Bitcoin in the news based on price is an attack on Bitcoin
263 sats \ 2 comments \ @Lumor 14 Jun 2023 bitcoin
The news cycle advertises Bitcoin as it pumps, raising awareness of the masses, which results in people buying in before a dump. In the aftermath, new hodlers are made, but for every hodler, there are probably more people who sold and got burned, growing sour to Bitcoin for a number of halvings.
In the currently bearish market, the news is mostly silent. People should probably be buying, but Bitcoin is out of sight and mind.
The volatility of Bitcoin price mixed with the news cycle is an inadvertent and unfortunate attack on Bitcoin.
Maybe having a more gradual adoption-curve is a feature, not a bug. Gives the ecosystem time to mature. I just wish precoiners would ask us about Bitcoin during bear-markets.
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21 sats \ 0 replies \ @ryu 15 Jun 2023
I argue there's a value in other cryptocurrencies existing if you're a Bitcoin-only kind of guy; people will go into crypto and invest small amounts out of curiosity alongside Bitcoin, possibly make some gains from it, and sell off to invest more in Bitcoin.
Rinse and repeat unless one of those cryptos is involved in a rugpull. If someone is a newbie but is convinced of the Bitcoin-only philosophy, the crypto game can be played in spite of the financial fear porn surrounding Bitcoin to ensure further investment.
Then you'll have enough to actually use.
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21 sats \ 0 replies \ @Oialt 15 Jun 2023
This could be more of a human nature issue. However attacks on Bitcoin should be welcome as you said it allows for a gradual adoption which could be seen as a good thing as Bitcoin survives this “attack” over the long run this makes Bitcoin more reliable. Remember patience is a virtue. Stay humble and stack sats.
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