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Topic: A quick reminder from Eric Adams, mayor of the City of New York. - page 2. (Read 364 times)

franky1

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to answer a question posed in another topic between two people

Quote from: Lucius on January 08, 2022, 09:30:13 AM

@Wiwo, why are you opening a new thread when we already have a topic that deals with the same thing?

A quick reminder from Eric Adams, mayor of the City of New York.

Furthermore, do you think NY will become a bit more Bitcoin-friendly just because the mayor will allegedly receive his salary in BTC and then turn it into fiat? Unless you think that with the same BTC he will be able to buy bread, milk or pay for parking...

the answer is not "just because the mayor will allegedly receive his salary in BTC"

the answer is in his tweet he said "when i become mayor NYC is going to be the center of the cryptocurrency industry"

Leviathan.007

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Considering what the mayor of the City of New York, Eric Adams thinks about bitcoin, I think there can be different theories and people may think he is very mich bitcoin-friendly also going to make new york, city of bitcoin where even people can see paychecks in bitcoin and buy/sell products using bitcoin, but still, he is the political man and everything is possible from political guys and there is maybe a purpose for his actions like increasing his own reputation between bitcoiners, still, I cannot be sure about it but that's my theory about him.

Lucius

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Quote from: amishmanish on January 07, 2022, 11:45:16 AM

~snip~
Stocks move and everybody starts selling. Let it go down and keep going down till only those remain who want to buy Bitcoin because they want to hold a truly decentralized asset, not because "numbers go up".
That being said, I would love to know that how many of those paper hands move to crypto stablecoins and how much of that change is due to retail just cashing out from the fear of a crash.

You’re thinking correctly, I also understand like some others on this forum and beyond, but a lot of investors (especially retailers) invest in Bitcoin just for profit (in the short term). In situations like now, there are only two options for them - selling BTC for fiat or for stablecoins, and the latter is much simpler.

Recently, there has been a renewed discussion about the Turkish lira and its loss and return of value and how people protect themselves from such sharp declines - and although some think Bitcoin is the number one choice, most trade is moving in the direction of the Turkish lira -> stablecoins.

Quote from: https://decrypt.co/89311/turkey-president-crypto-law-headed-parliament

“Although elderly Turks use banks and exchange bureaus to buy the U.S. dollar, crypto exchanges are highly popular for people under the age of 40 [to buy dollar-pegged stablecoins]. “Crypto has added another battle for the Turkish government,” Bayraktar said. “There was always the fiat alternative to the Turkish lira, and now there are fiat-pegged crypto alternatives, in addition to Bitcoin and altcoins.”

adzino

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Quote from: Darker45 on January 06, 2022, 09:22:11 PM

Hey folks, Bitcoin is coming down, hitting a certain price never before seen in probably 90 days. I know that's not really bothersome. We've been in countless similar situations in the past. But we know others are probably troubled when Bitcoin is losing almost 40% from its ATH price. The fear level has risen. As a matter of fact, extreme fear is being recorded for the last couple of days.^[1]

Perhaps a reminder from the mayor of New York City could help ease the fear. Take note that this is the man who promised to take his first 3 paychecks in Bitcoin as mayor. When asked if he had received his paycheck in Bitcoin already, and was told that the price of Bitcoin has come down, he simply laughed it off saying, "Well, you know what, sometimes the best time to buy is when things come down so when you go back up you've made a good profit..."^[2]

So, there you go, as simple as that; these are buying days, folks! Let's all enjoy the bargain sale!

[1] https://alternative.me/crypto/fear-and-greed-index/
[2] https://twitter.com/SquawkCNBC/status/1479069915281870853

We have been down more than 50% from it's ATH before back in 2018. So it is really nothing new. Those who are selling are the ones that are taking the profits or the ones that are new to the market and panic selling whatever they are holding. They will learn something new from this. At least this is creating opportunities for new investors to join the market. Now is the best time to buy and hold. And you are right, everyone who has been playing with crypto currencies know that is is a bargain sale going on! Won't last long.

Darker45

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Quote from: tomahawk9 on January 07, 2022, 07:41:59 AM

Quote from: Darker45 on January 06, 2022, 09:22:11 PM

Perhaps a reminder from the mayor of New York City could help ease the fear.

