Is bitcoin a failed experiment? - page 5.

Twinkledoe

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Quote from: davis196 on February 27, 2020, 01:31:30 AM

You look like the typical Bitcoin newbie.
At a 10K USD bitcoin price and a bullish trend,you "believe in the future of Bitcoin".
At a 8.5K USD price correction and a possible bearish trend,you don't believe in the future of BTC anymore and you start whining that the price will go to 1 USD in 12 months to 18 months.This just isn't serious,man.
If you wanna sell everything,just do it.Panic selling is something normal,unfortunately,I've done it before.
Stop whining and act like a man.
The question "Is bitcoin a failed experiment?" has been asked 134934565 times on this forum and every time it's asked at a bearish trend,when the price was falling.Bitcoin is here for more than 10 years and it isn't going anywhere near 1 USD or USD price.

I totally agree! If the OP feels that bitcoin will go down below at 1$, then sell whatever he has. It is his own decision anyway. But if he has been in this crypto for so long and witnessed the ups and downs movement of btc countless times, the price that we are experiencing right now, is still higher as compared to previous months or years. Why would he think that btc will fall that hard? So I think, he doesn't really believe in btc in the first place.

cr1776

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Quote from: FightThePower on February 27, 2020, 12:49:23 AM

Today I'm thinking of selling my BTC even though it would be a big loss right now I've been with BTC a while and used to the volitility but this time I believe it's different

I was a believer in BTC and the future of crypto I believed having 1 or more BTC was a smart thing to do that many would look back in 10 to 20 years wishing they'd bought some when it was still obtainable by the regular Joe.

Now I feel that BTC will trend down hitting sub 1 dollars prices possibly even 0 over the next 12 to 18 months. the current coronavirus outbreak has been BTCs first real test and it failed hard and failed immediately. It's not a store of wealth and its failure to hold value in a economic down turn is spectacular and visible to all. Today I think BTC is a failed experiment. What are your thoughts?

There were people saying very similar things here and on slashdot in July 2010 when I first read about it. Anyone who ignored them and mined (or later bought) has done very well.

Gold was down this week just as was bitcoin. Is gold not a store of value? Watch them over the course of years, not days, weeks or even months.

Nothing has failed except people not understanding or at least having patience.

Baofeng

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Experiment or not, it hasn't failed, on the contrary it grew in the last 10 years or so.

We feel the rant of the OP, for every huge drop on the price, there will be some newbie who's going to be frustrated just because they see their portfolio going down and then go to this forum with there ramblings telling everyone how they feel about it. Now, when the price goes up again, they calling BTC a life saver and hearing them shouting "to the Moon".

It's crazy how someone will make a sudden U-turn and label it a failed experiment.

Artemis3

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Quote from: FightThePower on February 27, 2020, 12:49:23 AM

Today I'm thinking of selling my BTC even though it would be a big loss right now I've been with BTC a while and used to the volitility but this time I believe it's different

I was a believer in BTC and the future of crypto I believed having 1 or more BTC was a smart thing to do that many would look back in 10 to 20 years wishing they'd bought some when it was still obtainable by the regular Joe.

Now I feel that BTC will trend down hitting sub 1 dollars prices possibly even 0 over the next 12 to 18 months. the current coronavirus outbreak has been BTCs first real test and it failed hard and failed immediately. It's not a store of wealth and its failure to hold value in a economic down turn is spectacular and visible to all. Today I think BTC is a failed experiment. What are your thoughts?

Under 1$ after a year? Pretty much impossible, bitcoin is not bolivar lol.

The amount of people willing to buy cheap bitcoin overwhelms the likes of you, go ahead and try selling all your bitcoin, only to see others buying it. Such a low price for an asset that is wanted cannot simply drop like that.

The conditions for people to want or not want bitcoin have not changed much. If anything, more people want it compared to the amount if bitcoins available in the market, which is the reason the price is, 8 thousand times more or what your perceived value is, and have been for more than a decade.

Doesn't matter what you think, its what the collective (market) thinks. Want to sell? Fine, others want to buy. But its useless to you? But its useful to them.

