Bitcoin has crashed really hard but we also need to mention what's important:
Bitcoin wasn't responsible for what happened, Bitcoin was safe, working as usual and as usually proven since Bitcoin was started. It was caused by a single, very risky ALTCOIN
BTC had already dropped pretty much 50% from its ATH by the 5th May by the time Luna/UST went pop, and it did that all by itself without any help from Luna.
Sure there was a further BTC sell off due to the Luna/ust lunacy... but I would argue that was going to happen regardless of Luna/ust imploding.
Yes, maybe
BTC was due for a drop but Terra Luna caused quite a big drop and maybe, if Terra Luna didn't exist, we would have stayed above 30k, a very important mark for Bitcoin. Now, we are barely mastering it and Bitcoin has some difficulties to conquer it back.
That is a whole lot of BTC sales that are hanging over the market. That along with mtgox funds and ETH2.0
ETH 2.0 is a big danger bomb because it is a big Shitcoin experiment and if it fails it would cause a huge FUD wave again like Terra Luna did. And in case of such event, we really need to teach for everyone A LOT: Bitcoin and Altcoins are completely different tech and should be treated separately.
I tried to educate people because stupid Shitcoiners are still poorly educated:
Bitcoin has crashed really hard but we also need to mention what's important:
Bitcoin wasn't responsible for what happened, Bitcoin was safe, working as usual and as usually proven since Bitcoin was started. It was caused by a single, very risky ALTCOIN, where fundamentals of were not proven sufficiently. It was a weak Altcoin causing a huge crash.
An Altcoin, where no link to Bitcoin's tech was around. Bitcoin and Altcoins are totally independent, still people are getting FUD and sell Bitcoin causing a crash.
People should be aware for a similar situation: Bitcoin wasn't responsible for what happened, Bitcoin was safe, working as usual and as usually proven since Bitcoin was started. No need to sell Bitcoin.
People need to learn to be wise and don't sell Bitcoin when different Altcoins are having techical problems. It will likely happen a lot more because we have a lot of shady Altcoins!
A very good recommendation: don't sell Bitcoin when a different Altcoin crashes!
After all, such crashes will only re- distribute coins from weak hands to strong hands (HODLers).
To be succesful means to understand Bitcoin is independent from Altcoins and to understand HODL.
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A possible ETH 2.0 crash wouldn't change Fundamentals of Bitcoin but people still need to learn how Bitcoin is 100% independent from Altcoins. It's our only chance how we can prevent Bitcoin's price crashing, when an Altcoin fails again!
Why would we want to provide misleading information in order to make a point that is likely to be shown not to be true?
It is not misleading, it is about getting an impression of Fundamentals of Bitcoin and Bitcoin's technical relations to Altcoins.
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I am not really against your sentiment wagmi... beat on shitcoins whenever and wherever possible.. when in doubt bash a shitcoin; however, I find it problematic to proclaim bitcoin to be 100% detached from shitcoins.,. especially since bitcoin likely increasingly touches all segments of society and the various markets, including that a large number of shitcoin's admittedly hitch their wagons to bitcoin.
Yes!
I really try to be fair because we need to research properly about Altcoins before calling an Altcoin as Shitcoin.
I'm also not anti-science. I'm for a science-based research and hearing expert's opinions.
And when we start researching Altcoins, we can find out, also when we are hearing expert's opinions about Altcoins: Altcoins are very often very fraudulent, based on hype and based on marketing buzzwords but providing little to no value. Altcoin salesmen are even misleading interested people by talking to much positivity into an Altcoin.
We should be fair towards Altcoins, yes! But we should also be honest and reveal hard criticism based on FACTS.
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About Bitcoin being detached from Shitcoins, we have pro and con argumentes, see below, but technically, we need to say Bitcoin is 100% independent.
From an economic perspective, you are right, we have pro and con arguments, even if it's hard to make a quantitative assessment based on it.
however, I find it problematic to proclaim bitcoin to be 100% detached from shitcoins.,. especially since bitcoin likely increasingly touches all segments of society and the various markets, including that a large number of shitcoin's admittedly hitch their wagons to bitcoin.
Your point is very valid, and it's hard to make a quantitative assessment based on it.
But also, it is important to say, an appropriate market reaction would be if Terra Luna crashes, to make Bitcoin's price rise!
Because why?
Because Terra Luna or Terra Luna USD holders will flee out of Terra Luna or Terra Luna USD and will buy OFCOURSE
BTC.
So, a crash of Terra Luna or Terra Luna USD
should create more demand for Bitcoin and send
BTC's price up!
At leat it would be a totally normal market mechanism and we should support it.
But instead, people are selling all sorts of coins because of FEAR. Also Bitcoin and Bitcoin isn't responsible and more important, Bitcoin is technically 100% independent.
It needs A LOT more education for people and we, as HODLers, should definitely advocate for it.
Shitcoiners are just profiteering off of Bitcoin by linking Bitcoin and Altcoins.
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Exactly. You admit it.
It was my point, it was not about admitting it.
Shitcoiners are known for a certain degree of shenanigans.
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I meant everyone who is advocating for a strong
BTC.
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We, all HODLers.