If bitcoin is made for times like these why is everyone selling at a time like.. - page 6.

Twentyonepaylots

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Quote from: bitcoinst on March 17, 2020, 02:01:13 PM

A mixture of panic and mass hysteria. It is clearly visible that people completely do not understand what is happening during the crisis, trying to find easy and simple answers for complex things.
People do not want to figure it out themselves and look for answers, but they are easily ready to go on about those who provide them with the information that they like, even if it is a dummy.

The same dummy as the idea that Bitcoin is a safe asset during a crisis.
The value of bitcoin is that during the crisis and after the crisis, its maximum number does not increase, while fiat currencies have already received a large increase in the form of printed bills.

Precisely. Bitcoin is just the same as any asset there is on the market. It has it's highs and lows. It just so happened that COVID-19 panic is something of large-scale that it had caused mass panic to all people. And this is the time where people will stock up on their supplies. So probably most investors here who sold their shares are the ones who used it for the quarantine. Most probably they'll be back when the situation becomes more stable. I repeat, bitcoin is no safe asset. It is but a profitable asset that can dump or pump like every thing else. It just depends on the market's situation and other factors which I wouldn't dig in more.

bitcoinst

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A mixture of panic and mass hysteria. It is clearly visible that people completely do not understand what is happening during the crisis, trying to find easy and simple answers for complex things.
People do not want to figure it out themselves and look for answers, but they are easily ready to go on about those who provide them with the information that they like, even if it is a dummy.

The same dummy as the idea that Bitcoin is a safe asset during a crisis.
The value of bitcoin is that during the crisis and after the crisis, its maximum number does not increase, while fiat currencies have already received a large increase in the form of printed bills.

YOSHIE

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Quote from: WhyFhy on March 13, 2020, 09:23:08 AM

Just venting a little. This selloff is nuts.

In the last few days so far there have been thousands of people who panicked about V corona, which attacked the whole world making everyone shake their assets, especially in crypto, everything that happens is out of the minds of the people who are currently happening to bitcoin.

People think to sell and want to be made into real / fiat currency.
In this case assume Bitcoin will experience a long decline phenomenon for that people sell their assets and store them physically.

Yatsan

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Quote from: TheGreatPython on March 17, 2020, 06:44:16 AM

Bitcoin was made for times like this and that is EXACTLY why it dropped as well. I still think it shouldn't have dropped and I still think it should have even gone up but I do understand the reasoning behind selling bitcoin on times like this. Why was bitcoin created?

So, people wouldn't get affected by the falls of the societies economical troubles. What happened? People who have lost so much money due to corona virus and all the trouble actually sold their profitable and saved aside bitcoins to cover the difference and continue to live like nothing happened. During times when economy falls, if you are a person who didn't get affected by it thanks to bitcoin that means you are doing better than anyone else who didn't get into bitcoin. It wasn't suppose to be used like that but it does help people out on bad financial times this way as well.

I also think that bitcoin is the safe haven in times like this but, honestly in crisis like this it's normal for people to panic and to sell bitcoin and other cryptocurrency. We cannot blame them, we need money to fight the virus and to stay safe! Lot's of jobs are being affected by it and, it means lot of income will be blocked by this crisis so there's no more choice here but to withdraw all the savings and investment and to use it for their family. Lot of countries are having problem with this virus. Let's just hope that this would end now so that everything will be back to normal.

Oasisman

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Quote from: WhyFhy on March 13, 2020, 09:23:08 AM

If bitcoin is made for times like these why is everyone selling at a time like this?
China quarantined fiat FFS.
This tells me 100% BTC is only a financial purpose and not a practical purpose overall.

Just venting a little. This selloff is nuts.

Simple.
Basic essential needs for survival weights more than wealth. What's the value of money if your health was compromised?
When you die, do you think you can still use your investments?
Financial asset can be recovered, but life isn't.
With the ongoing and still continuing lockdown from all over the cities in the world, people can't think of anything but to store food, medicine, and water to sustain for months.

What's the correlation between the pandemic and the fall of Bitcoin? Well, I can say "health is wealth."

