I though Bitcoin was created for this moment? - page 3.

HardFacts

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Quote from: Oghenejivwe on March 15, 2020, 06:37:22 AM

On March 12th, Bitcoin witnessed one of the biggest daily drops in its 10years history. While Bitcoin was clearly not the only financial that experienced such drop, it still came as a shock to me that Bitcoin will perform so badly in a liquidity event.`

As stocks, crude oil, mutual funds and other financial assets drop, Governments around the world will tend to print more fiat to support and stimulate their falling market, therefore, moving assets to Bitcoin which have a fixed supply with block halving just 60days away seemed like the rational thing to do. BUT THAT DIDNT HAPPEN.

Well, I remain bullish on bitcoin, because $5500 and a market Cap of about $100B doesn't represent the true value of the asset.

BitCoin was first said to be better, faster, cheaper replacement to currency. That narrative FAILED, after 10 years, BitCoin has never been used in any significant amount to pay bills, make purchases, etc. etc. etc.

When bitcoin failed as a usable currency, they tried to pump up BitCoin is as " DIGITAL GOLD " with a massive advertising campaign. Bitcoin has now FAILED its first test as a safe haven asset also... BitCoin is dropping faster than most other assets once the Economic Crisis started.

Do not be a FOOL 🙉🙉🙉🙉 There is no " value of the asset " , BitCoin can go down to near zero. BitCoin has only known good times, when everything was going up in the bubble economy. The moment the economy started to go bad, BitCoin FAILED and dropped like a rock. Just wait to see how much more it will drop as things get worse !!!

Hard Facts

XCANA

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You're right though but, Bitcoin was created for internet money and not another. The current crisis rounding the human world today have been seen as a global pandemic which have affected all areas of human life. Not only Bitcoin that received the dip, the oil does and gold, metals, let's not forget that: this is the very first time for Bitcoin to have experience such even being a volatile coin. Bitcoin will bounce back to this challenge and those haters will hate the more. This is a global pandemic and not just a crisis.

philipma1957

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Quote from: kingcolex on March 15, 2020, 08:58:05 AM

Quote from: philipma1957 on March 15, 2020, 08:45:48 AM

Quote from: Oghenejivwe on March 15, 2020, 06:37:22 AM

On March 12th, Bitcoin witnessed one of the biggest daily drops in its 10years history. While Bitcoin was clearly not the only financial that experienced such drop, it still came as a shock to me that Bitcoin will perform so badly in a liquidity event.`

As stocks, crude oil, mutual funds and other financial assets drop, Governments around the world will tend to print more fiat to support and stimulate their falling market, therefore, moving assets to Bitcoin which have a fixed supply with block halving just 60days away seemed like the rational thing to do. BUT THAT DIDNT HAPPEN.

Well, I remain bullish on bitcoin, because $5500 and a market Cap of about $100B doesn't represent the true value of the asset.

No it was created for wars not pandemics

Basically no store of wealth works for a pandemic .

You could argue my statement with real estate 🏡 as the only possible thing that works for pandemics.
The place would need to be on an Island 🌴.
Only one home/compound.
Fully self sufficient.
Solar
Multiple large propane tanks.
One year of food.
weapons tools ⚒️ etc.
air filtration.
water filtration
water stored.
bomb 💣 safe room.

I would image this is the only store of wealth that should gain value due to a pandemic.

This type of wealth

Weird I never thought of it as "made for wars" or made for anything of the sort, I thought it was made for freedom, liberty and the pursuit of happiness. Seriously though, it was so the governments wouldn't be in control, your financial security wouldn't be hinged on what a few elected officials had decided and especially if they had failed. It was for being able to transact without being held hostage by a third party and their rules, it was to be able to continue on without worry. Bitcoin is young, it's a decade old but that is nothing in the age of currencies, we are still growing and multiplying users, eventually these things will all come to fruition.

Sorry it was made as protection from wars. It allows you to flee and still have wealth. In the country you run to. It is the only wealth storage that is fully mobile.

