Topic: I think we can take pride that we didn't need a stimulus bill for btc (Read 315 times)

In fact, we have received a lot of support from manipulative organizations. In the financial markets out there, there is the government that will adjust the economy when things get out of control. And for the crypto market, we have silent "governments" such as whales that sell at high prices and collect bitcoin at low prices. Actually this is their strategy, the volume here is quite low so they are quite easy to push the price of bitcoin.

We shouldn't rely on government stimulus bill because BTC increase from 3,600 to where it is now is a decent stimulus for traders.

I remember reading a post in a Facebook group, the poster said he's going to use the stimulus to purchase BTC and I think that's a good move, pumping their printed money into the market cap. They can't do anything about that.

This is the beauty of truly decentralized system and the freedom of the people. The government has no control over your portfolio and they are not going to pause trade for any reason, so people are still very much happy they can make any profit.

Disregarding the mechanics of it and who would be doing it, if offered a stimulus bill during a ploppy time I wonder how many Bitcoin fans would clamour for it? I'm willing to guess it would be in the region of 95% or more.

It would certainly separate the dollar hunters from the true believers and I'm confident the former outweigh the latter by a factor of - fucktons.

A few Bitcoin supporters in my Twitter feed are making anecdotal claims like that. "I just got a call my high school friend, father, etc. They are looking to buy BTC because money printing!"

Like:
https://twitter.com/LizRabban/status/1244783207977017349
https://twitter.com/heavilyarmedc/status/1246262416956063746

I take such claims with a very large grain of salt. I assume they are exaggerated if not completely untrue. These are people who have spent years promoting Bitcoin and predicting fiat collapse.

For many years I have been known as "the Bitcoin guy" in my family and social circles. I haven't heard a single peep from anyone I know. I also can't imagine nocoiners looking the current BTC chart and wanting much to do with it.

the stock market and BTC both made yearly highs in february. measured from there, the S&P index is down 18% and BTC is down 30%. bitcoin did not outperform stocks in this crisis---not even close.

i dunno why people around here keep trying to claim otherwise, probably because they are holding BTC and are feeding into their biases.

People also expect the central banks to bailout people and countries so its not surprising that currencies will do a bit better at these times anyway either also. The halving is just a change of inflation, and as I've said may be expected to be priced in already.

 
Is there proof of this? I'm curious if there are actually any links of random people looking for investments in crypto due to other market conditions or if its just speculation at this point.
either way its always interesting to find new investors joining the scene this early one... As long as they're not here with the promise the halving will bring a goldmine on their earnings and they'll pull out when it doesn't then the next few years will definitely be interesting...

I mean, a lot of people are going pro-bitcoin instead of anti-bitcoin, and its showing off well. Take Jack Dorsey for example, hes becoming quite the crypto enthusaist.(leaving examples below, check his twitter).

People are scared right now, and they are losing their trust in the stock market. The general public saw what happened to Dow Jones, and everything else, so now they are more into bitcoin than ever, because backup strategies. There is a fair chance bitcoin skyrockets again if things keep going this way.

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https://twitter.com/jack/status/1204766089353129984?s=20
https://twitter.com/sqcrypto

Both stocks and currencies, and maybe some other assets can get support from the government, so it's not exclusive to currencies, they just get support much more often, since it's generally the job of a central bank to participate on the market and support the currency if it's falling. This is why fiat currencies are more stable than crypto.

As for halvening, it's not a "stimulus" in a sense that we are talking here, it's just a cause of the price movement.

More and more people are actually looking at bitcoin differently than they were a couple years back. Despite having the image of a highly-volatile asset, people are now taking their money into bitcoin despite the world being in turmoil as of late. This is the beauty of decentralization that bitcoin has to offer: it needs no help from governments or any banking entities to get back on its feet. From sub-$4k a couple weeks back, we managed to get into $7k at this time of writing, while companies listed in NASDAQ are still struggling hard to bounce back. We rebounded harder than most stocks out there despite being unproven to the eyes of many.


True, as most of the traders taking place into the trading action of crypto markets also have their own hands on such assets.

