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Topic: Is the decline in the Bitcoin price OUR fault? - page 3. (Read 524 times)

budismile

jr. member

Activity: 293

Merit: 1

Quote from: Kakmakr on June 15, 2018, 03:56:54 AM

We have been looking for answers on why the Bitcoin price is falling, because we want someone to blame. We have seen the price going down from $19 000+ to $6500 and everyone is looking for the big reason to explain this.

We blamed the governments for regulations and we blame BCash supporters for selling us out and we have been blaming the Mt Gox guy for dumping the coins on the exchanges, but we have not looked at ourselves. Roll Eyes

Did we forget that the price of Bitcoin is based on Supply and Demand and that we have to work hard to grow the demand? There are constantly coins being added from the mining side, but the demand side is not keeping up. Why?

Yes, the price increase to $19 000 was spurred on by speculative greed, but we should have grown faster to sustain that progress.

I think everyone of us is to blame, because we should work harder to, :

~ Approach local merchants to ask if they would accept Bitcoin.
~ Ask Merchants to install a Bitcoin ATM in your area.
~ Stop hoarding all our coins and start to buy from the merchants that does accept Bitcoin.
~ Start using the Lightning Network to fast track the implementation.
~ Get SegWit addresses
~ Help people to invest in Bitcoin.
Let's stop blaming others and start working harder to grow the demand, then we will reap the rewards. Wink

I agree with you that we should work harder to promote bitcoin so that investors can comfortably put their money on bitcoins, avoid any kind of problems that could aggravate bitcoin.
if the government can support bitcoin, I think investors will be queuing to put their money in bitcoin.
I hope the government can work together, so that the world economy can be maintained

ETHtotheMOON1

jr. member

Activity: 280

Merit: 3

Quote from: Kakmakr on June 15, 2018, 03:56:54 AM

it's our fault, you're right. Main fault is that we have in community too many people who don't understand the very basic rules of crypto and trading, let's change that

Marlo Stanfield

sr. member

Activity: 490

Merit: 280

Quote from: Kakmakr on June 15, 2018, 03:56:54 AM

Personally, I don't really think that merchant adoption is what we need, or what is sufficient to sustain sky high prices. I think really the only thing that's going to support trillion dollar market caps or even half of that is global investment demand from the highest levels of international finance.

cacvy3

member

Activity: 163

Merit: 10

At some point yes, it is our fault because we have probably bad and fake expectations about bitcoin (like a new bullrun) or some things that made people panic sell their coins, but this is normal

eternalgloom

legendary

Activity: 1792

Merit: 1283

Quote from: Kakmakr on June 15, 2018, 06:45:12 AM

Quote from: eternalgloom on June 15, 2018, 06:05:25 AM

Quote

~ Start using the Lightning Network to fast track the implementation.
~ Get SegWit addresses

How would this increase the price of Bitcoin?
It wouldn't really have any direct effect on the price, except it might just make Bitcoin look better because of lower fees and faster transactions.

Quote

~ Approach local merchants to ask if they would accept Bitcoin.
~ Stop hoarding all our coins and start to buy from the merchants that does accept Bitcoin.

The thing with this is that most merchants immediately exchange their BTC to fiat, which would be driving the price down, not up.
If your constantly buying stuff with your coins, you're essentially lowering its value, since you're basically selling your Bitcoins to exchanges indirectly.

The Lightning Network will make Bitcoin more effective and people might develop more Applications that use micro payments and the LN for these Applications. The LN also makes most Alt coins ineffective and the investments in these Alt coins might flow to Bitcoin.

Even if merchants convert directly to Fiat, people will still be buying it, because they want to spend it for services and products at these merchants. This will drive up the price, because there will be a increase in the demand. It will even be more effective, if these merchants only accept Bitcoin as a payment option. Roll Eyes

I can definitely understand that the more Bitcoin gets adopted by merchants, the more promotion it gets by all the Bitcoin logo's that are displayed.
It's just that, it would be double as effective if you could provide merchants with a payment soltution that allows them to keep part of their revenue as Bitcoins. I think Overstock is actually doing this btw.

