What are the Reasons People Are Questioning Bitcoin Again?

[HustleZ]

I’ve been watching the Charts and overall Market sentiment for quite some time now. And it's just laughable that the "revolutionary" talk just evaporates when the market starts to bleed. I think the issue is Price Anchoring, I think we are wired to perceive what happened "yesterday" as the permanent reality and when The Market is Green Everyone acts like a visionary but the Second Market starts bleeding Everyone starts Questioning their "Vision". It's like people forget the Actual Mechanics of the Network and make price the only indicator as to the tech is "working" or not. The truth is that most of the people here are just LARPing as high-conviction investors.

It's easy to say you're in it for Decentralisation or whatever the Math when you are 20% up but when you are at Drawdown, that's when you realize if you actually understand what you bought. I have seen in a few discord servers where the people who were posting "To the Moon" memes are now the ones who are hoping to Get out on break-even. It's Hard to believe in something which you don't know about, if everyone right now just have a teeny bit of Fundamental knowledge then they will have something to rely on when the hype is Ended. The truth is we need people who believe in Bitcoin not who wants to Benefit from Bitcoin. And if you believe in It then the benefiting Part comes in the package with it.

[cr1776]

It has been happening forever.  There is always a huge group who are just involved for a short term gain without (a) being able to think in terms of 5-10-15 years, (b) not doing a lot of research, and (c) (even worse) investing using margin.

[Frankolala]

What do you expect, that's human for you. They praise you when you're successful and criticize you when you're stumbling. They forget that bitcoin is an asset that has two phases which is the bear market and the bull run. How is it possible for the price to only be pumping without dipping. The bottom line is that people must always talk negatively about bitcoin.

[BlackHatCoiner]

It doesn't surprise me. Most people haven't read enough about bitcoin to truly understand it. Most people still pull the 'bitcoin has no intrinsic value' card, and when someone tells them that this is true for the US dollar, they respond with 'but the US dollar is backed by the military'.

There are certain topics in life where most people just suck to. That's precisely where the system relies on.

[Callido]

The truth is we need people who believe in Bitcoin not who wants to Benefit from Bitcoin. And if you believe in It then the benefiting Part comes in the package with it.

The greater good Bitcoin does is to benefit investors, almost all investors are into Bitcoin for profits, aside the benefits that comes with investing or trading Bitcoin, there is a huge gap of those who would just keep to Bitcoin like that.

As an investor who spends money buying Bitcoin, of course there has to be trust in Bitcoin, that is the reason only those who understand Bitcoin and commit to their investment will experience the benefits, weak hands often go into loss.

[legiteum]

I recently read an article citing research into consumer Bitcoin buyers and apparently it is getting significant competition from other forms of betting, including sports betting apps.

In short, young people are finding that betting on games they can watch on TV is far more interesting than just watching a number go up and down on their iPhone screen.

Also, Bitcoin is running into a crisis of "shelf space": the place where most consumers buy Bitcoin--apps like CoinBase and Robinhood--also present hundreds of other products alongside Bitcoin, and many of those products are more advantageous to the platform if their users buy them so they pump those products instead.

Bitcoin has no technical advantages over its competitors, and in fact has significant disadvantages in terms of speed and cost. It is in no way "a better product". It just happens to be the most popular one right this moment. Indeed, as a product not backed by a corporation, it has significant DISadvantages in the marketplace since its appreciation doesn't profit them as much as it does other products.

Finally, all of the old "religion" around Bitcoin disappeared when the crypto industry bought the 2024 US elections, with the sole purpose of that political push focused around making the price of Bitcoin go up. Bitcoin used to have a counter-culture mystique, but that no longer exists when the US president owns and pumps (and dumps ) Bitcoin. Today it's just a mainstream popular meme, not some sort of cause.

Hence the only question you need to ask about Bitcoin is, are there still enough low-information buyers out there who can pump money into the Bitcoin market and make it go up in price? That's the question the Bitcoin Whales (i.e. the 10-20 people who own most of Bitcoin) ask themselves every day. At some point the human tendency to learn and expand will dry all of those new buyers up. (And once the Whales see there's no more new money in the system to buy their bags... look out below ).

Maybe it's already happened, or maybe there are a few million more buyers out there who will push the price up with their new purchases, but that's the only question here.

It doesn't surprise me. Most people haven't read enough about bitcoin to truly understand it. Most people still pull the 'bitcoin has no intrinsic value' card, and when someone tells them that this is true for the US dollar, they respond with 'but the US dollar is backed by the military'.

There are certain topics in life where most people just suck to. That's precisely where the system relies on.

A consumer doesn't have to believe Bitcoin is "worthless" in order to pass on it as an investment, they just need to believe it's not worth as much as the current price point. Probably lots of consumers believe its worthless, but probably a lot more believe they missed the boat and should have bought it when it was $100 per coin, and now they are looking for another elevator to riches instead.

