Why is BTC not recovering now ?

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SocialManager said:
Well, the problem is that Bitcoin is not a bank. It is not a savings account. It should not be an investment. It is not a wallet. It is a transactional tool. If you don't see it having value for transactional purposes, why would you use it as an investment vehicle? It doesn't make any sense. You are just speculating, and of course, speculation comes with increased risk. If it didn't have risk, it would not be a good investment vehicle, because the price to buy in would be the stable market value with little to no room for growth.
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But am I missing something? If it's a transactional tool, how will it succeed if transaction rates are high? Why would I not just pay for things on my bank card? Are you not essentially paying to use the blockchain? Why would I do that when my transaction fees are currently free with my bank?
 
Oh, I deleted/edited the post because I thought it was a bit off-topic.

Well, yes, I do have faith in him. He has more than proven his worth. As for African labour...You can't expect a single man to solve everything! And yet, he's done so much. Mars, here we come!

Speaking of which, Cardano might be the start of the solution to the Africa mess... Interesting how fateful blockchain technology is starting to appear to be...
 
Dark Sky said:
But am I missing something? If it's a transactional tool, how will it succeed if transaction rates are high? Why would I not just pay for things on my bank card? Are you not essentially paying to use the blockchain? Why would I do that when my transaction fees are currently free with my bank?
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I am not a technical guy, but what you are describing is why things like Ethereum and Binance Smart Chain and others exist.

https://en.bitcoin.it/wiki/Techniques_to_reduce_transaction_fees#Potential_future_improvements
It seems like from this wiki, there are ways to reduce fees and any other issues, but maybe Bitcoin is kind of an extinct dinosaur compared to other options.
 
Ashway said:
Listen my friend. Its always better to regret on opportunity loss than actual loss.

I would strongly suggest to just cut your losses and wait a bit. Maybe you would able to buy it at a much cheaper rate.
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Dark Sky said:
Not too sure where it will go. But this was just based on what you said about buying at 50k. Averaging down starting at the 20k mark (If it was to hit that) would be a happy medium for me in this scenario.

If it didn't hit 20k, let's say it hit 25k and bounced back up, I wouldn't really care because I wouldn't have gained much averaging down from 30k to 25k.

And if I averaged down from 20k onwards, and it hit a massive low of something crazy like 7k, I'd be happy because I'd have averaged down a massive amount.

You'll never guess the price it's heading accurately. Therefor you want a solid averaging plan to cover your back. We all know it's going to go back up, it's basically a fact now. It's just a matter of when. So it's not like you'd be throwing more money into a fire by averaging down, you'd just be increasing your profits later in the game.

Nothing certain in life. But bitcoin is a bit like house prices now, it's to be to knocked out the game IMO.
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I decided for a Solomonic (or moronic?) way in the middle.

I disinvested 5k leaving the current loss on the remaining 5k invested.

If it recovers and bull continues, I will profit on 5k investment "only".
If it bears, I will average at 20k with the 5k I did put aside.
 
dreadpixel said:
What if Elon Musk and Hal Finney invented BTC? And he is dumping because soon it will explode to 100k :)
Maybe Kim Yong-un invented it and it will dump to 100 USD.

Maybe, maybe, maybe... That's why this business is about speculation.
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No one forced to believe in BTC, people believe in its ideology and tech. That's it. its growth in numbers, and Innovation of this century. Even if people don't use it as currency, it will be considered an asset.
 
Dark Sky said:
But am I missing something? If it's a transactional tool, how will it succeed if transaction rates are high? Why would I not just pay for things on my bank card? Are you not essentially paying to use the blockchain? Why would I do that when my transaction fees are currently free with my bank?
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You are right, bitcoin is a terrible currency. But if you look at it as an asset, then it becomes great.

It goes to show how clueless people are that they'd buy a car (i.e. a depreciating asset) with bitcoin (i.e. an appreciating asset). The bitcoin strategy is to buy and hold, not to buy and sell and transact with. That's why we say bitcoin will be used as a store of value.

Accepting bitcoin payments was always silly to begin with. Though even with the legendary 10,000 BTC pizza story staring at their faces, people don't realize this.
 
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Maybe Tesla wanted to give the world the message that bitcoin is not a good currency, and shouldn't be used for payments.

But the fact remains that they phrased this announcement very poorly, by cryptically (lol) attaching it to its energy usage. Better to just clearly state "we will stop accepting bitcoin payments, because bitcoin isn't good for that" and leave it at that. So PR- and marketing-wise it was a strange move that makes a sane person wonder if there was some hidden reason behind it. The bitcoin community reacted hysterically, though...
 
The pleasure of being pioneers in bitcoin and digital assets adoption? They were one of the first large companies adding BTC to their balance sheet, after all... So they really are setting the example here.