Maybe smaller shops would be interested in only accepting Bitcoin, but it would be a pretty bad business strategy.
You'd want to attract as many customers as possible, if you only accept Bitcoin, you'd be turning away a lot of potential customers by default.
Offering discounts for using Bitcoin is a much better idea

kaya11

full member

Activity: 1344

Merit: 110

SOL.BIOKRIPT.COM

If only local bitcoin ATMs can be installed in very party of every prospering city in the world, then people would be much interested and feel safe to use it as a currency. They would feel that it is accepted and not illegal and there fore would be removed from the thoughts of their mind that it is a way to fraud others.

First77

member

Activity: 266

Merit: 32

People who have 1000 Bitcoin will they risk $10,000,000 when Bitcoin fell from $20,000 to $6,000. These are the big sellers.

Kakmakr

legendary

Activity: 3514

Merit: 1963

Leading Crypto Sports Betting & Casino Platform

Quote from: Denker on June 15, 2018, 07:59:14 AM

Quote from: PsylockReborn on June 15, 2018, 04:40:13 AM

Those people who are holding less amount of btc is not to blame. We can put the blame on those whales trying to dump all their coins just because of FUD. There are lot of investors right now who are too emotional and doesn't understand the volatility of the crypto market. When a sudden dip is happening they tend to panic sell all their coins and this could affect the performance of the market specially if you are holding huge amount of BTC.

I also agree with OP to use your coins up to certain amount, depending on how much you own. I also use lightning network and play with it.
This thing will be absolutely huge in a few years and have a massive impact for future adoption.

Yes, the idea is not to use ALL your coins. You obviously have to hoard more than 80% for the rewards later, but you have to spend about 20% of the coins you buy to motivate merchants to keep on accepting bitcoins. The way I do this is to buy food daily from food merchants with bitcoins.

I would have spend the money on food in any way, I just pay with bitcoins and not with Fiat.

Gotumoot

sr. member

Activity: 1372

Merit: 261

Re: Is the decline in the Bitcoin price OUR fault?

June 15, 2018, 08:20:19 AM

#23

Quote from: MartinAK on June 15, 2018, 07:28:55 AM
This is a delicate question but i personally believe that the recent decrease of bitcoin price is really affecting the crypto world. the issue is that there a lot of investors who are dumping the coin making it lose it value. This is the time all holders of the coin whether larger or small have to cause an increase in demand of the coin rather than dumping them for the fear of it decreasing. remember we have a vital role to play to cause a change if this does not happened then we got to be blamed.
There are many reasons why bitcoin price drops, and yes we our part of that. Many investors panic sell their bitcoin when its dropping, it was caused by the bad news spreading on the social media. But for me, the main caused of the dropping of bitcoin price is because of its volatility, and thats normal, because bitcoin is created to be volatile, it will increase or decrease unpredictable.

Denker

legendary

Activity: 1442

Merit: 1016

Re: Is the decline in the Bitcoin price OUR fault?

June 15, 2018, 07:59:14 AM

#22

Quote from: PsylockReborn on June 15, 2018, 04:40:13 AM
Those people who are holding less amount of btc is not to blame. We can put the blame on those whales trying to dump all their coins just because of FUD. There are lot of investors right now who are too emotional and doesn't understand the volatility of the crypto market. When a sudden dip is happening they tend to panic sell all their coins and this could affect the performance of the market specially if you are holding huge amount of BTC.

I think you can not blame the whales. In terms of Bitcoin's network effects we are mostly dealing with price speculation at the moment.
Therefore people want to make either more fiat or more Bitcoin.
But imo there is also a lot of dumb money in this space. And dumb often acts very emotional and pumps and dumps every altcoin, no matter how useless it is.
And we have to get rid off that money.Therefore those bear markets are good for. Now is the time to build, educate or leave the space if you can't handle those phase of the market cycle.

I also agree with OP to use your coins up to certain amount, depending on how much you own. I also use lightning network and play with it.
This thing will be absolutely huge in a few years and have a massive impact for future adoption.

CryptOliver

member

Activity: 83

Merit: 11

Re: Is the decline in the Bitcoin price OUR fault?

