Quote from: Welsh on Today at 10:06:55 AM

Quote from: mk4 on Today at 09:55:28 AM

When bitcoin drops in price, long term holders get to scoop up more bitcoin at cheaper prices, whereas people who are planning on selling(for whatever reason) loses an amount of potential profit.

It might sound greedy, but I actually want the Bitcoin price to fall in the short term, and stay there for a while. It allows people like you, and me who might believe in the currency more in the long term, to actually maximize our holdings. So, I actually warmly welcome these drops any time they happen, and I imagine certain types of traders also do too, as it means they can buy in bulk, and profit later down the line.

Obviously, there are people like you say, that get hurt by the drops, but that is usually because they make the choice to sell at that point. They could, potentially wait until Bitcoin starts to rise again (assuming it will of course).

I am not sure if "welcoming" BTC price drops should be the right kind of mentality, even though surely I understand what you are saying Welsh, in terms of accepting the BTC price drops as an opportunity to continue to buy more BTC and to accumulate more BTC than you would have been able to accumulate if the BTC price had either stayed flat or just ongoingly gravitated UPpity without any meaningful price drops.

Accordingly, surely recognizing BTC price drops as opportunities to buy more and even to already be in a position to buy by having money available and accounts already set up that you can buy through puts you in a pretty damned good position compared to so many normies out there who either do not recognize the BTC price dips as buying opportunities and/or do not have BTC related accounts set up in order that they are even able to take advantage of the BTC price dips when they do happen.

Quote from: Lucius on Today at 10:41:06 AM

Quote from: ConnerDalfino on Today at 09:43:21 AM

-Summer will see US banks beginning to offer cryptocurrency products.
-Banks in Germany are legally allowed to start on July 1.

Does the future of Bitcoin depend on how banks will position themselves against cryptocurrencies? Like many others, I do not like the fact that banks will come into a legal position to offer all these services and that in the end we have a paradoxical situation in which people use banks to buy and store cryptocurrencies in their custodial service. Maybe that makes sense with most centralized cryptocurrencies, but I would never trust a bank to be my crypto wallet, especially with Bitcoin.

Well, there can be some advantages in keeping some balanced perspective in regards to the entrances of banks into the bitcoin space. Of course, having a lot of skepticism towards banks remains quite healthy, and even being aware that there is a difference between custodying your own BTC and having some third-party custody your BTC. One of the considerable advantages and power of BTC is being able to demand and achieve immediate custody over it, so surely setting up contractual relations with banks or other third parties that remove your ability to immediate custody is going to increasingly become a phenomena that becomes more and more known by the general population as we get more and more used to some of the powers of bitcoin and being able to assert and exercise some of those powers.

Surely various kinds of finanacialization of BTC should not merely be considered as incorporating traditional institutions into bitcoin because so far, and to my knowledge, bitcoin itself has not given up those kinds of powers, even if some (and perhaps many) individuals/institutions are choosing to use various services of third parties, and there are even some institutions that are forbidden from self-custody - even though likely several of the standards around self-custody versus third-party custody are going to be changing in the years to come, including becoming more and more aware about how some of the features (powers) of bitcoin will be usable to design more sophisticated custodying solutions that leave more power in the hands of the actual owner of the asset rather than with banks or other kinds of third-party custodians.

Quote from: mindrust on Today at 10:51:55 AM

Quote from: ConnerDalfino on Today at 09:43:21 AM

Bitcoin's drop from 65k to $30k is one of the best things that has ever happened.

Take a moment to consider:
-Numerous institutions sit on the sidelines waiting for your money.
-Occasionally, a crash occurs.
-News reports about it are more common.
-Over half of the value of Bitcoin is lost, but the network continues to function. Work continues on upgrades (Taproot).
-HODLing and buying the dip are more popular than ever before, according to analysts.
-The new price offers buyers a great opportunity to enter the market.
-Summer will see US banks beginning to offer cryptocurrency products.
-Banks in Germany are legally allowed to start on July 1.
It's unstoppable

By following your logic, BTC going from $30 to $10k would be even a better thing to happen to Bitcoin. So, Bitcoin going from $60k to $30 cannot be the best thing because there are even better potential scenarios out there. I agree with what you said above though, Bitcoin is inevitable. Eventually bitcoin will absorb every financial asset out there and it will be the one and the only.

When we are ready, we won't call it Bitcoin.

We will call it,

"The one"

Of course, a lot of what you are saying makes sense, mindrust - although I am not going to go along with any kind of suggesting that there would ever be any need for any kind of bitcoin name change.. because king daddy no gives no shits.. including the fact that its name has already been established and getting consensus upon a name change is just NOT going to happen.. if we are actually trying to stay in the "real world" with our various conceptualizations of the future.

So, what about you mindrust? Are you "real"? Have you come back around to attempting to get bitcoin back into your life as a central investment mechanism rather than getting roped into investing your time, mentality and presumably finances into a lot of distractions (aka shitcoins and other likely inferior investments)?

Surely many of us need to be careful in any of our investments in terms of attempting to find a balance that allows us to neither panic at the wrong times, but also not to be led down some various detached from reality paths in terms of either BTC price dynamics or the likely roles of a variety of other projects that might sound promising but they are lacking in a lot of ways when they are not somehow accounting for the ongoingly dominant role of king daddy, including that king daddy is not going to be losing its dominant role, even though in the short-term (maybe even 20, 50 or 100 years) there are going to continue to be a decent number snake oil projects that can be ways to earn money in the short term, but they are not really tied to solid foundations, like BTC has been providing and will likely continue to provide.

I guess in sum, what I am trying to suggest is that there remains a decent amount of need to appreciate that bitcoin prices can be pushed down, but there are certain kinds of limits to how much that it can end up getting pushed down or that theoretically it seems quite unlikely that it is going to be pushed down below certain limits - without getting into fantasylandia thinking (which seems to be part of the point that you were making in your above post). Surely, there are a lot of projects out there in which we could allocate some of our value and even have some potential for short term profits, but then we still do not have certain assurances regarding how far they are going to dump, once they start dumping.

Anyhow, I hope that you mindrust, and maybe even some other folks who had gotten distracted into potential upside of various non-bitcoin projects and who seemed to have had lost confidence in terms of the solidness of bitcoin price floors, have come around to reconsidering their allocations in bitcoin and perhaps even their ways to ease back into bitcoin and/or increase their BTC allocations in such a way that is more in line with the reality that bitcoin remains the best investment out there, and when we are having various dips (especially relatively BIG ones like we just have seen - down 53%-ish from $64,895 to $30,066), then these remain opportunities to increase BTC allocations - especially if there had been some movements away from that in the past... for sure, each person has to figure out his/her own way of accomplishing allocation objectives and also reallocation objectives including figuring out if there are ways to use seemingly decently sized price dips to their advantage(s).