Topic: The biggest dramas (noise, FUD) of 2022 in Bitcoin (Read 214 times)

They trust him for the reason that they think that he will succeed in repeating what he did in the past, that is, that he will succeed in pumping up some coin with his tweets and that they will profit from it. As for his investments in Bitcoin, they were solely motivated by profit and we cannot blame him for deciding to sell at one point, because if we are honest, most of those who invest in Bitcoin do exactly the same. 

What I personally hold against him (and everyone else who cares about Bitcoin should too) is the fact that he first added Bitcoin as a payment option in one of his companies, and then withdrew the same option because bitcoin mining has a great impact on the environment , and anyone who understands elementary mathematics and knows how to find the right data knows that this is one of the biggest lies directed towards Bitcoin.

Accordingly, the move of such an influential man made a very bad impression in the media and many thought (and still think today) that due to Bitcoin mining the world will be left without electricity and that we will all live in the dark. When we look at the fact that this man has perhaps more followers on his little internet toy than there are Bitcoin users, some things are more than clear.

In my judgment, the Luna crash does more damage than the FTX. When FTX crashed, bitcoin dropped from $18k to $15.5k, still very small compared to Luna, causing bitcoin to drop below $30k, so I think Luna did a lot of damage worse than FTX. But the collapse of FTX had not stopped when it was reported that Genesis would file for Chapter 11 bankruptcy in the near future. DGC has finally decided to give up Genesis instead of having to sell other crypto assets. We should wait and see what happens in the coming days, maybe this is the first Fuds for 2023.

Luna is crazy since they sell hard bitcoin to save the collapse of UST and yeah we been through all the bad year

and I actually have no idea why people still belive Elon Musk when it comes to crypto, It Inially praise crypo and then sell it what the point right

Don't forget about the core developer being hacked.  It might not contribute to the fall of Bitcoin price but it gives lots of people worries about the safety of their coin in their non-custodial wallet.

I think the top contributor would be FTX and Terra Luna since these two company collapses renders the bitcoin market sentiment unstable and bearish triggering a massive sell-off and making the Bitcoin price dive. 


News always exaggerates, making catchy titles so that readers will be click-baited, and to get the interest of the reader to keep on reading, they sensationalized details instead of just giving the fact which often times mislead people into thinking different things than what really happened. 

For real, man! It's true that despite all of those dramas and FUD, still bitcoin remained to be stronger. Yes, the price may be lower than the previous all-time high but it's not all the indicator that everybody should look at the stability of bitcoin remains at the top.

Not a news but an attribute that everybody will understand that this is bitcoin, this is how it reacts with all of those dramas and despite that, remains stronger and will have an inevitable comeback.

FUDs will never be removed from a demand based project because there are investors who gain profit from it more of "reverse psychology" wherein big investors will spread FUD and take advantage of the situation they have created. Unfortunately, new ones and small investors suffer the most from such ideology because they are the ones being easily fooled.This is already an example of FUD. The increase recently with the market prices is a good thing indeed but never assume that it would already be continuous given that there are no concrete reason for the market to sustain the increase for the whole year. Spikes would normally occur due to various reasons but if the condition in general is not good, spikes won't be consistent.

The fall of the ftx platform was the most important event affecting bitcoin in 2022, in addition to the Ukrainian war, which affected the world economy as a whole.
A very important element can be added, which is about all the drama that has spread about the failure of the adoption experience in both El Salvador and Central Africa. This had a very negative impact on crypto communities in the rest of the countries since governments took the lesson from those two failed experiments to continue to ignore crypto legalization.

In 2022, we found out the Telsa billionaire didn’t know anything about bitcoin and was only concerned about pushing Doge coin. Sadly, the news of Telsa dumping their bitcoin holdings really shook the market mainly because it was believed that Elon Musk was pro bitcoin. His negative and unsubstantiated comments about bitcoin mining effects on the environment took the internet by surprise. I often wonder what would have happened if Saylor also dumped his bitcoins at the same time.

I've found that the news generally looks to generate as many clicks as possible, and when Bitcoin is struggling they'll jump on it. Whereas, when it's doing alright, they tend to do less coverage on this. I don't think this is an attack on Bitcoin, but simply based on what interests their viewers. Most of the world doesn't really want to read about Bitcoin, unless it's skyrocketing or crashing. There's no in between.

I don't think we'll ever change that. Human psychology in that sense is rather basic. He only pursue something that interests us, and drama is one of the biggest, hence all the dramas on TV.

The important thing to note is despite all this drama, bitcoin did not become dead and it survived this phase. If we analysis, this is a bullish news for the bitcoin in long run.
People need to understand that the narrative of bitcoin and crypto currencies is so strong that even worse event for the crypto, will not end the people's faith in crypto currencies.

For every new year that approaches then im hoping that this one would be something that positive or doesnt have much negative events or issues that would really be happening but since these are the exact same words i did say wayback in 2022 which turns out to be opposite and this is why its better not to make yourself that optimistic towards the market because everything could really happen along the way and there's no way that you could really be able to predict. Elon manipulative acts and that FTX fraud is indeed  the main ones who did make out some huge effect into this market.
Now we are slowly recovering but not really that much basing up into those percentages.

