btc dropped 2k in no time

what do you guys think about btc dropping 2k in no time , and how people on sythe still use btc? how do you stay safe ?

 

Not safe, I'm broke.

But I use coinbase pro / poloniex to keep my USD if I am looking at reinvesting. If not, I turn the USD to USDC and then use my ledger to store the USDC.

You can limit your losses if you are using it as a currency by using any exchange too turn it into USDC

 

BTC had been sitting at 6k for over two months, it was only a matter of time before scared investors dumped and caused it to break below. I had a short open to hedge against the possibility of that happening, which handsomely paid off.
Bitcoin is still useful as a store of value resistant to chargebacks. It was useful for that in 2015 when I first accepting it on this website, and it's still useful for that purpose today.

 

Times like this I am happy I only have a laughable amount of BTC. Personally like LTC/ETH/XRP better but I'll still use BTC because its so popular.

 

Honestly in the long run its going to go up and up and up still plenty of money to be made with it I believe

 

I feel pretty bad for the people who took out loans to buy BTC when it was at its prime. Imagine the losses to be made with how much it’s dropped!

 

yes i heard about it , a friend told me i can buy btc in coinbase and immediately turn it into usd so i dont lose anything , it is basically just like paypal , i personally dont use any btc but im still learning

 

Hmm... does anyone know why all crypto are dropping?

 

i think too many people are selling maybe that is why

 

If you've been in the cryptocurrency space for years, crashes like this is really nothing new tbh.

While I definitely feel remorse to those people, fucking hell. It's an extremely irresponsible move.

 

That's basically trading with leverage, which is incredibly risky. What's even worse are the people who took out loans to buy cryptos at what they thought was the bottom, or entered long positions with leverage on exchanges that allow that like BitMEX. Many people lost their life's savings when Bitcoin broke below the 6k support that they had been desperately counting on to hold.

Immediate reasons: lack of demand combined with selling pressure from miners. Bitcoin is a special type of good; the demand for it from speculators increases as the price increases because they believe it will keep rising, which fuels further increases in price. In contrast, people using Bitcoin to avoid chargebacks don't care about the current price, only about transactions being fast and cheap and the price being stable, so they don't have to deal with complaints from the receiver about getting a few dollars less than they expected.

For Bitcoin's growth to be sustainable in the long term, it needs to implement solutions to scaling and throughput so that it can handle millions of people using it at the same time.

 

dropped even fucking more now....

 

lol RIP

 

Why not buy it while it’s cheap ? Or u gonna wait til it rises again and pay more for less ?

 

i think it will not go up to 20k again , since governments and countries are making laws against cryptos

 

It doesn’t have to go to 20k to make money I stated you might aswell buy some while it’s cheap again.

 

nah man buy now cuz next few weeks itll double for sureeeeeee

 

I bet it goes back up.
I don't have the money to invest but if I had some lying around I would.

 

there is no guarantee that they will go up , governments are working hard against cryptos

 

i think they will go down even further , that is just my guess