Bitcoin sucks for payments, too. Maybe they realized it would be an operational mess to handle widespread bitcoin transactions?
 
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They are figuratively navigating uncharted waters here... Bitcoin hysterics should cut them some slack.
 
KaleidoJack said:
Maybe Tesla wanted to give the world the message that bitcoin is not a good currency, and shouldn't be used for payments.

But the fact remains that they phrased this announcement very poorly, by cryptically (lol) attaching it to its energy usage. Better to just clearly state "we will stop accepting bitcoin payments, because bitcoin isn't good for that" and leave it at that. So PR- and marketing-wise it was a strange move that makes a sane person wonder if there was some hidden reason behind it. The bitcoin community reacted hysterically, though...
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It would make more sense if they wanted to send the strong message that electric cars are great for the environment.
They could have done it with a scientific research showing some evidence, even fake, but hey!, Tesla was dropping again so they needed something big.
Why not trying to use some big name as Bitcoin to attach to a tweet to grab attention AND that sounds ecologic too?

Thus the choice of shitting Bitcoin with a non sensical tweet.

Result: Bitcoin bull market damaged (maybe? Or maybe just temporarily) and Tesla going further down.

Probably next time they will think twice before messing up business with jokes.
 
In the end, this event will probably strengthen bitcoin's adoption. Already some other high-profile personalities have come forward defending bitcoin, etc. A significant portion of public opinion seems to be supporting bitcoin. But hysterics gotta act hysterical, mirite.
 
Fakker said:
It would make more sense if they wanted to send the strong message that electric cars are great for the environment.
They could have done it with a scientific research showing some evidence, even fake, but hey!, Tesla was dropping again so they needed something big.
Why not trying to use some big name as Bitcoin to attach to a tweet to grab attention AND that sounds ecologic too?

Thus the choice of shitting Bitcoin with a non sensical tweet.
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I don't believe they are trying to manipulate the markets, btw. The reality is a big chunk of bitcoin supporters are just crazy for allowing themselves to be manipulated by random tweets, as little flowers do when they follow the flows of the wind around.

It was the speculating fools that gave Elon's tweets market effects. The hysterics made of his tweets the wind that steered their emotions.

What this means is that the hysterics are in reality angry at their own stupidity. And when you spit against the wind, be careful not to get your face splashed.
 
I few analysts in some of my trade groups are predicting its a real possibility BTC hits the 30s'... I hope not.
 
So, in my view, we should be laughing at the hysterical so-called "bitcoin believers" who cry like little babies at the slightest disparaging comment they catch.

All this hysteria and Tesla still has bitcoin in their balance sheet, and they are still profitable from their initial investment (they bought bitcoin when it was around 30k).

So what's the problem, you shitcoiners? If Elon is wrong about the energy usage being a problem, correct him. No need to throw a hissy fit.

But hey, I'm not complaining. The lols were real.
 
Bitcoin = Digital Gold

Just like real gold it holds value and it's a "hassle" to use in general (lets say btc fees spiking up or long transaction times)
Bitcoin won't die so it will always keep upgrading and grow stronger.

Other payment focused coins like Litecoin = Real world money
Just like real money payments are very quick and fees barely exists.

Accepting/Sending BTC as payments its not really practical in the real world lets admit it, but its good to hold for value in the long term.
People blaming elon musk for it to go down are downright stupid themselves, technically he gave us an oppurtunity to buy cheaper and the people who sold just because of that tweet are what we call panic sellers.
Try think of BTC more of an asset that won't die and will always grow in value over time. Also BTC was already showing signs of weakness lately due to altcoin season starting + elon musk's tweets just fueled the fire early I guess.

Also to the people blaming Elon for making their money go down are stupid, entire for the fact that this is the crypto market we should be here for the long term in the 1st place and its normal for crypto to be very volatile, and you should research what you are investing in yourself not watch/read what some guy is investing and just follow them blindly.
 
KaleidoJack said:
I don't believe they are trying to manipulate the markets, btw. The reality is a big chunk of bitcoin supporters are just crazy for allowing themselves to be manipulated by random tweets, as little flowers do when they follow the flows of the wind around.

It was the speculating fools that gave Elon's tweets market effects. The hysterics made of his tweets the wind that steered their emotions.

What this means is that the hysterics are in reality angry at their own stupidity. And when you spit against the wind, be careful not to get your face splashed.
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Exactly what I mean.
They were not trying to manipulate the market, at least not the crypto.
Tesla was falling and they tried something social to bring it up again.

If it weren't for these hysterics, Bitcoin would have continued its physiological course but Tesla would have continue to drop as, as you said, strong public support for BTC has been stated and this made Tesla less popular given the illogicality of the tweet.
 
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