bitcoin is supposed to go up of this corona! people are doing it wrong

okala

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Quote from: exstasie on March 09, 2020, 04:23:13 AM

Bitcoin isn't supposed to do anything. It's the honey badger of money!

Quote from: cuddaloreappu on March 09, 2020, 02:40:55 AM

this global pandemic is here to stay

cash will carry virus, so bitcoin is the way..
economy is falling down, stocks in red , bitcoin is the way.

Looks like they are both falling together. Like I've said before, a bullish global economy is good for BTC because it encourages speculation and risky investment. A global contraction would do the opposite.

Quote from: cuddaloreappu on March 09, 2020, 02:40:55 AM

buy supplies and food for atleast 3 months. fill gas in your vehicle.

If GDP estimates keep dropping and stock markets keep dumping, crude oil will keep following them down too. Given your prediction, you might as well wait to fill the gas tank. Gas will get cheaper. Cheesy

This is one of the best reply for some of us calling for bull market at a grobal recession moment because of the infect of covid19. I believe that most of our political and financial analysts did not see this coming. Bitcoin exist in the world and it could not have done different in the face of this pandemic.

Findingnemo

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Quote from: hatshepsut93 on March 22, 2020, 03:36:09 PM

Quote from: Findingnemo on March 19, 2020, 12:14:53 PM

$6200 and still increasing,feels good to see a huge upward curve.

Seems people started to realize what they have to do with bitcoin at the financial crisis, better use this opportunity and create panic buying button guys. Grin

But still it's just a correction and we are down from $10k and we are also down from last years $13k. Bitcoin isn't doing great, it's doing "ok". Bitcoin will probably go up even more soon, but it could be attributed to the halvening and speculation rather than a reaction to economic problem.

It's also important to calculate the price changes properly, it's not enough for Bitcoin to simply rise while stocks/fiat tank, Bitcoin should end up higher or on the same level when it was before the crash.

Even if this price increase not related to the economic problem still can attract more new people who involved with stocks since they know that it will take at least a couple of years or more to recover from the losses they faced overnight but with cryptos, it won't take that much longer.

coinfinger

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Quote from: Viscore on March 22, 2020, 04:11:47 AM

Quote from: coinfinger on March 22, 2020, 03:59:16 AM

I do not understand the mockery of the people who think the bitcoin price should not be affected or should be going up in a world crisis. I can see we could have bears and bulls in the market and that is understandable but picturing the bull callers like some idiot moron but picturing the bear ones smarter somehow doesn't help at all. Where was this call when price moved from 3.5k to 14k last year? Where was it when it ended with x2 profits for the whole year?

Where was it when the year started with 7k and moved as much as 10k as well? Nowhere to be found. You have figured out that after 400+ days the price finally dropped and bear ones are smarter because of it? I am sorry but if you are right just once every 400 days, that is not really the smart person in the room.

OP's reason is very simple on why bitcoin should go up, it's here below:

Quote from: cuddaloreappu on March 09, 2020, 02:40:55 AM

cash will carry virus, so bitcoin is the way..
economy is falling down, stocks in red , bitcoin is the way.

IMO, that should be the basic, though cash or paper money carry virus but buying bitcoin is not the best way for the majority since not everyone knows how to transact bitcoin and we know that majority of the world are still using paper money for their medium of exchange.

OP just underestimated the adoption process, it would not happen instantly, it will take time though.

Well we were right, bitcoin DID went up. I know that it goes up and down right now but it is at least trying to break the year to date profit levels and that is good enough for me. As long as break above 7k and stay there, I don't care if it is 7.1k and stays there, that is fine enough. Right now we are trying that, sometimes fail, sometimes try harder, multiple tries are very important as well. Multiple tries tells me that there are people who believe in bitcoin during these hard times and that is the most important part.