Nah, i don't believe it'll help at all. Since when does the average joe or average crypto user cares about the paycheck of a politician? only thing that could ease the fear right now is green candles and green numbers in the charts, some upward movement, a full stop to this downtrend once and for all

I hope I'm clear this isn't about the paycheck of a politician. This is about believing in something of high value whose price happens to rise and fall. Although, of course, we cannot deny that many are finding inspiration, encouragement, and the like from people up there, may they be politicians, CEO, scientists, generals, inventors, and whatnot.

Quote from: Darker45 on January 06, 2022, 09:22:11 PM

"Well, you know what, sometimes the best time to buy is when things come down so when you go back up you've made a good profit..."^[2]

i'm gonna go out on a limb and say that the majority of peole who will follow his advice right now do not know how dangerous it is to catch a falling knife in the cryptomarket, or how long it could take for them to "make good profit", or how you should do your own research before taking someone's advice about finances and cryptocurrencies,, now that's a lot of assumptions mind you, but i've seen similar behaviour in the past (downtrend in the market, newcomers following an authoritative figure's advice cos they wanna make a quick buck, etc), so i think what i said is not too far off the mark... All in all, not the best advice to tell others to buy when prices go down sharply, let alone doing it when the downward pressure is still present

The history of Bitcoin is replete with regrets because many allow fear and doubt to get the better of them. In this relatively short history, we've been taught over and over again to buy the dip. Others who will learn their lessons late might buy the dip at $140,000.

Obito

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I guess, it's really that time of the year that you're going to have to buy them bitcoins while they're still not expensive and everyone is panicking because they're scared that it's the end of the world for bitcoin. The tensions in Kazakhstan isn't going to last forever so better get some bitcoins right now because when the tensions go down and the Internet comes back on in the country, the price is going to spike back.

GreatArkansas

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I saw a lot of people who are crying about these recent dumps of Bitcoin and just to know they just bought some of Bitcoin that is a penny for other people, example for these kinds of people, Eric Adams. Diamond hands.

Another thing is, for sure other cities or countries will start to look at this, like there are options on how to receive your paychecks, like on different mode of payments, then Bitcoin of course is the best choice.

hatshepsut93

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Permabulls will always say that right now is the best time to buy. When Bitcoin dropped to $55k and $50k, they were saying that it's just a dip and you should buy it asap before the bull run resumes. IMO it's a bit irresponsible to always tell people to buy the dip, because some people might have already invested more than they can afford to lose, and such posts could induce FOMO and make them take even bigger risks. Not everyone who invests in Bitcoin is a middle-class or rich person with lots of disposable income for saving.

bhooscream

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We can't deny that the price keeps going down already and it may be the other decision to rise up or will drop again to the next down support. But here, i still have the expectation and belief that Bitcoin will rise again, maybe it will be sideways until Februari or probably will drop again. But there is always a chance to rise up again.
Btw if this is related to the probabilities of rising up, we can set them for long-term investment, so we will not feel disappointed or even feel sad when the price keeps dropping because our goal is for long term investment.

eaLiTy

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Quote from: mk4 on January 07, 2022, 12:17:46 PM

~
Yep. At the very least compare the current price to the price 1 year ago or the price at the start of the year. Comparing against all-time highs will only give you a very bad picture especially if it's a blowoff top à la December 2017.

Even that in comparison to the point of view aspect will create fear in the minds of investors, because one year back the price of BTCitcoin was below $10k and if they look at that perspective then they fear that it can still go down and might book their loss thinking that they will purchase once it reaches the bottom Wink

.

The perspective game is really tricky and i still believe that it all depends upon how the institutional investors view these scenarios and which perspective they will view the market situation. Anything is possible in the next few days, lets see how the market goes.

mk4

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Quote from: BrewMaster on January 07, 2022, 12:12:36 PM

it is all about point of view. some people look at the empty half of the glass and some people look at the full half of it. obviously when you look at the ATH at any time we will be below it, even a second after ATH was hit we will be below it! but a better POV is to see that a year ago price was barely 5 digits and wasn't long before that price was $3000 and now it is so much higher than that.

even a better POV is that when price was $3000 people were also panicking and selling their bitcoins.

