People Overthink Potential of Bitcoin - page 5.

Wawa2013

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Bitcoin has made people think so much that people have lost a lot of confidence in this bitcoin. At present the price of Bitcoin has come down a lot and people have fallen into a lot of confusion.In such a situation, people are very worried about where the bitcoin market will go. Many are saying that Bitcoin will increase a lot and many are saying that Bitcoin will go down a lot.In such a situation people are very worried.

There will always be disagreements about where bitcoin will go, there are those who believe that bitcoin will recover in the near future, like me. And also some say otherwise.
Here I emphasize more, what factors finally made us decide to become part of bitcoin. This applies to both old and new users. If we enter because of the results of our own research, I think this condition is no longer a strange thing. But if you buy bitcoin for other reasons, such as just following people who were first in bitcoin, then this is a problem. Because they will certainly be confused by a situation like this.

I agree there should be no doubt about the future of Bitcoin, if we invest in Bitcoin not for following other people's opinions. Unfortunately
nowadays there are so many newbies who are influenced by other people's opinions, especially if the person is a famous person and influencers
a lot of newbie are following. Even though it will be confusing if the price of Bitcoin does not move as expected, no wonder people who follow
other people's opinions when investing in Bitcoin, will end up losing money. Because they will panic when the price of Bitcoin continues to fall,
they will sell Bitcoin at a low price. In fact, if we invest based on the results of our own research and analysis, we will be sure that the Bitcoin
price will recover. So when the Bitcoin price goes down we will not sell it, but will hold Bitcoin until the price goes up again, even if we have money
we will buy more Bitcoins when the price drops. So make sure we learn about Bitcoin first before deciding to invest in Bitcoin, at least we will
understand how Bitcoin works. Do not immediately believe that Bitcoin is good and profitable, before we prove it ourselves with the results of
research and analysis that we do ourselves.

peter0425

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The title is misleading because it is not Overthinking But People are Over Expecting towards Bitcoins value.

Most Noob looks at bitcoin as something that can make them rich in fastest way doing some kind of stupidity , when some even sell their houses and cars just to invest but the time frame is so short and if they did not get what they are looking? then they will throw bad words forward.

Bitcoin is a currency and now a GEM.

Poker Player

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Quote from: avikz on February 08, 2022, 10:22:49 AM

Quote from: worldtraveller321 on February 08, 2022, 07:29:24 AM

I am not trying to dismiss Bitcoin, But sometimes people have to wake up to the truth.

I Completely agree on this point! People are overthinking and overestimating bitcoin to a great extent. Which is obviously not true! Quite often you will see people saying that bitcoin will take over the world's money supply or become the main reserve currency and blah blah blah. But deep down we all know that's not going to happen!

Yes, I think the OP has got a point. I think more at the beginning of bitcoin history there were more idealistic people than we are now. Today we see the path to mass adoption at the hands of regulations and institutional adoption. Surely this is far from the original idea of Satoshi and others like the cyberpunks.

The good thing about Bitcoin is that we have it available just as societies are moving towards the demise of cash, with the loss of privacy that goes with it. It is a tool we can use for privacy and to combat the fiat money scam.

Kelvinid

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Quote from: kentrolla on February 08, 2022, 02:07:07 PM

Overthink is the perfect word to describe the mindset of people as you said either people will say bitcoin will cross $1 million mark when it rises by 10% or 20% and start posts like bitcoin will takeover fiat, etc and at the same time there are the other set of people who will always find an opportunity to diss bitcoin who will post stuffs like end of bitcoin, bitcoin bubble about to break whenever there is a drop of even 10%.

It wasn't a bubble that it reach that far in a short period of time, that really a pure market imagination that comes far to happening in real life. But if we just think about $100k, that is quite possible, not overthink. But I guess that OP wanted to correct those wrong market presumptions.

Quote

We need to be realistic as bitcoin or let it be any crypto they can never takeover traditional fiat and even if any country splits and adopts crypto they will have their own digital currency and will not be risking by adopting Bitcoin as their currency.

Not all of us, many were still hyped and believe that Bitcoin will replace fiat in the future. It was a sort of mind manipulation that encourage people to invest and collect Bitcoin. But I did it, not because for that reason, it was just for making a profit only.

