Bitcoin Forum

We have all seen that the slightest rumours, cause massive ripples in the Bitcoin markets. China is one of the latest examples : The People's

Bank of China (PBOC) is visiting with the top three Chinese exchanges and assessing the company's operations. This sparked a panic frenzy

amounts Chinese people, who bought Bitcoin and they started dumping coins by the dozens.

How do we turn a bad situation into a good situation? Well this should be obvious by now, but let me explain to the people who do not get it.

A lot of people are saying China is monopolizing Bitcoin, either through mining or by owning the majority of the bitcoins being mined. So it

should be clear by now, what the simple solution to that must be. BUY MORE COINS.

After most of these mini dumps, we see a dramatic drop in the price and then later a correction, after things cooled down. Why should we not

buy back these coins at a discounted price, when they become availlable? If we really believe that prices will go to the Moon, then these

cheaper coins should be plucked out of circulation at all cost.

One day, we will look back at these opportunities to buy cheap coins, and we will kick ourselves for not seizing the opportunity to buy them.

Everytime there has been a dip and I bought, I always ended up making money. But for this to keep happening, we need constant growth. Thus far this is the case, as long as the price sits above around 500 and stabilizes there, we are good to go if we keep growing.

Of course the question is: what would happen if china bans bitcoin for real?

They will not ban Bitcoin, but they will regulate it properly to prevent capital flight. So you will see strict regulations being applied to these

exchanges, like we have with all the KYC/AML regulations in some countries. The Bitcoin price will drop in China, because these exchanges

have not been operating properly. { faking trade volumes, or so they say } but the rest of the world will still operate as usual. It is good to

hear that some people are seizing the opportunity to buy bitcoins when the price drop like this.  ;)

Why do you think I dropped everything and ran to the ATM when Bitcoin touched $750?

PLEASE let Bitcoin drop to $500, would love to get 2 BTCs for $1k.

Yea, yea... I am serious. I think a lot of people are missing the opportunity to buy cheap bitcoins and will look back at this and say, " Why did

I not buy, when Bitcoin was still cheap " ..... We have seen a average price of $800+ for a few months prior to the spike to $1100+ ..So it is

not entirely unrealistic to think that it might go back to those levels once the exchanges in China has sorted out their businesses. The

Chinese government has been very professional in the way that they approached these exchanges, so this might blow over soon. All eyes are

on the outcome of these investigations.  ::)

It still surprises me that people go full nuts (in the negative meaning of the word) when the price goes down big time. Mainly because of the people that constantly regret not having bought when the price was a few hundred below the peak price of +$1100 recently. Now the price has dropped exactly there where they were hoping for they panic and start complaining. These people should quit wasting time and put their money where their mouth is....

I think it's weird how bitcoin is more capitalistic than any other currency, yet everyone is so concerned about the actions of a totalitarian communist nation.  ???

Unfortunately that country accounts for 1/5th of the world's population and they have found their release in Bitcoin.
I don't see this changing for the foreseeable future.

While they make up a big chunk of the market, Bitcoins market cap is around $14 billion. The currency outflows from China last year was in the hundreds of billions. Capital flight via bitcoin is relatively small.

It's still more like a penny stock than a currency. Don't get me wrong, I'm invested in this penny stock but let's not kid ourselves into thinking bitcoins are as big as they'll ever be at this point.

I doubt we'll ever see $500 again, I don't see any other news making the price crash again, so what I say is we will start climbing again slowly with small increments. We went from a stable->instacrash small periods, we will go from stable to small growth spurts cycles.

Well the fact that bitcoin benefits most people here somehow alleviates that weird feeling. If these people would benefit from the actions of that nation then no one would really bat an eye in the first place. It's like supporting an evil, and deciding which is the lesser evil between the two lol.

If china banned bitcoin I think we are going to see massive pumps in some other coins, because if china banned bitcoin then it will become useless for those that want to avoid government regulation or want to send their money out of their country.

What stop us from buying more coins? It is not like Chinese miners are keeping all mined coins to themselves to create a monopoly.
Also as long a bitcoin trading will be concentrated in one place - currently it is China, we will have to same problem of greater influence focused in one point.
I heard that some people telling us that they would buy BTC if it was cheaper, like $500.
My answer is: maybe you would but it if bitcoin reach $500 but guess you think it can go even lower and probably won't buy anyway expecting further drops.

Yeah, the point is to buy and make bitcoin spread widely over the world than majority of btc just owned by China.
It will help the market become more stable and slowly increases, moreover this price allow us to purchase cheaper coins and saving it before the price climb up again.

In fact it would not make much sense. Some users have difficulty understanding that the cost of producing a single Bitcoin is quite high at the moment, especially after the last halving. In addition, there is a larger market generating demand, a market much larger than the one we had years ago.

this things are happening all around us and they have been happening every day in this business and the news is also out there if you look for it. but the difference is how FUDsters are going to use the news. when they are accumulating and waiting for the next rise even if the government closes down exchanges in China nobody says a word but when they want to do shake out and get cheap coins someone sneezing in China fills the internet.
those who are wise and experienced enough see past the FUD and do their own thing and make profit.

It doesn't made big impact upon the economy on other countries. Just a weird scenario got initiated among people using it around the world. As China holds the highest user group, most of the time china gets affected and later on a small growth affects the rest as the bitcoin capital is found low comparatively.

This is not FUD. The Chinese government did visit these exchanges and they did inspect their business. The media made a huge thing of this, and people panicked for nothing. The facts are there and it did happen, but people over reacted to this news.

I will ride this situation in my favor, to buy cheaper coins. ^smile^

Exactly. This is an excellent opportunity to buy those bitcoins which is available now at a much low price. On the other hand, we could also lessen the chinese domination on bitcoin market to some extent by doing this. Professional traders will never ever miss this wonderful opportunity.

very true.
in fact a while back i read some interesting comment around here that said when whales start dumping to create panic it is a good time to take their coins out of their hands and turn their trick against them. this way they will end up losing their money and we will end up with a better distribution of coins.

Yeah those that say they would buy at that price will probably get too scared to buy fearing even a greater drop, there is some point where you  need to be able to take calculated risks to make money out of trading.

Yes it is not but whales are clever to make it look bad create FUD out of it,  The big volume that were sold twice during those dumps were probably from group of whales that want to manipulate Bitcoin price timing it with the release of the news to create panic selling of the weaker hands.  And that would be the best time to buy bitcoin.
 Country seeing this kind of movement can benefits by buying at low and wait for it to go up and sell then create panic rinse and repeat :D  Chinese government is making profit out of this in my opinion.