Quote from: fiulpro on March 28, 2020, 08:11:15 AM

Safe heaven asset -
NO !

I don't think that anything is a safe heaven now , this is worse than a inflation and deflation and even worse than a financial crisis , nothing out there is something that can actually stand in the middle of all this .

The government is not able to control this and people who have recovered have started testing positive again.

The economy is dying , people are there without jobs , families are suffering .

This is just like the great recession but much worse if not controlled . Trust me in the upcoming days it is only going to get worse .

Unfortunately, that's the harsh truth we're facing today. Even precious metals like Gold and Silver have fallen in price during this crisis. Bitcoin being hailed as a safe-haven asset for quite some time, has also been affected negatively in price as a result of the coronavirus pandemic. It's hard to believe that Bitcoin will do great in times of turmoil, considering how it has behaved over the past days. This is what you get when people are the ones who determine the price of Bitcoin instead of a central authority. Since most people are cashing out for Fiat, the market experiences a bloodbath in price like never before.

Despite this, there's still hope that Bitcoin will be used as a save-haven asset someday. Maybe after the collapse of the world's monetary system, we'll be able to see people flocking into crypto and Blockchain tech? Since Bitcoin is a decentralized asset, it could become immune to real-world events. The reason why that's not the case today is because the pioneer cryptocurrency is largely dependent on centralized infrastructure (like centralized exchanges). But if we were to use Bitcoin directly as a unit of account in a decentralized manner through decentralized exchanges, that wouldn't be much of a problem.

As we're in a time of uncertainty, no one knows what will happen with Bitcoin and other cryptocurrencies in the future. The least we could do is to "hold off" the pandemic, until we see the light at the end of the tunnel.

Quote from: johnyj on March 28, 2020, 09:05:39 AM

This kind of volatility is totally normal on bitcoin, you can not expect hundreds of times of value increase without such scale of withdraw. But the concern that bitcoins grew only because of economy bubble is interesting

Bitcoin has not really experienced any major economy crisis since it was born, and this time it is actually performed quite well: Given the scale that crash on S&P and Oil, bitcoin should have crashed more than 99.9% by now if it is correlated to normal financial market, since its volatility is usually 5-10 times bigger than them. But it did not, clearly says that it is either independent of the economy crash or it is highly resistent

But for its price to rise, we need some other mechanism or consensus, so that when in panic, a lot of fiat money are going to buy bitcoin without the slightest hesitation.

(Edit) In fact I prefer a smart contract kind of design, where smart contract automatically buy bitcoin based on the scale of economy crash or the scale of QE. The only question is how to get the QE liquidity into cryptocurrency market, or you just create them out of thin air as well like USDT. I feel that the people with the access of QE money have the possibility to do this but their motivation might be a question

Bitcoin has performed quite well compared to the stock market, but it experienced a heavy downfall from over $8k per coin to just $6k per coin. That's a massive decline in price that would leave many Bitcoin investors disappointed. This way, Bitcoin can never be used as a safe-haven asset since it could leave you poor in a blink of an eye. The wild fluctuations in price, makes it harder for anyone to use Bitcoin seriously as a currency for day-to-day payments. I don't want to sound pessimistic here, but it's the reality we're facing right now.

A limited supply of only 21 million coins that will ever be mined will do nothing to the price of a Bitcoin if there's not much demand for it. The halving is approaching, yet prices are still a lot low than they were 3 years ago (2017). I'm hoping that everything would turn back to normal after the pandemic ends so that Bitcoin could shine once more as an alternative currency anyone could use as a store of value. Everything will depend on what positive events occur in the mainstream world for Bitcoin to have higher prices over time. Otherwise, you could expect prices to become lower in terms of Fiat like never before. Just my opinion