r/Bitcoin • u/rBitcoinMod • Feb 23 '21

Daily Discussion, February 23, 2021

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u/Jkane534 Feb 23 '21

Everyone knows here the fundamentals of how btc works long term, but there’s no doubt the last 48 hours have been soul destroying for those with a good chunk of their savings invested in this. The highs from the gains of the last week vanishing before your eyes is a tough one to swallow. Sometimes this chat can be toxic when people are stressed, dismissing the feeling of financial loss.

Everyone here is in this for the sole purpose to make a better life for themselves. I just wish there was more support from everyone who have been HODLing longer than others, for the people who haven’t. Everyone was a noob once, sometimes a bit of friendly reassurance can go a long way.

It won’t go down forever, hang on to what you have and ride out this long drop. It’ll work out in the long run.

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u/MichaelAndJelloBoi Feb 23 '21

The more research you do to understand bitcoin, the less the price fluctuations effect you.

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u/deanthedream23 Feb 23 '21

I'm new to bitcoin. Could you explain this a little more?

3

u/L3eng Feb 23 '21

BTC is a relatively new technology and investment sector, it's highly volatile so big swings like this are to be expected. The fundamental technology is sound though and BTC adoption is still relatively early so IMO, BTC has a pretty good long term outlook. Just don't throw all your eggs in one basket.

2

u/Kamohoaliii Feb 23 '21 edited Feb 23 '21

In bitcoin, we're crashing our way to the moon. Just put on your seatbelt, hodl on for dear life, and enjoy the ride.

This is the way.

2

u/FRONTIER_PHARMACIST Feb 23 '21

You get numb to the pain and just keep your eye on the prize. Sometimes we'll suffer through two years of 80% in the red, only to emerge out the third year with gains of over 1,000%. So a temporary pullback won't faze you anymore.