The price surge for a halving is normally already priced in by now so I wouldn't expect much....

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Actually also taking the 6000 we skimmed for a while, that was a 33% loss compared to the 8000 level it was at but it seems to have diverged again now. If its at 7200 then that's only a 11%. The S&P and stocks seem to be at a 15% drop still. It's enough of a divergence to make me happy...

Bitcoin is still more of an investment rather than a currency so it will never require a stimulus for it to rebound. But i also think that this incoming bitcoin halvening is somehow called a great stimulus because it will generally make the crypto community experience a price surge not just bitcoin alone but definitely potential altcoins too.

As a general rule, illiquid markets are highly volatile. BTC fell much harder than every stock index and also rebounded more strongly. That probably has way more to do with the lack of market liquidity, especially when you consider that BTC has been moving almost in lockstep with stocks, and that the stimulus bill passing marked the bottom for global markets.

If there was no stimulus bill, and stocks, oil, etc. kept crashing, BTC would have done the same. BTC is/was a slave to any global liquidity crisis. The March crash proved that.


I've literally only heard this from bitcoiners and gold bugs, who have already been saying that for decades. I do expect BTC to perform strongly in the recovery stage when investors put risk back on and exit their cash positions.

Compared to where we ended up, I think we saw a 25% drop if looking at where we ended up within the day...

I don't think we quite had a stimulus bill by then but the other markets had stagnated from their free fall afaik so you may have a point there....

I think the initial drop could've landed a lot worse and since it was overnight for mod tplaces, there was little volume...

Bitcoin rebounded more strongly than the stocks because it also fell much harder than stocks. Also, there's a very good chance that Bitcoin recovered because stocks recovered, so it indirectly benefited from the stimulus, even though no one gave money to buy Bitcoin directly. Bitcoin would recover even without it, since we are so close to halvening right now, and it was also clearly oversold, so you're still right that we don't need stimulus.

We were feeling the economic slowdown well before the COVID 19 pandemic and the reason for that is the exact reason you mentioned as the inflation was going through the roof and now we are facing a global pandemic and now it is certain that we will see a recession but what i expect from the bankers and the government is to put the blame entirely on the COVID pandemic and China for being irresponsible rather than accepting their failure to put the economy together.

Not just fork coins, but the vast majority of altcoins and tokens as well. They are even worse than fiat, in that there is absolutely no incentive for the owners/creators of the altcoin to not just print however many millions of coins they like, and they can directly dump the coins on anyone naive enough to be involved. Even better, they can "pay" people with their printed-out-of-thin-air coins to advertise said useless coin at no cost to themselves.

It works to a limit provided that during non-crisis times the government works to undo the printing, to buy back the fiat and remove it from the market. The Fed have had >10 years since the 2008 crash, and had barely even begun to reverse the the trillions of dollars the printed previously. Their balance sheet was still sitting around $4 trillion, and now it's being inflated up to $8 trillion and beyond. It can't continue indefinitely, and if they aren't even going to attempt to buy back all this fiat, then at some point it will all come crashing down.

If they have more power then they will do anything they wanted and it was evident from the way CZ was planning for a roll back during the binance hack and i hope no one becomes that powerful enough to pull all the strings.

Since there is a talk about printing money from thin air in fiat currency, the same can be said about all the fork coins in the market, creating money from thin air just by forking  .
The reason a government is providing a stimulus package is to pull the economy back from recession, even though it is almost a century old method developed during the great depression, it works to a certain limit when people start taking more loans and thus the circulation of funds in the general market increases whether it will work now is yet to be seen as there are many variables than when it was implemented successfully.

  But it seems working on bitcoin isn't it? or this is just a short term gain for crypto? Bitcoin is not a traditional asset however there are some actions made by the government that makes us think that bitcoin is a threat to their economy, specifically in finance vicinity. What if they are not doing the traditional stimulus? that's why we are seeing green market right now? would not be it that so negative for us?

Let's see when the halving comes. This year is way more interesting to crypto.

