What will you do if bitcoin crash? - page 13.

wiss19

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Quote from: uche6215 on February 16, 2023, 05:49:30 PM

If bitcoin crash today, what will be your fate? Poor or rich. Most people on the platform have submitted all their life savings to bitcoin investment. There was once a man in my area who sold his house to invest in a local platform called BARAZAR in 4 months missive the so-called BARAZAR was shoot down and now he does not have a cottage. So I ask again if bitcoin crashed today what will be your description rich or poor?

I don't have all my assets or wealth stored in Bitcoin, so, if that actually happens, which doesn't sound possible to me, I should be fine even after that.

As they say, never put all your eggs in one basket, and this is exactly why they say things like that. Always diversify your investments, not only in crypto, but in other stuff like gold, silver and real estate, which are some of the best options for those who have savings to invest.

In theory, for Bitcoin to crash to an extent which would make a rich become poor due to it if he has everything in Bitcoin, almost every entity, every exchange, every service and company will need to dump their coins and immediately stop using Bitcoin. The blockchain should stop and there should be no transactions. And, none of that sounds possible to me. So that's definitely not happening.

Lida93

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Quote from: uche6215 on February 16, 2023, 05:49:30 PM

If bitcoin crash today, what will be your fate? Poor or rich. Most people on the platform have submitted all their life savings to bitcoin investment. There was once a man in my area who sold his house to invest in a local platform called BARAZAR in 4 months missive the so-called BARAZAR was shoot down and now he does not have a cottage. So I ask again if bitcoin crashed today what will be your description rich or poor?

The possibility of bitcoin crashing is something many would argue that it's not possible literally. I am one of those who don't have so much investment in bitcoin and on the other hand bases on my status quo I won't say am rich right now, so should bitcoin crash down today or anytime from now my status quo won't be affected as it would should it have a crazy bull run any moment from now. Don't forget, countries like El Salvador would experience a great financial reck on its economy should there be a crash based on how massive the country has invested into bitcoin.

bettercrypto

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what kind of bitcoin crash do you mean? is it falling to its zero value? because if this is what you are referring to it is not realistic.

Then as time passes the bitcoin value continues to increase so it is a good long term investment

virasisog

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If that happens, I wouldn't be rich or poor but I can sustain our needs and still live a normal life through my stable job and enough savings from crypto opportunities. It will cause negative things to us crypto enthusiast but we should always be prepared if ever worst and unexpected things happen. Investing and saving is too important because we all know what the future may bring in the world of crypto but at least we are earning through the opportunities that it offers so we must take advantage of it.

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Quote from: uche6215 on February 16, 2023, 05:49:30 PM

If bitcoin crash today, what will be your fate? Poor or rich. Most people on the platform have submitted all their life savings to bitcoin investment. There was once a man in my area who sold his house to invest in a local platform called BARAZAR in 4 months missive the so-called BARAZAR was shoot down and now he does not have a cottage. So I ask again if bitcoin crashed today what will be your description rich or poor?

Well, I started from nothing and until today I just invest with money that I can afford to lose and I have nothing to regret if had ever crashed. I can't say I'm rich but at least it's maintainable. If you invest your life savings just for Bitcoin, then I hope they need to think again before proceed to do that because it's really dangerous if they lose some or all of their earnings in matter of seconds.

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Quote from: uche6215 on February 16, 2023, 05:49:30 PM

If bitcoin crash today, what will be your fate? Poor or rich. Most people on the platform have submitted all their life savings to bitcoin investment. There was once a man in my area who sold his house to invest in a local platform called BARAZAR in 4 months missive the so-called BARAZAR was shoot down and now he does not have a cottage. So I ask again if bitcoin crashed today what will be your description rich or poor?