ChiBitCTy

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Quote from: sheenshane on February 08, 2022, 11:33:33 AM

Quote from: glendall on February 08, 2022, 11:19:32 AM

Quote from: ChiBitCTy on February 08, 2022, 07:39:54 AM

I agree that I read a lot of stuff on here that actually makes me cringe. People thinking that Bitcoin will solve all of the worlds problems is simply just not the case. Maybe the most annoying one for me is people thinking that bitcoin replaces or will replace the financial industry, which is just simply not even remotely going to ever be the case.

true, bitcoin will not replace fiat and will never be a substitute, only people who are too high in hallucinations expect it all to happen

I tend to agree with this, Bitcoin will not replace fiat and that's impossible to happen. The purpose of this Bitcoin and the reason why it was created just because of the option of having financial freedom, good if you care about your privacy, and most of all the easy transaction across the border.

The government financial industry will remain regulated and that's impossible to replace Bitcoin, that's why the government wanted to shut down Bitcoin because of thinking that it's become a possibility of a threat to the government financial system which is not.

I more so mean in terms of bitcoin is not a replacement for investments like those you get in the stock market. I am also not sure if bitcoin will ever replace fiat, but I do think it could or some type of cryptocurrency could one day. Or maybe the USD and all other fiat's become centralized cryptocurrencies. But of course this will take a lot of time to come to fruition, if it ever does. I do think it's more likely they continue to work hand in hand together.

Again my main thing is getting annoyed when people try and say crypto will replace the stock market, which is just ignorant.

kentrolla

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Overthink is the perfect word to describe the mindset of people as you said either people will say bitcoin will cross $1 million mark when it rises by 10% or 20% and start posts like bitcoin will takeover fiat, etc and at the same time there are the other set of people who will always find an opportunity to diss bitcoin who will post stuffs like end of bitcoin, bitcoin bubble about to break whenever there is a drop of even 10%.

We need to be realistic as bitcoin or let it be any crypto they can never takeover traditional fiat and even if any country splits and adopts crypto they will have their own digital currency and will not be risking by adopting Bitcoin as their currency.

kro55

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*STOP NOWHERE*

Quote from: avikz on February 08, 2022, 10:22:49 AM

Quote from: worldtraveller321 on February 08, 2022, 07:29:24 AM

I am not trying to dismiss Bitcoin, But sometimes people have to wake up to the truth.

I Completely agree on this point! People are overthinking and overestimating bitcoin to a great extent. Which is obviously not true! Quite often you will see people saying that bitcoin will take over the world's money supply or become the main reserve currency and blah blah blah. But deep down we all know that's not going to happen!

Someone must rule or else there will be no rule and we all will be living in a lawless land. Bitcoin is a parallel economy, not a mainstream one!

Which one is easier to think about?

one intangible thing not having any physical presence, turned its value from 0 to $100K?
one digital currency which has surpassed paper money by getting people's support?

To me, 2nd one is easier to think and dream of.

Of course, the government has a lot of power but the people will protest when their backs to the wall. And no matter how arbitrary the government is, the government has to survive by obeying the will of the people. I am convinced that in the future there will be no paper money, all transactions will be made with electronic money.

sheenshane

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Quote from: glendall on February 08, 2022, 11:19:32 AM

Quote from: ChiBitCTy on February 08, 2022, 07:39:54 AM

I agree that I read a lot of stuff on here that actually makes me cringe. People thinking that Bitcoin will solve all of the worlds problems is simply just not the case. Maybe the most annoying one for me is people thinking that bitcoin replaces or will replace the financial industry, which is just simply not even remotely going to ever be the case.

true, bitcoin will not replace fiat and will never be a substitute, only people who are too high in hallucinations expect it all to happen

I tend to agree with this, Bitcoin will not replace fiat and that's impossible to happen. The purpose of this Bitcoin and the reason why it was created just because of the option of having financial freedom, good if you care about your privacy, and most of all the easy transaction across the border.