This is why it has value as wealth storage.
Has other value due to it being able to create wealth from power grid via mining.

It is pretty much worth less for pandemics.

I have mentioned in multiple posts since 2012 that it allows you to flee from danger .

I should have clarified this better.

XCANA

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Your are right if you said so, but let's remember that, this is the first test for Bitcoin since existence and to me it has done some good jobs by measuring with other assets like oil, gold and metals. Bitcoin will bounce back to it original purpose and we all shall see. Possibly the whales have done something strange and we have fallen to their tricks, bet you, many will regret their actions when the time come. But for me, am not giving up on Bitcoin and not of cryptocurrencies.

hatshepsut93

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Quote from: gentlemand on March 15, 2020, 08:03:18 AM

Sheesh.

It's literally embedded in Bitcoin's very first block.

https://www.thetimes03jan2009.com

That's a statement of intent if ever there was one.

This particular set of circumstances we're experiencing may turn into more than a standard crash and Bitcoin certainly won't save you, but when it's over the normal monetary system will be weaker and more mutated than ever. That's one of the reasons why he created it.

It's kinda sad that Satoshi created a currency under which an economic crisis caused by a bad monetary policy is impossible, and still this currency is heavily influenced by fiat. Maybe it will always be like that if Bitcoin will keep being viewed as an investment and fail to achieve higher adoption. Even gold tanked during this crash (though not so much), so what chance did Bitcoin have?

kingcolex

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Quote from: philipma1957 on March 15, 2020, 08:45:48 AM

Quote from: Oghenejivwe on March 15, 2020, 06:37:22 AM

On March 12th, Bitcoin witnessed one of the biggest daily drops in its 10years history. While Bitcoin was clearly not the only financial that experienced such drop, it still came as a shock to me that Bitcoin will perform so badly in a liquidity event.`

As stocks, crude oil, mutual funds and other financial assets drop, Governments around the world will tend to print more fiat to support and stimulate their falling market, therefore, moving assets to Bitcoin which have a fixed supply with block halving just 60days away seemed like the rational thing to do. BUT THAT DIDNT HAPPEN.

Well, I remain bullish on bitcoin, because $5500 and a market Cap of about $100B doesn't represent the true value of the asset.

No it was created for wars not pandemics

Basically no store of wealth works for a pandemic .

You could argue my statement with real estate 🏡 as the only possible thing that works for pandemics.
The place would need to be on an Island 🌴.
Only one home/compound.
Fully self sufficient.
Solar
Multiple large propane tanks.
One year of food.
weapons tools ⚒️ etc.
air filtration.
water filtration
water stored.
bomb 💣 safe room.

I would image this is the only store of wealth that should gain value due to a pandemic.

This type of wealth

Weird I never thought of it as "made for wars" or made for anything of the sort, I thought it was made for freedom, liberty and the pursuit of happiness. Seriously though, it was so the governments wouldn't be in control, your financial security wouldn't be hinged on what a few elected officials had decided and especially if they had failed. It was for being able to transact without being held hostage by a third party and their rules, it was to be able to continue on without worry. Bitcoin is young, it's a decade old but that is nothing in the age of currencies, we are still growing and multiplying users, eventually these things will all come to fruition.

philipma1957

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'The right to privacy matters'

Quote from: Oghenejivwe on March 15, 2020, 06:37:22 AM

On March 12th, Bitcoin witnessed one of the biggest daily drops in its 10years history. While Bitcoin was clearly not the only financial that experienced such drop, it still came as a shock to me that Bitcoin will perform so badly in a liquidity event.`

As stocks, crude oil, mutual funds and other financial assets drop, Governments around the world will tend to print more fiat to support and stimulate their falling market, therefore, moving assets to Bitcoin which have a fixed supply with block halving just 60days away seemed like the rational thing to do. BUT THAT DIDNT HAPPEN.

Well, I remain bullish on bitcoin, because $5500 and a market Cap of about $100B doesn't represent the true value of the asset.

No it was created for wars not pandemics

Basically no store of wealth works for a pandemic .

