Topic: Do you think Bitcoin has an identity crisis now? - page 3. (Read 770 times)

Those are just projections and marketing narratives. We need to drop the expectations and just let Bitcoin be. People will either treat it as money -- currency, store of value, unit of account -- or they won't. In time, I believe they will.

Even if we're going to place those expectations on Bitcoin, it would never happen in 10 or 11 years. Establishing a new asset class worthy of replacing gold or fiat money won't happen overnight. People are understandably skeptical, and Bitcoin still has a lot of technological and UI concerns to overcome. This will take decades to play out.

Bitcoin is still very useful in the future, that's what I believe, what you've mentioned that bitcoin will be the best option when there is a crisis would only happen when there is already a massive adoption, as of now, bitcoin has not gained massive adoption yet, it would happen slowly but surely but with manipulation we can't expect people would easily use bitcoin.

and of course, it's still too early to conclude, if this gets worst, maybe people especially those who are potential investors will find bitcoin a good alternative.

Bitcoin is a victim of it’s own success. In the beginning there were lots of smart people making incredible innovations. Then the price began to skyrocket and the scammers moved in, killing legitimate investment opportunities and chasing the innovators from the community. This led to the HODL movement, where Bitcoiners were expected to ride the tidal wave of initial innovations to higher prices. This lasted a while, long enough for Wall Street to get involved with the narrative that low supply could easily be manipulated to higher prices. This is where we are now. Bitcoin is valuable now not because it’s continuing to innovate new use cases, but because enough people have been inundated with tales of riches and don’t want to miss out. When people talk about Bitcoin now, they aren’t excited about being able to transfer money to friends and family without high fees or third parties. They talk only of how much money they’ll make by selling later. This is called the Greater Fool Theory and I hope that someone is able to reverse this identity with a truly innovative use case. The world desperately needs what Bitcoin could have been. My wish is that we get it back someday.

People might have their perspectives change a little bit about bitcoin now. Most of the people think that it is a store of value, a safe haven, and something where their funds become safe in times like this when a virus is making almost all of the investment platform go down.

Well, IMO, bitcoin remains the same as long as we see the true value of it without comparing its market price to dollar or any currency. Other people wonder why donation in this forum to become a VIP remains 50BTC, that is because of the value of BTC is not changing over time, but its market price when compared to other currencies.

If we could understand this, our perspective about losing our fund when the market price is low could be change.

Actually that's the point in which let's wait until the bitcoin will be equally to 1 bitcoin which is 1:1 the ratio, until this is not happening then probably there will be no changes will occur.
Until now we don't have any single person who really accomplish their wants to happen on the bitcoin or other cryptocurrency because until now there are so many government and country that is not approved with the cryptocurrency as the main currency of their country.

The whole world won't abandon fiat because the governments and central banks won't abandon fiat.
The scaling issues are in the past.The Bitcoin Core blockchain improved since 2017 after Segwit has been implemented.We have Lightning Network and other off-chain solutions and the overall confirmation time is better.
Stock markets failed miserably too,do you think that the Bitcoin price is strong enough to stay stable in a situation of global panic?

Now you gave me something to think about.
Almost like a headache. 

Well, as of me I am also having the same problem of where to put bitcoin at.
First, this forum will make it more twisted because of different opinion.

But, I do think it is in the middle of commodity and currency.
A store of value but yet can be used as a currency. More likeness of gold way back where they use it to pay and also stores it in case of need.

I think it is perfectly normal for Bitcoin to drop. We have seen depreciation in the past but the value of Bitcoin is still very clear, Bitcoin value is always there so keep calm and wait  .

It was really a big test for Bitcoin and the rest of crypto specially during this Covid-19 pandemic. But to be fair, all global markets are also affected, which means that perhaps Bitcoin is not isolated after-all as every market be stocks, oil are somewhat correlated to one another. So everyone failed as well.


But still the narrative won't change in the future, payment scheme, store of value (even after it's failure),  Bitcoin will be bitcoin.


Haters will be haters I guess, they won't change anything, in fact with the recent 50% dump, those nocoiners are going to justify their attacks on Bitcoin, just like what we have seen in the last couple of days. I won't mentioned names but I guess majority here have seen threads after threads from some entity that will attack or will continue to attack Bitcoin no matter what cycle we are.

Bitcoin doesn't have an identity and this is not a crisis for bitcoin solely.

The whole world's economy has been experiencing losses because of coronavirus epidemic. Don't try to make Bitcoin look bad because of that

And how about the world economy for this corona virus disaster?
Look I am not much into technical analysis, current affairs and stuffs. I am a long term holder and for sure I know that holding my bitcoins is the wise thing I can do. When I get change then I buy to have more in my bag and this is how I am doing with bitcoins.

This time there were multiple causes. For starters, Bitcoin was on decline for some time already as it failed to break past the $10,000 barrier. This already made Bitcoin's price fragile. Then the stocks crashed and for some reason they took Bitcoin with them (and not only Bitcoin but also gold). There are also reports that the whales were sending coins to exchanges days before the crash, so there might also be a coordinate manipulation. And that chinese ponzi scheme probably contributed too.