The government financial industry will remain regulated and that's impossible to replace Bitcoin, that's why the government wanted to shut down Bitcoin because of thinking that it's become a possibility of a threat to the government financial system which is not.

glendall

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Quote from: ChiBitCTy on February 08, 2022, 07:39:54 AM

I agree that I read a lot of stuff on here that actually makes me cringe. People thinking that Bitcoin will solve all of the worlds problems is simply just not the case. Maybe the most annoying one for me is people thinking that bitcoin replaces or will replace the financial industry, which is just simply not even remotely going to ever be the case.

true, bitcoin will not replace fiat and will never be a substitute, only people who are too high in hallucinations expect it all to happen

bittraffic

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It can not be denied that BTC can be used in manuevering from the controls of the government. The problem with the world today is that there is just so much power from the government who always portray they are democratic when in fact they are not. Government control private companies which these private companies like gofundme prevents the truckers from expressing their rights.

There has to be something to keep the balance, BTC solves it.

avikz

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Quote from: worldtraveller321 on February 08, 2022, 07:29:24 AM

I am not trying to dismiss Bitcoin, But sometimes people have to wake up to the truth.

I Completely agree on this point! People are overthinking and overestimating bitcoin to a great extent. Which is obviously not true! Quite often you will see people saying that bitcoin will take over the world's money supply or become the main reserve currency and blah blah blah. But deep down we all know that's not going to happen!

Someone must rule or else there will be no rule and we all will be living in a lawless land. Bitcoin is a parallel economy, not a mainstream one!

Lucius

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Quote from: worldtraveller321 on February 08, 2022, 07:29:24 AM

In general at the end of the day someone has to be in charge.
...
At end of the day someone has to be in charge.

If you want someone at the end of the day to be in charge, why wouldn't it be you? You have Bitcoin as a decentralized cryptocurrency, a non-custodial open source crypto wallet, and the ability to do transactions without third-party intermediation - I ask you where do you see the problem with someone else needing this to be in charge? The potential that Bitcoin has is very great, but most people cannot understand it at all, but a good part of those who understand it blindly listen to their governments and want someone to be their master.

Centuries or better to say millennia of people management has done its thing, no matter how much freedom you offer them, they always return to their masters who were once called pharaohs, kings, emperors, and today they are presidents, prime ministers, and various other politicians who consider people only as useful tools to achieve their goals.

fiulpro

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The liberty of owning your own money and at the same time having the authority over your life and assets, I do not think is a bad thing at all. At the end of the day I do believe that it's really easy to loose control in the volatility but you must understand the fact that it's very known fact, people who cannot afford to keep their assets in encash at the right time but continue to work.

It does not only provide so many job opportunities but it also provides you a rare chance to change your life, you can invest, grow, take your business internationally or even get inspired and improve your business. I do think ideally it's an inspiration.

It's something that has helped me since I joined this forum, the community is amazing and inspiring as well and bitcoins has been my source of income till am graduated the least.

Considering the government regulations, they have regulations on everything I think Bitcoin does present them with a strong statement that *they are for the people* and not above them.

hatshepsut93

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Quote from: DaveF on February 08, 2022, 07:57:11 AM

Bitcoin is more against the banks and central banks then against the governments or corporations.
It's more about having more financial control and freedom to do things with your money and do it in different ways.
It's about making sure that you don't have to worry about what other people are doing with their currency since nobody or group can control BTC

This only works if people DO worry about controlling their money. But it is an extremely rare occurrence. There's no mass protests against banks, no social movements, it rarely even gets discussed outside of crypto/libertarian circles. Even in crypto community almost everyone has a bank account and uses it on a daily basis, so the need to replace banks is not that strong.

franky1

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The government here, should serve as a facility for the people.
Why should you be afraid of losing your power because of bitcoin, it seems too much.
The government should provide comfort, such as providing legal protection for people who trade in crypto, so that no one will be harmed later.

regulation comes in 2 parts..
1. restrict certain usage
2. consumer protection

governments should support consumer protection but without the restriction part.

