As I mentioned it a few times, nothing is going to be changed till we can't take it as 1 BTC = 1 BTC, we everyone take it as investment, including me. I doubt we have a single person here who is here to accomplish the goal of BTC as a currency. So, how can it be?

I don't think Bitcoin was meant to be a revolution against fiat, nor was it supposed to replace it. BTC was designed to eliminate third parties and I am more than sure Satoshi did not create it with the idea of fiat replacement in his mind. It was meant to be just a revolutionary asset you can transfer with mandatory transparency and with no need of trust.

Part of those who have invested months ago and have now lost a significant part of their money are not going to believe in BTC again and will turn into Peter Schiff-like investors throwing only negative opinions and news off the cliff. The other part of investors is those like me, who believe this is not the end of BTC and is just a normal market move in the crypto markets. I am in no way affected as soon as I don't sell.

Bitcoin is safe imho. There's always going to be a mass of investors and they'll split into two during market cycles: those who turn into strong believers and those who turn into non-believers and FUD spreaders.

Let's not forget that; Bitcoin is immutable and a store of value, this doesn't make it withstand the pressure of sell or panic sell as we have seen few days ago which actually resulted to the major crash of Bitcoin. The Bitcoin community has one of the  very weapon or weapons to fight this drastically drop, they should not be force to sell, holding Bitcoin will make Bitcoin  stand in times like this and not forcefully selling because of sell pressure, we'll should be holders and not panic sellers.

It is still a sign that the space is young, now we have some other things to add to our list on bitcoin price reaction and prediction. we have seen few financial seasons that could determine the price movement of the coin and this is new, pandemic disease can give different reaction of traders. It is a yardstick to explain how to prepare for any financial crisis in world but this does not change the fact that wealth just change hands with fiat holders.

Bitcoin's identity as a crytpocurrency is already sealed. A safe haven perhaps wouldn't be too fitting as its title due to its susceptibility to rapid changes in prices but at the least, it can still retain value no matter what.

We have had similar bad beats in the past but bitcoin recovered as if nothing happened. It will still continue being a currency that transcends borders and can be used by people regardless of their country of origin. While there might be added hindrances and processes such as KYC before getting some coins, P2P still exists, and always has for bitcoin. Forget about bitcoin being the digital gold in its time; as long as it works as intended, everything shuld be fine.

How many times we will see a post like this. It's not that this is the first time we have seen this much ups and downs for Bitcoin.

We had $19k and then $3.2k, what did we tell others about it?
What did we say when it went $14k from $3.2k?
What did we say when it went down $7k ish from $14k?
What did we say when it was @ $11k from $7k?

Absolutely!

That is exactly what the OP is trying to say, that a lot of people though bitcoin is not affected by a market crash, that bitcoin will grow if something bad happens to the market and it didn't. It acted just like stocks!!!
And at the moment I'm posting, guess what S&P 500  is up by 9,29 %!!!


Yes, we had bad moments, we had dropped a lot of times but those were mainly overpriced bubbles popping and bad events related to bitcoin itself.
This time it was something from the outside that make it crash!!

Remember how everyone was telling that bitcoin is a safe haven for Venezuelans? That is helping Iranians? That people in turkey are buying BTC to hedge their crashing economy? Seriously, how many topics do you think I can find on how an economic disaster will be good for bitcoin?
And yes, bitcoin failed to do its supposed job in these times, but that's because people were expecting something that wasn't there, the network is still working, the coins are still there, transfers are going on, the coin works still flawlessly, the problem is with the users, it's them who have lost the thing that gives value to BTC , confidence. Without it, the price goes down even if nothing fundamental has changed, and it's not the coin fault.

We will simply have to deal with it, in times of panic, a lot of the so-called "investors" will act just like they dow with stocks, drop and run to the hills like headless chickens, while we stay there and wonder, why the hell are they doing this?!?

Yeah, bitcoin was made to be used as a regular currency that can be used to make payment for our day to day transactions. Unfortunately, it wasn't suitable (you don't want to be waiting for more than 10 minutes for confirmation of your transaction just to buy a cup of morning coffee) to be used as a regular currency replacing fiat. Thus, people realized that it can be used as a store of value, which will reward user greatly in the long run but with more risks in short term investment.
Bitcoin might have identity crisis, but do keep this in mind it is the currency that gave birth to other altcoins and the idea of blockchain.

I think it's time everyone gets straight on what they want to use bitcoin for. If they want to use it as a store of value, that's fine with them. There's nothing wrong with doing that, it just guards you from political events in individual countries, but not global events like things that are happening now.

If however they want to use it as a payment solution then that's also OK, we just need to fix a proper price in BTC for one commodity such as soft drinks and furniture, there's no way merchants can continue adjusting the BTC price of their items according to the exchange rate. Nobody changes the cost of things priced in euros of Japanese yen because the exchange rates of those against the dollar changed.

But I admit it's easier for foreign currencies to get away with this because they are only used locally, not globally. Bitcoin, trying to be accepted globally, has more price-conscious people in different countries using it, any political activity in one of them affects the bitcoin price because it's listed on exchanges.

In other words, if you're going to lease a jeep for 0.03 btc/month, then do it and ignore movements of the exchange rate. If you're going to buy a Mercedes roadster at 9 BTC then keep it at that rate. It may be more expensive than buying it in other currencies, but it at least gives bitcoin merchants a chance to get more customers (the ones who are wary of buying something at 2x the price it will be tomorrow, like what just happened today).

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While we're on the subject of identity crisis, bitcoin was clearly not intended to be used solely at exchanges, casinos, darknet websites, Ponzi schemes and P2P trading at bitcointalk. And yet that's where the majority of the activity is happening. See these listed cars?



It would be nice if they had starting price was in BTC as well as dollar. And I think that's where we're stuck. No business wants a starting price in two different currencies, that would interfere with its listed value (MSRP). They don't want two different listed values. All but one of the currencies must move aside.

Well, I'm not debating what Bitcoin is objectively, I want to know how people view it and will view it.


By "identity" I mean how the community views it.


It's not about just ups and downs, because this time it was a test for Bitcoin as a hedge. I think everyone remember how people were constantly viewing any negative economic news as bullish for Bitcoin, how people were waiting for a recession to come - well here it is.