(And yes, the US Dollar is basically the tracking stock of the United States writ large. It's "market cap" is the sum total enterprise value of the USA, which includes all of the land, assets and enterprises the USA has within its dominion. [Also, don't confuse "secondary stock offerings"--i.e. expansion of the monetary base--with the value of the enterprise as whole. Apple could issue millions more shares tomorrow, and their stock share price would go down, but that doesn't mean Apple itself has diminished in value]).

[Asuspawer09]

Seems normal a lot of investors have no idea about how they are investing in to, I learn the market the hard way and there are always going to be questions about Bitcoin when the market is just down or times like these it's normal unless all of the investors actually know what they are doing, but most of them have no idea what they are investing in, so we could expect a lot of questions, and a lot of investors are going to be afraid on there investment and probably might end up selling on a lose, but these crash or dump are always a part of the market cycle, it doesn't really market especially if you are investing for long term.

Back in the day, I easily sold my investment at times like these, as a newbie, it is just scary when you see your portfolio dropping a huge amount. I didn't have the vision, knowledge, or experience yet to understand it.

[macson]

That is a normal response from people when they start to see that prices are not in line with their expectations, and I don't see it as something strange or something we need to think about because it is up to them to comment on price movements. That is their personal opinion.

The important thing is that you, as a holder, are not affected by what other people say. If you understand that Bitcoin's fundamentals are very good, then you can remain calm and even accumulate more Bitcoin than those who panic and sell when the price drops. Your actions will undoubtedly yield better results than those who continue to shout and panic sell when prices drops.

[Hatchy]

And if you believe in It then the benefiting Part comes in the package with it.

Not believe, but trust. People have to trust the system so they can understand what's going on. Alot of Investors today are blinded by their lust for profits. Most of them barly even understand the main reason behind bitcoin investment. A perfect example are those who invest thier money buying ETFs. Such people simply are in for the profits not the technological idea behind it.

The fact is we can't force anyone to learn those things as over time you realise that today's Investors are no.match for the early days investors who experienced several market crash but held every single bitcoin till date. They didn't believe in the system, they trusted their idea to be worth their time that's why they never panicked. And bitcoin paid them massively for that trust .

[BlackHatCoiner]

Hence the only question you need to ask about Bitcoin is, are there still enough low-information buyers out there who can pump money into the Bitcoin market and make it go up in price? That's the question the Bitcoin Whales (i.e. the 10-20 people who own most of Bitcoin) ask themselves every day. At some point the human tendency to learn and expand will dry all of those new buyers up. (And once the Whales see there's no more new money in the system to buy their bags... look out below ).

Bitcoin will always go up over the long term. It's just the natural order of things; pricing a finite asset using an infinite. Basic economics. Bitcoin buyers aren't "low information". People stack bitcoin knowing their fiat currencies diminish in value, and that it has a much higher potential upside than other assets like gold.

Welcome back btw. Where had you been the entire bull run?  

[blomen]

i haven't closely followed a bear market for bitcoin before. but i'm currently following the posts of both those experienced in this matter and those who are panicking. i think there's nothing more natural than bitcoin being discussed again; it's very normal for some people to wonder if they made a bad investment during such periods. but if you see this as a risk, i think it's a good time to take risks for bitcoin.

you can see the same panic happening now by looking at what was shared about bitcoin on any social media app four years ago. there were similar discussions when the bitcoin price was just below $20,000, and it seems like they'll continue even if we reach $1 million. sometimes i question myself and bitcoin too, but in the end, i always come back to the same place.

[Odusko]

I’ve been watching the Charts and overall Market sentiment for quite some time now. And it's just laughable that the "revolutionary" talk just evaporates when the market starts to bleed. I think the issue is Price Anchoring, I think we are wired to perceive what happened "yesterday" as the permanent reality and when The Market is Green Everyone acts like a visionary but the Second Market starts bleeding Everyone starts Questioning their "Vision". It's like people forget the Actual Mechanics of the Network and make price the only indicator as to the tech is "working" or not. The truth is that most of the people here are just LARPing as high-conviction investors.

People feelings quickly change to reflect either their excitement when the market is green or shows their fear when the market in in bear market, you don't blame those set of Bitcoin investors you can actually consider them as the babies in Bitcoin investment.

It has been happening forever.  There is always a huge group who are just involved for a short term gain without (a) being able to think in terms of 5-10-15 years, (b) not doing a lot of research, and (c) (even worse) investing using margin.

Majority of those who make short term goals in Bitcoin are speculators and trader's, majority are even shorting or opening long positions on the derivative market so any short term market reactions always get their attention.

[goldkingcoiner]

It has been happening forever.  There is always a huge group who are just involved for a short term gain without (a) being able to think in terms of 5-10-15 years, (b) not doing a lot of research, and (c) (even worse) investing using margin.

Derivative trading is the same as gambling. I keep telling people to stay away but they are still going to do what they are going to do. I think it is just a simple part of human nature that our biology evolved over time. We like risky things.

But a lot of FUD during dumps is definitely orchestrated. This much anyone with a keen eye can tell.

