Bitcoin Forum

On November 3 the Bitcoin price took a dive from a high of US$745 to a low of $675 with news of China circling the internet. A so-called report from the publication Bloomberg had other media outlets assume that China was planning on curbing Bitcoin use in the near future. However, the reports have remained unconfirmed, and many believe the headline was fictitious.

https://news.bitcoin.com/reports-china-bitcoin-exaggerated/

It doesn't really matter if the reports are fake, exaggerated, or just empty rumors. Some people believe everything at first glance. That pathethic are they. It's the same old trap that people don't seem to learn from time on time again. Always when the price goes up in a solid manner, something pops up that will cause the price to go down. Why do things like these still come as a surprise for people? Either benefit by using that situation in your advantage, or don't moan about it.

Well that males a hell of a lot of sense. I couldn't find anything actually showing where the news came from. Lol why do people always try to screw with bitcoin? In the end the truth comes out every single time.

Who sells their coins as a reaction to baseless rumours any way, that's what I want to know.

its called speculation.

if you can use speculation to make 1% a day.. thats 365% a year
if you know speculation can change a price from $745-$675 ~9%
then you can make one dump grab the 9% and take the rest of the week off still able to make 365% a year

If someone had the right connections, they could definitely spread a rumor like this and profit heavily off the FUD.
Moving the price of Bitcoin by $20-50 can make a ton of profit for someone with millions to invest in the Bitcoin market.
I do not doubt that people would use such tactics.

It does concern me a bit that the market would move so much on a baseless rumor.

Hmmm true! I can see that you could make huge money especially if you're a big player in this game with a lot of coins & are able to move the market.

I suppose I was questioning the people with a small stash who follow what the big guys are doing.

I simply HODL my stash, waiting for a point in the future when the price is hopefully a hell of a lot higher than now.

It a great time to spread some fud if you are into that thing,people freak and sell,you buy and they jump back in and the price continues to climb.
Winning as Sheen would say and it just happens to be so easy to stimulate by using this forum or facebook.
Chase the carrot. :)

Welcome to the Bitcoin market lol. Everyone will buy or sell at the slightest mention of something, and a lot of the time those patterns can be exploited and you can make a lot of money off of shorting Bitcoin and spreading those rumors. I doubt it's uncommon to be honest, knowing the community.

Keep in mind a lot of minor rumors have been revealed to be true in the past...

People shouldn't believe anything they hear. Some people start saying that Bitcoin is dead now (again), bla bla bla! China will impose some limits there for Bitcoin transactions but won't ban it from the country. No reason for fear, just buy Bitcoins now and make some profit soon, when the coin price increases again.

It is peoples fault for not researching, and yes they should have confirmed the news and not believing what they heard.  I was a bit surprised when I heard from a friend that China is banning bitcoin again so I made a  search on the net, there is no news from China that they are banning bitcoins again instead they are considering  imposing capital control on bitcoin.  This is far from banning let alone it is still in the process of thinking.  

I used the drop as a way to buy a little more bitcoin. I'm not sure who is looking at news like that closely enough to react to it. Maybe since there is relatively little news out there, they jump on anything they read.

Panic sellers that's who. And there are a lot of them in the Bitcoin community. But we shouldn't blame them for bringing the price down because fear mongers are artfully manipulating the market to their hearts desire and people follow them around like sheep. It just so happens that Bitcoin's price is very susceptible to the slightest of manipulations  ;D

I doubt that particular article was really the cause for this recent dive. People couldn't possibly be that stupid to believe such baseless, exaggerated, and practically nonsense "news". Probably just one of all the many factors, if it even had any effect at all.

I'd be more inclined to believe that some "major" group/holder of bitcoin started the hype to pump up the price, then finally sold. Of course, people would keep following suit afraid of missing out on either or both.

I share the same opinion about this speculation. First i noticed the dive, i checked reddit to find a possible explanation and saw the whole "CHINA BANS" fiasco and went to sleep thinking when i wake up the price would be back to normal.

But a day later now and the price is still around 695, meaning the false ban claim had little or nothing to do with this dip in the price.

This is just the market readjusting the price, at the last year on a similiar time bitcoin growed around 50-100 dollars, i dont know but the only reason for me is big miners or holders does wanna to buy gifts with bitcoin and soo they pump a bit bitcoin, its wizzard to see it loosing value, but those fake news might had affected some people that dumped their coins.

