A crash where Bitcoin wasn't responsible should be treated as such - page 3.

Ojengonggu

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Quote from: Yaunfitda on May 17, 2022, 05:54:28 PM

Quote from: Johnyz on May 17, 2022, 04:58:50 PM

Quote from: jrrsparkles on May 17, 2022, 11:35:58 AM

Most altcoins crash when bitcoin goes bearish so how can we describe that situation? Actually no coin cause other coin to fall it just caused due to the people's reaction towards one coin goes bearish they just pretend to be conservative and try to secure their asset value as much as they can.

Since Bitcoin is the basis of the market, altcoins follows that trend and yes that is the normal action of the investors and not the altcoins itself. Blame BTC, then what? It’s useless since BTC doesn’t control by anyone and of course many whales are behind this coin which can cost the big drop in the market. If the situation is bad, just stay focus and wait for the bottom price because that could be your best price to enter in the market.

BTC, NASDAQ also fell at the same time so there is a trend around the financial market. It just do happen the Luna suddenly goes down, creating a domino effect around the world.

Of course, every single coin is partnered with BTC so obviously they will also go down. And now that the drama of this shitcoin is over, BTC wil start it's recovery phase again in the coming months and we will forgot that this happen to us.

Yes I'm also sure after all this has passed bitcoin will bounce back as it was last year and now slowly there is another increase in sales volume for bitcoin and of course this is good news for us and also for investors who have started buying again bitcoins.

Yaunfitda

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Quote from: Johnyz on May 17, 2022, 04:58:50 PM

Quote from: jrrsparkles on May 17, 2022, 11:35:58 AM

Most altcoins crash when bitcoin goes bearish so how can we describe that situation? Actually no coin cause other coin to fall it just caused due to the people's reaction towards one coin goes bearish they just pretend to be conservative and try to secure their asset value as much as they can.

Since Bitcoin is the basis of the market, altcoins follows that trend and yes that is the normal action of the investors and not the altcoins itself. Blame BTC, then what? It’s useless since BTC doesn’t control by anyone and of course many whales are behind this coin which can cost the big drop in the market. If the situation is bad, just stay focus and wait for the bottom price because that could be your best price to enter in the market.

BTC, NASDAQ also fell at the same time so there is a trend around the financial market. It just do happen the Luna suddenly goes down, creating a domino effect around the world.

Of course, every single coin is partnered with BTC so obviously they will also go down. And now that the drama of this shitcoin is over, BTC wil start it's recovery phase again in the coming months and we will forgot that this happen to us.

Johnyz

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Quote from: jrrsparkles on May 17, 2022, 11:35:58 AM

Most altcoins crash when bitcoin goes bearish so how can we describe that situation? Actually no coin cause other coin to fall it just caused due to the people's reaction towards one coin goes bearish they just pretend to be conservative and try to secure their asset value as much as they can.

Since Bitcoin is the basis of the market, altcoins follows that trend and yes that is the normal action of the investors and not the altcoins itself. Blame BTC, then what? It’s useless since BTC doesn’t control by anyone and of course many whales are behind this coin which can cost the big drop in the market. If the situation is bad, just stay focus and wait for the bottom price because that could be your best price to enter in the market.

jrrsparkles

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Most altcoins crash when bitcoin goes bearish so how can we describe that situation? Actually no coin cause other coin to fall it just caused due to the people's reaction towards one coin goes bearish they just pretend to be conservative and try to secure their asset value as much as they can.

mk4

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Quote from: hatshepsut93 on May 16, 2022, 02:56:34 AM

If a single entity can so easily amass enough coins to crash the market at will, that's a problem. Imagine what would have happened if Saylor suddenly dumped all his coins?

Basically, Bitcoin market is still very far from being mature. Gold is a store of value because it never crashes by 20% in one day. So Bitcoin still has a long road ahead until a broad audience will trust it.

Though I disagree — it's somewhat arguable that it's a problem, but that's how markets work. Lower liquidity and thinner orderbooks equals more opportunity but more risk. Higher liquidity and thicker orderbooks equals less risk but less opportunity.

Fundamentals Of

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I don’t think the reason why Bitcoin is falling is the crash of Terra (LUNA). That can’t be the reason. If Terra (LUNA) falling down has any effect on Bitcoin, it should be net positive rather than negative. LUNA falling down could mean much of the funds coming from LUNA might be moving to Bitcoin. There is heavy selling on LUNA and if investors are looking for a safer exit, they would be directed towards Bitcoin. Also the falling price of Bitcoin has already been happening even before the LUNA fiasco took place. There must be another reason why Bitcoin is in its current bear phase.

hatshepsut93

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Quote from: mk4 on May 15, 2022, 11:20:55 PM

Why wouldn't it? One of the reasons that BTC dropped is because Terra's LFT sold a crap ton of their bitcoin holdings in the hopes of returning the UST peg to $1. So of course bitcoin would drop due to the sell. It's not like this altcoin dropped and bitcoin just followed suit because why not.

If a single entity can so easily amass enough coins to crash the market at will, that's a problem. Imagine what would have happened if Saylor suddenly dumped all his coins?

Basically, Bitcoin market is still very far from being mature. Gold is a store of value because it never crashes by 20% in one day. So Bitcoin still has a long road ahead until a broad audience will trust it.

Franctoshi

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The problem here is that some people still believe that Bitcoin seem to them a pump and dump scheme, until the vast majority begins to realize and have a well understanding that Bitcoin should be a place where we should hedge our funds In case of such event and not thinking that Bitcoin will crash and thus run into save theirselves with fiat.

For instance with this UST event,
Just imagine that if investors and institution were running into buying Bitcoin to hedge their funds rather than panic selling, we wouldn't have had such crash.
I think that the problem here, is that the Petro dollar dominance is still in play, therefore we need conscientize investors and reshape their mind in order to understand that Bitcoin BTC is a safe heaven for all investors.

Baofeng

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Quote from: STT on May 15, 2022, 10:13:33 PM

There is at least 3 different time frames to consider, short medium and long term and in the end an unstable coin shouldnt lastly alter long term dynamics of BTC

This one, I don't think that an stable coin that really affect the dynamics of bitcoin long term. This is not the first time though, we've seen Tether de-peg and it did affect the price but in short term only.

Lesson here is that as much as the Terra Luna or any other stable coin for that matter had a impact on the price movement, maybe because of panic selling or any other reasons, bitcoin will still go and continue to perform better in the future.

mk4

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Quote from: hatshepsut93 on May 15, 2022, 06:17:38 PM

The fact that a shitcoin caused a serious crash of Bitcoin price only makes it worse. The narrative is that Bitcoin is a store of value better than gold, a hedge against inflation and declining fiat, but what we see instead is that some scam project managed to wipe 25% of Bitcoin's value. Of course it's temporary and sooner or later Bitcoin will go to the moon again, but the fact that Bitcoin doesn't have stability and resilience is pretty bad.

Why wouldn't it? One of the reasons that BTC dropped is because Terra's LFT sold a crap ton of their bitcoin holdings in the hopes of returning the UST peg to $1. So of course bitcoin would drop due to the sell. It's not like this altcoin dropped and bitcoin just followed suit because why not.

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Quote from: wagmi on May 15, 2022, 10:34:16 AM

Bitcoin has crashed really hard but we also need to mention what's important:

Bitcoin wasn't responsible for what happened, Bitcoin was safe, working as usual and as usually proven since Bitcoin was started. It was caused by a single, very risky ALTCOIN, where fundamentals of were not proven sufficiently. It was a weak Altcoin causing a huge crash.
An Altcoin, where no link to Bitcoin's tech was around. Bitcoin and Altcoins are totally independant, still people are getting FUD and sell Bitcoin causing a crash.

People should be aware for a similar situation: Bitcoin wasn't responsible for what happened, Bitcoin was safe, working as usual and as usually proven since Bitcoin was started. No need to sell Bitcoin.
People need to learn to be wise and don't sell Bitcoin when different Altcoins are having techical problems. It will likely happen a lot more because we have a lot of shady Altcoins!

A very good recommendation: don't sell Bitcoin when a different Altcoin crashes!

After all, such crashes will only re- distribute coins from weak hands to strong hands (HODLers).
To be succesful means to understand Bitcoin is independent from Altcoins and to understand HODL.

So if eth moves to pos and it crashes to 100 bucks dont you think all the wrapped btc will drop like a mofo?

