Topic: HODL mentality destroys the currency aspect of Bitcoin - page 2. (Read 1033 times)
That is what bitcoin instilled in our minds because of it's unpredictably characteristics. HODL is something more strategy for i believe thay it will give more profits if we hodl it in a long time. I bet to disagree that it may destroy the aspects of it, thus contributed to some good quality of bitcoin giving some crypto investors hope when they are losing faith due to the bearish moments
actually not their fault completely. because not all merchants will accept bitcoin as payment, and people who will transact also not necessarily want to agree with bitcoin as payment. so the bitcoin holder will sell it to fiat money and spend it using their fiat money.
The original idea of Bitcoin, the vision of Satoshi was awesome. How cool would it have been to be able to store your wealth on a USB stick for example. But the wrong people have gotten into Bitcoin, and all they do is manipulate people into holding, or selling.
Manipulation is getting strong and some whales take that opportunity to gain more when the others are losing. Anyway, that is investment and trading works and not all the time that we are wining. I'm pretty sure bitcoin won't grow if everyone are on holding, it works and moves only when there is transaction happen.
The original idea of Bitcoin, the vision of Satoshi was awesome. How cool would it have been to be able to store your wealth on a USB stick for example. But the wrong people have gotten into Bitcoin, and all they do is manipulate people into holding, or selling.
seems true. the mentality and emphsis seems to be on hodl keeps me wondering about the original intent of the coin
If people didn't hold then the price of Bitcoin wouldn't be as high, but at least it would be stable.
I do not agree with you. HODL mentality is like a normal "long-term" investment.
A lot of people are doing it in the "real-economy" I don't understand why it couldn't work also for crypto currencies... It makes no sense!
A lot of people are doing it in the "real-economy" I don't understand why it couldn't work also for crypto currencies... It makes no sense!
well. the issue is bitcoin is only the first trial of cryptocurrencies. it is not a perfect one. so it is not possible to expect it to be a perfect currency. because of transaction speeds and fees. so approaching as an investment is also reasonable actually.
Hodl mentallity, does not really destroy aspects of bitcoin, hodl in a bitcoin for some time make your investment forsee a growth, because if you keep on selling and selling even if the narket is fall ,its a waste of your effort, you need to hodl , for some specific purpose of your coin and investment.
This year crypto season hodl didn't work well many felt this hodl strategy put their accounts in loss but we should understand this is market correction so we should wait for market to pick up again
yes you really seem to hold the assets that can destroy the mental, because a lot of influence and bad news that makes the price of coin to collapse and it is terrible.
But I think you realize that with this high volatility it's nearly impossible to genuinely go ahead and use it as a means of payment And all.
Till the time volatility will remain we won't be able to use it as a means of currency and we already have so many normal currencies in the market that I don't think we need anymore but yes this decentralized part could prove to be good.
I think it was meant for storage purpose not for being used as a normal currency , if it was so then there would have been rules and regulations to implement the stability of Bitcoins.
I think it's doing Preety good .
Till the time volatility will remain we won't be able to use it as a means of currency and we already have so many normal currencies in the market that I don't think we need anymore but yes this decentralized part could prove to be good.
I think it was meant for storage purpose not for being used as a normal currency , if it was so then there would have been rules and regulations to implement the stability of Bitcoins.
I think it's doing Preety good .
This is the meaning of investing, buying when it's cheap and selling when it's expensive.
It seems like only a small fraction of bitcoins as well as other cryptocurrencies gets earned while the vast majority of the coins are bought. But when people buy coins, they obviously aim exclusively at selling them later at a higher price, which is what speculation basically consists in because it makes no economic sense to buy a cryptocurrency to spend it on goods when people can easily spend fiat instead. However, if the price goes down, people aren't going to spend their coins either. And whenever someone complains about prices going down, the only reply they receive is just to hold to their precious bitcoins, no matter what the price could or would be. I have yet to meet anyone telling these bag holders to spend their stashes on something useful.