Probalbly put there by some whale to manipulte the price it would not surprise me at all ,  8)

Nope, but I just caught it about the rumors yesterday, Somehow the people are overly given any feedback for that news.

This is my theory. The news has supposedly caused a minor sell down but due to that sell down trading bots' stop losses were hit on the way down causing the price to go down further and then causing more trading bots' stop losses getting hit and it moves the price down again causing another cycle. Look how fast it recovered after that and Bitcoin is now at or above $700 again.

Naturally people will sell if they think it have a good price however to the price drop 5% it's a lot of sellers over there, maybe some big miner or crowdfunding selling their coins? Well, don't know how much was selled to the price goes down.

As many have speculated there will be some price correction after this almost 15% price pump within last few week however price correction came after this chinese FUD. This have stopped the price growth this time however market may need some rest to see another pump again.

Hype/FUD is everywhere and whales always try to play with sentiments of weak hand traders and from this hoax they have successfully fooled the weak hands who sold their bitcoin to whales (strong hand) in cheaper price. Even the news without any source made a big impact on market which has even become reason for others to panic.

it should now even be called "news" it was a rumor and why do you think it came out on that particular time right after the rise! it was because market was ready for a drop after the rise and it needed some kind of rumor spread to bring the price as low as possible for maximum profitability and obviously enough we are back above $700 again.

it is really bad to control the movement of coins just because of rumors ,so it does mean that a few blog posters could determine the price of bitcoin by reporting exaggerated news which is really bad and there is no consequences for creating FUD in the community . ???

This is partially what China did before in 2013. I suppose they could do it again. Say as in the past that btc to btc trading is allowed but not allow miners to have Bank Accounts in China.
or Exchanges to bank in China.

It is likely to be so with all the other controls. This is easily gotten around by miners and folk who know bitcoin...but likely would stop the flow of what i see as lately newbies flooding bitcoin

so new adoption wise it would slow imho.

Always remember China is a Communist Country that plays at Capitalism. If it ever is a choice they will flush the economy to save their power as a Communist party...


But again ...they have lots of other controls in the works on paper that may be lame. This could be one more flag waving example of such......unworkable...but could change the 'tone' of

how btc is accepted and talked about in China..and again.....all them nice newbies that are flocking to us was (is) nice...but again imho it will happen, but not as big a deal as folk make out.

As usual hope I am dead wrong.

not exactly like that but yes.
you see they are not just some random blog posters. you see these kinds of news (rumor, FUD, Hype) start from some of those big news sites like cointelegraph and coindesk which have been known to do this kind of naughty posting.

and also it is coupled with the timing, the time was at the peak of the price and people were ready to sell which created a dump.

the good news is that all these effects are temporary.

It all started with that article on Zerohedge. Bad bitcoin news always travel fast, like wild fire. I read some comments on Reddit suggesting that Zerohedge is trolling bitcoin to find a good entry price.
Anyway, until we will see some solid proof, confirmation or action from the side of Chinese Government this news remains only an unfounded rumor.

Link to Reddit discussion thread: https://www.reddit.com/r/Bitcoin/comments/5ay1yx/i_just_asked_some_good_friends_in_china_and_they (https://www.reddit.com/r/Bitcoin/comments/5ay1yx/i_just_asked_some_good_friends_in_china_and_they)

Rumors had it all as almost 50$ impact was taken and fall back was due to panic created by the report but luckily the rumors are put to thrash and bitcoin is on the way to recovery and 700$ trading at it. Only thing is that is is also a resistance level and if it stays and hover around for couple of days we can see upside form here or else 600$ can also reach considering the US elections is on the way.

This is what Makes bitcoin just another method to invest. And it's also why bitcoin will have a really hard time becoming mainstream. It can take a long time, if even possible, before bitcoin can replace centralized currencies.

I think there are some people who want bitcoin's price going down, so they made opinion on media banning usage of bitcoins. And i think we don't too believe on media, because usually there are no proof about what they wrote on there.

I don't care whether china use bitcoin or bans bitcoin. China is super clever and are always planning for explosive financial status. we have rest of the world even if China bans bitcoin. well Chinese exchange site will also go down and number Chinese scammer will also get reduced.

