Bitcoin Forum

First it was Chinese stocks, then Chinese real estate (twice), then Chinese commodities (twice), and now Chinese Bitcoin’s bubble has burst as a massive short squeeze on the offshore Yuan combined with comments on ‘virtual’ capital controls has sparked a bloodbath in the cryptocurrency from 8,896 yuan to 6,101 yuan in the last few hours…a 31% collapse.

Despute the collapse – BTC China is only back at 2 week lows…

For those chasers, don’t say we did not warn you, as we noted previously, for those buying into bitcoin here on the momentum, most of which originates in China, we urge readers to be cautious as by now the PBOC has certainly noticed that the digital currency remains one of the final, and most successful, means of bypassing capital controls in China. Should Beijing mandate that bitcoin no longer be a means to illegally transfer capital offshore, there is risk of a dramatic, and sharp, drop in its price.

Source : http://www.zerohedge.com/news/2017-01-05/another-bubble-bursts-bitcoin-china-crashes-over-30

Well we are at around 1000 dollars again, considering we were sitting at 400 ish not a long time ago I wouldn't say this isn't bad progress. The chinese that get scared because the government starts hating on bitcoin are pussies that deserve to become bankrupt so fuck them all for panic selling. Once bitcoin becomes the only way out from government control they will regret selling for the temporal relief of going back to governmentcoin. They are just thinking short term, they are fiat addicts, but they will pay.

At least the price didn't crash too much we are very close to 1000$ that's fair if you think about price rise without control over the last week of the year 2016.

Price is still close to $1000. Thats a huge increase unless you bought coins for $1150.
Unless thousands of Bitcoin get dumped and the price drops to $500, the rise over the last few months may be signs of a bright future.

The recent rise has caused some mainstream media attention and new investors to become interested in crypto.
I would not be surprised to learn that some major online businesses were considering Bitcoin payments after the recent exposure.

Totally agree with this , we shouldnt look at what happened in a day but what happened over months. price has almost doubled in a month and a small burst should not be that significant.

The bubble still move. Yesterday a lot of the whale was dumping his bitcoin and make the price was downing.
Because they already take some profit and want to run from the lower again.

This bubble and none can be predicting it. And I don't think the bubble has had a relationship with the government. There is no broken news for bitcoin right now.

because bitcoin price is very high
you can see in huobi and okcoin use pair cny
start bitcoin price 4000 yuan, incraese without corection price until 7500 yuan
so if no down price only corection price, but i think stable price in rank 900 - 1000 dollar/bitcoin

A bright future ahead indeed  ;D

well that's right if we can hold to this barrier i guess we are still fine, the price really hyped so for sure those early holders take that advantage and its normal with btc fluctuation all of us still waiting to get our entry in a good position so better sorting and waiting for the bottom price to keep earning.

no need to rush, though price rises gradually, is now a correction after the strong growth it is normal

...

It's really hard to say whether the bubble has burst (for the time being) or not.  I contend that it is hard to predict the future with any precision.  "Fundamentals" (limited number of BTC being mined -- some lost, growing numbers of users, etc.) may tilt the odds of successful prediction somewhat.

I have only been in the game since late 2013, so I have not had the opportunity to live through many of BTC's many majestic price cycles.  I have seen many BTC-ers get disillusioned when there are scandals or other bad news (developers not working together, etc.).

I do not see the price drop from $1145 or so (when I went to bed last night) to $950 (when I woke up) to $1000 (now) as any big deal.

Bitcoin Chinese manipulation in 3000 Chinese violence 2000, Zhonggong no control over financial market, Chinese bit in the violence in the country under the heavens, the eyelids do travel, such China quasi financial market does not have any intrinsic credible force. December 2016, the central authorities issued a document to attract foreign investment, China's financial market is open and firm, and to carry out this reform. Now this bit of trouble, all hit. To be sure, the China bitcoin market growth of violence, brutal manipulation, to discredit the national control ability, but also to protect the national people to guard against financial risks in the name of more severe pressure

if we see first hit $1000 the price will be down after it, for me corection is normal, to make investor interesting to buy a lot then holding it.
at this moment for me buying for short trade is good option but for long NO
i think the price will hit $200 again in this year

Around $1000 is a very strong price for BTC for now.

At the end of the year, BTC probably will be more than $3000 according to its adoption speed.

~Ka-Ching!~

i was waiting for someone to come out and start calling this a crash, now this idiot on zerohedge did. if you look at the price this was just a simple and normal correction and there is a big difference between a correction and a crash! when price went from 5600 CNY to 8500 CNY it needed a correction and we ended up in the middle price (6800 CNY)

What's the reason for this crash? I heard coinbase maybe hacked? Or just Chinese play the games?