As long as there are people who are buying bitcoin during bad times, there will be bitcoin that goes up as well. Maybe in short term we lost some momentum and I know that many of you got upset over it, but long term looks quite bright from here.

samcrypto

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Quote from: rodskee on March 26, 2020, 06:10:16 AM

Quote from: alevlaslo on March 26, 2020, 04:38:09 AM

people do not work because of the virus, so they sell bitcoins to buy food

This is recently but when the Corona started this did not reflect in market because the virus happens in december but we have more pump in January until the start of march but now?yeah this is what people do,selling Bitcoins to Buy commodities because there is no Job and only limited has offered to have a Work From Home so the thing is?selling Crypto is the last option.

We don’t know the status of life of every crypto hodler so maybe this is their best choice to survive and its normal when the panic is too high in the market. People are reacting normally and this is expected considering the virus becomes pandemic. There’s still a good chance for us to buy so let’s move on and let’s all fight the virus as one and rise again.

rodskee

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Quote from: alevlaslo on March 26, 2020, 04:38:09 AM

people do not work because of the virus, so they sell bitcoins to buy food

This is recently but when the Corona started this did not reflect in market because the virus happens in december but we have more pump in January until the start of march but now?yeah this is what people do,selling Bitcoins to Buy commodities because there is no Job and only limited has offered to have a Work From Home so the thing is?selling Crypto is the last option.

alevlaslo

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people do not work because of the virus, so they sell bitcoins to buy food

Sanitough

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Quote from: TheGreatPython on March 24, 2020, 11:37:13 AM

However when you look at longer term, as an investment bitcoin is far superior, everyone should rather have bitcoin to hodl over cash.

We should because cash is not an investment, it will slowly kill the value of our money because of inflation, and I think it's happening in any country because the current system is corrupt, the FED can print money anytime when needed.

Like in this kind of situation, the world is panic, we need to have an investment that we can carry anytime and we can cash out anytime and that is crypto, I'm not saying we should prioritize crypto but we might consider it.

Quote from: TheGreatPython on March 24, 2020, 11:37:13 AM

These days were just moments we wanted cash right now, that is why it dropped so low for a while, now it will recover for the long term.

We can cash to survive so people panic, this is where the supply is going to be low while the demand increase for the basic needs, without cash, we will hardly survive.

TheGreatPython

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Yeah, cash is still the king no matter what for many situations. I would rather have 10k cash in my hand right now than 10k bitcoins, because with bitcoins if I want to spend it I will most likely to change it to fiat and spend it that way, on contrary when I have it in cash I could simply just spend it right there and than. This doesn't mean I like cash more than I like bitcoin, this doesn't mean I am not a bull when it comes to crypto, this just means that in "right now" situations cash is still better.

However when you look at longer term, as an investment bitcoin is far superior, everyone should rather have bitcoin to hodl over cash. These days were just moments we wanted cash right now, that is why it dropped so low for a while, now it will recover for the long term.