That is true, it is those selfish big traders who used to create that tension in the mind of small traders who have limited knowledge on trading. Even when I heard the news for the first time, I never take it to be serious so it is in no way affected me.

Of course this was exaggerated "news"!
To me it looks like some people aren't ready accumulating cheap coins and therefore spread again some FUD and nonsense.
I mean we were again on the way up, some negative news from china popped up and we crashed.
Nothing will happen!! There will be no ban in China!

How can they really even "ban" Bitcoin? By design it is censorship resistant. They could ban the exchanges but the people will find other ways to convert their fiat to Bitcoin. Bitsquare.io is right there waiting, the darknet markets will not go away and there will be other markets that have yet to be discovered right now. They could threaten to "ban" it but they could not do anything except stop the conversion to fiat. That is good because maybe we need to start realizing that there is no need to convert to fiat.

Well given the current information about new facility that will be used for bitcoin mining and will be placed in China, I don't think this is somewhat accurate information.

I don't know why people believe this kind of crap. It is a good tactic to manipulate the market though. Very clever. People that believe this kind of thing should not be bitcoin holders in the first place. If you don't have  faith in your investment then don't make one. It is as simple as that.

ALso thank you for this thread I wa wondering what was going on with the price of btc ^^

well this news is fake to a great level ,as chinese government supports to a very high level .and government has supported in building up many bitcoin mining areas as they want to the most powerful.

Hello everyone! merry christmas! new to the game, looking forward to being a part of this big big world of cryptocurrency!  ;D

was bloomberg the source saying that this was happening? because i heard it on facebook and twitter too but i wasnt sure

China will never ban it outright. Might just small centers that have no effect on it's price and that are insignificant to the overall bottom line to them.
After all: Bitcoin is China's bread and butter. ;)
They are the one's that benefit the most on it's progress in the global market because they do hold the most of it even if you don't want to believe it but it is true and will continue to be as long as they have the most miners in the world within those mines the size of stadiums and located in those military style bunkers.

I think that is just a rumor or fake news to me. The truth is.. bitcoin is really in demand there. Or its just their marketing strategy. They make bitcoin owners there to panic sell their holding. They do this to make the bitcoin drop its price to make it more affordable to them.

it was mostly fake news.
because at that time they needed to push the price down a little to test the resistance and buy some cheap coins before the big rise happens and now we see the big rise after that fake news.

If China really ban bitcoin, it will be a disaster for bitcoin. This is not impossible as Chinese government does not follow any predefined rules. As long as bitcoin does not affect their economy, they will be OK.

I wonder which fool actually believed it. All those who deal in Bitcoin will know it that it won't ever happen. This work is of the people who are scared of Bitcoin and thier power. China won't ever do this shit. A advice don't believe everything media shows us, it's paid to promote fear. So I only will believe this is if some some Sr or legendary member would have said it. So in short China and Bitcoin lover affair is not getting over soon.

China is a country of business minded people. They of all person prioritize income and profit before doing something. With regards to bitcoin, China having to own a biggest hold of bitcoins volume would not do this. Bitcoin is one stepping stone for China to step up in the economic system. If bitcoin where to be the universal legal tender then CHina will be at the top of the world's economic system.

It doesn`t make any sense for China to ban bitcoin.

China controls bitcoin,why would they ban it.

Merry Christmas,by the way ;D

They could make a lot of noise and try to ban it w/o a lot of result. This would be enough FUD imho to maybe dump the price for a bit say, down to 500 bucks for BTC again.

But on the flip side in say a month or so ...w/o a lot to show for it ..people would just carry on,  in my likely clueless viewpoint.

Now if they suddenly went all 'cultural revolution' and banned 'crypto POW mining of sha-256 btc and scrypt...well that would be a whole nother thing like the 'death star'

is parked in orbit kinda scenario. :(

The key is MORE adoption worldwide! Less reliance on China masses!

http://www.phneep.com/wp-content/uploads/2016/01/Star-Wars-BB8-Bitcoin.jpg

But the ways of China Politics are a mystery to me.

Always remember it is a Communist Country playing at being a Capitalist Country..they will tank the economy and

many other things imho to keep power.....just saying..in the west a well running capitalistic society is needed for stable domestic politics, in China

capitalism is just a tool imho :(

Such rumours are spread targeting new traders who are mostly panic sellers, Big whales benefit a lot by spreading such rumours.