You could argue my statement with real estate 🏡 as the only possible thing that works for pandemics.
The place would need to be on an Island 🌴.
Only one home/compound.
Fully self sufficient.
Solar
Multiple large propane tanks.
One year of food.
weapons tools ⚒️ etc.
air filtration.
water filtration
water stored.
bomb 💣 safe room.

I would image this is the only store of wealth that should gain value due to a pandemic.

This type of wealth belongs to very few people.
I just described a multi million dollar 💵 property.

On a smaller normal level. Homes 🏡 may become more valuable.

Set up a home to store food for a month.
Set up a home with quality air filters.
Set up a home with quality water filters.

Your home 🏡 becomes very valuable if you can self isolate with ease during a pandemic.

I could stay in my home for the next month right now if I chose to do so.

I have food.
I have air filters
I have water filters.
I have fuel for my propane generator.

Almost all of the above was in place before the pandemic .

I was a bit lite on food 🥘. But the other stuff I had.

If you are poor you get fucked.
If you have an apartment you get fucked.

Hoping this clears up by April 30.

bitbunnny

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Bitcoin was created as a response to some other type of crysis that appeared almost regulary and that was economy crysis and desire to be less dependent on banks.
Now we are having some health situation where people panic great deal, without reason to my opinion, but I don't think that Bitcoin can help with that in any way. And we also have people who panix about Bitcoin price too. I guess we just have to wait for all this to stop.

Yogee

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At times like this and where fiat is still the most used currency, there is no investment safe haven. If only all grocery stores would accept Bitcoin as payment, the fiat value won't probably drop as it already did. Right now, Toilet paper > Fiat > Bitcoin

desertfox470

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I think bitcoin has become more of an investment platform for individuals and is following the stock market closer than others would have hoped. I believe it was created for this kind of situation, but many people are not trusting it for their investments when crazy things like we are seeing in the stock market happen.

gentlemand

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Quote from: Fundamentals Of on March 15, 2020, 07:58:44 AM

What do you mean "created for this moment?" Do you think Satoshi was thinking of an economic crash when he created Bitcoin? I don't think so.

Sheesh.

It's literally embedded in Bitcoin's very first block.

https://www.thetimes03jan2009.com

That's a statement of intent if ever there was one.

This particular set of circumstances we're experiencing may turn into more than a standard crash and Bitcoin certainly won't save you, but when it's over the normal monetary system will be weaker and more mutated than ever. That's one of the reasons why he created it.

Fundamentals Of

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What do you mean "created for this moment?" Do you think Satoshi was thinking of an economic crash when he created Bitcoin? I don't think so. Do you think Satoshi was thinking of a possible pandemic when he came up with the idea of Bitcoin? It is not true either. Satoshi was just creating a reliable currency, one that is much better than fiat currency.

BornBlazed

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You could also say gold and silver are created for this moment yet look at there prices tank also. All the goofballs yelling about economic collapse and telling you too buy there gold/silver for many years now didn't know what they were talking about.

gentlemand

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To most people Bitcoin is either an asset or a bet. In conditions like these both of those areas take an absolute hammering. Assets eventually come back. Bets, which is probably the majority, go away for a while apart from those with the self discipline who eventually win.

Wexnident

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I don't request loans~

Bitcoin was sort of created for decentralized transactions, cheaper and safe ways to transact without others knowing. Additionally, the economy has dropped down throughout the entire world, so I guess that could be said to be one factor why it was affected quite hugely. In the end, it hasn't seen any days of being a safe haven, so I guess the idea of it being one isn't enough to support it as one. Plus, compared to other safe assets today, you could say that Bitcoin is still pretty young so maybe in the future? After all, most people see Bitcoin/crypto as an investment, and not as a safe asset, sadly enough.

Still, this probably was a great chance to see how the current Bitcoin could hold up whenever a possible crisis is coming up, one that is quite threatening to the economy. It didn't hold up to our expectations, yes, but it may change quite well in the near future no?

sheenshane

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We can't blame people who are panicking just because of this pandemic happen and we are in an economic crisis which is all price stocks are down in the market. Bitcoin was created as an alternative payment method based on the whitepaper stated but people threaten this as their good assets. And now, they need cash for the necessity when they stay at home to avoid the virus.