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Quote from: bitgolden on March 23, 2020, 03:24:55 AM

~~~
However, we managed to recover a bit, still not at the price we used to be but we became the first thing to show signs of recovery and that means that peoples trust to bitcoin and their love for bitcoin is still there and that is seriously important. Of course halving being around the corner now is a big part of this as well, that is one of the reasons why people got back so quickly.

Well bitcoin will recover a little later when halving because I'm sure there will be so many requests later, there are still many people believe in bitcoin even though the situation is still like this many stock markets plummeted and gold but bitcoin will remain in the right position or for investment again we see the next few months the increase will happen again indeed many predictions that bitcoin will not take long to rise but we believe the love of bitcoin is able to bring the increase back at the right time.

bitgolden

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Well, it did go up, not back to what it was but people realized that bitcoin is the way out and that is very important. If stock markets or gold prices went up before bitcoin did, that would have been very deadly for us, that would mean people would rather spend their money on companies that are still in the fence about going bankrupt because of this or getting a bail out versus putting their money back into bitcoin.

However, we managed to recover a bit, still not at the price we used to be but we became the first thing to show signs of recovery and that means that peoples trust to bitcoin and their love for bitcoin is still there and that is seriously important. Of course halving being around the corner now is a big part of this as well, that is one of the reasons why people got back so quickly.

exstasie

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Quote from: adaseb on March 22, 2020, 11:31:50 PM

Read an article today that some stock markets around the world might close. I don't mean halt trading when it reaches a threshold but actually close down. I think this happened last time on 9/11. And also some Philipines stock market also took a 2 day break, and ended up opening with a 24% loss immediately.

Hence if most stock markets around the world close, then bitcoin and other crypto markets will rise to the occasion since its not possible to close them down. I honestly think its bad closing any open markets because there might be people out there that legitimately want to buy and sell their stock. Closing it is not a good option and would lead to havoc. I think as long as the trading is electronic then it should stay open.

There's something to be said for circuit breakers. That's essentially what a temporary closure is, an extended circuit breaker. The NYSE closed for 4 days when 9/11 happened and it's hard to say what would have happened if they hadn't. During WWI it was closed for 4 months.

The Philippine Stock Exchange is a slave to the larger markets so I wouldn't expect its closure to be effective. If the NYSE and other major exchanges shut down it might be a different story but it's impossible to know.

adaseb

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Read an article today that some stock markets around the world might close. I don't mean halt trading when it reaches a threshold but actually close down. I think this happened last time on 9/11. And also some Philipines stock market also took a 2 day break, and ended up opening with a 24% loss immediately.

Hence if most stock markets around the world close, then bitcoin and other crypto markets will rise to the occasion since its not possible to close them down. I honestly think its bad closing any open markets because there might be people out there that legitimately want to buy and sell their stock. Closing it is not a good option and would lead to havoc. I think as long as the trading is electronic then it should stay open.

So if it ever comes to this, then bitcoin definately will go up due to coronavirus.

hatshepsut93

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Quote from: Findingnemo on March 19, 2020, 12:14:53 PM

$6200 and still increasing,feels good to see a huge upward curve.

Seems people started to realize what they have to do with bitcoin at the financial crisis, better use this opportunity and create panic buying button guys. Grin

But still it's just a correction and we are down from $10k and we are also down from last years $13k. Bitcoin isn't doing great, it's doing "ok". Bitcoin will probably go up even more soon, but it could be attributed to the halvening and speculation rather than a reaction to economic problem.

It's also important to calculate the price changes properly, it's not enough for Bitcoin to simply rise while stocks/fiat tank, Bitcoin should end up higher or on the same level when it was before the crash.

fabiorem

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Quote from: JohnBitCo on March 22, 2020, 06:28:29 AM

Quote from: Dart18 on March 22, 2020, 05:11:05 AM

But how are you going to eat?
Not all countries have merchants which bitcoin is accepted without a problem.

I will still prefer cash. We are not yet in the time for bitcoin usage by now. I do hope I live in Japan. Grin

It cannot be stopped because there is still no option for that kind of payment so people will need cash. That is the easiest method for now.

I think in this situation bitcoin is best for investment. If you have local currency, it value may decrease over the time because of corona virus, so if you buy bitcoin now (which is cheap too), there is a very good chance that you will double your money when this virus disappears.

Actually, the price would go up with the presence of the virus, as governments would be printing more money, thus causing inflation. This would compensate with bitcoin, which was a deflationary asset.