[Odohu]

People have short memories as I have come to know and if not of that, they would have remembered that bear season is something that always happen in cryptocurrency and it is never a time to doubt or question Bitcoin but a time to accumulate aggressively for some nice profits. All of a sudden, people are propounded different theories against Bitcoin and spreading all manners of misinformation and some people are actually falling for that and selling off their precious coins, some even at loss. Bitcoin will prove them wrong as it has always fine in the past. The bear season will end and Bitcoin will still make a new ATH.

[casey15]

Most people are just there for the profit and nothing visionary about it... The goal at the end is to make more money..
There are really only a few people who genuinely are I to Bitcoin because of the vision. The gurus we see everywhere are just there for the money and now that the market is dipping, they will all run away.
The case of the Epstein file too has become something of concern. I think that it may indirectly still contributes to the struggling dipping of Bitcoin .. and these has raised so much  questions about Bitcoin and people are scare too. Nobody really want to lose money. Just wait till the market recovers and you'll see everyone claiming to be holders

[sunsilk]

Anyone is free to believe and forget about Bitcoin. Whatever is beneficial to each of us, we'll be in it and there's no need for anybody to force it to the others.

If some of those don't really know about a thing with Bitcoin and they're not complaining.

That's much better than of those investors that know a lot of it, and yet, they're the ones that cry about their concern about the temporary price that it shows.

[HustleZ]

Most people are just there for the profit and nothing visionary about it... The goal at the end is to make more money..
There are really only a few people who genuinely are I to Bitcoin because of the vision. The gurus we see everywhere are just there for the money and now that the market is dipping, they will all run away.

That's true, most people and even I are here to benefit from Bitcoin, but the first thing that it Demands is Trust and Belief in It. We all Should have Belief and Trust in a Thing we are willing to risk our money into, and that's the only way we are going to survive. If we do not believe in the Vision of Bitcoin then we are not believing in its price appreciating and demand increasing,Thats why Its important to be visionary. Choosing Bitcoin just because of FOMO and Greed is nothing New but they are the People who mostly tend to Lose Everything. So Belief Must be created first, and Belief comes with Education, knowing what it is and what it stands for, What it offers and why is it unique. If we know these things then We will easily be able to surpass these times where people doubted their choice in investing in Bitcoin.

[legiteum]

Hence the only question you need to ask about Bitcoin is, are there still enough low-information buyers out there who can pump money into the Bitcoin market and make it go up in price? That's the question the Bitcoin Whales (i.e. the 10-20 people who own most of Bitcoin) ask themselves every day. At some point the human tendency to learn and expand will dry all of those new buyers up. (And once the Whales see there's no more new money in the system to buy their bags... look out below ).

Bitcoin will always go up over the long term. It's just the natural order of things; pricing a finite asset using an infinite. Basic economics. Bitcoin buyers aren't "low information". People stack bitcoin knowing their fiat currencies diminish in value, and that it has a much higher potential upside than other assets like gold.

You could say the same thing about beachfront property in California, or shares of NVDA. Indeed, there are literally millions of investments that are finite in nature: as in, all of them. Some, like stocks, have a process for expanding the supply that investors would know about ahead of time. Others, like gold, expand, but do so in a very slow and very predictable way. Relatively stable sovereign currencies like the US dollar expand in ways that are well known to the market and also do so very slowly (this can change, but investors will know if it does).

And then there are millions more investments that physically cannot expand, e.g. real estate, singular works of art, collectables, and so on.

Also, there are thousands of cryptos out there just like Bitcoin.

So yes, Bitcoin most likely will not be expanded, but that is not a unique feature. Hence saying, "Bitcoin is not expandable so you should invest in it" is like saying "AAPL is a company selling computer products so you should invest in it", or "my beer comes in liquid form so you should buy it". It's not a unique reason, it's just a reason.

Welcome back btw. Where had you been the entire bull run?  

[FirmWars]

Bitcoin investors have their personal reasons for investing on Bitcoin but the reason why most people are into Bitcoin is because of profit and that is what when the market is pumping, everyone will be happy and would be speculating more pumps like it should not dump at all but that is impossible because Bitcoin is a volatile asset that is known for having two market types knows as the bear and bull market, in human nature, during profits and success, we wish it never ends and that's why when price is dumping, most people starts to have the doubt, those newbies that bought for profit have the problem more.

[Mpamaegbu]

...I think we are wired to perceive what happened "yesterday" as the permanent reality and when The Market is Green Everyone acts like a visionary but the Second Market starts bleeding Everyone starts Questioning their "Vision".

You're hilarious. Sadly, that's a truth you shared there. That's why there's so much noise whenever price takes the bullish direction. "I said this", "I said that", becomes the order of the day. The noise quiets down once price begins to dump.

It's easy to say you're in it for Decentralisation or whatever the Math when you are 20% up but when you are at Drawdown, that's when you realize if you actually understand what you bought. I have seen in a few discord servers where the people who were posting "To the Moon" memes are now the ones who are hoping to Get out on break-even.

So true 😂. I see that panic statements too. Interestingly, I like it when that happens though. People just want price to keep hiking without any sign of retracement at all without factoring in that whatever that's exposed to the market is subject to the law of Supply and Demand.