I am still trying to figure out the reason of the fall. In the past, many times we had price gone up and then significant down without any reason and this one was the same or you are saying that ponzi scheme that wanted to dump his 180,000 bitcoins and as a result we had this price crash?

Whatever the price is, 1 Bitcoin = 1 Bitcoin always. That's what we think as a bitcoins believer.

The crash is huge, I agree. The situation is extraordinary, though. I don't think that what's happening is discrediting Bitcoin. S&P is also experiencing huge losses, and let's see how fiat will be holding up (my local fiat lost nearly 7% of the price within days). I think Bitcoin is still not a bad store of value (although we gotta be ready that sometimes major setbacks like the one we're in right now) can happen, and I hope a solution will be found to make it possible for Bitcoin to function as money as well. I realize there are big challenges with that right now, but I do think that it's possible to overcome them.

I'm really curious on what did Satoshi think when planning to create the bitcoin coz it is called cryptocurrency, the word currency is in it so it might be a revolutionary currency as fiat counterpart. But let it be it, bitcoin is supposed to use in online world and not even an investment, many people just made it an investment because of the volatility rate that it contain.

This is where bitcoin identity crisis come to place, in times like this people don't know how the bitcoin would behave as part of decentralization and so on how they would handle it, if whether they would spend it or make it as their safe haven, they really don't know. We have seen bitcoin for so long dominating the market, we even saw the lowest price of it, this is not the time for us to lose confidence in it.

I think that's one of the prime reasons. Ownership has gone from manifesto-toting whack jobs to city slickers. As the demographic of ownership advances into traditional groups traditional reactions to things elsewhere will increase.

Anyone who expected it to do well in a full on recession is a bit of a weirdo if you ask me. There might be potential during brief blips or shocks in normal markets that expose their frilliness, this sure as shit isn't that right now.

Maybe it boils down to the shortfalls of conventional wisdom.  It was a widely held belief that bad news for the traditional economy would generally equal good news for crypto, but this was only tested on occasion with some minor economic blips.  In practice, when something major happens, it's seemingly not always the case.

Perhaps in all the while that some people have been clamouring for more institutional investors to get on board, this is the knock-on effect?  Maybe crypto will follow traditional markets more closely if there's a larger proportion of speculators involved?  It's kind of difficult to pin down exactly why the theory didn't hold up.

Well, I'm not debating what Bitcoin is objectively, I want to know how people view it and will view it.


By "identity" I mean how the community views it.


It's not about just ups and downs, because this time it was a test for Bitcoin as a hedge. I think everyone remember how people were constantly viewing any negative economic news as bullish for Bitcoin, how people were waiting for a recession to come - well here it is.

From my personal observations, I don't really agree with you on the fact that you think Bitcoin has an identity crisis.  The market value bitcoin has always been ups and downs. It is true that the true purpose of Bitcoin has shifted from being an option of being a digital fiat to becoming a digital gold which people will rather store than using it as a payment option. The basic challenge of  bitcoin has always been the lack of knowledge and  understanding of majority of people in the crypto space on what bitcoin is and its purpose in the financial ecosystem.  Once people don't know and understand Bitcoin, bitcoin can't be adopted as a currency.

I think it's time everyone gets straight on what they want to use bitcoin for. If they want to use it as a store of value, that's fine with them. There's nothing wrong with doing that, it just guards you from political events in individual countries, but not global events like things that are happening now.

If however they want to use it as a payment solution then that's also OK, we just need to fix a proper price in BTC for one commodity such as soft drinks and furniture, there's no way merchants can continue adjusting the BTC price of their items according to the exchange rate. Nobody changes the cost of things priced in euros of Japanese yen because the exchange rates of those against the dollar changed.

But I admit it's easier for foreign currencies to get away with this because they are only used locally, not globally. Bitcoin, trying to be accepted globally, has more price-conscious people in different countries using it, any political activity in one of them affects the bitcoin price because it's listed on exchanges.

In other words, if you're going to lease a jeep for 0.03 btc/month, then do it and ignore movements of the exchange rate. If you're going to buy a Mercedes roadster at 9 BTC then keep it at that rate. It may be more expensive than buying it in other currencies, but it at least gives bitcoin merchants a chance to get more customers (the ones who are wary of buying something at 2x the price it will be tomorrow, like what just happened today).

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While we're on the subject of identity crisis, bitcoin was clearly not intended to be used solely at exchanges, casinos, darknet websites, Ponzi schemes and P2P trading at bitcointalk. And yet that's where the majority of the activity is happening. See these listed cars?



It would be nice if they had starting price was in BTC as well as dollar. And I think that's where we're stuck. No business wants a starting price in two different currencies, that would interfere with its listed value (MSRP). They don't want two different listed values. All but one of the currencies must move aside.