But since now bitcoin is part of the legacy system, and just another asset for paper speculation, it will go down together with it, thus being useless against financial crisis. So it will only recover when the fiat system recovers, that is, when the "virus" go away.

JohnBitCo

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Quote from: Dart18 on March 22, 2020, 05:11:05 AM

But how are you going to eat?
Not all countries have merchants which bitcoin is accepted without a problem.

I will still prefer cash. We are not yet in the time for bitcoin usage by now. I do hope I live in Japan. Grin

It cannot be stopped because there is still no option for that kind of payment so people will need cash. That is the easiest method for now.

I think in this situation bitcoin is best for investment. If you have local currency, it value may decrease over the time because of corona virus, so if you buy bitcoin now (which is cheap too), there is a very good chance that you will double your money when this virus disappears.

Dart18

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But how are you going to eat?
Not all countries have merchants which bitcoin is accepted without a problem.

I will still prefer cash. We are not yet in the time for bitcoin usage by now. I do hope I live in Japan. Grin

It cannot be stopped because there is still no option for that kind of payment so people will need cash. That is the easiest method for now.

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Quote from: cuddaloreappu on March 09, 2020, 02:40:55 AM

this global pandemic is here to stay

cash will carry virus, so bitcoin is the way..
economy is falling down, stocks in red , bitcoin is the way.

people are selling crypto like any other asset. you have to believe, the days of crypto has come..

sell all your stocks and buy bitcoin
use 90 percent of your cash to invest in bitcoin.
sell all your real estate , they will be seized by government for free for building hospitals, just like in china.

so sell everything as fast as you can and buy cypto...

buy supplies and food for atleast 3 months. fill gas in your vehicle.

Sure put your money first before your health.
Secure your investment not your family?
It is a great time to buy but not everyone could afford it because of the corona virus.
The price of crypto drop down because they need cash for necessities.

Viscore

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Quote from: coinfinger on March 22, 2020, 03:59:16 AM

I do not understand the mockery of the people who think the bitcoin price should not be affected or should be going up in a world crisis. I can see we could have bears and bulls in the market and that is understandable but picturing the bull callers like some idiot moron but picturing the bear ones smarter somehow doesn't help at all. Where was this call when price moved from 3.5k to 14k last year? Where was it when it ended with x2 profits for the whole year?

Where was it when the year started with 7k and moved as much as 10k as well? Nowhere to be found. You have figured out that after 400+ days the price finally dropped and bear ones are smarter because of it? I am sorry but if you are right just once every 400 days, that is not really the smart person in the room.

OP's reason is very simple on why bitcoin should go up, it's here below:

Quote from: cuddaloreappu on March 09, 2020, 02:40:55 AM

cash will carry virus, so bitcoin is the way..
economy is falling down, stocks in red , bitcoin is the way.

IMO, that should be the basic, though cash or paper money carry virus but buying bitcoin is not the best way for the majority since not everyone knows how to transact bitcoin and we know that majority of the world are still using paper money for their medium of exchange.

OP just underestimated the adoption process, it would not happen instantly, it will take time though.

coinfinger

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I do not understand the mockery of the people who think the bitcoin price should not be affected or should be going up in a world crisis. I can see we could have bears and bulls in the market and that is understandable but picturing the bull callers like some idiot moron but picturing the bear ones smarter somehow doesn't help at all. Where was this call when price moved from 3.5k to 14k last year? Where was it when it ended with x2 profits for the whole year?

Where was it when the year started with 7k and moved as much as 10k as well? Nowhere to be found. You have figured out that after 400+ days the price finally dropped and bear ones are smarter because of it? I am sorry but if you are right just once every 400 days, that is not really the smart person in the room.

pooya87

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Quote from: exstasie on March 19, 2020, 02:53:25 PM

Quote from: thecodebear on March 19, 2020, 12:34:33 PM

Everything gets sold in a market-wide panic.

Last week was the panic, so stocks, gold, oil, bitcoin, everything crashed.
This week the realization of an incoming recession is starting to hit, but combined with the expectation of lots of debt fueled money flowing out of thin air and quantitative easing coming. This is all good for Bitcoin. Bitcoin doesn't care about recessions because it isn't a company.

Of course it does. Recession means declining businesses and job losses. It means everyone has less disposable capital. That means less investment into anything (including BTC) and increased pressure to sell off assets (including BTC).

it is not possible to predict how bitcoin price is going to react to recession.
but another way of looking at it is that for example last recession that started in 2008 was caused by banks and their deep rooted corruption as centralized "money handlers". bitcoin was created as a decentralized money to battle that. considering the fact that absolutely nothing has changed today compared to 2008 regarding banks and their schemes, we may see bitcoin becoming hundred times more interesting if another recession was caused by them again...

Topic: bitcoin is supposed to go up of this corona! people are doing it wrong (Read 604 times)