EG a custodian should be regulated to be insured and to be transparent about reserves. audited regularly to ensure that reserves match total user account balance
and if a custodian goes insolvent or is hacked, an insurance kicks in. no if's no buts, no 5 year court drama delay, no penny on the dolar compensation while lawyers drain the 99cent on the dollar amount
but without the silly regulation restrictions that say customers should only be able to move X amount or X amount over a year.

goldkingcoiner

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A Bitcoiner chooses. A slave obeys.

While I can agree that some people do tend to overdo the whole fanboy aspect of Bitcoin, it still remains a sturdy truth that Bitcoin is an amazing alternative to fiat. And thats the reason why we are seeing Bitcoin prices as high as they are today. There has never been a decentralised money which is out of control of the government. So really, most of the people praising Bitcoin are in part praising the Blockchain technology.

Amazing things ahead.

Questat

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Quote from: worldtraveller321 on February 08, 2022, 07:29:24 AM

In general at the end of the day someone has to be in charge. It is impossible and not feasible to let the people lead themselves. Too many ideas and different thoughts conflict with one another. That would cause a clash of conflict to happen. Some people want order and others can believe everything should be a "Free for all"
Going free for all does not work, to function without any rules or order is not good thing. At same time running with too many rules and order not good thing as well.

Then let the government manage their own and we have to manage our Bitcoin as well.
taxation, regulations, imposing strict rules...the government could obviously make as they have the power but we have to understand as well that not all of the things around can be controlled, not with Bitcoin. What I can say is that the government is full of greed and they don't let people enjoy their freedom but instead, they will curse us and make us follow them.

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Quote from: worldtraveller321 on February 08, 2022, 07:29:24 AM

People think that Bitcoin will free them from governments and corporations. This is not true at all.

It's true, just in an extent. It's true that it frees you with the avoidance of trust, otherwise people wouldn't use it.

Quote from: worldtraveller321 on February 08, 2022, 07:29:24 AM

That would cause a clash of conflict to happen. Some people want order and others can believe everything should be a "Free for all"

Yes, these're people. They have different mind sets, different beliefs. Some think happiness comes with more freedom, some others with more regulation. Still, you haven't answered on why the latter should happen.

Quote from: worldtraveller321 on February 08, 2022, 07:29:24 AM

At end of the day someone has to be in charge. Keep in mind you yourself in your own home have rules, That makes "you" a government. like it or not. Can you function your home without rules for others?? think on that one, rules are needed to maintain order?

Of course and rules are required to maintain order, but it is repeatedly proven that those who gain control, sooner or later, abuse it for their own interests. I'm not saying we shouldn't have any, but just less regulation.

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Quote from: worldtraveller321 on February 08, 2022, 07:29:24 AM

This is just a straight to the truth post. Anyways since we are all fans of the Bitcoin thing. It is true it does offer economic benefit to many. However. Some of the ideas Bitcoin can bring forth will never be true.
People think that Bitcoin will free them from governments and corporations. This is not true at all. Will never happen. Governments and companies have had control or a say in all money systems since the beginning of time. Look at the Roman Empire and the use of metals for currency.

Give me valid proof of this statement, because after all, the decentralized system is still decentralized and cannot be controlled by anyone, which means that Bitcoin and I are only one relationship. But if you are talking about altcoins then it may be controlled by several parties.

The confusing perception is when the government controls? how and what kind of concept do they control?

Friend, if you continue to be covered by mainstream media outlets then it's only natural that this discussion will be deemed to provide something quite gruesome to anyone who has defined the concept of Bitcoin since its inception.

arwin100

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Quote from: ChiBitCTy on February 08, 2022, 07:39:54 AM

I agree that I read a lot of stuff on here that actually makes me cringe. People thinking that Bitcoin will solve all of the worlds problems is simply just not the case. Maybe the most annoying one for me is people thinking that bitcoin replaces or will replace the financial industry, which is just simply not even remotely going to ever be the case.

They just over fantasies everything about bitcoin that's why they didn't notice that they are expecting much on it. But lets really be realistic here, although bitcoin can change lives due to its opportunities but not everyone can ever adopt bitcoin many are to lazy to learn about it and sometimes many people try it for the first time and once they lose they leave it without trying to improve theirselves on how to become better on their next try.

Topic: People Overthink Potential of Bitcoin - page 5. (Read 1002 times)