Its not a religion, so its not about believing. Go ahead and sell if you like, see you in 10 years evaluating your decision.

My opinion is that Bitcoin is a giant success.

Mahanton

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Quote from: FightThePower on February 27, 2020, 12:49:23 AM

Today I'm thinking of selling my BTC even though it would be a big loss right now I've been with BTC a while and used to the volitility but this time I believe it's different

I was a believer in BTC and the future of crypto I believed having 1 or more BTC was a smart thing to do that many would look back in 10 to 20 years wishing they'd bought some when it was still obtainable by the regular Joe.

Now I feel that BTC will trend down hitting sub 1 dollars prices possibly even 0 over the next 12 to 18 months. the current coronavirus outbreak has been BTCs first real test and it failed hard and failed immediately. It's not a store of wealth and its failure to hold value in a economic down turn is spectacular and visible to all. Today I think BTC is a failed experiment. What are your thoughts?

First i dont believe that you've been on this market for years now.You already got discourage due to that Corona virus issue? Im sure that you havent
seen the worst cases that do happen in BTC timeline.So i cant blame you if you do really have that scared feeling of yours into your own btc holdings.
If you do tend to sell then go ahead but be sure not to regret afterwards if its price would hit up to the roof.Well, theres no such thing as guaranteed thing
on investment world but comparing to those who are negative between believers are just too far away.

joeperry

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In my opinion, calling it as an experiment would be reasonably due to its start. However, I highly disagree that Bitcoin is being considered as a failure. Foremost, Bitcoin has impacted the lives of huge portion of the population globally. It became an assistance to many to sustain heir needs, served as an opportunity for the unemployed and gave people knowledge and the overview of possibilities of the future. And can I just say my opinion that what you are experiencing and doing, the panic selling, is not exactly similar to others'. The volatility of Bitcoin cannot be the basis of its failure, it is upon the cycle of demand supply and its progress on making impact in the society.

xSkylarx

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You still have a little hope for Bitcoin. Long time holders have experienced more than that. I think it will be too early for you to give up. Investing with Bitcoin is like a roller coaster ride and you have to deal with every market situation. Bitcoin itself has a strong foundation so we don't have to blame it during the times that we're doubting. As you invest with Bitcoin, you should also have the courage to wait and have patience because there will always situations wherein its price would dropdown.

carter34

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Quote from: microsurfer on February 28, 2020, 06:00:26 AM

Bitcoin is a very succesfull experiment especially for early birds. Incredible ROI from creation

It is not for early birds anymore because I doubt if original hodlers are still having it without having sold and debuting again. Therefore, since we have had new investors buying in, then it is not failed. It has gone through refined process and development.

alani123

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Bitcoin, to a large extent, WAS considered experimental. Right now, the software is considered stable, mining has established its network, nodes and propagation happen at predictable rates etc. The entire infrastructure has really matured. Experimental technologies are now being built on top of BTC, like lightning network etc.

Janation

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You are a failure as an investor before you even judge Bitcoin as a failed experiment.

Coronavirus is it's first real test? How about when Bitcoin was hacked in the past? When the MtGox happened, that is the real deal. This outbreak is not even related to the price changes of Bitcoin. I've been here for a while now, those obstacles had been taken down since there are a lot of real supporters and real believers of Bitcoin unlike you.

microsurfer

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Bitcoin is a very succesfull experiment especially for early birds. Incredible ROI from creation

Yatsan

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Quote from: pixie85 on February 27, 2020, 08:22:45 PM

Quote from: FightThePower on February 27, 2020, 12:49:23 AM

Now I feel that BTC will trend down hitting sub 1 dollars prices possibly even 0 over the next 12 to 18 months. the current coronavirus outbreak has been BTCs first real test and it failed hard and failed immediately. It's not a store of wealth and its failure to hold value in a economic down turn is spectacular and visible to all. Today I think BTC is a failed experiment. What are your thoughts?

I'd like you to find a single piece of evidence that would prove that coronavirus is responsible for a correction in BTC's uptrend.

If you cannot do it why do you talk about it like it's a fact?

Bitcoin is following the traditional markets. Look at S&P500 chart. It begun to decline 2 days before bTC.

