I don't think this is the reason for the bull market of the past few days. News that banks freeze people's assets is nothing new and it has happened many times before. It happens not only in China but also in many other countries.

I bet these people who had money in that Chinese bank are now regretting it and wishing they had bitcoins instead. Bitcoin is the only money that cannot be taken from you. It can be manipulated when it comes to the price but you don't have to sell into the manipulation. You can wait it out like so many bitcoin OGs did in the past.
When all the dust comes down and all the FUD disappears you'll have more value in your portfolio than you had a cycle ago.

Funny thing. In that reddit post someone commented with "Not your tank, not your money"
So true.

Unfortunately, that isn't going to happen, since China has banned all things Bitcoin related and it's just not going to happen. There is no way Bitcoin can be there to save everyone from their problems.

[worle1bm]

It's crazy when you realize that someone still thinks that bitcoin can go to $1 or even zero. Well, it's different these days and not the same anymore as before because bitcoin has gone far and despite being a very volatile asset, it's unlikely that it will go that low.
Think of those people that are waiting just to buy cheap bitcoin like around $10k down to $3k, there will be a massive buying order on exchanges if it's reached and even to $1k so thinking that it could be low as $1 or zero is totally crazy despite of that "possibility".

Those who still beleive btc can go down to $1 are living in delusional world and that will never happen.We have already witnessed $3k price levels back around 2018 but was there massive orders on exchanges then? No because when there is dip people don't believe in it and on contrary they start selling coins.So these $1 and bubble theories will always be there but you need to focus on your goals.

[famososMuertos]

...//...,,,
Always remember, not your key not your coin.

Regardless of the scenarios, that premise, it seems that for some they are the so-called "small letters," they forget them, but in reality it does not matter what happens and what the most pessimistic scenario is, you must have control of your bitcoins, for everything else, trust.

[davis196]

Many newbies would still put the blame on Bitcoin for centralized crypto exchanges not letting them withdraw their coins.
Having money in the bank is like giving loan to someone without a collateral. This "loan" is supposed to be guaranteed by the government to some extent, but you don't know what will happen when the sh&t hits the fan. Every bank could easily find multiple excuses to block your bank account and legally steal your funds. What is stopping them is the market competition and the central bank regulation. No commercial bank would want to lose it's reputation and trustworthiness.
China is a totalitarian country and the government/central bank can do whatever it wants with people's savings.

[noorman0]

The Chinese people cannot escape their dependence on banks, in fact they are the victims of the policy here and they have no choice.
But I've heard that a China CBDC has been issued. It should be a priority option for Chinese residents to keep savings that are believed to be more independent, equivalent to cash.

[zasad@]

Many newbies would still put the blame on Bitcoin for centralized crypto exchanges not letting them withdraw their coins.
Having money in the bank is like giving loan to someone without a collateral. This "loan" is supposed to be guaranteed by the government to some extent, but you don't know what will happen when the sh&t hits the fan. Every bank could easily find multiple excuses to block your bank account and legally steal your funds. What is stopping them is the market competition and the central bank regulation. No commercial bank would want to lose it's reputation and trustworthiness.
China is a totalitarian country and the government/central bank can do whatever it wants with people's savings.

Banks are bankrupt, so they cannot fulfill their obligations. Similar situations are happening all over the world. And people are used to keeping their savings in banks. What happens if a fool uses bitcoin? I think he will lose his coins faster. An easier solution would be to buy gold and gold jewelry.

[KaliLinux]

A couple of days ago all I have seen are a lot of threads where people ask questions about the possibility of Bitcoin going down to $1 or coming to an end because they are panicked that Bitcoin may not experience another surge in price due to how the market downtrend a lot in just a few days ago. Are you wondering the reason behind this sudden surge in the price? 

It's because "CCP tanks protecting banks because the Bank of China (Henan branch) declared that people's savings in their branch are now investment products and can't be withdrawn."

The world we are living in is far from perfect and issues like this where the institutions and FEDs take advantage of the people will always happen. This will make people realize the purpose of BTC and before that happen hold your bag when you can. 
Always remember, not your key not your coin.

I believe this issue of owning and HODLing your Bitcoin in your own private wallet couldn't have been overemphasized. People should understand that the Government have been and can still take this Kind of action when they feel like as we continue to see all over the world when the Government freezes people's Bank accounts or restrict them from the outright withdrawal of their own money which is Highly unlikely with your Bitcoin in your private wallet.

[Iranus]

This may become one of the most common pieces of advice that we hear during this bearish market era. And this is not wrong, I also believe these words. It is better to hold our bag and keep it until the next bullish season right? It is better that we can hold them until someday for a long-term period without any doubt to Bitcoin right? Of course, we can do it because we believe in Bitcoin, no matter how many FUDs spreading around the world. In fact, may more Bitcoin is discussed and talked, the chance to be more accepted and rise up may be bigger.

While we are all aware that bitcoin will most certainly rebound in the future, we still need words of encouragement like this during a bear market period.
Whenever I hear advice like this,  I feel better about my decision and feel that I'm not the only one to hold bitcoin, I'm not alone.
Every time I hear these words,  I have stronger faith to hold and boldly share about bitcoin to everyone even though bitcoin is not doing well in the short term.

[Sapta2]

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[cheezcarls]

A couple of days ago all I have seen are a lot of threads where people ask questions about the possibility of Bitcoin going down to $1 or coming to an end because they are panicked that Bitcoin may not experience another surge in price due to how the market downtrend a lot in just a few days ago. Are you wondering the reason behind this sudden surge in the price? 

It's because "CCP tanks protecting banks because the Bank of China (Henan branch) declared that people's savings in their branch are now investment products and can't be withdrawn."

The world we are living in is far from perfect and issues like this where the institutions and FEDs take advantage of the people will always happen. This will make people realize the purpose of BTC and before that happen hold your bag when you can. 
Always remember, not your key not your coin.

Yeah I am proud of holding my Bitcoin right now as I am doing DCA (dollar cost averaging) every month. I am in a profit for the BTC I’ve bought for June and July. But for May, I am still at a loss because I bought it when the price was more than $30k. I just simply stored it in a hardware wallet and not in a centralized exchange or wallet.

[Kelvinid]

Yeah I am proud of holding my Bitcoin right now as I am doing DCA (dollar cost averaging) every month. I am in a profit for the BTC I’ve bought for June and July. But for May, I am still at a loss because I bought it when the price was more than $30k. I just simply stored it in a hardware wallet and not in a centralized exchange or wallet.

As it was proven that those who are able to hold Bitcoin will have a great end.
And besides, even if you are a trader, you also have to know how to hold and learn for that because of the market situation. We can just buy and then sell, NO, we still need to hold for a while and wait for the perfect time to sell. But yes, we need to be careful and find a good place to keep safe of our Bitcoin, or else, instead of being happy waiting for the Bullrun, might be replaced in regret for losing them all due to a hacking incident.