TheGreatPython

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Bitcoin was made for times like this and that is EXACTLY why it dropped as well. I still think it shouldn't have dropped and I still think it should have even gone up but I do understand the reasoning behind selling bitcoin on times like this. Why was bitcoin created?

So, people wouldn't get affected by the falls of the societies economical troubles. What happened? People who have lost so much money due to corona virus and all the trouble actually sold their profitable and saved aside bitcoins to cover the difference and continue to live like nothing happened. During times when economy falls, if you are a person who didn't get affected by it thanks to bitcoin that means you are doing better than anyone else who didn't get into bitcoin. It wasn't suppose to be used like that but it does help people out on bad financial times this way as well.

Ucy

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Quote from: WhyFhy on March 13, 2020, 12:00:32 PM

Correlation , enough said.
My question simply is in a time of hysteria why sell out things that will be of more value in said hard times.
Unless said items where merely marketed as a fail safe without acutally being a fail safe.

Hope we have learned our lessons from this. It's time to make things more resilient and hard to manipulate. The decentralized approach remains the best way to go. Tokens backed by long-lasting decentralized physical/virtual assets should be developed. The assets should be well decentralized, controlled by their owners and should be mostly based on what can sustain holders in chaotic time.
If token developers choose to centralized/semi-centralized things, that is fine, as long as they don't sell them as decentralized or in deceptive manner. The most important thing is that people are sustained in hard times by themselves, and that the decentralized don't get controlled or influenced by centralized/semi-centralized.. that is bad for crypto. The three worlds/spaces should be distinct in my opinion. In the end we will know which is truely safe.

travwill

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Who told you that bitcoin was created for time like this? Today, bitcoin is the same financial asset as everyone else.
It is important for you to understand that people own bitcoin and people control it too. And they, as a rule, are important financial component in the first place.

criza

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Quote from: fiulpro on March 14, 2020, 04:56:44 AM

Precisely because they are using bitcoins at time like this , sending money , encashing , using it in the market, it doesn't always come with options .
There is one thing for sure , if a person is using bitcoins for everyday life he would have to sell at some point for sure because of the super limited options , I am not against this at all because at the end of the day Corona virus is causing heavy dump and unfortunately the jobs are dying , schools are closed , people still have to pay rent at the end of the day .

Yeah right, people with limited income do not have the capability to go on and still hold Bitcoin for their investement, it would come a time or a crisis like this pandemic that would make them need to sell some stocks to pay for their needs and foods especially when they are shut off from their financial supply. But, news says that countries are now recovering from the pandemic like in China and it might also mean for Bitcoin to retain its price before or a gradual increase in the coming months.

Keep faith in Bitcoin, the halving is coming.

FanatMonet

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Well, in the end, I think that the vast majority of people see cryptocurrencies as a way to get some tangible benefits, such as money or some kind of value. And not the goal, that it has 0.1 / 1/100, etc. Bitcoins or some other currency.
And so it will be until cryptocurrencies become widespread enough.

tvplus006

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Quote from: Sanugarid on March 15, 2020, 11:18:57 AM

We all know bitcoin can become more useful at times like this since the use of fiat was proven to be medium for the passing of the said virus. The use of crypto is very ideal at the moment considering the fact that no physical contact is need, even when inside your house you can make a transaction and the use of paper money or coins can also be avoided to prevent the virus from gaining much larger scale of spreading. The value keeps on falling and I think that can be one of the main reason why people are panic selling, to avoid much larger casualties from their investment. They should consider atleast that the halving is near and corona might end soon.

Many people now sell their bitcoins at such a low price that they think they can buy them later at an even lower price. And so far we see that this scenario works. Here, the main thing is to be careful and remember that bitcoin can very quickly go to growth and many will then remain out of the market.