Apparently, the HODL mentality kills the currency aspect of Bitcoin.
I also do not really know if this Bitcoin when people are HOLD their coins then the price of Bitcoin will experience shakiness Apparently, the HODL mentality kills the currency aspect of Bitcoin.
Many holders use bitcoin as an investment like shares. If the shares give dividends and increase in value then investors will keep them. If they drop they may hold for recovery.
Because bitcoin in general and other altcoins in the cryptocurrency market are volatile, it is recommended to keep bitcoin for long-term investment. If you want to invest in short-term you must be a good trader otherwise you are very easy to lose your property due to the rapid change of this market. Bitcoin is not only considered a currency but also a valuable asset. You might make use of it as a currency today and regret why tomorrow.
You're right on this one seeing as if people are focused on holding their coins then no one will be using it for buying and selling but we have to look at this from every angle. The people who are holding bitcoin are doing so because they bought bitcoin as an investment and not for use as a currency which means that they would have to hold in order to make money from it.
In short, people do only mainly choose up to play safe (not totally safe since of the volatileness aspect of cryptocurrencies specially on bitcoin). Holding for long terms is somehow less risky compared on doing daily trades. We do know the risk if we do trade actively but we do know that the reward would really very be worth it.This is why some people do risk and able to do such thing but only on few numbers. Holding mentality cant really be removed into a certain person.
Myself, I never understood that thing. Why is playing short term more risky? I for one am inclined to think in quite the opposite direction. When you are scalping, day trading, or doing whatever which involves only short-term holding of an asset, you basically give up potential profits in exchange for a smaller, or shorter risk exposure. Obviously, here I'm talking about experienced traders, not some newbies who don't know what they are doing, whether it be trading short or long term. All things considered, long-term holding is in fact more risky. It just happened that crypto had been very forgiving in this regard till recently, but these days may well be over by now.
The reason why people always advice everyone to hold their coins is that they want greater profits and that’s what destroys the aspects of bitcoin. They all are longing for huge gains and that’s the irony of some holding their coins especially Bitcoin too.
Bitcoins are hard to predict. So if someone is interested to look out for earning from these coins, he must be clear about few things. And one of them is holding. Whenever prices are getting lower, don’t just be panicked rather wait until the best move could be taken. Wait for the time when prices will be getting back to their original position. But for this, you need to be patient and calm. Well sometimes people want to be a bit safe with crypto's volatility so they hodl. I don't see anything wrong if someone doesn't have the resolve to go for a trade and opt instead to hold. Btc anyways is percieved to be a long term investment in the first place
You offer a perfect example of what is called a non sequitur.
You offer a perfect example of someone who doesn't understand something so therefore thinks it is illogical.
High price for genuine jewelry doesn't mean that people buy it for the purpose of investing.
I'm not saying they buy it for investment but that the choice of precious metals and gems performs that function. If they just wanted it for ornamental purposes why do they pay hundreds of times the price they need to?
What I am saying is the reason jewellery has been made from gold since time began is because of its limited supply and therefore its function as a store of value.
It is simply pointless from an economic view-point. Those who are investing in precious metals buy coins and bars.
Actually, serious investors will do it through ETFs as that makes much more sense if viewed purely from an economic standpoint. But again that misses the point. The only reason there is demand for gold through jewellery is because of its function as a store of wealth.
Or do you seriously believe that when two people marry, they buy gold rings for investment purposes?
Do you seriously think that is what I'm suggesting?
Note that I don't reject the fact that high demand for gold and low supply of it account for the high prices of this precious metal.
So you understand part of the picture.
But the demand comes mostly from the glamor and personal adornment industry, but that has nothing to do with investing in precious metals.
And that industry only exists because gold acts as a store of wealth.
This is similar in fashion with other types of assets that have concrete existence. As a currency, it is also used by people for the clearance of their bills.
Jump to: