Bitcoin was created for time like this!

FlightyPouch

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Quote from: Altcoins enthusiast on March 14, 2020, 04:09:50 AM

The market behavior that see bitcoin down to $3900 and bitcoin follows stocks, commodities and oil in all time sell off on Thursday should not discourage the bitcoin enthusiasts because people did not understand that bitcoin was created for time like this.
Investors have not spent their time in studying bitcoin white paper and most of them did not have the knowledge of bitcoin be a safe haven during natural disaster like Corona virus as this is the best means of holding and transferring values without third-party involvement and services. I believe that our governments are going to see good in blockchain and promote it as the best means of using money during epidemic like Corona virus. To me this is blessing for bitcoin and the economic experts are going to see good in blockchain for the first time.

Well, we can't really say that bitcoin is a safe-haven investment. It did give investors and traders profit but we all know the features of bitcoin and it is the opposite of a safe-haven investment. In terms of the blockchain technology, I read here in the forum that it is an expansive investment so I don't think they would be interested in that so easily.

ethereumhunter

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If the investor can see the benefit of bitcoin, they will use bitcoin, but many of them still use the traditional way in the transactions, and only a few of them will have an open mind with the new thing that can help them to survive. During this crisis, people can use bitcoin to buy their daily needs, but unfortunately, only a few countries that already accept bitcoin/crypto and the rest of the country still use fiat to buy their daily needs. Maybe soon, crypto will be accepted in all countries so they can still buy something even if the fiat cannot be used.

celot

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I think bitcoin is running how world economic it self, when world economic better will push bitcoin to higher price and when world economic got crisis like now we have see bitcoin in lower price, not have chance any more to connect each other between bitcoin and economic world because both of them have connected.

Railai

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Bitcoin was a good back up asset right now! The moment the stock markets fell, every company liquidated their stocks in btc and have the cash flow to pay different busineses.
As so, crypto was a better back up than the gold which fell 6% already and that's a lot thinking that gold it's always a refuge stock to invest in.

Magkirap

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It's right that BTC is created for the situation like this but on seeing the current scenario the people likes to hold the cash instead of anything to fight this pandemic be it stocking the food or the medical expenses and we should watch the upcoming days for the price movements as the virus is growing strong and more downside movement is expected in the stocks and other markets

Yes, fiat money is a much needed thing for us in this kind of situation. We should be doubtless about spending our money in food and healthcare because our money will be worthless if we're in a bad condition. I think price movement isn't possible now because govn't will do price freeze so that people will not take advantage of this situation.

fiulpro

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Not just for a time like this , but yes Bitcoins is helping a lot of people , not just people but banks , the government , they are making *work from.home easier and more profitable *
Even if the price is low they are making the overseas transactions very easy , people are able to send and receive money from their relatives without going outside.
Well for people who used to say Bitcoins were created for a much sinister purpose and it is the method how the government will spy on us , well here is the deal mate , you gotta learn about it if you plan on surviving the quarantine and you are not a millionaire.

wozzek23

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Bitcoin is good and I’m happy that Bitcoin is being recognized, but I’m not going to say that what is happening is a blessing, sorry this is not a blessing. This pandemic has killed a lot of people , so it’s not any blessing. Saying that it’s a blessing a seems a bit selfish, because you’re saying it with a focus on the possible profit you will make once the price of Bitcoin starts to go up.

So, this is no blessing and moreover we don’t need situations like this for Bitcoin to grow, without a situation like this Bitcoin is still going to grow and gain adoption. I’m only hoping that the world finds a solution to this problem and end it once and for all.

naikturun

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but because bitcoin is still fairly new, so people will still be a little doubtful, people will still choose to invest in gold and other commodities that have existed long ago.
maybe this is a good opportunity for bitcoin if it can steal the public's attention from an extraordinary rise or surge.

johnyj

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In theory, such drastic measures by FED will make every assets price rise, but this time the market did not react. Simply because after 2008, everyone knows that the trick is to first send money to banks and let them decide who should get money later. Without a guaranteed policy ensuring money will flow to the one that most needed, everyone's best bet is still sell

And even with a new policy in place, it is difficult to see which company will rise, since that is totally up to banks to decide. Unfortunately in such a skrewed system, people still want fiat money

Broly46

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Quote from: el kaka22 on March 16, 2020, 02:23:56 PM

Unfortunately, there was a lot of bankers who thought bitcoin could be something so they got into bitcoin and now they are so deep inside that they could actually hurt the economy. I personally never imagined it would be like this because bitcoin was a dark money thing back in the day and not an investment thing but it did became a wall street thing in the past 3 or so years which caused this.

Now, when those bankers who lost money like crazy in the past week has gone and taken their money out of bitcoin to try to cover the costs of the stock market fall and even try to buy more of it from cheap to drop the averages down. That of course caused bitcoin to drop a lot and that was mainly causing a lot more panic that kept it going further down as well.

There is a lot of forced liquidation going on when DJIA get dump -30% from the top, a lot of overleveraged traders get their position MARGIN CALLED and force liquidation, it’s the bank that giving out 100x leverage out of cash at fault and couple with zero commission trading platform from RobinHood platform, dozen of dumb millennial traders go to the Robin Hood twitter and cry their position get locked up during the trading apps frozen and panic selling down the losing position and the impact is a couple of cascading sell down which is well expected from me weeks ago.

Broly46

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Property price soar to the record high and women can just scream “racist” and dozen of men will line up willingly to obligated and provide free housing to the women, but what can men do when facing such discrimination and they have to work their ass out of this hardship to get to what women can get with just crying “discriminate”, men has to work so many productive hours to afford a house that is flipped to the moon, that’s crying out loud but nobody will give a damn when you’re men.

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I also despise the facts that women had it easy when it came to sex and relationships. Whereas women could sleep around easily, I would even feel jealous of their multiple sexcapades at such a young age, and they never had to improve themselves to enjoy the perks of a rich dating life. So basically I had to go through years of unprogramming, unlearning, studying game, learning escalation, working out, build muscle, eating right, facing countless rejection etc, just to get to where they already were all their lives.

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I also hate it when it come to internet women have it easier than men in social media, women can easily attract thousands of followers with just a selfie of their nude photo, while you as a men building up so much muscle and sending you nude masculine selfie on the twitter but you barely attract 10 followers and even get bashed for being so obvious.

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We can even see it today where dumb women who haven’t graduate d high school make huge 6-figure income because they know how to sell their bodies online and monetise their Instagram, Snapchat, and OnlyFans audience, and Chaturbate audiences. It’s women behave like men who are succeeding in today world. But what can you do as a men, facing more and more discriminations everyday, and get push away and rot inside a basement and full of weaboo hobby and habit, and no where to sound your hardship, but to digest it all and move on.

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I also hate it when women outnumber men by a significant margin in college enrolment and graduation, no one is stopping women from taking allied physics, engineering, computer science, computer engineering, and coding boot camp, they’re given privileges and encouragement to do so by virgin male student and thirsty beta faculty.

el kaka22

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Unfortunately, there was a lot of bankers who thought bitcoin could be something so they got into bitcoin and now they are so deep inside that they could actually hurt the economy. I personally never imagined it would be like this because bitcoin was a dark money thing back in the day and not an investment thing but it did became a wall street thing in the past 3 or so years which caused this.

Now, when those bankers who lost money like crazy in the past week has gone and taken their money out of bitcoin to try to cover the costs of the stock market fall and even try to buy more of it from cheap to drop the averages down. That of course caused bitcoin to drop a lot and that was mainly causing a lot more panic that kept it going further down as well.

Stedsm

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You didn't point out the main reason of BTC being a possibly great option during this Coronavirus outbreak - digitally transferrable. While fiat money (we call as cash) has all capabilities of holding an infection/virus on it and if transacted, even if a single not has an active virus on it, you'll get caught by this disease in free fund, BTC on the other hand, which is a number/an asset available digitally and can't be touched (except if you have opted for paper wallets, but still it can't get infected as it's in your own possession) can be of great help to everyone in this world who'd like to use it for the better of their financial status.

