Topic: A crash where Bitcoin wasn't responsible should be treated as such - page 2. (Read 469 times)

Yeah, bitcoin isn't responsible to anything that happens here but it was the people's responsibility. They are the ones that invest here. They are also the ones that creates the price. There are people that will sell but it does not mean that they are panicking but maybe they just need money. If alts crash then why would someone sell their btc's? They did sense that btc will follow next?

I think there is no such pattern as that but it must be the opposite. It will be more acceptable that people will sell alts when they saw that btc crash first because alts are definitely going to follow. Just don't stress yourself too much as there will always be people that won't get it but better to focus only your own.

lol there is no people who had been blamed here instead it is the market to be blamed because if its volatility and the greediness of people that makes this possible .

and besides it is the attitude of us that makes our funds risky, let know your desire and be responsible for everything that may come along the way.

The current issue with Luna contributes on how the sentiments of the people towards how they take the market and for seeing the price continue to decline they mostly try to sell off trying to minimize their losses that's why we go on this far. But for sure all of this will be countered since the issue towards those huge incidents has been covered up and people sentiments has been diverted towards on good things right now.

There are several reasons on why bitcoins price decline or crash.

1. Panic selling
2. Market switch up from BTC to alts
3. Fundamentals
4. Typical Sell off to secure profits

Dont know on why people cant just accept with these kind of circumstances considering that these had been happening through ages.

It seems that now investors are not easily panicked, as happened in 2018 when the market fell very drastically. Now many investors are aware that
the Bitcoin price drop is normal and we don't need to panic because of it. Even the decline in the price of Bitcoin has actually happened repeatedly
and Bitcoin has proven that it can always recover, so the decline that occurs now will not last long. Therefore, the price of Bitcoin is still stable
at $29k-$30k for now, even quite a lot of people end up buying more Bitcoin at the current price. I'm even very optimistic that next month
the market will start to recover and the price of Bitcoin will go back above the $30k price.

I hope you know that the founder of Luna bought bitcoin before it crash and turn like this.. Lol  

Because you know a lot of people sees that the situation of the market is all about panic selling because of the bitcoin situation, wherein without knowing that the founder of luna invested on bitcoin and a lot of investors are not feeling safe on the project itself..

I believe that's the reason tbh for the founder, because they assume that when they invested into bitcoin their own project will skyrocketed, but unfortunately it fails. That's why poor again. Lol

It is a good argument but at the end of the day the ones that are holding bitcoin are regular people, and if they decide to sell their bitcoin when an altcoin is crashing then the price of bitcoin will go down as the supply in the different exchanges goes up and the demand cannot absorb them fast enough, so if anything the issue is with the bitcoin holders and not with bitcoin itself, as they get scared very easily with news that are unrelated to bitcoin.

We weren't at 68k neither, there are tons of people who talk about the recent drop as "we were at 68k at peak and now we reached 26k at bottom!!!!" but the reality is that we already dropped from 48k to under 40k, we were going around 36k or so levels before this Luna deal happened.

So, dropping about 30-35% is not a big deal for crypto, it has done that many times before and not a new thing. Will this change the minds of anyone? Of course not, they will continue to believe that they are doing the right thing and getting away, but this was just a mere bear market and nothing big for any of us who have been here long enough, we have seen that and find this very normal.

Well, Luna held like 80,000 BTC or something which they dumped on the market pretty much all at once. So it's not like an altcoin dying just indirectly caused Bitcoin to crash. It was a very direct cause from dumping BTC. And also UST and LUNA were two of the major cryptos in the market, I think they were 9th and 10th by marketcap just before the crash. So two of the biggest cryptos not just crashing but completely dying and directly dumping billions of Bitcoin at the same time makes Bitcoin's crash very reasonable. It would have been insane if Bitcoin didn't crash from an event like that. Also don't forget the whole world is in a bear market now so investors are already negative and ready to sell.


Also, people should understand that while yes Bitcoin is a far better store of value than Gold due to its monetary properties, as a market it is still developing. If we're talking short term store of value, it has many years to go before it becomes as stable as Gold. Bitcoin is still an emerging market. It is a store of value but right now it is a long term store of value. It takes time and a lot of adoption and education before it becomes a short term store of value.

People like to claim it isn't a store of value because it is volatile, but those people miss the time factor involved. Bitcoin is GROWING into being the ultimate store of value, and so people call it a store of value now because its properties make it obvious that is what it is, and so that label works when talking about it as a long term savings, but in terms of short term price action it has a long way to go, so it isn't "pretty bad" that it can crash like this, it's just that Bitcoin is still very young. Nobody has any expectation that it will be a stable store of value on all time scales right now. Bitcoin is acting exactly as you would expect it to - it is very young but the best hard money humanity has ever had, so it is still early in price discovery and therefore very volatile but long term it is safe to just keep going up as the world gradually discovers, gets educated on it, and adopts it.