Yep. At the very least compare the current price to the price 1 year ago or the price at the start of the year. Comparing against all-time highs will only give you a very bad picture especially if it's a blowoff top à la December 2017.

BrewMaster

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Quote from: Darker45 on January 06, 2022, 09:22:11 PM

troubled when Bitcoin is losing almost 40% from its ATH price.

avikz

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Quote from: Darker45 on January 06, 2022, 09:22:11 PM

So, there you go, as simple as that; these are buying days, folks! Let's all enjoy the bargain sale!

Absolutely! It's time to buy only! However, there are many people who have invested during ATH and now facing huge losses. It's a repetition of 2017. People who had purchased at 22k level was in shock when bitcoin price went back to 3k level. But now they are in huge profit.

It's all about time and also depends on how well you find opportunities knocking at your door.

Welsh

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Quote from: stompix on January 07, 2022, 08:42:03 AM

One thing you might have missed. Grin

He is in office since January 1, 2022, he hasn't yet received any check bitcoin, so he isn't affected at all by the drop, he hasn't got any money at stake to date.
So of course it's easy to laugh it off, who wouldn't?

Yeah, since then we've take a dip assuming it continues or stabilizes here for a bit, he would have gone down a pretty decent amount since he was due to be in office. So, in all likelihood him receiving his pay check while the price is down probably benefits him so he earns more when/if it increases again. I get your point though, he's probably going to be paid in Bitcoin, but the amount will likely be pegged to fiat.

amishmanish

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Bitcoin going down right now with the stock markets tells me two things:

1. It continues to be paper-handed by traders and newbies alike.
2. They still don't get it.

Stocks move and everybody starts selling. Let it go down and keep going down till only those remain who want to buy Bitcoin because they want to hold a truly decentralized asset, not because "numbers go up".

That being said, I would love to know that how many of those paper hands move to crypto stablecoins and how much of that change is due to retail just cashing out from the fear of a crash.

ChiBitCTy

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The mayor Of New York here isn’t wrong. We have been in this situation a multitude of times throughout the years. We have to keep in mind that bitcoin is still in the “first inning”. Rome was r built overnight. This thing is going to take time and we are going to see a lot of ups and downs.

stompix

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Quote from: Darker45 on January 06, 2022, 09:22:11 PM

When asked if he had received his paycheck in Bitcoin already, and was told that the price of Bitcoin has come down, he simply laughed it off saying, "Well, you know what, sometimes the best time to buy is when things come down so when you go back up you've made a good profit..."^[2]

One thing you might have missed. Grin

Yaunfitda

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Oh well the bear market has come in early as compare to the last cycle in 2018 wherein it was after the first quarter although the price has been declining since January-March that year.

In any case, for those who have been there before, then we should know what to do (fill our bags with cheap bitcoins and then wait for the next bull run). As for the mayor, maybe what he is saying is true, or perhaps he has seen this as well and probably will buy at the dip.

Welsh

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Quote from: jackg on January 06, 2022, 09:54:28 PM

Is he going to be hoping the price stays low for the next two months then too Wink

.

It doesn't seem too long since we were at $29k levels and there was a lot of bearish panic then.

If you think about it, and this opinion aligns with the quote above, if you're going to be involved with Bitcoin for the foreseeable future, and you aren't trading it frequently then we should all we hoping that Bitcoin stays as low as possible so that you have as much of a profit as possible when it does go up, which I think a lot of us truly believe we haven't yet seen the ceiling of Bitcoin in terms of price.

Quote from: davis196 on January 07, 2022, 01:38:32 AM

I couldn't care less about the opinions of the New York City major in regards to Bitcoin.

Its not his opinion that matters here, its his logic. Like I said above, if you're invested for the long term, then you shouldn't get too down about the current price of Bitcoin. In fact, you should probably be happy about it.

tomahawk9

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Quote from: Darker45 on January 06, 2022, 09:22:11 PM

Perhaps a reminder from the mayor of New York City could help ease the fear.

Quote from: Darker45 on January 06, 2022, 09:22:11 PM

"Well, you know what, sometimes the best time to buy is when things come down so when you go back up you've made a good profit..."^[2]