I mean, that's exactly what is happening with fiat. As the Fed (or any government) creates more fiat out of thin air (which is akin to increasing the block reward), the value of the fiat in circulation decreases. It's simply because people think of fiat as a "base" asset and don't tend to measure it against anything like we do with bitcoin, gold, oil, etc., that the fall in value is less apparent. Printing trillions of dollars of fiat has just as negative effect on fiat as printing thousands of bitcoin would have on bitcoin. People just don't realize it.

There is plenty of corruption in the large centralized exchanges like Coinbase and Binance, just as there is with the large centralized fiat banks. Given that Binance wanted to conduct a chain reorganization to undo a theft, I have no doubt they would print bitcoin out of thin air for themselves if they had the power to do so.

The panic is what caused the dollar to need a "stimulus bill," as people are afraid and thus they will spend more money on purchasing the basics, forcing them to use cash.
The economy froze and many aspects of normal life stopped, which makes us panic, in addition to the increasing numbers of injuries and deaths.
As for the reason why Bitcoin does not need a "stimulus bill", it is because people use it as an investment tool and not as a currency for the purchase of essentials and therefore we have seen a rapid rebound.

Most of the companies that governmental bodies strive to keep alive are the ones which are usually placed on a double edged sword .
It might be beneficial for someone and causing a lot of loss for others
Then comes the corruption , it is really funny how with a little money people can change laws according to that dragging companies which could have been supporting a lot of people with them.
But with Bitcoins
There is no governmental body , there is no centralized authority , there is no corruption (disregard for the fact that most of the times whales try and collaborate to change the market price according to them)

Maybe in the history of mankind , nor monarchy, nor democracy nor dictatorship is a good idea .

We need a new form of government which can actually cope up with the real needs of the people.

This is what Bitcoin is showing us , day by day it is becoming more apparent that the current system needs to be broken down and be rebuilded

Bitcoin is not a traditional asset. So the stimulus bill, that works in a centralized conomy, may have a disastrous effect on bitcoin. In a centralized economy, stimulus is provided by increasing liquidity or by printing more money. Just imagine, what would happen if the block reward of bitcoin increases in the name of stimulus - the price will be reduced drastically! So traditional stimulus won't work in crypto market.

Also, I believe your statement is not entirely true here! We indeed are waiting for the upcoming halving in few months of time. That's what is working as a stimulus befitting the decentralized and deflationary nature of bitcoin.

Perhaps the reason we have rebounded more strongly than the traditional markets is precisely because we didn't have a stimulus bill.

Anecdotally, I'm seeing more family, friends, colleagues, media stories, etc., expressing concern at the rate at which money is being printed, much more than I remember seeing back in 2008. More people are looking at the dollar and feeling uneasy about its future. Uneasy at the fact that trillions can be printed in a day and there is nothing you or I can do about it. Uneasy at just how rapidly it can be devalued. Uneasy at how the fiat in your bank account could become worthless in the not-too-distant future if this were to continue. This uneasy carries over in to the traditional stocks and shares markets, since they are the ones being pumped by all this new fiat being printed out of thin air (it goes without saying that similar stimulus/printing packages are rolling out in most Western nations, not just the US).

Not only did bitcoin not have a stimulus bill, but it can't have a stimulus bill. No one can print more at will, which is precisely what makes it so attractive at times like these. The longer that this virus hangs around, the longer the lockdown lasts, the more money governments have to print out of thin air, and the more attractive bitcoin becomes.

That's pretty much interesting to claim that BTC has indeed been the best performing asset even during this pandemic period and how effective gains it has produced against USD while USD index has witnessed some extensive lows. S&P and the Chinese stock pumps are looking a fake game to me while BTC looks strong enough to beat all types of markets, one of the reasons this is happening is due to very low market capitalization compared to big buds playing at Wall Street and NASDAQ.

Most of the world and governments seem interested in trying to keep companies afloat and stock markets looking promising by pumping huge funds into them and trying to keep liquidity high. I think we should start to be cautious but still more assured of the strength of bitcoin and the cryptocurrency world as a whole...

We rebounded from 3800 to 6000 pretty quickly and at a greater strength than the S&P of ftse rebounding.... Maybe the smart minds really are in and backing crypto these days... Just something to reflect on there....