I agree that this is not a crash. I would call this a crash if Bitcoin went down to as low as $1,000. But if the price is only decreasing to around $30,000, it means this is simply a bear season, which as already pointed out is partly caused by the Terra (LUNA) fiasco. Since Bitcoin is part of the overall crypto market and the Terra (LUNA) market is also playing a big role in it, it is inevitable that Bitcoin also suffers from its huge effect. The overall crypto market sentiment is affected.

Im not thinking of it as a crash to begin.   BTC only went on a round trip which is nothing new, we are back to similar prices from a year ago so not a big deal really.   Disappointment sure but I would imagine the full scale of negatives and positives is far beyond what we've seen; despite the great movement BTC is well known as highly volatile and this kind of sell is relatively normal.  
  I agree with the idea that some of the price at least is external to actual ongoing factors for crypto so that is bullish.   We have strong dollar for the moment but in the context of an issuing government who cannot really repay their debts, it would appear inevitable that Dollar concludes with negative value vs BTC where nothing changed especially within this economy

There is nothing wrong in booking your profit when you expect that a major crash is looming over us. The reason for the entire cryptocurrency market to fall may be because of multitude of reasons, first the increase in interest rate by the FED and then a stable currency crashed because they had a shitty algorithm based stable currency which was bound to fall like this.
 

Maybe what you say is true, but the fall in the price of bitcoin this time really made them doubt and lose the sensation of bitcoin.
Even though at this time bitcoin really needs encouragement and strong support from us.

 BTC had already dropped pretty much 50% from its ATH by the 5th May by the time Luna/UST went pop, and it did that all by itself without any help from Luna. Sure there was a further BTC sell off due to the Luna/ust lunacy... but I would argue that was going to happen regardless of Luna/ust imploding.

I had pointed to BTC hitting the 55 on the monthly.... and was expecting it, however, I did not expect it to happen so quickly.... if we do not dig in soon, then , more doom on cards..... and even if we bounce here,  we could just hit say 35k, form another lower high, and then ... doom..  personally still of the view there is no macro bull run case, until we break and form support over 48K at least.  

Worst case imo is we bottom out between 10/11K to 17K, unless there is another black swan then, who knows.....

Hoping we do not get worst case, but it would not surprise me either....  200W MA is next logical pitstop if we do not dig in soon thou, and would expect a reaction there... either a bounce or a shit the bed/capitulation moment.

(ps breaking say 36.7K and then forming some support above there would be a good start, and would get my attention)

Don't blame other people for what's happening right now. now bitcoin is falling very hard and can't convict that bitcoin is not responsible for this incident. it could be that the incident of the bitcoin price falling was deliberately caused by them by making strong price corrections to succumb to intense business competition so they had to really bring down the market and re-slam the strong so that bitcoin got high support.

Perhaps, this situation isn't new for us old-timers. And we don't see any reason to put blame Bitcoin for the market crash, it eventually just the time has come every time right after Bullrun. We're giving the chance to buy more and prepare before the next halving comes as an expected price surge is really what we see. So instead of finding a ground for this market crash, we'd rather fill our bag with Bitcoin and some valuable altcoins.

I'm not thinking for another 2-3 years in bear season, so people must not waste this opportunity either.

That is what we should always remember, even if bitcoin crashes too because bitcoin price can increase back and sometimes, the price can increase higher than before.
The bear market is just temporary and will not stay in the market and the bull market will come and will give us a chance to make a profit.
We only need to be patient and not sell because of panic because that will make us lose the money without having a chance to recover.
In the bear market, we have a chance to buy back any potential coins, including bitcoin and there is a discount price to us that we can use it.

This is quite important to notice. Bitcoin didn't had any problems at all, we started with FED interest rate, and we had Luna crash at the same time, combine those two things together and we are looking at something that would be a big deal for the whole market and not something that would be problem for anyone in the long run.

So, we just need to understand that bitcoin has been great for a long time, this could be something related to other stuff and that could be the reason that we need to understand that bitcoin is irrelevant in this topic. Just focus on what we can recover and bitcoin has been going up right now and that is a lot better.

Yes, but people need to learnto HODL because trading is very high risk.



Only real BTC should be considered real BTC. 



But Shitcoins are always source of issues. It's so annoying.
People need to learn to know how weak Shitcoins are and how independent Bitcoin is from Shitcoins. 

It is natural that what happened to the Luna coin has an impact on Bitcoin, Bitcoin is like the mother of all cryptocurrencies, so it is natural when a major accident occurs that Bitcoin will be affected, Luna was not one of the weak coins, but rather had a high rank in the market, so its collapse caused a blow Painful for the cryptocurrency market and caused a loss of confidence in cryptocurrencies in general, but of course this impact will be limited on Bitcoin and it will come back much stronger than it was as we always used to.