Quote from: posi on March 13, 2020, 05:21:32 PM

Quote from: Abiky on March 12, 2020, 08:38:10 PM

I've seen how mainstream events like the coronavirus "COVID-19" and the downfall of the stock market, has negatively impacted Bitcoin's price across the crypto market. For a cryptocurrency that's been hailed as a safe-haven against traditional Fiat, it's been doing otherwise.

Cryptocurrency does have the capacity of been safe haven against traditional fiat but not against conflicts, pandemics and war which could lead to panic sell their holdings.

Quote from: Abiky on March 12, 2020, 08:38:10 PM

Gold has been performing better than Bitcoin and other cryptocurrencies combined. It's odd to see something like this happening today since Bitcoin is a decentralized cryptocurrency. This should make it "immune" from real-world events whatsoever. Bitcoin's latest decline in price has shown us that the cryptocurrency is still linked to mainstream events. It's probably because Bitcoin is often traded on centralized exchanges than decentralized ones. As long as it stays that way, Bitcoin will never be able to become a "safe-haven" asset in times of turmoil. Or am I wrong?

What are your thoughts? Huh

Bitcoin decentralization doesnt mean bitcoin will be bulletproof to pandemics and a single whale which choose to save his holding by swapping it for stablecoin could cause the current dump. However, bitcoin is still somehow linked to mainstream events because it uses the internet and it exchange activities are total execute by exchange team which might be living in the region where the COVID 19 is high so the dump in price is normal.

Yes, one whale, as was the case with Mr. Gox previously, having thrown into the market several batches of eight thousand bitcoins, can completely collapse the cryptocurrency market. Where does the "safe haven" go? At the same time, can such a drop occur in the gold market, even considering that the amount of gold entering the market will be approximately equal in value to the value of bitcoins then exposed? It is unlikely that the gold market in a similar situation will fall as much as with cryptocurrency.