I don't know if the BARAZAR project is ponzi and I don't quite understand what you mean when you say if Bitcoin crashes one day, but if it suffers a 51% attack one day (yes, I know it's almost impossible) I'll wait for it to get back up. I'm sure there are thousands more who will continue to wait like me. Bitcoin does not crash and does not disappear. It is our consensus. Maybe one day, transactions and blocks will be damaged temporarily, but Bitcoin will continue to be our common idea. Anyway, in short I'll try to buy more if it crashes one day.

DOH!

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If all that happened. I will also have a normal life, just will be a bit sad because of the many months and years of savings that I bought, I bought and accumulated bitcoins and a few for altcoins. If back to the bitcoin crash issue, the entire market would probably crash as well. And there's nothing to worry about, because it won't happen.

bittick

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crash of bitcoin is the same as crash of the market if you think you gonna leave unscathed because you simply invested in altcoins you're wrong. so I guess we'll become broke, but actually there are many that diversify their investments across btc and stocks I guess some people might still have good financial condition even after series of bitcoin crashes.

isaac_clarke22

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Quote from: uche6215 on February 16, 2023, 05:49:30 PM

If bitcoin crash today, what will be your fate? Poor or rich. Most people on the platform have submitted all their life savings to bitcoin investment. There was once a man in my area who sold his house to invest in a local platform called BARAZAR in 4 months missive the so-called BARAZAR was shoot down and now he does not have a cottage. So I ask again if bitcoin crashed today what will be your description rich or poor?

Neither.
I never invested to Bitcoin just for the sake of getting rich. If it is crashes, then whatever, I would just take the advantage of being able at the lowest price. People think that Bitcoin is all just a money generator needs to reconsider their reasoning of being here. I know that there are returns and stuff, but knowing that you're investing in something that has volatile price should at least give you a hint that you should not invest including those that you cannot afford to lose.

JoyMarsha

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Quote from: uche6215 on February 16, 2023, 05:49:30 PM

If bitcoin crash today, what will be your fate? Poor or rich. Most people on the platform have submitted all their life savings to bitcoin investment.

If bitcoin crashed today (which I know is impossible), my fate in it wouldn't write me off as a poor or rich being, but rather as a moderate being (not rich nor poor) who isn't completely dependent on bitcoin for sustenance and isn't putting life savings on bitcoin.

Quote from: uche6215 on February 16, 2023, 05:49:30 PM

Most people on the platform have submitted all their life savings to bitcoin investment.

Avoid generalizing. Just a few numbers can invest their entire life wealth in bitcoin. The majority of those who can try that are newbies. newbies with false information about bitcoin that bitcoin is a get rich scheme.

Quote from: uche6215 on February 16, 2023, 05:49:30 PM

There was once a man in my area who sold his house to invest in a local platform called BARAZAR in 4 months missive the so-called BARAZAR was shoot down and now he does not have a cottage. So I ask again if bitcoin crashed today what will be your description rich or poor?

You don't compare altcoin with bitcoin. Altcoin can crash within a short period but bitcoin tends not to crash. Even if it crashes in price, there's every possibility that it skyrocket in price. To avoid losing your money, it is advisable to invest in bitcoin rather than an altcoin.

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Quote from: uche6215 on February 16, 2023, 05:49:30 PM

If bitcoin crash today, what will be your fate? Poor or rich. Most people on the platform have submitted all their life savings to bitcoin investment. There was once a man in my area who sold his house to invest in a local platform called BARAZAR in 4 months missive the so-called BARAZAR was shoot down and now he does not have a cottage. So I ask again if bitcoin crashed today what will be your description rich or poor?

I am invested in bitcoin but not fully. I still have money invested on regular investment and not just cryptocurrency. So, if ever bitcoin crashes today, I will still be fine. I will lose some, but I will still be financially stable.

And what is good with bitcoin, it crashes from time to time but it still recovers. Just give it time and if you are a hard-core bitcoin investor, you will take that opportunity to invest more.

