Remember the end quarter of 2018?
It's incredible how quickly time passes, right?
I remember it like it was yesterday and let me tell you the bad omens that the situation posed at the time.
BITCOIN seemed to be going straight to zero, the community was divided after several hard forks in which each of them claimed to sustain the real BITCOIN. There was so much FUD that it was really difficult to consider buying even though we were at $3400 per BTC, the halving was expected in 2 years and there seemed to be no rush to buy at a discount.
At that time, the DCA system was not very popular, although a few already applied it.
Most of the buyers were really maximalists, they had understood the problem and the proposed solution so there was no reason for them not to buy at any price.
Today, we are very close to reaching that -83.71% from the ATH, the maximum retracement we suffered then, but nobody can tell you if we have already hit bottom.
The fundamentals, however, have not changed either.
It must be recognized that entities such as the European Central Bank are making life impossible for PoW protocols based on "Ecological" reasons that are rather stupid and, it is very possible that they will apply some restrictions in Europe for BITCOIN mining, however, BITCOIN is unstoppable.
Little by little we are going to see more adoption and more countries accepting it as Legal Tender, we just have to give time for the inevitable to happen and that is that the current FIAT system is unsustainable.
Unfortunately, many are going to have to go through an ordeal to realize that inflation has not been caused by wars or by energy crises, or the Russians...
Inflation is "sown" when unlimited money is printed to initially fix a minor problem. This minor problem is fixed but the measure simply creates another problem of an order of magnitude larger in the long run...exactly at the moment in which we are...
Meanwhile, each new economic cycle "gifts" us with more informed people which strengthens BITCOIN more and more.
(Source)
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I wasn't even aware of Bitcoin back then but Thanks for telling us the situations.
Though i came right before bull run time and i remember the situation where people were claiming $1m will be peak of bull run
Just the same opposite to bitcoin going ti zero tho i still see community is divided - claims they're holding real Bitcoin but is getting huge and mature over the time.
Indeed, we're getting closer to it everyday as Fiat is getting devalued everyday in this rising inflation and i don't get why people think war has caused this not printing money.
Each and everything said very well, thanks especially for describing 2018 situation.
you are welcome
Today it seemed to go up a lot again... Maybe the Bullrun has started. Who will tell?...
But about "the unlimited printing money" I've got a side remark / question... Don't you think this is something also is going to happen when crypto is taking over? I mean there could be a limited supply of one coin, but one can make a derivate that counts like the original one and create a kind of unlimited supply... Or do I see that wrong? !LUV !CTP
@svanbo(5/5) gave you LUV.
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Then, if it happens so the problem will persist
Call me a pessimist, but I really think it will persist... !CTP
yup, can confirm that this year has similar vibes to 2018 but you put it way more eloquently :)
Do you think that the exploitation of clean energy sources for bitcoin mining, will contribute significantly to raising its price , especially since there are major institutions and companies that can work in partnerships with crypto because they are interested in renewable energies.
It can be a good deal indeed, as long as the energy demand of the rest of the population is not harmed
Yep, inflation was already above 7% before the war broke out...
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Yes time passes but memories remain they're forever. We learn so much from time. 2018 was the time of development for so many projects of crypto
It sure will be interesting to see what happens next.. 3 years ;-)
Deja vu
I suspect that Bitcoin has already crossed the bottom zone. It is now stable in a limited range, depending on the big supply
you never know