I think bitcoin will still go up in 2017, with more and more people joining the party, it will go up for sure.

I agree. it's not a big deal yet. Just a small bubble burst and who knows, it might reach and pass over that $1145 in a few days or weeks. I, for one, certainly hope so.

But, I gotta admit I didn't really expect this decrease so early.
Yesterday, I woke up and it's $1,120/Php55,389, went out for several hours and when I came home, it's $910/Php45,004.
That's 10,000 less in my currency. sigh.
Still, it's great that it is climbing again. $956/Php47,278 (now)

Yet again, the governments of the world have to jump in to save their own ass. They implement control measures to protect their own collapse and to hide their failures. In the process they put their own interest in front of the interest of the civilians. < protecting their own salary >

Capital control is just another method to control people, if you control their money, you control their movement. This small crash is not a Bitcoin failure, but a government failure.

Capitalists fleeing Communism

That should be the headline. Capitalist Chinese entrepreneurs are fleeing the overwhelming destructive monetary communism of Communist China.

They probably turned their Yuan into Bitcoin, and now turning it back into USD as they flee to California.

Interesting, alteast BTC can help people escape the horrors of communism.

The bitcoin price will recover... it went up too fast and in too short time. it still up a lot compared to 2 months ago. So it is not that bad. Once the price stabilizes, it will resume the up trend.

Bitcoin price has not fallen as past. Even though, chinese sold their bitcoins being panic of their government, still bitcoin has recovering from the fall as you can see its price has increased from $920 to $975. Happy days continuing for bitcoin holders.

China has a problem with speculation bubbles and China controls bitcoin even more than before.

I quess that bitcoin needs to be liberated from China`s control in order to grow worldwide.

you are really naive or delusional if you think this will end up like the last time with a dump to $200 usd, it will not go in that way that is guaranteed

the increase from 200 to this current price has nothing to do with the last one, this is just a correction for me

there was an increase of almost $500 from $700 to $1160 and now a retreat to $1000, there is a consolidation going on on the 950-1000 range

one thing interesting to note is the step of "$200" at which bitcoin is increase, first from $300 to $500 then to $700 now to $900...

I think this is the next big crash for bitcoin... I see prices of $500 USD by end of 2017

I really dont know whats the true reason behind this pullback on bitcoins price and we saw almost 20% crash on yesterdays price and now it tends to move up again and stabilizing again on $980- 1k price. We wont see again those epic crashes happen on previous years because we saw theres a good support on bitcoins price as of now.

This is the result in sharp increasing in the past few day. I know that it would come but It appeared sooner than I expect. I decide to sell my Bitcoin when it reached $1100 but due to some issues, I can not make any selling on that day. The bitcoin prices will definitely rise again but it will take about 2 to 3 more months for it to recover from this big bubble burst

that is right. the price crash means I can buy more bitcoin.

it goes down by $100 in just few minutes and sunk to $817 and bounce back to $1000 in just 3 hours.. somebody loose alot of money and someone make a a big pacheck on yesterday price

But we have seen what happens when the chinese government makes an anti bitcoin statement, as soon as they spoke about further regulating bitcoin, the price dipped hard... this leads me to think that the chinese are either really scared of the government finding out that they are moving bitcoins, or that they dont fully trust it yet as a safe haven. It's yet to be seen what will happen when/if china fully bans it... we may see a big crash or we may see an huge moon.

It's really a shame isn't it.

China is a great culture with one of the most ancient cultures out there in the planet.

They built the great wall, they invented gunpowder, they invented paper and paper currency (thousands of years ago), they had a magnificent culture.

Not to mention chinese people have high IQ, are very productive, very close to nature (buddhism,etc), and very good inventors.


And now they basically have submitted to communism? How did that happen?

Don't worry, bubbles are normal for bitcoin. My fave table illustrating this is the following:

https://cdn-images-1.medium.com/max/800/0*2xQIOvWL1RW92pzY.

It comes from the following article:

https://medium.com/@mcasey0827/speculative-bitcoin-adoption-price-theory-2eed48ecf7da#.lc6fzjqyu

I guess we can pencil in $1195 as the peak of the current bubble with date 4th Jan 2017

It's not that bad, the crash is not so big. Actualy I wouldn't call it crash, just correction and the price is still pretty high. It's obvious that China has some important role in this and that the further movement would also depending on them but at this moment I don't think we should be afraid of some scary scenario.

Compared to 2013, I wouldn't call it a crash either, lol.

The rising is also not as fast.