Ninjastic
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Re: Antifragile Bitcoin Was Born To Thrive In An Economic Crisis
by
Yatsan
on 22/03/2020, 23:06:40 UTC
Quote from: davis196 on March 22, 2020, 06:09:22 AM
Quote from: Khaos77 on March 18, 2020, 04:21:04 AM
Quote from: Sachinist on March 17, 2020, 07:42:20 AM
Bitcoin's fundamentals have not changed and they never will. Bitcoin is the most distinguished representation of money today. It is borderless, democratic, uncorrelated and antifragile by design. For the markets to reflect this, Bitcoin needs to refocus on its founding purpose.

Read more - https://bitcoinexchangeguide.com/antifragile-bitcoin-was-born-to-thrive-in-an-economic-crisis-so-whats-stopping-btc/

Bitcoin was not made to withstand a Pandemic , which is why it's price lost such tremendous amounts.

If you think being a bitcoin miner , insures good health, then you are confused, it won't.

Bitcoin is failing at being a currency which is why it's price dropped,
for the majority of people it is only a gamble to earn more fiat,
world emergency hits and people cash out the gamble to fiat,
because they feel safer with fiat.

Your so called antifragile btc is losing the miners profits -~$4k per coin, so it is fragile if miner profit margins don't improve shortly.  Tongue


People feel safer with fiat money,because they feel safer with something known.This is completely normal.
The BTC price didn't lose "tremendous amounts".There were price crashes in the past that were way harder than the last week price crash.If miners don't get any profits from BTC,they could just stop mining and leave.The hash rate/mining difficulty will drop,and mining will become profitable again.
If we ignore the volatile Bitcoin price,then yeah,the Bitcoin core blockchain is still strong and the fundamentals of Bitcoin Core aren't damaged by the crisis.
People mistake this price drop as bitcoin's fault for losing but in reality it is not. Most people will definitely prefer fiat over bitcoin because of its utility, more stores and establishments are using fiat more than bitcoin itself. And since panic ensued during the quarantine period due to COVID,despite of bitcoin being an independent asset, it still inevitably lost value because people panicked and used the money they cashed out for their own welfare. If bitcoin is much more used than how it is right now, the situation wouldn't be like this.