Quote:
Originally Posted by threezero
Wow dude that’s a loaded statement. For all the /bitcoins folks that advocate btc as a stable “asset” during financial crisis. Well this is first real financial crisis that bitcoin has seen and it’s being absolutely murder.
The smartest people in the bitcoin game ARE the investor and the speculator it seem. Those that have cash out at 19k. And those that continue to swing trade.
The next smartest people in the bitcoin game are the ones that use the freakin thing like the currency it is suppose to be. Which mean no holding convert as needed.
Not saying bitcoin will go to zero but buy and hold only work if for something that you are expecting to appreciate. IMO the dipshit mentality of JUST HODL TILL LAMBO is what is going got o ensure btc never hits its ATH again.
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I agree with all that you said, especially using it like a currency. Unfortunately that's hard to do when it fluctuates so much. I've been wanting to make a purchase in the last week, but have been holding off since it keeps going down in value. People who spend with bitcoin basically have to treat the market like they are investor - you can only spend it when the value is high. That's why I only buy a bit at a time, usually enough to cover a purchase and a bit more. I'll never be a "bitcoin millionaire". Because 1) I don't care about being rich and 2) I want it to work, so I spend my bitcoin.
I am actually somewhat surprised that it's going down with the markets. It shows that a lot of the people who invested into it don't believe in it at all, they are just greedy investors looking for new ways to make more money without contributing to society.
Another bump in the road and lesson for the emerging currency