Sanugarid

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We all know bitcoin can become more useful at times like this since the use of fiat was proven to be medium for the passing of the said virus. The use of crypto is very ideal at the moment considering the fact that no physical contact is need, even when inside your house you can make a transaction and the use of paper money or coins can also be avoided to prevent the virus from gaining much larger scale of spreading. The value keeps on falling and I think that can be one of the main reason why people are panic selling, to avoid much larger casualties from their investment. They should consider atleast that the halving is near and corona might end soon.

kaya11

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I believe in market manipulation by whale, they are the ones that pull that resistance out for people to panic sell and guess what? They are just making more money because of it, it never changes, the cycle continues and only the strong and have the guts will be able to survive, this ain't for the weak hearted people, remember that it has gone down to almost 3k USD, this ain't new. How I wish that this price could go down even further but look at it now, I regret not buying at around 3.7k usd.

fiulpro

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Precisely because they are using bitcoins at time like this , sending money , encashing , using it in the market, it doesn't always come with options .
There is one thing for sure , if a person is using bitcoins for everyday life he would have to sell at some point for sure because of the super limited options , I am not against this at all because at the end of the day Corona virus is causing heavy dump and unfortunately the jobs are dying , schools are closed , people still have to pay rent at the end of the day .

Broly46

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I’m kinda eager to know what’s the next trading day gonna bring on the table? I think some big bankers get so trigger that the circuit breaker did nothing but dump the market wildly, it’s crazy ride along the week, just wait and prepare to be slaughtered, I hope you can get through the next Monday.

imstillthebest

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Quote from: WhyFhy on March 13, 2020, 09:23:08 AM

If bitcoin is made for times like these why is everyone selling at a time like this?
China quarantined fiat FFS.
This tells me 100% BTC is only a financial purpose and not a practical purpose overall.

Just venting a little. This selloff is nuts.

btc isnt only made at this time but btc is made long time ago and what do you mean made by ? to save us from hard crisis like this ? still no . let them if they sell because they are the ones that will loose and will left out nothing when the time the value recoveres and pump back again .

china quaratined fiat is a crazy idea but this is also the reason on why no new monies enter on the crypto market resulting for the price to drop . btc can be used what you want . financial or for practical use , you name it .

omone1

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Bitcoin market is not yet robust enough to prevent a heavy dump when some whales decide to conspire to strike on the market so they can buy low, remember the market is still been fought against by some powerful nations who see decentralization as a means of getting financial control off their hands. With this faithful devotees are the ones trading this bitcoin and for hard-times like this, they are bound to panic because no one envisage this virus could be this devastating.

akhjob

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Haven't you heard of Market manipulators. Crypto markets can be easily manipulated by big Whales. They just used Corona as an opportunity to crash the market and accumulate more Bitcoin at low prices in the process. When newbs see the Crypto market crash because of Whale's dumping, they link the Crypto market with the global market and start panic sell. In the meantime, Whales accumulate more Bitcoin and push the prices up at a later period of time.
Bitcoin is a not short-term asset, look at it as a long-term. The future is still bright. Just HODL

CaVO32

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Quote from: rdluffy on March 13, 2020, 04:32:08 PM

People are doing this to accumulate more BTC in the long term, it's simple
If a whale sells a lot of coins, people will start to panic and sell their coins too, and them the whales buy again at low prices, while the small ones leave the market or buy again but with higher prices

I only see this, there´s nothing wrong with BTC and the fundamentals, everything is working good

yes, most of those who are selling off are those that are in panic mode especially those who are actually experiencing the coronavirus lockdown in their community. Because they might have urgent needs of their money, so they need to sell their coins to accommodate their basic needs. We can't blame them actually. but for those who can afford to store more btc in their portfolio, I think it is still a good time to buy even if it is already more than $5k. I believe we will reach again the 10k mark in the near future. movement in crypto is very fast.

for those who experienced a lot of ups and downs movement of crypto, they know better. this is just another test and we will beat again this trial in crypto. btc is already strong with this kind of challenge.

joniboini

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One of the reasons is that not all of the people believe in bitcoin, at least not yet. In times of crisis, they'd likely look for the most tested, trustable asset that has survived for decades instead of a young one that is not even a 'teenager'.

Also, bitcoin is money. Measuring the growth of transactions and unique users are probably better metrics to know how people see bitcoin in general.

Topic: If bitcoin is made for times like these why is everyone selling at a time like.. - page 6. (Read 1049 times)