STT

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The news follows the price action but theres always some story of some kind, I find the graphs precede apparent negatives also and can give a clue of positives in the midst of gloom though its often faint. Its pretty much correct all the negatives in other blockchains which have no direct link somehow end up reflecting badly. Some blockchains are horribly biased like a central bank currency, they dont deserve to be called crypto even the rough technology association is enough.
There is at least 3 different time frames to consider, short medium and long term and in the end an unstable coin shouldnt lastly alter long term dynamics of BTC

adaseb

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It wasn’t only Luna which caused it to crash. It was also the nasdaq. When Bitcoin broke those lows so did the nasdaq index.

The reason people sold Bitcoin is because they knew that guy had moved $1.5B and that is when the sell off started. He sent it to an exchange and people basically panicked.

However nobody knows for sure whether those bitcoins were actually sold.

Jating

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Or maybe we can conclude that every crypto has some sort of correlation to each other? as much as we correlate stocks and other financial markets to bitcoin?

I know a lot of people really lost their money here, but this just proved again that shitcoin will be shitcoins and there's no such thing as stable coins, the chance to fail and go down hard is always there for this so called pegged or tied to USD.

Kemarit

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Quote from: hatshepsut93 on May 15, 2022, 06:17:38 PM

The fact that a shitcoin caused a serious crash of Bitcoin price only makes it worse. The narrative is that Bitcoin is a store of value better than gold, a hedge against inflation and declining fiat, but what we see instead is that some scam project managed to wipe 25% of Bitcoin's value. Of course it's temporary and sooner or later Bitcoin will go to the moon again, but the fact that Bitcoin doesn't have stability and resilience is pretty bad.

I agree with the part that this is temporary. Just look at the price today, slowly recovering and seeing $31,000 start of the week. So now we are in a good direction and probably the shitcoin that causes this wipeout can't bounce back again. But Bitcoin? it will, so resilient from this kind of attacks that the effect of the flash crash is for short term only.

KennyR

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It is an altcoin that crashed the entire market. This shows the connectivity and the dependence of the market over one another. The recovery will happen for sure, but the unexpected downfall when people are expecting for a bounce to reach the price above the previous ath is simply bad as the market losses it's trust from beginners who are the major support system to push the market with fresh investments.

hatshepsut93

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The fact that a shitcoin caused a serious crash of Bitcoin price only makes it worse. The narrative is that Bitcoin is a store of value better than gold, a hedge against inflation and declining fiat, but what we see instead is that some scam project managed to wipe 25% of Bitcoin's value. Of course it's temporary and sooner or later Bitcoin will go to the moon again, but the fact that Bitcoin doesn't have stability and resilience is pretty bad.

Hamphser

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Quote from: wagmi on May 15, 2022, 10:34:16 AM

After all, such crashes will only re- distribute coins from weak hands to strong hands (HODLers).
To be succesful means to understand Bitcoin is independent from Altcoins and to understand HODL.

It would really vary from person to person because it couldnt really be avoided for people not sell out if they do see opportunity on doing so because not all would really be holders on which whenever they do see

some significant increase then thats the time that they would make out immediate action.Also you should mind off about correlation in between prices, Bitcoin is the trend setter no matter what sentiments
or news or fundamentals around if Bitcoin do goes down without knowing the actual reason then the rest of the coins in the market would do the same.
There might be some which goes opposition but wouldnt really be that permanent.

wagmi

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Bitcoin has crashed really hard but we also need to mention what's important:

Bitcoin wasn't responsible for what happened, Bitcoin was safe, working as usual and as usually proven since Bitcoin was started. It was caused by a single, very risky ALTCOIN, where fundamentals of were not proven sufficiently. It was a weak Altcoin causing a huge crash.
An Altcoin, where no link to Bitcoin's tech was around. Bitcoin and Altcoins are totally independent, still people are getting FUD and sell Bitcoin causing a crash.

People should be aware for a similar situation: Bitcoin wasn't responsible for what happened, Bitcoin was safe, working as usual and as usually proven since Bitcoin was started. No need to sell Bitcoin.
People need to learn to be wise and don't sell Bitcoin when different Altcoins are having techical problems. It will likely happen a lot more because we have a lot of shady Altcoins!

A very good recommendation: don't sell Bitcoin when a different Altcoin crashes!

After all, such crashes will only re- distribute coins from weak hands to strong hands (HODLers).
To be succesful means to understand Bitcoin is independent from Altcoins and to understand HODL.

Topic: A crash where Bitcoin wasn't responsible should be treated as such - page 3. (Read 483 times)