Quote from: _BlackStar on February 18, 2023, 04:53:37 PM

You and everyone else only lose the value of your investment if you hold on during the crash, while you will gain if you are willing to wait for the rise. Know something here, bitcoin has good potential to be more expensive in the future.

You are right, the potential is always there regardless of what the naysayers say. There is always someone shooting down bitcoin but it have stayed strong through these years. It crashes from time to time due to negative news, but it always recovers.

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Quote from: uche6215 on February 16, 2023, 05:49:30 PM

If bitcoin crash today, what will be your fate? Poor or rich. Most people on the platform have submitted all their life savings to bitcoin investment. There was once a man in my area who sold his house to invest in a local platform called BARAZAR in 4 months missive the so-called BARAZAR was shoot down and now he does not have a cottage. So I ask again if bitcoin crashed today what will be your description rich or poor?

If bitcoin crashes, I'm still a person like when it is still okay. I don't know why I can't answer this but I always believe in bitcoin no matter how many times people doubted it and it is also drop a lot but still I'm holing my bitcoin. If the moment that bitcoin crashes so herd and goes back to a single digit then I think my career and journey in crypto might end as well.

_BlackStar

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I've been through period of high bitcoin prices where in 2021, and I'm actually seeing the highest ATH there.
Because of this, I would never run from bitcoin even if it crashes at 80% of its ATH, and am sure to accumulation as much of it as I can.
I'm not afraid of price volatility because as long as bitcoin has real interest and use cases, then as long as it too has the possibility to get more expensive and more expensive. Increased adoption will be a supporting factor as to why I need to be ready to invest, so there's no reason why I should run when it crashes.

You and everyone else only lose the value of your investment if you hold on during the crash, while you will gain if you are willing to wait for the rise. Know something here, bitcoin has good potential to be more expensive in the future.

teosanru

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Quote from: uche6215 on February 16, 2023, 05:49:30 PM

If bitcoin crash today, what will be your fate? Poor or rich. Most people on the platform have submitted all their life savings to bitcoin investment. There was once a man in my area who sold his house to invest in a local platform called BARAZAR in 4 months missive the so-called BARAZAR was shoot down and now he does not have a cottage. So I ask again if bitcoin crashed today what will be your description rich or poor?

Obviously, it'll be a big hit for anyone on the forum. Most of the people who joined the forum before 2016 are the ones who actually have a good amount invested in bitcoins. So if it crashes all of us will be poor. But this is applicable to almost anything, be it some stock, some Fund, some Real estate or any other thing. I think that is the main reason why most of finance experts suggest that you should only put a certain percentage of your total holding in the specific assets. Basically putting your eggs into different baskets so that even if one of the basket breaks you don't lose your complete holding.

tjtonmoy

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Quote from: uche6215 on February 16, 2023, 05:49:30 PM

If bitcoin crash today, what will be your fate? Poor or rich. Most people on the platform have submitted all their life savings to bitcoin investment. There was once a man in my area who sold his house to invest in a local platform called BARAZAR in 4 months missive the so-called BARAZAR was shoot down and now he does not have a cottage. So I ask again if bitcoin crashed today what will be your description rich or poor?

I will feel sad, that's all. The key of an investment plan is to invest only what you can afford to lose. I don't put my all-in-one investment, either. That way, I keep myself safe from massive losses and can really focus on making the best decision. If you have the fear of losing, then you can never expect a good profit from a long term investment. So even if the Bitcoin crashes, that won't make that much of a difference. Selling your everything in hopes for huge profit is a fool's job.

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Quote from: uche6215 on February 16, 2023, 05:49:30 PM

If bitcoin crash today, what will be your fate? Poor or rich. Most people on the platform have submitted all their life savings to bitcoin investment. There was once a man in my area who sold his house to invest in a local platform called BARAZAR in 4 months missive the so-called BARAZAR was shoot down and now he does not have a cottage. So I ask again if bitcoin crashed today what will be your description rich or poor?

I would buy more coins and wait for it to rise again.