Due to the virus has been keep spreading, of course, traders also need money to have a supply for their family and I think this is the cause of all was experienced downtrend even in the entire market and government has nothing to do with it. Remember that Bitcoin isn't stable value, it will always fluctuate and now we feel on it through by the volatility.

samcrypto

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Bitcoin is created for a faster and cheaper transactions, this is my thought. On a daily drops yeah and we are all shocked because of that, but we should remain calm and be positive. Bitcoin proves to us that its not a totally a safe haven, this is also a big question for me but still I believe on the process of bitcoin and I know it can happen again one day.

20kevin20

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Read my older replies on this subject:

Quote from: 20kevin20 on March 10, 2020, 09:46:46 AM

Some people just cannot hold in the situation we are living right now. A lot of people I know have invested all their savings in BTC a few months ago and today they're out of cash, but they need it to prepare for a potential pandemic. I have personally taken a few days off the forum and the internet itself, because I want to focus on preparing for a possibly really bad situation. Investors have a lot of reasons to sell right now. I fortunately do not rely on Bitcoin 100%, which means I can still live without selling a single satoshi even if the price dumps to $100.

I am now trying to get back into the habits I used to have a few weeks ago. The virus outbreak made me move and add some other stuff to the top of my list of priorities.

Don't worry, times will come when Bitcoin will grow back up. It's very understandable that a ton of people sell for various reasons.

Quote from: 20kevin20 on March 14, 2020, 02:43:12 PM

~
Smart whales (and I guess they're smart since they're whales) have probably sold weeks ago. Now that the price has dumped, it became a logical thing to me that the price has to drop during a health crisis. People do not care anymore about their holdings during this time: it's time to prepare for survival, not to become rich.

The intelligent ones have sold long ago and are now purchasing at lower prices to lower their avg cost. The ones in need (or driven by panic) are selling now. Both kinds of people are leading to the same market move: a huge dump.

kryptqnick

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Quote from: Oghenejivwe on March 15, 2020, 06:37:22 AM

On March 12th, Bitcoin witnessed one of the biggest daily drops in its 10years history. While Bitcoin was clearly not the only financial that experienced such drop, it still came as a shock to me that Bitcoin will perform so badly in a liquidity event.`

As stocks, crude oil, mutual funds and other financial assets drop, Governments around the world will tend to print more fiat to support and stimulate their falling market, therefore, moving assets to Bitcoin which have a fixed supply with block halving just 60days away seemed like the rational thing to do. BUT THAT DIDNT HAPPEN.

Well, I remain bullish on bitcoin, because $5500 and a market Cap of about $100B doesn't represent the true value of the asset.

Bitcoin did appear right after the year of the world economic crisis, so I do believe it was created as something that could, among other things, stay unaffected by such events and thus be a solution of sorts. I did believe that people would move their investments into BTC in an event like we're experiencing right now, and I was very surprised to see Bitcoin go down that much. However, perhaps this is just the first reaction of people panicking and selling everything they can. Maybe Bitcoin will recover fast and prove that it can be a safe haven after all. We just have to wait and see where this is going.

Oghenejivwe

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On March 12th, Bitcoin witnessed one of the biggest daily drops in its 10years history. While Bitcoin was clearly not the only financial asset that experienced such drop, it still came as a shock to me that Bitcoin will perform so badly in a liquidity event.`

As stocks, crude oil, mutual funds and other financial assets drop, Governments around the world will tend to print more fiat to support and stimulate their falling market, therefore, moving assets to Bitcoin which have a fixed supply with block halving just 60days away seemed like the rational thing to do. BUT THAT DIDNT HAPPEN.

Well, I remain bullish on bitcoin, because $5500 and a market Cap of about $100B doesn't represent the true value of the asset.

Topic: I though Bitcoin was created for this moment? - page 3. (Read 754 times)