It is true that the crypto space has been shaken by the corona virus but the thing is it did not go down as what he has said. Bitcoin's price already peaked again at $10K this early February and that is maybe because most of the people are calling it safe haven for their wealth and we cannot deny that thing. What I think the cause of sudden opposite move is the panic from the people who are scared to get left behind by the pump or what I call the early harvesters. I just don't know why there is an downtrend amidst of the corona virus, I expected it to be higher than what it is now even there are people who are selling it.

yazher

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I think he doesn't have the guts to hold his BTC anymore. The problem with you is, you have some negative mind that needs to be covered and stop. instead, you made this topic to convince some people to also sold their bitcoins at this lower price which will not gonna happen. Most of the users here are waiting for that Bitcoin halving which will happen this May, some of them are waiting for years and still holding on thinking positive that good things will happen after the Bitcoin Halving.

Inkdatar

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Quote from: bhabygrim on February 28, 2020, 02:23:18 AM

Why would we even say that it is a failed experiment the fact that it already survive in more than a decade,
It have more investors now and also so many huge business accepts it should be enough proof to say that it isn't failed experiment.

When btc price sudden drops more users claimed that it will be dead and yet a failure. For those who have been here in crypto since, they believe that there's more to offer in bitcoin and they have a strong support on it. True it survives through these years and bitcoin has its volatility and we could see the price will surge again in time.

bhabygrim

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Why would we even say that it is a failed experiment the fact that it already survive in more than a decade,
It have more investors now and also so many huge business accepts it should be enough proof to say that it isn't failed experiment.

FightThePower

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Guys, thanks for the opinions one thing I'd like to clarify is I'm not chasing instant wealth my post even said 10 to 20 years from now. I did believe that a full BTC would likley unobtainable by regular people in 10 to 20 years due to price.

I'm not concerned with big correction in the past 4 years I just feel this one is different. Why? Because The outbreak will probably cause a huge financial collapse like 2008 and BTC isn't holding value at this point. This will kill chances of further adoption pushing down price more and so on like a positive feedback loop. People will no longer see BTC as having value. They see trump and others bash BTC and then they see BTC spectacular fall and go back to gold, metals etc. In short I feel the coming crisis has exposed that BTC isn't gold 2.0

I never bought at the peak either I've dollar cost averaging for 4 years

pixie85

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Quote from: FightThePower on February 27, 2020, 12:49:23 AM

Now I feel that BTC will trend down hitting sub 1 dollars prices possibly even 0 over the next 12 to 18 months. the current coronavirus outbreak has been BTCs first real test and it failed hard and failed immediately. It's not a store of wealth and its failure to hold value in a economic down turn is spectacular and visible to all. Today I think BTC is a failed experiment. What are your thoughts?

I'd like you to find a single piece of evidence that would prove that coronavirus is responsible for a correction in BTC's uptrend.

If you cannot do it why do you talk about it like it's a fact?

Bitcoin is following the traditional markets. Look at S&P500 chart. It begun to decline 2 days before bTC.

maxreish

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Just because bitcoin literally down at the moment doesn't even mean that bitcoin is a failed experiment. Have you ask yourself, is it you who were failed? You were not the only one who bought at the "peak" and left hanged until now. But they are still optimistic as they knew that this volatile market will still be an opportunity.

I do think you are panicking. If you are a long term holder you can still think of other way solution rather than pushing down yourself and contributing to the fud. Hold until you recover especially that halving event in near approaching. Who knows? Big profits awaits you.

Oasisman

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This is what happened when you ran out of patience to hold for another year or two and was rushing to become rich. Only thing I can agree with, yes Bitcoin is an experiment. But, I don't know why you call it as a failure, when It has been used as an alternative for physical money to purchase something or trade in the market for more than 10 years.

Zemomtum

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An experiment that keeps on evolving over the past 10 years cannot be termed a failure. You are saying this because you are just a newbie to the environment and this may be your first experiment. Blockchain is the future, try to learn more about it and not only that, grab all the benefits it offers. Something that started with just cents not even up to $1 and at above $9000, how can that be described as a failure?

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