Wexnident

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I don't take loans, ask for sig if I ever do.

Normal. As much as I have faith in Bitcoin, converting the entirety of your funds from the money in your bank, your assets both liquid and non-liquid to invest in it just seems dumb. I actually question how you even have said assets with you really with that kind of decision-making. I mean if everything goes well, then yea sure, nice for you, but if not? Then that's a big problem.

I wouldn't be poor, and also wouldn't be rich really. Nothing really changed that much, my investment flubbed but that's it. It's money I can spend and I can lose at any time anyway, the amount isn't exactly life-changing so win or lose, nothing much changes.

S A KHAIR

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Quote from: freedomgo on February 18, 2023, 10:15:08 AM

Quote from: uche6215 on February 16, 2023, 05:49:30 PM

If bitcoin crash today, what will be your fate? Poor or rich. Most people on the platform have submitted all their life savings to bitcoin investment. There was once a man in my area who sold his house to invest in a local platform called BARAZAR in 4 months missive the so-called BARAZAR was shoot down and now he does not have a cottage. So I ask again if bitcoin crashed today what will be your description rich or poor?

First of all, we can't really compare bitcoin to an unknown coin called BARAZAR. Although, I know there's still a chance that bitcoin will suddenly crash but the said chance is really slim as it is highly unlikely to happen especially this time that it has been known and been adopted by most countries in a worldwide scale (adopted by people, not government). But since you're asking if that happens, you won't be poor as long as you only invested some funds that you can afford to lose.

Even if it weren't as widely accepted and used as it is today, bitcoin would be very unlikely to die. Bitcoin's most difficult years were the early years when only a few people cared about it but it still couldn't die, so far more unlikely. I believe bitcoin will not collapse unless a better technology than bitcoin is born.

Dickiy

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Quote from: uche6215 on February 16, 2023, 05:49:30 PM

If bitcoin crash today, what will be your fate? Poor or rich. Most people on the platform have submitted all their life savings to bitcoin investment. There was once a man in my area who sold his house to invest in a local platform called BARAZAR in 4 months missive the so-called BARAZAR was shoot down and now he does not have a cottage. So I ask again if bitcoin crashed today what will be your description rich or poor?

If you bet on bitcoins by selling everything you have or use all your savings to buy bitcoins for sure it will make you poor instantly when bitcoin crashes. So in this case it is important for us to manage finances and risks when investing in any field. I mean it is not good if you use all your savings or sell your house certificate to buy something that you think will generate more returns, I think it's the same for you risk your own self.

But in bitcoin there is always the term "if you don't sell it, you can't say you're losing" because basically bitcoin will definitely return to its proper price and always make the latest ATH in every cycle and maybe you will become a rich man again at that time.
But I think using all the money you have to invest is a bad decision.

m2017

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keep walking, Johnnie

Quote from: uche6215 on February 16, 2023, 05:49:30 PM

If bitcoin crash today, what will be your fate? Poor or rich. Most people on the platform have submitted all their life savings to bitcoin investment. There was once a man in my area who sold his house to invest in a local platform called BARAZAR in 4 months missive the so-called BARAZAR was shoot down and now he does not have a cottage. So I ask again if bitcoin crashed today what will be your description rich or poor?

If you now have nothing and bitcoin only and a crash of it happens, will you lose what you already don't have? As you were poor, so you will remain poor.

In fact, having btc doesn't make you rich, because it doesn't buy much directly. Selling btc can make you rich, and until you get money from selling btc, then there is no wealth. Any currency is used to exchange material values, which are wealth.

This is about the same as a year ago btc cost $60k, and now $20k. Are you 3 times poorer? Although you had 1 btc, you still have 1 btc.

There is 1 more question. If you bought 1 btc for $100, and it collapsed at a price of $100,000, how poor are you? for $100 or $100,000? So, there are some nuances here.

Here is the man you are talking about, he became poorer by exactly 1 cottage.

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