Elon Musk's tweets, Luna, and the FTX scam, in my opinion, destroyed the crypto market. We have seen how Bitcoin began down when Elon announced that he had sold Bitcoin and some of his tweets were skeptical of Bitcoin. That hurt Bitcoin and caused it to drop like a rock. The same thing happens when Luna defrauds investors. Following the Luna crash, the market collapsed dramatically. Before recovering it, FTX defrauded their investors' funds. So these three factors make investors nervous. That's why we saw bears in last year. Let's see what else this year brings.

Reminds us how horrible situation could get in the world of bitcoin. I would take this as lesson for myself and improvise the way I Store, Spend and Buy bitcoins all the time. We can not rely on the things which were not the part of plan as per Satoshi. I mean whether it’s an exchanger, whether it’s third party trust, billionaires making fun of investments etc etc. It was simple plan to escape the traditional way of transacting and making your own bank! In 2023, let’s keep all the above failures in front of our eyes and keep using the crypto the way Satoshi visioned.

I think luna and FTX are the biggest Bitcoin pull down of 2022 because even the Genesis mining crash was linked to their funds being held due to FTX operational restriction.

In the wake of the whole crisis this was mentioned by Genesis and when the declare holding of withdrawal the point their raised is,  because of their trading account being held in FTX exchange.

The FTX crises coupled with luna crash affected the bitcoin market and the entire cryptocurrency market, crashed happened earlier but the FTX situation is what crippled the Market most.

Seriously, Luna not being in the list is very very weird. It was one of the periods when it dropped so significantly that its still quite incredible that we have been doing this well. It was basically hundreds of millions of dollars gone from the market directly and billions from users funds gone as well. When Elon said Tesla bought 1.5 billion worth, the price skyrocket and this was as much as 6-7 billion in total gone in a single day and people are forgetting that? It was by far the biggest thing that ever happened and I do not think that anything could ever replace it, it would be quite incredible if we could not list it at the very top of 2022 dramas.

The OP forgot the biggest scandal if we talk about the total financial damage that Kwon caused, and the total damage is measured in hundreds of billions of $ if we consider the entire crypto market. Unfortunately, Bitcoin was directly related to that project, but I wonder if it would have been different if Kwon had bought some altcoins to support his new cryptocurrency, or maybe the effect on the market would have been smaller?

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Perhaps it has already become clear to everyone that there is no point in writing about such things, nor about the fact that Bitcoin mining affects the environment to the extent that they have been trying to present it for years.

2022 is a year of bearish market but it is more terrible than 2018 bear market. The contraction in 2022 is bigger and caused more serious losses for more market participants, from Tier 1 exchange (FTX), big venture capitals to small investors and traders who caught falling knives.

2022 Crypto Dead Projects List
Crypto 2022's Contraction

I remember back in 2020, there was a short period of time when there was a brief but coordinated FUD campaign, that campaign on internet took emphasis on the alleged "double spend vulnerability" of Bitcoin.

It was just a constant stream of articles aimed towards people with little to no knowledge about Bitcoin. I assume the objective was to push possible investors and holders from doing their first Bitcoin purchase.

I would add the failure of the "Bitcoin Standard" in the case of Terra/Luna, who backed their stablecoin with BTC but had to sell these.

It's of course mainly an "altcoin drama", but due to Terra/Luna's BTC "backing" it involved Bitcoin a lot and was one of the main causes by the deep mid-year crash.

Edit: Also, the whole media babble about a "failure" of Bitcoin adoption in El Salvador, even if it is far too early to really evaluate it.

Don't focus too much on the spot price and the possible reasons which cause "drops" (extreme case: Elon's tweets). Look at the longer-term moving averages, and the tendency is still crystal clear. Understand that all short-term price moves are pure speculation and have (almost) nothing to do with Bitcoin's future prospects.

I think one aspect which is often ignored is that there are better informations every year about Bitcoin's user base, which is estimated to be in the hundreds of millions (globally) by entities like Coinbase and Crypto.com (last estimation: 402 million for late 2022 (for all cryptocurrencies, more of half of it is believed to be BTC), see here for their latest full report). To know that there are a lot of people "on board" should give a bit of relaxation to many investors/users.

Also I like to follow Lightning's growth, although the websites tracking nodes and channes seem to have run into technical problems lately.

You've already listed the biggest drama of 2022 but that might not be all, I can't say about others but what's presently happening around Gemini and genesis is even scarier, I hope the Winklevoss brothers solve this behind the scene instead of taking the same route like CZ did, or else there will be FTX part 2.

- Freedom Convoy in Canada,
- Bitcoin Proof-of-Work environmental cost,
- Pieter Wuille stepping down as Bitcoin Core maintainer,
- Musk disclosed that Tesla sold 75% of its Bitcoin holdings,
- Hodlonaut defamation trial (vs Craig Writght) fundraising,
- BTCUSD price slump (nearly 80% down from all time high in the previous year) - bear market,
- SBF/FTX, DCG, Gemini and yield (X% APY) offerings collapse/breach of trust/defaults.

Would you add anything to the list?

Would you give tips about how to avoid drama and noise in order to save time and focus on important stuff instead?

What important signal/information escaped (Bitcoin community) attention? What to catch-up on?

Interestingly, there wasn't FUD about double-spending or other design flaws or urgent hard-forks repeated in 2022.