Sanugarid

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Quote from: imstillthebest on March 16, 2020, 02:40:17 AM

Quote from: apvmoreira on March 15, 2020, 11:35:54 PM

Bitcoin in times like this will be very effective. I suppose it will be popular payment method in the future (if banks will be closed).

lol it wont happen . banks will never get closed but it will only get modernized , as you can see banks supports mobile and online platfroms now but with the growing success of banks , many payment method are also being introduced and one of it is bitcoin/crypto . right now bitcoin is already popular too and will be more popular in the times like this when there is a problem on financial as it acts as an alternative to banks or fiats but no one predicted events like this could happen , so i believe that bitcoin isnt created for times like this .

Maybe the idea is on the view of making a transaction because we all know that there's a global threat spreading all around the world and making transactions physically is really dangerous. Maybe the idea is that it is better to make transactions using bitcoin because it is for the sake of your health to avoid being infected. The idea about the payment method in the future thinking that banks will be closed, I think that is impossible because we are really used to make a transaction using banks and we need that for making your crypto convert into fiat, it is really hard to think that we can only use crypto, yes it is possible but to think of it as of now is impossible since the adoption is not that really serious, what I mean is that there are countries that are accepting crypto but not that they are making technology to implement that they should use crypto, it is just an alternative payment as of now.

yanto@1977

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Quote from: Altcoins enthusiast on March 14, 2020, 04:09:50 AM

To me this is blessing for bitcoin and the economic experts are going to see good in blockchain for the first time.

First I don't agree with bitcoin created for time like this because in general situation we use gold, countries will never bitcoin replacement gold position. All asset can be use for trade and store value ( include digital money ) and I believe economic expert only see bitcoin value but government focus on blockchain, this time economic expert could right but for long term purposes they will follow government. If currency could stable, world economic will run again and bitcoin will find their position in financial instrument.

travwill

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It's funny to see how hamsters try to save the value of their assets with the help of Bitcoin howling from hopelessness because it did not work out.
It immediately becomes visible to people who absolutely do not understand why Bitcoin was created and what its capabilities are.

Xampeuu

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Quote from: imstillthebest on March 16, 2020, 02:40:17 AM

Quote from: apvmoreira on March 15, 2020, 11:35:54 PM

Bitcoin in times like this will be very effective. I suppose it will be popular payment method in the future (if banks will be closed).

lol it wont happen . banks will never get closed but it will only get modernized , as you can see banks supports mobile and online platfroms now but with the growing success of banks , many payment method are also being introduced and one of it is bitcoin/crypto . right now bitcoin is already popular too and will be more popular in the times like this when there is a problem on financial as it acts as an alternative to banks or fiats but no one predicted events like this could happen , so i believe that bitcoin isnt created for times like this .

right, the bank will still be there, and I think all decision holders are in the hands of the government. we know more countries that have not yet legalized bitcoin, and only a small portion of bitcoiner exists. although like current conditions cryptocurrency is actually suitable to dampen the development of viruses, compared to paper money, but it seems like it hasn't gone well, we know that crypto is still affected by the current conditions

FanEagle

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I totally agree, it was created for times like this. We should be looking for a solace in bitcoin, we should have seen bitcoin doing something that could hurt the price and not sell but buy because that would have solved the issue. We should basically do what stock markets do in reverse, whenever they sell we should buy more, whenever they buy we should sell more.

If you can make a profit and a good living of your stock market investment then there is no need for bitcoin, however stock markets are volatile and sensitive, bitcoin shouldn't be and the thing that sets its foot like a tree and not move on days like this. If we can achieve that type of power that means bitcoin will be the "dooms day investment" for millions of people around the whole world.

imstillthebest

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Quote from: apvmoreira on March 15, 2020, 11:35:54 PM

Bitcoin in times like this will be very effective. I suppose it will be popular payment method in the future (if banks will be closed).

lol it wont happen . banks will never get closed but it will only get modernized , as you can see banks supports mobile and online platfroms now but with the growing success of banks , many payment method are also being introduced and one of it is bitcoin/crypto . right now bitcoin is already popular too and will be more popular in the times like this when there is a problem on financial as it acts as an alternative to banks or fiats but no one predicted events like this could happen , so i believe that bitcoin isnt created for times like this .

apvmoreira

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Bitcoin in times like this will be very effective. I suppose it will be popular payment method in the future (if banks will be closed).

Topic: Bitcoin was created for time like this! (Read 518 times)