June 15, 2018, 07:51:57 AM

#21

Quote from: Gerci on June 15, 2018, 07:44:26 AM
The decline in Bitcoin prices could be even worse in the coming months. The reason, this digital currency (cryptocurrency) has no fundamental value.
This is the result of published Capital Economics research.
The London-based company said the price of Bitcoin Cs has been sufficiently correlated with the S & P 500 index since its price has dropped from the highest price at the end of 2017.
But in my opinion this correlation is only coincidental and related to certain factors. The recent decline in Bitcoin prices is due to increased investor concerns about regulatory tightening, banning cryptocurrency ads on social media and some banks that prohibit the use of credit cards to buy Bitcoin Cs.
The stocks have been hit by fears of a US-China trade war that continues to intensify. "In other words, the factors that drive Bitcoin prices are still somewhat different from other asset driving factors," said Capital Economics as quoted by CNBC International.

Gerci

member

Activity: 87

Merit: 10

Re: Is the decline in the Bitcoin price OUR fault?

June 15, 2018, 07:44:26 AM

#20

The decline in Bitcoin prices could be even worse in the coming months. The reason, this digital currency (cryptocurrency) has no fundamental value.
This is the result of published Capital Economics research.
The London-based company said the price of Bitcoin Cs has been sufficiently correlated with the S & P 500 index since its price has dropped from the highest price at the end of 2017.

ShadowBits

hero member

Activity: 994

Merit: 504

Re: Is the decline in the Bitcoin price OUR fault?

June 15, 2018, 07:35:28 AM

#19

Quote from: Kakmakr on June 15, 2018, 03:56:54 AM
We have been looking for answers on why the Bitcoin price is falling, because we want someone to blame. We have seen the price going down from $19 000+ to $6500 and everyone is looking for the big reason to explain this.

We blamed the governments for regulations and we blame BCash supporters for selling us out and we have been blaming the Mt Gox guy for dumping the coins on the exchanges, but we have not looked at ourselves.

Did we forget that the price of Bitcoin is based on Supply and Demand and that we have to work hard to grow the demand? There are constantly coins being added from the mining side, but the demand side is not keeping up. Why?

Yes, the price increase to $19 000 was spurred on by speculative greed, but we should have grown faster to sustain that progress.

I think everyone of us is to blame, because we should work harder to, :

~ Approach local merchants to ask if they would accept Bitcoin.
~ Ask Merchants to install a Bitcoin ATM in your area.
~ Stop hoarding all our coins and start to buy from the merchants that does accept Bitcoin.
~ Start using the Lightning Network to fast track the implementation.
~ Get SegWit addresses
~ Help people to invest in Bitcoin.
Let's stop blaming others and start working harder to grow the demand, then we will reap the rewards.

Yes, somehow it is our fault since people are panicking and selling or their holdings and maybe just because people are shorting Bitcoin.

MartinAK

newbie

Activity: 168

Merit: 0

Re: Is the decline in the Bitcoin price OUR fault?

June 15, 2018, 07:28:55 AM

#18

This is a delicate question but i personally believe that the recent decrease of bitcoin price is really affecting the crypto world. the issue is that there a lot of investors who are dumping the coin making it lose it value. This is the time all holders of the coin whether larger or small have to cause an increase in demand of the coin rather than dumping them for the fear of it decreasing. remember we have a vital role to play to cause a change if this does not happened then we got to be blamed.

bitvalak

sr. member

Activity: 868

Merit: 267

SecureShift.io | Crypto-Exchange

Re: Is the decline in the Bitcoin price OUR fault?

June 15, 2018, 07:25:59 AM

#17

Quote from: Kakmakr on June 15, 2018, 03:56:54 AM
We have been looking for answers on why the Bitcoin price is falling, because we want someone to blame. We have seen the price going down from $19 000+ to $6500 and everyone is looking for the big reason to explain this.

We blamed the governments for regulations and we blame BCash supporters for selling us out and we have been blaming the Mt Gox guy for dumping the coins on the exchanges, but we have not looked at ourselves.

Did we forget that the price of Bitcoin is based on Supply and Demand and that we have to work hard to grow the demand? There are constantly coins being added from the mining side, but the demand side is not keeping up. Why?

Yes, the price increase to $19 000 was spurred on by speculative greed, but we should have grown faster to sustain that progress.

I think everyone of us is to blame, because we should work harder to, :

~ Approach local merchants to ask if they would accept Bitcoin.
~ Ask Merchants to install a Bitcoin ATM in your area.
~ Stop hoarding all our coins and start to buy from the merchants that does accept Bitcoin.
~ Start using the Lightning Network to fast track the implementation.
~ Get SegWit addresses
~ Help people to invest in Bitcoin.
Let's stop blaming others and start working harder to grow the demand, then we will reap the rewards.
the decline of bitcoin is influenced by supply and demand are not balanced, so like there is an imbalance in the price. But the real factor is the greed of any trader who triggers the market to be random, this will make it difficult for other traders to make decisions in the market. We all must have a greedy nature in us, but trying to change it still has time. Bitcoin requires our efforts to exist and to be useful. Then hoarding bitcoin is not a bad thing if it is within reasonable limits.

