Lump of gold is still the biggest preference in the world right now compared to bitcoin because lets face it bitcoin is a 10-11 year old whereas gold is literally thousands of years old. I mean Hannibal literally attacked Iberia just so he can get all the gold and silver there to fuel the fight against Rome, that is 2200 year old information and I am 100% sure it was used for payments a lot before that as well. So, comparing something that is a decade long to over two millennia long I can understand why it is not easy for people to change their opinions all that easily.
However as you have changed your opinion, there could be some other people who have changed their preference as well, and over long enough time, people do not easily move from bitcoin to gold but they do move from gold to bitcoin so we will probably have more and more.
Topic: Mythbusters: today's chapter - Bitcoin's correlation with traditional markets- (Read 168 times)
April 22, 2020, 10:19:02 AM
April 22, 2020, 04:33:23 AM
I keep saying that if shit is bad for regular people -- and that means you and me and 99% of this forum -- then we will be spending on bread and bills, not forking out for more btc.
We'll even be liquidating btc (selling) to do all that. I know cause I'm forces to sell more these weeks, most of us freelancers and self employed have to welfare or stimulus package.
This isn't to say bitcoin isnt a safe haven. If we had to store value, and store it safely, hedging against loss of fiat, we would. If I had to run with my family and gather whatever wealth we had in a bag, you bet I'm keeping it in btc and not a lump of gold.
We'll even be liquidating btc (selling) to do all that. I know cause I'm forces to sell more these weeks, most of us freelancers and self employed have to welfare or stimulus package.
This isn't to say bitcoin isnt a safe haven. If we had to store value, and store it safely, hedging against loss of fiat, we would. If I had to run with my family and gather whatever wealth we had in a bag, you bet I'm keeping it in btc and not a lump of gold.
April 22, 2020, 04:23:26 AM
Now the question is, how will this imminent fall affect BTC? I say YES will dump hreally HARD and it is highly correlated and no safe haven.. let's see what happens
If bitcoin is going to see a dump, then good, but I don't see that there is a correlation between traditional markets and crypto per se. Maybe the dump could happen because of manipulation from the whales because of the block halving. And some TA guys in the community here are pointing that we can be in a bear market prior to the halving and then shoots off pre-halving.
April 20, 2020, 11:23:25 AM
bitcoin will be affected by the mass panic but there still is absolutely no correlation between bitcoin and any other markets.
Bitcoin market participants don't live in a magical crypto bubble. They go broke, lose their jobs, go mad or are looted to death just like anyone else. A total lockstep is unlikely but if the world goes up in smoke then I don't see how BTC carries skipping gaily along.
but the whole world is not going up in smokes. there will only be some poor people who would get screwed over by the banks again as they keep on printing more and more money to bailing themselves out while reducing the value of fiat currency which would increase the value of bitcoin.
April 20, 2020, 11:10:44 AM
bitcoin will be affected by the mass panic but there still is absolutely no correlation between bitcoin and any other markets.
Bitcoin market participants don't live in a magical crypto bubble. They go broke, lose their jobs, go mad or are looted to death just like anyone else. A total lockstep is unlikely but if the world goes up in smoke then I don't see how BTC carries skipping gaily along.
April 20, 2020, 11:05:56 AM
bitcoin will be affected by the mass panic but there still is absolutely no correlation between bitcoin and any other markets. the only reason why people panic is because they know bitcoin is volatile and expect the riskier asset to drop too in times of crisis and it dropping recently with the stock market crashes didn't help that superstition either.
but in the end as we saw from previous time the effects are always a lot smaller on bitcoin than they are on other markets.
but in the end as we saw from previous time the effects are always a lot smaller on bitcoin than they are on other markets.
April 20, 2020, 10:30:01 AM
I dont think this numbers will matter much. Everyone knows GDP will decrease drastically. All over the world. China was hit already in January, the rest of the world in March. It is already priced in. What is not priced in is what will happen next. What will happen in Q2 and Q3. China is already doing well. But virus is now spreading in Russia and Africa and South America. When will second wave start and how prepared are we for it. This a the questions that will modify Bitcoin price. Oil prices are doomed. Saudis and Russians are using this economic crisis to kill USA shale oil producers.
April 20, 2020, 08:41:10 AM
Even if we haven't look at the financials of the company you will see that Bitcoin has been affected by the recent pandemic we have and that is just by looking at how it was brought down together with the massive sell-offs that happened in several markets. Looking at the financials would be really irrelevant as of right now since we all now know that their profits will most likely be negative especially the ones who have factories in China or who have markets that are earlier been affected, keep in mind that they have been affected since the beginning of January. Now if you are asking if this financial reports of US companies will be affecting Bitcoin? I guess not if you have seen it by now BTC is one of the earliest ones to recover in any market maybe there is really a shift of investors going on right now from traditional markets to the crypto market.
It is not for being USA located companies.. but the biggest all around the world
Everythign is connected, the low demand of oil forced algo to a new historic plunge of petrol. 90% since all time high. Now let's see how much value as safe haven has BTC.
April 20, 2020, 08:11:54 AM
Even if we haven't look at the financials of the company you will see that Bitcoin has been affected by the recent pandemic we have and that is just by looking at how it was brought down together with the massive sell-offs that happened in several markets. Looking at the financials would be really irrelevant as of right now since we all now know that their profits will most likely be negative especially the ones who have factories in China or who have markets that are earlier been affected, keep in mind that they have been affected since the beginning of January. Now if you are asking if this financial reports of US companies will be affecting Bitcoin? I guess not if you have seen it by now BTC is one of the earliest ones to recover in any market maybe there is really a shift of investors going on right now from traditional markets to the crypto market.
April 20, 2020, 07:05:41 AM
In the remaining 10 days of the month, the quarterly reports of the main companies in the USA are made public. Now that Arthur Anderssen is no longer an audititing company (if you don't know what I'm talking about... Google "Enron", you'll be amazed), I guess the results can't be too good.
https://www.marketwatch.com/tools/earningscalendar
Now the question is, how will this imminent fall affect BTC? I say YES will dump hreally HARD and it is highly correlated and no safe haven.. let's see what happens
https://www.marketwatch.com/tools/earningscalendar
Now the question is, how will this imminent fall affect BTC? I say YES will dump hreally HARD and it is highly correlated and no safe haven.. let's see what happens
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