1Referee

legendary

Activity: 2170

Merit: 1427

Re: Is the decline in the Bitcoin price OUR fault?

June 15, 2018, 07:03:06 AM

#16

Quote from: Kakmakr on June 15, 2018, 03:56:54 AM
~ Approach local merchants to ask if they would accept Bitcoin.
Agreed.

Quote from: Kakmakr on June 15, 2018, 03:56:54 AM
~ Ask Merchants to install a Bitcoin ATM in your area.
It's not as easy as it may seem. Depending on the country people are in, it may involve quite some legal hassle. The rewards for merchants likely don't justify the effort needed to deploy ATM's, and most ATM's are very expensive to use.

Quote from: Kakmakr on June 15, 2018, 03:56:54 AM
~ Stop hoarding all our coins and start to buy from the merchants that does accept Bitcoin.
Don't tell people what to do with their coins.

Quote from: Kakmakr on June 15, 2018, 03:56:54 AM
~ Start using the Lightning Network to fast track the implementation.
Proper clients are lacking making it easy to use, it's too much of a hassle to set up a node, and it's not safe in current form if you don't fully know what you are doing.

Quote from: Kakmakr on June 15, 2018, 03:56:54 AM
~ Help people to invest in Bitcoin.
Investing is actually the last aspect that we should talk about. Obtaining a decent level of understanding is what I consider to be much more of a helping factor.

GreatOrchid

legendary

Activity: 1092

Merit: 1001

Re: Is the decline in the Bitcoin price OUR fault?

June 15, 2018, 06:59:21 AM

#15

there were a lot of reasons behind this dump, the most important reason of it, were the dumb investors who bought at 20k and then they were crying because of it.

Kakmakr

legendary

Activity: 3514

Merit: 1963

Leading Crypto Sports Betting & Casino Platform

Re: Is the decline in the Bitcoin price OUR fault?

June 15, 2018, 06:45:12 AM

#14

Quote from: eternalgloom on June 15, 2018, 06:05:25 AM
Quote
~ Start using the Lightning Network to fast track the implementation.
~ Get SegWit addresses

How would this increase the price of Bitcoin?
It wouldn't really have any direct effect on the price, except it might just make Bitcoin look better because of lower fees and faster transactions.

Quote
~ Approach local merchants to ask if they would accept Bitcoin.
~ Stop hoarding all our coins and start to buy from the merchants that does accept Bitcoin.

The thing with this is that most merchants immediately exchange their BTC to fiat, which would be driving the price down, not up.
If your constantly buying stuff with your coins, you're essentially lowering its value, since you're basically selling your Bitcoins to exchanges indirectly.

The Lightning Network will make Bitcoin more effective and people might develop more Applications that use micro payments and the LN for these Applications. The LN also makes most Alt coins ineffective and the investments in these Alt coins might flow to Bitcoin.

Even if merchants convert directly to Fiat, people will still be buying it, because they want to spend it for services and products at these merchants. This will drive up the price, because there will be a increase in the demand. It will even be more effective, if these merchants only accept Bitcoin as a payment option.

cmaxwell

newbie

Activity: 195

Merit: 0

Re: Is the decline in the Bitcoin price OUR fault?

June 15, 2018, 06:40:26 AM

#13

i cant say precisely that the decline in the price of bitcoin is the fault of any investors or the players. but the fact remains that in every economy and in every investment , there are always those we call the manipulators. this set of people are very strong and very important to the survival of such investment. this people determines the future of any investment. this are set of people that should be asked what was responsible for the downward trend of bitcoin.

guonianhao

newbie

Activity: 13

Merit: 0

Re: Is the decline in the Bitcoin price OUR fault?

June 15, 2018, 06:21:50 AM

#12

I think the decline of Bitcoin is not a mistake. A market that wants to develop well must release the bubble. Cryptocurrency investment is now too hot. Must reduce the bubble. If it is too high, it will lose all investors.